Annual Report

2023
Royal Schiphol Group
 Royal Schiphol Group - 2023 Annual Report 2

Contents

Introduction 3 Our results 31 Socio-economic

Message from the CEO 3 Our performance in 2023 32
accountability 132

This is how we create value 5 Quality of Network 35

2023: a new direction 6 Quality of Life 40
Quality of Work 59
Quality of Service 65 Financial Statements 166

About us and our Why

Safety first 73
8
Robust organisation 77
Financial performance 81
Our company 11
Our Why, ambition and strategy 14 Supplementary
information
SWOT analysis 21
255
Our Vision 2050 22 Governance 101
Materiality analysis 25
Targets 2024 29 Report of the Supervisory Board 102
Board biographies 110
Corporate Governance 115
Remuneration 121
Risk management 124

Quality of Network Quality of Life Quality of Work Quality of Service Safety first Robust organisation
page 35 page 40 page 59 page 65 page 73 page 77
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 3

Turning Point: quieter,

Message from the CEO

2023 marks a turning point for

Schiphol. Our airport is once
cleaner, better
again a pleasant place, not only
for travel but also for work, 2023 has been the year of turnaround for Royal Schiphol Group improving the passenger journey. We also gave travellers the
on many fronts. Not only for travellers who once again could opportunity to take partial control of their own journey by
regardless of working for or move swiftly from check-in to the gate thanks to sufficient security booking a time slot to go through security. This service has
at Schiphol. We intensified our officers at Amsterdam Airport Schiphol but also for the thousands been used more than a million times since introduced and is
steps towards striking a better of employees who have experienced improved working much appreciated by travellers. Lastly, I'd like to mention how we
conditions. We have also focused this year on our neighbours and brought management closer to the operation. We transformed
balance for both neighbours the environment by intensifying our efforts to make Schiphol the senior management team into a broader operationally
and the environment too. It quieter, cleaner and better not only for today but for the years to composed Executive Team of six disciplines responsible for
is important to give more come. managing the company. As a result, the top of the organisation is
much more focused on day-to-day operations at the airport. I am
consideration to the interests Improved working conditions pleased that this management structure will continue.
of others as only then we earn Achieving better working conditions, higher wages and
the support needed for us to improved work-to-rest ratio for security officers was non- A sense of responsibility
negotiable in 2023 resulting in Schiphol becoming an attractive ’It’s up to us’ is our internal motto and embodies our changed
continue performing our role. workplace for them. I am proud of the high number of security approach. We feel a sense of responsibility for matters and
officers recruited in a short time frame and how that has been processes that are officially not our responsibility yet do take place
achieved. Key was the joint recruitment campaign, working side at our premises. Our drive to improve the working conditions of
by side with our security companies. The success was for everyone the handling agents is an example. Together with the handling
to see and experience – the 2022 queues are no longer there, companies and airlines, improving the working conditions in
disappearing like frost in the sun. Occasionally, we find the baggage handling got off to a flying start in 2023. Many work
waiting times for arriving travellers, at for example passport locations are now equipped with properly functioning lifting aids
control, too long and we are working hard to find a structural and there are many more to come this year meaning that agents
solution together with the government. Overall though 2023 has will no longer need to do heavy lifting. Our vision for the future
been the year when travellers have once again experienced how is a fully automated baggage handling process. We are also hard
nice it is to travel through Schiphol. at work on and around the apron, piloting innovations to reduce
exposure to (ultra)fine particles. It won’t be easy but we are
A better experience for travellers devoted to offering colleagues working between aircraft every
There are many factors that contributed to this improved day a better work environment.
experience for travellers. Our Airport Operations Centre (APOC) is
fully operational, significantly increasing predictability, flexibility Prioritising our investments
and efficiency of our operations. All available data, from our Another important shift made in 2023 is the clear need to
partners at the airport, is processed by the APOC into specific prioritise our investments in order to ensure the longer term
points of attention and measures that allow us to work at quality of and at the airport. After years of focusing too much
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 4

on costs and growth, we decided in 2023 that we had catching we worked very well with our partners at the airport in 2023,
up to do to offer a higher level of quality to colleagues, travellers something I am proud of. We also see this reflected in the
and airlines, as we are first and foremost, a logistics company that reputation scores among local residents and people in the
must be able to rely on its assets. In the broader context in which Netherlands in general. These have risen systematically over the
Schiphol operates, we want more structural attention to be paid past year towards the level we are aiming for.
to the quality and reliability of our services.
Work well together
A quieter, cleaner and better Schiphol A proof point of our ‘working well together’ was when the
Besides the improvements made for travellers and employees, Minister of Infrastructure and Water Management surprised us
we also intensified our steps towards developing a better and suspended the experimental scheme meaning that we and
relationship with our neighbours and the environment. We our sector partners had to establish, in a very short space of time,
introduced our 8-point plan containing specific measures and what the number of flights for 2024 could be. This is however
suggestions for a quieter, cleaner and better Schiphol, including only one proof point in addition to those already mentioned
implementing a night curfew, no longer welcoming private jets demonstrating both our actions and commitment to work well
and keeping the noisiest planes away. We are in favour of a together. Our thanks go to all our partners, from cleaners to
distance-based air travel tax; the further the flight, the higher the Marechaussee officers, and from retailers to airlines. Together, we
tax. Schiphol must be quieter, cleaner and better. Firstly, because made Schiphol once again a pleasant airport for travellers and
we simply believe that this is necessary. Schiphol serves a societal workers. The turning point enabling structural improvement at
interest which includes taking good care of the neighbours and Schiphol has been made yet realistically we recognise that there's
the environment. We are very transparent on our position due still a lot to be done and along the way we will undoubtedly
to the broad public interest. Secondly, because Schiphol's value discover that more is needed than we thought. What is certain
is too great to jeopardise the public support we have. Schiphol though, is that we are on our way towards a quieter, cleaner and
is a fantastic company. Schiphol connects the Netherlands with better future and that we have no intention of turning back. 2023
the rest of the world in a unique way. Every day, the Dutch was truly a turning point of structural improvement for Schiphol.
people, Dutch companies and the Dutch economy benefit from
the extensive network of destinations that has been established Ruud Sondag
over more than one hundred years. That is something to be President & CEO of Royal Schiphol Group
proud of and to cherish. Schiphol, and with it the entire Dutch
aviation sector, needs support to continue performing that role.
That support needs to be earned, which is only possible if we
take the needs of others much more into consideration. This is
also high on the political agenda and our proposals resonate with
many parties.

Breaking with tradition

We have disturbed the equilibrium with our 8-point plan.
Our new ideas and approach has broken with tradition,
causing unpopularity with some. However, I am convinced
that transparency and engaging in debate from a variety of
perspectives only makes for a better balance. Operationally,
 Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 5

This is how we create value

Input Our Business model & Strategy Output Outcome & Impact

Destination Our Vision 2050 Top Performance Indicators Material topics

3 m 1 Quality
of
Intercontinental
destinations
– Network of destinations
– Accessibility
Wellbeing

Infrastructure capital Why Ambition – Connecting

Connecting Creating the world’s most
Network 126 – Environmental
impact and
your world sustainable, high quality airports hindrance
4 Quality CO2e emissions1 – Energy-positive airports
– Air pollution
Social capital of Life compared to 2019
– Sustainable aviation Prosperity
Business model
-65% – Circularity
– Water pollution – Business climate

5 Reputation score
– Soil pollution
– Climate adaptation
– Noise
– Regional
development
and jobs
Human capital – Engaging with our communities
6 – Societal value

6
Intellectual capital
Quality Employee – Employment practices own
workforce UN Sustainable
of Work Promoter Score
– Diversity, equity & inclusion own Development Goals
7 24 workforce
– Employment practices value chain
(SDGs)
Natural capital Business areas
Quality On-time – Consumer and end-user
of Service Performance experience

8 59%
– Business continuity
– Cybersecurity
– Airport capacity
Financial capital
Net Promoter
Score
Aviation Commercial Alliances &
Stakeholders ­Participations 36
Local residents
Safety Net Safety Score – Safety and security

Airlines Passengers
first
96.2
Key risks Governance
Trends &
Developments Robust Return on Equity2 – Business ethics en corporate culture
– Supplier and procurement practices
organisation
2.9% – Financial solidity

Employees Shareholders

1 Concerns scope 1, 2 and selected scope 3 items 3 ROE including fair value changes and other one offs: 0.4%
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 6

2023: a new direction Collaboration with Maastricht

Aachen Airport
In June, the province of Limburg and RSG sign an
Plans for second Kaagbaan cancelled
The Ministry of Infrastructure & Water
Management cancels plans to build a runway
agreement between Maastricht Aachen Airport parallel to the Kaagbaan. With this, the ministry
(MAA) and Schiphol. As of 1 September RSG responds to the call made by Schiphol in its
acquires a 40 percent stake in MAA and the 8-point plan. Land for a new runway has been
First half of the year Renovation baggage halls province maintains a stake of 60 percent. reserved for more than 20 years which was
Schiphol starts upgrading, renovating and putting unnecessary pressure on the scarce
further innovating the baggage halls. Parts New social partner space in the area. Moreover, research showed
of Schiphol’s existing baggage system require RSG and Médecins sans Frontières will be that a second Kaagbaan would not lead to a
replacing and we also aim to improve working raising money and awareness for medical reduction in nuisance, but only relocate it.
conditions for baggage employees. Schiphol care in emergencies. Médecins sans Frontières
also starts preparing for the construction of a succeeds Amref Flying Doctors as RSG’s
new baggage basement to create space for the social partner. Second half of the year
renovation of the current ones.
Smooth flow of travellers
Strengthening management Schiphol introduces measures to prevent long
On 1 February, Royal Schiphol Group queues during busy periods. As of the May
(RSG) changes the management structure holiday, departing travellers can reserve a time
Major maintenance Zwanenburgbaan
of the organisation. The management team slot for the security check. This means they
From January to early May, the
becomes a broader, operationally composed go through security at a time of their choice.
Zwanenburgbaan Runway undergoes
Executive Team that is responsible for running Furthermore, the almost 1000 new security
major maintenance. Works include the
the company. employees and the Get ready for security
complete renewal of the asphalt on the
runway. 60 percent of the runway’s asphalt campaign ensure that there are barely any
Quieter, cleaner, better queues at the airport. During the busy holiday
is recycled.
Schiphol publishes its 8-point plan. The airport periods, 93 percent of departing passengers go
shows how it will become quieter, cleaner through the security check within 10 minutes.
and better with these eight specific proposals
Minder Hinder
that also give the local community, employees Better working conditions for
As part of the Minder Hinder Schiphol
and the aviation sector clarity and perspective. baggage workers
programme to reduce noise nuisance
Schiphol proposes a nighttime curfew and In order to improve working conditions for
experienced by local residents, Air Traffic Get ready for security
wants to ban private jets and the noisiest aircraft baggage workers, Schiphol invests in 30 new
Control the Netherlands starts using a smart In early April, Schiphol launches the Get
from the airport. lifting aids and 19 baggage robots to lighten
approach system whereby two runway usage ready for security campaign to prepare
measures are introduced. By more efficiently travellers for the security check at the the workload in the baggage hall. Using this
distributing the safe distances or times between airport. To make the process smoother, equipment reduces the physical strain for staff.
aircraft, a second runway is necessary less often. travellers are advised to wear fitted In addition, Schiphol and handling companies
clothing and low shoes, pack their hand test three new lifting aids. It is the intention to
baggage effectively and follow security have every work location in the baggage hall
staff’s advice. equipped with a fully-functioning lifting aid by
the end of April 2024.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 7

New bikeshare programme Nature conservation permit Approval for our sustainable ambitions
A new bikeshare programme at Schiphol East In September 2023 the Ministry of In September the Science Based Targets
encourages staff to use bicycles rather than Agriculture, Nature and Food Quality initiative gives it stamp of approval to Schiphol’s
cars to cover short distances. The 150 shared grants Schiphol a Nature conservation CO2e goals for 2030 and 2050. In December
bikes are free and available at five bicycle permit (Natuurvergunning) under the Wet Schiphol, Eindhoven Airport and Rotterdam
storage facilities. Natuurbescherming ('Nature conservation act'). The Hague Airport are among the first ten
The permit provides certainty for us and for our airports in the world to recieve the highest
Towards emission-free handling surrounding environment. possible level for sustainability by Airports
With the arrival of thirty generators for parked Council International.
planes (e-GPUs) and the expansion of electric Catching up on maintenance
systems that provide fresh air on board (PCAs), Schiphol announces plans to invest three billion Experimental Regulation suspended
Higher airport charges
Schiphol takes a step forward towards emission- euros between 2024 and 2027 to catch up The government suspends the Experimental
In early November, Schiphol announces
free ground handling. on necessary maintenance and renewal of the Regulation that was announced in 2022. As
that it will not be raising the airport charges
airport's assets. Important elements of the we had already issued our capacity declaration
for 2024 by the expected 12 percent, but
Expansion electricity grid airport's infrastructure – including Pier C, the based on the maximum number of flights
by 14.8 percent. The additional increase is
RSG and network operator Liander collaborate baggage basements, climate-control systems, permitted in this regulation, Schiphol publishes
the result of a regulated process whereby
to build a new high-voltage substation. This will walkways, aircraft stands and taxiways – are due an addendum to the capacity declaration in
part of the missed revenues over 2022, as
provide Schiphol with more grid capacity as of for major maintenance or replacement. December. It states that there is room for a total
a result of less air traffic, can be offset in
2027 and make the further electrification of of 483,000 flights in 2024.
future charges.
Schiphol possible. New Social Agreement
In October, RSG, FNV and CNV reach an
agreement on the structural improvement of
Innovative baggage handling
the quality of work and on extending the
TU Delft, along with handling companies,
supplement for employees until 31 December
Schiphol and KLM, begin research into a new
2024. As a result of this agreement, Schiphol
way of working in Schiphol’s baggage halls.
remains an attractive place to work. It is a follow-
Besides the installation of lifting aids, the parties
up to the social agreement negotiated last year.
want to investigate how digital innovation can
support employees in physical work.
Concrete recycling facility
Schiphol opens its own recycling facility for
Trials to reduce ultrafine particles
concrete rubble. Concrete from renovation and New CEO
Schiphol will be conducting two trials to reduce
maintenance projects is crushed at the facility At the end of the year it is announced that
Wellness concept Holisteq ultrafine particles on the apron. The airport is
to make new concrete and foundation material. Pieter van Oord will be RSG’s new CEO
New wellness concept Holisteq opens in investigating whether an innovative installation
This material is reused in construction projects at as of 1 June 2024. He succeeds interim
Lounge 2. In their own ‘Biohacking Orb’, that cleans the air in indoor spaces next to the
the airport. CEO Ruud Sondag, who is staying on
travellers at Schiphol can choose from airfield also works outdoors. Schiphol is also
until 29 February. Between 29 February
various treatments designed to reduce taking the next step in a study into the use
and 1 June, Robert Carsouw (CFO) will be
stress and the effects of jetlag. of water droplets to remove ultrafine particles
interim CEO of RSG.
from the air.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 8

About us
and our Why

Joany Bouman, team leader at security company

CTSN:
‘The new waiting room is much bigger, lighter and
more pleasant than the old one. There’s a nice new
kitchen with all new equipment. Fridges, microwaves,
machines for coffee, tea and soup. It’s all there. And
it’s a lot cozier too. I enjoy going there in my breaks,
catching up with colleagues.’
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 9

Facts and figures

Quality Quality Quality Quality Safety Robust

of Network of Life of Work of Service first organisation

126 6 24 36 96 2.9%
TPI Intercontinental TPI Reputation score TPI Employee TPl Net promotor score TPI Net safety score TPI Shareholders
destinations (2022: 129) (2022: 6.0) promotor score (2022: 26.0) (2022: 97.3) (2022: -0.80%)
(2022: 6.8)

305 -65% 59% 1.6 9.3

direct destinations from TPI Sustainability 2,820 TPI On- Lost Time Injury billion Euros total assets
Schiphol (2022: 313) (2022: -28.20%) Total average FTE time performance Frequence (LTIF) (2022: 9.6)
Schiphol Group (2022: 57.00%) (2022: 1.2)

441,969 4% (2022: 2,478)

501
19.18 93%
air transport movements
at Amsterdam Airport
achieved energy savings
at Schiphol 31% Euro spend per departing passengers
million Euros
EBITDA (underlying)
Schiphol (2022: 397,646) (2022: 7.30%) female employees passenger on airside who had <10 minutes (2022: 360.5)
(2022: 30.0%) at Schiphol wait time at Schiphol

71 46.5% (2022: 18.84) (2022: -)

32
4.5%
million passengers
Schiphol Group
waste separated
at Schiphol absenteeism 94.3% 1,983 number of integrity
reports (2022: 29)
(2022: 60.8) (2022: 52.33%) (2022: 5.90%) Real Estate average new security officers
physical occupancy rate at Schiphol

1.38 10,000 (2022: 94.4%)

million tonnes of cargo # people that

at Schiphol (2022: 1.44) experienced noise
disturbance at night
(2022: 10,500)
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 10

Key figures
EUR million unless stated otherwise 2023 2022 % EUR million unless stated otherwise 2023 2022 %

Underlying results Business areas

Revenue 1,852 1,491 24.2 Aviation -113 -199 43.2
Other results from investment property - - Schiphol Commercial 242 221 9.5
Operating expenses (excluding depreciation, amortisation Alliances & Participations 28 8 >100
and impairment) 1,351 1,130 19.6
Underlying operating result 157 30 >100
Underlying EBITDA 1 501 361 38.8
Depreciation, amortisation and impairment 344 331 3.9
Ratios
Underlying operating result 157 30 >100 Underlying return on equity (ROE) 2 2.9% -0.8%
Financial income and expenses -28 -78 -64.1
Net Leverage (underlying EBITDA) 3 7.5 10.05
Share in results of associates and joint ventures 21 18 17
FFO / net debt 4 11.8% 7.4%
Underlying result before tax 150 -30 >100 FFO interest coverage ratio 5 6.7 4.47
Corporate income tax -40 11 >100
Solvency 6 37.1% 35.9%
Underlying result for the year 110 -19 >100 Basic earnings per share (in EUR 1) 7 74 -509
Attributable to non-controlling interests 9 9 -
Underlying result for the year attributable to shareholders 101 -28 >100
Business volume (in numbers)
Adjustments for: Air transport movements 8 498,156 451,561 10.3
NOW government grants - 11
Passenger movements (x 1,000) 8 70,902 60,823 16.6
Other results from investment property (including the share of results of
Cargo (x 1,000 tonnes) 9 1,378 1,438 -4.2
associates and joint ventures) -149 -172
Workforce in full-time equivalents (average) 10 2,820 2,487 13.4
Impairment (share in results of associates and joint ventures) -1 -10
1 Operating result plus depreciation, amortisation and impairment.
Other results from financial assets - 135 2 Underlying net result attributable to shareholders / average total equity attributable to shareholders
Other results from financial liabilities 30 -74 3 Net leverage: (interest-bearing debt - cash and cash equivalents*) / underlying EBITDA.
*Cash and cash equivalents does not include deposits > 3 months.
Tax impact 31 52
4 Funds from operations (cash flow from operating activities before changes in working capital) / (interest-bearing debt - cash and
Total adjustments -89 -58 cash equivalents*).
*Cash and cash equivalents does not include deposits > 3 months.
Result for the year 22 -77 >100
5 Funds from operations plus gross interest expense / gross interest expense.
Attributable to non-controlling interests 9 9 - 6 Total equity attributable to the owners of the Company / Total assets.
7 Based on net result attributable to shareholders.
Net result for the year attributable to shareholders 13 -86 >100
8 Schiphol Group: Amsterdam Airport Schiphol, Eindhoven Airport and Rotterdam The Hague Airport.
9 Amsterdam Airport Schiphol only.
10 Schiphol Group: Amsterdam Airport Schiphol, Eindhoven Airport, Lelystad Airport and Rotterdam The Hague Airport.
Total equity 3,499 3,506 -0.2

For further explanation we refer to the Financial Performance chapter.

Investments in intangible assets and property, plant & equipment 678 444 52.7
Cash flow from operating activities 489 353 38.5
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 11

We create value for society

Our company

Royal Schiphol Group has

an important socio-economic
and the economy
function. The airports in the
Group create value for society Royal Schiphol Group is the owner and operator of Amsterdam volumes went down by 4.2% at 1.38 million tonnes. Schiphol
Airport Schiphol, Rotterdam The Hague Airport and Lelystad Airport remains an important marketplace: more than 1,300
and for the economy, with Airport, and holds a majority stake in Eindhoven Airport and a employers have a connection to the airport. Many are located on
safety as a key enabler. 40% stake in Maastricht Aachen Airport. Amsterdam Airport the airport site or in close proximity with a combined employee
Schiphol is our mainport, a gateway that connects the base of approximately 71,000 people.
Netherlands to the rest of the world. Over the years, Schiphol
Airport has become one of the best-connected hub airports in
Europe, with 305 direct destinations.

In 2023, the number of passengers served by the Dutch airports

in the Group continued to pick up. Though passenger volumes
at Schiphol Airport were still lower than pre-pandemic levels, the
volumes were at 18% above 2022 levels at 61.9 million and cargo

Main airport

International
Dutch airports
airports
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 12

Schiphol Group’s partnerships with these other airports in the from governments and companies, Royal Schiphol Group will put airports. Our robust financial policy seeks to safeguard the
Netherlands further strengthen our reach and impact, as do our 800,000 euros into the fund. independent financing of our business, both today and in the
international activities – which account for a substantial share of future. Schiphol Group’s core activities are concentrated within
our Group's financial results. Schiphol Group also has an interest in the airports of Brisbane and three business areas: Aviation, Schiphol Commercial and Alliances
Hobart and manages terminal and retail operations in Terminal 4 & Participations.
In 2023, Royal Schiphol Group acquired a 40% interest in at JFK International Airport in New York.
Maastricht Aachen Airport (MAA) for 4.2 million euros. This In 2023, Schiphol Airport embarked on a hiring drive in response
partnership will contribute to Schiphol Group’s aim to enhance In 2023, we announced our intention to invest three billion euros to staffing shortages in 2022. This initiative was not just about
airport sustainability, in part by enabling MAA to accelerate its in catching up on maintenance and upgrades at Amsterdam numbers, but also marked the introduction of a new fourth
development as a sustainable and future-proof airport. Electric Airport Schiphol during the coming three years (2024 - 2027) to cornerstone for our Vision: Quality of Work. This pillar
flying is a key priority, for example. An environmental fund is increase the quality of our assets. The aim of these investments underscores our commitment to ensuring the safety and
being set up to drive that ambition. In addition to contributions is also to connect the world for our stakeholders and fulfil our wellbeing of everyone working at the airport, as well as
ambition of creating the world’s most sustainable, high-quality operational efficiency. Improvements have been made to the
working environment, including a major refurbishment of
existing rest areas to make them comply with our current quality
Business model work standards. The combined impact of these efforts was
(x EUR million) significant, especially during the busy summer period. Our airport
saw remarkable improvements, with 93% of passengers passing
through security within a 10-minute window. Indeed, we will
678 continue to invest time and money to ensure that our airport
ts remains an attractive place to work.
1158 Ai s tm
en
rp
or ve 290 Schiphol Group has three shareholders: the Dutch state (69.8%),
tc In s
1

ha ıt the municipality of Amsterdam (20.0%) and the municipality of

rge ne
s
e be 288 Rotterdam (2.2%). %). The 8% of Royal Schiphol Group shares
205 Con
ces s plo
ye
rit
y that have been bought back from Groupe ADP are currently held
i on
inc o Em ec
u
me S by the company (RSG) as treasury shares. This substantial
e 166
a nc shareholding by the Dutch state is not just a financial stake; it is
194 Rents an
d leases in ten
reflected in our strategy to ‘connect your world’. This approach
Ma g 45
a ni n embodies our commitment to linking the Netherlands with the
C le
Parking
150 s 562 rest of the world, in line with the government’s Civil Aviation
pe nse Policy Memorandum 2020-2050. Our goal is to link people, places,
come na l ex
Othe r in tio and businesses efficiently and sustainably, ensuring safe aviation
l asset s pera
145 ı na nc ia O ther o while contributing to an attractive and healthy living
s f ro m
er r e sult environment embodying our commitment to linking people,
Oth ates places and businesses efficiently and sustainably.
as soci
0
ul t of Taxes 1 40 28 1HWıQDQFLDOH[SHQVH 1
n re s
ar ei 0
Sh
23 Dividend
1 Underlying
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 13

Passenger and airline journey Passenger journey

As an airport operator, we are responsible for the infrastructure

and processes that facilitate passengers, airlines, cargo and Terminal
baggage. Our processes are the basis of our value chain.

Passenger process
Increasingly, passengers check in and receive information online. Arrivals PRM Customs
Security Departures
Border control

We are responsible for wayfinding on the airport area and

for assisting people with reduced mobility. All passengers and
baggage go through security checks, and passengers to and Home Travelling Parking Wayfinding Check-in Catering
to Schiphol Retail
from non-Schengen destinations pass through border control. Lounge

Passengers wait in the departure lounge before boarding. Baggage system

Arriving passengers may be subject to customs control before

entering Schiphol Plaza and continuing their journey. Transfer
Arrivals
Departures

Airline journey
Airline process
Aircraft lands at and departs from Schiphol
Schiphol Group owns, maintains and is responsible for the
safety of the runways and the terminal, as well as other
airport infrastructure. Real estate is either owned by Schiphol Fixed electrical ground power
and preconditioned air
Commercial or its occupants, and contractors carry out services
such as security and maintenance. Airlines are responsible for the Remote Aviobridge
safe carriage of passengers, baggage and cargo. B G2
A G1

Gate Crew Passengers

Air traffic control is responsible for safely guiding air traffic. Air Traffic Contol Runway Taxiway Passenger
the Netherlands available Transport Baggage
The baggage system, passenger bridge and the gate are airport
Aircraft departs from Schiphol
assets, and the airline or handling agent is responsible for all Baggage system
Aircraft lands at Schiphol
activities associated with aircraft handling. Airline and ground Aircraft handling at the aircraft stand

handling staff are also subject to security checks, as is cargo. Cargo

may also be subject to a customs inspection. Refuelling

Cargo

Cleaning
Catering
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 14

Our Why:
Our Why, ambition and strategy

Royal Schiphol Group exists

to connect your world,
Connecting your world
by orchestrating inspiring
journeys and building Connecting your world embodies the 'Why' of Royal Schiphol Our ambition:
Group. Our airports provide connectivity for passengers and Creating the world's most sustainable,
connections for passengers businesses from around the world, allowing international trade, high-quality airports
and other stakeholders. As tourism and knowledge exchange to flourish.
part of this ambition, we are Schiphol Group’s ambition to operate the world’s most
In 2023, Schiphol Airport not only witnessed a resurgence in sustainable, high-quality airports is firmly connected with our
transitioning into an airport air traffic but also undertook numerous efforts to streamline commitment to our Quality of Work pillar. We are the leading
that will act as a front runner operations and enhance working conditions. We invested heavily member of the TULIPS consortium, which brings together
in sustainability. in reducing long queues, increasing wages and improving 29 parties in the aviation chain to accelerate sustainable
employment conditions. We also focused on creating better work aviation, underscoring our commitment to both environmental
shifts, minimising inconvenient gaps and reducing wait times stewardship and the well-being of all our workers. We want our
for our employees. These comprehensive measures, designed operations to be zero-emissions and zero-waste by 2030 and to
to rejuvenate the airport’s functioning, have been pivotal in function as an energy-positive and fully circular organisation by
re-establishing smooth and efficient operations, reflecting our 2050. Equally important, we will continue to play a leadership
commitment to both our passengers and staff. role in driving sustainability across the aviation sector, aiming for
net-zero carbon emissions aviation by 2050.
Schiphol Airport, recognized as one of Europe’s best-connected
airports, holds a prestigious position in the Airports Council Schiphol Group’s strategy amidst government
International (ACI) Europe's 2023 connectivity report – ranking aviation reforms
#2 for ‘direct connectivity’ and #4 for ‘global hub connectivity’. In 2022, the Dutch government announced plans to enforce a cap
This highlights its crucial role in global aviation networks. on flights from Schiphol Airport. The cap aimed to progressively
Complementing this achievement, Schiphol and our airline reduce the number of flights. The first step was to limit flights to
partners have successfully restored essential connections 460,000 air traffic movements a year. This staged implementation
between the Netherlands and the wider world. These was designed to gradually bring the cap into full effect. However,
efforts reflect the increasing global and local demand for this was meant to be an interim measure; the intention was
air travel, symbolising a significant step in re-establishing to further reduce the number of flights a year to 452,500 by
international links. November 2024. Instead of a fixed ATM, Schiphol Group would
like to see a system where the level of environmental impact
determines the number of annual air traffic movements.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 15

The Dutch government decided to suspend the Experimental We want to stop flying during the night, starting in winter
Regulation until further notice on 14 November 2023. Of course, 2025-2026. By no longer allowing flights to arrive between 00:00
the minister’s decision has an impact on capacity at Schiphol. and 05:00, there will be around 10,000 fewer night flights. We
However, we had already defined the capacity declaration for the will limit the reallocation of flights to the very start or very end of
summer of 2024 based on a maximum of 460,000 flights. the night/early morning as much as possible too. In this way, we
will help our local residents get a better night’s sleep. Moreover,
That is why the minister initially asked Schiphol and partners our intention to ban private jets would prioritise commercial and
such as Air Traffic Control the Netherlands (LVNL), the essential flights in order to mitigate noise nuisance.
Royal Netherlands Marechaussee, Customs and the airlines to
determine how many flights we would be able to accommodate Our position on prohibiting the noisiest aircraft signifies a shift
in 2024, ensuring this will be done in an operationally responsible in our operational policy. We want to reduce the number of
way. The minister also pointed out that the (increasingly limited) noisiest aircraft on our premises as of 2025-2026. By tightening
availability of air traffic controllers at LVNL, due to labour market the maximum permissible daytime and night-time noise limits
shortages, will also play a role. This process has been completed. and further encouraging the use of quieter aircraft, nuisance in
Schiphol has set its new capacity for 2024 at 483,000 flights, the surrounding area will decrease. Our current airport fee system
and the slot coordinator has allocated the slots. This explains penalises noisier, more polluting aircraft, which pay up to five
why JetBlue, for example, can maintain their operations at times more in landing and take-off fees compared to quieter, less
Schiphol Airport. polluting aircraft.

In our view, the suspension of the Experimental Regulation is We are pushing airlines towards using more modern, quieter
a disappointing development that will result in local residents and environmentally friendly fleets. This approach aligns with
getting the short end of the stick. Reducing the number of our broader vision of sustainable aviation. It not only illustrates a
flights was not an end in itself for Schiphol, but there was commitment to improving the quality of life for those living near
finally clarity and certainty for our neighbours. A return to our airports, but it is also an important step towards regaining
anticipatory enforcement leads to more uncertainty, also for the the trust of employees, passengers, local residents, politicians and
aviation sector. society at large.

While the Dutch government’s suspension of the Experimental

Regulation and the resulting uncertainties pose challenges
for both Schiphol and its local residents, Schiphol has been
proactively addressing these issues. Recognising the need for
a sustainable balance, Schiphol Group independently developed
its own strategy to harmonise airport operations with community
interests. This initiative led to the creation of the ‘Quieter, Cleaner,
Better’ 8-point plan in the spring of 2023 (see box for full details).
We have been working for some time on improving quality of
life for our neighbours, but we felt it was time to shift up a gear.
The 8-point plan focuses in particular on three key aspects: night
closure, banning private jets, and prohibiting the noisiest aircraft.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 16

Quieter, Cleaner, Better: another location. Besides, an additional runway is

Our eight-point plan unnecessary at the current and projected number of
aircraft movements. We are asking the government to
Schiphol has been connecting the Netherlands to the rest of revoke the planning reservation, thus ensuring clarity
the world for more than 100 years. However, we realise that for our environment.
our activities have an impact on the environment and the
local area. That is why we are going for a quieter, cleaner and 6. Annual investment of up to 10 million euros for the
better Schiphol. Keeping in mind the reality of external coming 7 years in local environment and residents.
dependencies, we are continuously committed to moving We realise that, despite all nuisance-reducing measures,
forward with the following eight steps: aviation continues to have an impact on the local
environment. Therefore, we are setting up an
1. New rules with clear limits for carbon emissions. environmental fund. Between now and 2030,
We want to transition as quickly as possible, by 2025- Schiphol is planning to make up to 70 million euros
With our eight-point plan Quieter, Cleaner, Better, we envision an airport
2026 at the latest, to a new system with clear agreements available (10 million euros per year) through this fund
in better equilibrium with the environment around us.
on noise and CO2e emissions. We are calling on the to be invested in innovative construction concepts,
government to come up with a legally enshrined system home insulation and area development. This way,
in which the means (the number of air transport 05:00, there will be around 10,000 fewer night flights. we contribute to the improvement of the living
movements) is no longer leading, but rather the end (less We will limit the reallocation of flights to the very start or environment.
nuisance and emissions, in line with the Paris Agreement). very end of the night/early morning as much as possible
Because by flying in cleaner and quieter aircraft, and with too. In this way, we help our environment get a better 7. Safeguarding cargo. We are committed to safeguarding
sustainably produced fuels, we achieve what we really night’s sleep. the position of cargo at Schiphol and that’s why we want
want: lower impact aviation. In this way, we better to keep 2.5% of the available take-off and landing slots
balance our operations with the needs of the 4. No more private jets and small business aviation at available for cargo starting 2025-2026. The cargo sector
environment and our employees, and we contribute Schiphol Airport. We want to stop facilitating business provides a lot of employment opportunities in the area
to global climate goals. air traffic and air taxis at Schiphol-East (General/Business and is valuable for the economy and business climate.
Aviation) as of 2025-2026. Although these flights do not We do expect cargo companies to comply with the new,
2. The noisiest aircraft are no longer welcome. count towards the maximum number of permitted stricter rules for noisy aircraft.
The quieter the better. After all, the noisiest aircraft cause aircraft movements, they do cause a disproportionately
above-average noise nuisance. That is why we want to large amount of noise nuisance and CO2e emissions per 8. People first. We want people to work with pride and
prevent even more of the noisier types of planes from passenger compared to commercial flights. By only dignity at our airport again. Whether they are employed
coming to Schiphol. By tightening the maximum accepting social air traffic, such as police and ambulance by Schiphol or another employer. For too long we have
permissible daytime and night-time noise limits and helicopters and the coast guard, the nuisance and focused on lowering costs and now we realise it’s time for
further encouraging the use of quieter aircraft, nuisance emissions from small aircraft are significantly reduced. a new approach. Because everyone at Schiphol matters.
in the surrounding area will decrease. There must be good terms and conditions of employment
5. No additional runways. We are definitively abandoning for everyone working at the airport. We are committed
3. No take-offs between midnight and 6 AM, no landings plans for a parallel Kaagbaan Runway. Land for this has to better pay in all sectors, better protection against
between midnight and 5 AM. We want to stop flying been reserved for more than 20 years but it puts emissions, less competition between handling companies
during a large portion of the night. By no longer allowing unnecessary pressure on the already scarce space in the and better conditions of employment in baggage
aircraft to depart between 00:00 and 06:00 and by no area. A study in 2019 showed that a second Kaagbaan handling. That’s how we can make sure people come
longer allowing flights to arrive between 00:00 and would not lower noise nuisance but only transfer it to to work at Schiphol and stay here.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 17

Trends and developments Air France-KLM take over SAS According to European Business Aviation Association (EBAA),
In November 2023, Air France-KLM acquired 20% of SAS. This fits business activation activity in Europe was at about 8% below its
The aviation sector in 2023 was a complex landscape, shaped by in with trend towards consolidation in Europe, in which weaker levels from 2022 by November 2023. This translates into 160
ongoing economic recovery, fluctuating demand, and evolving companies are being taken over by larger ones. The takeover fewer daily business aviation flights compared to 2022. The
travel patterns in the wake of the global pandemic and ongoing followed approval by a New York bankruptcy court of a rescue decrease affected all types of aircraft and most major European
geopolitical uncertainty as a result of the war in Ukraine and the plan for SAS worth 1.2 billion dollars. airports. In other regions, North America also performed worse
ongoing conflict in the Middle East. The industry, both regionally in 2023 than in 2022. Asia and Africa were the exceptions. Both
around hubs such as Amsterdam Airport Schiphol and globally, is This acquisition is likely to have a positive impact on Amsterdam these regions experienced an increase.
navigating a path marked by recovery and adaptation. Airport Schiphol. As a primary hub for Air France-KLM, Schiphol’s
traffic and connectivity could be enhanced by this takeover. Temporary cap on passenger numbers lifted
Globally, the aviation industry is contending with various The integration of SAS’s routes into Air France-KLM’s network In an important move forward, in 2023 Schiphol Airport lifted the
macroeconomic factors. Inflation and economic uncertainty promises to expand our reach, particularly in the Northern temporary cap on departing passenger numbers that was
have become key concerns, even though inflation seems to European market. introduced in 2022 to manage the long queues resulting from
be stabilising. But uncertainty affects consumer confidence and staffing shortages and ensure passenger safety. The removal of
behaviour when it comes to disposable income. This, in turn, Cargo volumes and business travel this cap signals a return towards our normal ways of working. As
affects people’s propensity to fly. And while leisure travel has In 2023, cargo volumes at Schiphol were slightly lower than in a sign of Schiphol Airport’s improved operations, we are proud
shown recovery, business travel lags. The shift to remote work and 2022. The number of cargo flights also fell. However, according that 93% of passengers are now processed through security
virtual meetings continues to impact the demand for business to the IATA, the overall global month-to-month trend was within a 10-minute time frame. As for the total passenger
travel, a traditionally lucrative segment for airlines. significant growth in the final months of 2023, growing by 8.3% number, 71 million, it reflects the airport’s regained strength and
in November 2023. According to Willie Walsh, IATA’s Director its ability to handle a high volume of travellers effectively.
General, these figures are an encouraging trend at the end of the
year, especially given the economic concerns in 2023.

Development of passengers volumes

Number of passengers (incl. transit) in millions
7.5

2.5
We improved our efficiency: 95% of the passengers processed security
within a 10-minute time frame.
3.9 2.5 3.8 2.7 4.6 3.7 5.1 4.4 5.6 5.2 5.7 5.2 6 5.2 6.1 5.3 5.8 5.2 5.8 4.9 4.7 4 4.8 4.1

January February March April May June July August September October November December

2023
2022
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 18

2023: A turning point in improving relations with Travelling during geopolitical instability Sustainability top of mind
external workers Despite the challenges from an increasingly volatile geopolitical In 2023, the aviation industry took further steps towards a more
Staff shortages and poor working conditions in security and climate, the aviation sector demonstrated resilience in 2023, sustainable and environmentally friendly value chain. These steps
ground-handling led to a strained relationship between the maintaining an upward trend in passenger demand despite were taken against the backdrop of the latest Intergovernmental
airport and these external staff in 2022. 2023 marked a turning uncertainties in fuel prices and international travel routes. The Panel on Climate Change (IPCC) report and the outcomes of
point in the resolution of these issues. This is reflected in the ACI predicts the sector will surpass 2019 passenger levels in the COP28 conference, both underscoring the urgent need for
agreement we reached with the FNV and CNV trade unions 2024, but the ongoing war in Ukraine and escalating conflicts climate action across all sectors. These global discussions have
to permanently improve working conditions, a move that sets in the Middle East have introduced uncertainty, potentially heightened awareness, highlighting how the aviation industry
a new standard in employee welfare. We have focused more impacting airline operations, cost structures, and slowing is not only a part of the climate challenge but also a crucial
on improving the working experience of these employees at growth. Particularly, the Ukraine conflict affects passenger and player in the solution. At Schiphol, we introduced our Quieter,
our airport site, promoting health, safety and positive industrial cargo routes, with closed airspace around Ukraine and Russia Cleaner, Better plan. At the heart of this plan is the realisation
relations. A significant achievement in 2023 was our success in necessitating alternative routes, influencing ticket prices and that our activities have an impact on the environment and the
solving the long-standing problem of long queues for passengers, travel times. local area. And an awareness that the drawbacks involved should
a direct result of these improved working conditions for security play a greater role in the choices we make. Recognizing this
staff. These measures reflect our commitment to the fourth Focus on nitrogen impact responsibility, we at Schiphol have committed to taking action to
cornerstone of our vision, quality of work. As a country, the Netherlands has a duty to protect nature. It is restore the balance. This commitment is a key part of our ambition
therefore necessary to reduce nitrogen emissions. Schiphol Group to change, acknowledging that we need to actively participate in
These improvements cover a number of aspects, including is committed to this goal. Our Nitrogen Action Plan outlines a creating a more sustainable future.
actively improving the physical working environment, such as range of measures to achieve this goal. Internally, for example,
rest areas and toilets, and ensuring that employees can commute Schiphol Group is reducing its nitrogen emissions through the ACI Accreditation and Science Based
to work free of charge. In addition, we are making full use of electrification of ground-handling equipment. We also promote Targets initiative
the permanent staff of security companies and adopting more and support sustainable transport to and from our airports. A milestone in 2023 was the fact that Schiphol, Eindhoven Airport
inclusive recruitment strategies, among other things to achieve and Rotterdam The Hague Airport were awarded the highest
a balanced gender ratio among security personnel. Our actions In 2023, Amsterdam Airport Schiphol received its nature permit. level of accreditation for airport sustainability by the industry
demonstrate a holistic approach that not only addresses past To obtain this permit, we had to make sure that our nitrogen association Airports Council International (ACI). The three Royal
issues, but also sets out improved principles for working together depositions in Natura 2000 sites did not exceed a historical Schiphol Group airports are among the first ten airports in the
and a new code of conduct for suppliers. These principles include reference value. To ensure this is the case, in those areas in world to achieve this level. To be eligible for this ACI accreditation,
setting minimum requirements in labour-intensive tenders to which Schiphol Group and the airlines deposit too much nitrogen, airports had to reduce their own carbon emissions by 90% or
ensure high standards of work, further demonstrating our we introduced external measures to lower the remainder of more by 2022 compared to 2010.
commitment to improving working conditions for all airport our excess emissions that could not be reduced with internal
employees and directly contributing to our success in improving measures. For these external measures, we had a strong ACI has added a new higher level to its CO2 benchmark: Level 5.
the passenger experience by effectively managing queuing times. preference for a coordinated approach, for example via the use of This ACI benchmark shows the extent to which airports around
a so-called ‘nitrogen bank’ from the government. Unfortunately, the world are reducing carbon emissions from their own ground-
these instruments were not available. As a result, we eventually based activities. Airports that achieve Level 5 certification have
decided to purchase the nitrogen rights of farms, paying farmers not only reduced their emissions by 90%, but have also achieved
fair market value for their land and/or nitrogen rights. By buying net-zero emissions. In addition, airports are actively working with
these nitrogen rights and generating more emission space, we other organisations to reduce the emissions of the whole aviation
created the conditions needed for the government to grant sector and other indirect emissions, such as traffic to and from the
Amsterdam Airport Schiphol a nature permit. airport, to zero.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 19

In 2023, the Science Based Targets initiative gave its seal of industry to accelerate CO2 reductions to remain aligned with the Emirates will be flying from Schiphol Airport partly on SAF next
approval to Schiphol's sustainability goals for Scope 1, 2 and 3 Paris Agreement, beyond current targets. year. Air France-KLM is already using it, following the purchase
emissions for 2030 and 2050. of 1.6 million tonnes of SAF in 2022. In 2023, the multi-year
Schiphol Group supports global measures through the agreement kicked in and will see Neste supply SAF over an
Net-zero emissions International Civil Aviation Organization, advocating for eight-year period, with DG Fuels, a front runner in renewable
Schiphol Group leads the TULIPS consortium, a collaborative initiatives such as a global kerosene tax or blending mandate. hydrogen and biogenic-based, synthetic low-emissions aviation
effort of 29 entities including airports, airlines, knowledge Recognising the potential limitations of these measures, we also and diesel fuel, contributing from 2027 onwards.
institutes and industrial partners that aims to accelerate the support the strengthening of EU policies. A key aspect of this is our
adoption of sustainable aviation technologies. With 25 million backing for the expansion of the EU ETS system to include long- Cleaner, quieter aircraft
euros in funding from the European Commission as part of haul flights, addressing the ‘polluter pays’ principle. Notably, 80% To address the pressing issue of noise pollution, Schiphol Group
the European Green Deal, TULIPS is an important force in of Schiphol’s CO2 emissions are generated by 20% of the flights, is encouraging the use of quieter aircraft by offering reduced
the industry’s journey towards zero-emissions and zero-waste predominantly long-haul flights. airport charges to airlines that operate these models. This policy
airports by 2030, and achieving net-zero carbon emissions in not only gives airlines an incentive to modernise their fleets with
aviation by 2050. To mitigate carbon leakage, we endorse the application of quieter, more efficient aircraft but also supports manufacturers
the CBAM regulation to aviation. Furthermore, we propose a such as Airbus and Boeing in their development of engines that
Schiphol Airport and Rotterdam The Hague Airport will serve as restructured aviation tax, dependent on distance, increasing with consume less fuel and produce fewer emissions.
a ‘living lab’ for 17 innovative projects under TULIPS, focusing on the length of the flight. The revenues from this tax should be
sustainable solutions such as hydrogen-powered vehicles, electric reinvested into the sustainability transition within the aviation Transavia has already taken a step towards sustainable aviation
and hydrogen power supply facilities for aircraft, and the use of industry. These measures collectively reflect our comprehensive by renewing its fleet with new Airbus aircraft. The first flight
circular materials. approach to not only achieving net-zero emissions but also with this new aeroplane took off on 5 January 2024. Transavia’s
driving broader systemic change in the aviation sector. decision aligns with the broader aviation industry’s efforts to
A significant part of this consortium’s work involves developing become cleaner and quieter. The new Airbus aircraft are chosen
and testing emerging ‘green’ aviation technologies, such as Sustainable aviation fuels for their quieter, more fuel-efficient capabilities, promising a
hydrogen and electric aircraft. Rotterdam The Hague Airport As part of the transition to sustainable aviation, Schiphol Group 15% reduction in fuel consumption and carbon emissions.
(RTHA) is at the forefront of this initiative, serving as a testing is involved on several fronts when it comes to promoting the Furthermore, these planes are designed to halve the noise
ground for these sustainable aviation innovations. The Fieldlab use of SAF. For example, we give airlines credit in our airline footprint, benefiting both the environment and communities
Next Aviation project, spearheaded by RTHA, is exploring new fees for using sustainable aviation fuels. Between 2022 and near airports.
propulsion techniques, including hydrogen fuel, with the first 2024, Amsterdam Airport Schiphol is contributing 15 million
ZeroAvia hydrogen-powered flight anticipated for 2025. euros towards incentives to use SAF. Airlines flying into and from In collaboration with Air Traffic Control the Netherlands (LVNL),
Schiphol Airport are eligible to take advantage of this incentive. Schiphol Airport is optimising flight paths and runway use
Complementing these efforts, Schiphol’s zero-emission airside to minimise noise disturbance. LVNL’s strategic routing allows
program is central to our sustainability vision. We have made In addition, Rotterdam The Hague Airport has an online tool for take-offs, landings, and flights along trajectories that limit
strides by transitioning to electric Ground Power Units, thereby called ‘Fly on SAF’. This digital resource allows passengers to lower noise impact on surrounding communities, particularly through
reducing emissions and ultrafine particles. Our goal is to ensure the carbon emissions of their flight by replacing fossil kerosene the use of the Kaagbaan Runway for incoming flights and
that all ground-handling operations at Schiphol are emission-free with SAF. RTHA also signed a long-term agreement with Shell in the Polderbaan Runway for outgoing ones, which traverse less
by 2030, aligning with our broader sustainability roadmap. November 2023 to start blending sustainable aviation fuel into all densely populated areas.
aircraft refuelling at RTHA from 2024. At the airport, at least 8%
However, our commitment extends beyond these initiatives. additional sustainable aviation fuel will be blended on top of the In addition to these operational changes, we are championing
Schiphol Group is actively evolving its approach to Scope 3 CO2 European blending obligation of 6%. This will help to achieve the innovative solutions such as supporting DeNoize, a startup
emissions. Indeed, we recognise the need for the Dutch aviation Dutch aviation sector's 14% target in 2030. focused on developing soundproofing technology for residential
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 20

windows. This technology holds the promise of improving the Deep Turnaround provides historical, real-time, and predictive
living conditions of local residents. insights to all stakeholders involved through a tailored dashboard
or data stream. By accurately detecting over 70 unique
Workplace quality turnaround events across 30 processes, Deep Turnaround can pre-
Schiphol’s commitment to sustainability extends to workplace empt delays, enabling proactive decision-making. This predictive
quality, with the airport taking proactive steps to ensure a safe capability is especially crucial, as traditionally, 40%-50% of
and health-conscious work environment. Initiatives to improve flight delays are attributed to turnaround activities, where
air quality at our stands and the implementation of robust safety misalignment and inefficiencies are common.
standards reflect our dedication to our employees’ wellbeing.
This includes the gradual replacement of fossil-fuel-powered Deep Turnaround is expected to reduce carbon emissions
vehicles with electric ones across various operational areas. through the detection of Auxiliary Power Unit use and optimising
Our transition encompasses a wide array of vehicles, from asset and resource management. Its implementation can lead
standard cars and delivery vans to pushback tractors and lorries. to a reduction of turnaround delays by up to 30%, improving
Additionally, more specialized equipment such as conveyor belt passenger experiences and increasing overall airport capacity
loaders, catering lifts, passenger staircases, and generators are without the need for additional stands. All these measures
also being shifted to electric models. These efforts reflect our support our Cleaner, Quieter, Better programme, affirming its
dedication not only to our employees’ wellbeing but also to commitment to becoming a more sustainable airport while
reducing carbon emissions at our airports. maintaining operational excellence.

These initiatives reflect our commitment to playing a leading

role in sustainable airport operations and being a responsible
community neighbour. With the Cleaner, Quieter, Better plan, we
are setting a benchmark in the aviation industry, demonstrating
that environmental stewardship and operational excellence can
go hand in hand.

A technology-driven landscape
In 2023, airports and airlines continued to explore and adopt
cutting-edge digital advancements to enhance the travel
experience and refine their services. Solutions such as biometrics,
facial recognition technology and CT scanners are increasingly
being introduced in airports around the world, enabling
streamlined, paperless and more efficient passenger processes.
Building on this momentum of innovation, Schiphol Airport
has also embraced a pioneering initiative, Deep Turnaround.
This program uses artificial intelligence (AI) to transform and
optimise aircraft turnaround processes for enhanced efficiency,
sustainability and performance. A notable benefit of Deep
Turnaround will be its impact on improving our on-time
performance, thereby increasing overall passenger satisfaction.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 21

SWOT analysis

Strengths Opportunities
– Resilient network of destinations – Digitalisation, artificial intelligence, automation and big data
– Strong hub position of Schiphol in Europe – International activities and partnerships
– Excellent hub facilities, i.e. one-terminal concept – Sustainable aviation and innovation initiatives
– Sustainability at our premises – Train travel synergies, e.g. train station below terminal
– Economic strength of the Randstad region and
attractiveness of airport city

Weaknesses Threats
– Capacity shortage during peak hours: terminal, – Challenging geopolitical and macroeconomic climate
stands, border control, customs, LVNL and railway station – Terrorism and cyberthreats
– Operational and sourcing model – Worsening labour market and ageing workforce
– Current state and future reliability of assets – Pressure on cargo volumes from slot allocation system
– Declining airport customer experience assessment and Airport Service – European Entry-Exit System legislation
Quality ranking – Influence of social and political debate on number of permisable air
– Perceived negative cost/service quality balance by airlines traffic movements
– Labour conditions in the baggage halls and on the platforms
– Very limited financial buffers as a consequence of COVID-19 losses
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 22

Our Vision 2050

Royal Schiphol Group's
Vision 2050 is our aspirational goal, our long-term ambition. It Royal Schiphol Group's ambition, outlined in our Vision 2050, is to
ambition, outlined in our lays the foundation for our business strategies and Master Plan, create the world’s most sustainable, high-quality airports, setting
Vision 2050, is to create serving as the point of reference for discussions with our partners a new, aspirational goal for our organisation and the aviation
the world’s most sustainable, and stakeholders. The cornerstones of our Vision, the four value chain.
Qualities – Quality of Network, Quality of Life, Quality of Work
high-quality airports, setting a and Quality of Service– rest on a foundation of two key enablers:
new, aspirational goal for our Safety first and a Robust organisation. These fundamental pillars
organisation and the aviation will guide our Group through the challenging period ahead.

value chain.

Connecting your world

Creating the world’s most sustainable and high-quality airports

Quality of Quality of

Life Work
Quality of Quality of

Network Service

Safety Robust
Enablers first organisation
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 23

Key initiatives include the ‘Minder Hinder’ noise reduction The past year revealed significant labour market challenges
Quality of Network programme in collaboration with LVNL. This multifaceted impacting airport operations. Key services such as security,
strategy includes using flight paths and runways that minimise passenger assistance, cleaning and ground-handling rely heavily
Maintaining a high-quality network is an essential pillar of
disturbance, and incentivising airlines to operate quieter and on efficient labour organisation. We have seen that optimal
our Vision 2050. Together with our other airports, Amsterdam
cleaner aircraft by offering reduced airport charges. The launch of functioning between the labour market and Schiphol Airport
Airport Schiphol provides and facilitates the connectivity that
our 8-point plan, ‘Quieter, Cleaner, Better’ further supports these is not a given, and we are simultaneously navigating the
is vital for an open economy such as the Netherlands. Flight
efforts and aims to create a harmonious balance between our complexities of a fluctuating labour market as well.
frequencies are on the rise again, enabling us to maintain the
airport, the aviation industry and the surrounding environment.
vast majority of our destinations and our connectivity. Indeed,
Key focus areas include implementing night closure, banning Central to our mission and a fundamental element of our eight-
Amsterdam Airport Schiphol is still high in the ‘direct connectivity
private jets and prohibiting the use of the noisiest aircraft, point ‘Quieter, Cleaner, Better’ plan is the principle that people
ranking’ of European airports, based on the 2023 Airport Industry
marking a step towards a more sustainable and community- come first. At Schiphol Group, we are deeply committed to our
Connectivity Report – though it did slip from first to second place
friendly approach to aviation at Schiphol Airport. social responsibility as an employer and as an airport operator.
in the ranking in 2023, behind Istanbul.
Our aim is not only to provide a rewarding work environment,
Schiphol Group’s sustainability strategy is further supported by but also to prioritise the well-being and development of
Schiphol Group remains steadfast in its commitment to
the TULIPS alliance, aiming to accelerate the rollout of innovative our employees.
preserving a high-quality network, a cornerstone of our Vision
technologies across the aviation sector. Our airport charges
2050. While we navigate the complexities brought on by
scheme, in effect from 2022 to 2024, includes incentives for using This includes offering fair wages, work-life balance, career
the suspension of the proposed flight movement cap, our
sustainable aviation fuels and cleaner, quieter aircraft. We are opportunities and safe working conditions until retirement,
focus remains on maintaining the connectivity crucial for the
also continuing our policy of banning the noisiest aircraft. In our underlining our commitment to putting our staff first in
Netherlands’ open economy. We will continue our discussions
capacity declaration for the 2024 summer season, we listed 87 everything we do. To further this commitment, we have
with the government, seeking a resolution that not only upholds
aircraft types that are no longer welcome at Schiphol. introduced measures such as providing rest areas and other
our network’s integrity but also prioritises the environmental
support mechanisms to improve the work environment.
footprint over the volume of air transport movements, thereby
These initiatives are critical to ensuring our license to operate as Moreover, the introduction of electric cars on airside not only
ensuring clarity and direction for all our stakeholders. We also
an airport, shifting the focus from last year’s recovery-oriented supports our environmental goals but also improves air quality for
remain committed to balancing the requirement for a high-
strategy to one that puts people first. In 2023, our priorities were our staff working in these areas.
quality network with the need to safeguard Quality of Service for
taking social responsibility and putting the needs and wellbeing
our customers, Quality of Life for local residents and wider society,
of our communities at the forefront of our operations. Our Quality of Work initiative aims to provide inspiring
and Quality of Work for our own employees.
and attractive working conditions for Schiphol’s employees,
promoting health, safety, and positive labour relations. This
includes setting an agenda for quality work policies and initiatives
Quality of Life Quality of Work through social dialogue, which is vital for supporting and
monitoring these efforts.
In line with the 2022 Social Agreement, Schiphol Group is
As outlined by our Most Sustainable Airports roadmap, Schiphol
integrating a new cornerstone into our vision: the Quality of
Group aims to operate zero-emissions and zero-waste airports by The renewal of the Schiphol Social Agreement in 2023 marked
Work. This focuses on enhancing work standards at Schiphol
2030. We also aim to uphold the principles of sustainable aviation the first time this agenda was set through social dialogue, further
Airport for everyone involved, aiming to establish it as the world's
and ensure a healthy living environment for local residents. This detailed in the ‘Employment practices value chain’ chapter.
leading sustainable, high-quality airport.
means prioritising the needs of local communities by ensuring
noise pollution remains at an acceptable level as the aviation
industry continues to grow again.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 24

We are also looking to introduce technological innovations to

Quality of Service Safety first improve our security processes in terms of compliance, passenger
friendliness, employee satisfaction and cost. We use state-of-the-
At Schiphol Group, we are committed to creating the most Safety remains one of the key enablers of our four qualities, as
art technology, such as CT and Security scanners. In addition, we
sustainable, high-quality airports. We aim to do this by we continue to prioritise the health and well-being of those using
are working with external experts to develop software solutions
orchestrating smooth and inspiring passenger experiences, our services. As an operator of airports, we have a responsibility
for our 3D cabin bag screening equipment that will support the
supported by efficient, digitally enabled airport processes. This to safeguard the health of our passengers, employees and other
work of airport security staff.
commitment was recognised in 2023 when Schiphol Airport visitors by carefully managing our facilities and processes.
was ranked #2 for ‘direct connectivity’ and #4 for ‘global
hub connectivity’ in ACI Europe's 2023 connectivity report, Schiphol Group remains committed to ensuring the safe running
underscoring our status as a premier global hub. of our airport operations for all those working at the airport site, Robust organisation
as well as safe surroundings for passengers and local residents.
Confronted with the challenge of long queues at security We have safety-focused measures in place at all times to support To cope with similar shocks in the future, we need to focus
checkpoints in 2022, we took decisive action in 2023 to bolster our our goals. Our medium-term safety objectives are outlined in on restoring our financial resilience. To restore this financial
workforce, particularly those integral to operational efficiency. the Safety Improvement Roadmap Schiphol and implemented resilience, we need to ensure that our regulated airport charges
Our targeted investments in staff and technology have improved through the Integral Safety Management System (ISMS). The cover the costs and investments associated with our core aviation
service levels. During peak travel times, such as the May shared goals are to control current safety risks, reduce future product. In 2021, we set airport charges for the three-year
vacation and summer break, we were again able to provide risks and create shared opportunities for continuous safety. period 2022-2024. Although the airport charges have increased,
the high-quality service our customers expect, with 93% of This integrated approach to collaboration on safety makes the Schiphol has faced significant additional costs due to inflation,
passengers clearing security in under 10 minutes. In addition Netherlands a global front runner in aviation safety. We want air the social agreement and other quality of work initiatives, for
to these improvements and supplemental to our multi-year travel to remain the safest mode of transport, and we will do our which it does not receive cost recovery through the airport
maintenance plan, in 2023 we announced that we would invest part by ensuring safety remains our top priority. charges as these were already set in 2021. In addition, restoring
a further three billion euros in infrastructure and facilities across financial resilience is necessary to finance the multi-billion euro
our airports. In 2023, we made considerable investments in airport processes investments in infrastructure and facilities at our airports, which
and infrastructure. The multiphase project to upgrade the are part of our multi-year maintenance plan. This investment is
Quality of Service extends beyond serving air passengers: our Quebec taxiway into a dual taxiway system is advancing steadily, necessary to improve the quality of our assets and to support
airports are a place where people from all walks of life – with the completion anticipated in the coming years. This our commercial and international activities, thereby increasing
travellers, businesses, students and research institutions – can enhancement will facilitate air traffic control operations and profitability and financial resilience.
come together. Our real estate and commercial teams further reduce aircraft queue times, improving airside safety and service
support the local business community and knowledge economy quality. In addition, Schiphol Airport is embarking on extensive We uphold the highest standards of integrity. Our robust
by connecting people, businesses and ideas from around the maintenance to renovate aircraft stands and taxiways, ensuring compliance and integrity programme is designed to monitor
world, and by providing high-quality workspaces for our tenants. robust asphalt and concrete surfaces across the airport. To employee behaviour and mitigate compliance and integrity
maintain a safe and accessible environment, adjustments to roads risks effectively. We have an Ethics Annual Plan, detailing new
Schiphol Airport uses technology and data to improve the and viaducts are also underway, reflecting our ongoing efforts to developments and preventive measures, including the promotion
passenger experience. Innovations such as smart maintenance reinforce safety and accessibility at our airport. of ethical behaviour and culture evaluation. In line with our
provide insights into how airport assets are performing and Security is fundamental for safe and efficient airport operations. corporate strategy, as outlined in the Fast Forward programme,
when they require maintenance. We also work closely with the In 2023, our top priority was to restore the efficiency and the eight-point-plan, and the ‘people first’ perspective, we are
aviation chain to meet the needs of our customers: Schiphol’s predictability of the security process. Our efforts were driven also pioneering a vision for sector-wide integrity and social safety
Airport Operations Centre (APOC) enables us to jointly manage by three pillars: Improving manpower capacity, enhancing the within the aviation sector.
essential aviation processes alongside our key aviation partners, productivity of our security process and ensuring the availability
with efficient exchanges of knowledge and data. of our security assets.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 25

Materiality analysis
Royal Schiphol Group serves a
Context Process materiality analysis
large international stakeholder
base that ranges from To achieve Royal Schiphol Group’s ambition to operate the most Royal Schiphol Group conducts a yearly materiality analysis to
passengers and sector partners sustainable and high-quality airports in the world, the material identify the impact and financial materiality. We made a number
topics that have been identified through our double materiality of revisions to the materiality analysis based on a five-step
to government authorities and assessment provide guidance to focus our sustainability efforts process: 1) evaluating Royal Schiphol Group’s key stakeholders
local residents. The double and relate to the entire consolidated Royal Schiphol Group. and value chain; 2) gathering input and scoring of impacts, risks
materiality analysis gives a and opportunities internally; 3) validation of scoring outcomes
The materiality assessment performed this year is with reference with key stakeholders; 4) determining the material topics based
comprehensive overview of to the Global Reporting Initiative (GRI) guidelines, but enriched on our threshold; and, 5) validation and sign-off by the Executive
the topics that have an with two key requirements from the Corporate Sustainability Team. As part of a three-yearly cycle, next year's results will be
actual or potential impact on Reporting Directive (CSRD), to which we need to be compliant validated externally.
as of 2024. We have included financial materiality in the
our stakeholders and those methodology and reviewed and considered all material topics To determine which topics were deemed material we had an
that have an actual and in the CSRD as part of the materiality assessment. Therefore, we iterative ranking process that asked internal stakeholders to
potential financial impact on did not only deem topics material based on impact materiality but rank the material topics according to their impacts, risks and
also on financial materiality. opportunities. Respondents were also able to suggest new topics
our organisation. and validate the findings through internal rounds of validation.
Impact materiality being the (actual or potential) significant Schiphol's Executive Team subsequently acknowledged that the
impact Royal Schiphol Group has on people or the environment, material topics provide a proper account of the developments in
and financial materiality the risks and opportunities that (may) 2023 and approved their inclusion in the materiality results for
arise from a sustainability matter leading to a financial effect. 2023. The next extensive update of the materiality analysis will be
The results of the materiality analysis are presented in a butterfly performed in 2024 and will be fully in line with the requirements
figure, with two axis that represent the impact and financial of CSRD.
materiality. The materiality butterfly included in this chapter
shows how the topics score on both axes on the short- (within 1
year), medium (between 1 and 5 years), and long term (longer
than 5 years).

We report on the material topics in the 'Our results' chapter

of the annual report, which follows the structure of our Vision
2050. In this respect, the materiality analysis is the cornerstone of
the annual report and helps to shape Schiphol Group's strategic
and risk-setting activities. Our value creation model depicts the
relationship between our material topics, strategy and risks.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 26

2023 results
24 material topics have been identified during the double Societal value is defined as the impact Royal Schiphol Group has The table on this page shows how this year's material topics relate
materiality process. Most new topics result from a more granular on stakeholders and society through economic factors such as job to those of last year and illustrates the more granular depiction
depiction of existing material topics. In 2023, two new material creation, economic role in society and societal engagement. Even of the old topics. The definition of our material topics can be
topics have been identified, Soil Pollution and Societal Value. though these topics have only been part of the materiality list found in the list of definitions; note that the definitions of our
Soil Pollution entails the emissions into soil and the prevention, since this year does not imply that they are new topics for Royal material topics have been more closely aligned to the CSRD
control and reduction of such emissions and thereby pollution. Schiphol Group; we have already been working on societal value definitions where that is applicable and possible.
and the prevention, control, and reduction of soil pollution.
The following materiality butterfly visualizes the results of the
materiality analysis for 2023. We added two new factors to the
analysis: the three time horizons of materiality and financial
materiality, as prescribed by the CSRD. On the left side of the
Material topics 2022 Material topics 2023 butterfly, the results of impact materiality are shown, taking the
Network of destinations Network of destinations time horizons into account. The right side of the butterfly show
Quality of Network the financial materiality.
Accessibility Accessibility
Energy-positive airports
Zero emission airports Although financial materiality and the time horizons were
Air pollution
Sustainable aviation Sustainable avation included in the analysis this year as part of the preparation for
Circularity CSRD, they were not further elaborated upon in explaining 'our
Circular economy results' throughout the annual report. For this year, we chose to
Water pollution
Quality of Life only focus on impact materiality in our reporting, following the
Not material in 2022 Soil pollution
content format of previous years; next year we will incorporate
Climate adaptation
the time horizons and financial materiality.
Community and noise Noise
Engaging with our communities
The topics covered in the butterfly relate to Amsterdam Airport
Not material in 2022 Societal value
Schiphol, Rotterdam The Hague Airport, Eindhoven Airport and
Employment practices own workforce
Lelystad Airport. Not all material topics are relevant to the
Quality of Work Employment practices Diversity, Equity and Inclusion in own workforce
regional airports, due to the scale and nature of their operations.
Employment practices in value chain
For this reporting year some topics are reported on only in relation
Customer appreciation Consumer and end-user experience
to Amsterdam Airport Schiphol, and not to the regional airports
Business continuity Business continuity
Quality of Service in our Group. Where a limited scope is consired, we have included
Digital innovation and cybersecurity Cybersecurity
this in the relevant chapters. In following years, and in line with
Airport Capacity Airport Capacity CSRD, the scope of reporting will be extended.

Safety first Safety and security Safety and security

Business ethics and corporate culture

Responsible business
Robust organisation Supplier and procurement practices
Financial solidity Financial solidity
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 27

Time horizon Short Medium Long

Impact materiality Material topic Financial materiality

Quality Network of destinations

of Network Accessibility

Energy-positive airports

Air pollution

Sustainable aviation

Circularity

Water pollution
Quality
Soil pollution
of Life
Climate adaptation

Noise

Engaging with our communities

Societal value

Employment practices own workforce

Quality
Diversity, equity & inclusion in own workforce
of Work
Employment practices in value chain

Consumer and end-user experience

Quality Business continuity

of Service Cybersecurity

Airport capacity

Safety
Safety and security
first
Business ethics and corporate culture
Robust
Supplier and procurement practices
organisation
Financial solidity
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 28

Definitions of material topics

Soil pollution
Quality of Network Quality of Service
Royal Schiphol Group's emissions into soil and the prevention,
Network of destinations control and reduction of such emissions and thereby pollution Consumer and end-user experience
Quality and frequency of destinations. (e.g. with PFAS). Consumer and end-user experience refers to the overall
Accessibility Climate adaptation perception and interactions that consumers and end-users have
Landside accessibility and intermodality (e.g., train, taxi, car access Preparing for the physical and transition risks and opportunities with Schiphol and its products or services throughout the entire
and interchangability between different public transportantion). associated with changing climate. consumer and end-user journey.
Noise Business continuity
Royal Schiphol Group's impacts, and management of aircraft and Royal Schiphol Group's ability to effectively navigate and adapt
Quality of Life
ground noise. to disruptions, maintain essential operations, and swiftly recover
Energy positive airports Engaging with our communities from incidents or crises, ensuring the sustained functioning and
Climate mitigation activities related to the CO2e emissions from Direct community engagement and the impact of the airport resilience of the organisation.
airport operations and ground transport (own vehicles and operations on surrounding communities. Cybersecurity
ground operations at airside) and energy use. Societal value The application of digital technology to the business operation.
Air pollution Royal Schiphol Group's impact on stakeholders and society This includes innovating airport processes and preventing fraud
Royal Schiphol Group's potentially harmful emissions (e.g., through economic factors such as job creation, economic role and the unauthorized access to our networks, IT systems and data.
nitrogen oxides (NOx) and ultra fine particulates). Prevention, in society and societal engagement. Airport capacity
control and reduction of such emissions at and around our Infrastructural capacity at the airport for consumers and end-
airports and improvement of air quality at our airport sites and in users.
Quality of Work
neighbouring communities.
Sustainable aviation Employment practices own workforce
Safety first
Driving climate mitigation initiatives in the avation sector and Royal Schiphol Group's impacts and the management of those on
international advocacy to reduce industrywide CO2e emissions their own workforce in terms of working conditions. Safety and security
and energy use. Diversity, equity & inclusion in own workforce Safe and secure airport operations and surrounding areas.
Circularity Royal Schiphol Group's impacts and their actions on their own
Resource inflows including the circularity of material resource employees in terms of equal treatment and opportunities for all.
Robust organisation
inflows, considering resource use optimisation, intensity of Employment practices in value chain
materials and products and renewable and non-renewable Royal Schiphol Group's impacts, and the management of those, Business ethics and corporate culture
resources and resource outflows related to products and on their value chain workers in terms of working conditions. Transparent and fair business practices incl. anti-corruption and
services, uncluding waste generation and significant waste- anti-bribery and protection of whistle-blowers.
related impacts. Supplier and procurement practices
Water pollution Management of relationships with suppliers, including payment
Royal Schiphol Group's pollution to water, and prevention, practices, especially with regard to late payment to small and
control and reduction of such emissions as well as the medium-sized undertakings.
management of surface water. Financial solidity
Financial robustness and shareholder value.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 29

Targets 2024
We translate our long-term
An important condition of the business plan is that it meets the In the TPI Local Residents the BAS reports are excluded as a
strategy into a business plan, requirements of a sound financial policy and is robust enough to metric since this was based on a 24-month rolling average
which also incorporates the weather potential financial setbacks. The business plan also and does not reflect the current reputation of RSG. The Net
budget for the following results in a management agenda, which sets out concrete actions Promotor Score used for the TPI Passengers is replaced by the
and targets for management for the year ahead. Since 2019, Passenger Experience score. This score is more directly affected
year. The business plan Schiphol Group's target setting has consisted of the Top by underlying quality of airport touchpoints, products and
sets out how we plan to Performance Indicators (TPIs) and major deliverables, enabling services. The major deliverables are mainly linked to the Fast
achieve each of Royal Schiphol the introduction of a consistent language across Royal Schiphol Forward programme.
Group, the alignment of all Group activities and a focus on the
Group's strategic milestones. most value-adding activities. For 2024, two TPIs have been
Our Top Performance altered: Local Residents and Passengers.
Indicators represent our multi-
stakeholder approach, which
Local residents
takes into account RSG's main Network
Intercontinental destinations Reputation Score

stakeholder groups. 125 7.0

Safety Sustainability
Net Safety Score CO2e emissions

95.6 -65%

Airlines Shareholders
On time performance within Return on Equity

top 2 1
6.5%

Employees Passengers
Employee Promoter Score Passenger Experience Score

31 3.96

1 On-time performance of comparable European hubs

Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 30

TPI targets for 2024

Priorities

Safety
Net Safety Score target 2024: 95.6
This index takes into account the percentage of days without serious 1 incidents minus the percentage of days with serious incidents 2 .
Sustainability
CO2e emissions Royal Schiphol Group target 2024: -65% 3
Decrease in CO2e emissions compared with 2019 levels, taking into account Scope 1 (natural gas and fuels used by own vehicle fleet) and selected
items of Scope 3 (natural gas used by third parties in buildings owned by Schiphol Commercial with their own environmental permits, airside
fuels, commuter traffic and business travel by own car or aircraft 4 ). Market-based emissions without Scope 2 (electricity) are used, since Schiphol
Group purchases 100% renewable electricity and the market-based method therefore better reflects our progress towards zero emissions
in 2030.
Network
Number of intercontinental destinations target 2024: 125
The number of direct intercontinental destinations for passengers and cargo 5 .
Passengers
Passenger Experience (PX) score target 2024: 3.96
The CSAT (customer satisfaction score) measures the overall satisfaction of the airport among departing and arriving passengers. At the end of
their airport journey passenger are asked “Taking everything into account, how do you rate Amsterdam Airport Schiphol overall”? excellent, very
good, good, fair or poor. The result is an average score between 1 (poor) and 5 (excellent). The higher the score, the better the experience. In
previous years the Net Promoter Score (NPS) was used. As of 2024 the PX score will replace the NPS. The PX score is more directly affected by
underlying quality of airport touchpoints, products and services. In addition, the PX score is more commonly used by other airports. 5 .
Airlines
On-time performance target 2024: within top 2 on on-time performance compared to comparable European hubs
The punctuality of outbound traffic is the percentage of commercial flights departing on time (based on the sector-wide standard D15) 5 . The
OTP is benchmarked against Charles de Gaulle Airport, Frankfrurt Airport, London Heathrow, and Munich Airport.
Local residents
Reputation score target 2024: 7.0
This score is based on qualitative reputation surveys (motivaction). In previous years, the reputation score was partly based on the Motivaction
score (80%) and partly based on the 24-month rolling average of the nuber of reporters at Bewoners Aanspreekpunt Schiphol (BAS) (20%). RSG
wants the performance indicator to reflect the current sentiment of local residents. Hence, RSG decided to exclude the BAS reports due to the
lag in this metric 5 .
Employees
Employee Promoter Score target 2024: 31
The Employee Promoter Score (EPS) measures how likely employees are to recommend Schiphol as an employer. Employees are asked: 'On a scale
of 0 to 10, how likely would you be to recommend your employer to friends and acquaintances?' Employees who give a score under or equal
to 6 are detractors; 9 or 10 are promoters. The Employee Promoter Score is determined by subtracting the percentage of employees who are
detractors from the percentage who are promoters to generate a score between -100 and 100, which is similar to the Net Promoter Score 5 .
Shareholders
Return on equity (ROE) target 2024: 6.5%
The ROE is the financial return for shareholders based on net result adjusted for fair value gains and losses on investment property and one-off
items divided by average equity 6 .
1 Serious incidents are defined as incidents that have led to death, permanent injury or hospitalisation and potential fatal incidents (near miss).
2 The scope of this TPI is Amsterdam Airport Schiphol and contractors.
3 The 2019 baseline is 160kt CO2e.
4 The scope of this TPI is the Dutch airports of Schiphol Group.
5 The scope of this TPI is Amsterdam Airport Schiphol.
6 The scope of this TPI is Royal Schiphol Group.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 31

Our
results

Marianne van Scherpenzeel, Senior Manager

Programme Development:
‘By investing 3 billion in the maintenance and
renewal of our assets, systems and facilities, we are
considerably improving quality over the next 3 years.
The baggage halls, power supply, climate-control
systems, moving walkways and taxiways are all going
to be tackled. Sustainability is an integral part of the
replacement and maintenance work.’
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 32

Our performance in 2023

Annually, the Supervisory Board grants approval to the Management Agenda, a comprehensive plan Priorities
that has, since 2019, incorporated management's priorities into Top Performance Indicators (TPIs)
Passengers
and major deliverables. The TPIs are categorized into five essential focus groups: local residents,
Net promoter score: +36 (target: +36)
passengers, airlines, employees, and shareholders. Within these groups, three indicators: safety, The Net Promoter Score (NPS) measures how likely passengers are to recommend Schiphol as an
network, and sustainability, are overarching. The definitions of the TPIs are explicitly outlined on this airport. Passengers are asked to rate Schiphol on a scale from 1 to 10, passengers who give a score
under or equal to 6 are detractors, 9 or 10 are promoters. The score is determined by subtracting
page for reference and clarity.
the percentage of customers who are detractors from the percentage who are promoters. The
result is a score between -100 and +100 6 .
The TPIs and major deliverables are instrumental in defining the cource for Schiphol. The evaluation Airlines
is also used to determine variable remuneration. More information can be found in the section On-time performance: 59% (target: 71%)
on Remuneration. Punctuality of outbound traffic derived from the percentage of commercial flights that depart
on time 6 (this is based on the sector-wide standard D15).

A brief overview of the results achieved for each priority is provided on the next page, offering Local residents
TPI Local residents: 6 (target: 7)
concise background information. The chapters relevant to each TPI will discuss these indicators
The TPI Local residents is based on the Reputation Score survey (responsible for 80% of the
in more detail. The adoption of TPIs and major deliverables in target-setting commenced final TPI score) and the number of people that filed one or several reports with Bewoners
in 2019, marking the inaugural year for this strategic approach. In 2023, this methodology Aanspreekpunt Schiphol (BAS) (responsible for 20% of the final TPI score) 6 .
persists, reaffirming the ongoing significance of TPIs and major deliverables in shaping Schiphol's Employees
strategic direction. Employee Promoter Score: 24 (target: 20)
The Employee Promoter Score (EPS) measures how likely employees are to recommend Schiphol
as an employer. On a scale from 1 to 10, employees who give a score under or equal to 6 are
TPI performance detractors; 9 or 10 are promoters. The Employee Promoter Score is determined by subtracting
Priorities the percentage of employees who are detractors from the percentage who are promoters to
generate a score between -100 and +100, which is similar to the Net Promoter Score 6 .
Safety Shareholders
Net safety score: 96.2 (target: 95) Return on equity (ROE): normalized for fair value changes and other one offs amounted to 2.9%
The percentage of days without serious incidents 1 minus the percentage of days with serious (target 4.6%). The ROE including fair value changes and other one offs amounted to 0.4% in 2023.
incidents 2 . This includes all safety-related incidents. Financial return for shareholders based on net result adjusted for fair value changes and other
Sustainability one offs, divided by average equity 7 .
CO2e emissions Royal Schiphol Group: -65% (target: -62% 3 ) 1 Serious incidents are defined as incidents that have led to death, permanent injury or hospitalisation and potential fatal incidents
Decrease in CO2e emissions compared with 2019 levels, taking into account Scope 1 (natural gas (near miss).
and fuels used by own vehicle fleet), Scope 2 (electricity) and selected items of Scope 3 (electricity 2 The scope of this TPI is Amsterdam Airport Schiphol and contractors.
and natural gas used by third parties in buildings owned by Schiphol Commercial with their 3 The 2019 baseline is 160kt CO2e.
own environmental permits, airside fuels, commuter traffic and business travel by own car or 4 The scope of this TPI is the Dutch airports of Schiphol Group excluding Maastricht Aachen Airport.
aircraft) 4,5 . 5 As of 2022 the market-based calculation method is applied, since Schiphol Group purchases 100% renewable electricity.
6 The scope of this TPI is Amsterdam Airport Schiphol.
Network 7 The scope of this TPI is Royal Schiphol Group.
Number of Intercontinental destinations: 126 (target: 125 ICA destinations)
Number of direct intercontinental destinations for passengers and cargo 6 .
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 33

Performance Network – Intercontinental destinations purpose. Notably, the majority of on-time performance (OTP) is
Amsterdam Airport Schiphol (AAS) exceeded its target by serving compromised during the initial morning peak, where this impact
The TPIs are primarily centered around our operations at 126 intercontinental destinations in 2023. Despite the addition is particularly pronounced.
Amsterdam Airport Schiphol (AAS) and the broader influence of four new destinations and the loss of seven, AAS maintained
of the Schiphol hub. This holds true for most topics, with the its status as a prominent airport for connectivity. While there was Employees – Employee Promoter Score
exceptions being Sustainability and Return on Equity (ROE). a slight reduction in the total number of destinations compared In 2023, the Employee Net Promoter Score experienced a
Specifically, the TPI Sustainability - CO2e emissions pertain to 2022 (129), Amsterdam Airport Schiphol continued to be a substantial surge, reaching +24 and surpassing our target of
to the emissions of our Dutch airports, excluding Maastricht leading hub. According to the ACI Airport Industry Connectivity +20. This shows an improvement from the previous year, in which
Aachen Airport. On the other hand, ROE addresses the overall Report 2023, it ranked second for direct connectivity (having we achieved a score of 7. The advancement underscores a positive
performance of the entire Royal Schiphol Group. been first in 2022) and fourth for hub connectivity (down from atmosphere that fosters pride in our organisation. Colleagues
third in 2022). Data provided by OAG positions AAS as the third- are now more inclined to recommend us as an employer,
We present our performance according to our major deliverables. largest megahub globally, following London Heathrow and JFK indicating a positive trajectory and validation that we are on
In 2023, the major deliverables were grouped into six clusters: (1) International Airport. Out of the 126 destinations served, 16 were the right path. Our performance in autonomy, employability,
Safety first, (2) Robust organisation, (3) Quality of Network, (4) exclusively dedicated to cargo operations. commitment, social security, sustainable employability, and
Quality of Life, (5) Quality of Work and (6) Quality of Service. Each team leadership, all scoring 7 or higher, reflects the positive
TPI contributes to one of these six clusters. The performance Passengers – Net Promoter Score sentiments across these crucial aspects. While we have surpassed
of our regional airports and our international activities are In 2023, the Net Promoter Score (NPS) reached +36, marking benchmarks in the first five themes, there is acknowledgment
presented in two separate chapters: Our regional airports and a significant increase of +10 points compared to 2022. This that collaboration between departments requires improvement.
Our international activities. achievement narrowly meets the target of +36 and brings the Therefore, we invest in inter-departmental collaboration to
NPS back to its pre-COVID-19 level observed in late 2019. The continuously improve as an employer.
Safety – Net safety score improvement from 2022 is attributed to enhanced perceptions
The Net Safety Score reached 96.2, surpassing the targeted of waiting times at security (due to increased staffing), check- Local residents – Reputation Score
score of 95. Despite this achievement, there was a slight decline in efficiency, staff friendliness, ease of connections for transfer The TPI Local Residents stood at 6.0, comprising two key elements.
in performance compared to 2022 (97.3) due to eight serious passengers, and overall ambience. Passengers in 2023 reported The primary factor, contributing 80% to the overall score, is the
incidents. These incidents involved injuries caused by passenger feeling more welcome, in control, and better informed than in the quarterly reputation surveys conducted by the research agency
falls, employee injuries, and accidents related to vehicles on the previous year. However, waiting times at passport control (both Motivaction among local residents. The average score obtained
airside. Safety remains the top priority, and ongoing efforts are on arrival and departure) and baggage reclaim continue to be from these surveys in 2023 was 6.7 (6.5 in 2022). The second
dedicated to enhancing safety-related systems and fostering our areas of focus for improvement. element, accounting for 20% of the total score, involves the
safety culture. number of reports filed at Bewoners Aanspreekpunt Schiphol
Airlines – On-time performance (BAS). To maintain a more representative benchmark, a 24-month
Sustainability – CO2e emissions On-time performance (OTP) was 59%, which is below the target rolling average is used. The average score at BAS declined to 3.3
In 2023, the TPI Sustainability achieved a result of -65%, of 2023 (71%). The main contributing factors to not reaching in 2023 due to a reduced number of reports during the COVID-19
surpassing the targeted -62%. The notable reduction in emissions our on-time performance target were staff shortage at ground period, which is still part of the benchmark timeframe.
can be attributed to decreased natural gas consumption at handlers, congestion at Schiphol and in European airspace and
our Dutch airports and the transition to HVO100, which various reasons outside the sphere of influence of Schiphol
became the standard fuel for airside ground operations starting (e.g. weather related delays and disruptions at outstations). The
January 2023. primary source of delays at Schiphol Airport stems from issues in
the ground handling process and runway capacity-related delays.
Our robust departure peaks contribute to an excess demand
for departure runways, despite having two runways for this
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 34

Shareholders – Return on Equity (ROE) TPI performance 2023

The return on equity (including fair value gains and losses and
Network Local residents
other one-off adjustments) amounted to 0.4% in 2023. The Reputation Score
Intercontinental destinations
underlying return, excluding fair gains and losses and other one-
offs adjustments, resulted in 2.9%, compared to our target of 126 6.0
4.6% (see note 2 in the financial statements for an overview of
the fair value gains and losses). Mainly as a result of the lower than
Safety Sustainability
budgeted traffic recovery as well as the increased cost level due Net Safety Score CO2e emissions1

to inflation, the Social Agreement, and other Quality of Work 96.2 -65%
initiatives for which Schiphol receives no cost coverage via the
airport charges as these were already set in 2021, the target level
was not reached. The underlying net result attributable to Airlines Shareholders
On-time Performance Return on Equity2
shareholders was 102 million euros compared to the target of
178 million euros positive. 59% 2.9%
Our return was negatively impacted by cost increases within the
Employees Passengers
Aviation domain as a result of investments made in quality, Employee Promoter Score Net Promoter Score

capacity and wellbeing of our people. In addition, inflation had a

considerable upward pressure on the cost level. Due to the
24 36
regulatory setup of setting airport charges whereby these
charges are set for a three year period, Schiphol is unable to pass
on these higher costs to airlines within this three year period. This
1 CO2e emissions compared to 2019. Concerns scope 1, 2
negatively impacts the financial return of Aviation, which delays and selected scope 3 items.

Schiphol restoring financial resilience. Improving the financial 2 ROE including fair value changes and other one offs: 0.4%

return of Aviation, by amongst others collecting settlements from

the past and being able to pass on a fair cost level, will be critical
Schiphol Group’s maintenance backlog and collaboration within
to improve the financial position of RSG going forward. This will
the sector will require further attention in 2024.
be a prerequisite for RSG to finance the required capital
expenditures at Amsterdam Airport Schiphol.

Major deliverables
Eleven major deliverables were set for 2023, categorised in three
clusters: strategic, tactical and operational. Important progress
was realised the past year in relation to the major deliverables:
CAPEX delivery increased significantly compared to 2022,
Schiphol Group published its ‘eight-point plan’, the nature permit
for Amsterdam Aiport Schiphol was obtained and important
steps have been taken in relation to the ultrafine particles action
plan. The execution of the remaining works in relation to Pier A,
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 35

Quality of Network
Strong international
One of Schiphol Group’s priorities is always to maintain its
connections are essential superior network standard. As a central hub within our Group,
Top performance indicator Quality of Network

for an open and globally Amsterdam Airport Schiphol plays a key role in providing the Network Local residents
Reputation Score
Intercontinental destinations
connected economy such as connectivity that is necessary to the Netherlands’ thriving open
6.0
economy. We are seeing a resurgence in flight frequencies, 126
the Netherlands. In recent allowing us to maintain the breadth of our destinations and
years, Schiphol has built a overall connectivity. Notably, in the 2023 Airport Industry Safety Sustainability

thriving network that links

Net Safety Score CO2e emissions1
Connectivity Report, Amsterdam Airport Schiphol continues to
feature prominently in the 'direct connectivity ranking' of 96.2 -65%
people and businesses with European airports, securing second place behind Istanbul, a slight
destinations and opportunities shift from its previous top position. Airlines Shareholders

around the world.

On-time Performance Return on Equity2

2023 was a notable year for expanding our network. We 59% 3.1%
welcomed four new airlines – PLAY, Freebird Europe, Air India Network of destinations
and JetBlue – and expanded our network with seven new Employees Passengers
Employee Promoter ScoreIn 2023, the network of destinations served Scoreby Amsterdam
destinations. There were also minor reductions, with KLM ceasing Net Promoter

flights to several destinations and the bankruptcy of FlyBe. 24 Airport Schiphol shrunk in comparison to 36
last year from 313
to 305. This was mainly caused by the fact that a number of
Despite challenges such as the planned flight movement cap, cargo-only routes that were flown in 2022 did not return in 2023.
we are steadfast in our commitment to sustain a network of The total number of ‘pre-COVID’ destinations in 2019 was 332.
exceptional quality. We aim to find solutions that harmonise
our network’s integrity with environmental stewardship. This Despite its decrease in destinations, Schiphol remained a leading
approach is essential to provide clarity and direction to our airport in terms of connectivity in 2023. According to the ACI
stakeholders and ensuring the long-term sustainability of Airport Industry Connectivity Report 2023, Amsterdam ranked
our operations. second for direct connectivity (first in 2022) and fourth for
hub connectivity. A further report by travel data provider
In our ongoing effort to maintain a high-quality network, we OAG mentioned that, in 2023, Amsterdam Airport Schiphol
are equally committed to ensuring quality of service for our was the number 3 megahub behind London Heathrow and
customers and quality of life for the communities around us, JFK International Airport. Both reports suggest that Schiphol’s
including our employees. Balancing these aspects is critical to position as a major aviation hub is under pressure by the Dutch
our mission and forms the basis of our long-term strategy for a government’s capacity reduction plans.
sustainable and responsible future in aviation.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 36

Direct connectivity Network developments Unfortunately, several destinations were also cut from Schiphol’s
Ranking of top-10 European airports (ACI Airport Industry In 2023, four new airlines were welcomed to Amsterdam Airport network in 2023. KLM ceased flying to Katowice in Poland, Aarhus
Connectivity Report) Schiphol. PLAY returned in June with flights from Reykjavik, in Denmark, Muscat in Oman and Bridgetown in Barbados. China
Rank 2023 Airport Rank 2022 Rank 2019 Freebird Europe with flights from Dubrovnik, Air India returned Southern Airlines has stopped flights from Shenzhen after only six
after 23 years with flights from New Delhi and JetBlue began weeks. With the bankruptcy of FlyBe, we also lost East Midlands
1 Istanbul IST 2 5 serving Amsterdam for the first time, with flights from New York (UK) as a destination; FlyBe flew four routes from Amsterdam.
2 Amsterdam Airport Schiphol AMS 1 2 and Boston.
3 London Heathrow LHR 3 4 Traffic and transport in 2023
In total, seven new destinations were added to our network. Passengers
4 Frankfurt FRA 4 1
China Southern Airlines introduced flights from Shenzhen to The recovery of passenger numbers in the first months of 2023
5 Paris CDG 5 3
Amsterdam for a period of six weeks, replacing it with flights was not possible as the measure to limit the number of local
6 Madrid MAD 6 7 from Beijing Daxing. KLM reintroduced flights to Beijing Capital departing passengers was extended until the end of the winter
7 Barcelona BCN 8 8 after Chinese COVID-19 restrictions were lifted. In addition, season (25 March 2023). To ensure that operations during the first
8 Munich MUC 7 6 easyJet launched services from Jersey, and London Southend weeks of the summer season, including the May holidays, would
and Corendon Dutch Airlines introduced flights from Gazipasa in be able to cope with the increasing number of passengers, several
9 Rome FCO 11 9
Turkey. In December 2023, Transavia launched services to Tromsø, measures were taken to limit the number of local departing
10 Londen Gatwick LGW 9 10
Norway. In addition to these new destinations for Schiphol, passengers in the morning hours. After mid-May, there were no
various airlines launched new routes, including Montréal by Air more restrictions.
Hub connectivity
Canada, Curaçao by Corendon Dutch Airlines, Salzburg (Austria)
Ranking of top-10 airports worldwide
by Eurowings and Rovaniemi (Finland) by easyJet. By mid-May, it was possible for all airlines to operate up to the
(ACI Airport Industry Connectivity Report)
maximum capacity of Amsterdam Airport Schiphol.
Rank 2023 Airport Rank 2022 Rank 2019

1 Frankfurt FRA 1 1 Passenger volumes by continent in 2023

2 Istanbul IST 3 6 Passenger volume at Schiphol in millions (change versus 2022; excluding
3 Dallas Fort Worth DFW 2 2
Passengers
transit direct)

4 Amsterdam Airport Schiphol AMS 4 3

43.3 3.0
5 Denver DEN 5 7 7.1 17%
85%
6 Paris CDG 6 4 17%
2.4
22%
7 Atlanta ATL 7 5
8 London Heathrow LHR 10 10
3.4
2.6
9 Newark Liberty EWR 8 13
-3%
10 Hamad DOH 13 17
20%

Even though the number of destinations decreased in 2023, Schiphol

continued to be a leading airport in terms of connectivity.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 37

Air transport movements at Schiphol in 2023 Cargo Although the total volume of freight has decreased, freighters
Movements per airline Change The total volume of freight in tonnes fell by 4.2% YTD (first half at Schiphol Airport have a higher load factor (+6%) in 2023 than
KLM 228,956 14.1% -5.9%) in 2023 compared with the same period in 2022. There are in 2022. In addition, there was 2.1% more cargo in the belly of
easyJet 35,482 10.5%
two main reasons for this. passenger flights.

Transavia 30,567 7.7%

First, it is largely related to the shortage of slots. Freighters prefer It is expected that if the number of slots at Schiphol shrinks,
Delta Air Lines 11,259 15.3%
to operate on Schiphol routes, but there are no slots available and the volume of cargo will fall more than the number of
Vueling 10,393 10.1% ad hoc slots have decreased compared to the first quarter of 2022 passengers (cargo slots are exchanged for passenger slots).
British Airways 10,043 38.6% in particular. The number of freighters (ATM) has decreased by Schiphol therefore wants to protect the number of slots for cargo
TUI fly 8,264 3.4% 12.9% (half-year figures -8.4%), which explains a significant part aircraft (2.4% of the total).
Lufthansa 7,191 16.9% of the tonnage loss. In Q1 2022, there were significantly fewer
Air France 5,764 -18.0% flights due to COVID-19 and freighters had the opportunity to In 2023 we decided to draw up a new cargo strategy for Schiphol
make ad hoc flights to Schiphol Airport. Cargo, focusing on more high-quality and high-value cargo. We
SAS 5,585 16.1%
aim to complete this new strategy in the first half of 2024. One
Other airlines 88,465 17.3%
Another reason is the decline in demand for air freight, which is of the main focuses will be to improve landside accessibility for
an important global economic indicator. Looking at the year to visiting trucks and to reduce congestion. We will continue to
Top-10 European passenger volumes and market share
date (June 2023), total freight volumes to and from Europe, there work with the Dutch air cargo community and invest heavily in
in 2023
is a decrease of 10%. Globally, freight volumes are performing our new Port Community System to make it state of the art, as we
Market
in millions, excluding transit Change share poorly. Schiphol is also experiencing this, but to a lesser extent; aim to become an efficient multimodal hub for European cargo,
London LHR 79.2 28.5% 13.8% relatively speaking, Schiphol is performing well in comparison to focusing on quality rather than quantity. In addition, we will
Istanbul IST 75.9 18.1% 13.3% our European counterparts. continue to work on the new online information portal Secure
Import, which aims to enhance cargo security in and around
Paris CDG 67.4 17.3% 11.8%
the hub.
Amsterdam AMS 61.9 17.9% 10.8%
Madrid MAD 60.2 18.9% 10.5% Cargo volumes by continent in 2023
Frankfurt FRA 59.3 21.4% 10.4% Cargo
Schiphol cargo x 1,000 tonnes (change versus 2022)
Barcelona BCN 49.8 19.9% 8.7%
138.8 516.4
London LGW
Rome FCO
40.9
40.3
24.5%
38.2%
7.2%
7.1%
226.3
-19%
-10%
3%

Munich MUC 37.0 17.1% 6.5% 222.4

1%

160.6 113.6
-5%
0%

The new cargo strategy for Schiphol Cargo, focusing on more high-quality
and high-value cargo, will be implemented in 2024.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 38

Schiphol is developing a fully automated cargo centre, dnata with many more to follow. Corendon Dutch Airlines took delivery heighten employees’ awareness of their transport behaviour and
Cargo City Amsterdam, which will have an annual handling of their B737 MAX9 in September, with two more to follow. the impact it has on sustainability.
capacity of 850,000 tonnes by the second half of 2024.
This will strengthen the existing warehousing facilities at Airlines concerned about capacity at Schiphol The airport aims to be an attractive, vibrant and easily accessible
the airport, which also offers well-connected belly and full- A major issue for the aviation industry in 2023 was the Dutch hub. The Most Sustainable Airports 2030 roadmap shapes
freighter networks. government's planned reduction of the maximum number of the transition to smart and clean mobility, with the aim of
annual flight movements at Schiphol. With a reduction in aircraft maintaining the vibrancy and accessibility of the growing airport.
Top-10 European cargo volumes and market share in 2023 movements it is expected this will have a negative impact on the Reducing the use of fossil fuels and promoting clean transport is
Market number of destinations served from Amsterdam. key. Our bicycle policy aims to create a culture using a bicycle is
x 1,000 tonnes of cargo Change share natural, given its smart, clean and fast characteristics. We want to
Frankfurt FRA 1,828 95.0% 14.5% improve the use of bicycles, parking facilities, cycling culture and
Paris CDG 1,815 98.2% 14.4% Accessibility appreciation of cycling facilities throughout the Schiphol area
Istanbul IST 1,516 106.3% 12.0%
with the aim of reducing our Scope 3 emissions.
The recovery in passenger numbers that began post-COVID-19 in
Leipzig LEJ 1,393 92.3% 11.0%
2021 continued in 2022 and in 2023. In 2023, passenger numbers
London LHR 1,387 102.7% 11.0%
came close during the peak summer and autumn break periods of
Amsterdam AMS 1,378 95.8% 10.9%
2019, which created challenges in accommodating the increased
Liege LGG 1,006 88.2% 8.0%
traffic flows at the curbside drop-off zone. As 2023 progressed the
Cologne CGN 859 89.6% 6.8%
modal split became more balanced again, resembling 2019.
Luxembourg LUX 795 82.0% 6.3%
Milan MXP 666 93.0% 5.3% Smart and clean mobility
Amsterdam Airport Schiphol is continuously improving and
Airlines continue to increase the use of quietest modernising its landside infrastructure. These steps will help
aircraft in 2023 ensure Schiphol’s capacity once passenger numbers return
The share of latest-generation aircraft at Amsterdam has grown to normal levels. We are preparing for the future with our
strongly in recent years. In 2019 the share of latest-generation Landside Central Programme (LCP) to ensure that our airport
aircraft was only 6.0% at Amsterdam. This increased to 19.5% in remains accessible for all modes of transport. The programme Our bicycle policy aims to create a culture using bicycle is natural, given its
2023. Examples of latest-generation aircraft are the Airbus A220, was launched in 2020 to help coordinate and integrate the smart, clean and fast characterics.
Airbus A320neo, Airbus A321neo, Boeing 737MAX, Airbus A350, development of access road projects at Schiphol Centre. We are
Boeing 787 Dreamliner, Boeing 747-8 Freighter and Embraer exploring ways to further improve the landside infrastructure to Looking to the future, Schiphol will introduce zero-emission
ERJ-195-E2. This shift towards newer, quieter aircraft models keep Schiphol Centre accessible and landside safe in the coming zones at Schiphol Centre from 2026, where only trucks and vans
aligns very well with Schiphol Airport's ‘Quieter, Cleaner, Better’ years, taking into account long-term trends and developments. that do not produce harmful emissions will have access to the
policy, highlighting its commitment to reducing environmental 'logistics roads' around the terminal. This important step aims to
impact and enhancing the quality of life for nearby communities. In 2023 we further developed Schiphol GO, a smart mobility app reduce nitrogen and carbon emissions and improve air quality in
that allows Schiphol employees to choose and register their own the logistics basements.
In 2023, several airlines operated quieter aircraft, including three modes of transport to and from work and for business trips. The
newcomers in 2023; Air India with the B787-8, PLAY with the app includes a ‘work-at-home allowance’ and a ‘cycling mileage
Airbus A320neo and JetBlue with the Airbus A321neo. Other allowance’ of 30 cents per kilometres for cycling. This is a strong
airlines adding Chapter 14 aircraft included Aegean Airlines, Air incentive for employees to cycle to work or to the nearest public
Astana, Air Transat, Air Malta, easyJet, Egypt Air, ITA, SAS and transport station. Each trip generates a carbon footprint report to
Swiss. Transavia took delivery of its first A321neo in December,
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 39

Improving access by public transport Continued efforts in North/South metro line

To achieve our sustainability ambitions and further develop The North/South metro line will ensure that Schiphol Airport
multimodality, Schiphol promotes the increased use of rail and remains accessible by public transport in the long term.
other public transport during journeys to and from our airport. The expected demand for public transport passengers in the
Amsterdam metropolitan region is expected to exceed the
We are in favour of high-speed rail as a long-term substitute for capacity of Schiphol station.
short-haul flights. To underline this, in 2022 Schiphol facilitated
an air-rail pilot by KLM and Thalys, which gave us a unique insight In 2023, Schiphol not only continued but also formalised its
into passenger expectations and experiences. Together with air- collaboration. Concurrently, the Dutch government has proposed
rail partners, we will further evaluate the pilot and continue to funding for the exploration phase. In line with this, the OVAH (OV-
improve the air-rail journey, in line with the air-rail action agenda verbinding Amsterdam-Haarlemmermeer) project organisation –
as presented to Dutch parliament in 2020. Air-rail is also part of which is part of the MIRT (Meerjarenprogramma Infrastructuur,
the TULIPS research and development programme to make the Ruimte en Transport) – initiated the tender proces in September
airport more sustainable. 2023, aiming to engage consultants for assistance in this
phase. The consortium, comprising both governmental bodies
At Schiphol Plaza, work has also started on improving access from and private organisations, anticipates selecting a preferred
the train platforms by renovating the staircases and lifts. At the alternative by the end of 2025.
same time, major steps have been taken to improve the overall
wayfinding in the Plaza area. The extension of the North/South line will promote sustainable
regional, national and international connectivity. It will free up
space in the Schiphol tunnel, which can then be used by both
national and international trains. The latter is important so that
the train can serve as an alternative to air travel for short distances.
It will also strengthen Schiphol Airport as a multimodal hub,
bringing together public transport, cars and planes..

Parking operations
While we encourage visitors to Schiphol to use public transport
whenever possible, ensuring good parking facilities and capacity
remains essential for our accessibility. We actively monitor
mobility trends and developments to ensure that we can meet
long-term demand. We have started the construction of a new
car rental service centre at Schiphol. The car rental service centre
can accommodate approximately 2,500 vehicles. The five largest
car rental companies at Schiphol will come together under one
At Schiphol Plaza the project has started to enhance the capacity to and roof, which will be covered by 17,000 m2 of solar panels. With
from the platforms by renewing staircases and elevators.
this facility, Schiphol is encouraging car rental companies to
switch to electric vehicles. In addition to our regular long-term
maintenance activities, we have completely renovated our staff
car park P30 with 3,300 parking spaces.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 40

Quality of Life Local residents

Network
Reputation Score
Royal Schiphol Group's
ICA destinations

Schiphol Group aims to operate the world's most sustainable 126 6.0
focus on Quality of airports. Building on our current sustainability performance, in
Top performance indicators Quality of Life

Life acknowledges our 2019 we created the Most SustainableSafety Airports roadmap. It sets Network Sustainability Local residents

responsibility to help ensure

Reputation Score
out the actions required to achieve our 2030 objectives as a next
Net Safety Score ICA destinations CO2e emissions1

step towards realising Vision 2050. 96.2 126 -65% 6.0

a sustainable future for
aviation. As a central player When aviation markets opened up again in 2022, we embraced
Safety Airlines Sustainability Shareholders
in the aviation chain in the opportunity to achieve a better balance Netbetween
Safety Score the needs
On-time Performance CO2e emissions1 Return on Equity2

96.2
of our customers and other stakeholders. These include our 59% -65% 3.1%
the Netherlands, we aim to local communities, but also society at large. Sustainability and
promote safe and responsible reducing pollution and noise disturbance
Employees
are a priority. We also Passengers
1 CO2e emissions
Airlines compared to 2019. Shareholders
air travel and safeguard the continue to examine ways to reduce noise-disturbance
Employee Promoter Score Concerns scope
levels, On-time Performance 1, 2 and
Net Promoter selected scope 3 items.
Score Return on Equity 2

24
such as offering incentives to airlines that use quieter and cleaner 59% 36 3.1%
long-term well-being of people aircraft and incentivise airlines to use sustainable aviation fuel TULIPS
and the environment. (SAF) at Schiphol.
Employees
Schiphol Group was selected in 2021 by the EU as a lighthouse
Passengers
Employee Promoter Score airport to contributeNet
toPromoter
the Green
Score Airports call. This call supports
In 2023, Schiphol Group published our eight-point plan 24 36
the objectives in our roadmap Most Sustainable Airports with
‘Quieter, Cleaner Better’. It contains eight measures to improve 25 million euros in funding and is being developed as an EU-
the quality of life for our neighbours. We continue to wide project named TULIPS, involving 32 partners. The funding
work with the government, local authorities, regulators and is part of the European Green Deal and aims to stimulate
other leading airports (including those in our Group) to innovations that facilitate the transition to low-carbon mobility
advance the sustainability agenda at a regional, national and and enhance sustainability at airports. The consortium was
international level. launched in 2022 and is supported by the fellow airports
Avinor in Oslo, SAGAT in Turin and Hermes in Larnaca, Cyprus.
In 2023, Schiphol Group received a second letter from Amsterdam Airport Schiphol will be the proving ground for 17
Dutch environmental organisation Milieudefensie, requesting an demonstrator projects resulting from the partnership between
update of our CO2e reduction plan for 2030. In response, we airports, airlines, knowledge institutes and industrial partners
shared our ‘Better and Balanced’ plan, which represents the latest in this unique European consortium. The joint programme aims
progression since the publication of our revised sustainability to accelerate the introduction of sustainable technologies in
strategy. This plan reflects our ongoing commitment to aviation, contributing to zero-emission and zero-waste airports
environmental stewardship and outlines specific steps towards by 2030 and net-zero-carbon aviation by 2050. TULIPS will
achieving our carbon reduction goals. After sharing our plan, we run until December 2025. More information is available at the
received no further response from Milieudefensie. Later in 2023 TULIPS website.
they announced that they are focusing on the financial sector. At
the beginning of 2024 it became known that Milieudefensie will Read more about the steps we are taking to improve
start a lawsuit against ING. sustainability and our achievements here.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 41

Most Sustainable Airports Sustainable Development Goals

In order to realize our ambition of becoming the worlds most sustainable airports, we developed a roadmap that helps us Introduced in 2015 by the United Nations, the Sustainable
achieve the following objectives. Development Goals relate to the 17 most important
opportunities and challenges facing the world towards
Energy Positive: Zero-emissions airports 2030, towards energy-positive in 2050 2030. The 2030 agenda was adopted by all United
– All vehicles are zero emissions, including ground support equipment on airside. Nations Member States in 2015. In developing our
– Existing buildings will be renovated and new buildings are at least energy-neutral. sustainability vision and strategy, Schiphol Group
– For energy use, we increase efficiency, produce more solar power and strengthen our grid. analysed the SDGs, including the underlying indicators,
and identified the goals that are particularly relevant to
Sustainable aviation: International aviation carbon emissions at 2005 level in 2030, towards net-zero mobility in 2050 our activities. There are also indicators that are relevant
– Contribute to 14% sustainable aviation fuel in 2030 and optimise airside procedures. for our role in the value chain: SDG 8 and SDG 12 both
– Increase smart and clean mobility to and from the airports by investing in public transport, bicycle infrastructure and electric address sustainable tourism. We will actively support and
car sharing. contribute to these goals over the coming years in line
– Actively inform passengers about sustainability and offer sustainable travel options, and combat human and with our 2030 targets. Read more about the SDGs in the
wildlife trafficking. Reporting guidelines chapter.

Circular economy: Zero-waste airports 2030, towards circular in 2050

– For infrastructure, we focus on circular design principles and reuse and upcycling. Embedding circular design in new
SDG 5 Gender equality
buildings and looking for better solutions to traditional asphalt and concrete are critical tasks for us.
– For operational materials, the priorities are reuse and upcycling and closed loops. We are working towards improving
separation, recycling and upcycling and having a data-driven approach to material flows. SDG 7 Affordable and clean energy

Communities: Improved balance between communities and airports in 2030, towards a good working and living SDG 8 Decent work and economic growth
environment at and around airports in 2050
– Decrease noise hindrance, improve air quality and work on community engagement. Industry innovation
SDG 9
– Adapt to climate change and restore biodiversity. and infrastructure
– Empower our strongest asset – our inclusive, diverse and motivated workforce − and offer sustainable and
SDG 11 Sustainable cities and communities
healthy workspaces.
Responsible consumption
SDG 12
and production

SDG 13 Climate action

SDG 15 Life on land

SDG 16 Peace, justice and strong institutions

Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 42

Energy-positive airports classified as Scope 3. Emissions generated by inbound flights to 4% target. The rating is lower than in previous years because we
our airports are included in the carbon footprint of the departing now separate renewable energy and energy efficiency.
Schiphol Group's Dutch airports Schiphol Airport, Eindhoven airport, while emissions generated during landing (3,000 feet) are Meanwhile, the percentage of renewable energy produced at our
Airport, Rotterdam The Hague Airport and Lelystad Airport are included in the carbon footprint of our airports. own sites rose to 4.0%. The energy efficiency is the result of more
still on track to become zero-emission airports by 2030. However, than 100 individual adjustments to the airport environment,
achieving our goal is more difficult due to the long lead time In general, CO₂e emissions account for about one third of the total including extending our use of LED lighting, replacing old
of projects. This includes phasing out the use of natural gas in climate impact of aviation. Non-CO₂ emissions have not yet been telecom and IT equipment, and upgrading our climate-control
all our offices and buildings. Since 2020, we have been taking quantified as further consideration is needed on how best to and heating, ventilation and air conditioning. Adjustments to the
steps along our roadmap to achieve this goal. To increase our address non-CO₂ climate impacts. climate settings have also been a improvement. The temperature
internal target, we have committed to the goals of the Dutch in the airport terminal was lowered by one degree in 2022 as a
Green Building Council and aim to align our commercial buildings Schiphol Group reports its Scope 3 carbon footprint in line with result of the energy crisis. Temperatures have also been lowered
with the climate commitments of the Paris Agreement by 2030. the Greenhouse Gas (GHG) Protocol. The consolidated CO2e in office buildings and warehouses, and all climate settings have
footprint of Schiphol Group for 2022 is available. been optimised. We continued this througout 2023.
ACA Level 5 and SBTi
In December 2023, Amsterdam Airport Schiphol, Eindhoven In September 2023 Schiphol has obtained SBTi validation for Despite these measures, our energy consumption increased in
Airport and Rotterdam The Hague Airport (RTHA) reached the scope 1, 2 and 3 targets. 2023 compared to the previous year, but remained below the
highest level of the Airport Carbon Accreditation (ACA), level level of 2019. This is due to the continued recovery in passenger
5. To reach this level, an airport must reach and maintain a net The ACI ACA accreditation and SBTi validation show that we are numbers and the further electrification of mobility and power
zero carbon balance on scope 1 and 2, and address scope 3 taking the necessary steps towards becoming the world's most for aircraft through fixed power units and mobile electric ground
emission sources. This thus means that our absolute Scope 1 and sustainable airports. power units.
2 emissions have been reduced by 90% compared to 2010 for
Schiphol and Eindhoven and compared to 2019 for RTHA and is On track to become zero-emission airports by 2030 In 2023, the energy label was renewed for four areas of the
applying credible carbon removals for the residual emissions. In 2019, Schiphol Group introduced its Top Performance terminal. Each area showed an improvement over the previous
Indicators (TPIs), including the 'Sustainability' TPI, to monitor our label: Pier C now has a C label (previously G); T1 now has an A
The ACA certification also takes into account the work the three progress towards our 2030 zero-emissions target. The label (previously B); and Pier G now has an A+ label (previously
airports are doing with stakeholders to reduce indirect CO2e Sustainability TPI target (-62%) was met in 2023 (-65%), mainly C) and Pier E now has an A+ label (previously B). In addition, the
Scope 3 emissions in order to achieve a net-zero carbon footprint due to lower gas consumption, and HVO100 has been the default ISO 50001 (energy management) certification for all four of our
by 2050. fuel for airside ground operations since January 2023. Dutch airports was reviewed and renewed.

The majority of Schiphol Group's CO2e emissions stem from third- Going forward, we will continue with our renovation plans for
TPI sustainability 1
party (Scope 3) activities. These include aircraft landings and our buildings to phase out natural gas and continue to work with
In K tonnes CO2e
take-offs, aircraft handling and road traffic around the airport ground handlers and third parties to increase the proportion of
2023 2019 Change
site. CO2e emissions from kerosene for outbound flights are also electric ground support equipment used airside. The remaining
projects needed to decarbonise our operations will be more Royal Schiphol Group 18.02 51.2 -65%
challenging and we will also need to strengthen our energy grid Amsterdam Airport Schiphol 16.91 48.8 -65%
to support the transition to sustainability. Eindhoven Airport 0.94 1.2 -22%
Rotterdam the Hague Airport 0.13 1.1 -88%
Energy efficiency Lelystad Airport 0.04 0.1 -60%
In 2023, Schiphol Airport’s energy-efficiency rating was 4.0% 1 The TPI is based on the emissions from gas consumption, Fuel consumption, Fire
brigade emissions, electricity usage, ground support equipment and the single
based on our projected energy usage for the year, equalling our
tenant energy usage (scope 3). RSG aims to reduce emissions from these sources to
a minimum by 2030.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 43

During the year, the Netherlands tightened national legislation In 2023, we carried out technical research to support the final
on energy saving. Schiphol Group complied with the new design of the centralised thermal energy storage system that will
standards by reporting, before 1 December 2023, on the serve the Outlook and Avioport buildings at Schiphol and the
measures already taken during the year and the measures Schiphol Group head office. We also started installing heat pumps
planned for the coming years. Although a number of the energy- to prepare the buildings for the new system. The contract for the
saving measures required by the updated legislation have been project management and construction of the system has been
implemented, we still need to make improvements. The Dutch awarded and work is scheduled to start in early 2024.
authorities will start their inspection rounds in 2024; accelerating
the implementation of the necessary measures will help us make Schiphol certifies its existing commercial properties to BREEAM
progress towards our energy-efficiency goals. In-Use, an environmental assessment method that enables
property investors, owners, managers and occupiers to identify
In 2024 Schiphol Airport will also begin piloting a performance and drive sustainable improvements in the operational
contracting solution for the terminal and piers. We aim to use the performance of their buildings. In 2023, we focused on
knowledge gained from the pilot to extend the solution to the implementing the latest BREEAM In-Use assessment framework
entire terminal complex, which we hope will improve the energy for a further batch of the 10 certified buildings in our
efficiency associated with this type of contracting by between Commercial/Schiphol Real Estate portfolio. The electricity purchased by Schiphol Group comes mainly from wind,
though the amount of solar is increasing.
10% and 15%.
Energy use commercial buildings In 2023, the solar panels at Schiphol Airport generated a total
Commercial buildings Size Electricity Natural gas of 2.3 million kWh. Due to fewer hours of sunlight during the
Twelve of our Commercial Real Estate offices have an A energy (x 1,000) (m²) (kWh) (m³)
year, the yield of the existing solar panels was slightly lower than
label or higher, while the remaining two offices have a C label. in 2022, at -9.9%. The solar energy generated on site in 2023 is
Schiphol HQ (SHG) 1 34 4,678 50
The labelling system represents the theoretical energy use of shown in the 'Solar energy per airport' table below.
the buildings, but we prefer to use the Paris Proof metric of Commercial Real Estate 2 587 42,141 2,318
kWh/m2/yr, which translates gas use into kWh. Using this metric, Solar energy per airport
1 Incl. datacenter
we expect to achieve an average of 70 in 2030, 10 years ahead
2 Excl. Rotterdam Airport Real Estate (RAV) Solar energy (kwh)
of the target set by the Dutch Green Building Council. In 2023, (x 1,000) generated on site in 2023
our real estate offices already average around 114 kWh/m2/yr, Renewable energy
a 22% reduction compared to the 147 kWh/m2/yr in 2019. The Renewable energy supports our carbon reduction programmes. Schiphol Airport 2,339
significant reduction between 2019 and 2023 is mainly due to Schiphol Group's electricity comes mainly from wind farms in the Eindhoven Airport 197
implementation of gas reducing measures like installation of Netherlands, and to a lesser extent from solar farms, although the Lelystad Airport 1 -
heatpumps and ATES (gasreduction was 43% compared to 2019). proportion of solar energy is increasing. The electricity purchased Rotterdam The Hague Airport 12,072
New measures are in the pipeline. for Rotterdam The Hague Airport comes from the solar park on
Unisun solar park at RTHA 698
the RTHA airport site. In 2023, green gas will account for 17% of
Meanwhile, the new Cargo Building, 17, was introduced. The Schiphol Group's total gas purchases and 100% of the gas used by 1 Data not available for 2023, we are working on getting the correct data for 2024
building has a BREEAM Excellent rating and is designed to Eindhoven Airport, RTHA and Lelystad Airport.
support the maximum number of solar panels on its roof. It is
also gas-free thanks to an aquifer thermal energy storage (ATES)
system, has a partially wooden support structure and is designed
for easy disassembly.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 44

Air pollution have become mandatory from the moment the Nature permit The measures that have had the greatest impact are those that
took effect. reduce taxiing times, which are responsible for the majority of
Schiphol Group is committed to reducing emissions that SVHC emissions.
could have a negative impact on the air quality at our Substances of Very High Concern (SVHCs)
airport sites and in the neighbouring communities. Air quality RIVM, the National Institute for Public Health and the Finally, there are limits for VOCs, which make up SVHC,
around Schiphol Airport is continuously monitored by the Environment, determines which substances are considered relative to the maximum takeoff mass (MTOW) of the aircraft.
government; the province of North Holland has three air quality nationally to be SVHCs (Substance of Very High Concern/Zeer These emission values are strictly monitored in Schiphol's
monitoring stations in the vicinity of the airport and publishes Zorgwekkende Stoffen, ZZS). Eight of the volatile organic Handhavingsrapportage and are published annually. The VOC
its measurements online. For 2023, Schiphol met all government compounds (VOCs) found in aircraft engine emissions are also figures have shown a steady decrease over the years, thanks to
air quality requirements (based on EU Directive 2008/50/EG) for SVHCs. The substances emitted into the environment by the the airlines' investment in fleet renewal, supported by Schiphol's
this category. aviation sector, including the most important VOCs, are published policy of reducing airport charges for quieter and cleaner aircraft.
annually on the Emissions Register (Emissieregistratie.nl).
RSG's air quality policy focuses on reducing emissions from
aircraft and fossil-fuel-powered vehicles in order to limit While there are no limit values for SVHCs emitted by aviation,
substances that affect the climate, the environment and human there are occupational exposure limits for workplace exposure
health. Schiphol focuses on a number of substances because they to chemicals classified as carcinogenic, mutagenic or toxic to
require special attention, such as NOx and Substances of Very reproduction. These substances have similar properties to those
High Concern (SVHC), or because there is still much to learn about classified as SVHC. The Job Safety Analysis identified a number
them, such as ultrafine particles (UFPs). of exposure situations where we have not yet been able to
demonstrate that exposure is below the limit. Measurements
Nitrogen emissions (NOx) are required to establish compliance with the guidelines. These
Schiphol Group is committed to reducing our nitrogen measurements will be carried out in Q4 2023 and Q1 2024.
emissions, an ambition supported by the Nitrogen action Once it has been demonstrated that Schiphol complies with
plan (Actieprogramma stikstof) launched in early 2020 and the guidelines, these guidelines will be incorporated into
secured in the Most Sustainable Airports roadmap. In September occupational health and safety standards to ensure the health
2023, the Ministry of Agriculture, Nature and Food Quality and safety of employees. Air quality around Schiphol Airport is continuously monitored by the
granted Amsterdam Airport Schiphol a Nature conservation government. The province of North Holland has three air quality measuring
stations in the vicinity of the airport and publishes its measurements online.
permit (Natuurvergunning) under the Nature conservation act In addition, there is an obligation to minimise emissions for
(Wet Natuurbescherming). activities on the ground that emit SVHC (Activiteitenbesluit Art.
Ultrafine Particles (UFPs)
2.4, para. 1). Schiphol has submitted a complete Avoidance and
In the years leading up to 2023, several studies were carried
In areas where Schiphol’s nitrogen depositions exceed a historical Reduction Programma for SVHC which has been approved by the
out by external parties (RIVM), Schiphol and sector partners on
reference value, excess depositions must be mitigated. To do Environment Agency (Omgevingsdienst).
the exposure of residents and the surrounding area to UFPs
so, Schiphol is implementing a combination of internal and
(Ultrafine Particles). The results of these studies and external
external measures. In terms of internal measures, Schiphol Group There is no such obligation for emissions from aviation.
pressure, such as from the FNV, led to the establishment of a task
is reducing its own nitrogen emissions, for example through Nevertheless, Schiphol is committed to reducing SVHC emissions
force in early 2022, together with the sector parties, to carry out
the electrification of ground-handling equipment. In terms from the largest source: aircraft engines. In February 2023, TNO
further exposure and health studies among platform workers and
of external measures, third parties enter into an agreement published a study in which it calculated the emissions from Dutch
to investigate short and long-term measures to limit workers'
with Schiphol Group to lower or stop their deposition-causing airports. In this study, TNO mapped the possibilities for aviation to
exposure to UFPs and to minimise emissions.
activity in relevant areas. These internal and external measures reduce SVHC emissions, and Schiphol either has these measures
in place or already has plans to implement them in the future.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 45

In December 2022, this taskforce was renamed the Aircraft and or exposure to these emissions. Ten stationary UFP sensors have programme to minimise employee exposure to UFPs from aircraft
Diesel Engine Emissions (VDME) programme, and this sector been installed at this location to measure the amount of UFP and and diesel engines.
collaboration includes dnata, Viggo, KLM, Axxicom, Menzies, provide a baseline against which Schiphol can test the effect of
Aviapartner, Swissport, Heijmans, BAM, VolkerInfra and the various measures. VDME focus area 3: Minimising aircraft and diesel
Ministry of Infrastructure and Water Management. The aim of the engine emissions
VDME programme is to minimise the exposure of employees to In July, we introduced a policy of periodic occupational health Ultimately, the reduction of VDME must be achieved by reducing
the UFPs as part of VDME in order to create a safe and healthy examinations (PAGO) enabling employees to apply for an aircraft and diesel engine emissions in the first place. This can be
working environment. To this end, three main areas of focus have examination by health professionals to determine possible health done either by keeping engines off for as long as possible, such
been identified to group together current and future actions. effects due to exposure to emissions from kerosene or diesel- as with our APU action plan, or by electrifying the vehicle fleet
powered engines. As there was no existing PAGO for aircraft and airport equipment. In order to be able to substitute certain
For all measures of the VDME programme, the sector parties emissions, it was developed by an external party at the request of diesel or kerosene emission, Schiphol is working on the provision
are regularly updated on the progress and for each measure the VDME programme/steering committee and will be organised of electricity on airside. This is a complex project, but crucial for the
a selected group of the sector is actively involved in the on a regular basis. The first PAGO was carried out in November. reduction of emissions.
development and implementation of the measures. Schiphol In addition, all information and knowledge gathered by Schiphol
plays a leading and central role in the VDME programme. In or its partners is available to employees via VDME e-learning in Auxiliary power units (APU) action plan
addition, Schiphol has received two sets of demands (Deelbesluit the Schiphol Learning Hub. This training will be updated as new Schiphol has submitted an auxiliary power units (APU's) action
1 en Voorgenomen Deelbesluit 2) from the Dutch Labour information becomes available and will be shared with all parties plan to the Human Environment and Transport Inspectorate (ILT),
Inspectorate (NLA), which it must comply with regarding the in the sector. with input from the airport’s partners, with the aim of reducing
health conditions of employees in relation to VDME. Schiphol the use of APUs by aircraft parked on the apron. APUs run on
has submitted an objection (bezwaar) to part 1 (diesel engine VDME focus area 2: Minimising employee exposure kerosene and cause harmful emissions as well as noise nuisance
emissions) and a response (zienswijze) on part 2 (kerosene to emissions for apron workers.
emissions). We are currently awaiting final decisions. At the same During the summer of 2023, Schiphol carried out a pilot project
time, Schiphol is in constant contact with the NLA about the with respiratory protection equipment to investigate which Schiphol considers reducing the use of APUs to be a priority
progress of the measures in the VDME programme that meet face masks offer the best possible protection and comfort for because it will make a concrete improvement to the health and
the requirements. continuous use. The results of the pilot led to consultations with working conditions of apron workers. It will also help to reduce
the manufacturers to further develop the equipment to achieve CO2e emissions of aviation as a whole.
VDME focus area 1: Understanding the behaviour and the best possible protection.
(health) consequences of UFPs Aviapartner, dnata, KLM and Schiphol have joined forces to
In August and September 2023, the Institute for Risk In addition, a dedicated Sustainable Ground Movement Task optimise the use of existing electric preconditioned air (PCAs)
Assessment Sciences (IRAS) conducted an exposure study with Force has been established in collaboration with the Integral units at Schiphol. This has had an immediate positive impact
all stakeholders in the sector, measuring the personal exposure Safety Management System (ISMS) partners to develop and on airside working conditions. All ground handlers can use
of airside employees over the course of a day. Employees from coordinate actions in the operational ground movement the electric PCAs. Two e-PCAs are mounted on the passenger
different functional groups wore a sensor on their uniform to processes of the ISMS partners. boarding bridge at F03 and G04, which is a new way of working
measure their exposure to UFPs during a normal working day. for the handlers and the first reactions are positive, especially
Results are expected in the first quarter of 2024. This includes the development of a new ground movement regarding the working conditions. Schiphol has ordered more
concept for 2030. It focuses on reducing and maintaining e-PCAs to ensure that all wide-body stands are equipped with
To gain knowledge about the specific UFPs at airside, a occupational risks from kerosene engine emissions at an an e-PCA by the summer of 2024. In parallel, we're working on
research laboratory was officially opened in September 2023. acceptable level, while maintaining operational safety. These e-PCAs for narrowbody stands as well.
The laboratory is located on two gates and can carry out all kinds are just a few examples of the 23 measures in the VDME
of experiments to test possible measures to reduce emissions
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 46

The text of the Aeronautical Information Publication (AIP) has Our partners have also expanded their electrical equipment. Unfortunately, pre-ordered app taxi services (638.085 rides) are
been updated with further restrictions regarding the use of APUs Viggo has purchased an electric pushback for wide-body aircraft, still mostly executed by traditional fossil fuel-powered vehicles
before take-off. This update went into effect in late December and KLM has purchased a number of pushbacks for narrow-body (81%). Schiphol is working with the parties responsible for those
2023. ILT monitors the use of APUs on a weekly basis and warns aircraft. Axxicom introduced 10 electric buses to transport people services to change that towards a more sustainable outcome by
airlines if they fail to comply. Schiphol is working with handlers with reduced mobility to and from the aircraft. Combined Refuel 2026 – and plans to implement a zero-emission zone for taxi’s by
and airlines to implement the changed procedures to comply Services (CRS) made a first with the electric hydrant dispenser for 2026.
with the AIP. We have developed a campaign to raise awareness refuelling aircraft. We are proud to be working with such
among handlers and cockpit crews about why APU use must committed partners towards zero emission ground operations Equipment pooling
be minimised. and improving local working conditions. At Amsterdam Airport Schiphol, six general handlers provide
ground-handling services to airlines. Each handler currently uses
Electric equipment Clean mobility its own ground support equipment (GSE) for ramp handling and
Schiphol aims to achieve zero CO2e emissions on airside by 2030. Schiphol Group supports the use of clean mobility solutions, transports its GSE from one aircraft stand to another, even if an
By phasing out fossil fuels we will also reduce emissions of NOx, whether through its own fleet or that of companies operating on aircraft is located at a different pier.
SVHC and UFP. The majority of the fleet is already electric or the airport site.
has the best diesel engine where no electric equivalent is yet Transporting GSEs by vehicle creates unnecessary movements
available. In addition to vehicles, Ground Service Equipment Taxis on airside access roads and around aircraft stands, resulting in
(GSE) is also being replaced with electric equivalents, such as Since December 2023 100% of the taxi rides that depart from the increased congestion and safety risks. To mitigate these risks,
electric Ground Power Units (e-GPUs) and e-PCA units. This taxi stand at Schiphol airport are zero-emission. A great Schiphol, in cooperation with the ground handlers, conducted a
is being done in cooperation with the industry parties and milestone, which Schiphol has been striving to achieve over the pilot project in 2023 to test the operational feasibility of sharing
KES, with KLM and Schiphol owning the e-PCAs that the last decade, starting with the introduction of sustainable taxi- GSE between all six handlers: equipment pooling. The pilot
industry parties use. Due to innovation, delivery times and vehicles by Schiphol's official taxi concession holders Bios Group took place between January and August at six aircraft stands
required infrastructure implementations, the timeline for all GSE (ZCN), Schiphol Taxi (BBF) and Schiphol Service (Willemsen de at Pier D (D16-D28). The GSE used in the pilot included passenger
replacements is ongoing until 2030. Koning) in 2014. In the years since, the independent taxi stairs, conveyors and powerstows, all electrically powered. One
operators that are active from the taxi stand via the taxi control of the lessons learned from the pilot was that sufficient charging
foundation (STC) have also been stimulated to switch to a zero- facilities and space at and around the aircraft stands is essential
emission vehicle. A process that has now been successfully for the successful implementation of charging infrastructure,
completed. leading to a rapid roll-out at the stands. Together with the ground
handlers, we will determine the next steps to implement a more
Together, Schiphol’s concession holders operate a fleet of 177 permanent equipment pooling strategy at Schiphol Airport, with
electric taxi cabs and vans from the official taxi stand. The fleet of a focus on equipment at the stands.
the independent taxi operators includes a further 772 zero-
emissions vehicles, among which 154 electric vans and 1 Cleaner fuels
hydrogen-powered taxi. In total, 949 electric taxis are currently In January 2023, KLM Equipment Services switched all airside
operating from the official taxi stand. This number has risen equipment from GTL to HVO100 fuel in order to reduce
significantly this year, which reflects the recovery in demand for carbon emissions, in addition to the air quality benefits that
taxi services (post-Covid) and Schiphol’s ambition to strive for a GTL already offered. HVO100 is produced from biomass and
zero-emission taxi rank at the airport. Consequently, more than reduces emissions by more than 89% compared to the GTL
93% of the 868.192 taxi rides from the taxi stand were carried out production process.
by zero-emissions vehicles in 2023.

Since December 2023, 100% of the taxi rides that depart from the taxi stand
at Schiphol are zero-emission.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 47

Sustainable aviation Sustainable aviation fuel

Schiphol Group is involved in several projects aimed at
Sustainability is central to the aviation sector discussion around accelerating the uptake of sustainable aviation fuel by carriers.
how to move forward in the currently challenging operating Flying with sustainable aviation fuel as a so-called ‘drop-in
landscape. 2023 saw further positive steps taken: the EU and its solution’ is the most effective way to decarbonise air travel.
Member States proposed new aviation sector incentives within Fossil kerosine can be replaced with bio-based or synthetic
the Fit for 55 framework, including a new mechanism to support kerosene that is blended in aircraft and hydrant storage without
the proposed sustainable aviation fuel (SAF) blending mandate any modifications to facilities or aircraft engines. In larger
for fuel supplied to EU airports from 2025 onwards. The voluntary quantities, SAF can also help to improve air quality around
uptake of SAF by airlines is a promising development, and has airports. Meanwhile, non-drop-in fuels are also being developed
been partly stimulated by Schiphol Group’s incentive to partially with different characteristics to conventional kerosene, such as
subsidise SAF used at Amsterdam Airport Schiphol. hydrogen or electric propulsion.

Schiphol Group supports the use of clean mobility solutions, whether These new developments support the long-term course set
through its own fleet or that of companies operating on the airport site. out by Schiphol Group and the wider aviation sector in the
Netherlands. Our shared target is to reduce carbon emissions
Supporting electric vehicles generated by the Dutch aviation industry to 2005 levels or lower
In 2023, Schiphol implemented a charge point operator platform.
by 2030. Meanwhile, we are committed to reaching the targets
More than 300 existing and new AC chargers have been added to
set by the Paris Agreement and the Dutch Climate Agreement.
a new management software platform and are ready for future
This will include continuing to encourage measures such as
growth. In addition to these chargers, the first DC fast charger
distance-related taxiing, encouraging train travel for shorter
has been installed at Rotterdam The Hague Airport, achieving
distances, fleet renewal, increasing synthetic and bio-kerosene,
proof of concept. At Schiphol Airport we will install a multitude
and introducing hybrid/electric propulsion.
of DC fast chargers over the next few years, starting in 2024 with
the P3 shuttle bus (Q2), trucks at Truck Parking 3 (Q3) and airside
Supporting the EU Green Deal
vehicles (Q4). This important turning point provides an important
Schiphol Group supports the EU Commission’s Fit for 55 climate Flying with Sustainable Aviation Fuel (SAF) is the most effective measure on
foundation for scaling the eMobility offering to approximately the short term to succesfully decarbonise air travel and achieve the climate
package, which sets a minimal 6% SAF blending target from 2030
10,000 chargers with an expected equivalent capacity of 220 goals for 2050 and beyond.
onwards with strong increases in subsequent years. The package
megawatts by 2030.
includes a specific target for the use of synthetic fuel. The EU
Promoting production capacity and the use of SAF
Member States and European Parliament have agreed on most
We also faced capacity issues on the energy grid in 2023. A Since 2022, Schiphol Group has received a continuous supply
of the proposals of the Fit for 55 climate package to enable the
number of projects, such as the rollout of (fast) chargers, have of SAF by Neste and KLM into the storage and hydrant facility
overall target on transport fuels in 2030. The current proposal
been postponed due to these capacity problems. However, of Aircraft Fuel Supply, while in 2023 SAF deliveries were made
is to reach a 14.5% CO2e intensity improvement, which will be
further research in 2023 shows that with the deployment of smart to multiple airlines operating at Schiphol Airport, including Air
implemented across each Member State in 2024. Schiphol Group,
dynamic load balancing technologies, we can use our reserved France, Delta, KLM, Qatar, Ryanair, Transavia and United.
together with the Dutch aviation sector and Dutch government,
capacity much more efficiently. Therefore, this will become the
supports the Dutch aviation industry-wide target to achieve a
new development standard in 2024 to continue our roll out. In total, over 40,000 tonnes of SAF was delivered, making the
14% SAF blend by 2030.
airport one of the leading SAF hubs in the world.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 48

Schiphol Group partners with Port of Amsterdam, SkyNRG Supporting long-term solutions
and KLM in Synkero BV, a start-up focused on developing a In addition to promoting the use of SAF, other non-drop-in
commercial SAF production facility in Amsterdam. By 2030, sources of sustainable energy will be needed to reach net-zero
Synkero BV aims to produce 50,000 tonnes of SAF to help aviation emissions by 2050. These solutions include renewable
meet the SAF volumes mandated by EU proposals. We plan electricity and green hydrogen. Together with manufacturers
to supplement the volumes provided through the start-up by such as Airbus, Pipistrel and ZeroAvia, Schiphol Group is involved
encouraging SAF supplies from producers such as Neste, Shell in initiatives to develop the long-term infrastructure for liquid
and Argent Energy, provided sustainable and scalable feedstocks hydrogen, which is a precondition to deliver sufficient energy for
are used. aircraft that can carry up to 100 passengers within Europe or
beyond. The extreme cooling of hydrogen to minus 250 degrees
In addition, in 2023 we set up an experience centre at Schiphol Celsius requires new methods of transport and storage at airports.
Airport to increase awareness among passengers, together with
airlines and the aviation fuel industry. Meanwhile, Rotterdam The Schiphol Group will test the use of hydrogen in the TULIPs project
Hague Airport (RTHA), working with SkyNRG and CHOOOSE, has by storing it temporarily and fuelling a drone at RTHA. In 2023, Schiphol is working with a consortium that is taking steps towards the
introduced a tool to enable travellers to fly more sustainably by we continued to research different options for the storage and operational roll-out of sustainable taxiing.

replacing fossil fuels with SAF via the ‘book and claim’ principle. transport of liquid hydrogen.
to the strategic roadmap, detailing the scale-up of sustainable
taxiing until 2030. Scaling efforts will build on the learnings via
Moreover, Zenid, a consortium of various pioneering partners in These ambitions are only possible with sufficient renewable
the showcase that was executed through the two TaxiBots owned
technology and aviation (RTHA as part of RSG, RHIA, SkyNRG, energy and new supply chains. Schiphol Group has joined with
by Schiphol Airport. It is an opportunity to drastically lower fuel
Climeworks), has the ambition to build a demonstration plant the Port of Amsterdam, Tata Steel and various supply chain
consumption, greenhouse gas emissions, local UFP levels and
producing fully circular sustainable aviation fuel directly from air. partners to scale up the regional availability of green hydrogen
noise disturbance caused by ground operations.
With the technological developments necessary for building the over the coming decade. Achieving our goal depends on the
demonstration plant being uncertain in delivery, the consortium availability of renewable energy for ramping up local production,
Schiphol and KLM are continuing their collaboration on a
is reevaluating its course and direction. There is no indication on the connection to the national grid and focusing on international
European Level as part of the EU-subsidised HERON consortium,
how this consortium will develop in the future. imports to identify the areas in which the production of green
which aims to drive sustainability by reducing CO2e emissions
hydrogen is most feasible.
related to airport operations. Within the context of HERON,
New SAF incentives in the coming years
Schiphol Group successfully established sustainable taxiing as
In 2023, we continued to expand the incentive scheme The TULIPS project has set up demonstrations with green
SESAR solution. We also continue to work with EUROCONTROL
introduced in 2022 to encourage the use of SAF by airlines at hydrogen to charge aircraft and equipment and alleviate the high
to align recommendations to implement sustainable taxiing
Amsterdam Airport Schiphol. In 2023, 12,500 tonnes of SAF was electricity demand at airports. In addition, RTHA and ZeroAvia
across Europe and develop European operational standards for
subsidised at the airport, more than doubling the volume of 2022. have planned a hydrogen flight from London to Rotterdam in
TaxiBot operations.
Meanwhile, the joint efforts of Schiphol Group and its partners 2024.
in the EU TULIPS project will also contribute to the scaling up of
SAF at EU airports. Some of the initiatives being explored over Sustainable taxiing Wildlife trafficking
Schiphol Group works with various sector partners as well as
the coming three years include creating new supply channels Schiphol is working with a consortium to take steps towards the
Airports Council International (ACI) to fight wildlife trafficking.
for e-fuels, enabling large-scale supply options and introducing operational roll-out of sustainable taxiing at Amsterdam Airport
As traffickers often use aircraft to smuggle their goods, airlines
potential SAF incentives at other EU airports. Schiphol. The consortium includes Corendon, dnata, KLM, LVNL,
and airports are ideally positioned to help combat trafficking by
Swissport, Transavia, TUI and Viggo. While the ambition of
training staff to recognise and deal with trafficking situations,
eliminating all avoidable taxiing-related emissions remains
raising awareness by providing information to the public and
unchanged, the consortium members have submitted an update
through partnerships in the supply chain.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 49

In 2023, we continued our activities as chair of the ACI Wildlife we use. Our goals are to achieve zero waste by 2030 and full Towards a fully circular 2050
Trafficking Task Force, including by sharing our case study on circularity by 2050. The new circular system and the programme The 2030 Roadmap helps us to become zero waste. However, with
the prevention of wildlife trafficking with our stakeholders and to implement it are currently being developed. Among other increasing resource scarcity and the risk this poses to business
fellow task force members. We also organised a workshop for things, we are planning the following initiatives. continuity, we need to embrace a circular model that makes the
ACI World Environment Standing Committee (WEnSC) members best use of material resources. To realise our new system and our
about wildlife detection scanning equipment and participated Separation rate 2050 goals, we must act now, in parallel with the implementation
in a conference on the revised EU Action Plan against Wildlife For the operational residual streams that are part of Material Flow of the 2030 Roadmap.
Trafficking 2022-2027 hosted by the European Commission. Management, the separation rate was 46.5% in 2023. Although
Meanwhile, at Schiphol Airport, we worked with retail outlets to the focus was on source separation, there was a successful post- Materials are becoming scarce and expensive due to increasing
ban the sale of packaged eel in the food stores of our lounges. Eel separation pilot from summer 2022 to April 2023, which demand, insufficient reuse and depletion of these finite
products can be bought legally in the EU but cannot be exported. increased the waste separation rate. From May 2023, it has no resources. The linear 'take-make-waste' approach depletes
longer been possible to continue post-separation in the pilot available materials and fails to maximise material value. Focusing
form. We are focusing on separation at source by encouraging on recycling alone, while maintaining a linear approach, will not
Circularity passengers to put waste in the right bin and working with deliver sufficient results. We need to manage both input and
business partners to avoid certain products (and prevent waste output in a systemic way that requires a paradigm shift in the way
In a circular economy, we aim to create, maintain and enhance from being generated). we manage our materials, recognising their inherent value.
the value of resources in harmony with the environment. There is
no waste; instead, resources continuously cycle from one use to Improving the value chain From operational residuals to
another. Each resource serves a purpose in one application and, To meet our zero-waste goals and advance our circular transition operational resources
once it has completed its role, it becomes a valuable input for by 2050, Schiphol Group must focus on optimising our value In 2023, we continued our efforts in Work Package 6 – Circular
another, higher-value use. Achieving this requires us to address chain, asset lifecycles and material flows. In 2023, we continued Airports, as part of TULIPS. Our aim is to minimise passenger
inefficiencies at every stage of the resource value chain. to apply our zero-waste and circularity policies. waste and maximise the reuse of secondary materials in
construction. Throughout the year, we measured our operational
Our approach prioritises reducing material consumption and A significant organisational development this year was teaming waste streams and assessed their environmental footprint. We
enhancing the next-life application of residual materials for up with Renewi/Seenons as our new material flow management have made two relevant results available to the public: the
future life cycles. We also aim to minimise the environmental partner for operational streams. In addition, establishing the Circularity Performance Management System and the Airport
impact of the processes and the consumption of the materials Sustainability and Energy Management team within Asset Circularity Baseline Study. These results are crucial for prioritising
Management marks a pivotal shift towards a systematic, KPI- residual streams and defining concrete, specific actions to reduce
Percentage of separated operational residual flows 1 driven circularity model, moving away from an approach that is passenger waste.
(per year at Amsterdam Airport Schiphol) driven by the project level.
75
In June 2023, we started working with Renewi and Seenons
Currently, organising data on our residual streams and at Amsterdam Airport Schiphol and Rotterdam The Hague
forecasting their future trajectory poses a challenge. This year, our Airport, and with Remondis, our material flow management
50
focus is on several flagship projects that demonstrate how partner, at Eindhoven Airport. In this new approach, we treat
Schiphol is putting its circularity ambitions into practice. As the our operational residuals as materials. We have worked with
25 following examples illustrate, our primary emphasis is on partners along the value chain and collected relevant data to
preserving or enhancing the value of resources, while actively assess and prioritise streams (also in collaboration with TULIPS
44.5 50.3 48.7 52.3 46.5
avoiding downcycling and waste generation. Work Package 6).
2019 2020 2021 2022 2023

1 Excluding CAT1 aircraft waste.

Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 50

We already know that residual waste, cabin waste, plastics in construction projects at Schiphol and has the greatest impact
and food waste have a big impact in terms of weight and on CO2e emissions.
environmental footprint (including CO2e), so we are taking
concrete measures to reduce these streams and increase the value At the concrete recycling plant at Zonnekruidweg at Schiphol
for their next use. For example, in addition to the introduction Airport, we will collect demolished concrete from the Schiphol
of a deposit on PET bottles (July 2021), Schiphol Airport has also ecosystem and process it into recycled concrete materials. In the
been offering a deposit on cans since 1 April 2023. Although coming years, we want to process more and more demolished
Schiphol is not legally obliged to provide return facilities, we are concrete into high-quality circular concrete. By using circular
motivated to voluntarily facilitate such initiatives in line with our concrete, we can save CO2e emissions in the polluting concrete
goal of achieving zero waste by 2030. Our goal is to offer travellers supply chain. In addition, we can secure our own supply of high-
the option to either donate the deposit or receive a 0.15 euro quality concrete for the future, which is particularly beneficial
refund via an app. We are currently exploring the feasibility of this given our project portfolio (e.g. Terminal South, Pier C).
initiative to contribute to our broader sustainability goals.
Examples of the circular transition
In addition to these actions, we are also defining the monitoring In the Checkpoint 90 project, we shifted from using traditional
system to start managing circularity. Systematic data collection, design methods to circular design principles. The Quebec Project
Doorlaatpost 90 is biobased, meaning that the construction materials,
visualisation and analysis with relevant KPIs is a framework that exemplifies this transition by adopting an integrated sustainable
predominantly wood, have a natural origin, enabling the reuse of materials
will be in place in 2024 for our operational residual streams. approach that enables the creation of a circular building using in future contruction projects.
reused materials from existing cargo buildings on-site. The
Plastic road circularity of a building is quantified using the Building Circularity Another great example is the 'Zwanenburg Runway'. This project
In 2023, we conducted a trial on airside with a road composed Index (BCI). The BCI target for the Checkpoint 90 project was 60%. ensures the operational availability of the runway for the next
entirely out of recycled plastic from our airport. Although The project successfully achieved a BCI of 68%. In particular, seven years. Major maintenance was required to ensure reliability
Schiphol itself was not dissatisfied with the results of the trial, the various secondary materials were used, including steel for the and prevent the risk of breakdowns. Assets on the runway could
organisation that developed the initiative has stopped. We are roof, doors, lighting, sanitary facilities, counters and emergency no longer be safely maintained and had to be replaced in
therefore not continuing with the test. equipment. accordance with legislation and regulations. About 60 percent of
the removed asphalt from the runway has been reused in the
Partnerships In addition to the use of secondary materials, the project newly laid asphalt and several parts, such as the fixtures, have
To measure the sustainability performance of our suppliers and emphasises forward-looking practices. Checkpoint 90 is designed been refurbished for use during upcoming projects. In addition,
partners, we are implementing the Global Sustainable Enterprise to be demountable, allowing materials to be reused in future the released materials that could not be used at Schiphol, were
Systems. This tool enables us to also select partners we work with construction projects. This approach underlines a commitment collected separately as much as possible so they can be used at
based on sustainability by actively monitoring and tracking their not only to circularity in the present, but also to sustainability and other locations.
level of circularity at product, project and overall company level. the reuse of materials for future endeavours.
In addition, the cargo apron, called Sierra, will be extended with
From construction residuals to Checkpoint 90 is bio-based, meaning that the construction three aircraft stands. Work started in 2023 and will be completed
construction resources materials, mainly wood, and other materials used in the building in 2024. Three major improvements have taken place. First, we
Circular construction materials are of natural origin. Energy is generated locally as the canopy is have reduced the thickness of the pavement foundation at the
According to our sustainability roadmap, approximately 1% of made up of over 1,100 German bifacial solar panels. – which is front of the apron by 20%. This was possible because this area has
all construction residual streams in the Netherlands come from almost enough for the building to become zero net (energy lower surface loads, saving 720m³ of concrete or the equivalent of
Schiphol. Concrete is the building material most frequently used neutral). 60 lorries.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 51

Second, we reconsidered the need for a new emergency power or activities. Schiphol has several measures in place to minimise site treatment. This year, a first flush system was installed on the
station. By looking at similar situations and data, we eliminated the impact. first phase of the new Quebec taxiway viaduct.
the need for an additional building with a diesel generator.
Measures At a busy airport, spills from equipment or activities do occur.
Third, as the aprons are used day and night, we need lights there. Schiphol is continuously improving the quality of surface water, Schiphol has put in place an appropriate system to control and
Normally we would have built 25 lights, but by defining the apron in particular by minimising the harmful effects of de-icing and ice clean up these spills as quickly as possible. Most spills are directly
more precisely we only needed 18 lights, without compromising control measures. This includes both more economical spraying cleaned after they are reported, minimising the risk of spills
on compliance and functionality. All these measures together and the use of sustainable alternatives such as potassium contaminating our surface water.
mean that we're using less material, producing fewer emissions formate. Source reduction measures focus on the more
and using less energy. economical use of both aircraft de-icing and snow and ice control Future developments
agents. Schiphol has developed a new strategy to convert the existing
storm water sewer and build a treatment plant on the airport
Water pollution Handling agents use monopropylene glycol (glycol) for aircraft in order to collect and process potassium formate contaminated
de-icing and potassium formate for ice control on asphalt. Glycol runoff from existing taxiways, runways and aprons. This will be a
At Schiphol Airport, we have a separate sewer system that has the greatest impact on oxygen demand in surface waters and long-term, 10-15-year strategy as all existing facilities will need to
transports wastewater (mainly sanitary wastewater) from is therefore collected as much as possible after aircraft de-icing be upgraded.
buildings to an on-site treatment plant. The rainwater system, through infrastructural and operational measures. Glycol is
including all rainfall from paved areas (including buildings), flows collected both at the Central De-Icing Facility and at the gates. Next year, projects on the Romeo and Sierra platforms will have a
directly to the surface water. In winter, measures to keep aircraft first flush installation.
free of ice and to keep snow and ice off taxiways, runways and Use and collection of de-icing fluids in winter 2022-2023
aprons affect the quality of surface water. The de-icing agents (mild winter)
used are biodegradable and remove oxygen from the water. Winter 2022-2023
Other risks of water pollution come from spills from equipment
Potassium formate 1,121,000 litres
Glycol 784,000 litres
Collected glycol-water mix 9,309,000 litres

We work closely with the Rijnland Water Authority to monitor the

quality of surface water during the winter season. The oxygen
demand of the surface water from the de-icing fluids is actively
monitored at 20 locations around the airport. From 2023, all
monitoring sites are continuous, automatic and online, so oxygen
and oxygen demand in the surface water can be checked at any
time.

At a busy airport, incidents with spills from equipment of activities happen.

By law, contaminated runoff from new pavement structures Schiphol has set up an adequate system to control these spills and clean
(taxiways, runways and aprons) cannot be discharged into surface them as fast as possible.
water. First flush from new pavements is therefore collected,
Schiphol is committed to improve the quality of surface water on a stored and combined with collected aircraft de-icing fluid for off-
permanent basis, particularly by minimising the harmful effects of de-icing
and ice control measures. This includes both more economical spraying and
the use of sustainable alternatives.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 52

Soil pollution Climate adaptation

PFAS
Schiphol Group makes every effort to manage emissions into soil The current pace of global warming suggests that we may see
For every project that requires work in or with the soil, and to prevent, control and reduce such emissions and thereby significant climate-related events in the future, including an
the quality of the soil is assessed through the standard pollution (e.g. with PFAS). If for some reason emissions do occur increasing number of extreme weather events. Extreme climate
protocol and on the standard set of parameters according we act prudently and in line with our permits and regulations to events have already caused disruptions at airports worldwide.
to Dutch legislation. As of 2016, these assessments ensure the impact on the environment is limited. At Schiphol Group, we have introduced a range of measures –
include testing for PFAS (Poly- and PerfluoroAlkyl described in our Most Sustainable Airports roadmap – to mitigate
Substances) because firefighting foams containing PFAS Preventative measures climate change, such as becoming an energy-positive and circular
have been used in the past at Schiphol Airport (and Schiphol Airport adheres to the national guideline for soil airport. Nevertheless, we are aware that global warming has
airports worldwide). protection (Nederlandse Richtlijn Bodembescherming). Potential been accelerating in recent decades and cannot be stopped
threats to soil quality, such as oil storage, undergo assessment. overnight. In addition to mitigation measures, we must also focus
Originally, the legislation restricted the reuse or disposal This includes a comprehensive soil risk analysis to identify and on climate adaptation, which means dealing with the impact of
of PFAS-contaminated soil, and no effective remediation implement essential measures and technical solutions that climate change and adapting our airport accordingly. For this
methods were available, leading to the establishment minimise contamination risks. No activities commence until these reporting year, we do not see any financial reporting risks related
of storage facilities for contaminated soil on our preventative steps are firmly in place. to the climate change adaptation while drafting the financial
grounds. Currently, approximately 180,000 tonnes of statements 2023.
PFAS-contaminated soil are stored on-site. Despite stringent preventative measures, soil contamination
incidents are sometimes inevitable. Our goal remains prudent
We have been exploring and testing various remediation remediation. In 2023, we encountered three incidents:
techniques suitable for our specific soil. This research – A mobile lighting unit leaked oil during maintenance.
has recently yielded a promising method, leading to Approximately 90 metric tons of contaminated soil were
our decision in 2023 to acquire a remediation facility promptly excavated and treated off-site
that uses this technique. We aim to start operations – An airplane spillage of kerosene during taxiing led to the
by the end of 2024, following the necessary permit excavation and off-site remediation of 40 metric tons of soil.
acquisitions. This facility is expected to process all stored 25 m3 soil is still polluted and will be remediated as soon as
PFAS-contaminated soil within approximately three possible
years, marking a significant step in our environmental – A pump failure resulted in an oil-water mixture spill, leading
stewardship efforts. to the excavation and off-site treatment of about 15 metric
tons of affected soil
We do not foresee any health risks for local stakeholders.
The cleaning process is a closed system (no process water Runoff from runways and taxiways, similar to motorway usage,
is discharged), the soil remediation installation is realized also contributes to soil contamination along verges,
on a liquid-proof floor, stored soil awaiting remediation predominantly with PACs (polycyclic aromatic compounds (PACs)
is covered with foil, there will be a dirty and clean zone and metals. These contaminants remain superficial, posing
and there will be a wheel washing installation so that minimal immediate health or environmental risks. Remediation is
trucks do not remove any contaminated soil from the not effective as long as runoff and therefore contamination
dirty zone. Moreover, the site is closed and not accessible continues to take place. To combat future amounts of water and prevent flooding, a
to unauthorized persons. comprehensive water storage plan was developed, tailoring specific
projects for each drainage area within the airport premises. This approach
ensures dry conditions today as well as safeguards against future water-
related challenges.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 53

Climate Adaptation Strategy Improvements have been made to Schiphol's primary water Noise
In 2022, Schiphol conducted research into the effects of the models. The stormwater model and the surface water model have
changing climate on our airports, the outcome of which was been seamlessly integrated into a single framework, improving Noise disturbance from air traffic remained a key issue in our
our Climate Adaptation Strategy. This strategy, which focuses on the airport's ability to accurately predict outcomes during various discussions with the local community in 2023. Schiphol adheres to
extreme weather events, is in line with the latest scientific findings weather events. Among the ongoing projects, the construction the agreements in place to minimise the impact of our activities
of the Royal Netherlands Meteorological Institute (KNMI) and the of Cargo Building 17 stands out as a significant effort, with on local residents, such as keeping the number of annual aircraft
Intergovernmental Panel on Climate Change (IPCC). In October a substantial water storage area being excavated. At Schiphol movements (ATMs) below 500,000 in 2023 (of which 32,000 can
2023, the KNMI published new climate scenarios. These findings Centre, the completion of the drainage work on the Handelskade take place between 23.00 and 07.00). Owing to the sustained
were already incorporated into Schiphol's research in 2022 with has increased rainwater capacity. With the renovation of the impact of COVID-19, 430,842 ATMs were recorded in the 2023
the help of the KNMI. In 2023, we worked on translating the 2022 Zwanenburg Runway, the drainage systems were extended to operating year (compared to 497,303 in the pre-COVID-19 year
climate adaptation strategy to the business units. meet our new standards for rainwater capacity. 2019); 24,533 of these took place at night.

We have all observed a shift in our climate patterns: summers are Water management Reducing noise disturbance
noticeably warmer and winters milder. As global temperatures Water management at Schiphol is largely controlled by Rijnland Schiphol and Air Traffic Control the Netherlands (LVNL)
rise, we are experiencing longer drought periods during summer. Water Authority, which manages the pumps and intakes to keep are working on a noise-disturbance reduction programme
However, we are also witnessing more extreme rainfall events the polder dry or to allow freshwater in during periods of low called minderhinderschiphol.nl. The programme consists of
in both the summer and winter periods. This increase in water. The waterways are maintained by Schiphol Airport and, 44 measures to reduce noise disturbance in the region
precipitation is a direct result of the warmer air’s enhanced in cooperation with Rijnland Water Authority, we monitor the surrounding the airport, which have been put together in
capacity to hold water vapour, a consequence of ongoing global operation of the water system and take preventive and corrective consultation with local authorities and residents, as well as other
warming. Schiphol Group has been proactively implementing measures when necessary. stakeholder groups.
the measures detailed in the Climate Adaptation Strategy.
These initiatives focus mainly on water management and Addressing heat-related problems
heat mitigation. Higher temperatures and prolonged exposure to them can cause
heat-related problems. Heat is a pressing climate risk for Schiphol
In 2023, we developed a new set of asset and design requirements Group airports, but unlike flooding, it is one with which we in the
for projects dealing with climate adaptation, based on regional Netherlands have less experience. For this reason, the measures
standards. These new requirements are now being incorporated are mainly in the research phase.
into major projects such as the new baggage cellar and Pier C.
We are currently assessing the need to modify the comfort
Water storage plan requirements for hot days in the terminal buildings. Ongoing
To manage future water volumes and prevent flooding, a discussions with our main contractors are also focusing on airside
comprehensive water storage plan has been developed, with flooring considerations. We are discussing the frequency of
specific projects tailored to each drainage area within the airport implementation of existing thermal protocols and assessing their
site. This approach ensures dry conditions today and safeguards impact on future scenarios.
against future water-related challenges. We are focusing on
increasing buffer capacity, increasing storage capacity, increasing In order to adapt to the warmer climate with extreme hot days,
natural infiltration areas and speeding up water run-off. we have linked current labour laws and regulations to our 2023 Noise disturbance due to air traffic remained a central topic in our
dicussions with the local community in 2023.
Climate Adaptation Policy, resulting in a revision of the catalogue
of occupational health and safety for workers at our airport.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 54

Three measures were implemented in 2023. These included the calculation method. However, the current regulations still require Lden noise contours
introduction of a ban on the noisiest aircraft, which provides a the older NRM method, the results of which are shown below.
legal basis to ban aircraft with an effective perceived noise of -10
dB. Some examples of aircraft subtypes that can now be banned The figure ‘Lden noise contours’ depicts the contours for 2023
include subtypes of the Airbus A321, Airbus A300 Freighter and (between 1 November 2022 and 31 October 2023) as purple and
Boeing 767-200 Freighter. green lines. The contours highlight the areas where the average
noise exposure from aircraft is greater than 48 and 58 dB(a)
Another measure is the combined implementation of RECAT- respectively.
EU with Time-Based Separation. This implementation helps
us to improve the tactical hourly capacity and operational Local Community Contact Centre: A work in progress
resilience under all circumstances at Amsterdam Airport Schiphol, Bewoners Aanspreekpunt Schiphol (‘Local Community Contact
especially under strong headwind conditions. By maintaining a Centre’; BAS) provides local residents with information on various
high tactical hourly capacity in this type of weather, relatively topics related to the daily operation of Schiphol. The contact
more aircraft can be handled from the noise preferential centre also registers noise nuisance reports and complaints from
Polderbaan and Kaagbaan Runways, which cause relatively less local residents. The knowledge gained from the BAS reports
inconvenience to the local population than the other runways. supports our ongoing efforts to reduce noise disturbance and
improve the living environment around the airport. The website
During the year, we also completed two evaluations of measures. for Schiphol’s noise reduction programme,
The curved night approach to the Zwanenburgbaan from the minderhinderschiphol.nl , explains how BAS data is being used to satisfaction survey will be repeated annually. One of the other
north to reduce the noise impact on the residents of Assendelft develop and evaluate noise-reduction measures. improvements we are working on is transferring reports on flights
and the higher night approach to the Polderbaan. The combined to and from Schiphol made at the Rotterdam-The Hague Airport
evaluation showed that more than 75% of the traffic flew Behind the scenes, we continue to focus on increasing the counter to Schiphol’s reporting system and vice versa.
the new curved approach to the Zwanenburgbaan, which was capacity of BAS, but this remains a challenge in the tight labour The BAS website can be used to report (noise) disturbances.
significantly more than the expected 45%. This resulted in market. In 2023, BAS presented a satisfaction survey for the first These reports are registered by BAS and forwarded to Schiphol,
less noise being measured at the NOMOS measuring points in time and has taken up some of its recommendations. The LVNL, the Ministry of I&W and municipalities in the region. These
Assendelft and Castricum.

We will keep our community informed and actively involved in

Number and nature of reports to BAS
the development of the programme as we continue to research,
Focus group 1 Habitual complainants
implement and introduce new measures in the coming years.
2023 2022 2023 2022

Noise contours Number of complainants 10,724 10,520 93 85

In 2023, the New Environmental Standards and Enforcement
System (NNHS) was tested. The NNHS includes rules on the use of Number of complaints
preferred runways at Schiphol. It also limits the number of people Specific reports 2 90,977 76,137 127,253 145,999
who can be exposed to severe noise disturbance in communities Period reports 2 96,980 88,336 17,456 17,438
around the airport and aims to keep affected residents within General reports 2 12,003 9,387 3,911 3,704
certain noise contours. The NNHS prescribes the 48 dB(A) and Total number of reports 199,960 173,860 148,620 167,141
58 dB(A) Lden noise contours using the ECAC Doc.29 noise 1 The focus of BAS reports is on the focus group: complainants who submit a complaint between 1 and 500 times per year. Individuals who submit more than 500 complaints per
year are referred to as habitual complainants. They are mentioned in overviews but omitted from analyses in order to avoid a distorted picture.
2 Specific complaints are complaints about noise nuisance at a specific time, period complaints are complaints of noise nuisance during a specific period and general complaints
are all the complaints not directly related to noise nuisance from air traffic, such as environmental policy.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 55

parties use the data as input for the development of policies and Engaging with our neighbours To give residents more background information on runway
measures to reduce disturbance. The disturbance reports also Direct engagement with the community is an important maintenance, we have published a summary of the runway
provide input for Schiphol's noise reduction programme 'Minder responsibility for a major airport in a densely populated area. maintenance strategy on the website, in which we have
Hinder’ and also serve as input for Schiphol Airport’s plans to be To rebuild the lack of trust our neighbours have in our sought an optimal balance between the impact on our
quieter, cleaner and better and in balance with the environment. ambitions, we need to create awareness and understanding residents, the aviation sector and the technical feasibility of the
In particular, several of the measures in the ‘eight-point plan’: the of our vision and commitments. To enhance this engagement, maintenance. In 2023, we carried out major maintenance on the
night closure, the ban on noisy aircraft and the ban on private jets. we are continuously improving our communication channels, Zwanenburgbaan Runway. We informed residents, journalists
messages and information to be relevant and transparent. We and other parties in advance about the work and its impact
Rise in number of complaints regularly update our website for local residents and send out on the surrounding area. During the maintenance, we took a
In 2023, the number of complaints (199,960) increased by our monthly newsletter with information on various topics that selected group of residents and journalists to the maintenance
15% compared to 2022, while the number of complainants affect our local residents, such as runway maintenance, noise site to explain the work in more detail. Moreover, we had the
(10,724) increased by 1,9% (within the so-called focus group). The disturbance measures and new operational procedures. Schiphol opportunity to provide De Stichting Hoogvliegers with a unique
total number of flight movements from/to Amsterdam Airport publishes a bi-weekly air traffic outlook, which contains forecasts runway drive. Looking forward we also worked on the planning
Schiphol increased by 11% in 2023 compared to the previous year. for air traffic movements and runway use. In 2023, Schiphol for the maintenance of the Kaagbaan Runway in 2024 and
For more extensive information and a detailed analysis regarding organised its traditional Neighbour Days. Schiphol welcomed started to prepare the communication campaign.
data, please visit bezoekbas.nl. 4,000 neighbours for a unique behind-the-scenes look at our
organisation and partners. Together with the Schiphol Aviation As ambassadors for the local community within our organisation,
Community (LCS), we have developed a vision for cooperation we discuss and develop measures to further reduce the impact
Engaging with our communities with educational institutions. We provide them with information on the surrounding area and set the agenda regarding the
via our 'Jij en Schiphol' website and participate in all kinds of importance of reducing the negative impact on our surroundings.
In April 2023, Schiphol Group made a strong commitment to school projects.
our neighbours by introducing an eight-point plan to be quieter, Monitoring Schiphol’s reputation
cleaner and better. In our balanced approach response of 20 June Research agency Motivaction provides regular insights into how
2023, we presented calculations using the ECAC Doc29 model, Schiphol is perceived by local residents as well as the general
which show that measures such as night curfews, phasing out public on issues such as communication, products, innovation,
private jets and banning the noisiest aircraft would improve our management and corporate social responsibility (CSR). In 2023,
neighbours’ quality of life. we observe a recovery in reputation scores showing clear
evidence of our progress in addressing the problems of the
As part of our eight-point plan, we have also proposed an previous year, such as the disruptions in operations, staff
Environmental Fund. Schiphol will provide a total of 70 million shortages, and working conditions at Schiphol. The reputation
euros (10 million euros per year), which will be used to improve score went up from a 6.5 in 2022 to a 6.7 in 2023.
the quality of life in the Schiphol Airport region. In 2023, we
finalised details about the programme and governance of the Schiphol Quality of Life Foundation
fund. The Environmental Fund is expected to be operational in The Stichting Leefomgeving Schiphol ('Schiphol Quality of Life
October 2024. Foundation') oversees three main initiatives: 1) an improvement
programme focused on area-specific projects, 2) a programme
focused on individual measures, including those aimed at
Schiphol organized its traditional Neighbour Days. The airport welcomed reducing noise-related disturbance, and 3) a funding programme
4000 neighbours who got a unique look behind the scenes of Schiphol and
its partners. focused on technology and innovation to improve the quality
of life. Schiphol has made 20 million euros available to the
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 56

foundation, with funding also provided by the province of The Schiphol Fund
North Holland and the Ministry of Infrastructure and Water The Schiphol Fund promotes sports activities. Four times a year,
Management (Ministry of I&W). it donates to public, non-profit sports associations in the area
surrounding Schiphol Airport for facilities and equipment to
In 2023, we helped approximately 50 people through the encourage more exercise. In 2023, the Schiphol Fund received
individual programmes. We also completed a number of large, 375,000 euros, of which 297,269 euros was donated to 68
area-specific projects, such as the Waterfront and the VVA site initiatives. The Schiphol Fund will have 400,000 euros at its
in Aalsmeer. These provide incentives to improve the quality of disposal in 2024. If you would like to know more about the
public space. We also made progress on innovative programmes Schiphol Fund, please visit our website.
funded by the Foundation, such as Fieldlab, an experiment
exploring options for low-noise building, and DeNoize, a pilot Engaging with stakeholders
project for new insulation technology. Schiphol engages with political stakeholders at a local, national
and international level on a wide range of topics. In addition,
we actively consult and cooperate with the Ministry of I&W, Four times a year, the Schiphol Fund donates to public, non-profit sports
the Bestuurlijke Regie Schiphol (BRS, 'Schiphol Administrative associations in the area surrounding Schiphol for facilities and equipment
to encourage more exercise.
Directorate', a partnership of 56 municipalities and 4 provinces
in the Schiphol region), the Maatschappelijke Raad Schiphol Due to the suspended Experimental Ruling, Schiphol had to
(MRS, 'Schiphol Social Council'), air traffic control (LVNL) and the re-establish the capacity for the summer season via an addendum
aviation sector. on the previously issued capacity declaration. In determining this
addendum, Schiphol took into account the capacity at LVNL,
Although Schiphol is not a formal member of the MRS, we have Royal Netherlands Marechaussee and Customs. Schiphol then
provided the MRS members with information in a number of held various talks with airlines. The outcome is that the airport is
meetings, for example on flight movement forecasts, runway planning to provide a capacity for 293.000 flights in the summer
maintenance and our eight-point plan. Both MRS and BRS season, on the condition that peak times are relieved. This means
were informed about the maintenance strategy and the major that in 2024, there is room for 483.000 flights at Schiphol.
maintenance of the Kaagbaan Runway in 2024.
Schiphol Group actively engages with local councils, aldermen
The year 2023 was a challenging year for the community and for and other regional stakeholders. Together with LVNL, we
The Schiphol Quality of Life Foundation completed a number of large, the aviation sector. At the beginning of the year, the government
area-specific projects, such as the Waterfront in Aalsmeer. organised a successful knowledge session for the BRS and their
adopted an Experimental Ruling, which is a necessary step to political representatives. The session was attended by 50 people.
The Foundation is in its final phase and will transition into a new create a legal basis for noise enforcement policy and to improve The CEOs of Schiphol and LVNL also attended a meeting in
Environmental Fund in 2024. As part of our eight-point plan, we the legal position for residents. The Ruling sets new noise Uithoorn to address the concerns of our neighbours regarding
will invest 10 million euros in this fund every year for the next limits and caps the total amount of air transport movements the maintenance of the Kaagbaan Runway.
seven years. (ATMs) per year at 460,000. However, in November 2023, the
government indefinitely suspended the Experimental Ruling. In the run-up to the early general election on 22 November,
For more information, please visit stichtingleefomgeving.nl. Schiphol is disappointed with this decision, as local residents are Schiphol engaged with the programme committees of the
again getting the short end of the stick. This makes the night political parties and political and influential stakeholders to gain
closure of Schiphol even more important, not to mention the their support for our agenda on issues such as the night curfew,
other measures in our eight-point plan, such as the ban on private Lelystad Airport and the ban on private jets. Several election
flights and the ban on the noisiest aircraft. manifestos support our commitments.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 57

At the European level, we are working closely with our partners features such as green roofs and walls help mitigate the urban
and ACI Europe. Next year's European Parliament elections will heat island effect, reducing surface temperatures and energy
take place in June, and preparations are already underway. In consumption while also supporting air purification. Beyond
the European context, we are particularly active on issues such environmental advantages, biodiverse buildings provide natural
as the European entry/exit system, expanding the development spaces that are shown to boost people’s well-being and mental
and production of sustainable aviation fuels, slot reform and health.
carbon leakage.
Embracing biodiversity in building practices aligns with
Biodiversity sustainability goals, making urban spaces more resilient and
In 2023, Schiphol Airport created a dedicated biodiversity policy conducive to healthier living. To facilitate this, Schiphol has
that captures the importance of biodiversity to the airport and created a summary of different initiatives to align designers and
its stakeholders. The policy aims to help promote, maintain and architects with Schiphol Airport’s vision for biodiverse buildings.
preserve biological diversity, which refers to the variety of life
on Earth at all levels, from genes to ecosystems. Going forward, Measuring environmental impact during the procurement Our important economic contribution includes our role in supporting
our employees and third parties will be able to use the policy process is another priority. By integrating considerations for a wide range of jobs, from high-skilled positions to those requiring
fewer qualifications.
to embed biodiversity in projects taking place at the airport site. biodiversity and adhering to eco-friendly certifications such as
A key initiative will involve adjusting our grass-mowing strategy EcoVadis, Schiphol can strategically manage risks associated with
airport, airlines and the surrounding metropolitan region,
and increasing our use of pollinator mixes. environmental impact and resource use. This approach aligns
highlights the integrated nature of its operations. This ensemble
with aviation industry regulations and underscores our
of interconnected businesses and activities not only facilitates the
A further aim is to promote biodiverse buildings by recognising commitment to responsible sourcing practices.
flow of people, goods and knowledge but also drives innovation
their multifaceted benefits. Green architecture enhances urban
and cultural exchange.
ecosystems, offering habitats for diverse flora and fauna and
contributing to local biodiversity conservation. In addition, Societal value The regional airports within Schiphol Group, including Eindhoven
Airport and Maastricht Airport, complement the main airport’s
Schiphol Airport is a key contributor to the Netherlands’ identity
services. These airports cater to regional business and leisure
as a trading country. It is also a key contributor to the nation’s
travel, supporting the concept of selective growth and focusing
success on an international level. Its extensive network and
on non-mainport destinations. This strategic approach helps
modern infrastructure make it a vital gateway to Europe and an
distribute air traffic, contributing to the overall efficiency and
indispensable hub for international commerce. Indeed, Schiphol
sustainability of the Dutch aviation sector.
is much more than an airport: it is a comprehensive ecosystem,
supporting a wide range of activities and businesses that extend
Air freight
beyond its runways.
Schiphol Airport also plays an important role in air freight.
The combination of passenger and cargo transport makes
AirPort City Schiphol
it a pivotal marketplace for logistics. Its strategic location
Schiphol Airport is an excellent example of an AirportCity: a
and connectivity have attracted European headquarters and
leading, efficient airport that operates 24/7, providing essential
distribution centres, facilitating the development of local
services to businesses and visitors alike. This non-stop operation
companies into international players. The types of goods
has an impact on the Amsterdam region, attracting international
transported via air freight from Schiphol Airport – ranging from
companies and institutions, thereby fuelling economic growth
perishable items to high-value electronics and pharmaceuticals –
In 2023 we have given biodiversity an impulse in our organisation and job creation. The concept of airport city, encompassing the
by composing a biodiversity policy that captures the importance of underscore the airport’s importance in global trade.
biodiversity on Schiphol Airport.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 58

Tourism
Tourism is another key area where we make an impact. Our
airport’s extensive network connects the Netherlands to major
global cities, driving the growth of the tourism sector. Its role as
a hub for transit and transfer passengers enhances its capacity
to connect a multitude of destinations, crucial for maintaining a
robust network. This, in turn, supports the Dutch economy, with
tourism being a considerable source of employment and revenue.

Dynamic job market

Our important economic contribution includes our role in
supporting a wide range of jobs. More than 1,300 employers
are connected to the airport, with a combined employee base of
approximately 71,000 people. Our airport’s 24-hour operations
therefore create a dynamic job market, attracting a diverse
workforce and supporting various sectors, including logistics,
retail, hospitality and more. In addition, our Quality of Work
pillar aims to provide inspiring and attractive working conditions
for Schiphol’s employees, promoting health, safety, and positive
labour relations.
 Network Lo
ICA destinations
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements
126
Royal Schiphol Group - 2023 Annual Report 59

Quality of Work
Safety Sustainability
Net Safety Score CO2e emissions1

96.2 -65%

Airlines S
On-time Performance
Royal Schiphol Group places a 59%
Schiphol Group, the managing entity of Schiphol Airport, a key
strong emphasis on the Quality hub for global travel, is undergoing a major transformation to
Top performance indicator Quality of Work

of Work, acknowledging its enhance its operations and services. Building on insights from the Employees Passengers
Net Promoter Score
role not only as a social
Employee Promoter Score
Schiphol Social Agreement 2022, the leadership of Schiphol
Group has increased its commitment by introducing a fourth pillar 24 36
responsibility but also as to its overarching Vision: the Quality of Work. This initiative aims
a response to significant to redefine the essence of work at Schiphol Airport for everyone
labor market challenges. involved, contributing or our goal of becoming the world’s most
sustainable and high-quality airport.
This commitment extends
beyond Schiphol Group's direct The year 2022 brought valuable lessons about the labour
employment, encompassing market’s complexities and their effects on airport operations.
Other provisions from the Social Agreement 2022 materialized
Much of the airport’s functionality depends on labour-intensive
the entire value chain. services, including security, cleaning and ground-handling. We in 2023, including the introduction of the License to Operate for
discovered the importance of balancing labour market needs ground-handling staff and the establishment of a social standard
with the operational requirements of Schiphol Airport. Dealing for working at Schiphol. These initiatives laid the foundation for
with the changing nature of the labour market added further the Quality of Work strategy, culminating in the 'Team Schiphol
complexity to managing Schiphol’s operations. Check-In' document, outlining principles for quality of work
in tenders.
Schiphol Group recognises its social responsibility, not just as an
employer but also as a client and operator of the airport. At In October 2023, Schiphol Group and unions reached a successive
the core of this responsibility is ensuring a work environment Social Agreement, comprising two parts: the temporary
at Schiphol that is not only productive, but also safe, healthy continuation and phasing out of the labor market allowance
and appealing. We aim to restore Schiphol’s magic, creating a and the establishment of a joint Quality of Work agenda. The
place where people not only earn fair wages but also enjoy a labor market allowance was extended until September 1, 2024,
harmonious work-life balance. with a reduced allowance of 0.70 euros per worked hour from
September to December 2024, after which it will be definitively
Moving into 2023, together with the unions and sector partners, ended. Schiphol Group agreed to support and automatically
the agreements of the Schiphol Social Agreement 2022 were follow wage and payment rises in CLAs of suppliers as part of
executed. The labor market allowance of 1.40 euros per hour, its commitment to labor market dynamics outlined in the new
applicable to positions related to security, cleaning, PRM, and Social Agreement.
private bus transport, was eventually planned until September 1,
2023. An additional 'object Schiphol allowance' of 2.50 euros per
hour was secured for security staff, aiding in the recruitment of at
least 1,000 extra security personnel in 2023.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 60

Employment practices Improving the employee journey at Schiphol

own workforce Our 2023 Employee Net Promoter Score (eNPS) at Amsterdam
Schiphol Airport shot up to 24 in 2023, a considerable leap from
In 2023, as in previous years, we want our employees to feel the previous year’s score of 7 and exceeding our ambitious target
welcome, comfortable, valued, inspired and proud to work of 20. This improvement reflects a positive energy that increases
for Schiphol. Our employees at Schiphol Group have faced our pride in our organisation. Colleagues are increasingly
operational challenges, which has increased the need for better recommending us as an employer, a sign of recovery and
cooperation between departments. The tight labour market confirmation that we are on the right track.
and reputational pressures presented recruitment hurdles, and
the implementation of wage increases added another layer of In our Schiphol Survey 2023, we excelled in autonomy,
adjustment to the employee experience. employability, commitment, social security, sustainable
employability and team leadership, scoring 7 or higher on all
In this section we highlight several key initiatives that have themes. While the first five themes exceeded the benchmarks,
contributed to the continued development of Schiphol as a collaboration between departments still needs improvement. We Our 2023 Employee Net Promoter Score (eNPS) at Amsterdam Schiphol
workplace where employees thrive and feel inspired. are committed to taking action. The evolution of our employee Airport soared to 24, a considerable leap from the previous year’s 7,
surpassing our ambitious goal of 20.
survey over the past five years has led us to measure feedback

our efforts to create a modern and dynamic working

more often. Starting in Q1 2024, we will work together to collect
Total workforce in 2023 environment. At the same time, we were also committed to
valuable feedback more frequently, focusing on pulse
(Per location, in % of total average FTEs of 2,664) improving the working environment in 2023. SHG and Skyport
measurements to improve collaboration and our working
will be the places where our employees will be accommodated.
environment. The ‘Schiphol as an employer’ study in early 2023
2.9% 1.6% Both lots are yet to be realized, which is why it is a multi-year plan.
4.3% responded to changes in perception following COVID-19. We
But we already start with the housing concept. These efforts
identified areas for improvement, emphasising recognition,
Schiphol 2,571 underline our ongoing commitment to cultivating a stimulating
appreciation and personal attention to foster a positive working
and progressive working environment within our organisation.
Rotterdam 121 culture.
2,820
Eindhoven 82 Addressing a challenging recruitment
The success of the Employee Experience event, which addresses
Lelystad 46 environment
HR communication needs, reaffirms our commitment to regular,
Like other employers in the Netherlands, Schiphol Group has felt
informative gatherings that promote transparency, engagement
91.2% the effects of an increasingly tight labour market in a growing
and collaboration across our organisation. We look forward with
and more complex operation compared to the COVID-19 period.
confidence to 2024, where we will continue to grow and thrive
Consequently, there has been a sharp increase in the number of
together in our quest to bring back the magic to Schiphol.
Employees in 2023 vacancies. This prompted us to professionalise our new strategic
recruitment vision per department and as whole last year.
Internal
Transitioning to a hybrid and inspiring workplace
Numbers by location Joined mobility Left
Schiphol Group's journey to a hybrid and inspiring workplace has
We have also made an effort to understand the data and results.
Group 644 411 219 been crucial in the post-COVID era. In 2022, when we welcomed
To this end, a very detailed recruitment dashboard has been
back our employees, we implemented a series of measures to
Schiphol 578 404 178 delivered in collaboration with IT, which provides insight into the
make this transition seamless. Due to the growth of the
Rotterdam 32 0 24 entire recruitment funnel. As a result, we are able to monitor
organisation, the structural new workplace concept is yet to be
how successful we are at each step of our recruitment process.
Eindhoven 20 5 15 implemented. This upcoming milestone is an important step in
Finally, as part of our wider single system vision, we are currently
Lelystad 14 2 2
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 61

regarding the retention of current employees and development development, but also to cultivate a culture where authentic
Introducing the Schiphol opportunities within the sector. Schiphol has also ensured, in conversations thrive. Together, we will build a resilient and agile
Career Hub cooperation with the five responsible security parties, that 1,250 organisation capable of meeting the challenges of the future.
new security officers have joined the sector. By joining forces,
As an employer, we recognise the importance of optimising processes and adopting a candidate-first approach,
continuous improvement to promote the happiness this great result has been achieved. Diversity, equity and inclusion
and well-being of our employees. This commitment own workforce
is essential to ensure the future resilience and social Celebrating fair compensation
responsibility of Schiphol Group as an organisation. In February 2023, Schiphol Group reached an agreement with the Given Schiphol Group’s important role in society, we
trade unions VPS, FNV and CNV Public Services on the acknowledge our responsibility to actively pursue a policy of
In 2023, we introduced the Schiphol Career Hub, an continuation of the Collective Labour Agreement (CLA). The CLA diversity, equity and inclusion (DE&I). Recognising the profound
initiative aimed at providing comprehensive insight into covers the period from 1 April 2023 to 30 September 2024. impact of our actions on our employees, we are committed to
career and development opportunities. Our aim is to creating an environment that guarantees equal treatment and
empower everyone within our organisation and the In financial terms, there was a significant shift in contractual opportunities for everyone.
industry as a whole. Recognising a real demand within wages, which increased by 8% from 1 April 2023 and by a further
our organisation to sustain the Career Hub, we are 3.25% from 1 January 2024. At the same time, we phased out the
pleased to report 30 visitors in the first two months participation scheme from 2023, which was seamlessly integrated
since its launch after the summer. Every Thursday the with the 8% salary increase. Payments for 2022 followed the usual
Career Hub is open and staffed with representatives from schedule and were made in May 2023. The traditional year-end
Recruitment, Learning & Development, Career Coaching bonus was converted into a 13th month salary, escalating from
and HR Advice. 6.75% to 8.33%.

In addition, the Career Hub organises (online) inspiration Another important agreement concerns the minimum hourly
sessions on career opportunities and related topics on wage. From 1 April 2023, the minimum hourly wage for each pay
the first Thursday of every month. In this fast-changing, grade was set at 14 euros, underlining our commitment to fair
dynamic world, learning and development are more compensation. The decisions made in the agreement were
important than ever. Schiphol Group therefore wants to reached in the context of challenging economic times and a tight We are committed to creating an inclusive and supportive environment
support all its employees in this in the best possible way. labour market. Overall, these collective agreements reflect a that embraces and empowers all individuals, regardless of background,
age, race, gender, sexual preference or other (personal) preference.
balance between addressing the financial needs of employees
and navigating the broader economic landscape. Schiphol To this end, we have made DE&I as part of our ‘Destination’.
implementing a new recruitment system, SAP SF. This new system Group’s response to the challenges of the times underlines its As DE&I reflects both society and Schiphol Airport’s customers,
should ensure that the recruitment process is simplified and the commitment to fostering a positive and equitable work we believe that these are important prerequisites for operating
candidate process is improved. The main objective is to improve environment. as a successful organisation. In addition, DE&I are important
and shorten the candidate journey. steering points in the relationship with employees and other
As we look ahead to the coming year, our focus is clear: stakeholders, especially with regard to (personal) leadership. To
Together with the Schiphol Aviation Community (LCS), we have developing strong leadership and preparing our organisation for achieve the above, we are continuously working to become an
worked hard to increase the visibility of Schiphol Airport as meaningful conversations. We are on the cusp of an exciting organisation where DE&I are self-evident to all employees, and an
an attractive place to work. Various job events were organised period of growth and transformation. With the launch of our new attractive workplace where all colleagues feel welcome and work
and the work and learning platform was further developed. In performance management system and a company-wide together in diverse and inclusive teams. We are committed to
addition to vacancies, content was also developed and described leadership programme, we aim not only to support professional creating an inclusive and supportive environment that embraces
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 62

and empowers all individuals, regardless of background, age, to celebrate the (in)visible differences of all our colleagues, the Gender split in 2023
race, gender, sexual preference or other (personal) preference, participation in the national Young Talent Award, a celebration (Per location, in % of total no. of staff)
which was confirmed this year with the start of our first full-time to mark National Diversity Day and gatherings about ‘The 7 check 100%
DE&I Business Partner. marks’ and generational differences.

In 2022, we measured the DE&I status of the organisation in During National Diversity Day, the Schiphol DE&I games were 50%
collaboration with the Netherlands Inclusivity Monitor (NIM). launched. The DE&I games consist of three games: statements, 30
Schiphol received the results in 2023. Overall, our employees rate seconds and a quiz. The games are a fun and easy way to start a 69% 31% 69% 31% 80% 20% 50% 50% 78% 22%
Schiphol as a more inclusive organisation compared to the Dutch conversation with colleagues about DE&I. This conversation is
benchmark see graph below. important because we are committed to ensuring that everyone Group Schiphol Rotterdam Eindhoven Lelystad

feels welcome at Schiphol Group and has access to equal

Male
DE&I status 2023 opportunities.
Female
100%
Externally, we continued to strengthen our relationship with
other parties such as Workplace Pride and Emma at Work. Looking ahead to 2024, the DE&I Business Partner, together with
50% Together with Workplace Pride, we signed the Amsterdam the DE&I Board, will continue to support improvements regarding
Declaration and once again participated in the Emma at Work DE&I within the organisation and increase awareness of DE&I. We
59% 56% 54% 54% mentoring programme. We also regularly communicated will continue to follow up on the DE&I NIM measurement actions,
externally about DE&I at Schiphol Group. We also asked Abra to improve the DE&I dashboard and organise more events and DE&I
Majority group Minority group
check our Schiphol app for iOS and Android for online talks for our colleagues.
accessibility. The results are positive: ours is one of the better
Royal Schiphol Group
performing apps tested by Abra. There is some room for
Dutch Benchmark
improvement in terms of visibility and readability.

Employees who feel different from other colleagues feel accepted

within the organisation. It was noticeable that employees who Age categories by headcount in 2023
work on a permanent basis and/or have a practical educational (Per location, in % of total no. of staff)
background and/or a migration background perceive our 75
organisation’s inclusion less positively. As a result, we have
identified follow-up actions. A first step has already been taken
50
by updating the dress code policy for employees wearing Royal
Schiphol Group branded clothing, which is now more inclusive
and gender neutral. 25

Other notable highlights during the year included the 13% 33% 54% 12.6% 30.7% 56.8% 13.0% 55.0% 33.0% 22.0% 50.0% 28.0% 27.5% 52.9% 19.6%
organisation of several events and DE&I talks to promote DE&I
Group Schiphol Rotterdam Eindhoven Lelystad
awareness among colleagues, including a traditional Iftar, a ‘DE&I
movie afternoon’ for colleagues and their children, a Keti Koti <30
event to commemorate the abolition of slavery in the former
30-50
Dutch colonies, the Amsterdam Pride Walk, VisAble made Visible
>50
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 63

Employment practices value chain For security staff, an additional ‘object Schiphol allowance’ of 2.50 Working conditions
euros per hour was agreed in an additional Social Agreement for Schiphol Airport, as a workplace, faces vulnerabilities and
With the fourth pillar of our Vision, the Quality of Work, Schiphol Security (in October 2022) and implemented structurally in the challenges in ensuring safe and healthy working conditions.
Group is not only assuming social responsibility, but is also sectoral collective labour agreement (CLA) for private security. For this reason, Schiphol Group and its sector partners are
facing up to major challenges in the labour market. These Both allowances supported the successful centrally organised undertaking various initiatives to improve working conditions
responsibilities and challenges relate to the people who work efforts of Schiphol Group’s recruitment team to recruit at least at Schiphol Airport. Part of the Social Agreement was a plan
at Schiphol, not only those employed by Schiphol Group, but also 1,000 additional security staff in 2023 for the security companies, to renovate all rest areas and sanitary facilities for employees
those who work for employers throughout the value chain. thus helping to solve the staff shortage in airport security. working at our airport terminal, platforms and baggage halls.
New designs for these facilities have been piloted and the first
In a complex ecosystem with a highly interdependent value chain Other provisions in the Social Agreement 2022 that were renovations have begun.
consisting mainly of labour-intensive services, the quality of work implemented in 2023 include the introduction and
is of fundamental importance. On the one hand, quality of work implementation of the license to operate for ground-handling In addition to the improvement of working facilities, more
contributes to people’s wellbeing through income security and a staff and the development of a social standard for working at fundamental working conditions were called into question. After
good work-life balance. On the other hand, quality of work leads Schiphol Airport. The latter has resulted in a document with on-site inspections, the Dutch Labour Inspectorate concluded
to quality of service in the value chain of the airport operations. ambitions for the Quality of Work strategy and the translation of that work in the baggage halls was too physically demanding,
those ambitions into a basis of assumptions for a code of conduct with too many suitcases being lifted by hand per employee. The
Labour conditions for suppliers (of labour-intensive services), laid down in ‘Team ground-handling companies and Royal Schiphol Group drew
Together with the trade unions and our sector partners, Schiphol Check-In’. These will then be the guiding principles for up a joint plan to minimise the physical strain of baggage
we implemented the agreements in Schiphol Group’s ‘Social the quality of work for requirements and award criteria in handling. Both Schiphol Group and the ground-handlers
Agreement 2022’ in 2023. Until 1 September 2023, employees tenders. have complementary responsibilities as airport operators and
in positions related to security, cleaning, PRM (Passengers with employers. By the end of April 2024, every workstation in the
Reduced Mobility) and private bus transport (on the platform) In October 2023, Schiphol Group and the unions concluded a baggage halls must be equipped with a lifting aid. Schiphol
were paid the labour market supplement of 1.40 euros per hour. follow-up Social Agreement. The new agreement consists of two Group started ordering, purchasing and implementing various
parts: the temporary continuation and phasing out of the labour types of lifting aids in 2023. In the longer term, Schiphol
market allowance, and the establishment of a joint Quality of
Work agenda.

The labour market allowance of 1.40 euros per hour worked will
be paid until 1 September 2024, and from September until the
end of December 2024 an allowance of 0.70 euros per hour
worked will be paid. After that, the labour market allowance will
be permanently discontinued. Schiphol and the trade unions
have agreed that this kind of allowance, or other primary wage
elements, belong at the collective bargaining tables of employers
and trade unions in sectors or companies. For this reason, it was
also agreed in the new Social Agreement that Schiphol Group, as
a client, will automatically support and follow up wage and
payment increases in the CLAs of its suppliers.

An important development in improving working conditions concerns

minimizing the exposure to hazardous substances, like diesel of airplane Schiphol Group and sector partners undertake several initiatives to
motor emissions, of employees working at the platform. improve the working conditions at Schiphol.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 64

Group is investigating the possibility of fully automated baggage Safety at work

handling at the airport. Schiphol Group works hard to ensure the well-being of our airport
employees and all visitors to our facilities, and we regularly carry
Another important development in improving working out risk assessments in the workplace. Work-related accidents
conditions concerns minimising the exposure of employees that result in absences and are registered as Lost-Time Injury
working on the platforms to hazardous substances, such as diesel Frequency (LTIF) are calculated on the basis of the number of
or aircraft engine emissions. In this case too, the conclusions of incidents per million hours worked. This allows us to compare
inspections by the Dutch Labour Inspectorate have prompted our performance with other companies. While it is important
industry partners to work together to find solutions to minimise to measure lost time, we believe that every accident is one too
exposure to hazardous substances. One of the solutions is to many. In 2023, Schiphol Airport (excluding the fire department)
electrify all aircraft maintenance equipment on the platforms (see recorded an LTIF of 1.6 (2022: 1.2), while the LTIF score for the fire
also ‘Clean mobility’). Other measures include starting aircraft department was 7.7 (2022: 12.3). Both the LTIFs for Schiphol
engines further away from the platform and stopping APUs Airport and the fire department were below the previously
earlier before they reach the platform (see also chapter ‘Air In a complex ecosystem, with a highly interdepent value chain set limits of 1 and 22 respectively. Over the past five years,
pollution’). Various experiments will also be carried out, such as mainly consisting of labor-intensive services, quality of work is of the absolute number of lost-time incidents leading to injury
fundamental importance.
the wearing of face masks while working on the platform. at Schiphol Airport including the fire department fluctuated
between 4 and 8, resulting in an average of 7 (2022: 6.4). The LTIF
Labour relations
Job content In the highly interdependent Schiphol ecosystem, it is important
for construction work was 1.6 and for maintenance work 2.3. In
Sector partners and Royal Schiphol Group work together in the 2023, there were 0 fatal incidents involving our own employees
to have stable labour relations and labour peace. For this
Schiphol Aviation Community (LCS) and with regional training or contractors. To ensure that everyone can work safely at our
reason, Royal Schiphol Group and the trade unions started a
centres to strengthen Schiphol Group’s labour market as an airport, we have placed all important information online.
structural social dialogue in early 2023. The implementation of
attractive place to work. The main focus of the LCS is to develop,
the agreements in the Social Agreements is being monitored
initiate and/or support initiatives to improve employability, For more information refer to the Safety first chapter.
by the social partners. In addition, the social dialogue serves as
development and education. For example, organising pilots for
a process to set the agenda and plan collaborative initiatives
task rotation in cleaning jobs or talent sharing between different
aimed at enhancing work quality throughout the value chain.
types of employers at Schiphol Airport or exploring the possibility
The renewal of the Social Agreement for 2023 (and beyond) was
of a pilot for a (multi-disciplinary, multi-purpose) ‘labour pool’.
based on the social dialogue discussions.
The latter is part of the new Social Agreement. LCS also plays
a coordinating role in the Aviation Inclusive programme, an
The social dialogue structure will be extended to sub-sectors such
initiative offering support to individuals who have difficulty
as security. Security companies, security agents, trade unions,
accessing employment.
trade union members and Royal Schiphol Group participate in
specific working groups on rosters and working conditions in
Moreover, LCS plays a coordinating role with regard to internships
security. A social dialogue will also be started for the airport
at the various companies at the airport. Part of the Social
cleaning services.
Agreement 2022 included establishing guidelines for internships
at the airport, primarily aimed at secondary vocational education
(MBO) students. In the renewed Social Agreement 2023, Royal
Schiphol Group and the trade unions agreed to evaluate the
internship guidelines and to set a minimum internship allowance
of 350 euros per month.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 65

Quality of Service
Royal Schiphol Group aims
At Schiphol Group, our vision is to create the most sustainable and By stimulating connections between people, businesses and ideas
to provide its passengers high-quality airports in the world. This vision is underpinned by from around the world, our real estate and commercial teams
and other customers with an our commitment to delivering a seamless and engaging play a key role in enriching the local business ecosystem and
unrivalled Quality of Service. passenger experience, supported by digitally-enabled and knowledge economy. We provide our tenants with world-class
efficient airport operations. In response to the challenges of long workspaces that add value to their operations.
By harnessing digital tools security queues in 2022, we made decisive improvements in 2023,
and processes and working focusing on supporting and growing our operational workforce. Through the use of technology and data analytics, Schiphol
closely with our partners to Our strategic investment in people and technology has improved Airport continuously strives to improve the passenger experience.
service standards. This was particularly evident during peak travel Smart maintenance initiatives provide valuable insights into
introduce innovative concepts periods, such as the May and summer holidays, when we asset performance and maintenance needs. In addition, our
and services, we seek to successfully met our service targets, with 93% of passengers collaboration with the aviation chain, in particular through
orchestrate a smooth and passing through security in less than 10 minutes. the Airport Operations Centre (APOC), enables comprehensive
management of key aviation processes. This collaborative
inspiring airport experience for In 2023 we also announced a significant investment in our airport approach facilitates efficient knowledge and data sharing with
all our visitors. Network Local 2024
infrastructure and facilities. Between residents and 2027 we will be
Reputation Score
our key aviation partners, ultimately benefiting our customers.
ICA destinations
investing 3 billion euro into catching up on maintenance and
126 6.0
upgrades. This demonstrates our commitment to improving the
quality of our physical assets. Consumer and end-user experience
Safety Sustainability Network Local residents
Net Safety Score CO2e emissions1 ICA destinations Reputation Score
Our concept of quality of service extends beyond air travel. Our At Schiphol, we continuously monitor the satisfaction levels of
96.2 -65%
airports serve as dynamic hubs where people from all walks 126 6.0
our passengers and other customers as part of our efforts to
of life – travellers, business people, students and researchers – maintain a high Quality of Service.
Airlines come together. Safety Shareholders Sustainability
Passenger experience
On-time Performance Net Safety Score Return on Equity2 CO2e emissions1

59% 96.2
Top performance indicators
3.1%
Quality of Service
-65%
Schiphol Group's ambition is to return to the top three in the
Airport Service Quality (ASQ) benchmark (through which our
Employees Passengers Airlines quality perception levels are compared with the medium-to-large
Shareholders
Employee Promoter Score Net Promoter Score On-time Performance Return on Equity
hub airports in Europe). We compare ourselves to seven other
2

24 36 59% 3.1%
European hubs: Paris Charles de Gaulle (CDG), Copenhagen
(CPH), London Heathrow (LHR), Madrid (MAD), Munich (MUC),
Employees Istanbul airport (IST) and Zurich (ZRH). In 2023, Schiphol remained
Passengers
Employee Promoter Score
in last place.
Net Promoter Score

24 36
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 66

We measure the passenger experience at the key touchpoints By implementing a trolley service at departures and in the long
of our passenger journey over time. In 2023, the willingness to queues on the piers before arriving at passport control, we gave
recommend (Net Promoter Score; NPS) recovered from a decline our passengers a warm welcome by distributing food and drinks.
in 2022 caused by staff shortages in security and third parties For arriving passengers, we provided complimentary coffee,
(KMAR, ground-handlers, retail staff and food and beverage snacks and refreshments to welcome and invigorate them.
outlets) combined with high passenger volumes resulting in long
queues and waiting times. The NPS improved to +36 at the end We also piloted and rolled out our security check timeslot
of 2023 (moving average – on target). With this score, the NPS is booking system at no cost to passengers and across all our
back to its pre-COVID-19 level of late 2019. The improvement is departure security filters. Its successful implementation
due to better perceptions of waiting times at security (as a result demonstrates our commitment to improving the passenger
of more available staff) and check-in, friendliness of staff, ease experience. With up to 22% of travellers having booked a slot on
of making connections for transfer passengers and ambience. peak days since its introduction, and an overwhelming 98% of
In 2023, passengers felt more welcome, in control and better travellers expressing satisfaction, this initiative has clearly been a
informed than a year ago. Waiting times at passport control (both resounding success for both passengers and our operations, as it
on arrival and departure) and baggage reclaim remain points has also helped to divert around 7.5% of passengers away from
of attention. our busiest times, directly improving demand in the security lanes. The SSUs are part of our larger Passenger Experience Platform
concept, which is available from Schiphol to other airports as a
comprehensive solution.
Improving the passenger experience We have also continued to develop the Self-Service Units (SSUs),
In 2023, we focused on making passengers feel welcome by a passenger information kiosk that allows users to access flight Adding value for airport visitors
introducing a (Schiphol-branded) hospitality team at departures, information, locate gates and other points of interest, and even To ensure Quality of Service, we pay close attention to the
arrivals, airport piers and lounges. The core tasks of the hospitality initiate a video call or chat with an airport assistant. In 2023, we evolving preferences of our airport visitors and other customers,
specialists are to inform, guide and reassure passengers. introduced several unique features such as personalised and are constantly looking for new ways to engage and
itineraries, move-to-mobile (where a user's session continues on support those who use our services. In recent years we have
their mobile by scanning a QR code) and continuous CSAT introduced innovative retail and food and beverage concepts and
measurements to gather both quantitative and qualitative implemented solutions for a more personalised, connected and
passenger feedback. Behind the scenes, we are able to technology-driven airport experience.
orchestrate a continuous stream of feature delivery based on this
feedback. We are increasingly creating dedicated shopping experiences in
our terminal, ranging from well-known Dutch brands to lavish
The SSUs are part of our larger Passenger Experience Platform luxury experiences. Schiphol welcomed several new shops and
concept, which is available from Schiphol to other airports as a concepts. Airside, we introduced new store concepts with the
comprehensive solution. Its purpose is to provide travellers with Omega and Bruna brands. We also reached agreements with
a holistic and personalised airport experience and retail Louis Vuitton and Bulgari for store openings in 2024. In addition
recommendations that are aligned with their flight itinerary and to the introduction of several new food and beverage concepts,
tailored to their individual needs. The value of the platform lies this year saw the opening of the Bubbles Bar in Lounge 2, which
not only in the improved traveller experience, but also in the new combines luxury retail with gastronomy. On the landside, Rituals
To ensure Quality of Service, we pay close attention to the evolving revenue opportunities that can be directly exploited by an airport and Victoria Secrets reopened after renovations. In terms of
preferences of our airport visitors and other customers, and are constantly operator. food and beverage, the Dutch brand FEBO will be added to the
looking for new ways to engage and support those who use our services.
current offering.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 67

With air traffic numbers at our airports increasing continuously in

Schiphol starts construction of 2023, we are committed to investing in the passenger experience
the largest car rental location in and ensuring safe, inspiring and comfortable journeys. We have
the Netherlands made great strides in making operational data available to our
passengers through digital channels and in the terminal. In this
In 2023, the construction of a new car rental location at way, we increase transparency and reduce passenger stress.
Schiphol Airport began. We are transforming our former
P4 car park into a new, future-proof car rental location Airline satisfaction
with a total surface area of 40,000 m2. The car rental After a challenging year for our airlines, partners, passengers and
service centre will be the largest car rental facility in the ourselves, it was good to see that our summer operations were
Netherlands, with space for around 2,500 vehicles. successful again in 2023. The many efforts and close cooperation
between our airlines and partners were essential to accomplish
The five largest car rental companies at Schiphol these results. Data sharing and joint planning were essential steps
Airport will come together in five buildings under in achieving this success. It required a lot of flexibility from all We are increasingly creating dedicated shopping experiences in
one roof, which will be covered by 17,000 m2 of parties involved. It was encouraging to see that both airlines and our terminal, varying from recognizable Dutch brands to lavish
luxury experiences.
solar panels. The solar panels will generate a large partners were willing to contribute and be flexible in their
amount of electricity, equivalent to the annual energy approach. Schiphol a place to meet, not just a place to work. We care about
consumption of around 1,000 households. The new the well-being of everyone who works in our office buildings at
electrical infrastructure will allow more than 300 electric The benefits achieved not only underline the success of our Schiphol every day.
cars to be charged simultaneously. summer operations, but also provide valuable learning
opportunities. The ability to learn and grow together from the Our community platform SPOT gives our tenants a sense of
With the electric facilities at the new car rental service lessons learned strengthens the partnership and confidence for connection and the opportunity to share experiences and
centre, Schiphol Group is investing in the transition to 2024. The interdependence and the fact that working together knowledge. In 2023, we organised the first SPOT festival with
electric mobility to and from the airport and encouraging pays off underlines the importance of a joint effort. We will and for our tenants. SPOT also promotes a healthy lifestyle by
car rental companies to switch to electric vehicles. This continue this for 2024, working towards a strong and resilient offering many sports and leisure activities.
contributes to our goal of making transport to and from partnership, working together as one Team Schiphol. We will
our airport as sustainable as possible. Construction is focus particularly on maintaining and securing adequate Creating sustainable workspaces
expected to be completed by the end of 2024. resources at Schiphol Airport, which are essential for our airlines We are constantly adapting and improving our leased facilities
and partners to ensure smooth operations. Furthermore, we will as part of our ambition to become a zero-waste, zero-emission
continue to engage with airlines regarding their network plans organisation. We cannot do this alone, so we work closely
and any potential capacity reductions. with our tenants to become more sustainable. Working with
our tenants, we have saved around 20% of gas consumption
Inspiring environment for tenants (compared to 2022), mainly by talking about behaviour and
Schiphol Real Estate (SRE) aims to create an inspiring work adjusting settings in our buildings.
environment for our more than 450 tenants and 65,000
professionals; a place where people can connect, meet and work In 2023, we undertook extensive engineering research that
together. The traditional role of the office has changed. By resulted in a final design for the centralised thermal energy
offering high quality offices and a wide range of flexible working storage system that will serve The Outlook and Avioport, as
and meeting facilities, we meet the changing needs of our well as our headquarters, in the near future. The contractor has
tenants. Our vibrant community of international standing makes been appointed to build the facility and has commenced the
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 68

engineering process. The physical work is scheduled to take place Business continuity In 2023, analyses were carried out on control and dispatch
in 2024 and is expected to be completed by the end of 2024. centres, including back-up facilities and contingency for critical IT
Schiphol has an internal ‘calamity organisation’ that incorporates systems, as well as various security devices.
Schiphol certifies commercial real estate according to BREEAM- training activities, scenarios and governance to be applied in
NL In-Use, an environmental assessment method that enables the event of a major disruption or crisis. In 2023, our calamity Company emergency response
property investors, owners, managers and tenants to determine organisation was activated on 10 occasions for a ‘medium Between 1 January 2023 and 31 December 2023, the company
and drive sustainable improvements in the operational alert’, where there was a real disruption. The Corporate Crisis emergency response organisation of the Airport Operations &
performance of their buildings. Team met three times. The Veiligheidsregio Kennemerland Aviation Partnerships was deployed 3,792 times to respond to the
(‘Kennemerland Safety Region’; VRK) – a regional body that first alarm in the terminal building. Of these, 3,469 were first aid
In 2023, our focus was on implementing the latest BREEAM-NL coordinates the deployment of police, firefighters, ambulances, calls and 323 were fire hazard calls. In 2023, we conducted several
In-Use assessment framework for the certified buildings in our municipal authorities and other parties in the event of an exercises to improve cooperation with the internal and external
portfolio, as BREEAM standards are regularly upgraded. The incident – was involved in a number of precautionary alarms emergency services of the safety region Kennemerland.
World Trade Center (WTC) Schiphol Airport, our tallest office that ultimately did not require an actual response. There were no
building at 56,000 m2, achieved a BREEAM-NL In-Use rating of air incidents requiring an emergency response.
‘very good’ in 2022 and achieved even more points in 2023 within Cybersecurity
this ‘very good’ rating. The Avioport and Transport buildings have Most of the situations where the calamity organisation was
a BREEAM-NL In-Use ‘excellent’ rating and have improved within required involved problems with the baggage system, in total 4 Throughout 2023, Schiphol continued to prioritise secure
this range. The new Cargo Building 17 will be built to BREEAM- out of 10. Another was storm Poly on 5 July and a third incident operations, with a particular focus on cybersecurity. Our Schiphol
NL Excellent standards and will be added to the BREEAM-NL involved a power failure in Terminal 3. All the other four major Cyber Security Centre (SCSC) remained vigilant, protecting our
In-Use portfolio. disruptions were caused by ‘co-makers’, the links responsible for digital processes and sensitive data, while fostering a culture of
transport and handling in our airport’s cargo chain. Problems in resilience and awareness.
Tenant satisfaction the systems of the Royal Netherlands Marechaussee, air traffic
SRE conducts an annual Tenant Satisfaction Survey to understand control, aircraft fuel supply and Dutch Railways (NS) also led to This year, we participated in ISIDOOR, a national cybersecurity
how satisfied our real estate customers are with their rental disruptions in our processes. The main focus in all these incidents exercise, together with KLM and LVNL. This resulted in an increase
partnership and the service we deliver. In 2023, 77% of the was to ensure the safety of passengers and staff by regulating in the quality of cybersecurity, as measured by our level of
respondents described our service as either 'good', 'very good' traffic and passenger flows. participation and the results of the exercise.
or 'excellent'.
Three quick scan evaluations were carried out in 2023. The first Our anti-phishing campaign improved our technical defences
In addition, SRE conducts an annual Tenant Employee Satisfaction concerned the baggage disruption of 5 May, which resulted and staff awareness, minimising the risks associated with
Survey to understand how satisfied our tenants’ employees in some basic recommendations on baggage organisation. The phishing emails. We used innovative tools such as SafeLinks to
are with their working environment (the building they work second looked at the working and communication methods used improve our email security and strengthen our ability to deal with
in and the surrounding area) at Schiphol. In 2023, 86% of the during the storm. And the last assessed the causes of the power potential threats.
respondents described our buildings and surroundings as ‘good’, failure in Terminal 3 and made some recommendations for future
‘very good’ or ‘excellent’. This is very important to us as we want emergency power tests. We also launched a comprehensive privacy and cybersecurity
to provide an inspiring and healthy working environment for training initiative, further emphasising our commitment
everyone who works at Schiphol. Work continued on the systematic examination of business to cybersecurity. This company-wide programme, delivered
continuity risks throughout the service delivery chain. For each in an engaging microlearning format, strengthened our
specific airport process, the resources used and the impact of employees' understanding and responsible handling of
relevant disruptions are identified and potential measures to sensitive information.
further strengthen the reliability of these processes are identified.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 69

In collaboration with KLM and LVNL, we further developed the Security process achievements
ICWOS initiative, which enabled us to share critical information Our tireless efforts to improve security have not gone unnoticed.
on cybersecurity threats and developments. Our joint red- During the May holiday, 98% of departing passengers
teaming exercises proved invaluable in testing and strengthening experienced a security wait of less than 10 minutes, a testament
our collective cybersecurity resilience. Collaboration led to an to the efficiency and effectiveness of our efforts to improve
improved focus on real threats, fostered a cybersecurity aware security operations over last year. This achievement is a clear
culture, and strengthened resilience, underscoring our readiness indication of our commitment to providing a seamless and hassle-
for future cybersecurity challenges. free experience for all travellers.

Innovation In anticipation of the expected capacity in 2023, we strategically

As a part of Schiphol Group’s strategic vision, we are committed increased the required human resources to cope with the high
to developing into a fully autonomous airport. This ambitious number of passengers expected. These efforts have been made
goal presents a unique set of challenges, which we recognise possible by numerous improvements in the security process itself.
and are determined to address. Our drive stems from a deep- Our initiative to streamline data collection for all airport-wide Every source of data is critically analyzed to understand how we can best
rooted belief in the transformative power of this initiative - not security assets provided valuable insights that allowed us to extract its value, enabling us to develop innovative solutions that enhance
passenger experiences.
only for our organisation, but also for our valued passengers increase asset availability to ensure that all security personnel
and stakeholders, as we pioneer unique solutions that are were adequately equipped to meet the expected demand. We We have also embraced digital transformation by adding Security
trendsetters in the industry. also deployed state-of-the-art passenger scanners following the Operations and Aircraft Operations as user groups to the
results of a comprehensive assessment. These allowed us to speed Schiphol Today mobile application. This innovative application
Our journey towards this goal involves a comprehensive up the screening process for security staff and reduce false now supports four key departments at the heart of our
integration of technological advances. From installing complex positive rates. Another notable example is the implementation of airport operations. Several operational processes have now been
networks across our many facilities and assets to ensure seamless the Multiplex pilot programme, which allows security officers to digitised, automated, innovated and accelerated. These include
data collection, to implementing robust firewall systems for evaluate CT scanner images from a lane other than where they sharing operational briefings, gathering the latest operational
enhanced security, our efforts are multifaceted. We are building are physically stationed, resulting in a net throughput increase of insights, conducting inspections and registering incidents. These
our foundation on a state-of-the-art cloud infrastructure capable approximately 5%. efforts have gone hand-in-hand with user feedback to ensure
of processing the huge streams of data in real time. This not that these tailored improvements result in empowered, real-time
only improves our operational efficiency, but also strengthens our Digital innovation knowledge to facilitate their 24/7 operational tasks.
position as a data-driven organisation. The imminent launch of the Airport Operational Database
(AODB) marks a milestone in our quest to streamline our Our continuous improvement of Wilbur, a platform that provides
As many data sources as possible are critically analyzed to extract information about airport operations. As a central repository for real-time insights into key indicators, has been instrumental in
their value, enabling us to develop innovative solutions that airport-wide data, the AODB will be a leap forward from our empowering the security companies that monitor our security
enhance the passenger experience and drive sustainable growth. current system, CISS, ensuring that information is readily lanes. The data provided by Wilbur enables these companies to
We are committed to using these technological advances to accessible and enabling improved operational efficiency for the manage operations more effectively and in real time, providing
optimise our operations, deliver exceptional service and pave the foreseeable future. This development is a testament to our vision valuable and actionable feedback to agents in the field. The
way for a future that is in line with our core values of innovation of a more agile and efficient data strategy for Schiphol. positive response from users is testament to Wilbur's success in
and sustainability achieving its goal.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 70

Airport capacity The new MTP brings together current knowledge of trends and With the lessons learnt in 2023 and the resulting practical
developments, long-term maintenance plans, quality ambitions, acceleration of the maintenance process, major steps have been
Meeting the demands of airlines and passengers and providing sustainability ambitions, improvements in working conditions taken to address the maintenance backlog and put us on track to
a safe, sustainable, reliable and high-quality airport experience and planned developments into a clear definition of the integral meet our 2032 target. By continuing to invest in new technologies
is an ever-increasing challenge. Royal Schiphol Group is feasible capacity available. Based on demand scenarios, gaps are and innovative solutions, we expect to be able to maintain the
undertaking an extensive investment programme to support identified and asset, non-asset and digital solution directions are airport's assets in a cost-effective and environmentally friendly
our short, medium and long-term capacity needs, with several identified and tested for feasibility (operational, financial, etc.). manner, allowing us to continue to meet the increasing demands
major projects underway or in preparation. Our capacity-related The outcome of the MTP defines the development path for the and expectations of passengers, airlines and other airport
investments include the steps we are taking to improve the 10-year time horizon and provides guidance for Schiphol Group's stakeholders.
landside access road system at Schiphol Airport, as well as the development projects, including spatial planning and (large)
construction of a new pier and the redevelopment of Lounge 1. CAPEX projects. The new Pier A and southern development
Schiphol Airport is building a new pier to accommodate large
Master Plan Multi-Year Maintenance Programme and medium-sized aircraft. This pier is necessary to meet future
Schiphol Group is creating a new development framework, Proper maintenance of airport assets is essential to ensure their demand for new aircraft stands and gates. Additional stands can
spatial development strategy and land use plan to guide reliability and availability. Maintenance is determined annually be added to the pier at a later stage.
future airport developments in line with our Vision 2050 and based on the Multi Year Maintenance Programme (MYMP). From
ambitions. The Master Plan aims to enable greater integration 2022, the MYMP has focused on improving the performance of In November 2021, due to ongoing delays and an unpredictable
between infrastructure projects at Schiphol Airport and relevant the assets to support Schiphol Group's 'quieter, cleaner, better' project outcome, we terminated the contract with the former
regional developments, through specific developments such as ambition. contractors of the Pier A construction project, Ballast-Nedam and
the extension of the North-South metro line to Schiphol. The TAV (BN-TAV). We then appointed our framework contractors,
plan also aims to support sustainable aviation by defining the The interests of people, the environment and asset reliability (in Heijmans and Volker Infra, to carry out 'emergency works' to
infrastructure needed to support the transition to quieter and that order) are considered when making decisions about make the pier fully wind and weather resistant, but also to
cleaner aircraft operations. maintenance projects. This provides a practical interpretation of carry out structural reinforcements, air condition the building,
concepts such as socially responsible and sustainable resolve quality issues and complete the pier's aircraft stands to
Mid-Term Plan 2035 entrepreneurship.
In 2023, the Schiphol Group updated its Mid-Term Plan (MTP) for
the next decade and extended its outlook to 2040. The updated Due to the current maintenance backlog at Schiphol Airport, we
MTP, which is based on the Schiphol Group's strategy, focuses on decided in 2022 to accelerate the MYMP with the aim of
regaining control, improving quality and robustness, and creating eliminating the backlog by 2032. This decision is already showing
sufficient room for manoeuvre to enable the necessary renewal positive results. In 2023, the maintenance level at the airport was
projects and major maintenance work to be carried out, such as 120% higher than in 2022. Specific maintenance projects include
the renewal of Pier C and the baggage system in Hall D. The MTP repairs to walkways, security filters and baggage robots in the
also aims to prepare Schiphol Airport to facilitate the renewal terminals, as well as maintenance of airside and landside roads.
of the airline fleet with cleaner and quieter aircraft, as this will The recent increase in maintenance levels is partly due to the close
require more airside space and additional terminal, baggage and cooperation between Schiphol Airport and the private market. By
landside capacity (due to an increase in aircraft seating capacity). pooling expertise and resources at the right time, maintenance
activities can be carried out more effectively and the quality of
the assets optimised.

The new Pier A is necessary to guarantee the future demand for new
aircraft stands and gates, but also to create redundant capacity to be able
to renew or refurbish existing piers.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 71

resolve operational issues. The vast majority of these works were Led by ESAP, a consortium of construction companies SPIE and Taxiways and runways
completed by the end of 2023. Equans, the renovation will be carried out in phases to ensure The Zwanenburgbaan and surrounding taxiways underwent
the lounge remains fully operational. The first phase of the extensive maintenance in 2023 to ensure the reliability of the
Since 2023, BAM oversees the further completion of the detailed redevelopment of Lounge 1 was completed by the end of 2023. runway and to enable the installation of new LED lights. We
engineering and delivery of the construction-ready design. In This is the first step towards improving the retail experience for also carried out extensive maintenance on the taxiways to ensure
October 2023, BAM and Schiphol signed an execution contract passengers in Lounge 1 and working conditions for KLM staff with their reliability.
to finalise the construction of the pier, while BAM started the new offices in the crew centre.
preparatory and pre-construction work. In 2024, we will carry out maintenance work on the Kaagbaan
We expect to complete the Lounge 1 extension in 2024. This will and Bravo taxiway. During the runway maintenance, related
Schiphol and BN-TAV are still in dispute. BN-TAV initiated formal open up the next phase of the project, the further redevelopment projects will be carried out as well, such as a new runway
proceedings in December 2023. Schiphol has received a writ of of the existing lounge, putting the Lounge 1 project on track for intersection, maintenance of the Kaagbaan tunnel and increasing
summons on 8 December 2023 and is preparing its counterclaim completion by the end of 2025. the capacity of the electricity grid. These projects aim to improve
and statement of reply, which will be submitted ultimately on the overall safety and reliability of airside operations.
5 June 2024. Reference is made to note 25 Contingent assets and Aircraft stands
liabilities for the status on the BN-TAV claims with regards to the In 2023, maintenance was carried out on numerous aircraft Completion of dual taxiway system
construction of Pier A. stands in the Pier G, Pier E and Pier D areas. The maintenance (Project Quebec)
project included an element of electrification to support more In 2023, Schiphol Airport made further progress on a project
A further project in the pipeline remains the construction of sustainable airside operations. In addition, we initiated the that started in 2018 to convert Schiphol's Quebec taxiway into
a new terminal (Terminal South), which will help Schiphol expansion of the Sierra platform to replace cargo aircraft stands a dual taxiway system. Project Quebec aims to address two key
to meet its sustainability goals and improve the passenger displaced by the expansion of the dual taxiway system. issues: 1) making the process of directing taxiing aircraft more
experience. In 2023, Schiphol made a high-level integral design, manageable for Air Traffic Control the Netherlands (LVNL), and
where both the baggage system and the construction of the 2) ensuring that aircraft no longer have to queue on the Quebec
basement (and all its electrical and mechanical installations) will taxiway. These improvements will help to increase safety in line
be developed simultaneously. The design is developed by KLAIR with the ambitions of the Schiphol Safety Roadmap, while at the
(Kaan architects, Lamela, ABT and Ineco). In October 2023, we same time improving the quality of service for airline customers
launched a tender for a contractor to assist with the final phase and passengers.
of the development, with the contract to be awarded in the
second half of 2024. The selected contractor is also expected to Construction of Phase 1B of the project began in early 2023.
carry out the construction of the basement and its installations. Roads were removed and repositioned for the construction of
In 2024, Vanderlande Industries will also continue to design a the new security checkpoint 90, including the associated airside
new baggage system that will improve the working conditions for roads. Construction of the new taxiway system also began.
baggage handlers. In early 2024, work on Project Quebec will join the already
scheduled maintenance of the Kaagbaan Runway to complete
Redevelopment of Lounge 1 the associated infrastructure to reduce the impact on operations
In early 2023, construction has begun on the redevelopment of later in the project. The first phase of construction will be
Lounge 1 at Schiphol Airport. The project aims to improve the completed by the end of 2024. In 2025, the second phase will
experience for passengers and employers, while opening up new In 2023, maintenance was carried out on numerous aircraft stands in begin with the relocation of dnata to the new freight station,
the Pier G, Pier E and Pier D areas. The maintenance project included an
commercial opportunities for Schiphol and helping to improve element of electrification to support more sustainable airside operations. which will leave the existing freight station vacant and ready
our operational and asset performance. for sustainable demolition. These steps will create sufficient
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 72

Project Quebec aims to address two key issues: making the process of
directing taxiing aircraft more manageable for Air Traffic Control the
Netherlands (LVNL), and ensuring that aircraft no longer have to queue on
the Quebec taxiway.

physical space for the construction of the double taxiway system,

including new remote holdings.

Implementation of Phase 2 will then begin. This final phase of

the project will relocate the current Quebec taxiway to make way
for the expanded A-Platform, which will require a new layout
to accommodate larger narrow-body aircraft, as well as aircraft
docking on the south side of the new Pier A. Phase 2 is expected
to be completed by 2027.

Project Quebec will continue to promote sustainability and

circularity at every stage of the project. Parts of demolished
buildings are being used in new structures, such as the new
security checkpoint 90. For example, the steel structure of the new
canopy is made from second-hand steel that was released during
the demolition of the existing office building that previously
stood on the site.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 73

Safety first
Safety is Schiphol Group's
At Schiphol Group, we aim to provide safe, secure and responsible Safety and security
number-one priority as an travel for everyone who visits and uses our airports each day. The
airport operator and one of airports in our Group face a range of day-to-day operational risks, We have a responsibility to safeguard the health of our
two key enablers that support while construction projects present further hazards to customers passengers, employees and other visitors by carefully managing
and staff. In 2023, we continued to make progress in improving our facilities and processes. Security is fundamental for safe and
the four qualities of our safety around the airport site at Amsterdam Airport Schiphol. efficient airport operations.
Vision 2050. We invest in
our safety and are working To help us meet our objectives, we rely on high-quality safety
processes, but we also depend on the support of our valued Safety
to develop a strong safety partners and stakeholders, as we work towards the same goal.
culture that unites Schiphol Safety is always top of mind at a busy airport, where we work
employees and partners in a Schiphol Group also works with the Onderzoeksraad voor with a wide range of partners 24/7 throughout the year. In other
Veiligheid (‘Dutch Safety Board’; OVV) as well as external words, safety always comes first, whether at the office, on a
common objective. regulators, and we play a central role in sector-wide safety construction site, in operations or during maintenance activities.
initiatives such as the Integral Safety Management System In light of this, we set ourselves a clear target: zero safety incidents
(ISMS). As part of this integrated value chain approach, we throughout the entire year. We keep close track of our safety
cooperate closely on safety with airlines, ground-handlers and levels and safety performance at our airports through the Net
building contractors. Network Safety Score (NSS).
Local The NSS, which is one of our Top Performance
residents
ICA destinations Reputation Score
Indicators (TPIs), monitors our ongoing safety performance by
126 6.0
taking the percentage of days without serious incidents minus the
Top performance indicator Safety first
days with serious incidents. In 2023, the NSS score was 96.2 (target
Safety Sustainability value for 2023 was 95). We had 7 days with serious incidents
Net Safety Score CO e emissions
1
2
compared to 5 days in 2022. These range from traffic incidents on
96.2 -65% the platform, to trips and falls of employees as well as passengers.
A single fall resulting in injury can therefore significantly impact
Airlines the Net Safety Score. Each serious incident is investigated either
Shareholders
On-time Performance Return on Equity
2

by Schiphol or other parties.

59% 3.1%
In addition to the NSS, we assess our performance on our top
Employees Passengers safety risks, which include bird strikes, runway incursions, fire
Net Promoter Score
Employee Promoter Score
safety risks, electrical safety risks and risks related to construction
24 36 and maintenance. We do this by monitoring the number of
occurrences and the functioning of risk-mitigating measures
(key controls). Safety Performance is reported each quarter and
discussed by Schiphol Airport’s Safety Review Board.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 74

In 2023, 3,883 (near) incidents and potentially dangerous Program (VRP) for substances of very high concern (SHVC) to the
situations were recorded in Schiphol Airport’s Incident Learning Omgevingsdienst (Environment Agency before 1 December. Safety Day
System. The data in our safety database allows us to analyse
incidents and trends and to investigate more serious incidents. EASA compliance Schiphol organises a Safety Day each year to raise
We investigated 7 incidents during the year, an important starting Schiphol Group complies with EASA regulations by regularly employees’ awareness of the importance of safety at
point for us to learn and improve the safety of our processes. undergoing internal and external audits. External audits are Schiphol and how they can contribute to a safer airport
performed by the ILT under the 48-month oversight programme environment. Schiphol’s ambition is to have zero safety
Safety management as stipulated in EU Regulation 139/2014. incidents, which means that safety must always be top-of-
Our company safety management systems outline objectives, mind for our colleagues and partners at all times.
tasks, responsibilities, authorities and working agreements for Licence to Operate for ground-handling
managing health, safety and environmental risks at Schiphol On 1 January 2023, Schiphol Group’s Licence to Operate (LtO) for Safety Day 2023 took place on 30 November, with the
Airport. All operational managers are responsible for effectively ground-handling operations came into effect. The LtO comprises theme of ‘traffic safety’. The day featured an extensive
managing safety risks in their respective processes. The Safety a set of requirements and minimum standards in the areas of programme of lectures, exercises and demonstrations
Review Board formulates policies and goals to realise Schiphol safety, sustainability, and quality, in order to safeguard and focused on traffic safety.
Group’s ‘Safe performance’ strategic objectives. enhance the quality of ground-handling. The LtO includes 16
requirements to which handlers adhere. Examples are the usages
Safety and compliance of lifting aids in the baggage area, a languages proficiency at
Schiphol Group’s Safety Leadership Principles are based on our airside and a minimum amount of self-inspections to assure a
target of zero safety incidents and they require our leaders to clean aircraft stand. Schiphol Group and its ground-handlers
set an example on safety and promote an open and just safety implemented a way of working according to the LtO in 2023,
culture. Initiatives such as safety walks, safety moments and safety overseeing compliance through inspections and audits. The
days are increasingly valued by our employees and other airport lessons learned have been incorporated into a renewed version
site workers, and are now seen as an everyday part of our work. of the LtO that came into effect in January 2024.

Compliance with HSE legislation In 2023, we conducted audits of all six generic ground-handling
Schiphol Group has formed public-private partnerships relating companies. The audits focused on aspects such as the
to inspections and supervisory duties with the Human competence of workers using our assets. Since May 2023, we have
Environment and Transport Directorate (ILT) of the Ministry also carried out 346 inspections on the use of lifting aids. While
of I&W, Rijnland Water Authority, and the municipality of the usage has seen a slight increase, we are closely monitoring it
Haarlemmermeer. These agreements cover activities such as until it reaches the desired level. If any of the 16 commitments are
monitoring threats to aviation safety, inspecting the use of not met, ground-handlers may be required to formulate a
auxiliary power units (APUs), supervising Ground-handling Corrective Action Plan and conduct a root-cause analysis. In 2023, Safety of passengers and visitors
activities and monitoring airside traffic safety. The mutual twelve of these plans were requested by Schiphol distributed In 2023, Schiphol Airport reported 373 (2022: 331) incidents
obligations of Schiphol Group and its partners are outlined among the various handlers. These plans result in measures taken involving injuries to passengers and visitors that required
through covenants: we scored a compliance percentage of by handlers, such as hiring additional staff, improving internal attention from our in-house emergency response service.
97.95% on ground-handling inspections, 96.62% on APU work processes to meet ISAGO standards, and/or adjusting
inspections and 86% on temporary obstacle inspections. agreements with employment agencies. There has been Integral Safety Management System
substantial engagement from handlers on this matter. Schiphol Safety processes between aviation organisations at Schiphol
Under the Environmental Management Act, in 2023 Schiphol expects the LtO to support an upward trend in quality of ground Airport are managed and coordinated by the Integral Safety
Group had to submit a complete Avoidance and Reduction handling at Amsterdam Airport Schiphol. Management System (ISMS). This is a collaboration involving
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 75

Amsterdam Airport Schiphol (AAS), Air Traffic Control the Ground Handling Safety Team One incident was classified as a potential conflict but with
Netherlands (LVNL), airlines based at Schiphol Airport and The Ground Handling Safety Team (GHST), consists of enough time and distance to prevent a serious outcome.
ground handlers. It also includes service partners, such as representatives from Amsterdam Airport Schiphol and the To further mitigate the risk of runway incursions, the RST
companies responsible for refuelling, catering and cleaning. The various ground-handling companies operating at the airport continuously targets specific behavioural and infrastructural
ISMS proposes and implements a series of safety improvement site. The team aims to minimise risks involving ground handling contributing factors.
measures that collectively form the Safety Improvement at Airside, such as the safe use of aircraft stands and service
Roadmap Schiphol, a working document aligning all parties on roads. In 2023, the GHST carried out a dedicated programme Schiphol Bird Strike Committee
shared goals. safe ground handling that included a set of ongoing actions to The Schiphol Bird Strike Committee (SBC) monitors and analyses
support a cultural change regarding safe behaviour and reduce bird strikes at Schiphol, as well as the presence and movements of
The implementation of the Safety roadmap continued risks related to ground-handling. Further actions agreed by the birds, and develops preventative strategies. In 2021, Schiphol
throughout 2023 as the ISMS partners implemented the GHST in relation to the ISMS included introducing airside safety Airport developed a risk reduction action plan, and wildlife
following safety improvements: KPIs for ground-handling companies, supported by minimum management actions are ongoing. In 2023, Amsterdam Airport
– licence to operate; performance targets. In 2023, a total of 78 incidents of aircraft Schiphol experienced 4.8 bird strikes per 10,000 air transport
– implementation of airside safety KPIs for ground-handlers; being damaged occurred during ground-handling and 24 injuries movements (2022: 8.1/10k), none of which resulted in a major
– implementation of the Safe Ground-Handling programme; due to traffic collisions occurred on the peripheral roads and incident. The reduction can be attributed to our active measures.
– equipment pooling trial; aprons at Schiphol Airport. Weather conditions were also a factor, as rain reduced the food
– action-based plan to improve lines of sight at airside on available to some high-risk bird species.
platforms and service roads; Ground Movement Safety Team
– improving the process for checking the correct stopping The Ground Movement Safety Team (GMST) consists of Taskforce Runway Safety Improvement
position for docking aircraft (single point of failure); representatives from Amsterdam Airport Schiphol and LVNL, as In 2023, a temporary taskforce, Runway Safety Improvement (RSI)
– online pushback procedure. well as airlines and ground handling companies operating at the was set up to prepare for decision-making on specific measures to
airport. The team works to prevent and reduce the severity of further reduce the runway incursion risk at Schiphol Airport. The
In 2023, ISMS launched three safety campaigns: 1. New incidents in the manoeuvring area at Schiphol Airport involving taskforce RSI consists of representatives from LVNL, Amsterdam
awareness topics as part of the campaign for pedestrians moving aircraft on the aprons by identifying mitigation measures Airport Schiphol and the airlines.
at airside, 2. ‘Welcome to my world!’, a campaign aimed and solutions to identified problems. In 2023, the GMST and
at improving communications between ground air traffic the training organisation supervised by LVNL initiated a joint Taskforce Sustainable Ground Movement
controllers and pushback drivers, and 3. A ‘safe summer’ awareness programme aimed at improving communication and The Sustainable Ground Movement (SGM) taskforce is another
awareness campaign with a focus on work pressure at airside, trust between ground air traffic controllers and pushback drivers temporary taskforce established in 2023. Its role is to analyse
where 100 posters were placed at key spots on airside and involved in the pushback process. operational concepts for ground movement in order to reduce
interactive sessions were held with workers from different kerosene emissions from aircraft.
organisations at Schiphol Airport. Runway Safety Team
The Runway Safety Team (RST) is tasked with monitoring and Taskforce pedestrian safety
The above measures were developed either by individual ISMS reducing runway risks, most notably runway excursions and In 2023, a temporary taskforce consisting of representatives
partners or sector-wide task-forces, and steered by the TOP Safety runway incursions (defined by the International Civil Aviation from the ground-handling companies and Amsterdam Airport
Action Group of the ISMS. Organization (ICAO) as the incorrect presence of an aircraft, Schiphol defined risk reduction actions to improve the safety for
vehicle or person on a surface designated for aircraft landings pedestrians at airside. As a result of this taskforce, ISMS agreed
In addition, the following committees, safety teams and task- and take-offs). The RST monitors trends and conducts studies upon two actions: provide routes through lounges and piers for
forces were active during 2023: to identify locations where runway incursions are more likely. employees working at airside and optimize pedestrian crossings
In 2023, 19 runway incursions occurred (2022: 20), of which 18 at airside.
were classified as having no immediate safety consequences.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 76

Security 1. Manpower capacity 3. Availability of security assets

– Schiphol Airport’s centralised recruitment campaign for – Deployment of specialised asset maintenance personnel
Security is fundamental for safe and efficient airport operations. security staff continued in 2023. Working closely with the on standby.
Schiphol Group works closely with the Royal Netherlands security companies, we managed to onboard a total of 1983 – Preventive maintenance and software updates.
Marechaussee, Dutch Customs, the National Coordinator for new security officers, allowing us to meet (and in some cases – Rapid deployment of better-performing
Security and Counterterrorism, private security firms and other exceed) the required number of working hours. screening equipment.
partners to drive compliance with relevant security laws and – Special attention was paid to achieving a balance between – These measures resulted in a high availability and reliability of
regulations in a customer-friendly, cost-efficient way. male and female security offers, to relieve female agents of security lanes nearing an average of 93%.
continuous pat-down duties for female travellers. In 2023, the – Start of tender procedures and pilots for the replacement of
Restoring confidence in our security operations proportion of female agents at Schiphol Airport rose from assets such as screening equipment and security lanes in the
A key priority at Amsterdam Airport Schiphol in 2023 was to 40% to 45%. coming years (2024-2026).
consolidate the measures taken to overcome the post-COVID staff – Various incentives were offered to security officers to
shortage. With the airport's capacity restriction no longer in place improve their overall quality of work. Examples included Security innovations
since the second quarter of the year, our aim was to support less variation in shift starting times , competitive pay and Schiphol is exploring a range of technological innovations
unrestricted flight operations and restore confidence in Schiphol performance bonuses. to improve our security processes in terms of compli5ance,
among passengers and employees. The holiday periods were an – Resting areas for security officers were upgraded to improve passenger friendliness, employee satisfaction and cost. We use
important test of the effectiveness of the measures taken. With employee well-being. state-of-the-art technology, such as CT and Security scanners.
each new holiday successfully passed, confidence in our security – Due to the large influx of new security officers in 2023, In addition, we are working with external experts to develop
operations started to return, step by step. we increased our focus on quality of work through software solutions for our 3D cabin bag screening equipment
specialised training programmes and bi-monthly meetings that will support the work of airport security staff.
to monitor improvements.
– We re-opened the security checkpoint in Departure hall 1A, to Cooperation with the Royal Netherlands Marechaussee
serve as a backup during busy periods. Schiphol’s security department has focused on continued close
cooperation with the Royal Netherlands Marechaussee to
2. Productivity of the security process facilitate border processes and manage capacity challenges on
– Additional screening capacity (through multiplexing of X- their side. To this end, Schiphol improved signage and queue
ray images). formation design in addition to the allocation of staff to guide
– Creation of dashboards and integral weekly monitoring of passengers to self-service border check gates.
security performance along different axes.
– Carrying out ‘pressure tests’ and process improvements to Implementing European Entry-Exit System
boost productivity. Schiphol Group is working with the Ministry of Justice and
– ‘Get ready for security’ communication campaign to better Security and Royal Netherlands Marechaussee to prepare for the
prepare passengers for security checks through online and introduction of the mandatory European Entry-Exit System (EES)
Schiphol Airport’s centralised recruitment campaign for security staff on-site tips and instructions. legislation which will impact non-EU citizens entering the region.
continued in 2023. – These measures resulted in a waiting time of less than 10 The implementation deadline has been moved from 2023 to
minutes for 93% of passengers. November 2024. Schiphol is implementing measures to prepare,
Pillars of improvement like installing registration kiosks and expanding its border filters.
Schiphol’s efforts to re-establish the efficiency and predictability
of the security process were organised along three pillars:
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 77

Robust organisation
Ensuring a robust, future-proof
At Schiphol Group, we regard financial stability as a key aspect of Business ethics and corporate culture
organisation is a key enabler our strong organisational framework. Our prudent yet strategic
for Royal Schiphol Group as we financial approach, aimed in particular at maintaining solid credit Royal Schiphol Group employees are expected to act with
work towards our Vision 2050. ratings, has been instrumental in navigating through economic the utmost integrity at all times. To ensure this, we have
uncertainties such as those caused by COVID-19 and the a robust compliance and integrity programme that closely
Schiphol's robustness stems operational challenges of 2022. The introduction of new airport monitors employee behaviour and seeks to prevent potential
from our strong financial base, charges for the period 2022-2024 was a crucial step in restoring non-compliance and integrity risks. Each year, we prepare an
high ethical standards and solid our financial resilience. This step is essential for navigating Ethics Annual Plan, outlining new developments and preventive
potential future (economic) uncertainties as well as the need for measures for that year, including the ongoing promotion of
organisational framework. continued investments in our airport infrastructure and process ethical behaviour and the evaluation of our culture.
efficiencies. In 2023, we reinforced our commitment to this
objective by announcing a multi-billion euro investment for the To complement our internal integrity programme, RSG has
coming three years into infrastructure and facilities at our started to develop a vision and strategy for a sector-wide
Network Local residents
Intercontinental destinations airports, in Reputation
line with Score our comprehensive maintenance plan. With ambition on integrity and social safety within the sector. This
126 6.0
this we intend to improve the quality of our assets and strengthen is part of RSG's corporate strategy as described in the Fast Forward
our commercial and international operations. This sustainable programme, the eight-point-plan and ‘people first’ perspective,
investment strategy is key to ensuring financial stability. as well as the Quality of Work work-stream.
Safety Sustainability
Net Safety Score CO2e emissions1

96.2 -65% Top performance indicator Robust organisation Schiphol Group adheres to the OECD guidelines for responsible
business conduct for multinational organisations, where
Shareholders
applicable. Schiphol is updating its human rights policy to the
Airlines
On-time Performance Return on Equity1 Responsible Business Policy, supported by human rights elements
59% 2.9% embedded in other existing company policies. With this new
policy, we are developing a human rights due diligence process in
Employees Passengers line with the EU Taxonomy.
Employee Promoter Score Net Promoter Score

24 36

1 ROE inc. fair value changes

and other one offs: 0.4%
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 78

In addition, RSG promotes its integrity culture by continuously Bribery and corruption
encouraging dialogue on integrity issues and open discussions on RSG incorporates anti-corruption and anti-bribery standards
integrity by facilitating and offering interactive 'dilemma game' into its compliance policies, which are consistent with the UN
sessions, as well as general and topic-specific integrity training Convention against Corruption and are designed to prevent and
throughout the organisation (starting with the ethics part of the detect corrupt practices within our organisation. This includes,
new employee on-boarding). These sessions highlight and but is not limited to, an appropriate ethics and compliance
promote RSG's culture of integrity and outline key topics such as programme and reporting mechanisms. RSG also encourages
RSG's Code of Conduct, reporting procedures, trusted persons, all employees to report any concerns regarding fraud, bribery
dialogue facilitation and our whistle-blower policy. and/or corruption through our established reporting channels
and our Speak-Up tool.
Integrity reports
Integrity reports are submitted to the Integrity Committee, which
investigates and advises on the necessary response to (possible)
As outlined in Schiphol Group's code of conduct, we want to ensure a incidents. The Committee reports to the Risk and Compliance
strong and inclusive culture of integrity, where all colleagues conduct Committee of the Executive Team on anonymised findings
business responsibly and behave ethically at all times.
regarding incidents twice a year, and on an important Integrity
topic once a year. The Committee also reports to the Supervisory
Acting responsibly in the workplace
Board’s Audit and People Committee on an annual basis. The
As outlined in Schiphol Group's code of conduct, we want to
Executive Team and RSG external auditor are updated between
ensure a strong and inclusive culture of integrity, where all
two and four times a year, though the Executive Team is informed
colleagues conduct business responsibly and behave ethically
immediately in the event of a serious incident.
at all times. Employees must refrain from unwanted behaviour,
including discrimination, sexual harassment and bullying, and
In 2023, 32 issues were reported to the Integrity Committee
comply with relevant laws on competition, public procurement,
(2022: 29), none of which concerned bribery or corruption, or
data protection, fraud, anti-corruption and bribery. We continue
material fraud. There were 7 (of which 6 relate to the same issue)
to raise awareness of these important issues throughout
reported issues relating to discrimination on the basis of gender,
our organisation.
race or ethnic origin, nationality, religion or belief, disability, age,
sexual orientation or other forms of discrimination. Appropriate
Integrity as a central part of our organisation
actions were taken.
The analysis of our annual employee survey ('My Schiphol Survey')
in 2023 focused on several topics related to integrity, including
In addition, there are no known incidents or complaints that have
'Speak Up', the exemplary role of management, the inclusiveness
resulted in material fines, penalties or damages, nor are there any
of our culture and undesirable behaviour. The results show
known human rights incidents involving RSG’s employees that
that Schiphol has taken positive steps to consolidate our robust
may have resulted in fines, penalties or damages.
integrity culture. To continue this progress, we invite Schiphol's
management to play an active role in further strengthening
our integrity culture, for example by facilitating sessions and
addressing the integrity topics from the survey in their teams.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 79

Supplier and procurement practices We call these principles Team Schiphol Check-in and they consist Social dialogue
of the following points: The knowledge and experience of our suppliers is important
In 2023, Schiphol actively worked on improving collaboration – We are one Team Schiphol, built on trust and long-term in jointly achieving responsible employment practices and
with its strategic suppliers to create a more balanced ecosystem equal relationships implementing our Quality of Work ambition. Schiphol Group
where all parties work together at Schiphol to achieve a quieter, – We continuously improve our joint operations feels co-responsible for everyone who works for us. That is a major
cleaner and better airport. – We provide high-quality service to our passengers responsibility, as over 65,000 people from different employers
– We provide jobs with fair pay, a good work-life balance and work at Schiphol. All these people work together every day to
Since the beginning of the year, our suppliers and internal staff ample development opportunities create a quieter, cleaner and better Schiphol Airport. To make
have been working hard to ensure a smooth May and summer – We do our utmost to achieve our environmental and sense of this responsibility and how we can fulfil it effectively, we
period in serving the airlines, our passengers and handling their social ambitions value the opinions and experiences of these people. In October
baggage. Measures have been taken to ensure the required – We do our utmost to create safe and healthy and November, we organised a series of ‘deep listening sessions’
service levels at times of increasing passenger numbers, especially working conditions with a broad representation of supplier employees to understand
at peak times, and in the face of significant labour shortages. how they experience their work at Schiphol Airport and what
Team Schiphol Check-in has been tested in a number of tenders suggestions they have for improvement. In 2024 we will continue
Maintaining quality of work and quality of service where trade unions have been consulted to ensure that the and deepen these sessions.
Following the social agreement reached between Schiphol and impact on employees (in terms of working conditions and
the trade unions in 2022 to introduce better working conditions working environment) is in line with these principles. Outlook for 2024
for airport staff, a key objective for Schiphol in 2023 was to sustain In 2024, we will continue to engage with a broad group of people
this agreement in both existing and new supplier collaborations. Partner events employed by Schiphol Airport and our suppliers. Our dialogues
To achieve this, we developed an ambition statement for the new To understand the feasibility and impact of Team Schiphol Check- will ensure that we continue to actively work together to create
strategic pillar ‘Quality of Work’, containing explicit deliverables in, we discussed and finalised the new collaboration principles a culture of greater equality, better communication and mutual
to achieve this strategy. We also enhanced our ambitions with our key suppliers. In September, we organised the ‘Schiphol understanding in line with Team Schiphol Check-in. Based on
for ‘Quality of Service’, prioritising the passenger experience partner events’ with our leadership team and our top 50 suppliers Check-in, concrete objectives for supplier cooperation will be
alongside our goals for service delivery to airlines. to share our ambitions in services and asset management. These jointly defined and implemented with the operational teams and
events facilitated an open dialogue about the envisaged role of together we aim for a high-quality service for travellers and a
New principles of cooperation our partners in achieving our goals and the impact of the new quieter, cleaner and better Schiphol Airport.
We have developed seven principles of cooperation for all cooperation principles. We agreed to hold annual dialogues on
parties working at Schiphol Airport to achieve our newly our strategic objectives and the development of our partnerships,
defined strategy. These principles guide us on how to work to ensure effective communication and governance structures,
consistently and constructively with our partners, but also within and to hold regular meetings to define and develop our joint
our own organisation. With these new cooperation principles, business plans. The first joint business plans were developed in
we want to emphasise a number of important issues and 2023. We have set out concrete actions and deliverables in our
create the conditions for creating a quieter, cleaner and better 2024 strategic plans to achieve these ambitions.
Schiphol Airport.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 80

Financial solidity
Royal Schiphol Group’s financial policy seeks to ensure a solid the voluntary €380 million notional debt repayment in May 2023. Revenue 2023
financial position and good creditworthiness, represented by at The rating by S&P was upgraded from 'A-' with a stable outlook to (EUR million)
least an ‘A’ rating from one or more reputable credit rating 'A' with a stable outlook. Following the upgrade, the rating at S&P 2,000
agencies. This policy is critical to maintaining the financial is now at par with the rating of Moody's (A2 with a stable outlook)
resilience needed to cope with unexpected events and to raise and compliant with Royal Schiphol Group's financial policy of
financing for necessary investments. Key elements in maintaining maintaining at least an A flat credit rating.
a good credit rating include transparency on impactful
developments, structural profitability, collection of settlement Return 1,000
income related to lost aviation revenues in previous years and Generating a positive return in a structural way is required
maintaining a leverage profile within certain boundaries. to independently raise financing and secure favourable access
to capital markets. The return requirement applied by the
Creditworthiness Dutch State in its capacity as majority shareholder in Schiphol 1,141 564 260 1,965
Strong creditworthiness is a prerequisite for safeguarding access Group is set at a minimum return on equity of 5.6%. A
Aviation Commercial Alliances Total
to liquidity and the ability to finance and execute long-term return requirement serves as a further incentive to operate cost- &
investments in capacity, operations, safety and sustainability. efficiently and generate a higher result through unregulated Participations
Schiphol raises financing independently through capital markets non-aviation activities such as real estate, parking, airport retail
and banks. concessions, and international investments and management Underlying EBITDA 2023
contracts. Mainly as a result of the ongoing traffic recovery from (EUR million)
As a result of funding actions taken in 2020 and 2021, as well as COVID-19 as well as the increased cost level due to inflation, the 750
the successful sale of the Groupe ADP shares, Schiphol has access Social Agreement, and other Quality of Work initiatives for which
to a sizeable liquidity position of 1.2 billion euros at the end of Schiphol receives no cost coverage via the airport charges as these
2023 (when including investments in short-term deposits), which were already set in 2021, the minimum return requirement was
500
was reduced from 1.7 billion euros at the start of 2023 (partly) not reached.
as a result of voluntary deleveraging efforts that took place in
Q2 2023. In addition, Schiphol has access to committed credit
250
facilities of 675 million euros which, together with the existing
liquidity position, ensures sufficient access to liquidity to deal with
potential adverse situations. 125 313 63 501

Aviation Commercial Alliances Total

In 2022, the long-term credit ratings that are issued for Schiphol &
Group by both S&P Global Ratings as well as Moody’s were Participations
both downgraded by one notch. This was largely attributable to
the announcement by the Dutch government that it intends to
reduce the annual number of flight movements. In August 2023,
S&P announced a credit rating upgrade for RSG, changing the
long-term credit rating to A flat. The upgrade was triggered by
the expectation that RSG will deleverage faster than anticipated
over 2023-2025. S&P also cited debt reduction efforts, including
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 81

Financial performance
Schiphol Group 2023 marked
The 2023 underlying net result of Schiphol Group increased with The net result for the year attributable to shareholders amounted
a turnaround for passengers, 129 million euros from a reported loss of 28 million euros in 2022 to 13 million euros in 2023 compared to negative net result of
employees and airport's future to 101 million euros positive result in 2023. The increase in 86 million euros in 2022.
plans. The enhanced airport revenue was mainly driven by an increase in passenger numbers
and ATM's compared to 2022, a year which was still partly
services played a crucial role influenced by COVID-19 travel restrictions. Furthermore, the Revenue
in providing passengers with revenue increased as a result of a 12% increase of the airport
a positive travel experience, charges at Amsterdam Airport Schiphol as of April 2023. The Revenue increased strongly by 361 million euros (24%), rising
increase in revenue is partly offset by an increase in underlying from 1,491 million euros in 2022 to 1,852 million euros in 2023.
even though it led to a rise in operating expenses (mainly security costs, employee benefits and Higher revenue was mainly driven by an increase in passenger
operational costs. maintenance). numbers and ATMs and a 12% increase of the airport charges for
Amsterdam Airport Schiphol as of April 2023. The total number
The adjustment from underlying result for the year to the result of passengers using Schiphol Group's airports increased by 17%
for the year is mainly a consequence of developments in the real to 70.9 million (2022: 60.8 million). The overview of the various
estate market and results from financial assets and liabilities. components of the revenue (excluding intercompany revenue) is
as follows:
Market developments in the real estate sector further
deteriorated, which led to a significant decrease in the fair value EUR million 2023 2022 %
of Schiphol's real estate portfolio. The 2023 fair value loss from
investment property amounted to 151 million euros compared Airport charges 1,158 901 28.5
with a fair value loss of 192 million euros in 2022. The fair value Concessions 205 162 26.5
gains and losses relating to Schiphol’s international investments Rent and leases 194 193 0.5
in Brisbane and Hobart amounted to a fair value gain of 2 million
Parking fees 150 125 20.0
euros, compared to a fair value gain of 20 million euros in 2022
Other 145 110 31.8
due to favourable market conditions at that time.
Total Revenue 1,852 1,491 24.2
The 2023 net result was one-off impacted by the execution of
a cash tender offer on three of the outstanding EMTN notes
resulting into a 380 million euros notional repayment against a
cash settlement of 350 million euros, hence a financial gain of
30 million euros before tax. The 2022 net result was on the other
hand impacted by a net fair value gain before tax of 61 million
euros on the remeasurement of the shares in Group ADP (Assets
held for sale) less the remeasurement result on the financial
liability related to the Share buy back obligation.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 82

Airport charges The average spend per passenger on retail airside at Amsterdam well as advertising (media) activities due to more passengers
Revenue from airport charges at Amsterdam Airport Schiphol, Airport Schiphol increased from 12.67 euros to 13.06 euros, food arriving and departing.
Eindhoven Airport and Rotterdam The Hague Airport increased and beverage spending per departing passenger decreased from
by 29% in 2023 to 1,158 million euros. This result was driven by 6.17 euros to 6.12 euros. The improved operation at Amsterdam
an increase in the number of passengers, ATMs and an increase Airport Schiphol led to longer dwell time in which passengers visit Other income and results from
in airport charges at Amsterdam Airport Schiphol effective as of stores or consume food and drinks. investment property
April 2023.
Rent and leases Due to the recent economic developments and the rising interest
At Amsterdam Airport Schiphol, passenger numbers were up by Revenue from rents and leases increased by 1% from 193 million rates on the capital market, the market conditions for real estate
18% to 61.9 million (2022: 52.5 million), while the number of euros in 2022 to 194 million euros in 2023. This increase is were unfavourable, which contributed to a fair value loss of
ATMs also increased by 11% to 441,969 (2022: 397,646). Cargo primarily caused by the increase as a result of indexation of lease 151 million euros in 2023 (2022: loss of 192 million euros). The
volumes decreased by 4% to1.38 million tonnes compared to contracts. The increase from indexation is for a major part offset Net Initial Yield (NIY) rose substantially in the office market this
1.44 million tonnes in 2022. Revenue from airport charges at by lower service charge revenue (relating to electricity and gas past year, due to higher interest rates in the capital market and
Amsterdam Airport Schiphol increased by 251 million euros to charges). The decrease in service charge related revenue had a the lack of demand as a result of the changing environment.
1,072 million euros (2022: 821 million euros). limited impact on the EBITDA performance, as only the service This led to a fair value loss of 90 million euros. The performance
costs for vacant space retain in income statement. of the logistics real estate market is also unfavourable, but due
Passenger numbers at Eindhoven Airport increased by 9% to to the remaining high demand for logistic real estate, the NIY
6.8 million in 2023 (2022: 6.3 million) and the number of ATMs The average occupancy rate of Schiphol’s total real estate increase was less compared to the office market, causing a fair
increased by 5% to39,996 (2022: 38,143). As a result, revenue portfolio in 2023 was 94.3%, which is in line with the average value loss of 42 million euros. Fair value losses of 5 million euros
from airport charges increased by 3% to 51 million euros in 2023 occupancy rate of 94.4% during the same period last year. The were recognised on investment property under construction,
(2022: 49.5 million euros). occupancy rate is generally lower, but the second line freight due to rising yields and higher construction costs. For the land
performance compensates for this effect. positions, fair value losses of 13 million euros were recognised due
At Rotterdam The Hague Airport, the number of passengers to unfavourable market developments for this segment.
in 2023 increased by 6% to 2.2 million (2022:2.1 million), the Parking fees
number of ATMs increased by 419 to 16,191. Due to these positive Total parking revenue increased by 20% to 150 million euros in Fair value gains and losses on the real estate portfolio
developments the revenue from airport charges at Rotterdam 2023 (2022: 125 million euros). Parking revenue at Amsterdam (EUR million)
The Hague Airport increased with 4.4 million euros to 34.4 million Airport Schiphol increased by 20 million euros to 123 million 200
euros compared to 30 million euros in 2022. euros. This is attributable to an increase in the number of original
destination passengers (approximately 12.1%) at Schiphol and
100
Concessions a higher average transaction value. Staff parking increased with
Revenue generated by Schiphol Group through concessions 8% due to more subscriptions and an average indexation of
113 69
strongly increased by 27% to 205 million euros in 2023 (2022: 3.5%. A similar development was seen at Eindhoven Airport and 0
162 million euros) following an increase in passenger numbers Rotterdam The Hague Airport. -64
at Amsterdam Airport Schiphol as well as our regional airports.
Revenue from concessions is positively impacted by absence Other -100
-151
of COVID-19 restrictions in 2023. Contrary to 2022 all shops Revenue from other activities increased by 32% to 145 million -192
were open with full opening hours as of April 2023. The return euros, also due to the increase in passenger numbers. The increase
of passengers with destination China and Hong Kong had a is mainly driven by an increase in passengers with reduced 2019 2020 2021 2022 2023
positive impact on the passenger mix resulting in a higher spend mobility, more passengers making use of premium services as
per passenger.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 83

Underlying operating expenses Operating expenses Underlying operating result

and depreciation, amortisation EUR million 2023 2022 %
& impairment The underlying operating result improved in 2023, generating a
Outsourcing and other positive result of 157 million euros compared to a a positive result
The underlying operating expenses increased by 221 million external costs 773 684 13.0 of 30 million euros in 2022.
euros in 2022 from 1,130 million euros to 1,351 million euros. This Employee benefits 290 252 15.1
increase results from an increase in passenger numbers, increased Security 288 194 48.5 The underlying operating result from Aviation improved by
operational expenses to ensure a stable an robust operation 86 million euros to a loss of 113 million euros in 2023 compared to
Underlying operating
across the entire airport and increased inflation compared to a loss of 199 million euros reported in 2022. Although the number
expenses (excl. Depreciation,
2022 reflected in our workforce cost and services purchased. of passengers, ATM's and airport charges increased compared to
amortisation and impairment) 1,351 1,130 19.6
2022 it turned out that the increase could not completely offset
Depreciation, amortisation
Costs of outsourced work and other external charges increased the increased operational costs.
and impairment 344 331 3.9
from 684 million euros to 773 million euros, mainly caused by
increased operational costs due to higher traffic numbers and Underlying The underlying operating result of Schiphol Commercial
the recovery from the COVID-19 pandemic in operations. Increase operating expenses 1,695 1,461 16.0 increased in 2023, from 221 million euros to 242 million euros.
was mainly driven by an increase of temporary personnel to Adjustments for: This was the result of an increase in revenue in all areas, due to an
support the airport operations for which central recruitment was NOW government grants - 11 increase in passenger numbers compared to 2022 and an overall
done by Schiphol Group. Furthermore, external resources were improved service level to passengers.
Impairment -
hired to improve the operations process and additional IT costs
Total adjustments - 11
were recognized for these improvements as well. The underlying operating result for Alliances & Participations
Operating expenses (excl. increased by 20 million euros mainly due to an increase in revenue
The costs of maintenance activities (included as part of costs Depreciation, amortisation of the regional airports which is attributable to an increase in
of outsourced work and other external charges) increased by and impairment) 1,351 1,119 20.7 passenger numbers and ATM's.
18 million euros in 2023 to 166 million euros (2022: 148 million Operating expenses 1,695 1,451 16.8
euros), mostly due to an increase in corrective maintenance (on Operating result
the luggage and flight handling) as a result of an increase in Besides the impact of inflation on all the reported expenses EUR million 2023 2022 %
passenger numbers. categories the outsourcing and other external costs increased
mainly as a result of increased maintenance levels of Aviation -113 -199 43.2
The cost of employee benefits increased by 38 million euros Schiphol airport. Schiphol Commercial 242 221 9.5
in 2023 to 290 million euros compared with 2022 (252 million Alliances & Participations 28 8 >100
euros). This is mainly the result of an increase in the active The costs of security (included as part of the costs of outsourced
Underlying operating result 157 30 >100
workforce (and costs) of Schiphol. During 2023 no income from work and other external charges ) increased 94 million euros
in 2023 (288 million euros compared with 194 million euros in Adjustments for:
NOW government grants was reported (2022: 11 million euros).
2022). The increase was mainly caused by increased passenger NOW government grants - 11
levels as well as the adjustments in the working schedules as an Other results from
improvement to solve security staff shortages. investment property -151 -192
Total adjustments -151 -181
Depreciation, amortisation and impairment increased 13 million
Operating result 6 -151 >100
2023 compared to 2022 due to new assets that were taken into
operation in 2022 and 2021.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 84

Financial income and expenses The underlying share in the results of associates and joint ventures Net result
increased by 3 million euros, leading to a positive result of
The underlying net financial income and expense for 2023 21 million euros in 2023 (2022: 18 million euros). The fluctuations The adjustments, including the results of the investment property
amounts to 28 million euros and is in line with expectations in the share of the results of associates and joint ventures were (mainly non-cash fair value gains) and several other one-off
given the debt portfolio and cash and cash equivalent position mainly driven by an increase in the results of our international results, the net result attributable to shareholders for 2023
(2022: 78 million euros). activities, in particular Brisbane airport. Following international amounted to a result of 13 million euros (2022: negative result of
and domestic border openings in Australia and a strong pent 86 million euros). The return on equity amounted to 0.4% positive
The adjustment on the underlying net financial expense was up demand, passenger numbers have been trending higher in 2023 (2022: 2.5% negative).
in 2023 positively impacted by 30 million euros as a result of than anticipated. Although operational performance of Hobart
a one off financial income following the cash tender offer on Airport continues to be strong, net results are affected by fair Other results from financial assets and
certain EMTN notes. The net financial expenses in 2022 were value changes of their interest rate swap. Other results from financial liabilities
impacted by a fair value gain of 135 million euros on the investment properties comprise the net of fair value gain of Net financial income and expenses decrease by 18 million euros
remeasurement and loss on disposal of the asset held for sale both Brisbane airport and Hobart airport. An impairment loss of to positive 2 million euros for 2023 (2022: 16 million euros
(investment (shares) in ADP) and a financial expense resulting 1 million euros (2022: 10 million euros) was recognised on one of negative). This is mostly due to the 2022 fair value gain of
from the remeasurement of the financial liability - share buyback Schiphol's joint ventures. 135 million euros on our investment (shares) in Groupe ADP, as
obligation of 74 million euros. a result of the remeasurement in terms of IFRS 9 as well as the
recognition of the loss on disposal of the shares. Also, as a result
Underlying corporate income tax of the remeasurement of the share buyback obligation, financial
Share in results of associates and expenses to the amount of 74 million euros were recognised in
joint ventures The underlying corporate income tax amounted to 40 million 2022. The share buyback obligation (financial liability) was settled
euros in 2023 compared with 11 million euros in 2022. This in December 2022 with the acquisition of the treasury shares.
Share in results of associates and joint ventures excludes the tax impact of the adjustments from underlying
EUR million 2023 2022 % result to result with a total impact of 31 million euros for 2023 Tax impact
(52 million euros for 2022). Corporate income tax amounted to 9 million euros expenses in
Brisbane Airport 2023 compared to 58 million euros income in 2022. The 2022
Corporation Holdings 21 12 75.0 tax calculations were impacted by the non taxable fair value gain
Hobart International Underlying net result of 135 million euros and finance costs of 74 million euros from
Airport (TGHC) -3 2 >100 the revaluation of the share buy-back obligation and the assets
Other results of associates 3 4 -25.0 As a result of the developments outlined above, the underlying held for sale. For 2023, the effective tax rate was higher than
2023 net result increased by 129 million euros to 101 million the domestic income tax rate of 25.8%, mainly as a result of
Underlying result of
euros from 28 million euros loss in 2022. The underlying return on adjustments related to prior years. The effective tax rate for the
associates and joint ventures 21 18 23.5
equity amounted to 2.9% positive in 2023 (2022: 0.8% negative). 2023 financial year was 28.7% (2022: positive 42.9%).
Adjustments for:
Other results from
investment property 2 20
Impairment -1 -10
Tax impact - 5
Total adjustments 1 15 -93.3
Result of associates and
joint ventures 22 33 -33.3
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 85

Investments Movement in the consolidated Current liabilities increased as a result of an increase in the
statement of financial position short-term portion of borrowings and an increase in accruals an
In 2023, Schiphol invested 678 million euros, an increase of 53% an increase in flight tax payable.
compared to 444 million euros in 2022. There are several reasons The balance sheet total as at 31 December 2023 amounted to
for this linked to operational feasibility (capacity issues aircraft 9,254 million euros. This figure decreased by 350 million euros
stands) and manufacturability (limited capacity of terminal, compared with 31 December 2022 (9,604 million euros). Total Cash flow developments
fluctuating capacity and security capacity) and also caused equity decreased by 14 million euros to 3,433 million euros. The
by COVID-19’s aftermath. The most significant investments in decrease is a combined effect of a positive result attributable Cash flow from operating activities amounted to an inflow of
2023 are: to shareholders of 13 million euros and a negative change in 489 million euros in 2023 compared with an inflow of 353 million
other comprehensive income of 27 million euros, mainly due euros in 2022. This increase was a direct consequence of the
– development of Pier A; to translation differences. No dividends were paid during 2022 recovery from COVID-19 on an operational level during 2023.
– execution of maintenance on runway and no dividends are expected to be paid over 2023 but formal
18C-36R (Zwanenburgbaan); decision takes place in the General meeting of shareholders in Total cash flow from investing activities amounted to an outflow
– redevelopment Terminal 1; April 2024. of 349 million euros in 2023 compared with an inflow of
– development Hangar 17; 216 million euros in 2022. The outflow was mainly a result
– execution of the multi-year maintenance plan. Non-current assets increased by 139 million euros to 7,723 million of higher investments in Property, Plant and Equipment and
euros as at 31 December 2023. The increase was mainly due to repayment. The inflow of 2022 was impacted by the disposal of
Schiphol Group investments the increase of Assets under construction or development which the financial asset (shares of Groupe ADP), as well as taking into
(EUR million) increased by 297 million euros. Within investment property, account a net outflow (investments) of deposits.
1,000 recognised fair value losses of 151 million euros exceeded the
2023 capital expenditure and combined resulted in a decrease of Net cash flow from operating and investing activities (free cash
101 million euros in the balance. flow ) amounted to an inflow of 140 million euros in 2023
compared with an inflow of 569 million euros in 2022.
Current assets decreased by 488 million euros compared to 2022,
500 mainly caused by a decrease of long term deposits included in Cash flow from financing activities amounted to 406 million euros
trade and other receivables and a decrease of cash and cash negative (2022: 438 million euros outflow). The 2023 outflow was
equivalents. The decrease of cash and cash equivalents is primarily a result of the cash tender offer on three of its outstanding EMTN
a result of early repayment of certain EMTN notes following notes executed during the first half of the year, that resulted in a
the cash tender offer and capital expenditures and financing of cash outflow of 350 million euros. In addition, Schiphol repaid the
860 787 450 444 678
capital expenditures without attracting new borrowings. As at 25 million euros Namensschuldverschreibung, which matured
2019 2020 2021 2022 2023 31 December 2023, Schiphol Group held 785 million euros in during the first half of the year. The 2022 cash flow from financing
cash and cash equivalents, of which 165 million euros in bank activities was impacted by the acquisition of the treasury shares by
accounts, 286 million euros in bank deposits and 334 million euros 420 million euros. Schiphol Group did not attract additional debt
in money market funds (2022 money market funds: 642 million in 2023 (2022: none).
euros). In addition an amount of 370 million euros was included
in deposited with an initial maturity exceeding 3 months (2022: Mainly as a consequence of the aforementioned developments
680 million euros). in the operating result and the positive cash flow from investing
activities, the net cash flow in 2023 amounted to an outflow of
266 million euros (2022: 131 million euros inflow). As a result, the
net amount of cash balances, taking into account exchange and
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 86

translation differences, decreased from 1,051 million euros as at The FFO/interest coverage ratio in 2023 was 6.7x positive, an first three-year charge period covered the years 2019-2021.
31 December 2022 to 785 million euros as at 31 December 2023. increase from the 4.5x negative recorded in 2022. In addition to The second three-year charge period 2022-2024 was subject to
these two ratios, the net leverage ratio (ratio of interest-bearing consultation in 2021.
In addition to these cash balances, Royal Schiphol Group has debt minus cash and cash equivalent divided by EBITDA) is
access to 675 million euros in committed and 150 million euros in applied. At the end of the 2023 financial year, Schiphol Group’s The return on aviation assets, the regulatory asset base, has
uncommitted undrawn bank facilities (2022: 675 million euros net leverage ratio stood at 7.5x. The solvency ratio for the Group been capped at the regulated weighted average cost of
committed and 150 million euros uncommitted) and 370 million over 2023 was 37.1% (2022: capital (WACC) determined for the three-year period, on which
euros in short-term deposits. 35.9%), which is above the required minimum of 30% per the the 10-year interest rate on Dutch government bonds has a
covenants of the European Investment Bank. considerable impact. This means Schiphol Group’s return on
aviation investments depends on the general development of
Financing the interest rate. For the 2019-2021 charge period, the regulated
Economic regulation WACC was 2.71% (after tax); for 2022-2024, the regulated WACC
The total amount of outstanding loans and lease liabilities is 3.21% (after tax).
decreased by 431 million euros in 2023 to 4,934 million euros Aviation activities at Amsterdam Airport Schiphol and Eindhoven
(2022: 5,365 million euros). The decrease was mainly the result of Airport are regulated; the other regional airports are not The fees we charge airlines for the use of Amsterdam Airport
the voluntary cash tender offer on Schiphol’s outstanding EMTN regulated. Schiphol Group’s income is differentiated between Schiphol are set after consultation with the airlines and subject to
Notes, which reduced the total gross debt notional by 380 million regulated and non-regulated flows in what is known as a (hybrid) supervision by the Authority for Consumers and Markets (ACM)
euros, and to a lesser extent the repayment of 25 million euros on dual-till system. The amounts Schiphol Group can charge are under the Dutch Aviation Act.
a Namensschuldverschreibung and 9 million euros on loans from restricted to the costs associated with primary airport operations
the European Investment Bank. At present, it is possible to raise including security and related infrastructure. Airport charges 2022-2024
funds of up to 5 billion euros under the EMTN Programme, of After consultation with the airlines, the charges for 2022-2024
which 4,037 million euros has been issued. Under the current Aviation Act, which took effect on 1 July were set on 29 October 2021, and came into effect on 1 April
2017, Schiphol Airport’s charges are set every three years. The 2022. When setting its charges for 2022 until 2024, Schiphol
In addition, Schiphol Group has an Euro Commercial Paper (ECP)
programme with a current limit of 1 billion euros. Schiphol Group
also has a number of committed undrawn facilities to the value Development of airport charges Amsterdam Airport Schiphol
of 675 million euros with BNP Paribas, ABN AMRO, ING, Natwest (EUR million)

Markets, SMBC, Rabobank, BNG and EIB. 1,600 160

112.4
100.0 98.6
Ratios
92.6 89.8 91.8
81.7 83.7
74.8 77.5
800 80
The most important financing ratios set out in our financing policy
are FFO/net debt, FFO/interest coverage ratios and net leverage
ratios. Funds From Operations (FFO) relates to cash flow from
operating activities adjusted for operating working capital. In 789 774 737 746 818 907 292 376 821 1,072
2023, FFO increased from 267 million euros negative to
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
446 million euros positive. The FFO/net debt ratio reached 11.8%
positive at the end of 2023 compared with 7.4% positive at the
Revenue from airport charges (EUR million)
end of 2022.
Development of indexed average airport charges normalised for Consumer Price Index (2014 = 100)
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 87

Group balanced two different goals: maintaining its position as

a high-value European hub airport and recovering its financial
health. One key component for setting the charges for 2022 until
2024 was the settlements for 2020 and 2021. This has resulted in
an average increase of charges of 9% in 2022, 12% in 2023 and
12% in 2024. In October 2022, the average increase of charges
remained unchanged by incorporating the final settlement of
2021 (compared to the already incorporated outlook settlement
of 2021). In October 2023, Schiphol adjusted the charges for 2024
as a result of the incorporation of the 2022 settlement. This has
led to an average charge increase of 14.8% as of 1 April 2024.

Sustainability in the airport charges

For the 2022-2024 charge period, Schiphol Group took a next step
to further stimulate the use of quieter aircraft. As NOx emissions
are a pressing issue in the Netherlands and noise disturbance
remains a major impediment to airport operations and prospects
for future development, Schiphol adjusted its charge structure
on 1 April 2022. To stimulate quieter and more fuel-efficient
aircraft, Schiphol Airport has introduced a NOx charge per kg NOx
emissions into its landing and take-off charges and updated its
noise modulation.

Dutch aviation tax

Since 1 January 2021, all passengers at a Dutch airport are subject
to aviation tax. In 2023 the aviation tax amounted to 26.43 euros
per departing passenger and will increase as of 1 January 2024
to 29.05 euros per departing passenger. As demonstrated by
the governments own research, Schiphol believes this aviation
tax has a minimal impact in terms of reducing carbon emissions
and that the revenue of this aviation tax should be used to
promote innovation and sustainable development within the
aviation sector.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 88

Aviation
EUR million 2023 2022 %

Total revenue 1,141 871 31.0

Operating expenses 1,016 846 20.2
Underlying EBITDA 125 25 >100
Depreciation 238 224 6.0
Underlying operating result -113 -199 43.4
Average fixed assets 3,621 3,459 4.7
The aviation business area is a central
player in meeting the needs of passengers, Aviation Security
airlines, handling agents, and logistics service EUR million 2023 2022 % 2023 2022 %
providers. This business area is responsible for
providing, up-keeping, and overseeing critical
infrastructure and processes to guarantee a Total revenue 761 580 31.2 380 291 30.6
smooth, dependable, and enjoyable departure Operating expenses 611 553 10.5 405 294 37.8
and arrival process for passengers, baggage,
Underlying EBITDA 150 27 >100 -25 -2 <100
and cargo. Furthermore, Aviation takes the
Depreciation 190 174 9.2 48 50 -4.0
lead in coordinating safety and security
across terminals, aprons, roads, airside zones, Underlying operating result -40 -146 72.6 -73 -53 -37.7
and buildings.

Schiphol's market share in passenger volume Aviation business area costs Costs per WLU (Aviation)
in top-10 European airports EUR million EUR per WLU
1,500 20 17.44

10.8% 11.2% 1,016 13.43

13.17 12.54
Schiphol's 1,000 839
720 772
market share 616 8.17 8.83
556 10
2023 2022 6.14
Market share of 500 4.79
204 217 224 238 3.35 3.13
other airports 192 202 2.18 2.34
89.2% 88.8%

2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023

Depreciation & amortisation Depreciation & amortisation per WLU

Operating expenses (excl. D&A) Operating expenses (excl. D&A) per WLU
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 89

Aviation (continued)

In 2023, the direct destinations from Schiphol totalled 305 Airport charges 2022-2024 Operational performance in 2023
in comparison to 313 in 2022. The IR rate for baggage In 2021 the charges were set for the years 2022-2024 with an Also in 2023, Schiphol still was confronted with the industry-wide
handling (amount of baggage items delayed per departing 1,000 increase of 9% in 2022 and an expected increase of 12% in effects of the COVID-19 pandemic and rapid recovery of demand
passengers) was 10.8 in 2023 (2022: 15.4). The punctuality of air both 2023 and 2024. A number of airlines and representative for air travel after the pandemic ended. Shortage of staff, both
transport movements for arrivals was 74.7% (2022: 74.9.%) and organisations have filed complaints about the charges, which within Schiphol as well as with various sector partners, resulted
for departures 58.9% (2022: 57.1%). were rejected by the regulator (Dutch Authority for Consumers & in an inability to accommodate the full recovery of passenger
Markets). A few airlines subsequently appealed to the court (CBb: numbers in the beginning of 2023. To ensure that operations
Underlying operating result College van Beroep van Bedrijfsleven). The CBb is in the process of during the first weeks of the summer season, including the May
The COVID-19 pandemic up until Q1 2022 and the rapid recovery assessing these complaints. A ruling is expected early 2024. holidays, would be able to cope with the increasing number of
in traffic thereafter had a significant impact on operations within passengers, several measures were taken to limit the number of
Aviation over 2022, but in 2023 as well. This also shows in the In October 2022, Schiphol adjusted the airport charges for 2023 in local departing passengers in the morning hours. After mid-May,
underlying operating result of Aviation, which in 2023 increased accordance with the expected increase of 12%. In October 2023 there were no more restrictions and airlines had the ability to
from a loss of 199 million euros in 2022 to a loss of 113 million Schiphol adjusted the airport charges for 2024 to an increase of operate up to the maximum capacity of Amsterdam Airport
euros in 2023. Revenue increased by 270 million euros, mainly due 14.8%. Complaints have been submitted to the regulator about Schiphol, whereby Schiphol managed to run a stable operation
to a strong recovery of the number of passengers and air traffic the adjusted increase in charges for 2024. The regulator is in for the remainder of the year.
movements (ATMs). the process of assessing these complaints. Schiphol expects the
regulator to make a decision before 1 April 2024. As of 2022, Schiphol launched numerous initiatives to reduce the
Underlying expenses increased by 170 million euros to staff shortages within the entire Schiphol ecosystem. Many of
1,016 million euros due to a combination of factors, though these initiatives continued in 2023. Next to financial incentives
mainly as a result of measures and incentives implemented by to improve labor conditions, Schiphol also continues to invest in
Schiphol Group to cope with the operational challenges that ‘Quality of Work’ in order to make working conditions at Schiphol
emerged at the start of the May holiday in 2022 as well as more attractive. As an example, the social accord as it was agreed-
initiatives to improve Quality of Work for all people working for upon in 2022, was extended in 2023. Furthermore, Schiphol
and at Schiphol. In addition, inflationary pressure also pushed up continued to invest in resting and sanitary areas for people
operational expenses significantly. working at Schiphol and also invests in various solutions to reduce
the physical strain for people working in the baggage halls.
With a fixed regulatory WACC of 3.21% (after tax), the maximum
allowed return on net assets is limited and does by far not cover These measures continue to result in a significant increase of costs
the actual cost of capital for Schiphol Group. for Aviation. Driven by the regulatory context, Schiphol Group
has limited manoeuvrability to offset these additional costs via
the airport charges, which therefore drives a lower net result
for Aviation.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 90

Schiphol Commercial
EUR million 2023 2022 %

Total revenue 564 492 14.6

Other income and results from investment property -2 - -
Operating expenses 249 204 22.1
Underlying EBITDA 313 288 8.7
Depreciation 71 67 6.0
Underlying operating result 242 221 9.5
The commercial business area actively Average fixed assets 2,758 2,864 -3.7
contributes in creating value for both customers
and Schiphol Group as a whole. This involves Parking &
shaping a unique and dynamic marketplace for Concessions Mobility Services Commercial Real Estate Rental Terminal Other

work and travel, and the efforts are driven by (in EUR 1.000) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
three dedicated department teams: Parking &
Mobility Services, Commercial Terminal Services Total revenue 186 148 127 107 151 152 59 55 39 30
(encompassing Retail, Food and Beverages, Operating expenses 50 37 56 47 66 65 45 36 32 19
Financial Services, Terminal Real Estate, Privium, Underlying EBITDA 136 111 71 60 85 87 14 20 7 10
VIP, and Media) and Commercial Real Estate. Depreciation 18 17 20 20 9 6 20 19 4 5
Underlying
operating result 118 94 51 40 76 81 -6 1 3 5

Spend per departing passenger at Schiphol (in EUR) Public parking revenue Real estate average physical occupancy rate
(EUR per arriving passenger OD/NL) (in %)
2023 2022
Airside retail 13.06 12.67 10 100

Airside catering 6.12 6.17

Total 19.18 18.84

5 50

9.67 7.79 94.30 94.40

2023 2023
2022 2022
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 91

Schiphol Commercial (continued)

Underlying operating result an occupancy of 89% (2022: 90%) and a footprint of 104,000 Commercial real estate - Offices
In 2023, the underlying operating result for Commercial sqm, the terminal offices contributed 59 million euros to Schiphol CRE achieved an average occupancy of 89% in 2023 (2022: 89%)
increased by 21 million euros to 242 million euros due to the Commercial’s total rental income in 2023. The occupancy rate for the office portfolio, which has a total footprint of 224,000 sqm.
recovery in passenger numbers (an increase of 17%). Revenue decreased slightly by 1%, as a result of renovations related Due to the high indexation, the topline increase for the office
from concessions was positively impacted by the number of shops to Skyport. portfolio was 5.4 million euros.
that were open. As a result of the COVID-19 lock down in 2021,
many shops were closed for a period of time. This extended into Our passengers remain the central focus of everything we do, Commercial real estate - Logistics
January 2022. The opening hours of the shops were impacted by and we aim to make their stay at the airport a safe and pleasant Schiphol’s logistics real estate portfolio consists of first- and
the lack of staff due to labour shortages in the market. one. We keep our eyes open for new forms of mobility and digital second-tier warehouses. In 2023, the average occupancy rate
innovations to enhance the customer experience. One of the across the logistics portfolio was consistently high at 99% (2022:
The average spend per passenger on retail airside at Amsterdam highlights in 2023 was the opening of the new Bubbles Seafood 99%), with a total footprint of 274,000 sqm. The logistics portfolio
Airport Schiphol increased from 12.67 euros to 13.06 euros, food & Wine Bar in Lounge 2. This is one of the milestones to improve contributes 36 million euros to Schiphol’s topline income.
and beverage spending per departing passenger decreased from the quality of this lounge. Over the coming years Schiphol will
6.17 euros to 6.12 euros. The improved operation at Schiphol continue to improve the quality of this lounge by introducing Commercial real estate - Land
airport led to longer dwell time in which passengers visit stores or several leading luxury (fashion) brands. CRE also owns a significant portfolio of land that is not used for
consume food and drinks. aeronautical purposes. This land is managed and leased to third
The underlying operating result of Parking & Mobility Services parties, generating total revenues of 36.4 million euros on an
Media revenue increased by 3 million euros (23%) compared to increased, from a profit of 40 million euros in 2022 to a annual basis.
2022, resulting in a net revenue of 16 million euros. Revenue profit of 51 million euros in 2023. This mainly relates to public
recovered as passenger numbers increased and the types of parking revenues and was largely driven by an increase in OD
passengers changed in comparison with 2022. With different passenger numbers (12.1%) and a higher average transaction
customer journeys it is an interesting place for brands to value. Staff parking experienced an increase of 8% as an average
communicate with the right target group. of index of 3.5% was applied and the number of subscriptions by
customers increased.
The underlying operating result of Premium Services, consisting
of Privium and the VIP service, further increased from 16 million The underlying operating result from Commercial Real Estate
euros to 24 million euros. The number of VIP passengers making decreased by 5 million euros in 2023 to 76 million euros.
use of the VIP service remained stable around 29.000 guests,
whilst the number of Privium members grew significantly, from Fair value losses amounting to 151 million euros in 2023 were
69.000 to 90,500 members by the end of the year. These recognised in comparison with a fair value loss of 192 million
services are in high demand since the operational challenges euros recorded in 2022. Rising interest rates on the capital
in previous years. markets and lack of demand caused yields to increase on the
real estate market. In line with this development, the fair value
The offices and lounges in the terminal are managed as of Schiphol's real estate portfolio decreased. Due to strong
operational assets, meaning they are mostly rented to companies tenant retention, the occupancy rate decreased to 94.3% in 2023
with activities directly linked to Schiphol’s airport processes. With compared with 94.4% in 2022.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 92

Alliances & Participations

EUR million 2023 2022 %

Total revenue 260 237 9.7

Other income and results from investment property 2 - -
Operating expenses 199 189 5.3
Underlying EBITDA 63 48 31.3
Depreciation 35 40 -12.5
Underlying operating result 28 8 >100
The Alliances & Participations business area Share in result of associates, including interest income 28 22 27.3
primarily focuses on overseeing regional Average fixed assets 948 927 2.3
airports and advancing international business
endeavours. These regional airports play a Regional airports International airports Other activities Total
crucial role in linking their regions with the EUR million 2023 2022 2023 2022 2023 2022 2023 2022
broader global network. Simultaneously, our
international efforts are committed to sharing
Revenue 142 128 17 13 101 97 260 237
operational knowledge and expertise with
Operating result 8 5 9 - 11 3 28 8
locations such as New York JFK, Brisbane, Hobart,
and Aruba. Share in result of associates - - 17 13 - - 19 13
Finance income - - 9 8 - - 9 8
Underlying total result 8 5 35 21 11 3 56 29
Average asset base 323 326 505 499 120 101 948 927

Number of passengers
(x 1,000)
40,000

26,368
21,605
17,179 17,952
20,000

6,814 6,271
2,242 2,134 2,613 2,306 2,888 2,570

Eindhoven Rotterdam The Brisbane Airport JFKIAT, New York Hobart Queen Beatrix
Airport Hague Airport (Australia) (US) (Tasmania) International
2023 Airport (Aruba)
2022
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 93

Alliances & Participations (continued)

The total underlying result for Alliances & Participations International airports Other activities
amounted to a profit of 28 million euros in 2023 compared Brisbane Airport’s contribution to Schiphol’s financial results The other participations segment consists primarily of Schiphol
with a profit of 8 million euros in 2022. The increase is mostly decreased to 26 million euros in 2023 (2022: 36 million Telematics, which provides telecommunication services to
attributable to an increase in revenue of the domestic airports euros). JFK’s contribution to Schiphol’s financial results increased the airport and neighbouring locations, and Utilities, which
and lower expenses by Schiphol Telematics and Utilities. to 9 million euros (2022: 6 million euros). Hobart Airport's generates revenue by supplying electricity and gas as well
contribution to the result decreased to 1 million euros from a as water. In 2023, Schiphol Telematics' operating result was
Regional airports 10 million euro positive result in 2022. 14 million euros. The operating result for Schiphol Utilities
In 2023, Eindhoven Airport’s operating result increased by amounted to 8 million euros.
0.5 million euros, leading to a profit of 26.1 million euros (2022:
profit of 25.6 million euros). This was due to a 9% increase in the
number of passengers.

Rotterdam The Hague Airport’s operating result also increased,

by 3.4 million euros, resulting in a profit of 4.4 million euros
(2022: profit of 1.0 million euros) amid a 6% increase in
passenger numbers.

Lelystad Airport’s operating loss increased by 1.4 million euros,

leading to a loss of 10.1 million euros compared with 2022 (2022:
loss of 8.7 million euros loss).

Total result of regional airports Total result of international airports Total result of other activities
(EUR million) (EUR million) (EUR million)
2023 2022 2023 2022 2023 2022

Eindhoven Airport 26 26 Brisbane Airport 26 36 Schiphol Telematics 14 8

Rotterdam Airport 4 1 JFKIAT, New York 9 6 Utility services 1 1
Lelystad Airport -10 -9 Hobart International Airport 1 10 Allocation of overhead -2 -5
Allocation of overhead -11 -10 Allocation of overhead - -6 Total result 13 4
Total result 9 8 Total result 36 46
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 94

Our regional airports

Eindhoven Airport large influx, there were no queues, and passenger satisfaction has the Boeing 737 MAX, by 2030. With this, the airport is aiming
never been higher. for a large-scale renewal in the next six years. In terms of noise,
there will also be additional focus on departure routes: Eindhoven
Even with this growing interest in air travel, one of Eindhoven Airport wants to make departure procedures with the least noise
Airport's top priority is always not to increase pressure on the pollution standard as soon as possible. Regarding fuel, airlines are
surrounding area and environment. The number of total aircraft urged to make adjustments: they are encouraged to blend more
movements reached 41,496 in 2023, of which 39,996 commercial sustainable fuel. Because this Sustainable Aviation Fuel (SAF)
flight movements, remains within the maximum number agreed is much more expensive than regular kerosene, participating
in 2019 (41,500). The increase in passenger numbers is partly airlines will receive a financial contribution. In 2024, Eindhoven
explained by the airlines' high occupancy rate: 89 percent (2022: Airport will set aside half a million euros for this purpose.
86 percent).
Eindhoven Airport also continues to strive for further
Accelerating sustainability sustainability in its own operations. And that has not gone
Thanks in part to its healthy financial position, the second-largest unnoticed: in December 2023, the airport received the highest
airport in the Netherlands can make an emphatic commitment certificate in the field of CO2e reduction, the brand new
to further sustainability, which is one of the reasons Eindhoven and highest Level 5 certification from the Airport Carbon
2023 2022 Change Airport decided in 2023 to sharpen and accelerate its ambitions Accreditation (ACA). Since 2012, Eindhoven Airport has been
in this field. The airport had previously committed itself to the CO2e neutral for its own operations. Eindhoven Airport runs
Number of passengers 6.8 6.3 8%
goal of reducing noise by 30 percent by 2030 at the latest entirely on green electricity (wind energy from windmills in the
Direct destinations 84 87 -3
(compared to the year 2019), and that still stands. However, a new Netherlands) and green gas.
Air transport movements 39,996 38,143 5%
goal has been added: by that year, CO2e emissions must also be
TPI Sustainability (reduction
reduced by 30 percent. Eindhoven Airport is convinced that this Cooperation with partners
in CO2e emissions compared
with 2019) 0.94 0.83 0.11 is achievable, without compromising the airport's importance to Cooperation with partner companies at Eindhoven Airport
TPI Net safety score 99.5% 98.4% 1.1% the Brainport region. received an extra boost in 2023. The trigger was the personnel
TPI On-time perfromance 67% 55% 12 shortage in 2022, which led to long queues at security checks,
TPI Net promoter score 44.3 23.4 20.9 A five-point plan, presented on 7 November 2023, shapes the among other things. With united efforts, a recruitment day
TPI Employee promoter score 31 11 20 ambitions. Eindhoven Airport is going to bid farewell to General was organized on the airport grounds, during which interested
LTIF 0 0 0 Aviation, the private business aircrafts. These small planes will no parties could learn about a variety of professions. Following the
Runway incursion 17 7 10
longer be allowed as of 2026, because these jets cause relatively success of this campaign, the partners decided to join forces
Bird strikes per 10,000
high noise pollution and CO2e emissions per passenger and aren't in more areas and jointly brand and develop the airport as a
flight movements 8.4 11.8 -3.4 always used for business purposes only. No other flights will 'Great place to work'. Plans have already been developed for joint
Precentage of operational replace them; the maximum number of flights will drop from education and training, among other initiatives.
waste seperated 33% 32% 1 41,500 to 40,500.
Getting ready for the future
From many perspectives, Eindhoven Airport can look back on a Quieter and cleaner Eindhoven Airport anticipates further development, obviously
strong year. The recovery, which began to become well visible in Another important point in the plan is fleet renewal. Airlines will within the limits agreed with the local community and partners.
the second quarter of 2022, has continued. In 2023, passenger only be able to fly to Eindhoven Airport with the latest generation This does require adjustments. Already the terminal, which was
numbers saw an increase from 6.3 million to 6.8 million, slightly of aircraft, such as the quieter and cleaner Airbus A320neo and originally calculated for up to 5 million passengers per year, is too
higher than the last record year of 2019 (6.7 million). Despite the
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 95

small for the numbers of passengers we serve. The lack of space 2023 2022 Change Passengers travelled to 54 different destinations, in 2022 there
is especially noticeable in the arrivals hall and the Non-Schengen were 57 and in 2019 48 destinations.
Number of passengers 2.2 2.1 5%
departure area. The much-needed expansion of the terminal
Direct destinations 54 57 -3
has been delayed, in part because environmental permits are Discovery of PFAS at fire brigade training site
Air transport movements 16,191 15,772 3%
delayed. Preparatory work should start in 2024, with actual In September RTHA commissioned an external consultancy
TPI Sustainability (reduction
construction in 2025. Completion is scheduled for 2027. in CO2e emissions compared company to execute soil research at the fire brigade training site.
with 2019) 0.13 0.14 -0.01 This research has shown that there are increased concentrations
Read more at www.eindhovenairport.nl TPI On-time perfromance 66.6% 68.3% -1.73 of PFAS in the soil, groundwater and ditches around the training
TPI Net promoter score 55 49.3 5.7 site. Further research is needed to understand the cause, extent
Rotterdam The Hague Airport TPI Employee promoter score 16 27.1 -11.1 and risks of the contamination. This research will start in January
Net safety score 3.1 3.4 -0.3 2024. RTHA used to extinguish fires during past incidents and
LTIF 0 16.30 -16.30 exercises with a legally prescribed PFAS-containing extinguishing
Runway incursion 8 16 -8 agent. Since 2020, thanks to an adjustment in EASA legislation
Bird strikes per 10,000 and regulations, PFAS-containing extinguishing agents are no
flight movements 4.8 4 0.8 longer used in incidents at RTHA. Since 2005, the fire brigade has
Precentage of operational only used water during firefighting exercises at the airport.
waste seperated -1 46.70% -0.47
1 Data for 2023 not available, we are working on getting the data available for 2024
Innovation and sustainability
RTHA signed a new contract with waste processing company
In the third quarter of 2023 CTSN took over as the new security
Renewi and data-driven tech company Seenons to help reach
partner. After a lengthy and complex transition process, CTSN had
the goal to become a zero waste airport in 2030 and towards
a successful start on the 1st of October.
full circularity in 2050. Thanks to the use of advanced data,
residual streams will be separated and processed using innovative
At the end of the year RTHA proudly received ACA (Airport
methods to ensure reuse and recycling and reduce emissions from
Carbon Accreditation) Level 5; the highest available recognition
waste incineration.
for the efforts made in making airports more sustainable. RTHA
In 2023, the first normal year after COVID-19, the aircraft
received the award for reducing the CO₂ emissions for its own
movements were well spread over the year, all the operational RTHA continues to work towards a zero emission airport for
activities by more than 90% and making continuous efforts to
processes functioned well and the passenger satisfaction ground activities in 2030 and has invested in more electric ground
reduce emissions throughout the aviation sector. RTHA was one
was high. vehicles and equipment. For the ground service equipment that is
of ten airports worldwide to receive the certificate from Airports
not yet electric, the fossil free HVO100 fuel is used, which has up
Council International (ACI).
To accommodate people waiting for arriving passengers, RTHA to 90% less carbon emissions compared to fossil diesel.
opened a new coffee corner in the spring, Kiosk16, on landside,
Passenger numbers and aircraft movements
located close to Arrivals. In December Rotterdam The Hague Innovation Airport (RHIA)
In 2023, 2,2 million passengers travelled to and from RTHA, which
launched a new proposition. After four years of successful
is an increase of 5% compared to 2022 and 6% more than in 2019.
In the summer Rotterdam The Hague Airport (RTHA) launched a collaboration, the next phase will focus on a community-driven
In 2023 there were 16.191 commercial aircraft movements, which
new logo and visual identity. The (digital) world has changed a lot approach, private leadership and public support. A new Executive
is 3% more than in 2022 and 3% less than 2019. On average, the
since the creation of the old logo and the visual assets no longer Board has been announced which includes Transavia, Shell, TU
load factor on board of the planes was higher in 2023 compared
fitted within these developments. Besides that, RTHA’s strategy Delft, Netherlands Aerospace Centre (NLR) and Rotterdam The
to previous years.
and positioning have been refined and the new designs are a Hague Airport.
better representation of that.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 96

RTHA has further developed its role as innovation partner with Lelystad Airport found for the flight altitude of aircraft approaching the airport
the main focus to contribute to CO₂ neutral aviation per 2050. over a distance of 30 kilometres near Lemelerveld. Regarding
The airport invests in all 3 methods of sustainable aviation: SAF, the first requirement, Lelystad Airport expects to acquire the
hydrogen and battery- electric. nature permit in the first half of 2024. Regarding the second
requirement, in December 2023, Air Traffic Control Netherlands
SAF (LVNL) sent a letter to the Ministry of Infrastructure and Water
Shell and RTHA signed a long-term agreement to blend Management (I&W), stating that closing sector 3 (a low flight
sustainable aviation fuel on all aircraft fuelled at the airport, path) is an appropriate measure (precondition 2). If Lelystad
starting in 2024. On top of the European blending mandate Airport obtains the nature permit, it will comply with the
of 6%, the airport will accelerate its efforts by setting itself a two requirements set by the Minister of Infrastructure and
minimum additional target of 8% to meet the more ambitious Water Management.
goal of the Dutch aviation sector of 14% by 2030. Using
sustainable aviation fuel (SAF) is among the few measures Lelystad Airport could make an important contribution to
currently available to reduce fossil carbon emissions from fulfilling Schiphol Group's ambition to cause less hindrance to
international aviation. its surroundings, as described in the eight-points of the Quieter,
Cleaner, Better plan. One of the options is to move night flights
Hydrogen 2023 2022 Change from Schiphol to daytime flights at Lelystad Airport.
A liquid hydrogen storage facility is currently being developed to
Air transport movements 1 75,168 83,514 -10.0%
store hydrogen powered aviation in the future. Besides this, RTHA Lelystad Airport is ready for commercial aviation. All necessary
TPI Sustainability (reduction
continued hydrogen projects with Zeroavia, Conscious Aerospace in CO2e emissions compared infrastructure work was completed in 2019, including the
and Aerodelft. In 2023 we started collaborating with Hamburg with 2019) 0.04 0.03 0.01 installation of air traffic control services by Air Traffic Control
Airport, a hydrogen like-minded airport on creating a hydrogen TPI Net safety score 99.5 97.4 2.1 Netherlands (LVNL) and the Air Force Command (CLSK). The
corridor with the aim of realizing a demonstration flight in 2026. TPI Employee promoter score 11 -38 49 Lelystad Airport organisation and its business partners are fully
1 Only general aviation (GA), business aviation (BA) is reported committed and ready for take-off.
Battery-electric
An electric charging facility has been installed at the airport, Past, present and future In 2023, Lelystad Airport registered over 75,000 ATMs of GA and
which is used to charge the first electric aircraft, the Velis Electro Lelystad Airport, currently a hub for general aviation (GA), BA traffic, a decrease of 10% in comparison with 2022, caused by
from manufacturer Pipistrel. The charging facility was realized at business aviation (BA) and helicopter traffic, celebrated its 50th periods of bad weather and the higher price of fuels, for example.
one of the flight schools at RTHA and enables all pilots at the flight year of operations in 2023. In anticipation of the opening of the airport to commercial traffic,
school to get experience with electric flying. To stimulate electric all notifications of noise disturbance can be submitted to a digital
flying, RTHA will not charge landing fees for all electric flights Under the 2008 Alders Agreement, Lelystad Airport is designated counter (‘Meldpunt Lelystad Airport’). These notifications are
until 2025. as an overflow airport for Schiphol, catering specifically to non- followed up by reports that are discussed with local residents and
mainport traffic with a capacity of up to 45,000 commercial air municipalities and NGOs.
The airport fire brigade has had training on how to cope with new transport movements (ATMs) a year. The plan initially aimed for
energy carriers like battery and hydrogen. Lelystad Airport to commence this role in 2018. Sustainability and community engagement
Lelystad Airport has been designed as a sustainable airport and
Read more at www.rotterdamthehagueairport.nl The opening of Lelystad Airport for commercial air traffic has has been awarded ‘Gold’ category LEED certification. Sustainable
been postponed several times. On 24 June 2022, the political construction methods were used to build the new terminal and
decision on the opening was postponed by two years to 2024, to widen and lengthen the runway. The latter project resulted
and it hinged on Lelystad Airport fulfilling two requirements: in a savings of 500 tonnes of carbon emissions. Together with
(1) It must obtain a nature permit and (2) a solution must be
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 97

17 aviation and mobility partners, Lelystad Airport is promoting regional training centre, ROC of Amsterdam, to offer training Maastricht Aachen Airport has submitted, and is awaiting
the introduction of electric regional aviation in a collaboration initiatives for students and trainees, as well as work placements at approval for, all documentation to increase from level 2 to level 3+
called ‘Power Up’. The Power Up partners from different countries the airport with its partner companies. ‘neutrality’ in the ACI Airport Carbon Accreditation program and
are committed to supporting a new proposition for efficient, is working hard on reaching its ambition to be net zero emission
low-carbon and convenient travel to and from regional airports. Read more at www.lelystadairport.nl by 2030. The extensive collaboration with the other airports in the
They are pooling their knowledge of passenger and airport Royal Schiphol Group and regional partners provides invaluable
processes and different electric aircraft technologies. By the end Maastricht Aachen Airport insights and best practices as well as technical expertise to reach
of 2023, all airside vehicles will be fully electric, and where this goal and become a better and high quality airport
sustainable solutions are not yet available, HVO100 will be used
as fuel. HVO100 is a renewable and fossil-free fuel produced from Read more at www.maa.nl.
biomass. Its use will result in near-zero carbon emissions. Lelystad
Airport will be equipped with two charging stations for electric
aircraft to support the development of electric aviation.

With local organisations such as the province of Flevoland,

the municipality of Lelystad, the Lelystadse Boer and Lelystad
Airport Business Park, the airport is exploring opportunities
and addressing bottlenecks in renewable energy, climate action,
health, hydrogen applications, ecology and the economy. In 2023,
this cooperation has resulted in several initiatives, such as the
provision of Lelystad Airport's electricity connection to the public
bus company EBS for charging electric buses and the Flevoland
Hydrogen Valley platform, which aims to develop the hydrogen On 1 September 2023 Royal Schiphol Group acquired a 40%
economy in Flevoland. stake in Maastricht Aachen Airport. Which is the second largest
cargo airport of the Netherlands with 63.331 tonnes of cargo and
Social responsibility is an important part of the development 228.660 passengers handled in 2023.
of Lelystad Airport. Lelystad Airport works with various non-
profit organisations and community groups to address social With the decision by the regional government in December
and environmental issues. We strive to have a positive impact 2022 to continue to invest in the airport and the introduction
on society and employee engagement, while at the same time of the Royal Schiphol Group as a new shareholder the airport
contributing to our sustainable development goals. By working focused in 2023 on implementation of its strategy towards
together, we aim to make a meaningful difference and create a a transitioning in an environmentally aware airport (een
more inclusive and responsible approach to business. 'omgevingsbewuste luchthaven').

Promoting local sustainable employment is one of Lelystad The full renovation of the runway at the airport and the
Airport's core values. The airport aims to recruit at least 30% associated 8 weeks closure of the airport in May and June 2023
of its workforce from within a 30-kilometre radius. Additional were a key event in 2023. This project marks the start of an
job opportunities will arise when Lelystad Airport opens for extensive program to resolve the maintenance backlog and the
commercial air traffic. Lelystad Airport also works together with transition of the airport in line with its strategy.
Stichting Campus Amsterdam Lelystad Airport (SCALA) and the
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 98

Our international activities Brisbane Airport Exciting times lie ahead for the airport. Queensland's population
is expected to grow by 16% between now and 2032, and BNE’s
The year 2023 marked a turning point for Royal Schiphol Group’s annual passenger numbers will increase by 10 million in the lead
international participations. Not only did traffic continue to up to the Brisbane 2032 Olympic and Paralympic Games. Over
recover, but at several airports it exceeded the pre-pandemic the next decade, the company will invest more than 5 billion
levels of 2019. Each airport in our Group is actively engaged Australian dollars through its Future BNE long-term capital plan.
in comprehensive capital expenditure (CAPEX) programmes, The project includes upgrades, expansions and developments
furthering our commitment to develop into more sustainable, that will increase capacity, meet international safety standards,
high-quality airports. support essential services, improve the passenger experience,
enhance sustainability, make Brisbane Airport the best airport
A core element of our ‘Group of Airports’ strategy is the exchange to use and unlock commercial opportunities. Most excitingly,
of knowledge and expertise between the airports, promoting Future BNE includes the opening of the first phase of a new third
mutual learning and creating synergies. A notable milestone passenger terminal.
in 2023 was the first ‘Schiphol Academy’ training week, which
brought together a diverse group of experts from our airport Read more at www.bne.com.au
network to enhance internal knowledge sharing. This initiative,
together with our Knowledge Network and Secondment A total of 21.6 million passengers travelled through Brisbane JFKIAT (JFK Terminal 4, John F. Kennedy Airport,
Programmes, is the cornerstone of our collaborative approach. Airport (BNE) in 2023, an increase of 26% on 2022 and 90% of New York)
pre-COVID-19 traffic. International traffic saw a strong recovery,
Our diversified international portfolio made a positive driven by new routes and support from Queensland's Attracting
contribution and demonstrated its value to the Group. Further Aviation Investment Fund (AAIF), a joint airport and government
growth and diversification of our Group remains an important initiative to bring tourists and jobs back to Queensland's
focus for the coming years. visitor economy.

Participations of Royal Schiphol Group 2023 Brisbane Airport's positive workplace environment was
Airport Passenger Change Our role recognised at the 2023 Australian Business Awards and the
numbers 2023 compared to Australian HR Awards, where the airport was named Employer
2022
of Choice.
Brisbane 21.6 million + 26% Shareholding
Airport, Australia of 19.61%
Brisbane Airport is committed to achieving net-zero emissions
JFK Terminal 4, 26.4 million + 47 % Management
(Scope 1 and 2) by 2025 (amongst other activities) through the
New York, USA contract
supply of renewable energy from wind and solar projects. In
Hobart International 2.6 million + 13 % Shareholding
Airport, Australia of 35% 2023, Brisbane Airport became the first Australian airport to
Queen Beatrix 2.9 million +12 % Strategic be awarded Level 4 Airport Carbon Accreditation by Airports JFK International Air Terminal LLC (JFKIAT), an affiliate of Royal
International partnership Council International (ACI), recognising Brisbane Airport’s long- Schiphol Group, has operated Terminal 4 at John F. Kennedy
Airport, Aruba
term carbon management strategy to achieve absolute emissions International Airport since 1997. The total number of passengers
reductions and evidence of forging meaningful partnerships to passing through Terminal 4 in 2023 was almost 26.4 million,
reduce the emissions of airport partners. compared with 22 million in 2019. In January 2023, Terminal 2 at
JFK Airport was closed, and all flights of its anchor tenant Delta Air
Lines, Inc. were consolidated into Terminal 4.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 99

In 2023, JFKIAT revised its corporate strategy to align with Hobart International Airport The airport began work on a 200 million Australian dollar
the changing landscape of the aviation industry following the (121.9 million euros) upgrade of its passenger terminal. When
significant impact of COVID-19. This includes a more considered completed in 2026, the upgrade will increase capacity from
approach to decisions regarding in-house versus outsourced 1.5 million to 4.5 million passengers per year (expected to
operations, an increased focus on certain strategic issues such as be reached in 2035). It will provide a significantly enhanced
sustainability, and a dedicated effort to enhance the recognition passenger experience with more retail, food and beverage
and value of our employees. options featuring a range of local Tasmanian products.

Throughout the year, JFKIAT focused on building a strong Read more at hobartairport.com.au
community that is proud to work at T4. In Q2, another 4Excellence
Rewards and Recognition Breakfast was held to recognise Aruba Airport (Queen Beatrix International
employees who go the extra mile, with a record-breaking group Airport)
of 263 nominations from colleagues and passengers. As part
of its Diversity, Equity, Inclusion and Belonging (DEIB) efforts,
the operator partnered with the LQBT Network, marched in the
Queens Pride Parade and hosted its first Juneteenth celebration.
As a result of these efforts, JFKIAT was recognised on the Crain’s Hobart Airport is the largest airport on the island of Tasmania and
New York Business Top 100 Best Places to Work list for the fourth the ninth-largest in Australia, handling 2.6 million passengers in
consecutive year. 2023. As the major gateway to an island state, Hobart Airport is a
key economic driver for Tasmania.
The operator received the 2023 Greenest Airport Terminal Award.
JFKIAT is a notable leader in sustainability and hosted several In 2023, Hobart Airport’s implementation of its people strategy
initiatives to contribute to this important goal, including a pop-up over the past three years resulted in an engagement score of
thrift shop, an exhibit of sustainability-themed artwork created 94% in its annual staff survey and a Best Workplace Award from
by Virgil I. Grissom Middle School students and a volunteer day at the survey provider. The airport also developed its first Reflect
the Jamaica Bay Wildlife Refuge. Reconciliation Action Plan for engagement with the Indigenous
people of Tasmania and has begun work to upgrade to an
JFKIAT continued its transformation and renovation plans with Innovate Reconciliation Action Plan. Aruba Airport, managed and operated by Aruba Airport
the introduction of self-service technology in the departure Authority N.V. (AAA), has a strategic collaboration with Royal
lounges and the renovation of its restrooms and locker Hobart Airport maintained its net-zero emissions goal and moved Schiphol Group. This partnership enables Schiphol Group to
rooms. Throughout 2024, the terminal operator will focus on from level 2 to level 3+ 'neutrality' in the Airport Carbon nominate the airport’s CEO, deliver technical support, and share
redeveloping its commercial programme and concessions, which Accreditation programme. It increased its score from 90% to knowledge and best practice.
are expected to be completed in 2026. 95% in its third year of participation in the Global Real Estate
Sustainability Benchmark. The year 2023 culminated in AAA’s growth, with an increase of
Read more at www.jfkairport.com or listen to the podcast: 12% compared to the previous year, and a remarkable recovery
T4 Talks, via your favourite podcast listening platform (Apple of 114% of its 2019 passenger traffic. The airport’s outlook is
Podcasts, Spotify, Amazon Music or the web). promising, with passenger numbers expected to grow by 4% in
2024 compared to 2023, marking a second consecutive year of
full recovery.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 100

The ambitious terminal expansion project, known as Gateway Other international activities
2030, is progressing steadily and on schedule. Construction of the Schiphol has been supporting St. Maarten Princess Juliana
first phase of the project is well underway and is scheduled for International Airport since 2019 in the reconstruction and
completion by the end of 2024. In addition, the new state-of-the- transition of the airport after Hurricane Irma. In November 2023,
art baggage handling system is on track for commissioning in the the new departure area became operational ahead of the busy
first quarter of 2025. The start of the second phase of the project, year-end period.
scheduled for the second half of 2024, will see the expansion of
the terminal facilities with the introduction of new lounge areas Royal Schiphol Group also has strategic partnerships with Incheon
and contact gate stands. International Airport (Seoul) and Beijing Capital Airports Holding
Company (CAH), focusing on knowledge exchange in areas such
In 2023, Aruba Airport will continue to implement its corporate as innovation, capital investment programmes and operational
strategy, emphasising collaborative efforts to make a significant excellence. Schiphol also has property interests in Milan Malpensa
impact. Throughout 2024, AAA will embark on a transformation Airport in Italy and Hong Kong Airport.
towards a more sustainable and inclusive airport business
model, fostering higher levels of commercial excellence and
customer satisfaction. A key element of this strategy is the
continued deployment of advanced passenger processing
technologies, including additional e-gates, new and improved
security screening equipment and additional processing capacity,
initiatives that will begin in 2023 and continue into 2024.

In the coming year, Aruba Airport will also work towards

achieving the short- and medium-term goals outlined in the
Joint Strategic Plan, developed in collaboration with the Dutch
Caribbean Cooperation of Airports. This plan aims to improve
inter-island connectivity, making it more accessible, efficient and
sustainable within the region.

Read more at www.airportaruba.com

Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 101

Governance

Dánica Hooi, project manager Lounge 1:

‘Over the coming years we are going to be renovating
Lounge 1. We are making the lounge bigger so that
travellers have more space. The interior will have
a warm and natural look, and we’re upgrading
the retail and catering concepts. The result: a more
relaxing and enjoyable start to your journey.’
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 102

Report of the Supervisory

The Supervisory Board
supervises and advises the
Board
Management Board in
setting and achieving the Annual Report A. Supervision
strategic objectives of Schiphol The annual report is prepared by Schiphol Group’s Management The year 2023 marks the turn around for passengers, employees,
Group, maintaining values Board. KPMG Accountants N.V. audits the financial statements and the future plans of the airport. Passengers had a good
to contribute to sustainable and has issued an unqualified audit opinion. The Supervisory travel experience again. Moreover, Schiphol Group intensified its
Board’s Audit Committee has discussed the financial statements commitment to initiatives aimed at elevating working conditions
long-term value creation, extensively with the Chief Financial Officer (CFO), his team at the airport and enhancing the overall quality of life for the
complying with applicable and the external auditor. Subsequently, the Supervisory Board local environment.
laws and regulations and discussed the annual report with the Management Board in
the presence of the external auditor. Based on these and Schiphol Group aims to keep this upbeat momentum and
managing internal business other discussions, the Supervisory Board has determined that acknowledges the need for continued improvements by
control systems and report the annual report meets all relevant regulations and fulfils all introducing Schiphol Fast Forward programme, including seven
processes of Schiphol Group. governance and transparency requirements, and that it provides workstreams focusing on further improving key aspects of the
a fair and comprehensive picture of the results, risks and events airport: operating model, asset quality, passenger satisfaction,
subject to the Supervisory Board’s supervision. quality of work, operational alignment, leadership and the ‘eight-
point plan’. The Schiphol Fast Forward programme aims to
Given the financial results and resulting ratios, the higher cost accelerate the execution in relation to the most important issues
base and incurred cost leakage in combination with considareble in this respect, enhance internal and external collaboration within
investment obligations in the years ahead, it will be proposed not the Schiphol ecosystem towards shared objectives and bring
to pay out dividend in 2024 (over 2023). focus to the organisation. The recommendations following from
the research done by PwC into the operational situation of 2022
The financial statements will be submitted to the General are an integral part of the workstreams.
Meeting of Shareholders for adoption on 9 April 2024. The
Supervisory Board proposes that the Management Board will Last year, the Dutch Cabinet announced its plan to impose a
be granted discharge in respect of the management carried capacity reduction for Amsterdam Airport Schiphol in order to
out, that the Supervisory Board will be granted discharge for reduce noise hindrance in the environment of the airport. The
the supervision exercised and that the financial statements will plan consists of three tracks. The first track is an immediate
be adopted. reduction in ATM to 460,000 based on the Experimenal Decree
(Experimenteerregeling), which was due to enter into force on
31 March 2024. As of November 2024, the Dutch Cabinet aims
to further reduce ATM to 452,500 as part of the second track.
The European Balanced Approach procedure is currently being
followed to enable this. The third and last track, encompasses
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 103

a reassessment of regulations regarding noise hindrance and The Supervisory Board will continue to urge the Management In October, the social agreement was renewed. Agreement was
emissions. The announcement of the capacity reduction has Board to accelerate projects in relation to sustainability. reached on pay supplement and structural improvements in
led to uncertainties within the ecosystem at the airport and relation to quality of work.
was followed by several law suits between the government Mid 2023, the Supervisory Board requested Schiphol Group to
and airlines. Schiphol Group continues a constructive dialogue conduct research into the maintenance backlog of the airport Sustainability and working conditions
with its partners and the government on how to contribute to with the aim to understand how the backlog was created, what Schiphol Group takes a leading role in sustainability within
a substantial reduction of noise hindrance and environmental Schiphol Group can learn from it and what should be done to the aviation industry, supporting more sustainable aviation by
impact on the local environment. For Schiphol Group, clarity for prevent it in the future. Foundation Crisislab was hired for this. including incentives in aviation charges, providing airlines with
the aviation sector is imperative. Therefore, in April, Schiphol The research has shown several causes for the creation of the a subsidy for Sustainable Aviation Fuels (SAF) and lobbying
Group presented its initiatives to become quieter, cleaner and backlog. Schiphol Group will follow this up with measures on the for structural sustainability improvements for the industry both
better by means of its ‘eight-point plan’. The plan aims to give short, medium and long term. The Supervisory Board supports within the Netherlands and Europe. Furthermore, the ‘eight-
the local environment, employees and the aviation industry a the outcome and will regularly challenge the Management Board point plan’ contains important initiatives in relation to the
clear perspective and include amongst other things a night regarding the follow-up. acceleration of becoming more sustainable.
curfew, a ban on private jets and clear limits on CO2e and
noise. Schiphol Group is actively working on the realization of The Supervisory Board acknowledges the significant strides
the plan, being part of the Schiphol Fast Forward programme. Main points of attention achieved in 2023 concerning this matter, recognizing the
Schiphol Group has also included several of the initiatives in its commendable efforts of the organisation. The Supervisory Board
response in the Balanced Approach procedure related to the Operational recovery remains confident in the organisation's commitment to ongoing
measures announced by the Dutch Cabinet, which was presented In 2022, Schiphol Group experienced severe operational issues improvement and anticipates the continued dedication and
to the Minister of Infrastructure & Water Management in June. with long queues at Amsterdam Airport Schiphol due to staff achievements in the future, but realises that a lot of work
Schiphol Group is disappointed by the announcement of the shortages, especially at security companies. The issues had a still needs to be done. Schiphol Group has developed a ‘Most
Ministry of Infrastructure & Water Management in November strong negative impact on the passenger experience, airline sustainable airports 2030’ roadmap that contains all required
2023 regarding the suspension of the Experimental Decree, operations and overall reputation of the airport. actions in the coming years to become zero emissions and zero-
which enabled the capacity reduction to 460,000 ATMs as of waste airports in 2030 (Scope 1 and 2) and net-zero-carbon
2024. This is a serious setback for the local residents and creates In 2023, remarkable progress and improvements were realized aviation in 2050 (Scope 3). Two important recognitions were
more uncertainty within the sector. in this respect. Performance during the May and summer received in 2023: the SBTi accreditation and the Airports Council
holidays was in line with expectations, only with occasional International ACA (Airports Carbon Accredited) level 5 certificate.
Schiphol Group made important progress regarding innovation disruptions primarily at the arrival process and the turnaround Schiphol Group has obtained SBTi validation for scope 1, 2 and
and project execution during the year. The redevelopment of process. The departure process demonstrated significant 3 targets. The ACI accreditation relates to the highest level for
Lounge 1 is progressing according to budget and planning, improvements compared to last year, which was the result airport sustainability, meaning a CO2e emissions reduction of own
while the Dual Taxiway System project experiences some delay of implementing standard control measures and effective operations in 2022 by 90% or more compared to 2010. It has been
but with limited consequences. Furthermore, Schiphol Group collaboration amongst the stakeholders. These accomplishments awarded to Amsterdam Airport Schiphol, Eindhoven Airport
invested in the renovation of resting areas and sanitary locations underscore commitment of Schiphol Group to ensuring well- and Rotterdam The Hague Airport. The three Schiphol Group
for employees working at the airport, the further roll-out of managed operations. airports are among the first ten airports worldwide to reach
lifting aids in the baggage basement and the renovation of the this level. The Safety, Sustainability and Stakeholders Committee
fire brigade stations. In terms of innovation and sustainability, Nevertheless, several improvement opportunities have been closely monitors the progress made in the execution of the Most
Schiphol Group opened its own concrete recycling facility, is identified, which are part of the Schiphol Fast Forward sustainable airports 2030 roadmap.
taking measures to replace all diesel-powered equipment on programme and will be implemented going forward.
airside and accelerates its work in relation to ultra-fine particles.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 104

Working conditions remain an important part of sustainability. Development of the Group Nature permits
The people at Amsterdam Airport Schiphol deserve proper In November 2023, the Minister of Infrastructure & Water
working conditions and decent wages. The Supervisory Board Management announced the suspension of the Experimental After years of hard work, Schiphol Group received its nature
recognises that improvements have been made in 2023, but Decree. Schiphol Group took the Experimental Decree into permit (‘Wnb-vergunning’) for Amsterdam Airport Schiphol from
that further improvements need to be realised in 2024. The account for its capacity declaration for the summer season the Minister for Nature and Nitrogen Policy. Although the permit
Supervisory Board therefore considers it is important that of 2024, leading to a maximum of 460,000 flights in the full is still subject to appeal, receiving the permit is a significant
this topic remains an integral part of the Schiphol Fast operating year, but has published an addendum to the capacity step for Schiphol Group, as it confirms compliance with relevant
Forward programme. declaration leading to a maximum of 483,000 flights following laws and regulations. It furthermore demonstrates that Schiphol
the suspension. As part of Schiphol Group’s ‘eight-point plan’, a Group operates in line with the requirements of the Nature
As of 1 January 2024, Schiphol Group is subject to the Corporate list of aircraft types that are no longer welcome at Amsterdam Conservation Act. In addition, the permit enables the government
Sustainability Reporting Directive (CSRD). In 2023, the company Airport Schiphol has been included in the capacity declaration. to introduce new policies for the airport, such as an Airport Traffic
worked hard to ensure compliance. Schiphol Group developed Decree containing a new approach with environmental and noise
a roadmap to become ‘CSRD ready’, linked to the company’s Despite the decision to suspend the Experimental Decree, the limits for the aviation industry.
strategy. The Audit Committee tracked progress throughout the Ministry of Infrastructure & Water Management will remain
year and some Supervisory Board members have been involved working on the Balanced Approach procedure that needs to The regional airports within Schiphol Group have also submitted
on a more structural basis as well. be followed as a consequence of the decision to reduce the an application for a nature permit, the viewpoint procedure
ATMs at Amsterdam Airport Schiphol. Schiphol Group shared has been completed and the procedure is now in a concluding
The Supervisory Board encourages Schiphol Group to continue its views regarding the Balanced Approach with the Ministry. phase where questions from the competent authority are
taking a leading position in the field of sustainability and to Unfortunately, not all suggestions by Schiphol Group have been being answered.
accelerate improvements in relation to working conditions. included by the Ministry, such as a night curfew and a ban on
private jets. The Supervisory Board hopes that these measures will
Mid Term Plan still be realised in the near future.
The Mid Term Plan 2035 was discussed with the Capital
Programme, Operations & Investments Committee and the A strategic collaboration between Maastricht Aachen Airport
Supervisory Board on several occasions during 2023. The Mid (MAA) and Schiphol Group commenced. On 8 June 2023, the
Term Plan sets out the major developments required over the province of Limburg and Schiphol Group signed the collaboration
next ten years in terms of capacity, quality and safety, such as the agreement, resulting in Schiphol Group acquiring a 40% stake in
completion of Pier A, the completion of the Dual Taxiway system MAA and the province of Limburg keeping a 60% stake. With the
and the new baggage basement. The Supervisory Board provided collaboration, MAA will be able to focus on the development of
its advice on the key issues and adaptability of the plans in relation a sustainable and future-proof airport, with electric flying as one
to the financial position and important external developments, of the main priorities. In addition, the parties are committing to
such as sustainability. It is expected that the plan will be finalized a far-reaching exchange of knowledge in the areas of real estate
in the first months of 2024. and commerce.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 105

Strategic projects Dual taxiway system – Renovation of resting areas and non-passenger sanitary
Schiphol Group is currently working on phase 1B of the project, relates to an improvement of the resting areas and sanitary
Schiphol projects which aims to bolster Schiphol's remote holding capacity. Delivery locations for employees working at the airport. The project
The Supervisory Board, specifically the Capital Programme, of phase 1B is slightly delayed. Final delivery of phase 2 of the aims to improve the working conditions. The project will be
Operations and Investments Committee, has been regularly project in 2026 is not expected to be impacted. finalized by the end of 2024.
updated on ongoing projects. In April and November, the – Car rental service centre: Schiphol Group will construct
shareholders were updated on the major projects as well, in Entry-Exit System a new car rental location at Schiphol, which offers the
the presence of several Supervisory Board members. The European Entry-Exit System (EES) is a mandatory new EU- opportunity to rent electric vehicles. It will be the largest car
wide border management system, which will help to prevent rental company facility in the Netherlands, accommodating
Pier A irregular migration and protect the security of European citizens. 2,500 vehicles.
In 2023, together with new contractor BAM, Schiphol Group The project will have an impact on the passenger journey for – Renovation of Fire Brigade Stations relates to an improvement
focused on the preparatory works for the finalization of Pier non-EU citizens. The implementation of EES has been delayed of working and living conditions for the fire brigade of
A. It is expected that the completion works will start in Q2 several times, with a new formal date set on 1 November 2024. In Schiphol Group.
of 2024. The Capital Programme, Operations and Investments December 2023, the Supervisory Board approved the investment – Sierra 1: to improve safety on airside, a new runway crossing
Committee is closely involved and will continue to be in 2024. In proposal for phase 2 of the implementation of EES to ensure will be delivered, mitigating the safety risk of runway
addition, in the dispute with BN-TAV – the former contractor readiness on time. Given the complexity of the project and the crossings identified by the Dutch Safety Board (OVV).
whose contract was terminated due to ongoing delays and potential consequences for passengers, the Capital Programme, – Lifting aids: to improve working conditions for baggage
an unpredictable project outcome - formal proceedings have Operations and Investments Committee is closely involved. handlers, Schiphol Group ensures that all workplaces will
been initiated in December 2023 by BN-TAV. Schiphol Group is be equipped with a lifting aid by executing this project.
preparing its statement of defence and counterclaim, which will Southern Developments – Upgrade grid capacity: in order to secure sufficient electricity
be submitted ultimately on 5 June 2024. This process is closely The developments in relation to the Southern area of the capacity in the coming years, Schiphol Group will invest in
monitored by the Supervisory Board. airport will solve current bottlenecks in baggage and terminal increasing its grid capacity.
capacity, meet future peak capacity demand, improve the quality
Reference is made to note 25 Contingent assets and liabilities for perception and increase commercial revenues. The expected
the status on the BN-TAV claims with regards to the construction future capacity requirements are likely still valid in case of Other topics
of Pier A. an annual ATM cap of 440,000, driven by enduring peak
patterns, upgauging of aircraft and an increasing share of original Contact with the Works Council
Lounge 1 destination passengers. In October 2023, the tender for the Several members of the Supervisory Board, especially the
The redevelopment of Lounge 1 is well on its way. The project design phase of the baggage basement was published. A decision members of the People Committee and the members nominated
is a crucial junction for all passengers moving to and from regarding the terminal still needs to be made. by the Works Council, attended meetings with the Works Council.
several piers at the airport. In addition, it enables transfer These meetings were considered to be of great value and a
passengers to move from Schengen to Non-Schengen areas. The positive experience for both sides. The respective Supervisory
redevelopment of Lounge 1 aims to solve pressing capacity issues Projects that have been approved by the Board members report back to the full Supervisory Board and, if
and ensure operational continuity. Furthermore, the project aims Supervisory Board necessary, to the Executive Team on these meetings.
to bring Lounge 1 back to desired levels of sustainable and
reliable technical performance and commercial revenue. Based on the Supervisory Board Rules, investment and divestment No conflicting interest
decisions with a value exceeding 25 million euros require There were no transactions in 2023 involving conflicts of interest
Supervisory Board approval. In addition to phase 2 of the Entry- on the part of Management Board members, Supervisory Board
Exit System, six other project proposals were approved by the members, shareholders or the external auditor that were of
Supervisory Board in 2023: material significance to Schiphol Group and/or relevant parties.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 106

B. Quality Assurance personal details on each member of the Supervisory Board, please Since April 2020, Mr Bert van der Els has been appointed as
see the section ‘Corporate Governance’ of this annual report. advisor to the Supervisory Board and the Capital Programme,
Operations & Investments Committee on the basis of a
Members In making new appointments, the Supervisory Board aims to consultancy agreement with similar compensation as the
ensure the complementary expertise of its members, particularly Supervisory Board members, focusing on construction and
At year-end 2023, the Supervisory Board had three female and in relation to the fields of knowledge that are relevant to Schiphol maintenance projects and related matters.
four male members. The Supervisory Board is currently aiming Group. The fields of knowledge are listed in the Supervisory Board
to include another member and searching for a successor of Profile (Schedule 2 to the Supervisory Board Rules). The overview
a Supervisory Board member whose second term ended in below indicates the fields of knowledge represented by each Permanent education
April. The Management Board had two male members at year- Supervisory Board member.
end 2023; the Executive Team had two female and four male As part of the permanent education programme, various topics
members. Schiphol Group runs a development and leadership All members of the Supervisory Board are independent within were discussed with the Supervisory Board to provide its members
programme to ensure that both everyone can advance into senior the meaning of best practice provision 2.1.8 of the Corporate with greater insight into issues relevant to Schiphol Group.
management and executive positions. Schiphol Group aims to Governance Code. These issues include, among other things, ultra-fine particles,
achieve a balanced composition of the various bodies in terms commercial initiatives, ESG and risk management within Schiphol
of gender, cultural background, age, sexual orientation, psychical Mr Collier has the Irish nationality. The other members have the Group. Supervisory Board members also regularly participated
abilities, experience and professional background. For further Dutch nationality. in site visits to stay on top of operational, asset, security and
safety-related matters.

Distribution of fields of knowledge among the members of the Supervisory Board

J.W. Winter 1 (Chair) S.G. Brummelhuis D. Collier 1 H.C. Figee E. van Galen 1 R.J. van de Kraats (Vice) M.C. van der Laan

Year of birth and nationality 1963, Dutch 1965, Dutch 1955, Irish 1972, Dutch 1961, Dutch 1960, Dutch 1968, Dutch
First appointed in 2022 2018 2018 2023 2021 2015 2023

Fields of knowledge
1. Aviation business • •
2. Commercial • • • • •
3. Finance/Accountancy/Risk Management • • • •
4. International experience • • • • • •
5. Digitisation • • •
6. Government and stakeholders Schiphol • • • •
7. Corporate governance • • • • • • •
8. Human Resource Management • • •
9. Corporate responsibility • • • • • • •
10. Project management • • •

1 CEO experience
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 107

C. Other matters Management Board members Supervisory Board members

In July, it was decided by the Supervisory Board to extend the At the General Meeting of Shareholders on 11 April 2023, Mr
appointment of Ruud Sondag as President and interim-CEO Figee and Ms Van der Laan were appointed as Supervisory
Appointments and reappointments for four more months until 29 February 2024 the latest. The Board members for a first term of four years. Mr Figee has
Supervisory Board believed that it was in the interest of all broad financial experience, including in relation to capital
Executive Team employees and stakeholders to extend the interim period given markets, strategy and business operations. Ms Van der Laan
As of February, the Management Board and Supervisory Board the effective choices made, providing Schiphol Group with a clear has broad experience within the Dutch political area as well as
agreed to change the management structure for more effective agenda for the future. with sustainability within the energy sector. The expertise and
leadership. The Management Board has been embedded into experience that Mr Figee will bring, especially in the financial,
a broader Executive Team that is responsible for managing In November, the Supervisory Board announced that Pieter van reporting and control work field and that Ms Van der Laan will
the company, bringing the core decision making closer to the Oord will be appointed as President and CEO for a first term of bring in the field of relevant stakeholders and the government,
operational reality of Schiphol. The Executive Team currently four year per 1 June 2024. The Supervisory Board is impressed will help the Supervisory and the Management Board in achieving
consists of the CEO, CFO, the Executive Director Human Resources, with Mr Van Oord’s experience in operational organisations, the ambitions for the coming years and deal with the challenges
the Executive Director Schiphol Commercial, the Executive knowledge on asset management, capabilities and focus on Schiphol Group is facing.
Director Schiphol Infrastructure and the Executive Director accelerating sustainability, which will help Schiphol Group the
Schiphol Operations. The CEO and CFO remained the only coming years with the challenges the company is facing. At the General Meeting of Shareholders on 11 April 2023, Mr Van
statutory directors of the Schiphol Group and therefore formally der Kraats was reappointed as Supervisory Board member for a
form the Management Board of Schiphol Group. The Supervisory Between 1 March and 31 May 2024, Robert Carsouw (Executive third term of one year to ensure a careful handover of the role of
Board has welcomed the improvements in the collaboration and Vice-President and Chief Financial Officer) will act as interim CEO. Chair of the Audit Committee to Mr Figee.
execution of decisions following from this change in structure.
The Management Board will, embedded in the Executive Team, Per 1 February 2023, the Supervisory Board terminated the Mr Olsson’s second term expired at the General Meeting on
be extended to three or four members after the new CEO will have employment agreement of Executive Vice-President and Chief 11 April 2023. The Supervisory Board thanks Mr Olsson for
commenced on June 1, 2024. Operations Officer Hanne Buis due to a difference of opinion, his valuable and significant contribution to Schiphol Group,
which the Management Board and Supervisory Board have jointly especially as Chair of the People Committee.
and intensively tried to bridge.
The composition of the committees changed in 2023, as shown in
the table.

Composition of the Supervisory Board committees

J.W. Winter (Chair) S.G. Brummelhuis D. Collier H.C. Figee E. van Galen R.J. van de Kraats (Vice) M.C. van der Laan

Supervisory Board • • • • • • •
Audit Committee • • • •(c)
People Committee • •(c) • •
Capital Programme, Operations & Investments Committee • •(c) •
Safety, Sustainability & Stakeholders Committee • •(c) •
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 108

Attendance in 2023
Attendance J.W. Winter (Chair) S.G. Brummelhuis D. Collier H.C. Figee E.van Galen R.J. van de Kraats (Vice) A.B.M. Olsson M.C. van der Laan

Supervisory Board 10 of 10 10 of 10 10 of 10 5 of 5 and 1 time 10 of 10 7 of 10 4 of 5 5 of 5 and 1 time

as observer as observer
Audit Committee n/a n/a 3 of 3 2 of 2 3 of 3 3 of 3 n/a n/a
Capital Programme, Operations & n/a 12 of 13 13 of 13 4 of 5 n/a n/a 4 of 4 n/a
Investments Committee
People Committee 13 of 13 13 of 13 n/a n/a n/a 7 of 9 and 2 times 4 of 4 9 of 9
as observer
Safety, Sustainability 4 of 4 2 of 2 n/a n/a 4 of 4 n/a 1 of 1 3 of 3
& Stakeholders Committee

Meetings Meetings of the Supervisory Prior to every Audit Committee meeting, the Chair of the
Board committees Committee held a separate discussion with the CFO, controller,
The Supervisory Board met on nine formal occasions in 2023. external auditor (KPMG Accountants N.V.) and the internal
The Executive Team (including the Management Board) members Audit Committee auditor as preparation for each committee meeting. After every
attended all of those meetings. Prior to the regular meetings, The Audit Committee held three meetings in 2023. The meeting, the Audit Committee had private consultations with the
the Supervisory Board held private consultations. The various committee spoke with the Chief Financial Officer (CFO), the external auditor, which were not attended by the Executive Team
committees held 33 formal meetings in total in the course of Director Finance and the internal and external auditors on a and senior management.
2023. Please see the schedules below for a full overview of number of topics including the annual financial statements, the
the number of meetings per committee and the attendance of annual report (and quality thereof), the interim figures and the Meetings Number1
Supervisory Board members. associated press releases, the external auditor’s audit plan and
Supervisory Board 10
management letter, liquidity and solvency, inflation and the
Additional Supervisory Board meeting without 42
In addition to these meetings, the Chair and the other members weaknesses in the related tariff system, other sources of income, Management Board members attending
of the Supervisory Board discussed issues with the Executive Team (airline and passenger) claims and integrity reporting, internal Audit Committee 3
on numerous occasions. Various members of the Supervisory controls, progress and outcomes with respect to the internal audit Capital Programme, Operations & 13
Board also had contact on a number of occasions with the senior annual plan and the follow-up on audit findings. The committee Investments Committee
management of Schiphol Group and with stakeholders both furthermore prepared the Supervisory Board’s decision-making People Committee 13
within and outside Schiphol Group, including the shareholders. on the Budget and Funding Plan 2024. The internal audit plan for Safety, Sustainability & Stakeholders Committee 4
the forthcoming year was endorsed. The committee continued Total 43
to pay extra attention to enterprise risk management at both 1 These numbers only include formal meetings.
the half-year and full-year points in 2023. A deeper discussion 2 Prior to every regular Supervisory Board meeting, the Supervisory Board convenes
for one hour without the presence of the Management Board members.
took place in relation to controls within the Schiphol Commercial
business area. Also this year, the committee has paid specific
attention to ESG reporting, given the importance of the topic. ESG
is a recurring topic in the Audit Committee meetings.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 109

In accordance with auditing rules, Schiphol Group has appointed Safety, Sustainability & Stakeholders Committee Word of thanks
a new external auditor as of financial year 2024. Per proposal The Safety, Sustainability and Stakeholders Committee met
of the Supervisory Board, the shareholders appointed Ernst & four times in 2023. Much attention was paid to safety in a The Supervisory Board is wished to extend its sincere appreciation
Young Accountants LLP as the new auditor of Schiphol Group per broader sense. The committee discussed the health, safety and to the Executive Team for the achievements of the past year. We
financial year 2024 for a maximum period of ten years. environmental reports and progress in relation to Integral Safety firmly believe that the Executive Team has made significant steps
Management System, and it also reviewed safety in 2022. The in enhancing the quality of the airport, both operationally and in
Capital Programme, Operations & committee specially focused on fire safety and the ongoing terms of working conditions.
Investments Committee trajectories with the Netherlands Labour Authority. All serious
The Capital Programme, Operations and Investments Committee incidents were discussed with the committee and follow-up Our gratitude also goes out to all employees for their invaluable
advises the Supervisory Board on approval of preliminary actions were taken. The committee was updated on the progress contributions to the positive transformations realized. It is
investment decisions of all asset-related projects. The committee made in relation to the Roadmap Most Sustainable Airports, through their unwavering commitment and collaborative efforts
held monthly meetings and met thirteen times in 2023. The including target tracking and the sustainability plans for 2024. that these improvements have been possible. Their continued
main focus of the committee has been the maintenance backlog The committee also discussed the outcome of the Social Cost support is fundamental to the success of Schiphol Group.
Schiphol Group is facing and the progress realised in relation Benefit Analysis that was performed and monitored progress
to the major projects, specifically Pier A and the Entry-Exit on the Most sustainable airports 2030 roadmap. The committee Schiphol, 15 February 2024
System. The committee was updated every quarter on the keeps encouraging Schiphol Group to remain a front runner on
status and progress of the major projects. The committee was sustainability within the aviation industry and accelerate projects The Supervisory Board
consulted in relation to one major, upcoming project: the and initiatives where possible. The application for the nature Jaap Winter, Chair
Southern Developments. An extensive discussion regarding the permits was discussed extensively in each committee meeting. Robert Jan van de Kraats, Vice Chair
Mid Term Plan took place as well. In addition, the committee The committee is satisfied that the permit has now been granted Simone Brummelhuis
was informed about the strategic asset management and for Amsterdam Airport Schiphol. Declan Collier
commercial developments and opportunities. In 2023, the Chris Figee
committee reviewed, challenged and consequently advised in Elfrieke van Galen
favour of all submitted preliminary investment decisions. Medy van der Laan

People Committee
The People Committee held thirteen meetings in 2023 and
many more informal meetings relating to the search for a
permanent Chief Executive Officer (CEO) and the succession
of the Supervisory Board. Other topics discussed in the People
Committee were the renewal of the social agreement, the My
Schiphol Survey results (in relation to the Employee Promotor
Score), Talent & Succession management, the newly introduced
Leadership Team of Schiphol Group and the 2024 objectives.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 110

Supervisory Board

Mr J. Winter Mr R.J. van de Kraats Ms S.G. Brummelhuis Mr D. Collier

(1963, Dutch nationality) (1960, Dutch nationality) (1965, Dutch nationality) (1955, Irish nationality)

Chair Vice-Chair

First appointed in 2022 First appointed in 2015 First appointed in 2018 First appointed in 2018
First term expires in 2026 Third term expires in 2024 Second term expires in 2026 Second term expires in 2026

– Partner at Phyleon leadership & governance – Non-Executive Chairman at Customs Support – Managing Director at Borski Fund – Chair at TCR International NV
– Chairman of the Supervisory Board at Erasmus Group since 1 July 2023 – Member of the Supervisory Board at – Chair H.M. Office at Rail & Road
Universiteit Rotterdam – Director Randstad Beheer Rabo Amsterdam – Chair at Belfast City Airport
– Board member ASR Nederland – Vice-Chairman Supervisory Board at the – Board of Advice Augeo – Senior Advisor Oaktree Infrastructure Fund (OTIF)
Continuity Foundation Goldschmeding Foundation – Board of Advice Inne – Former Chief Executive Officer of Dublin Airport
– Former Chairman of the Board at the Van – Non-executive Director of OCI N.V. – Former Member of the Supervisory Board at Authority and London City Airport
Gogh Museum – Former non-Executive Chairman of TMF Group Mediahuis Nederland – Former Chair at Aer Rianta International (ARI)
– Former Chairman of Executive Board at Vrije – Until 1 July 2023 Member of the Advisory Board at – Former Chair of European and World Board at
Universiteit Amsterdam Suitsupply B.V. Airports Council International
– Former Chairman of the Board at – Former CFO and Vice-Chair of the Executive Board – Former Council Member at the Confederation of
ADORE foundation at Randstad N.V. British Industry
– Former Board Director at London First
– Former Non-executive Director at Allied Irish Banks
(AIB) Group
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 111

Mr H.C. Figee Ms E. van Galen Ms M.C. van der Laan

(1972, Dutch nationality) (1961, Dutch nationality) (1968, Dutch nationality)

First appointed in 2023 First appointed in 2021 First appointed in 2023

First term expires in 2027 First term expires in 2025 First term expires in 2027

– CFO at KPN – Partner at TheRockGroup – Chair of the Nederlandse Vereniging van

– Member of the Supervisory Board at – Chair of the Supervisory Board at GVB Banken (NVB)
UNICEF Nederland – Member of the Supervisory Board at – Chair of the Nationaal Luister Onderzoek (NLO)
– Member of the Economic Board at Zuid Holland Meerlanden NV – Chair of the Foundation Berenschot Beheer
– Member of the Board at Vereniging Effecten – Non-executive Board member at SEKEM – Member of the Objections Committee of the Dutch
Uitgevende Ondernemingen (VEUO) – Member of the Supervisory Board at Public Broadcaster
– Former member of the Supervisory Board Triodos fondsen – Chair of the International Architecture Biennale
at Azerion – Board member of Stichting Bergplaats at Rotterdam (IABR)
Lippe Biesterveld
– Former Member of the Supervisory Board at
Holding Maatschappij Zuid-Holland
– Former Senior Vice President Corporate Social
Responsibility at KLM
– Former CEO KLM Cityhopper & KLM UK ltd
– Former Vice President KLM Cargo customer services
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 112

Executive Team

Strengths Opportunities
– Resilient network of destinations – Potential to capture strong post-
– Strong hub position of Schiphol in Europe COVID-19 demand
– Sustainability at our premises – Position Schiphol to recover connectivity
– Economic strength of the Randstad region during period of increased hub
and attractiveness of airport city competition
– Digitalisation, automation and big data
– International activities and partnerships
– Sustainable aviation and innovation
initiatives

Weaknesses Threats
– Current operational situation at Schiphol – Challenging geopolitical and
– Capacity shortage during peak hours: macroeconomic climate
terminal, stands and railway station – Recurring pandemics in Asia and
– Operational and sourcing model other regions
– Future reliability of assets – Terrorism and cyberthreats
– Worsening labour market and
ageing workforce
– Pressure on cargo volumes from
slot allocation system
– Possible impact of nature permits
– Impact of ruling on nitrogen emissions
– European Entry-Exit System legislation
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 113

Executive Team - Statutory directors

Mr. L.M. Sondag Mr R.J. Carsouw

(1962, Dutch nationality) (1970, Dutch nationality)

Member of the Management Board and CEO Member of the Management Board and CFO
Since 1 November 2022 Since 1 April 2021
Term expires on 29 February 2024 First term expires on 31 March 2025

– Co-Chair of the Schiphol Security and Public Safety Platform Responsibilities – Non-executive member of the Board of Directors of Brisbane Airport
– Member Supervisory Board Stichting Bevordering kwaliteit – Airport Operations & Aviation Partnerships1 Corporation PTY Ltd4
leefomgeving Schipholregio – Schiphol Infrastructure1
– Non-Executive Board Member Faerch A/S and Faerch Group Holding – Corporate Affairs2 Responsibilities
A/S (01-04-2023 – present) – Corporate Legal2 – Finance2
– Non-Executive Member of the Audit Committee Faerch A/S – Human Resources2 – IT & Data1
(01-04-2023 – present) – Safety & Environment1 – Procurement & Contracting2
– Non-Exec Board Member, Eteck Energie bedrijven (2021 – present) – Security1 – Risk & Audit2
– Member Advisory Board, Scelta Mushrooms (2013 – present) – Strategy & Airport Planning3 – Schiphol Commercial1
– Member Advisory Board, Vos Logistics (2018 – present) – Regional airports1 – Schiphol International1
– Senior Advisor to Board of Management ENECO/ Mitsubishi (2020
– present)

1)
Governance structure: Operate.
2)
Governance structure: Support.
3)
Governance structure: Plan & innovate.
4)
Any remuneration earned by Executive Team (ET) members in relation to (Supervisory) Board positions in Group companies is received by the Company and not by individual ET Members.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 114

Executive team - Non-statutory directors

Mr S. Hahn Mr A. Reijnhart Mrs E.J. Valk Mrs P.F.E. Vitalis

(1982, Dutch nationality) (1971, Dutch nationality) (1982, Dutch nationality) (1975, Dutch nationality)

Member of the Executive Team And Executive Member of the Executive Team and Executive Member of the Executive Team and Executive Member of the Executive Team and
Director Schiphol Infrastructure Director Schiphol Commercial Director Human Resources Executive Director Airport Operations &
Aviation Partnerships
Since 1 February 2023 Since 1 February 2023 Since 1 February 2023 Since 1 February 2023

– Board Member NGinfra – Member of Supervisory Board of – Board Member Luchtvaart Community Schiphol – Board Member Stichting Valk
– Steering committee member Eindhoven Schiphol – Board Member Nederland Distributieland (NDL)
Opdrachtgeversforum i/d Bouw – Chairman of Stichting Coosje Wijzenbeek Responsibility – Board Member Nederlandse Vereniging van
– Human Resources Luchthavens (NVL)
Responsibility Responsibility
– Airport Program Development – Schiphol Commercial Responsibility
– Schiphol Infrastructure – Airport Operations & Aviation Partnerships
– Project realization (CAPEX)
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 115

Corporate Governance
Royal Schiphol Group N.V.,
General The CEO and CFO are the statutory directors. Each statutory
also acting as Luchthaven director has assumed responsibility for a specific portfolio
Schiphol and Schiphol Group, Schiphol Group’s corporate governance structure is based on approved by the Supervisory Board.
is a public limited liability Dutch law, the Dutch Corporate Governance Code, its articles
of association and several internal regulations. The Group has On 1 February 2023, the Supervisory Board terminated the
company with a two-tier board been applying the Dutch Corporate Governance Code since employment agreement of Executive Vice-President and Chief
system ('structuurregime') and 2004 based on the ‘comply or explain’ principle. Schiphol has Operations Officer Hanne Buis due to a difference of opinion
three shareholders: the State updated its policies in line with the new version of the Corporate concerning the operational management of the airport. Despite
Governance Code 2022. Schiphol's internal regulations include joint efforts, the differences could not be bridged. The position
of the Netherlands, the the Management Board Rules and the Supervisory Board Rules, remains vacant.
municipality of Amsterdam and including charters regarding the Supervisory Board’s permanent
the municipality of Rotterdam. committees and regulations regarding conflicts of interest and The appointment of Mr Sondag as interim CEO has been
the reporting of misconduct. extended until 29 February 2024. In November 2023, it was
announced that Mr Van Oord would be appointed as permanent
All documents referred to in this paragraph are published on CEO with effect from 1 June 2024 for an initial term of four years.
www.schiphol.nl under Royal Schiphol Group, on the Investor For the period from 1 March 2024 to 31 May 2024, Mr Carsouw
Relations page. (CFO) will be appointed interim CEO.

Management Board and Executive Team Supervisory Board

As of 1 February 2023, the governance structure of Schiphol The Supervisory Board is responsible for supervising the
Group has changed. The Management Board has been management and general affairs of Schiphol Group. In addition,
integrated in the Executive Team and consists of six members: the Supervisory Board supports the Executive Team with advice.
a President and Chief Executive Officer (CEO), an Executive The Supervisory Board consists of at least five, and at most eight,
Vice-President and Chief Financial Officer (CFO), an Executive members and meets at least four times a year.
Director Airport Operations & Aviation Partnerships, an Executive
Director Schiphol Infrastructure, an Executive Director Schiphol The Supervisory Board has four permanent committees:
Commercial and an Executive Director Human Resources. The 1. The Audit Committee prepares and discusses the Supervisory
new leadership structure allows for more direct and integrated Board’s decision-making on Group financing, the internal risk
control of the Group's key operational responsibilities. The broad management and control systems, as well as on integrity
composition of the Executive Team strengthens the business reporting, claims and the quality of the financial and non-
operations and ensures a better implementation of the strategic financial reporting.
agenda. The members of the Group Executive Team are jointly 2. The Capital Programme, Operations & Investments
responsible for the management of Schiphol Group and for Committee prepares and discusses matters relating to
general affairs within Schiphol Group and its Group companies. the Supervisory Board’s decision to approve investment
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 116

decisions (as stated in the articles of association and internal Corporate Governance structure Royal Schiphol Group N.V.
regulations). The committee is closely involved in major
projects (including Pier A, the expansion of the Quebec Audit Committee Shareholders
taxiway, Southern Development and the Redevelopment of
Lounge 1) as well as the (general) operational and commercial Capital Programme, Operations
developments at the airport. & Investments Committee
3. The People Committee prepares and discusses the People Committee Supervisory Board
Supervisory Board’s decision-making on nominations,
appointments and remuneration. The committee also Safety, Sustainability & Plan & Innovate
engages in topics relating to diversity and inclusion as well as Stakeholders Committee
succession planning, Schiphol Group’s culture (including Management Board
Regional airports Operate
integrity) and employee-related matters. and Executive Team
4. The Safety, Sustainability and Stakeholders Committee
Support
prepares and discusses the Supervisory Board’s decisions on
safety, sustainability and stakeholder-related matters. ESG is Internal Auditor
another important topic discussed and dealt with in this
committee as well.

The committees meet independently and carry out preparatory External Auditor
work as governed by the charters, which are part of the
Supervisory Board rules. The committees report on the outcome
of their meetings in a Supervisory Board meeting. The Supervisory Diversity Policy Results of the policy
Board as a whole makes decisions based on these reports. The The following specific diversity objectives have been identified
Supervisory Board Rules, including the Committee charters, are Schiphol Group has a Diversity Policy for the Supervisory Board, to increase diversity within the Supervisory Board, Management
published on www.schiphol.nl. Management Board and senior management. The policy includes Board and senior management:
targets for both gender and cultural diversity. – Maintain gender diversity on the Supervisory Board so at least
30% of the Supervisory Board consists of women and at least
Shareholders Schiphol Group has an important societal role and therefore a 30% consists of men. At year-end, the Supervisory Board of
responsibility to actively pursue diversity and inclusion (DE&I, Schiphol Group consisted of three female (43%) and four
The share buyback obligation (financial liability) resulting from Diversity, Equity & Inclusion). To this end, Schiphol Group has male (57%) members. Schiphol Group therefore complies
the termination of the HubLink industrial cooperation agreement included DE&I in its Destination, as this Destination embodies the with this objective.
between Groupe ADP and Schiphol Group was settled in intrinsic values of the organisation. As DE&I reflect both society – the gender diversity within the Management Board so
December 2022 with the acquisition of the treasury shares, the and Schiphol Group’s customers, Schiphol Group believes that that at least 30% of the Management Board consists of
shares of which Schiphol Group still had on its balance by year- these are important preconditions for operating as a successful women and at least 30% consists of men. At year-end, the
end 2023. organisation. Moreover, DE&I are important steering points in the Management Board of Schiphol Group consisted of zero
relationship with employees and other stakeholders, especially in female (0%) and two male (100%) members. Schiphol Group
terms of (personal) leadership. therefore does not comply with this objective. Schiphol Group
believes that gender-diverse management is important for
the organisation. At year-end, the Executive Team of Schiphol
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 117

Group consisted of two female (33%) and four male (67%) Securities transactions most sustainable, high-quality airports, and our sustainability
members, which is in line with the policy. strategy focuses on the following areas: Energy positive, Circular
– Maintain the gender diversity within senior management Although the shares of Schiphol Group are not listed on a stock economy, Sustainable aviation and Communities. We collaborate
so that at least 30% of senior management consists of exchange, the company has rules regarding inside information, with partners on these themes, and senior management of
women and at least 30% consists of men. At year-end, senior holding securities and securities transactions, as the company has the departments that have the most impact regularly discuss
management consisted of six female (35%) and eleven male issued bonds under the EMTN programme, which are listed on these themes to ensure the fulfilment of sustainability ambitions
(65%) members. Schiphol Group therefore complies with Euronext Amsterdam. that transcend the individual departments. Workshops regarding
this objective. sustainability are regularly scheduled throughout the Group to
– Increase the cultural diversity of the Supervisory Board, Members of the Executive Team and Supervisory Board must create awareness.
the Management Board and senior management so that refrain from buying and selling these bonds.
by 2025, at least 15% of the Supervisory Board, the We aim to operate zero-emissions and zero-waste airports
Management Board and senior management combined The (Deputy) Company Secretary is the central officer referred by 2030 and circular and energy-positive airports by 2050.
consists of a combination of international and bi-cultural to in the rules on inside information, holding of securities and The Management Board discusses sustainability developments
members. At year-end, the Supervisory Board, Management securities transactions. The Market Abuse Regulation Committee in general and progress on the roadmap towards achieving
Board and senior management consisted of three members monitors compliance with the legislation. our 2030 goals. Sustainability is a fixed component of
that either have an international (two) or bi-cultural (one) Schiphol Group's investment strategy. As a matter of principle,
background (12%). Schiphol Group therefore does not The Insider Dealing Policy is published on www.schiphol.nl, under sustainability is, to the greatest extent possible, a selection
comply with this objective and shall continue striving for Royal Schiphol Group, on the Investor Relations page. criterion in Schiphol Group's tender processes.
greater cultural diversity.
– Schiphol Group pursues rejuvenation in the appointment The ‘Materiality Analysis’ chapter of this annual report describes
of members of the Supervisory Board, Management Sustainability the way Schiphol Group has determined its material topics
Board and senior management. Schiphol Group always for 2023 by means of impacts, risks, and opportunities.
takes rejuvenation into consideration in appointments Governance Schiphol Group’s statutory directors are ultimately responsible
and succession-planning. The President and CEO of Schiphol Group is primarily for managing the material topics and therewith managing the
responsible for sustainability. The Management Board defines impacts, risks, and opportunities. They do so by – amongst
The Diversity Policy is published on www.schiphol.nl, under Royal the sustainability vision and policy and is for that purpose assisted other things – ensuring that the material topics are on the
Schiphol Group, on the Investor Relations page. by the Supervisory Board's Safety, Sustainability & Stakeholders agenda of the formal Executive Team meetings regularly, having
Committee in this task. The sustainability programme manager broad discussions and deep dive sessions with business experts
is part of Schiphol Group's Strategy and Airport Planning regarding the material topics and discussing them during the
department, which reports directly to the President and CEO bilateral meetings with relevant directors as well. The latter
to enable Schiphol Group to effectively integrate sustainability is important since the statutory directors delegated managing
throughout the Group and to ensure its impact on strategy. the material topics to (executive) directors in the organisation.
Sustainability plays a pivotal role in all decision-making, realizing
The achievement of sustainability targets is one of the elements that it always remains a balancing act between various aspects.
of the remuneration policy for the Management Board. The The Supervisory Board supervises and advises the statutory and
Executive Director Airport Operations & Aviation Partnerships executive directors in managing the material topics. Please refer
acts as the airport manager and, in this capacity, is responsible to the Supervisory Board and Management Board Rules on our
for ensuring compliance with relevant legislation, in particular website for further details.
relating to safety and the environment. Such legislation is
often airport-specific. Our ambition is to create the world's
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 118

Safety and environmental risk control Compliance with legislation

Schiphol Group implements its objectives, tasks, responsibilities, Line managers are responsible for compliance with HSE
authorisations and working agreements regarding safety control legislation and regulation and must organise a supervisory system
and environmental risks through safety management systems. to monitor this. The HSE organisation independently assesses
The safety manager is accountable for the development and whether the line supervision has been adequately organised and
maintenance of the safety management system. All system- functions as intended.
related improvements are included in the annual health, safety
and environmental (HSE) plan. Complying with European aviation safety rules requires
continuous attention. The EASA compliance monitoring
Safety is a line responsibility: all operational managers are manager monitors and coordinates EASA compliance via the
responsible for effectively managing safety risks in their Compliance Monitoring Group.
respective processes. Schiphol’s HSE organisation is responsible
for providing the operational departments with the necessary Schiphol also has a public-private partnership with four
support to identify and manage safety risks, and it must ensure government bodies in safety and environmental legislation
suitable systems, procedures and methodologies are in place. inspections and supervisory tasks: Human Environment
and Transport Directorate, Rijnland Water Authority, the
The Executive Director Airport Operations & Aviation Omgevingsdienst Noordzeekanaalgebied (North Sea Canal
Partnerships and relevant senior management are represented in Environment Agency) and the Royal Netherlands Marechaussee.
the Safety Review Board (SRB). The SRB monitors the airport’s This covers activities such as inspecting the use of auxiliary
progress on its safety goals and performance and monitors power units (APUs), supervising ground-handling activities and
compliance with all HSE regulations, including European Aviation monitoring airside traffic safety.
Safety Agency (EASA) requirements.

Safety is a chain responsibility at Schiphol. Our sector partners

work together within the Integral Safety Management System
(ISMS) framework to identify, monitor, analyse and mitigate
safety risks that affect more than one industry party.

ACM Commitments

The five-year limitation period for the commitments offered by Schiphol Group and KLM to the Authority for Consumers and
Markets (ACM) to prevent competition risks ended in February 2023. In recent years, Schiphol Group devoted a great deal of
attention to this topic via its compliance programme on competition law. Although the commitments ended, Schiphol Group
will continue with its general compliance programme on competition law, of which the nature of risks related to discussions
with airlines, including KLM, will be an integral part.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 119

Table responsibilities material topics 1

Material topic Statutory responsibility Challenges Information included in

Network of destinations CEO – 440K ATM decision by cabinet Network of destinations

– Balanced approach
– Competition from other airports
Accessibility CEO – Improve accessibility by road and rail Accessibility
– Extension of N/S metro line
– Execution of landside central programme
Energy-positive airports CEO – Development to become zero-emissions airports by 2030 Energy-positive airports
– Electrification of airside
Climate adaptation CEO – Climate change resilience Climate adaptation
– Strengthen support for sustainable development
Sustainable aviation CEO – Initiatives in the chain promoting innovation and sustainability Sustainable aviation
– Development of
SAF, including incentives
– Passenger transport to and from the airport
Air pollution CEO – Emission of fine- and ultrafine-particles Air pollution
– Nature permit
Water pollution CEO – Polluted runoff from pavement and surface due to airport operations Water pollution

Soil pollution CEO – PFAS Soil pollution

Circularity CEO – Development towards fully circular 2050 Circularity
– Development into zero-waste airports by 2030
Noise CEO – Improved balance between community and airport Noise
– ‘Eight-point plan’
Engaging with our communities CEO – Establish living environment fund Engaging with our communities
Societal value CEO – Societal cost-benefit analysis Societal value
Employment practices own workforce CEO – Tight labour market Employment practices own workforce
– Labour conditions and circumstances
– Employee pride in organisation
– Responsible Business Policy
Diversity, equity and inclusion own workforce CEO – Perceived inclusivity climate in organisation Diversity, equity and inclusion own workforce
– Discrimination
Employment practices value chain CEO – Tight labour market Employment practices value chain
Labour conditions and circumstances
– Operating model
– Responsible Business Policy
Consumer and end-user experience CEO/CFO – Quality perception of the airport of airlines, passengers and tenants Consumer and end-user experience
Business continuity CEO – Maintenance backlog Business continuity
– Complexity of the airport ecosystem
– Involvement other sector parties
Cyber security CFO – Efficient and safe business operations Cyber security
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 120

Material topic Statutory responsibility Challenges Information included in

Airport capacity CEO – Delivery of CAPEX portfolio Airport capacity

– Maintain operations during construction
– Opening of Lelystad Airport
Safety and security CEO – Operational staff shortages leading to queues Safety and security
– Development of safety culture
– Doubling of taxiway Quebec
– Entry-Exit System
Business ethics and corporate culture CEO/CFO – Compliance and promotion of integrity, also sector-wide Business ethics and corporate culture
Supplier and procurement practices CFO – Operating model Supplier and procurement practices
– Contracting practices based on collaboration
– Implementation of Check-In document (new supplier code)
Financial solidity CFO – Pressure on financial Financial solidity
ratios and credit ratings
– Airport charges system
1 This overview is not exhaustive.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 121

Remuneration
This remuneration report
Directors' remuneration General
sets out the remuneration
policy for the Schiphol Group The members of the Management Board of Royal Schiphol Group Schiphol's remuneration policy primarily aims to offer
Management Board and N.V. are appointed by the Supervisory Board for a term of four remuneration at a level that will attract and retain qualified
years. They are eligible for reappointment for a four-year term. and capable board members (including those from within the
Supervisory Board. organisation). The remuneration policy is also intended to
In 2023, the Management Board comprised the promote the achievement of Schiphol's objectives, as adopted
following persons: each year by the Supervisory Board, based (in part) on the
approved Business Plan. In addition to the financial objectives,
Position Term Term ends on Schiphol Group has formulated strategic and public objectives
as reflected in various ‘Top Performance Indicators’ and ‘major
Ruud Sondag CEO Second 29 February 2024 1 deliverables’, including sustainability related objectives.
Robert Carsouw CFO First 31 March 2025
Hanne Buis COO First 31 January 2023 2 The remuneration policy meets the best-practice provisions on
remuneration defined in the Dutch Corporate Governance Code.
1 The original appointment was until 31 October 2023. The Supervisory Board’s Since the majority of the shares in Royal Schiphol Group N.V. is
decision of 10 July 2023 extended the appointment to 29 February 2024. held by the State of the Netherlands, Schiphol's remuneration
2 The term of the original appointment was until 31 May 2024, but the Supervisory
Board terminated the contract per 1 February 2023. policy falls within the scope of the Nota Deelnemingenbeleid
Rijksoverheid 2022 (‘2022 state participations policy’), including
At the end of 2023, the Management Board comprised of Mr the July 2017 remuneration policy principles. The state
Sondag and Mr Carsouw. Mr Sondag is employed as CEO on participations policy and the remuneration policy principles apply
an interim basis. Mr Sondag and Mr Carsouw have a fixed-term strict standards, for instance on variable remuneration.
employment contract with Royal Schiphol Group N.V.

Early 2023, the Supervisory Board decided to terminate the

employment contract with Ms. Buis as a result of a difference
of opinion that has arisen about the operational management
of the airport. Ms. Buis was released of her duties as of
1 February 2023.

The Supervisory Board decided to extend Mr Sondag’s interim

period, which ended on 30 October 2023, until ultimately
29 February 2024.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 122

Remuneration package structure Variable remuneration 2022 Remuneration ratios

In accordance with the conditions set in relation to the The median gross total remuneration, including the variable
A summary of the employment arrangements and the amounts NOW regulation, no variable remuneration was awarded remuneration and pension costs, for all Schiphol employees
constituting the total remuneration of each Management Board over 2022 to the Management Board. Furthermore, both the (excluding the CEO) amounted to 91,854 euros in 2023 (2022:
member in 2023 are provided below. Management and the Supervisory Board were of the opinion 88,730 euros).
that the operational performance in 2022 did not allow for a
Fixed salary variable remuneration. This amount compared with the total fixed salary (as no variable
Based on the current remuneration policy, the CEO's fixed salary remuneration was paid in 2023), pension costs and pension
amounts to 458,021 euros in total1. This amount includes an Pension arrangements allowance received by the CEO in 2023, totaling 552,945 euros
indexation of 3.25% per 1 January 2023, equal to the value of the Schiphol Group's pension plan, which is an average earnings (2022: 551,680 euros), equates to a remuneration ratio of 1:6.0
collective labour agreement increase for alle Schiphol employees scheme, is administered by Algemeen Burgerlijk Pensioenfonds (2022: 1:6.2). The pay ratio does differ compared to previous
in 2022. With regard to the other Management Board members, (ABP). The premium due consists of an employer's share and years: in 2021 the pay ratio was 1:6.2, in 2020 1:7.0, in 2019
the maximum fixed salary is 85% of the CEO's. The salaries, in an employee's share. The pension base used to calculate the 1:7.2 and in 2018 1:7.4. During the previous years, the pay
2023, were as follows: premium is made up of fixed and variable pay (STI). ratios decreased.

Position Total fixed salary (EUR) Effective 1 January 2015, no pension is accrued for tax purposes An important explanation for the decrease is that the
for the portion of the pensionable income in excess of 128,810 Management Board did not receive any variable remuneration
Ruud Sondag CEO 458,021 euros2. In conformity with general practice in the Netherlands, over the period 2020 until 2023. Also, the indexation for the
Robert Carsouw CFO 389,318 Schiphol has decided to compensate the employees concerned board members in 2023 was based on the value of the collective
Hanne Buis 1 COO 227,102 (including the Management Board members) for this reduced labour agreement increase in 2022. The increase for the collective
pension accrual. labour agreement in 2023 consisted of a higher percentage
1 Until 31 July 2023, including the notice period of 6 months. compared to 2022. Moreover, since 2021, the pension costs have
Other benefits been added to the ratio calculation. The latter effect is not large
Variable remuneration The fringe benefits consist of appropriate expense allowances, because it was also added to the gross total remuneration for all
General a company car or lease payment (including the possible use of Schiphol employees (excluding the CEO).
According to the remuneration policy, the maximum variable a driver) and allowances for telephone costs or a telephone.
remuneration amounts to 20% of the total fixed salary. The company has also taken out personal accident insurance Lastly, since 2022, the median gross total remuneration for all
The Supervisory Board determines the level of the variable and directors' and officers' liability insurance on behalf of the employees (excluding the CEO) is calculated based on the actual
remuneration which depends on the extent to which the annually Management Board members. No loans, advances or guarantees median work hours a week: 36 (the remuneration of the CEO
defined targets have been achieved. Those targets are both have been or will be granted to members of the Management is based on 40 hours a week). Based on the assumption that all
qualitative in nature (maximum of 14%) and related to the Board. Acceptance of ancillary positions requires the explicit employees work 40 hours a week, the pay ratios for 2022 and
financial results achieved (maximum of 6%). The qualitative approval of the Supervisory Board. 2023 would have been even lower.
targets include targets in the area of sustainable long term value
creation. The variable remuneration is subject to a clawback Gender pay ratios are described in the corporate
clause. Therefore the Supervisory Board has the option to adjust governance section.
variable pay retrospectively in certain cases.

1)
Fixed gross annual salary, including holiday allowance.
2)
The maximum amount for tax purposes, applicable in 2023.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 123

Management Board Remuneration Supervisory Board Remuneration

for 2023
General
The performance on the qualitative targets, determined this year An indexation of 3.25% of the remuneration for members of
on the basis of eight top performance indicators and eleven the Supervisory Board is effective per 1 January 2023. At the
‘major deliverables’, has been assessed by the People Committee same date, remuneration for committee members was indexed
and the Supervisory Board and is a weighted mix between accordingly. All members of the Supervisory Board receive an in-
the results achieved on both aspects. The Supervisory Board indexed expense allowance of 1,696.88 euros per year. Members
concluded that the overall performance of the company and of a Supervisory Board committee are entitled to an additional
the Management Board improved significantly compared to last fee. Each member of the Audit Committee receives 6,701.76 euros
year. The degree of recovery after a number of exceptional per annum, and each member of one of the other committees is
years is impressive. Management has shown very positive results entitled to 5,584.80 euros per annum.
in terms of, amongst others, operational performance, social
and environmental sustainability and the quality of work at the The actual remuneration for Supervisory Board members in 2023
airport. Given the beforementioned, the Supervisory Board used was as follows:
its discretionary authority, in line with the remuneration policy.
The Supervisory Board has therefore determined that the variable Remuneration component Amount (EUR)
remuneration amounts to 15%.
Chair of the Supervisory Board 40,769
The total remuneration received by Management Board Members of the Supervisory Board 26,807
members in 2023 is specified in the Remuneration for Audit Committee members 6,702
Management Board members section of the financial statements.
Committee members 5,585

The 2024 Management Agenda, consisting of eight TPIs

and thirteen 'major deliverables' mainly in relation to the
Schiphol Fast Forward programme, has been adopted by the
Remuneration of the Supervisory Board
Supervisory Board.
for 2023
Information on the remuneration of the Supervisory Board for
2023 can be found under 'Related parties' in the notes to the
consolidated financial statements.

Schiphol, 15 February 2024

Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 124

Risk management
Risk Management and Internal
Schiphol's approach to enterprise At Schiphol, we manage our risks at three levels, in line with COSO
Control form an integral part risk management best practice: the first level, which owns the risks and controls
of managing our business. within the business operations, operates controls to mitigate
Schiphol, with its vital role in Our company plays a vital role in the Dutch infrastructure to operational risks and defines actions to improve processes and
connect the Netherlands in a safe, secure and financially sound mitigate risks; the second level – the risk function -, which
Dutch infrastructure to connect manner. For this role, Schiphol has defined its ambition, value facilitates, supports and challenges the first level in identifying,
the Netherlands in a safe, model and objectives. A wide range of strategic, operational, monitoring and mitigating risks; and the third level, our internal
secure and financially robust financial and compliance risks could potentially prevent us from audit, which provides independent and objective assurance
achieving these objectives and ambitions. and advice to (senior) management on the adequacy and
manner, faces a broad range of effectiveness of governance and risk management.
strategic, operational, financial The objective of risk management is to ensure that we have
and compliance risks. sufficient control over our risks by continuously evaluating the Our risk appetite describes the extent to which we accept
risks and opportunities. risk in the pursuit of our objectives. Given Schiphol's vital role
in the Dutch infrastructure, we have a very low to moderate
Our definition of risk management is 'a systematic process to risk appetite.
identify, assess, manage and control potential events or situations
to provide assurance on the achievement of our objectives and Our ERM approach has three distinct elements:
top performance indicators (TPI's)'. – Strategic alignment: alignment with the value
model of Schiphol, strategic objectives and top
We have an obligation to our stakeholders to manage these risks performance indicators.
appropriately and demonstrably to, amongst others, maintain Our development and progress on values, objectives and
our license to operate, comply with the Dutch Corporate (top) performance indicators in 2023 are explained in the
Governance Code and inform our stakeholders through our section 'Our results' of this annual report.
annual report. Risk management and internal control therefore – The ERM process: completion of the ERM cycle (risk
form an integral part of the management of our business. identification, set appetite, manage, monitor and report).
The ERM (net) results are described in the following
Risk management is carried out throughout our organisation, paragraphs of Schiphol’s risk profile, including the rating of
including our partners, and at all levels. Enterprise Risk the 11 risk categories.
Management (ERM) has a Schiphol group-wide focus on our key – Risk management set-up:
risks and is aligned with Operational Risk Management (ORM). We follow a generally accepted risk management maturity
ORM is defined as risk management at business unit level, with capability model where Schiphol strives to achieve a
a more detailed focus on specific operational requirements and mature risk management set-up that enables us to achieve
laws and regulations. our objectives.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 125

Enterprise Risk Management approach

Strategic
Enterprise Risk Management Process Risk management set up
alignment

RSG value model ERM cycle framework Risk management

and strategy maturity capability model
1. Identify risks
2. Set appetite 1. Vision & Strategy
Quality of 3. Manage 2. Structure
Network 4. Monitor 3. Talent & Culture
5. Report 4. Way of Working
5. Infrastructure
Executed bi-annually (H1 and H2)
Quality of 6. Execution & Communication
Life
1. Identify 2. Set appetite 3. Manage 4. Monitor 5. Report

– Risks identified by – Risk appetite set by – Mitigating actions – Effectiveness of – The Risk function
Quality of Vision &
the business Management Board (controls) are mitigating actions reports to the Risk
Work Strategy
– Risk dialogues with – Desired, actual and established for (controls) and & Compliance
senior management forecasted risk level identified risks action plan status Committee and 1
and risk experts in discussed with – Actions plans are are monitored thereafter to the Execution &
Structure
Quality of the business Executive team and established for across three lines: Management Board Communication
Service – Alignment of Management Board when (additional) 1. Business, and Supervisory
6 2
risk categories – Standard risk controls are needed 2. Risk function, Board on the 11
with Value Model management for (further) risk 3. Management risk categories,
– Risk categories and methodology mitigation Review and underlying risks and
Safety underlying risks are established for – Explicit mitigating Internal Audit effectiveness of
first reviewed by the 11 risk categories controls and action – Risk function, mitigating actions Talent &
Infrastructure
Risk & Compliance and underlying risks plans ownership as guardian of – ERM framework Culture
Committee and – Risk developments ERM, reviews the and cycle
5 3
agreed with the and forecasts, given effectiveness of the improvements
Robust Way of
Management action plans and risk management approved
organisation Working
Board, bi-annually controls are being process and drives – Risk Maturity
reviewed improvement Evaluated 4
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 126

Risk profile Fast forward to address the operational issues State of assets may impact passenger experience
from 2022 The majority of our risk levels for business continuity and IT
The risk profile provides context to the level of risk exposure, Schiphol launched the Fast Forward programme to improve & data risks, including cyber, remain at the same level due to
our risk environment and highlights the main areas of risk that the labor conditions and attractiveness in the whole sector provided efforts. While we are investing significantly in our
Schiphol currently faces. and to change our operating model enabling to work more airport infrastructure we still have a maintenance backlog which
closely and integrally with our partners. This enables Schiphol to currently pose a foreclosed risk towards our quality of service
Our risk exposure has decreased slightly compared to 2022. get more insight into its supply chain constraints and resolve objectives. In the Airport capacity paragraph in 'Our Results' you
Several risks still exceed our risk appetite and the outlook for 2024 issues jointly. While issues have been adequately addressed can read how Schiphol is investing to improve the state of the
does not appear to change significantly, although many measures and resolved in 2023, Schiphol will going forward strengthen assets. A calamity organisation is in place to respond quickly to an
are in place to keep our risks at the same level. Schiphol Group their operational risk management and drive better (internal) event minimizing the impact on the passenger experience.
is exposed to a number of strategic, operational, financial and control over the operations in the coming years to avoid similar
compliance risks. In the risk assessment, a number of other key operational issues. Increased airport charges to improve efficiency,
risks appear more prominent. adaptability and resilience
Attractiveness of Schiphol improved To improve our efficiency, adaptability and resilience, a major
Social and Political Debate' increases the risks to Schiphol has also regained its attractiveness for airlines and effort is being made to improve our assets over the coming years,
our connectivity ambitions passengers as the operational challenges for 2022 have been putting pressure and more risk on the delivery of the project
The risks in our network quality are reduced mainly due to resolved. Vigilance will be required to maintain sufficient staff for portfolio. The major investment programme doubles our capital
better connectivity compared to other airports. However, there all operational airport services, including the shared responsibility expenditure. In addition, our operating costs are increasing due
is uncertainty about how this will develop in the coming years. of partners. New commercial strategies have been developed to inflation, to provide better working conditions, to become
Political uncertainty and the uncertainty of government policy to further improve the attractiveness of Schiphol, including the more sustainable and to resolve short-term operational issues
(yet to be formed) increase the risk. Among other things, decisions upgrading of lounges, parking facilities and retail shops, but and to increase headcount to ensure project delivery. These
on the number of permitted aircraft movements, which are attractiveness is also expected to be impacted in the short term increases have an impact on future airport charges and put
also driven by (geo)political constraints, have an impact on as the significant asset maintenance and lounge improvement pressure on the airline consultation process.
our operations. projects may disrupt the passengers journey. The 'Consumer and
end user experience' paragraph in the Quality of Service chapter Operating model Schiphol is under revision
Better balance will be required between quality of outlines the initiatives which has and will further improve the Our operating model is under revision since 2023 to address and
life in the surrounding area and the airport airport service and our passenger attractiveness score. resolve the issues we experienced in 2022 by securing better our
Schiphol published an eight-point plan called Quieter, Cleaner, supply chain in terms of availability of people, suppliers (capacity)
Better to restore the balance between quality of life in the Working conditions are being addressed and materials, improving our quality of work and improving our
surrounding area and Schiphol Airport, in particular in relation In 2023, the focus was on improving the quality of work, including airport services. 2024 will be an interim year where a new CEO
to noise. Schiphol cares about quality of life and has strong improving working conditions and improving our employment will come on board, the Dutch government is being (re)formed,
sustainability ambitions and is working on implementing the practices. After the operational challenges in 2022, the main political and social debates around Schiphol find new agreements
Most Sustainable Airports Roadmap. In the second quarter of focus was on improving the security process together with our and new airport changes for the three years to come are being
2023, we concluded that our CO2e targets are below the current partners. Some issues, such as the impact of emissions and discussed with the airlines and set by our regulator. In this interim
targets of the Duurzame Luchtvaart Tafel (DLT). In addition, it working conditions in baggage basements, remain at risk and are year we will focus on risks surrounding our ‘infrastructure’, our
is important that the issue is sufficiently on the agenda, both being addressed through action plans. The details of our action ‘people’ while ensuring ‘regulatory compliance’.
internally and with external partners, especially in view of the plans for further improvements can be found in the ‘quality of
realization of our increased investment project portfolio. work’ paragraph in ‘our results’ section.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 127

outlined in ‘Our results’ section. However looking forward the risk

The board of Schiphol has made the following risk appetite statements guiding our (risk) management decisions: profile is not expected to significantly change in 2024 as risks
1. We recognize the need to strike a balance between our socio-economic role (low risk appetite) and our commercial continue to emerge, political decision making is volatile and
ambitions (moderate risk appetite). mitigating actions take time to materialize. The focus in 2024 will
2. Our primary focus is to ensure the continuity of our business in a safe and secure manner, whatever the circumstances. Risks be on monitoring our risks related to infrastructure, employment
that threaten this continuity should therefore be minimised, resulting in a very low risk appetite. and compliance in support of a quieter, cleaner and better airport.
3. Maintaining our minimum single 'A' credit rating (S&P) is key, which includes ensuring a sound financial position,
transparency and reliability of our financial reporting. Our financial and reporting errors risk is therefore low..
4. We strive to comply with all applicable laws and regulations, focusing on those necessary for the continuity of our aviation Top risks
activities and business requirements, such as EASA, health and safety, security, environmental, competition, tendering,
sanctions, privacy and information security laws. Our enterprise risk register is reviewed twice a year with the
involvement of the business, including senior management, with
the aim of verifying and updating the risks to ensure the register
Financial resilience part of the approved policy of the Management Board. In reflects the most recent and emerging risks. The identified risks
Schiphol remains a financially healthy and robust company which addition to the establishment of written guidelines for financial are grouped into risk categories. Each category is assessed, and
is important for attracting talent, working with partners to build risk management, the Management Board determines the policy the results are shown in the risk matrix (impact and likelihood).
a quality airport and having access to good financing facilities, for certain key areas, such as currency risk, interest rate risk, credit The potential impact is measured either financially (for example,
thus continuing to create value for the Netherlands. Financial risk, the use of derivative and non-derivative financial more than 25 million euros in EBITDA) or non-financially (for
resilience remains required to ensure sufficient cash flow and instruments and the investment of temporary liquidity surpluses. example, reputational impact).The position indicates the residual
costs coverage during large and long-lasting disruptions, from risk reflecting the effectiveness of mitigating actions. Residual
e.g. pandemics and war, are adequately covered through our Concluding risks are evaluated by senior management and discussed with the
financing facilities, airport charges, settlements and agreements In conclusion Schiphol's risk profile has slightly decreased due Management Board.
with the airlines. Settlement income from prior years in future to many improvement actions compared to 2022, predominately
airport charges in accordance with the regulatory regime is a key
component for building up our financial resilience. More details
Schiphol's risk heat map 2023
on our organisational robustness can be found in the ‘Our
results’ section including more details on the financial solidity of
ERM Top 11 categories
our company. Almost
certain A Quality of Network
B Quality of Life
Financial disclaimer K
Likely A C Quality of Airport Service
Due to the nature of our activities, Schiphol Group is exposed to D J D Business Continuity
Likelihood

a variety of financial risks, including market risk, counterparty risk F I G

Possible E E IT & Data Availability and Reliability
and liquidity risk. A credit rating downgrade could negatively H
B C F Safety and Security
affect our access to the financial markets and/or the interest rates
G Quality of Work
on future debt instruments. The financial risk management Unlikely H Regulation and Compliance
programme focuses on the unpredictability of the financial I Finance and Value Management
markets and minimising any adverse impact this may have on our Rare J Portfolio Delivery
financial results. Schiphol Group uses derivative financial K (Robust) Organisation
instruments to hedge certain risks. Financial risk management is Insignificant Minor Moderate Major Extreme
carried out by the central treasury department (Finance) and is
Impact
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 128

Risk categories, developments and mitigation

The outcome of the 2023 risk assessment has led to the following principal 11 risk categories
depicted in our risk heatmap on the previous page and detailed out below.

Heatmap Risk category Risk relates to Risk Risk development in 2023 Mitigation TPI link More information
trend
vs.
2022

A. Quality of
o
Structural airline Schiphol still has good connectivity in comparison Advocating for the importance to accelerate ICA Learn how one of Schiphol
industry changes, to other major European airports. However, the revision of the EU Slot Regulation and destinations Group’s priorities is to
Network
uncertain demand, the allowable ATMs is an ongoing discussion new rules with clear limits for noise and CO2e always maintain its
competing airports, topic which gives pressure to the connectivity as emissions (8-point plan). Active engagement superior network standard
government policy it remains uncertain how our network will develop with the government to find solutions in our Quality of
setting on ATM's and slot the upcoming years. that harmonise our network’s integrity with network paragraph under
allocation mechanism environmental stewardship. ‘Our results’.
B. Quality of Life
o
Ambition and Royal Schiphol Group has strong sustainability Coming years Schiphol focusses on 1) Getting CO2e Read how Schiphol Group
progress on ambitions and works on executing the Roadmap CSRD ready; 2) Improve awareness and emissions aims to operate the world's
sustainability of airport Most Sustainable Airports. The goal is to achieve knowledge and (3) embed the ambitions and most sustainable Airports in
and aviation (Green- a zero emission and zero-waste airport by 2030. A strategy in the Schiphol organisation. Local resident our Quality of Life paragraph
house gasses/UFP/ ‘better and balanced’ plan was created to reduce reputation under ‘Our results’.
Waste/Nitrogen/ the CO2e emission and the 8 point plan Quieter, score
Noise) impacting the Cleaner Better was published to improve the quality
license to operate of life at Schiphol. In 2023 Schiphol, Eindhoven
Airport and Rotterdam The Hague Airport have
achieved to reach the highest level of the Airport
Carbon Accreditation-program.
C. Quality of
o
Airport quality of Political discussions about the shrinkage, increased Several projects have been initiated to improve On-time Understand how Schiphol
service including cost, and process times due to legislation/working the quality of services of Schiphol including performance is committed to deliver
Airport Service
the attractiveness conditions improvements have an impact on the overhaul of the train stations, the retail shops, a seamless and engaging
and capacity to airport services and its attractiveness. 2023 show the plaza, parking facilities and the lounges. Net promoter passenger experience in the
accommodate all airlines improved service levels with smooth operations score Quality of Service paragraph
and passengers during during the holiday seasons. under ‘Our results’.
peak times
D. Business
o
Disruption of critical Ramping up the capacity, including our sector The AirPort Operations Centre (APOC) On-time Read how Schiphol
business processes or partner, has been a challenge due to the tight is further intensifying the cooperation performance has an internal
Continuity
functions due to labour market. The security employee problem and exchange of data with chain- and sector calamity organisation
loss of key facilities, is resolved. However, parts of the process is not partners. To reduce future technical asset Net promoter that incorporates training
assets, utilities, IT controllable by Schiphol due to dependency on third failure, the Portfolio Planning for 2024-2026 score activities, scenarios and
infrastructure or key parties (Airlines/ Ground handlers/ KMar./ LVNL), has a focus on asset replacements (47%) governance to be applied
suppliers and services that must deal with staff shortages and the impact in the multi-year maintenance plan (MJOP in the event of a major
of regulation that has an impact on occupational 2024-2026) and beyond. disruption or crisis in
health and safety conditions. the paragraph Business
Continuity in Airport Service
under ‘Our results’.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 129

Heatmap Risk category Risk relates to Risk Risk development in 2023 Mitigation TPI link More information
trend
vs.
2022

E. IT & Data
o
IT failure or IT Schiphol is continuously exposed to cyber Improvement paths are ongoing with an On-Time Read more on how Schiphol
abuse (cyber) with attacks however due to existing mitigations increased steering and strategy 2024+ focus Performance Cyber Security Centre (SCSC)
reliability &
negative business and failover mechanisms the impact is generally on improving the basics. This will contribute to remained vigilant, protecting
availability outcome on critical limited. We foresee more risk going forward due to better control of risks. the digital processes and
Net Promoter
business processes the large (asset) maintenance program. Score sensitive data, while fostering
a culture of resilience
and awareness under the
Cybersecurity paragraph
in Airport Service under
‘Our results’.
F. Safety and
o
Serious safety and Safety and Security is fundamental for safe and We work closely with the KMAR, Dutch Net Safety Read further on how Schiphol
security incidents efficient airport operations. No major incidents Customs, private security firms, airlines and Score Group aims to provide
Security
causing casualties, occurred in 2023 and our Net Safety score was above other partners to drive compliance with safe, secure and responsible
injuries or damage our target of 95. relevant security laws and regulations in a travel for everyone who
customer-friendly, cost-efficient way. visits and uses our airports
each day under the Safety
First paragraph in the ‘Our
results’ section.
G. Quality of
Z
Offer people good Many actions have been executed to improve The recent renewal of the social agreement, is Employee Read more on how Schiphol
work and attractive our position as a preferred place to work and expected to have a risk mitigating effect due to Promoter aims to redefine the essence
Work
working conditions, the circumstances under which the work is done its formalizing impact on working conditions. Score of work at Schiphol Airport
ensuring healthy, including improving the employee journey and A Schiphol Group, including sector wide, online for everyone involved,
safe and pleasant welfare. Part of this is covered in the extension and and offline, employer branding campaign has contributing to our goal
working environment renewal of the social agreement and our total plan gone live in December 2023. In addition of becoming the world’s
with the sector for physical labour. Furthermore, we actions have been taken by investing in- and most sustainable and high-
recovered in number of people where the greatest setting in motion the first batch of baggage quality airport in the Quality
scarcity was evident (security). Last but not least our handling support devices. of Work paragraph under
employee net promotor score increased to 24. ‘Our results’.
H. Regulation &
Z
Non-compliance with We achieved to get our nature permit and are Schiphol is currently implementing a new HSE Reputation To learn more on
internal and external certain we can fulfil the requirements but political framework and organisation to manage this Score how a compliance
Compliance
codes and/or laws uncertainties and legal procedures from interest risk. Furthermore we are implementing several and integrity programme
and regulations groups could increase the risk for 2024. The monitoring mechanism to control the nature has been designed to
compliance with the environmental requirements permit requirements and noise limits. Schiphol monitor and manage
remains an area of focus. Not only because has also started to develop a sector wide compliance and integrity
complying with applicable laws and regulations is ambition on integrity and social safety. risks in the paragraph
our highest priority but also because the external Robust organisation under
supervisor continues to pay a lot of attention to Our Fast Forward programme, our eight- ‘Our results’.
this subject. point plan and the 'people first' approach
foster the ethical behavior of our employees
and partners.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 130

Heatmap Risk category Risk relates to Risk Risk development in 2023 Mitigation TPI link More information
trend
vs.
2022

I. Finance &
o
Low return on The return on our equity for 2023 is below the New airport charges, strong cost discipline and Return on Read more about the
equity, credit rating anticipated target largely due to lower pax numbers. new commercial initiatives will help to keep Equity financial solidity and
Value
downgrade(s), lack Schiphol however remains a financially healthy and this risks at par for 2024.. our financial performance
Management of liquidity and secure company with a positive return and good in 2023 in the Robust
access to capital credit rating (A/A-1). Organisation and Financial
markets, CAPEX project Performance paragraphs
selection, material in ’Our results’.
financial reporting errors
and fraud
J. Portfolio
W
Portfolio Delivery and The topmost challenge is the realisation of a large A robust and realistic portfolio planning is All TPIs Read more on how Schiphol
Project Execution fail to and complex project portfolio, increasingly focusing currently concluded for the tactical 2024 is undertaking an extensive
delivery
deliver value on time, on maintenance and replacement of existing portfolio and in Q1 2024 for the tactical 2025 investment programme to
within budget and with assets. Given the attention for environmental strategic portfolio 2026 – 2028. By monitoring support our short, medium
required quality issues, a widening future focus (beyond Nitrogen) the Portfolio 2023-2026 realisation more and long-term capacity
of this risk is expected. Construction and project intensely, early insights in constraints and their needs, with several major
resources, especially specialists, remain scarce, both solutions are obtained for current and future projects underway or in
for contractors as well as own staff resources. improvement op the portfolio delivery. preparation in the Airport
capacity paragraph under
Quality of Service in the ‘Our

W
results’ section.
K. Organisation Adapt and improve as Our operating model is under revision, In 2024, Schiphol aims to transition to a All TPIs Read further on how
an organisation addressing the problems for the short term, robust and improved supplier management Schiphol actively worked
the newly appointed CEO will further drive the model within the sector build on trust and on improving collaboration
organisation for the longer term towards new long-term, equal relationships to deliver higher with its strategic suppliers
revised goals. ‘Quality of Work and Service’ across the airport. to create a more balanced
ecosystem where all parties
A series of ‘deep listening sessions’ with a broad work together at Schiphol to
set of supplier employees took place in 2023 to achieve a quieter, cleaner and
understand how they experience their work at better airport in the Robust
Schiphol Airport and what suggestions they have Organisation paragraph
for improvement. under ‘Our Results'.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 131

Statement of the Management Board

We seek to minimize the likelihood of errors, wrong decisions and the impact of surprises due to
unforeseen circumstances. However, we cannot exclude the possibility of being exposed to risks that
we are currently unaware of, or which may not have been considered important thus far.

No risk management or internal control system can provide an absolute safeguard against
failure to achieve corporate objectives, nor fully prevent any possible loss, fraud or breach of
rules and regulations. Furthermore, as an airport, Schiphol is susceptible to adverse weather
conditions and other natural phenomena; we cannot prevent or influence these. However, we
can ensure that the consequences remain as limited as possible. In light of the above, we
believe that the risk management and internal control systems provide a reasonable degree of
assurance concerning financial reporting risks and that the financial reporting does not contain any
material misstatements.

The Management Board declares, considering the above, that, to the best of its knowledge:
– The financial statements provide a true and fair view of the financial assets, liabilities, financial
position and profits of Schiphol Group, as well as the combined consolidated enterprises;
– The financial statements have legitimately been prepared on a going concern basis for Schiphol
Group, given its strong financial position;
– The annual report describes the material risks and uncertainties that are relevant to the
assessment of the continuity of Schiphol Group for a period of 12 months following the
publication of the report;
– The annual report provides a true and fair view of the situation on the balance sheet date and
of developments over the course of the financial year; and
– The principal risks facing Schiphol Group are described in this annual report.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 132

Socio-
economic
accountability

Sonja Hoffman, service owner Landside

and responsible for bicycle policy:
‘Schiphol encourages employees to travel by bicycle
more often. And it’s working. Thanks to more cycle
paths at and around Schiphol, an attractive bicycle
allowance and improved bike facilities at the airport,
more and more employees are swapping cars for
bicycles.’
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 133

Reporting guidelines Towards zero emissions 2030 Amsterdam Airport Schiphol

Realised emissions in CO2e in kilo tonnes for fuel airside and natural gas

75

In order to disclose relevant information regarding our Reporting method

non-financial performance, RSG draws from international RSG has the ambition to create the most sustainable and high-
reporting guidelines and best practices regarding non-financial quality airports in the world. Our financial, operational, and social 50
information. We elaborate on the elements of the European performance are consolidated in one annual report. Aligned with 37.1
Directive regarding non-financial information in section our Vision 2050, structured around our Key Qualities—Quality of 36.1
34.1 32.2
Disclosure on EU Non-Financial Reporting Directive in this report, Network, Quality of Life, Quality of Work and Quality of Service
and we report with reference to the (GRI) Standards of the Global —and underpinned by Safety and a Robust organisation, our
Reporting Initiative. The GRI Content Index pinpoints information annual report and associated data follow this framework. Our 25

in this report regarding the indicators that are relevant to our eight Top Performance Indicators (TPIs) are directly connected to
business operations. The GRI sector supplement for airports has Vision 2050.
also been applied. Furthermore, our annual reporting is inspired
0.0
by the International Integrated Reporting Council framework as This report's Corporate Governance section outlines our
can be seen in our Value creation model as well as other elements sustainability governance structure. Our sustainability ambitions 2020 2021 2022 2023 2030

of our reporting. and goals for 2023 remain consistent, as detailed in the Quality
of Life section, illustrating our roadmap toward achieving airports.section for detailed information on Schiphol's 2023 CO2e
With the Corporate Sustainability Reporting Directive (CSRD) sustainability targets by 2030. Further information is accessible emissions.
coming into effect as of 2024, RSG has taken significant steps online at schiphol.nl and schiphol.nl/sustainability.
towards compliance with this reporting framework. Due to RSG's independent external accountant signs the auditors report
the interoperatiblity between CSRD and GRI we have taken Amsterdam Airport Schiphol accounts for the majority of Royal and provides limited assurance on selected socio-economic
the opportunity to extend our reporting in this year's annual Schiphol Group's activities. Hence, we have aligned definitions information and the allocation of the proceeds of our green
report already with metrics resulting from the CSRD. This will and reporting processes among Amsterdam Airport Schiphol, bonds as presented in this report. Comments or questions
provide a baseline and comparability in upcoming years of Rotterdam The Hague Airport, Eindhoven Airport, and Lelystad regarding the 2023 annual report can be directed by email
reporting under CSRD. As such, our non-financial disclosures is Airport to enhance comparability, clarifying any differences in this to [email protected].
based on GRI, IIRC, SDG and draws inspiration from CSRD. For report. To enhance measurability, we've maintained differences
detailed reference, please consult the GRI Content Index for the in definitions only where necessary to enhance understanding of Scope
highlighted connections between these reporting frameworks. the specific operation. While the data in the annual report is In the 2023 annual report, we report on the results achieved
systematically collected and verified for reliability, RSG in relation to the material topics as outlined in the materiality
Annual reports of state shareholdings are required to participate acknowledges that certain information may be assumption- matrix. This helps us clarify the impact and relevance of the
in the Transparency Benchmark, which is a benchmark study based. Where definitions defer from the overall definition or disclosed information to readers. In 2023, we performed the
commissioned by the Ministry of Economic Affairs and Climate where assumptions are made, we have disclosed this is done. materiality assessment with an updated approach in line with
Policy. RSG has been participating in the benchmark since CSRD requirements, as described in Materiality analysis. The
2006 and our 2018 annual report won the prize for the most Regarding CO2e emissions reporting, emission factors may topics in the materiality matrix relate to Amsterdam Airport
transparent annual report. Next to that, previous year's annual change yearly. We typically restate previous years' figures for Schiphol, Rotterdam The Hague Airport, Eindhoven Airport and
report was shortlisted by Ducth Financieel Dagbald for the Henri CO2e emissions for gas and fuels, aiming to achieve zero emissions Lelystad Airport. Our general approach is to include all entities
Sijthoff award, in the category non-listed organisations. in these categories by 2030. Refer to the Energy-positive that are fully consolidated in the financial statements in the
socio-economic disclosures; however in particular instances we
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 134

diverge from this approach; were this occurs, we have stated so. CSRD readiness
In 2023, no new material (dis)investments occurred that were had This annual report still falls under NFRD (Non-Financial Reporting
an impact on our socio-economic reporting. Directive) and therefore RSG applies GRI as a reporting standard
for our non-financials. Nonetheless, RSG is making efforts to
In this report, we use the names 'Royal Schiphol Group', 'Schiphol become CSRD ready by annual report 2024.
Group' or 'the Group' when referring to the entire group, and
Schiphol when referring only to (our activities at) the Schiphol In this annual report we have already used the Double Materiality
location. We have a majority stake in our Regional airports and concept for our reporting, resulting in a few existing material
a reference to the group also includes them; the exception of topics being split into multiple topics and two new material
Maastricht-Aachen Airport, where we have a minority stake. topics. We have described the process for this year and are
Our international activities and participations pursue their own reperforming this exercise again in 2024, including a external
initiatives, which are geared towards their local environment validation. Next to that, the definitions of our material topics have
but are consistent with RSG's vision. All topics included in the been finetuned to fit more closely to the CSRD definitions.
materiality matrix are relevant to our airports and other parties
in the value chain. This annual report includes information on We have already placed significant effort to introduce additional
material topics over which Royal Schiphol Group has full control. metrics related to "carbon emissions" and our "own workforce"
The performance reported in these areas also concerns our in this annual report. The definitions of these metrics are
partners in the value chain where relevant and stated. CSRD already compliant. More extensive disclosure in the
Governance section related to ESG-responsibilities of the Board
have been included and the reporting on EU Taxonomy eligibility
now extended to 6 environmental objectives. EU Taxonomy
alignment is still reported as 0% due to outstanding Minimum
Safeguards in place and lack of (evidence for) meeting technical
screening criteria.

In the upcoming year, RSG teams are placing significant efforts

to close the remaining gaps towards CSRD reporting. This
includes embedding the necessary process controls for obtaining
limited assurance on full sustainability reporting, creating policy
documentation for external publication and making the missing
metrics available.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 135

Stakeholders Stakeholder Matters discussed

We maintain a regular dialogue with our stakeholders to
Airlines – Facilitating safe and responsible travel, and connectivity
understand their needs and interests. The nature and frequency – Sustainable development of the aviation sector
of these communications are diverse, as are the material aspects – On-time performance
– Operational challenges
covered in our discussions. The stakeholder groups are based
– Follow-up on government decision to reduce ATMs at Schiphol
on our five main stakeholders as identified in our Vision 2050 – Re-establish the capacity for the summer season 2024
and our materiality analysis. The table below lists more details Passengers – Facilitating safe and responsible travel
on our consultations with our stakeholders. This overview is not – Efforts to improve traveller journey incl. get ready for security campaign, time slot security, wellness concept Hollisteq,
improve wayfinding, smart maintanance, new car rental service, hospitality teams
exhaustive. The results achieved for each material topics are
Local residents – Improvement of Quality of Life
included in the Results chapter.
– Noise and hindrance reduction
– Government decision to reduce ATMs at Schiphol
– BAS
– Employment, education and training
– Runway maintanance
Sector partners – Facilitating safe and responsible travel
– Licence to operate
– Quieter, claener, better: Schiphol Airport's eight point plan
– ISMS to strengthen safe operations in conjunction with all chain partners
– Ambition and progress on sustainability of airport and aviaition impacting the licence to operate
– Quality of work
Government – Safe and responsible travel – Noise and hindrance reduction
bodies – Quieter, claener, better: Schiphol Airport's eight point plan – LVB 1
– Quality of work – EES
– Sustainability – Infrastructure (Airrail, North/South metroline)
– Follow-up on decision to reduce ATM's at Schiphol – Slots directive
– Nitrogen emissions and depoitions – General Elections 2023
Financial – Cost control
stakeholders – Monitoring the creditworthiness of the Group
– International activities
– Capex outlook
– Sustainable development of Schiphol beyond 2023
Business – Facilitating safe and responsible travel
partners – Airside electric charging
– Circular construction practices
– Safe working campaigns for main contractors
– Personalised offering
Employees – Quality of work – Schiphol career hub
– Improving employee journey – Collective labour agreement
– Facilitating safe and responsible travel – Diversity, equity and inclusion
– Labour conditions and relations
Network and – Collaboration and knowledge sharing
special interest – Prevention of wildlife trafficking
organisations – Net-zero-carbon aviation
– Sustainable commuter and travel policy Schiphol Group
– Joint lobby sustainable aviation
– Infrastructure (Airrail, North-South metroline)
Knowledge – Research noise disturbance
institutions – Research into sustainable aviation fuels
– Research into a new way of working in Schiphol's bagage halls
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 136

The UN Sustainable Development Goals goals to actively support and contribute to over the following two refer to initiatives and the material topics described in the SDG
Introduced in 2015 by the United Nations, the UN Sustainable decades. Behind the 17 goals are 169 key performance indicators table for details of how we are working to contribute to the goals
Development Goals (SDGs) relate to the 17 most important (KPIs). To make our SDG approach clearer and more transparent, and to continuously improve as an organisation.
challenges facing the world towards 2030. RSG identified nine we publish the relevant KPIs for RSG in the Annual Report. Please

SDG Contribution to SDG targets Results and initiatives Material topics

SDG 5 Gender equality – Diversity and Inclusion ambition Diversity, equity and
5.C Adopt and strengthen sound policies and enforceable legislation for the – 31% female employees inclusion own workforce
promotion of gender equality and the empowerment of all women and girls at – Diversity, Equity and Inclusion dimensions (work groups)
all levels – DE&I measurement
– DE&I conscious recruitment strategy
– Diversity, Equity and Inclusion Board
SDG 7 Affordable and clean energy – Schiphol Group operates on 100% renewable wind energy Energy-positve airports
7.2 By 2030, increase substantially the share of renewable energy in the global – Eindhoven Airport, Rotterdam The Hague Airport and Lelystad Airport all operate on Sustainable aviation
energy mix 100% green gas
– ACA Level 5 for Schiphol, Rotterdam The Hague Airport and Eindhoven airport
SDG 8 Decent work and economic growth – Number of persons employed at Schiphol site and direct surroundings: 71,000 Employement practices
8.5 By 2030, achieve full and productive employment and decent work for all – E-NPS: 24 own workforce
women and men, including for young people and persons with disabilities, and – LTIF: 1.6 Employment practices in
equal pay for work of equal value – (International) Alliances and participations value chain
8.8 Protect labour rights and promote safe and secure working environments for – Aviation Community Schiphol
all workers – The Safety Leadership principles Safety and security
– Human rights policy

Business ethics and

corporate culture
SDG 9 Industrial innovation and infrastructure – Passenger and cargo volumes by mode of transport: 71million passengers and Accessibility
9.1 Develop quality, reliable, sustainable and resilient infrastructure, including 1.38 million tonnes of cargo
regional and trans-border infrastructure, to support economic development and – Energy efficiency level: 4% Energy-postive airports
human well-being, with a focus on affordable and equitable access for all – Member of Mobility alliance Sustainable aviation
9.4 By 2030, upgrade infrastructure and retrofit industries to make them – Member of MASH coalition (e.g. North-South metro line extension) Resource use
sustainable, with increased resource-use efficiency and greater adoption of clean – A-Pier is on track for LEED Gold (inflows, outflows)
and environmentally sound technologies and industrial processes – Cargo Building 17 is on track for BREEAM Excellent Societal value
SDG 11 Sustainable cities and communities – Annual mean levels of fine particulate matter (PM10): The Schiphol site met all Energy-positive airports
11.6 By 2030, reduce the adverse per-capita environmental impact of cities, governmental requirements, which are based on the EU directive 2008/50/EG, for
including by paying special attention to air quality and municipal and other this category during the 2023 operating year (well below the European annual mean Sustainable aviation
waste management limit of 40µg/m3)
– Electrification of vehicles towards zero emissions (Roadmap Zero Emissions Airside)
– Sustainable taxiing roadmap Noise
– Schiphol Quality of Life Foundation Air pollution
– Minder Hinder Schiphol Engaging with
– NotiFly our communities
– 8 Punten Plan Waste
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 137

SDG Contribution to SDG targets Results and initiatives Material topics

SDG 12 Responsible consumption and production – Seperation rate: 46.5% Circularity

12.2 By 2030, achieve sustainable management and efficient use of – Circular economy strategy
natural resources – Leader of TULIPS consortium, including workpackage 6: Circular airports
12.B Develop and implement tools to monitor sustainable development impacts – Zero waste dashboard
for sustainable tourism that creates jobs and promotes local culture and products – New partnership with Renewi

SDG 13 Climate Action – Energy-positive strategy Energy-postive airports

13.2 Integrate climate change measures into national policies, strategies – 40,000 tonnes of SAF deliverd at Schiphol Climate adaptation
and planning – Achieving SBTi validation for Amsterdam Airport Schiphol Sustainable aviation
– Invest in and research into sustainable aviation fuels, e.g. biokerosene factory in Delfzijl
and Synthetic Kerosene research at Rotterdam The Hague Airport
– Sustainability is integrated into airport charges
– Leader of TULIPS consortium
– Co-initiator of net-zero carbon 2050 resolution ACI Europe Agreement Dutch
Sustainable Aviation
– Rotterdam The Hague Airport hydrogen projects
– Einhoven Airport aims for 30% reduction of CO2-e emitted from departing aircraft by
2030 (compared to baseyear 2019)
SDG 15 Life on land – Chair of the Airports Council International (ACI) Wildlife Trafficking Taskforce See: Wildlife trafficking
15.7 Take urgent action to end poaching and trafficking of protected species of – Policy on Human and Wildlife Trafficking under Sustainable Aviation
flora and fauna and address both demand and supply of illegal wildlife products – Wildlife Hazard Management

SDG 16 Peace, justice and strong institutions – Reported integrity issues: 32 Sustainable aviation
16.5 Substantially reduce corruption and bribery in all their forms – Code of Conduct Business ethics and
– Human rights policy corporate culture
Supplier and
procurement practices
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 138

GRI Content Index

GRI guidelines for sustainability reporting
Royal Schiphol Group has reported with reference to the 2021 GRI Standards for the period 1-1-2023 till 31-12-2023
Ref. GRI Description Chapter External Information and reference
assurance section

2-1 Organisational details Financial Statements Yes Location of headquarters: Evert van de Beekstraat 202, 1118 CP Schiphol
Our company No
Corporate governance No
2-2 Entities included in the organzations's Financial Statements Yes
sustainability reporting Socio-economic accountability Yes
2-3 Reporting period, frequency and contact point Socio-economic accountability Yes Reporting period: 01-01-2023 - 31-12-2023 Reporting cycle: Annual

Contact point: [email protected]

2-4 Re-statements of information Socio-economic accountability Yes Restatement of information is done where relevant by using footnotes
2-5 External assurance Assurance report Yes
2-6 Activities, value chain and other Our company No
business relationships About us and our Why No
Passenger and airline journey No
Socio-economic accountability Yes
2-7 Employees Employment practices Yes Total FTE's Royal Total employees split by gender
Schiphol Group: 2,820 Fulltime Total:2833.2
Male:2035.7
Total FTEs per Entity Female:797.5
Amsterdam Airport Schiphol: 2,571 Parttime Total:209.8
Lelystad Airport: 46 Male: 90.19
Eindhoven Airport: 82 Female:119.61
Rotterdam The Hague Airport: 121
The total FTE per entity are reported The total split by gender is reported on
on as an average over the enitre in FTE, and represents the numbers at the
reporting period. end of the reporting period for RSG. There
have been no significant fluctuations in
the number of employees during the
reporting period.
2-8 Workers who are not employees No This topic is not included in the reporting of FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
2-9 Governance structure and composition 1 Governance No
2-10 Nomination and selection of the highest Governance No More detailed information can be found on our website in e.g. our Articles of
governance body Association, the Supervisory Board Regulations and the Mangement Board Rules.
See https://www.schiphol.nl/en/schiphol-group/page/corporate-governance/
2-11 Chair of the highest governance body Governance No More detailed information can be found on our website in e.g. our Articles of
Association, the Supervisory Board Regulations and the Mangement Board Rules.
See https://www.schiphol.nl/en/schiphol-group/page/corporate-governance/
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 139

Ref. GRI Description Chapter External Information and reference

assurance section

2-12 Role of the highest governance body in overseeing Governance No More detailed information can be found on our website in e.g. our Articles of
the management of impacts 2 Association, the Supervisory Board Regulations and the Mangement Board Rules.
See https://www.schiphol.nl/en/schiphol-group/page/corporate-governance/
2-13 Delegation of responsibility for managing impacts Governance No More detailed information can be found on our website in e.g. our Articles of
Association, the Supervisory Board Regulations and the Mangement Board Rules.
See https://www.schiphol.nl/en/schiphol-group/page/corporate-governance/
2-14 Role of the highest governance body in Governance No More detailed information can be found on our website in e.g. our Articles of
sustainability reporting Association, the Supervisory Board Regulations and the Mangement Board Rules.
See https://www.schiphol.nl/en/schiphol-group/page/corporate-governance/
2-15 Conflicts of interest Governance No More detailed information can be found on our website in e.g. our Articles
of Association, the Supervisory Board Regulations and the Mangement
Board Rules. See https://www.schiphol.nl/en/schiphol-group/page/corporate-
governance/Also note that among other matters, the Royal Schiphol Group Code
of Conduct contains the internal reporting regulations for misconduct and fraud
(the Whistle-blower Regulations).
2-16 Communication of critical concerns Governance No More detailed information can be found on our website in e.g. our Articles
of Association, the Supervisory Board Regulations and the Mangement
Board Rules. See https://www.schiphol.nl/en/schiphol-group/page/corporate-
governance/Also note that among other matters, the Royal Schiphol Group Code
of Conduct contains the internal reporting regulations for misconduct and fraud
(the Whistle-blower Regulations).
2-17 Collective knowledge of the highest Governance No More detailed information can be found on our website in e.g. our Articles of
governance body Association, the Supervisory Board Regulations and the Mangement Board Rules.
See https://www.schiphol.nl/en/schiphol-group/page/corporate-governance/
2-18 Evaluation of the performance of the highest Governance No More detailed information can be found on our website in e.g. our Articles of
governance body Association, the Supervisory Board Regulations and the Mangement Board Rules.
See https://www.schiphol.nl/en/schiphol-group/page/corporate-governance/
2-19 Remuneration policies Corporate governance No
Remuneration
2-20 Process to determine remuneration Corporate governance No
Remuneration
2-21 Annual total compensation ratio Corporate governance No
Remuneration
2-22 Statement on sustainable development strategy Corporate governance No Also refer to our website https://www.schiphol.nl/en/schiphol-group/page/road-
Message from the CEO to-the-most-sustainable-airports/
2-23 Policy commitments Risk management No More information on specific policies can be found on our website e.g. :
Business ethics and corporate culture Yes – Integrity policies such as the Code of Conduct, Supplier Code and Human
Rights Policy. See https://www.schiphol.nl/en/schiphol-group/page/code-of-
conduct-integrity-guidelines-compliance-and-supplier-code/
– Climate agreements, such as the
Smart and Sustainable action plan for Dutch aviation and other international
agreements. See https://www.schiphol.nl/en/schiphol-group/page/climate-
agreements/
– Policy on human and wildlife trafficking. See https://www.schiphol.nl/en/
schiphol-group/page/tackling-illegal-trade-in-people-plants-and-wildlife/
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 140

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assurance section

2-24 Embedding policy commitments Quality of Life Yes Also refer to our Sustaining your world roadmap. See https://www.schiphol.nl/en/
Business ethics and corporate culture Yes schiphol-group/page/road-to-the-most-sustainable-airports/
2-25 Processes to remediate negative impacts Engaging with our communities Yes Also refer to our website for different grievance mechanisms:
Business ethics and corporate culture Yes – https://www.schiphol.nl/en/schiphol-group/page/code-of-conduct-
integrity-guidelines-compliance-and-supplier-code/
– https://www.schiphol.nl/en/contact-schiphol/
– https://bezoekbas.nl/
– https://www.schiphol.nl/en/page/privacy-and-cookies/
2-26 Mechanisms for seeking advice and raising Business ethics and corporate culture Yes Note that among other matters, the Royal Schiphol Group Code of Conduct
concerns 3 contains the internal reporting regulations for misconduct and fraud (the Whistle-
blower Regulations). Also refer to our website for different grievance mechanisms:
– https://www.schiphol.nl/en/schiphol-group/page/code-of-conduct-
integrity-guidelines-compliance-and-supplier-code/
– https://www.schiphol.nl/en/contact-schiphol/
– https://bezoekbas.nl/
– https://www.schiphol.nl/en/page/privacy-and-cookies/
2-27 Compliance with laws and regulations Business ethics and corporate culture Yes This topic is not included in the reporting of FY23. In preparation for upcoming
Corporate Governance No disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
2-28 Membership associations Supervisory Board No Industry association Airports Council International, World economic Forum.
Executive team No
Socio-economic accountability Yes
2-29 Approach to stakeholder engagement Material topics 2023 Yes In preparation for upcoming disclosure requirements (CSRD) we will evaluate our
Socio-economic accountability Yes way of reporting for FY24.
2-30 Collective bargaining agreements No 92.2 % of employees covered by CLAs for Amsterdam Airport Schiphol.

For employees with above CLA contracts, the CLA is used as reference for the
working conditions.

In preparation for upcoming disclosure requirements (CSRD) we will evaluate our

way of reporting for FY24, to include our regional airports.
3-1 Process to determine material topics Material topics 2023 Yes
Socio-economic accountability Yes
3-2 List of material topics 4 Material topics 2023 Yes For elaboration on the impacts, goals, actions and progress of the material
Socio-economic accountability Yes topics, please refer to the consecutive chapters in the Our results section of the
annual report.
3-3 Management of material topics Material topics Yes Schiphol Group consciously weighs the quality of network, quality of life, quality of
Corporate Governance No service and quality of work.Our results show how we shoulder our responsibilities
Socio-economic accountability Yes and seek to strike a balance between the positive and negative effects of
our operations.
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assurance section

Material topics
Network of destinations
15 Number of passengers handled over the course of Network of destinations Yes Amsterdam Airport Schiphol excl. transit-direct
one year, categorised according to international and Passengers: 61,887,628
domestic flights and OD and transfer passengers, European: 43,339,518
including transit-direct passengers Intercontinental: 18,548,110
OD passengers (total): 39,431,773
European OD: 29,689,136
OD Intercontinental: 9,742,637
Transfer (total): 22,455,853
European transfer: 13,650,382
Intercontinental transfer: 8,805,471
Transit-direct passengers: 3,916
AO2 Number of air transport movements over the Network of destinations Yes Amsterdam Airport Schiphol
course of one year, categorised into day and night- Air transport movements (cargo and passenger): 441,969
time flights, and commercial, non-commercial and Cargo flights (commercial): 15.969
cargo flights Passenger flights (commercial): 426,000
General aviation (non-commercial): 22,758
Night-time flights (commercial): 16,551
AO3 Cargo volume Network of destinations Yes Amsterdam Airport Schiphol: 1,378,041,974 kg
Number of ICA destinations TPI performance 2023 Yes
Accessibility
Accessibility Accessibility Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Energy positive airports
302-1 Energy consumption within the organisation Energy-positive airports Yes In preparation for upcoming disclosure requirements (CSRD) we will evaluate our
Schiphol Group full value chain emissions No way of reporting for FY24.
302-4 Reduction of energy consumption Energy-positive airports Yes
305-1 Greenhouse gas emissions - Scope 1 6 Energy-postive airports Yes
TPI performance 2023 Yes
Schiphol Group full value chain emissions No
305-2 Greenhouse gas emissions - Scope 2 Energy-positive airports Yes
TPI performance 2023 Yes
Schiphol Group full value chain emissions No
305-3 Greenhouse gas emissions - Scope 3 Energy-positive airports Yes
TPI performance 2023 Yes
Schiphol Group full value chain emissions No
305-5 Reduction of greenhouse gas emissions Energy-positive airports Yes
TPI performance 2023 Yes
Schiphol Group full value chain emissions No
Sustainable aviation
Sustainable aviation fuel contribution Sustainable aviation Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
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assurance section

Climate adaptation
Climate adaptation Climate adaptation Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Air pollution
Air pollution Air pollution Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Air quality composition Air pollution Yes Air quality at Schiphol is continuously monitored by the government; the province
SDG table Yes of North Holland has three air quality meters in the vicinity of the airport and
publishes its measurements online.
Water pollution
Water pollution Water pollution Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Soil pollution
Soil pollution Soil pollution Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Circularity
Circularity Circularity Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
306-1 Waste generation and significant waste- Circularity Yes For infrastructure, we focus on circular design and the reuse of materials. Training
related impacts Quality of life Yes of staff, materials hubs and material passports are key enablers. For operational
processes, we minimise, separate and upcycle everyday catering, office and aircraft
residuals. We focus on better separation, while phasing out selected single-use
products. Furthermore, in preparation for upcoming disclosure requirements
(CSRD) we will evaluate our way of reporting for FY24.
306-2 Management of significant waste-related impacts Circularity Yes For infrastructure, we focus on circular design and the reuse of materials. Training
Quality of life Yes of staff, materials hubs and material passports are key enablers. For operational
processes, we minimise, separate and upcycle everyday catering, office and aircraft
residuals. We focus on better separation, while phasing out selected single-use
products. Waste data is obtained from our contractors and monitored internally
through periodic reporting. Furthermore, oursupplier code includes the stipulation
for our suppliers to actively contribute to our sustainability goals. Furthermore, in
preparation for upcoming disclosure requirements (CSRD) we will evaluate our way
of reporting for FY24.
306-4 Waste diverted from disposal Circularity Yes We aim for the high-value recycling of residual flows, which yields economic
Quality of life Yes residual value. Separated residual flows account for a total volume in tonnes. Other
information is not material. Specific other (e.g. project related) results are reported
in Waste. Furthermore, in preparation for upcoming disclosure requirements
(CSRD) we will evaluate our way of reporting for FY24.
AO6 Aircraft and pavement de-icing/anti-icing fluid used Circularity Yes
and treated by m3 and/or tonnes
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assurance section

Noise
AO5 Ambient air quality levels according to pollutant Energy-positive airports Yes
concentrations in microgram per m3 or parts SDG table Yes
per million (ppm) by regulatory regime
AO7 Number of people living in noise-affected areas Noise Yes
Engaging with our communities
413-1 Operations with local community engagement, Engaging with our communities Yes
impact assessments, and development programs
413-2 Operational activities with a significant (potentially) Engaging with our communities Yes The area around the airport is especially likely to experience noise disturbance
negative impact on the local environment See also: www.bezoekbas.nl
AO8 (Estimated) number of people to be voluntarily Engaging with our communities Yes Expansion of the airport in 2023 did not require any relocations of local residents.
or involuntarily relocated in connection with the
development or expansion of an airport
Reputation Score TPI performance 2023 Yes
Societal value
Societal value Societal value Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Employment practices own workforce
401-1 Number of new employees and staff turnover Employment practices own workforce Yes In preparation for upcoming disclosure requirements (CSRD) we will evaluate our
way of reporting for FY24.
403-9 Work-related ill-health Safety and security Yes Number of cases of recordable work-related ill health:

Amsterdam Airport Schiphol : 42

Rotterdam The Hague Airport: 0
Eindhoven Airport: 0
Lelystad Airport: 0
Employee promoter score TPI performance 2023 Yes
Diversity, equity & inclusion in own workforce
Diversity, equity & inclusion Diversity, equity & inclusion in own workforce Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Employment practices in value chain
Employment practices in value chain Employment practices in value chain Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24
Consumer and end-user experience
Net Promoter Score Consumer and end-user experience Yes
TPI performance 2023 Yes
Business continuity
Business continuity Business continuity Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
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assurance section

Cybersecurity
Cybersecurity Cybersecurity Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Airport capacity
On-time performance TPI performance 2023 Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Safety and security
AO9 Number of animals involved in wildlife strikes per Safety Yes Bird strikes are deemed material and are reported on.
10,000 air transport movements Our regional airports Yes
403-10 Work-related injuries Safety Yes Lost Time Injury Frequency and absenteeism are deemed material and are
Our regional airports Yes reported on.
Net Safety Score TPI performance 2023 Yes
Security Security Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Business ethics and corporate culture
201-2 Financial implications and other risks and Risk Management No
opportunities due to climate change Quality of life Yes
201-4 Financial assistance received from government 7 Financial statements Yes
Number of issues reported to the Business ethics and corporate culture Yes
integrity committee
Supplier and procurement practices
Supplier and procurement practices Supplier and procurement practices Yes This topic is qualitatively reported on for FY23. In preparation for upcoming
disclosure requirements (CSRD) we will evaluate our way of reporting for FY24.
Financial solidity
201-1 Direct economic values 7 Financial Statements Yes
203-1 Development and impact of infrastructure Airport capacity Yes We invested 678 million euros in 2023. A substantial portion of this is invested in
investments and services provided primarily for Accesibility Yes improving, maintaining and optimally deploying the airport-related infrastructure.
public benefit The long-term investments contribute to the quality, accessibility and development
of the airport.
203-2 Insight into and description of significant indirect About us and our Why Yes
economic consequences, including their scale Financial solidity No
Financial performance No
ROE TPI performance 2023 Yes
1 GRi 2-9 relates to the WEF topic Quality of governing body
2 GRi 2-12 relates to the WEF topic Governing purpose
3 GRI 2-26 relates to the WEF topic Risk and opportunity oversight
4 GRI 3-2 relates to the WEF topic Stakeholder engagement
5 GRI A01-A09 are derived from the GRI Airport Operators Sector Supplement (2013)
6 GRI 305-1 relates to the WEF topic Climate change
7 GRI 201-1 , 201-4, and, 401-1 relate to the WEF topic Employment and wealth generation
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 145

Non-Financial Information disclosure

Topic Subtopic Section reference Topic Subtopic Section reference

Business model About us and our why Relevant human Policies pursued Business ethics and
Relevant Policies pursued Quality of life rights matters corporate culture
environmental Ebnergy postive airports Outcome of policies Business ethics and
matters Sustainable aviation corporate culture
Circularity Principal associated risks and mitigation Risk Management
Noise
Engaging with our communities Key performance indicators Business ethics and
corporate culture
Outcome of policies Quality of life
Energy positive airports Relevant anti- Policies pursued Business ethics and
Sustainable aviation corruption and anti- corporate culture
Circularity bribery matters Outcome of policies Business ethics and
Noise corporate culture
Engaging with our communities Principal associated risks and mitigation Risk Management
Principal associated risks and mitigation Risk Management Key performance indicators Business ethics and
Key performance indicators Quality of life corporate culture
Energy positive airports
Sustainable aviation
Circularity
Noise
Engaging with our communities
Relevant social and Policies pursued Quality of life
personnel matters Noise
Engaging with our communities
Safety
Robust organisation
Employment practices
own workforce
Outcome of policies Quality of life
Noise
Engaging with our communities
Safety
Robust organisation
Employment practices
own workforce
Principal associated risks and mitigation Risk Management
Key performance indicators Quality of life
Noise
Engaging with our communities
Safety
Robust organisation
Employment practices
own workforce
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 146

EU Taxonomy disclosure FY 2023

The EU Taxonomy mandates RSG to provide transparency on the A big milestone for RSG in putting the Minimum Safeguards in The Operation Expenditure used for calculating the OPEX KPI is
environmentally sustainable nature of its economic activities. The place will be the implementation of the Responsible Business defined as all direct non-capitalised costs including supporting
European Regulation does so by classifying economic activivities Policy in 2024, that leverages a due diligence process as outlined expenses that are not in CAPEX (relating to R&D, building
into (non-)environmentally sustainable activties for three KPI's: by the OECD Guidelines for Multinational Enterprises and UNGP renovation measures, short-term lease, maintenance and repair
turnover, CAPEX and OPEX. Within these metrics economic for Business and Human Rights. and day-to-day servicing of assets). RSG uses the predefined
activities are classified as eligible economic activities and aligned reporting template in table form for all three KPI's. In the next
economic activities. RSG has been reporting on EU Taxonomy RSG interprets an economic activity to be eligible when the section we highlight RSG's most significant categories.
eligibility since FY 2021 for two environmental objectives: Climate activity is described by the European Union (EU) Taxonomy's
Change Adaptation (CCA) and Climate Change Mitigation (CCM). Delegated Acts and Amendmends, whether or not the technical
As of June 2023, the European Union has released technical screening criteria (TSC), Do No Significant Harm (DNSH) criteria Eligibility
screening criteria for additional economic activities for four and Minimum Safeguards criteria are met. An economic activity
other environmental objectives: Sustainable use and protection is deemed aligned when all the previous three criteria are met; Contrary to our eligiblity reporting of FY 2022, most economic
of water and marine resources, Transition to a circular economy, hence the percentage "aligned" turnover, CAPEX and OPEX can activities that RSG deems eligible are related to our Airport
Pollution prevention and control, and Protection and restoration be seen as environmentally sustainable activities. Nonetheless, infrastructure. (6.17) rather than Construction and real estate
of biodiversity and ecosystems. Next to that, technical screening the EU Taxonomy is a reporting regulation in development where activities (7). This is mostly due to the reclassification of our
criteria for additional economic activities and amendments to economic activities and underlying criteria are being added and significant levels of investments in our airport infrastructure.
the existing economic activities have been released for the adjusted. Therefore the percentages of eligiblity and alignment In this year's reporting we additionally identified economic
Climate objectives. do not give a full reflection of RSG's sustainability efforts, but activities related to Water supply, sewerage, waste management
need to be interpreted within the context of the EU Taxonomy. and remediation activities (2) as well as Manufacturing (3). Due to
With the increased potential scope of economic activities, the granularity of analysis we avoided the risk of double-counting
significant effort has been placed this year in a more granular turnover or CAPEX of economic activities.
analysis of the economic activities for our CAPEX KPI. Next Basis for preparation
to the analysis at a more granular level, the Environmental The figures presented in this chapter only provide one view of
Delegated Act has been taken into account for the eligibility RSG will report on all three KPI's mandatory under EU Taxonomy: observing RSG's wider sustainability efforts; the classification
assessment of economic activities under the other four turnover, CAPEX and OPEX. RSG's reporting scope is in line system of the EU Taxonomy provides only specific lense through
environmental objectives. with the reporting scope of the financial statements and thus which RSG's activities can be measured and is not exhaustive.
includes our Regional Airports. The Capital Expenditure used for Although significant steps have been made to perform a more
For FY 2023, RSG has been unable to fully implement the calculating the CAPEX KPI can be reconciled with our Capital granular analysis, data availability remains a challenge when
Minimum Safeguards needed to claim alignment; as such the Expenditure in Segment Information, while the turnover used disclosing information on eligible activities. Through next year's
TSC and DNSH criteria have not been evaluated for any of the for the calculation of the turnover KPI can be reconciled with efforts with our value chain partners, the implementation of the
eligible economic activties. RSG has put a working group in our Consolidated Income Statement. The EU Taxonomy uses a CSRD, and the adjustment of internal reporting processes, we aim
place to ensure the Minimum Safeguards are put in place for significantly more narrow definition for OPEX than the OPEX to improve our reporting.
the next reporting year, while starting coversation with value definition that RSG applies in the financial statements, and
chain partners to discuss collaboration on data availability to therefore can not be reconciled.
adequately report on alignment next year.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 147

Alignment transhipment with rail and water transport." RSG qualifies an Manufacture, installation, and servicing of high, medium
economic activity within this category as eligible when it is and low voltage electrical equipment for electrical
As RSG does not meet the Minimum Safeguards criteria yet, fundamental to the core business - our airport's own operations: transmission and distribution that result in or enable a
0% alignment is reported on all KPI's. Not having implemented investments in our gates and terminals, security facilities, and substantial contribution to climate change mitigation (3.20)
the Minimum Safeguards yet does not lead to any legal cargo facilities. The construction of these buildings are in line with Given the impact RSG has on the electricity net in the area,
consequences, as the EU Taxonomy is a reporting regulation. the sustainability and energy-efficiency standards set out in our RSG also invests heavily in the expension and strengthening
Recognizing the importance of the Minimum Safeguards RSG strategy for energy-positive airports. Commercial facilities (e.g. of the electricity in the area. All activities following from this
has formed a working group that has been tasked to put the retail stores) have been qualified in the infrastructure category (7) involvement have been qualified as eligible activities: on the one
Minimum Safeguards in place and implement a Responsible of economic activities. hand the investments done by RSG in the electricity net, on the
Business Policy. It is critical for RSG to respect and maintain other hand the turnover resulting from this.
high awareness for human rights and good business conduct Air transport ground handling operations (6.20)
to achieve the ambition to be the world’s most sustainable and This economic activiy is included for the first time, following Construction, extension and operation of water collection,
high-quality airport. Moreover, it is in line with RSG's core values. the amendment of Annex I relating to the Climate treatment and supply systems (5.1)
The aim is to have the Minimum Safeguards in place in time for change mitigation objective:"Manufacture, repair, maintenance, Providing the investments in infrastructure and airport
reporting on EU Taxonomy alignment in FY 2024. overhaul, retrofitting, design, repurposing and upgrade, infrastructure, investments in water systems like drainage and
purchase, financing, renting, leasing and operation of equipment sewer is key. Hence we have qualified investments in such systems
and service activities incidental to air transportation (ground as eligible under this category.
Our role as an airport operator handling), including ground services activities at airports and
cargo handling, including loading and unloading of goods from Constuction of new buildings (7.1)
RSG's ambition to be the most sustainable airport in the world. aircraft." RSG has deemed economic activities eligible under this Significant part of RSG's economic activities are related to this
Our core business results in a significant potential for sustainable category when related to ground handling operations like our category, defined as "Development of building projects for
economic activities in the following EU Taxonomy activities. baggage claim center and related facilities (e.g. the lifting aids). residential and non-residential buildings by bringing together
financial, technical and physical means to realise the building
Maintenance of roads and motorways (3.4) projects for later sale as well as the construction of complete
One of the new economic activities provided under the Transition Our role as a developer of residential or non-residential buildings, on own account for sale
to a circular economy objective is defined as: "Maintenance of commercial infrastructure or on a fee or contract basis." This is mainly related due to the
streets, roads and motorways, other vehicular and pedestrian narrow definition of the 6.17 (Low carbon airport infrastructure)
ways, surface work on streets, roads, highways, bridges, tunnels, Next to RSG's core role as an airport operator, RSG has a role in and 6.20 (Air transport ground handling operations) categories.
aerodrome runways, taxiways and aprons, defined as all actions developing the infrastructure and real estate that contributes to RSG's economic activities related to the development of
undertaken to maintain and restore the serviceability and level operating the airports. The following economic activities are a commercial buildings, parking and retail facilities are covered
of service of roads". Our investments in upgrading our airport's result of this role. under this category. Next to that, RSG classifies periphiral
runways are important input to this category. construction not directly related to our airport infrastructure
Demolition and wrecking of buildings and other under this category (e.g. fire station).
Low carbon airport infrastructure (6.17) structures (3.3)
Annex I and II related to the Climate objectives provide us with the The construction, redevelopment or upgrade of our Acquisition and ownership of buildings (7.7)
following definition: "Construction, modernisation, maintenance infrastructure often results in demolition activities in the start RSG mainly applies this category for the ownership of buildings
and operation of infrastructure that is required for zero tailpipe of projects. Economic activities related to "the demolition and by applying the definition: "Buying real estate and exercising
CO2 operation of aircraft or the airport’s own operations, and for wrecking of buildings, roads and runways, .." are therefore ownership of that real estate." Hence, rent and leases of
provision of fixed electrical ground power and preconditioned deemed eligible. commercial real estate and our terminals (e.g. retail stores) are
air to stationary aircraft as well as infrastructure dedicated to considered as eligible under this category.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 148

Turnover CAPEX OPEX

The EU Taxonomy definition of the eligible turnover KPI The EU Taxonomy defines the eligible CAPEX KPI as Taxonomy- The EU Taxonomy uses a significantly more narrow definition for
concerns the net turnover derived from products or services eligible CAPEX, divided by all additions to tangible and OPEX than IFRS OPEX definition that is applied in the financial
(including intangibles) associated with Taxonomy-eligible intangible assets during the financial year before depreciation, statements: only rougly 10% of our IFRS OPEX classifies as EU
economic activities, divided by the total net turnover. amortisation and any remeasurements, including those resulting Taxonomy OPEX. For reporting year 2023, RSG has analyzed the
from revaluations and impairments, for the relevant financial year composition of the OPEX and concluded that the only potential
The majority of Taxonomy-eligible turnover can be attributed and excluding fair value changes. eligible economic OPEX activities sit in the Maintanance & Repairs
to rental revenue from our real estate portofolio in line with category. This only represents 1% of RSG's total operating
economic activity Acquisition and ownership of buildings (7.7). In our analysis of eligible CAPEX we have used actual amounts expenses and are consequently deemed not material to be
The remaining part relates to revenue generated by electric for IT costs and Pier A - which constitutes our largest CAPEX disclosed for EU Taxonomy purposes. Moreover, a review of last
charging points on the airport premises, in line with economic project, while leveraging budgeted amounts for the other CAPEX year's OPEX eligibility disclosure shows a consistent insignificant
activity Infrastructure enabling low-carbon road transport and investments. The budgeted amounts were analyzed for eligible percantage eligibility (less than 1%). The conclusion to use
public transport (6.15). RSG has also evaluated its interpretation economic activites, for which we determined the percetanges of the OPEX exemption is in line with Disclosure Delegated Act
of economic activity Low carbon airport infrastructure (6.17) the total budget. These budget percentages were multiplied by 2021/2178 paragraph 1.1.3.2.
and has concluded that - given the energy efficiency of the the actuals in this fiscal year. Although this is a proxy, we see no risk
terminals - revenues resulting from VIP and Previum services can in misstatements of eligiblity percentages over these investment OPEX
be considered eligible as well. For the eligible turnover we have as only a few of these investments run over multiple years.
analyzed the actual amounts only. Absolute Proportion
The largest part of Taxonomy-eligible CAPEX can be attributed OPEX of OPEX
With a constant evolution of the EU Taxonomy, RSG encourages to the construction of Pier A and Pier C and Cargo Buildings 8
the European Commission to have a further look at the air and 17 for Amsterdam Schiphol and investments in terminal, OPEX of Taxonomy-eligible but
transportation sector. RSG's turnover is partially based on the cargo buildings and construction at Eindhoven Airport and not environmentally sustainable
airport charges to airlines and have a sustainability component Rotterdam/The Hague Airport. Next to that, we have included activities (not Taxonomy-aligned
included. We promote the use of quieter and cleaner aircraft investments in parking facilities, EV charging and taxiways activities) (A.2) €- 0.0%
because using the noisiest and most polluting planes can cost as eligible investments. The introduction of economic activity
airlines five times as much as the quieter, cleaner ones. RSG Air transport ground handling operations (6.20) has led to a
believes this contribution could become more evident with a broadening of eligible activities with our investments in the
further development in the EU Taxonomy standard. baggage facilities, lifting aids and security facilities.

Turnover CAPEX
Absolute Proportion Absolute Proportion
turnover of turnover CAPEX of CAPEX

Turnover of Taxonomy-eligible but CAPEX of Taxonomy-eligible but

not environmentally sustainable not environmentally sustainable
activities (not Taxonomy-aligned activities (not Taxonomy-aligned
activities) (A.2) € 185,744,741 10.0% activities) (A.2) € 540,765,139 79.8%
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 149

Turnover
Criteria DNSH criteria ('Does Not
2023
Substantial Contribution Significantly Harm')

Proportion of Taxonomy aligned

(A.1) or eligible (A.2)

Category enabling
Economic Activities

Circular economy

Circular economy
Climate Change

Climate Change

Climate Change

Climate Change
turnover 2023

turnover 2022
Proportion of

Biodiversity

Biodiversity
Adaptation

Adaptation

transitional
Safeguards
Mitigation

Mitigation

Minimum

Category
Pollution

Pollution
Turnover

activity

activity
Water

Water
Code
EUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. Taxonomy Eligible Activities
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0%
Of which Enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0% E
Of which Transitional 0 0.0% 0.0% N N N N N N N 0% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Infrastructure enabling low-carbon road transport and
public transport CCM 6.15 313,222 0.0% EL N/EL N/EL N/EL N/EL N/EL 0.04%
Low carbon airport infrastructure CCM 6.17 23,998,483 1.3% EL N/EL N/EL N/EL N/EL N/EL 0.00%
Acquisition and ownership of buildings CCM 7.7 161,433,036 8.7% EL N/EL N/EL N/EL N/EL N/EL 5.57%
Turnover of Taxonomy eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 185,744,741 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.6%
Turnover of Taxonomy eligible activities (A.1+A.2) 185,744,741 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.6%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy non-eligible activities 1,666,228,534 90.0%
TOTAL 1,851,973,275 100%
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 150

CAPEX
Criteria DNSH criteria ('Does Not
2023
Substantial Contribution Significantly Harm')

Proportion of Taxonomy aligned

Proportion of CAPEX 2023

Minimum Safeguards

(A.1) or eligible (A.2)

Category enabling
Economic Activities

Circular economy

Circular economy
Climate Change

Climate Change

Climate Change

Climate Change

CAPEX 2022
Biodiversity

Biodiversity
Adaptation

Adaptation

transitional
Mitigation

Mitigation

Category
Pollution

Pollution

activity

activity
CAPEX

Water

Water
Code
EUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. Taxonomy Eligible Activities
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CAPEX of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0%
Of which Enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0% E
Of which Transitional 0 0.0% 0.0% N N N N N N N 0% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Remediation of contaminated sites and areas PPC 2.4 9,690,310 1.4% N/EL N/EL N/EL EL N/EL N/EL N/A
Demolition and wrecking of buildings and other structure CE 3.3 3,503,936 0.5% N/EL N/EL N/EL N/EL EL N/EL N/A
Maintenance of roads and motorways CE 3.4 111,009,014 16.4% N/EL N/EL N/EL N/EL EL N/EL N/A
Manufacture, installation, and servicing of high, medium and
low voltage electrical equipment for electrical transmission and CCM
distribution that result in or enable 3.20 12,193,924 1.8% EL N/EL N/EL N/EL N/EL N/EL N/A
Transmission and distribution of electricity CCM 4.9 1,916,950 0.3% EL N/EL N/EL N/EL N/EL N/EL 0.7%
CCM
District heating/cooling distribution 4.15 1,717,712 0.3% EL N/EL N/EL N/EL N/EL N/EL N/A
Construction, extension and operation of water collection,
treatment and supply systems CCM 5.1 10,709,086 1.6% EL N/EL N/EL N/EL N/EL N/EL 0.3%
Construction, extension and operation of waste water collection
and treatment CCM 5.3 1,605,983 0.2% EL N/EL N/EL N/EL N/EL N/EL N/A
CCM
Infrastructure for personal mobility, cycle logistics 6.13 0 0.0% N/EL N/EL N/EL N/EL N/EL N/EL 0.4%
CCM
Infrastructure enabling road transport and public transport 6.15 10,604,950 1.6% EL N/EL N/EL N/EL N/EL N/EL 1.3%
CCM
Low carbon airport infrastructure 6.17 264,194,946 39.0% EL N/EL N/EL N/EL N/EL N/EL N/A
CCM
Air transport ground handling operations 6.20 49,103,207 7.2% EL N/EL N/EL N/EL N/EL N/EL N/A
Construction of new buildings CCM 7.1 1,549,807 0.2% EL N/EL N/EL N/EL N/EL N/EL 11.4%
Renovation of existing buildings CCM 7.2 21,554,579 3.2% EL N/EL N/EL N/EL N/EL N/EL N/A
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 151

Criteria DNSH criteria ('Does Not

2023
Substantial Contribution Significantly Harm')

Installation, maintenance and repair of energy

efficiency equipment CCM 7.3 26,157,373 3.9% EL N/EL N/EL N/EL N/EL N/EL N/A
Installation, maintenance and repair of renewable
energy technologies CCM 7.6 450,988 0.1% EL N/EL N/EL N/EL N/EL N/EL N/A
Acquisition and ownership of buildings CCM 7.7 0 0.0% N/EL N/EL N/EL N/EL N/EL N/EL 20.8%
Data processing, hosting and related activities CCM 8.1 13,421,575 2.0% EL N/EL N/EL N/EL N/EL N/EL 0.3%
Data-driven solutions for GHG emissions reductions CCM 8.2 1,380,799 0.2% EL N/EL N/EL N/EL N/EL N/EL 0.4%
CAPEX of Taxonomy eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2) 540,765,139 79.8% 61.5% 0.0% 0.0% 1.4% 16.9% 0.0% 35.6%
CAPEX of Taxonomy eligible activities (A.1+A.2) 540,765,139 79.8% 61.5% 0.0% 0.0% 1.4% 16.9% 0.0% 35.6%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CAPEX of Taxonomy non-eligible activities 136,813,152 20.2%
TOTAL 677,578,291 100%
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 152

OPEX
Criteria DNSH criteria ('Does Not
2023
Substantial Contribution Significantly Harm')

Proportion of Taxonomy aligned

Proportion of OPEX 2023

Minimum Safeguards

(A.1) or eligible (A.2)

Category enabling
Economic Activities

Circular economy

Circular economy
Climate Change

Climate Change

Climate Change

Climate Change
Biodiversity

Biodiversity
Adaptation

Adaptation

transitional
OPEX 2022
Mitigation

Mitigation

Category
Pollution

Pollution

activity

activity
Water

Water
OPEX
Code
EUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. Taxonomy Eligible Activities
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OPEX of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0%
Of which Enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N N N N N N N 0% E
Of which Transitional 0 0.0% 0.0% N N N N N N N 0% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OPEX of Taxonomy eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
OPEX of Taxonomy eligible activities (A.1+A.2) 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OPEX of Taxonomy non-eligible activities 150,829,883 100.0%
TOTAL 150,829,883 100%
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 153

Assurance report of the

independent auditor
To: the General Meeting and the Supervisory Board of Royal Schiphol Group N.V.

Report on the review of the socio-economic reporting included in the Annual Report 2023
the International Standard on Assurance Engagements (ISAE) 3000 ‘Assurance engagements other
Our conclusion than audits or reviews of historical financial information’. This engagement is aimed to obtain limited
assurance.
We have reviewed the socio-economic reporting of Royal Schiphol Group N.V (hereafter: ‘Schiphol’ or
‘the Company’) for the year ended 31 December 2023 (hereafter: socio-economic reporting) included in Our responsibilities under this standard are further described in the section ‘Auditor’s responsibilities’ of
the Annual Report 2023 of Royal Schiphol Group N.V (hereafter: the Annual Report). A review is aimed our report.
at obtaining a limited level of assurance.
We are independent of Schiphol in accordance with the ‘Verordening inzake de onafhankelijkheid van
Based on our procedures performed and the assurance information obtained, nothing has come to our accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation
attention that causes us to believe that the socio-economic reporting included in the Annual Report with respect to independence). This includes that we do not perform any activities that could result in a
does not present fairly, in all material respects: conflict of interest with our independent assurance engagement. Furthermore, we have complied with
the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics for
— the policy with regard to sustainability matters; and Professional Accountants).
— the business operations, events and achievements in that area in 2023. We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis
in accordance with the reporting criteria as included in the section ‘Reporting Criteria’ of our report. for our conclusion.

The socio-economic reporting consists of the section ‘Materiality analysis’ in the chapter ‘About us and
our Why’, the sections ‘Our performance in 2023’, ‘Quality of Network’, ‘Quality of Life’, ‘Quality of Reporting Criteria
Work’, ‘Quality of Service’, ‘Safety first’, ‘Robust organisation’ (paragraphs ‘Business ethics and The socio-economic reporting needs to be read and understood together with the reporting criteria.
corporate culture’ and ‘Supplier and procurement practices’), and ‘Financial performance’ (paragraph Schiphol is solely responsible for selecting and applying these reporting criteria, taking into account
‘Our regional airports’) in the chapter ‘Our Results’ and the chapter ‘Socio-economic accountability’ applicable law and regulations related to reporting.
(excluding the sections ‘EU Taxonomy disclosure FY 2023’, ‘Schiphol Group full value chain
emissions’, and ‘Green Bond Progress Report’). The socio-economic reporting is disclosed in the The criteria applied for the preparation of the socio-economic reporting are prepared with reference to
Annual Report the Global Reporting Initiative Sustainability Reporting Standards (GRI) and in accordance with the
applied supplemental reporting criteria as disclosed in the section ‘Socio-economic accountability’ of
the Annual Report.
Basis for our conclusion
The comparability of sustainability information between entities and over time may be affected by the
We have performed our review of the socio-economic reporting in accordance with Dutch law, including absence of a uniform practice on which to draw, to evaluate and measure this information. This allows
Dutch Standard 3810N ‘Assurance-opdrachten inzake maatschappelijke verslagen’ (Assurance for the application of different, but acceptable, measurement techniques.
engagements relating to sustainability reports), which is a specified Dutch Standard that is based on
KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 154

Materiality documented policies and procedures regarding compliance with ethical requirements, professional
standards and other relevant legal and regulatory requirements.
Based on our professional judgement we determined materiality levels for each relevant part of the
socio-economic reporting. When evaluating our materiality levels, we considered quantitative and We have exercised professional judgement and have maintained professional skepticism throughout
qualitative aspects as well as the relevance of information for both stakeholders and the company. the review, in accordance with the Dutch Standard 3810N, ethical requirements and independence
We agreed with the Supervisory Board that misstatements which are identified during the review and requirements.
which in our view must be reported on quantitative or qualitative grounds, would be reported to them.
Our review included among others:
— Performing an analysis of the external environment and obtaining an understanding of
Limitations to the scope of our review
relevant societal themes and issues, and the characteristics of the company;
The socio-economic reporting includes prospective information such as ambitions, strategy, plans,
— Evaluating the appropriateness of the reporting criteria applied, their consistent application
expectations and estimates. Prospective information relates to events and actions that have not yet
and related disclosures in the socio-economic reporting. This includes the evaluation of the
occurred and may never occur. We do not provide assurance on the assumptions and achievability of
results of stakeholder dialogue and the plausibility of estimates made by the Management
this prospective information in the socio-economic reporting.
Board;
References to external sources or websites in the socio-economic reporting are not part of the socio-
— Obtaining an understanding of the reporting process for the socio-economic reporting,
economic reporting as reviewed by us. Therefore, we do not provide assurance on this information.
including obtaining a general understanding of the internal control environment, process and
information systems relevant to our review, but not for the purpose of expressing a
The Management Board and Supervisory Board’s Responsibilities conclusion on the effectiveness of the company’s internal control;

The Management Board of Schiphol is responsible for the preparation of the socio-economic reporting — Identifying areas of the socio-economic reporting where a material misstatement, whether
in accordance with the criteria as included in the section ‘Reporting Criteria’ section of our report, due to fraud or error, are most likely to occur, designing and performing assurance
including the identification of stakeholders and the definition of material matters. The Management procedures responsive to these areas, and obtaining assurance information that is sufficient
Board is also responsible for selecting and applying the criteria and for determining that these reporting and appropriate to provide a basis for our conclusion. These procedures included, amongst
criteria are suitable for the legitimate information needs of stakeholders, considering applicable law and others:
regulations related to reporting. The choices made by the Management Board regarding the scope of
the socio-economic reporting and the reporting policy are summarized in the section ‘Socio-economic ‒ Interviewing management and relevant staff at a corporate level responsible for the
accountability’ of the Annual Report. socio-economic strategy, policy and results;
Furthermore, the Management Board is responsible for such internal control as it determines is
necessary to enable the preparation of the socio-economic reporting that is free from material
‒ Interviewing staff responsible for providing the information for, carrying out internal
control procedures over, and consolidating the data in the socio-economic reporting;
misstatement, whether due to fraud or error.
The Supervisory Board is, among other things, responsible for overseeing Schiphol’s reporting ‒ Obtaining assurance information that the socio-economic reporting reconciles with
process. underlying records of the company;

‒ Reviewing, on a limited test basis, relevant internal and external documentation;

Auditor’s responsibilities
Our responsibility is to plan and perform our review in a manner that allows us to obtain sufficient and ‒ Performing an analytical review of the data and trends;
appropriate assurance evidence for our conclusion. — Evaluating the consistency of the socio-economic reporting with the information in the Annual
Procedures performed to obtain a limited level of assurance are aimed to determine the plausibility of report which is not included in the scope of our review
information and vary in nature and timing, and are less in extent, compared to a reasonable assurance — Evaluating the presentation, structure and content of the socio-economic reporting;
engagement. The level of assurance obtained in a limited assurance engagement is therefore
substantially less than the assurance that is obtained when a reasonable assurance engagement is — Considering whether the socio-economic reporting, including the sustainability matters and
performed. disclosures, is clearly and adequately disclosed in accordance with reporting criteria.

We apply the ‘Nadere voorschriften kwaliteitssystemen’ (NVKS, regulations for quality management — Considering the overall presentation and balanced content of the socio-economic reporting
systems) and accordingly maintain a comprehensive system of quality management including
2
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 155

We communicate with The Management Board and the Supervisory Board regarding, among other
matters, the planned scope and timing of the review and any significant findings that we identify during
our review.

The Hague, 15 February 2024

KPMG Accountants N.V.

R.R.J. Smeets RA

3
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 156

Green Bond Progress Report

About this report Green buildings as at 31 December 2023 #
Number of buildings with A label 31
Royal Schiphol Group’s Why is 'Connecting your world'. Our ambition is to create the world's most
Number of buildings with B label 1 2
sustainable, high-quality airports. To lead by example, we work to drive sustainability across our
operations. By 2030 we aim to operate zero-emission and zero-waste airports. As part of this strategy, Number of buildings with BREEAM (Very Good, Excellent or Outstanding) certificate 7
we issued our first green bond in 2018 with a value of 500,000,000 euros, to invest in green buildings Number of buildings with LEED Gold certificate 2 2
and clean transportation at our airports. Schiphol was the first European airport, and among the
1 Eligible under the Green Bond Framework (2018) and the Green Finance Framework (2020) as this concerns refurbished buildings
first airports worldwide, to issue a green bond. In 2020, we issued two additional green bonds, with
with at least two steps improvement in energy label up to at least EPBD label B.
a value of 500,000,000 and 750,000,000 respectively. Our sustainable finance efforts highlight our 2 Concerns buildings that are currently under construction or not fully operational.
sustainability ambitions.
Clean transportation as at 31 December 2023 #
This document comprises our 2023 Green Bond Progress Report, in which we shed light on the
Number of Electric buses airside 51
allocation of the green bond proceeds and the impact achieved. We have defined a portfolio of
Number of charging stations 1227
'eligible assets', comprising the following asset categories for our green bonds: green buildings and
clean transportation.

Green bond details

Issuer | Royal Schiphol Group N.V. Issuer | Royal Schiphol Group N.V. Issuer | Royal Schiphol Group N.V.
Issue date | 5 November 2018 Issue date | 6 April 2020 Issue date | 8 September 2020
Currency | EUR Currency | EUR Currency | EUR
Tenor | 12 years Tenor |9 years Tenor | 12 years
Issued amount | 500,000,000 Issued amount | 750,000,000 Issued amount | 500,000,000
ISIN | XS1900101046 ISIN | XS2153459123 ISIN | XS2227050379
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 157

Green bond allocation reporting1

Portfolio date: 31 December 2023
Green funding
Eligible Green Project Portfolio
Instrument Issuance date Due date Principal Amount (EUR)
Category Amount (EUR) 1
XS1900101046 5 November 2018 5 November 2030 EUR 500m 500,000,000
Green buildings 1,940,175,193 XS2153459123 6 April 2020 6 April 2029 EUR 750m 750,000,000
Clean transportation 19,055,361 XS2227050379 8 September 2020 8 September 2032 EUR 500m 500,000,000
Of which; Electric buses - airside 6,865,218
Of which; Other 2 12,190,143 Total Green Funding 1,750,000,000
Total eligible Green Project Portfolio 1,959,230,555

1 Concerns the book value as per 31 December 2022 and is either the fair value (investment property) or cost price minus
depreciation (operating assets).
2 Comprises of charging stations for airside e-vehicles (other than airside e-buses), charging stations for landside e-vehicles
(other than landside e-buses), energy infrastructure for the charging stations for landside e-buses and zero-emission equipment
for ground-handling.

Percentage of Eligible Green Loan Portfolio Allocated (usage) 89%

Percentage of Net Proceeds of Green Funding allocated to Eligible Green 112 %
Loan Portfolio
Eligible Green Loan Portfolio – Unallocated EUR 209,230,555
Current value of expected eligible green buildings (currently under EUR 800,894,946
construction) 1

1 Please note that our current buildings under construction will be categorised as green buildings upon completion.

1)
This section is within the scope of the KPMG assurance engagement.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 158

Impact reporting1

Green buildings

Eligible portfolio Total annual energy Total annual electricity Total annual gas Total annual CO2e Total annual electricity
Category (EUR) Share of total financing(GJ) savings (kWh) avoidance (m3) avoidance (tonnes) avoidance production (kWh)
a1 b2 c3 d4 e4 f4 g4 h4
Green buildings 1,959,230,555 5,6 99% 7 50,742 3,804,745 521,292 2,439 109,694

1 Category of eligible project.

2 Portfolio components eligible for Green Bond financing.
3 Share of the total portfolio cost that is Green Bond eligible.
4 See methodology and assumptions for definition.
5 Please note that our current buildings under construction, with a current book value of €598,301,209, will be categorised as green buildings upon completion.
6 Share of refinancing at bond issue was 100%, excluding the unallocated amount.
7 1% of the total financing applies to clean transportation, for which no specific impact indicator is currently available.

1)
This section is not within the scope of the KPMG assurance engagement.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 159

Methodology and assumptions Clean transportation

As described in our Green Bond Framework (2018) and Green Finance Framework (2020), which can Use of Proceeds: new or existing investments in fixed electrical ground power and pre-
be accessed through our website, the following projects qualify as eligible projects; conditioned air units, zero-emission equipment for remote handling, electric vehicles for passenger
transportation at the airport premises, electric charging points for these vehicles, electric charging
points for taxis and consumer cars, equipment for electric taxiing, investments to further improve
Green buildings access to public transportation and bio-kerosene facilities. Two categories have been identified:
electric buses airside and other.
Use of Proceeds: new or existing investments in, or expenditures on, properties which meet at least
one of the following criteria: – Electric buses airside: This category comprises airside e-buses and related airside infrastructure,
including charging stations. Note that the landside e-buses and landside charging stations for
1. New, existing or refurbished buildings which have received at least one of the buses are owned by a third party and are therefore not included in the portfolio of eligible assets.
following classifications: – Other: This category includes the following:
a. LEED1: Platinum, Gold – Airside e-vehicle charging stations (for ground-handling and other equipment, but not for
b. BREEAM2: Outstanding, Excellent, Very Good airside e-buses)
c. EPBD3: A – Landside e-vehicle charging stations (mostly in consumer car parks, but not for landside
d. Refurbished buildings with at least a two-step improvement in energy label up to at least e-buses). Please note that landside e-vehicle charging stations in Schiphol Real Estate
EPBD label B. buildings are capitalised as part of the building and included in its market value. As such, they
2. Individual investments in green buildings to ensure environmental improvements such as are not part of this category.
renewable energy projects (e.g. solar panel installations), sustainable/circular furniture, energy- – Some infrastructure for landside e-bus charging stations (not the charging stations
efficient lighting (such as LED), thermal energy storage systems, cool roofs and any other themselves) belongs to Schiphol Group and is included as an eligible asset under
sustainability-oriented construction materials, waste diversion, collection and reduction, water this category.
and energy-saving technologies, and materials and improvements recognised by sustainable – E-GPUs (zero-emission equipment for remote handling).
rating systems. – 400 Hz power supply equipment (zero emission equipment for handling at the gates).

The above-mentioned criteria have been applied and, additionally, the following choices were made The above-mentioned criteria have been applied and, additionally, the following choices were made
in the selection of eligible assets: in the selection of eligible assets:
– The asset base as at 31 December 2023 was used. – The asset base as at 31 December 2023 was used.
– A conservative approach has been applied in determining the book value of the eligible asset – The only e-vehicles owned by Schiphol are the airside e-buses. All other e-vehicles are leased and
base to ensure that only assets covered by the energy labels are included as assets. not included in the asset base.
– For buildings currently under construction, the current value on the balance sheet is provided
under ‘Current value of expected eligible green buildings’. This means that only the value of the
part that was built as per 31 December 2023 is shown. This is the case for Pier A, Terminal Lelystad
and Cargo Station 17.
– The aquifer thermal energy storages (ATES) are not separately included as they are often
included in the value of buildings.
– No individual investments in green buildings have been included as eligible assets.

1)
LEED (Leadership in Energy and Environmental Design) is the most widely used green building rating system, which provides for a framework that can be used to create healthy, highly efficient and cost-saving green buildings.
2)
BREEAM (Building Research Establishment Environmental Assessment Method) is a leading sustainability assessment method for, among other things, infrastructure and buildings, whereby it assesses and certifies an asset’s environmental, social and economic
sustainability performance.
3)
EPBD is the Energy Performance of Buildings Directive, which is a European directive to enforce the measurement of the energy performance of buildings.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 160

Impact indicators
For the impact indicators total annual energy (GJ) savings, total annual electricity (kWh) avoidance
and total annual gas (m3) avoidance, the following methodology and assumptions apply:
– The reported values concern 2023.
– The savings and avoidances reported are consistent with the methodology of the MYA
2017-2020 (Meerjarenafspraken energie-efficiëntie) with the Netherlands Enterprise agency, a
government agency which operates under the auspices of the Ministry of Economic Affairs and
Climate Policy. Until 2020, Schiphol was required to report on the measures taken to improve
energy efficiency and the associated savings and avoidances.
– For the CO2e calculation of electricity (kWh) and gas (m3), the relevant emission factors from
www.co2emissiefactoren.nl and the Dutch Government Gazette (Staatscourant), respectively,
have been applied, which are retrieved once a year.
– A conservative approach has been adopted regarding the assumptions underlying the savings
and avoidances of office buildings.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 161

Assurance report of the

independent auditor
To: the General Meeting and the Supervisory Board of Royal Schiphol Group N.V.

Report on the review of the Eligible Green Project Portfolio included in the Annual Report 2023
We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis
Our conclusion for our conclusion.
We have reviewed the Eligible Green Project Portfolio of Royal Schiphol Group N.V. (hereafter
‘Schiphol’ or ‘the Company’) for the year ended 31 December 2023 (hereafter ‘the Portfolio’) included Reporting Criteria
in the Annual Report 2023 of Royal Schiphol Group N.V (hereafter: the Annual Report). The Portfolio is
marked in the Annual Report with a footnote (1). A review is aimed at obtaining a limited level of The Portfolio needs to be read and understood together with the reporting criteria. Schiphol is solely
assurance. responsible for selecting and applying these reporting criteria, taking into account applicable law and
regulations related to reporting.
Based on the procedures performed and the assurance information obtained, nothing has come to our
attention that causes us to believe that the Portfolio is not prepared, in all material aspects, in The reporting criteria used for the preparation of the Portfolio are the ‘Eligible investments per category’
accordance with the reporting criteria as described in the ‘Reporting criteria’ section of our report. as described in the Schiphol Green Bond Framework (2018) and Schiphol Green Finance Framework
(2020) as disclosed and further described in ‘Methodology and assumptions’ in the section ‘Green
The Portfolio is included in the section ‘Green Bond Progress Report (paragraph ‘Green bond Bond Progress Report’ of the Annual Report.
allocation reporting’) in the chapter ‘Socio-economic accountability’ as disclosed in the Annual Report.
Materiality
Basis for our conclusion
Based on our professional judgement we determined materiality levels for each relevant part of the
We performed our review on the Portfolio in accordance with Dutch law, including Dutch Standard Annual Report and for the Portfolio as a whole. When evaluating our materiality levels, we have taken
3000A ’Assurance-opdrachten anders dan opdrachten tot controle of beoordeling van historische into account quantitative and qualitative aspects as well as the relevance of information for both
financiële informatie (attest-opdrachten) (assurance engagements other than audits or reviews of stakeholders and the company.
historical financial information (attestation engagements)). This engagement is aimed to obtain limited
assurance. Our responsibilities under this standard are further described in the section ‘Auditor’s We agreed with the Supervisory Board that misstatements which are identified during the review and
responsibilities’ section of our report. which in our view must be reported on quantitative or qualitative grounds, would be reported to them.
We are independent of Schiphol in accordance with the ‘Verordening inzake de onafhankelijkheid van
accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation
with respect to independence). Furthermore, we have complied with the ‘Verordening gedrags- en
beroepsregels accountants’ (VGBA, Dutch Code of Ethics for Professional Accountants).

KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 162

Limitations to the scope of our review responsive to these areas, and obtaining assurance information that is sufficient and
appropriate to provide a basis for our conclusion. The procedures included, amongst others:
The Annual Report includes other information besides the Portfolio. Our review did not extend to this
other information and this report does not provide assurance on the other information as included in - Interviewing relevant staff at Schiphol Finance Department and Schiphol
the Annual Report. Commercial responsible for the Green Bond management, reporting and providing
and consolidating the Portfolio;
Our conclusion is not modified in respect to these matters.
- Obtaining assurance evidence that the Portfolio reconciles with underlying records
of the company;
The Management Board and Supervisory Board’s Responsibilities
- Reviewing, on a limited test basis, relevant internal and external documentation,
The Management Board is responsible for the preparation of the Portfolio in accordance with the based on limiting sampling, to determine whether the information in the Portfolio is
reporting criteria as included in the section ‘Reporting Criteria’ of our report. plausible in line with the Reporting criteria
Furthermore, the Management Board is responsible for such internal control as it determines is — Evaluating the consistency of the Portfolio with the information in the annual report which is
necessary to enable the preparation of the Portfolio that is free from material misstatement, whether not included in the scope of our review;
due to fraud or error.
— Evaluating the presentation, structure, and content of the Portfolio;
The Supervisory Board is, among other things, responsible for overseeing Schiphol’s reporting
process. — Considering whether the Portfolio as a whole, including the disclosures, is clearly and
adequately disclosed in accordance with reporting criteria.

Auditor’s responsibilities We communicate with the Management Board and the Supervisory Board regarding, among other
matters, the planned scope and timing of the review and significant findings that we identify during our
Our responsibility is to plan and perform our review in a manner that allows us to obtain sufficient and review.
appropriate assurance evidence for our conclusion.
Procedures performed to obtain a limited level of assurance are aimed to determine the plausibility of
information. The procedures vary in nature and timing from, and are less in extent, than for a
reasonable assurance engagement. The level of assurance obtained in a limited assurance
engagement is substantially less than the assurance that is obtained had a reasonable assurance
engagement been performed. The Hague, 15 February 2024
We apply the ‘Nadere Voorschriften Kwaliteitssystemen’ (NVKS, Regulations for Quality management KPMG Accountants N.V.
systems) and accordingly maintain a comprehensive system of quality management including
documented policies and procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
R.R.J. Smeets RA
We have exercised professional judgement and have maintained professional skepticism throughout
the review, in accordance with the Dutch Standard 3000A, ethical requirements and independence
requirements.
Our review included among others:
— Evaluating the appropriateness of the reporting criteria applied, their consistent application
and related disclosures in the Portfolio.
— Obtaining an understanding of the reporting processes for the Portfolio, including obtaining a
general understanding of internal control relevant to our review, but not for purpose of
expressing a conclusion on the effectiveness of Schiphol’s internal control;
— Identifying areas of the Portfolio where a material misstatement, whether due to fraud or
error, is most likely to occur, designing and performing further assurance procedures
2
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 163

Schiphol Group full value chain emissions

The table provides an overview of all CO2e emissions related to the operations of Schiphol Group. Non-CO₂ emissions are not included in this footprint. Please note that this table is outside the assurance
scope of KPMG. These figures are verified by Airport Carbon Accreditation (ACA) and are due to the availability of Scope 3 data always reported with a one-year delay.

CO2e footprint Royal Schiphol Group 1,2,3,4

Consolidated CO2e footprint including: Rotterdam The Hague Airport and Eindhoven Airport as of 2022
20235 2022 2021

Scope 1 GHG emissions

Gas consumption 10,722 11,557 12,898
Vehicle fleet including lease cars 449 1,253 1,520
Fire brigade & other fuel consumptions (incl emergency
power supply), De-icing chemicals for surface de-icing,
Refrigerants, and Ureum 126 542 882
Gross location-based scope 1 GHG emissions (tCO2e) 11,297 13,352 15,300
Green gas consumption -1,919 -2,629
Scope 2 GHG emissions
Gross location-based scope 2 GHG emissions (tCO2e) 64,391 69,493 66,293
Gross market-based scope 2 GHG emissions (tCO2e) 0 0 0
Please note that the table continues on the next page
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 164

20235 2022 2021

Significant Scope 3 GHG emissions

Total gross indirect (scope 3) GHG emissions (tCO2e) One year delay6 9,864,753 9,101,743
Category 1: Purchased goods and services (construction
activities, projects and services) 44,395 2,989
Category 2: Capital goods (Purchased vehicles and
maintanance infrastructure) 2,084 67
Category 3: Fuel and energy related activities (WTT fuels
and energy) 12,763 480
Category 4: Upstream transportation and distribution - -
Category 5: Waste transport and generated in operations 3,106 1,592
Category 6: Business travel 582 86
Category 7: Empoyee Commuting 3,572 1,538
Category 8: Upstream leased assets - -
Category 9: Downstream transportation and distribution - -
Category 10: Processing of sold products - -
Category 11: Use of sold goods 7 9,698,998 9,015,770
Category 12: End-of-Life treatment of sold products - -
Category 13: Downstream leased assets (electricity and gas
use third parties) 92,024 79,221
Category 14: Franchises - -
Category 15: Investments 8 7,230 -

Total GHG emissions Location based (tCO2e) 9,947,598 9,183,336

Total GHG emissions Market based (tCO2e) 9,876,186 9,114,414

1 CO2e emissions are likely to reflect 1/3 of the climate impact of aviation. The non-CO2 emissions are not quantified yet, because further reflection on how to best address non
CO2 climate impacts is required.
2 Calculations according to the GHG protocol
3 Emission factors based on CO2emissiefactoren.nl and ACA Acert tool V7
4 Emission origins based on ACA Level 5
5 2023 emissions are not final yet, may change due to corrections on utilities
6 Total scope 3 data is reported with a one year delay
7 Use of sold goods consists of Aircraft cruise, LTO-cycle, APU, Vehicle fleet other parties, Commuter traffic employees other parties, De-icing chemicals for aircraft, Passenger
transport to Schiphol and Truck traffic to Schiphol.
8 Brisbane Airport and Hobart Airport have been included in Scope 3 category 15
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 165

Energy consumption and mix 1

2022

Fuel consumption from coal and coal products (MWh) 0

Fuel consumption from crude oil and petroleum products (MWh) 1,499
Fuel consumption from natural gas (MWh) 3,194
Fuel consumption from other fossil sources (MWh) -
Consumption of purchased or acquired electricit, heat, steam, and cooling from fossil sources 71,230
Total fossil energy consumption (MWH) 75,923
Share of fossil sources in total energy consumption (%) 31%
Consumption from nuclear sources (MWh) 0
Share of consumption from nuclear sources in total energy consumption (%) 0
Fuel consumption for renewables sources, including biomass (MWh) 328
Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (MWh) 175,487
The consumption of self-generated non-fuel renewable energy (MWh) 2,595
Total renewable and low carbon energy consumption (MWh) 178,411
Share of renewable and low carbon sources in total energy consumption 69%
Total energy consumption (MWh) 254,334

1 The energy concumption and mix is based on the scope 1 and 2 fuel and electricity consumption of RSG. The information provided in the table is in line with the CSRD E1. Together
with our partners our goal is to stop the use of energy from fossil sources.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 166

Financial
Statements

Taco van Iersel, Manager Sustainability & Energy

Management:
‘With the new recycling facility for concrete rubble
we have control over our own concrete flows. Here,
we store concrete rubble and turn it into new
concrete, which we then use in our construction
projects. Everything stays on site, saving considerable
transportation miles.’
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 167

Consolidated financial statements Company financial statements

Consolidated statement of income for the year ended 31 December 2023 168 Company income statement for the year ended 31 December 2023 240

Consolidated statement of comprehensive income for the year ended 169 Company balance sheet as at 31 December 2023 241
31 December 2023
Notes to the company financial statements 242
Consolidated statement of financial position as at 31 December 2023 170

Consolidated statement of changes in equity for the year ended 171 Other Information
31 December 2023
Proposed result appropriation 247
Consolidated statement of cash flow for the year ended 31 December 2023 172
Independent auditor's report 248
Notes to the consolidated financial statements 173

Notes to the consolidated statement of income 193

Notes to the consolidated statement of financial position 199

Other notes to the consolidated financial statements 234

 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 168

Consolidated statement of income for the year ended 31 December 2023

(in thousands of euros) Note 1 2023 2022

Revenue 1 1,851,973 1,490,591

Other results from investment property 2 -150,595 -191,632

Cost of outsourced work and other external costs 3 1,061,063 877,859

Employee benefits 4 290,290 241,616
Depreciation, amortisation and impairment 5 344,147 331,025
Total operating expenses 1,695,500 1,450,500

Operating result 5,878 -151,541

Financial income 88,624 149,872

Financial expenses -86,297 -166,258
Financial income and expenses 26 2,327 -16,386

Share in result of associates and joint ventures 11 22,726 32,509

Result before tax 30,931 -135,418

Income tax expense 10 -8,873 58,124

Result for the year 22,058 -77,294

Attributable to:
Non-controlling interests 9,352 8,962
Shareholders (net result) 12,706 -86,256

Basic earnings per share (in euros) 742 -509

Diluted earnings per share (in euros) 742 -509
1 The notes are an integral part of these consolidated financial statements.
2 Result attributable to shareholders / number of weighted-average shares
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 169

Consolidated statement of comprehensive income for the year ended 31 December 2023

(in thousands of euros) Note 1 2023 2022

Result for the year 22,058 -77,294

Foreign currency translation differences 18 -11,425 -817

Changes in fair value on hedge transactions 18 -6,922 26,223
Share of OCI of associates after taxes 11, 18 -4,230 21,528
Other comprehensive income, net of tax, to be
reclassified to profit or loss in subsequent periods: -22,577 46,934

Remeasurements of defined benefit liability 18 -4,088 5,409

Share of OCI of associates after taxes 11, 18 - -
Other comprehensive income, net of tax, not to be
reclassified to profit or loss in subsequent periods: -4,088 5,409

Other comprehensive income for the year -26,665 52,343

Total comprehensive income for the year -4,607 -24,951

Attributable to:
Non-controlling interests 9,352 8,962
Shareholders (net result) -13,959 -33,913

1 The notes are an integral part of these consolidated financial statements.

 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 170

Consolidated statement of financial position as at 31 December 2023

(in thousands of euros) Note 1 31 December 2023 31 December 2022 (in thousands of euros) Note 1 31 December 2023 31 December 2022

Assets Equity and liabilities

Intangible assets 6 159,477 131,259 Issued share capital 16 84,511 84,511

Assets used for operating activities 7 3,419,114 3,443,513 Share premium 16 362,811 362,811
Assets under construction or development 8 1,602,756 1,305,383 Retained profits 17 3,429,676 3,416,970
Investment property 9 1,598,538 1,699,706 Other reserves 18 -23,229 3,436
Deferred tax assets 10 325,162 329,595 Treasury shares 16 -420,320 -420,320
Investments in associates and joint ventures 11 485,597 492,328 Equity attributable to owners of
Loans to associates and joint ventures 12 113,141 136,159 the company 3,433,449 3,447,408

Other non-current receivables 13 19,304 46,635

Non-current assets 7,723,089 7,584,578 Non-controlling interests 19 65,086 58,478
Total equity 3,498,535 3,505,886

Trade and other receivables 14 745,657 968,346

Current income tax receivables 10 755 - Borrowings 20 4,613,163 5,319,296

Cash and cash equivalents 15 784,743 1,050,846 Employee benefits 21 44,827 41,451

Current assets 1,531,155 2,019,192 Provisions 22 23,387 29,161

Deferred tax liabilities 10 13,362 13,739

Total assets 9,254,244 9,603,770 Other non-current liabilities 23 99,213 103,363

Non-current liabilities 4,793,952 5,507,010
1 The notes are an integral part of these consolidated financial statements.

Borrowings 20 306,135 30,912

Current income tax liabilities 10 924 8,626
Provisions 22 15,222 19,924
Trade and other payables 24 639,475 531,412
Current liabilities 961,756 590,874

Total liabilities 5,755,709 6,097,884

Total equity and liabilities 9,254,244 9,603,770

1 The notes are an integral part of these consolidated financial statements.

 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 171

Consolidated statement of changes in equity for the year ended 31 December 2023

Attributable to shareholders
Issued Non-
share Share Retained Other controlling
(in thousands of euros) Note 1 capital Premium profits reserves Treasury shares interests Total

Balance at 1 January 2022 84,511 362,811 3,082,906 -48,907 - 49,516 3,530,837

Result for the year - - -86,256 - - 8,962 -77,294

Other comprehensive income for the year 18 - - - 52,343 - - 52,343
Comprehensive income for the year - - -86,256 52,343 - 8,962 -24,951

Acquisition of treasury shares 16 - - 420,320 - -420,320 - -

Payments of dividends 17 - - - - - - -
Other - - - - - - -
Balance at 31 December 2022 84,511 362,811 3,416,970 3,436 -420,320 58,478 3,505,886

Result for the year - - 12,706 - - 9,352 22,058

Other comprehensive income for the year 18 - - - -26,665 - - -26,665
Comprehensive income for the year - - 12,706 -26,665 - 9,352 -4,607

Acquisition of treasury shares 16 - - - - - - -

Payments of dividends 17 - - - - - -2,744 -2,744
Other - - - - - - -
Balance at 31 December 2023 84,511 362,811 3,429,676 -23,229 -420,320 65,086 3,498,535

1 The notes are an integral part of these consolidated financial statements.

Dividend for 2022, Dividend for 2021,
paid in 2023 paid in 2022

Dividend attributable to shareholders (in euros) - -

Average number of shares in issue during the year 171,2551 186,147
Dividend per share (in euros) - -
1 The 14,892 treasury shares are deducted as they are not eligible for dividend distribution
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Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 172

Consolidated statement of cash flow for the year ended 31 December 2023
(in thousands of euros) Note 1 2023 2022 (in thousands of euros) Note 1 2023 2022

Result for the year 22,058 -77,294 Cash flow from investing activities
Payments for intangible assets 6 -51,950 -42,332
Income tax expense recognised in profit or loss 10 8,873 -58,124 Payments for property, plant and equipment 8, 9 -624,470 -412,058
Share in result of associates and joint ventures 11 -22,726 -32,509 Proceeds on disposal of financial assets 16 - 1,032,260
Financial income and expenses 26 -2,327 16,386 Purchased assets held for sale 14 -2,141 -9,467
-16,180 -74,247 Acquisition of associates and joint ventures 11 -6,150 -8,528
Disposal of associates and joint ventures 11; 16 - 2,712
Operating result 5,878 -151,541 Dividends received on loans to associates and joint ventures 12 - 1,011
Repayment of loans to associates and joint ventures 12 25,111 13,573
Adjustments for: Other non-current receivables received 13 - 3,716
Depreciation and amortisation expenses 5 337,661 327,042 Investments in deposits -585,000 -1,485,026
Impairment loss 5 6,486 3,983 Proceeds from deposits 895,463 1,120,060
Result on disposal of investment property 2 - - Cash flow from investing activities -349,137 215,920
Fair value changes of investment property 2 150,595 191,632
Other non-cash changes in other receivables and liabilities 472 -16,739 Free cash flow 139,534 569,226
Change in employee benefits and other provisions -5,178 2,504
490,036 508,422 Cash flow from financing activities
Repayment of borrowings 20 -383,999 -27,000
Operating result after adjustments 495,914 356,881 Dividend paid by subsidiaries to third parties -2,772 -
Proceeds from other non-current liabilities 521 680
Movements in working capital 42,458 86,100 Payment of acquiring treasury shares (settling the Share
buyback liability) 16 - -420,320

Cash flow from operations 538,372 442,981

Payment of lease liabilities -894 -2,765
Cash flows from collaterals -18,430 11,400

Cash flow from operating activities Cash flow from financing activities -405,574 -438,005

Income taxes paid -15,854 -13,138

Interest paid -79,416 -80,242 Net cash flow -266,040 131,221

Interest received 26,777 1,809

Cash and cash equivalents at the beginning of the year 15 1,050,846 919,760

Dividends received 11 18,792 1,896

Net cash flow -266,040 131,221

Cash flow from operating activities 488,671 353,306

Exchange and translation differences -63 -135
Cash and cash equivalents at the end of the year 15 784,743 1,050,846
1 The notes are an integral part of these consolidated financial statements.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 173

Notes to the consolidated financial statements

General information Going concern basis of accounting
Traffic continued to recover significantly from the COVID-19 pandemic during 2023, which had a
Royal Schiphol Group N.V. is a public limited liability company with its registered seat and office in the positive impact on the operations and results of Schiphol Group. A net result of 22 million euros was
municipality of Haarlemmermeer at Evert van de Beekstraat 202, 1118 CP, Schiphol, the Netherlands. recognised for the financial year ending 31 December 2023 (compared with a loss of 77 million euros
Royal Schiphol Group N.V. trades under the name of Schiphol Group, Luchthaven Schiphol and for 2022).
Royal Schiphol Group N.V. Royal Schiphol Group N.V. is an airport company with an important
socio-economic function. Airports in the Group create value for society and for the economy. Revenue increased significantly compared to 2022 due to an entire year of lifted (air) travel
‘Connecting your world’ embodies 'the Why' of Royal Schiphol Group: 'Connecting your world' by restrictions and reopening of border closures in most parts of the world. The result was a material
orchestrating inspiring journeys and creating the world's most sustainable and high-quality airports. increase in passenger numbers and, together with a circa 12% increase in aviation charges per April
Our airports allow international trade, tourism and knowledge exchange to flourish by providing 2023, a material increase in revenue. The net result is mainly the result of increased revenues that
top-quality aviation infrastructure and air transport facilities for passengers and cargo. were partly offset by the increased cost level due to inflation, the social Accord, and other Quality of
Work initiatives for which Schiphol receives no cost coverage via the airport charges as these were
The consolidated financial statements for the year ended 31 December 2023 have been prepared in already set in 2021.
accordance with IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) and also
comply with the financial reporting requirements included in Section 362(9) of Part 9, Book 2 of the Schiphol Group expects the strong recovery in passenger numbers from the COVID-19 pandemic to
Dutch Civil Code. The consolidated financial statements have been prepared by the Management continue for the next 12 months. Full traffic recovery towards pre-pandemic levels remains however
Board of the company and authorized by the Supervisory Board for issue on 15 February 2024, and uncertain and is subject to potential operational constrains within the sector to cope with the strong
will be submitted for adoption to the Annual General Meeting of Shareholders (AGM) on 9 April pick-up in demand, and - in the medium term - the intention by the government to reduce the
2024. The consolidated financial statements will be filed with the AFM and at the Trade Register maximum number of flight movements at Amsterdam Airport Schiphol to 452.500.
of the Chamber of Commerce in Amsterdam, the Netherlands within eight days of adoption by the
2023 AGM. Management has prepared a budget for 2024 together with a long-term financial forecast and has
run several sensitivities on this forecast. The forecast and sensitivities take into account a continued
traffic recovery towards the maximum number of ATMs (range between 440.000 and 483.000) in
Accounting policies combination with the potential operational constraints within the sector to reach the maximum
number of ATMs. The forecast also includes the repayments of loans and increased investments in
Schiphol Group's material accounting policies on consolidation, measurement of assets and capital expenditure.
liabilities and determination of results are set out below and are applied consistently to all
information presented. The financial statements have been prepared on a historical cost basis except Schiphol Group started 2023 with a significant liquidity position (including long and short term
for the following: deposits and money market fund investments) of 1.731 million euros. The high amount of liquidity
– certain financial assets and liabilities (including derivative financial instruments), certain classes is the result of the debt issued in 2020 and 2021 to cope with the uncertainties of COVID-19.
of property, plant and equipment, and investment property - measured at fair value or revalued Also, in December 2022, Schiphol Group sold its 8% share in ADP and purchased 8% treasury
amount; and shares, which led to a net cash-in of EUR 613 million euros. Although financial operational recovery
– assets held for sale - measured at the lower of carrying amount and fair value less costs to sell continued during 2023, it was not enough to fund total capital expenditures during 2023. Together
with the voluntary cash tender offer on Schiphol Group’s outstanding EMTN Notes, this resulted
The financial statements have been prepared on the basis of the going concern assumption. in a 577 million reduction in liquidity (including long and short term deposits and money market
fund investments) towards 1,155 million euros in total per 2023 year-end. Despite the reduction
in liquidity during 2023, the position per year end 2023 is still considered as very strong. In
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 174

addition, Schiphol Group has access to 675 million of committed undrawn credit facilities with 8 Available for optional adoption / effective date deferred indefinitely:
different banks. – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture -
Amendments to IFRS 10: Consolidated Financial Statements and IAS 28: Investments in
As a result, Schiphol Group evaluated its ability to continue as a going concern. Schiphol Group has Associates and Joint Ventures.
sufficient liquidity and committed funding available to continue to finance the ongoing operational
cash flows and the committed capital investments. From a solvency perspective, Schiphol Group will These standards have been determined to have no material impact on the financial reporting of
remain above the relevant threshold of 30%, as set out in the financing documentation. Schiphol Group.

Management therefore expects Schiphol Group to have adequate resources to continue its New standards and amended standards that are mandatory with effect from
operations for at least the next 12 months and that the going concern basis of accounting 2024 or later
remains appropriate. Schiphol Group is currently examining the consequences of other new standards and interpretations
and amendments on the existing standards listed below, which will be mandatory starting the 2024
Impairment of assets financial year or later (as stated):
An impairment assessment has been performed for the CGU's Amsterdam Airport Schiphol, – Classification of Liabilities as Current or Non-Current- Amendments to IAS 1 Presentation of
Eindhoven Airport, Lelystad Airport, Rotterdam The Hague Airport and the investments in associates Financial Statements
and joint ventures in terms of IAS 36 Impairment of Assets. Solely an impairment loss on CGU Schiphol – Lease liability in a Sale and Leaseback- Amendments to IFRS 16 Leases
Airport Retail was recognised during 2023 and 2022. – Supplier finance arrangements – Amendments to IAS 7 Statement of Cash Flows and IFRS 7
Financial Instruments – Disclosures
Judgement is required in projecting future cash flows for the CGU's and investments. Critical – Sale or contribution of assets between an investor and its associate or joint venture –
assumptions relate to, among other things, projected passenger and ATM growth within the Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates
ranges defined in currently applicable legislation, development of the aviation charges for the and Joint Ventures
new regulatory period (2025 – 2027) at Amsterdam Airport Schiphol, the settlement mechanism as
included in the Aviation Act as disclosed in note 1 Revenue, and capital expenditures. The estimate Schiphol Group has not voluntarily applied in advance new or amended standards or interpretations
of value in use was determined by using a pre-tax discount rate in the range of 7%-10%. that will not be mandatory until the 2024 financial year or later. These new and/or amended
standards are not expected to have a significant impact on the consolidated financial statements.
New and amended standards that are mandatory with effect from 2023
The following standards and interpretations apply for the first time to financial reporting periods Intangible assets
commencing on or after 1 January 2023: Intangible assets include goodwill, contract-related assets, software and nitrogen rights. Goodwill
– IFRS 17: Insurance Contracts arising on the acquisition of subsidiaries is recognised under intangible assets. Goodwill arising on
– Disclosure of Accounting Policies - Amendments to IAS 1: Presentation of Financial Statements the acquisition of associates and joint ventures is recognised as part of the carrying amount of the
and IFRS Practice Statement 2 associate and joint ventures, using the equity method. The initial carrying amount of goodwill is
– Definition of Accounting Estimates -Amendments to IAS 8: Accounting Policies, Changes in subsequently reduced by accumulated impairment losses. Goodwill is not amortised but is tested for
Accounting Estimates and Errors impairment annually, or more frequently if events or changes in circumstances indicate that it might
– Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to be impaired. Goodwill is allocated to the relevant cash-generating unit (subsidiary, joint venture or
IAS 12: Income Taxes associate) for the purpose of impairment testing.
– International Tax Reform - OECD Pillar Two Rules resulting into narrow scope amendments to IAS
12: Income Taxes Contract-related assets concern the interest in JFKIAT Member LLC acquired upon the acquisition
of activities from third parties. These contracts are measured at fair value on the acquisition
At 30 June 2023 the IFRS Interpretations Committee took 7 agenda decisions relevant for the 2023 date and subsequently against the cost price thus determined less accumulated amortisation and
annual report but internally assessed to have no impact on the reporting of Schiphol Group.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 175

impairment. Contract-related assets are amortised on a straight-line basis over the remaining term See note 7Assets used for operating activities for a more detailed explanation.
of the arrangement.
Assets under construction or development
Software includes software licences and software development. Software licenses that are acquired All capital expenditure is initially recognised as assets under construction or development, if it is
by the Group and have finite useful lives are measured at cost less accumulated amortisation and probable that the group will derive future economic benefits from them and the amount can be
accumulated impairment losses. Development expenditure on internally developed software is measured reliably. There are three categories of assets under construction or development:
capitalised only if the expenditure can be measured reliably, the product or process is technically – (a) software under development presented under Intangible assets;
and commercially feasible, future economic benefits are probable and the Group intends to and has – (b) assets under construction or development for operating activities presented under Assets
sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised under construction or development;
in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured – (c) assets under construction or development for investment property presented under
at cost less accumulated amortisation and any accumulated impairment losses. Capitalised software Investment property.
is amortised on a straight-line basis over its useful life.
Software under development (category a) and Assets under construction or development for
Nitrogen rights represent the ammonia rights held by the Group to compensate a CO2 emission- operating activities (category b) are measured at historical cost including:
related activity. Nitrogen rights are initially measured at cost, a purchase price paid or the fair value – borrowing costs. This relates to interest payable to third parties on borrowings attributable to
of other consideration given. The nitrogen rights have indefinite useful life and are subsequently projects. Borrowing costs are only capitalised for projects with a duration of at least one year;
measured at cost less accumulated impairment losses. – time charged at cost to capital projects by Schiphol Group employees during the
construction stage.
See the note above and note 6 Intangible assets for a more detailed explanation.
Software under development (category a) and Assets under construction or development for
Assets used for operating activities future operating activities (category b) are not amortised or depreciated. Impairment testing is
Assets used for operating activities include runways, taxiways, aprons, car parks, roads, buildings, performed as explained in the section 'Depreciation, amortisation and impairment'. When the
installations and other assets. These assets are measured at historical cost less grants received, assets are ready for use, they are transferred at historical cost less impairments to ‘assets used for
straight-line depreciation and impairments. Historical cost includes directly attributable costs. operating activities’, which is also when the straight-line depreciation at the expense of the income
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as statement commences.
appropriate, only when it is probable that Schiphol Group will derive future economic benefits from
them and the amount can be measured reliably. Accounting policies for assets under construction or development for investment property (category
c) are included under 'Investment property'.
Assets used for operating activities, with the exception of land, are depreciated on a straight-line
basis over the estimated useful life of the asset, which depends on its nature and components. Reference is made to notes 8 Assets under constructuction or development and 9 Investment
Depreciation methods, useful lives and residual values are reviewed at each reporting date and Property for a more detailed numerical explanation.
adjusted if appropriate.

The net result on disposals is determined by comparing proceeds with carrying amount and is
recognised in the income statement as other income.

The costs of day-to-day maintenance are recognised in the income statement, and the costs of
planned major maintenance improving the existing assets are capitalised by using the component
accounting method.
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Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 176

Investment property Intangible assets

Investment property is measured at fair value. To prevent double counting, the fair value of Contract-related assets 33 years
investment property as presented in the statement of financial position, takes into account granted IT development 3-5 years
lease incentives. These incentives are recognised separately as assets on the statement of financial Software licences 3-5 years
position under other non-current receivables (remaining term of more than one year) or trade and
other receivables (remaining term of less than one year). Fair value gains and losses on investment Assets used for operating activities
property are recognised in the statement of income in the year in which they arise. Gains or losses Runways and taxiways 15-60 years
on disposal of assets, i.e. differences between carrying amount and net selling price, are recognised Aprons 30-60 years
in the income statement in the year the transaction is executed. Investment property is not Paved areas, roads, etc.:
depreciated. - Car parks 30 years
- Roads 30 years
Investment property under construction or development is measured at fair value provided that the
- Tunnels and viaducts 40 years
fair value can be measured reliably. As long as this is not possible, the property is measured at
- Drainage systems 40 years
historical cost. Any difference between fair value and historical cost is recognised in the income
Buildings 15-60 years
statement under ‘Other income and results from investment property’. On completion, the property
Installations 3-30 years
is transferred at fair value to ‘Investment property’. Property purchased is initially measured at cost.
Other assets 5-20 years
Cost incurred after initial recognition is capitalised if it can be measured reliably and it is probable
that future economic benefits will flow to Schiphol Group. Other expenditures are recognised
whereas Aviation and Commercial (excluding the activities of Commercial Real Estate) are included
immediately in the income statement.
in the separate cash-generating unit AAS. If the carrying amount exceeds the recoverable amount,
the difference is recognised as an impairment loss in the statement of income and the carrying
All buildings in the portfolio are appraised twice a year by independent valuators (on 30 June and
amount of the asset is reduced to the recoverable amount. Where applicable, the straight-line
on 31 December). Land is appraised based on internal valuations and also by independent external
amortisation or depreciation over the remaining useful life of the asset concerned is adjusted
valuators, this is in line with external guidelines . Each year, a different part of the land positions is
accordingly. If circumstances indicate the need to reverse an impairment loss, the carrying amount
appraised by independent external valuators. The market value of long-leased land is calculated by
of the asset is increased to the recoverable amount. Impairment losses on goodwill purchased on
discounting the value of the future annual ground rents and the residual value under the contracts
the acquisition of subsidiaries and joint ventures are not reversed. An annual impairment test is
concerned (discounted cash flow 'DCF' method).
carried out to identify any changes or events that could lead to an impairment of the goodwill.

See note 9 Investment property for a more detailed explanation.

See note 5 Depreciation, amortisation and impairment expenses for a more detailed explanation.

Depreciation, amortisation and impairment

Investments in subsidiaries, associates and joint arrangements
Intangible assets and assets used for operating activities are amortised and depreciated on a straight-
General
line basis according to the schedule below. Goodwill, investment property, assets under
Where necessary, the accounting policies of subsidiaries, associates and joint ventures are adjusted
construction, nitrogen rights and land are not amortised or depreciated.
to be in line with the Schiphol Group accounting policies.

The book value of non-current assets is tested against the recoverable amount if there are indications
See note 11 Investments in associates and joint ventures for a more detailed numerical explanation.
of a potential impairment. The recoverable amount is the higher of its fair value less costs of disposal
and its value in use. The fair value less cost to sell is the estimated selling price in the ordinary course
Subsidiaries
of business less the estimated costs of completion and the estimated selling costs. Value in use is
The financial information of Schiphol Group and its subsidiaries is included in the consolidated
based on the present value of the estimated future cash flows from continuing use of an asset and
financial statements. Subsidiaries are companies that are controlled by Schiphol Group. The group
from its disposal at the end of its useful life. This test is performed at cash-generating unit level,
controls an entity when the group is exposed to, or has rights to, variable returns from its involvement
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 177

with the entity and is able to influence those returns through its control of the entity. The Acquisition of subsidiaries, associates and joint arrangements
other shareholders’ share in consolidated equity and results is presented in the statement of An acquisition of a subsidiary, an associate or a joint arrangement is accounted for according to
financial position as non-controlling interests (part of equity) and in the income statement as profit the purchase method, under which the cost of such an acquisition is the sum of the fair values of
after income tax attributable to non-controlling interests. The results of subsidiaries acquired are the assets and liabilities transferred by the acquirer on the acquisition date, the liabilities incurred
consolidated from the date on which control commences. The financial information relating to by the acquirer to former owners of the acquiree and the equity interests issued by the acquirer.
subsidiaries that have been disposed continues to be included up to the date on which control ceases. For acquisitions of associates and joint ventures, this also includes the related transaction costs. The
In the event the company loses control of a subsidiary while retaining a financial interest, all assets identifiable assets, liabilities and contingent liabilities acquired are initially measured at their fair
and liabilities are de-consolidated and the remaining interest is initially recognised at fair value. The value at the acquisition date. The excess of the cost of the acquisition over the company's interest in
remaining difference is recognised in the income statement. the net fair value of the acquired assets and liabilities is recognised as goodwill in the consolidated
financial statements under intangible assets (in the case of subsidiaries) or as part of the carrying
Interests in equity-accounted investees amount (in the case of associates and joint ventures). If the net fair value exceeds cost, the difference
The Group's interests in equity-accounted investees comprise interests in associates and joint is recognised immediately in the income statement. Costs relating to an acquisition of a subsidiary
ventures. Associates are those entities in which the Group has significant influence, but not control or are recognised directly in the income statement.
joint control, over the financial and operating policies. A joint venture is an arrangement in which the
Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather If the acquisition is achieved in stages and leads to having control in an entity, the acquisition date
than rights to its assets and obligations for its liabilities. carrying value of the acquirer’s previously held equity interest in the entity is remeasured to fair value
at the acquisition date; any gains or losses arising from such remeasurement are recognised in the
Investments in associates and joint ventures are recognised using the equity method, meaning income statement.
that the investment is initially recognised at cost and subsequently adjusted for the company's
post-acquisition share in the change in the associate's net assets. The carrying amount of these When the Schiphol Group ceases to have control, any retained interest in the entity is remeasured
investments in associates and joint ventures includes goodwill recognised at acquisition. The to its fair value at the date when control is lost, with the change in carrying amount recognised in
company’s share in the results of associates and joint ventures over which it has significant the income statement. The fair value is the initial carrying amount for the purposes of subsequently
influence is recognised in the statement of income (share in results of associates and joint accounting for the retained interest as an associate, joint venture or other financial interest. In
ventures). Cumulative movements in the net assets of associates and joint ventures are recognised in addition, any amounts previously recognised in other comprehensive income in respect of that entity
proportion to Schiphol Group’s interest as investments in associates and joint ventures. The company are accounted for as if it directly disposed the related assets or liabilities. This can result in amounts
ceases to recognise its share in the results of an associate and joint venture in the income statement previously recognised in other comprehensive income being reclassified to profit or loss.
and its share in the net asset value of that associate and joint venture immediately if this were to lead
to the carrying amount of the investment becoming negative and if the company has not entered Eliminations
into any commitments or made payments on behalf of the associate and joint venture. Investments Transactions between the company and its subsidiaries, associates and joint arrangements are
in associates and joint ventures are measured as other financial interests (at fair value with changes eliminated, in case of joint arrangements and associates in proportion to the company's interest
in fair value reported through the income statement) from the date on which the company ceases in those entities, along with any unrealised gains and assets and liabilities. Unrealised losses are
to have significant influence or control. eliminated in the same way as unrealised gains, but only to the extent that there is no evidence
of impairment.
Joint arrangements
The financial data of entities that qualify as a joint arrangement are recognised as either joint
ventures or joint operations, depending on the statutory and contractual rights and obligations of
each individual investor. All existing contractual agreements qualify as joint ventures. Joint ventures
are entities over which Schiphol Group and one or more other investors have joint control, and are
accounted for using the equity method.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 178

Financial assets When hedge accounting is not applied, the results are immediately recognised in the
Schiphol Group classifies financial assets in the categories of amortised cost (loans to joint ventures income statement.
and associates, trade receivables, cash and cash equivalents), financial assets at fair value through
profit or loss and financial assets at fair value (derivative financial instruments). The classification is See note 26 Management of financial risks and financial instruments for a more
based on the business model and the cash flow characteristics of the financial asset. detailed explanation.

Financial assets at fair value through profit or loss Loans to associates and joint ventures
The investment in shares of (listed) companies will be recognised at fair value through profit or loss The objective of loans to associates and joint ventures is to collect contractual repayments and
(finance income and expense). Net gains and losses, including any interest or dividend income, are interest. Loans to associates and joint ventures are initially measured at the fair value of the loans
recognised from the investments of shares. less attributable transaction costs, and subsequently measured at amortised cost, with differences
between the redemption value and the carrying amount being amortised over the remaining term
Derivative financial instruments to maturity using the effective interest method.
In line with the company's financial risk management, derivative financial instruments are used to
hedge the risk of changes in future cash flows mainly connected with periodic interest payments See note 12 Loans to associates and joint ventures for a more detailed explanation.
and repayments of funding resulting from movements in market interest rates and exchange rates.
The instruments used to hedge these risks are interest rate swaps and currency swaps. At inception Trade and other receivables
of designated hedging relationships, the company documents the risk management objective and The objective of trade and other receivables is to collect contractual payments and interest. Trade and
strategy for undertaking the hedge as well as the economic relationship between the hedged item other receivables are initially recognised at fair value and subsequently measured at amortised cost
and the hedging instrument, including whether the changes in cash flows of the hedged item and using the effective interest method, less any impairments based on the expected credit loss. In view
hedging instrument are expected to offset each other. of the generally short periods to maturity, the fair value and amortised cost of these items tend to be
virtually identical to the face value.
Derivative financial instruments are measured at fair value. To the extent the hedging relationship
is effective, fair value changes on derivative financial instruments are recognised in other See note 14 Trade and other receivables for a more detailed explanation.
comprehensive income and accumulated in the hedge reserve, which is part of equity (relating
to the cash flow hedge) or it is recognised in the income statement as part of finance costs (fair Cash and cash equivalents
value hedge). The non-effective part of fair value changes is recognised in the income statement. Cash and cash equivalents are measured at amortised cost, which is normally the nominal value.
The cumulative amount recognised in the hedging transactions reserve is recycled to the income Cash and cash equivalents include all cash balances, deposits held at call at financial institutions, and
statement in the same period in which the hedged transaction is recognised in the income statement. short-term highly liquid investments with an original maturity of three months or less that are readily
In cash flow hedging relationships, only the change in fair value of the spot element of forward convertible into known amounts of cash. Liquid investments with an original maturity exceeding
exchange contracts is designated as the hedging instrument. The change in fair value of the forward three months are excluded from cash and cash equivalents and reported under trade and other
element is accounted for as a cost of hedging, while the related costs of hedging reserve is part of receivables. Bank overdrafts are included in the short-term payables.
the hedging transactions reserve.
See note 15 Cash and cash equivalents for a more detailed explanation.
If a hedging instrument expires, is sold, terminated or exercised or ceases to satisfy the hedge
accounting criteria, hedge accounting is discontinued prospectively. The fair value gains and losses Expected credit losses
accumulated up to that date continue to be carried in the hedging transactions reserve for as long as Expected credit losses on loans to joint ventures and associates, deposits and cash and cash
the initially hedged transaction is considered to be likely to occur, and are subsequently recognised in equivalents are measured on the basis of possible situations and developments that may lead to a
the statement of income simultaneously with the realisation of the hedged cash flow. If the initially counterparty defaulting within a period of 12 months. However, if a significant change has occurred
hedged transaction is no longer expected to occur, the amounts accumulated in the hedging reserve in the credit risk, expected credit losses are based on possible situations and developments during
and the costs of hedging reserve are immediately reclassified to the income statement. the expected total lifetime of the receivable that may lead to the associate or bank defaulting.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 179

A significant increase in the risk is deemed to have occurred if payment of repayment and/or Shareholders' equity
interest is more than 30 days past due. The debtor is in default if payment is more than 90 days Issued share capital
past due. Relevant information that is accessible without undue cost or effort is used to determine The issued share capital is the amount paid up on the shares issued, up to their nominal value.
(twice a year) whether the credit risk has actually increased significantly and to measure expected
credit losses. This includes both quantitative and qualitative information as well as historical and See note 16 Issued share capital and share premium for a more detailed explanation.
prospective information.
Share premium reserve
Schiphol Group opted to base its measurement of expected credit losses relating to trade receivables The share premium reserve is the amount paid up on the shares issued in excess of their
on all possible situations and developments that may lead to default of the debtor during the nominal value.
expected total lifetime of the receivable using the simplified approach based on the lifetime
expected credit loss of the receivables. The provision amounts are derived from a provision matrix Retained profits
based on historical data on credit losses per business area. Additionally, the measurement of Retained profits are the net results (i.e. that part of the result attributable to shareholders)
credit losses is based on information accessible without undue costs and effort about current accumulated in previous years minus distributed dividends.
developments and expectations with regard to the market and significant trading relationships. The
provision covers 100% of the receivables owed by debtors that are in bankruptcy or have applied for See note 17 Retained profits for a more detailed numerical explanation.
a suspension of payments, as well as receivables older than one year.
Other reserves
Expected credit losses are reported in the income statement as part of depreciation, amortisation Other reserves are the exchange differences reserve, the hedging transactions reserve, the share in
and impairment. other comprehensive income of associates reserve and the reserve for actuarial gains and losses.

Inventories The policies on the hedging transactions reserve and cost of hedging reserve are disclosed in
Inventories are measured at the lower of cost and net realisable value. The lower net realisable value ‘derivative financial instruments’. The policies on the exchange differences reserve are disclosed
is determined by an individual assessment of the inventories. Cost includes the purchasing costs of under (c) in the policy on ‘foreign currency’.
the product. The cost of inventories is based on the first-in, first-out principle. The net realisable value
is based on the expected selling price less selling costs to be incurred. See note 18 Other reserves for a more detailed explanation.

Assets and liabilities held for sale Treasury shares

Non-current assets or disposal groups comprising assets and liabilities are classified as held for Where any group company purchases Schiphol Group’s equity instruments, the consideration paid,
sale if it is highly probable that they will be recovered primarily through sale rather than through including any directly attributable incremental costs (net of income taxes), is deducted from equity
continuing use. The sale is highly likely if, on the reporting date, management has committed to attributable to the owners of Schiphol Group as treasury shares until the shares are cancelled
detailed sales plans, is actively looking for a buyer and has set a reasonable selling price and the sale or reissued. Where such shares are subsequently reissued, any consideration received, net of any
is highly likely to occur within a year. directly attributable incremental transaction costs and the related income tax effects, is included in
equity attributable to the owners of Schiphol Group. Shares held by Schiphol Group are disclosed as
Such assets or disposal groups are measured at the lower of their carrying amount and fair value treasury shares and deducted from contributed equity. Any surplus or deficit on the sale of treasury
less costs to sell. Once classified as held for sale, the non-current assets will no longer be amortised shares will be accounted for as an adjustment to share premium or reserves, including retained
or depreciated. earnings, or a combination thereof. See note 16 Issued share capital and share premium for a more
detailed explanation.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 180

Employee benefits 2. less any past service cost not yet recognised. If, owing to changes in the pension plans, the
Schiphol Group identifies four categories of employee benefits: expected obligation based on future salary levels with respect to prior years of service (past
– short-term employee benefits; service costs) increases, the amount of the increase is recognised in full in the period in which the
– post-employment benefits; rights are granted;
– other long-term employee benefits; 3. less the fair value at the reporting date of plan assets (if any) out of which the obligations are to
– termination benefits. be settled directly. Obligations for contributions to defined contribution plans are expensed as
the related service is provided. Prepaid contributions are recognised as an asset to the extent that
These categories are explained below, along with descriptions of the Schiphol Group employee a cash refund or a reduction in future payments is available.
benefits included in these categories.
Other long-term employee benefits
Short-term employee benefits These are employee benefits which do not fall wholly due within a year of the end of the period
Short-term employee benefits are benefits payable within a year after the reporting date in which in which the employees render the related service. At Schiphol Group, this includes, among others,
the employee rendered the service. Within Schiphol Group, this category includes wages and salaries supplementary disability benefits, long-service awards and sustainable employment budget.
(including holiday pay) and fixed and variable allowances, social security contributions, paid sick
leave, profit sharing and variable short-term remuneration. The costs of these employee benefits are The expected costs of supplementary disability benefits are recognised in full in the statement of
recognised in the income statement when the service is rendered or the rights to benefits are accrued income from the date on which an employee is declared partially unfit for work. The liabilities
(e.g. holiday pay). with respect to supplementary disability benefits, long-service awards and sustainable employment
budget are measured at the present value of the obligation.
Post-employment benefits
These are employee benefits that are due after completion of employment. They include pensions Termination benefits
and job-related early retirement benefits. Schiphol Group’s pension plan is administered by These are employee benefits payable as a result of either a decision by Schiphol Group to terminate
Algemeen Burgerlijk Pensioenfonds (ABP). The pension plan is regarded as a group scheme involving an employee’s employment before the normal retirement date or an employee’s decision to accept
more than one employer that qualifies as a defined-contribution plan because: voluntary redundancy in exchange for such benefits. Benefits under the scheme supplementing
– the members bear the actuarial and investment risks practically in full; the statutory amount of unemployment benefit are another example of termination benefits. The
– the affiliated employers have no supplementary obligation to make additional contributions in costs are recognised in full in the income statement as soon as such a decision is made. Termination
the event of a deficit at ABP, nor are they entitled to any surpluses in addition to paying the benefits are recognised at the present value of the obligation.
premium set by ABP;
– each year the premium is set by the ABP board on the basis of its own file data, with due regard See note 21 Employee benefits for a more detailed explanation.
for the prescribed parameters and requirements.
Provisions
Accordingly, in measuring the obligations arising from the pension plan, Schiphol Group merely Provisions are recognised when the group has a present legal or constructive obligation as a result of
recognises the pension contributions payable as an expense in the income statement. past events, it is probable that an outflow of resources will be required to settle the obligation and
the amount can be reliably estimated. Provisions are measured by discounting the expected future
The obligation covering job-related early retirement benefits is calculated according to actuarial cash flows.
principles and accounted for using the method described in 1, 2 and 3 below. In these cases, a net
asset or liability is recognised in the balance sheet, comprising: See note 22 Provisions for a more detailed explanation.
1. the present value of the defined-benefit obligation at the reporting date, measured using the
projected unit credit method, under which the present value of the pension obligation for each
member is determined on the basis of the number of active years of service prior to the reporting
date, the estimated salary level at the expected date of retirement and the market interest rate;
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 181

Leases Assets subject to a finance lease are presented in the balance sheet as a lease receivable and
Schiphol Group as lessee measured at the present value of the minimum lease payments receivable at the inception of the
At inception of a contract, Schiphol Group assesses whether the contract is, or contains, a lease. lease (the net investment in the lease). The interest rate implicit in the lease is used to measure the net
A contract is, or contains, a lease if it conveys the right to control the use of an identified asset investment in the lease. The lease payments receivable are apportioned between the finance income
for a period of time in exchange for consideration. In respect of leases right-of-use assets are and the reduction of the outstanding receivable so as to present a constant periodic rate of return
recognised representing the right to use the underlying asset as well as lease liabilities representing on the net investment in the lease.
the obligation to make lease payments. Schiphol Group does not apply the lessee accounting model
to short-term leases (a term shorter than 12 months) and leases of low-value items (an individual Assets subject to an operating lease are recognised in the balance sheet and measured according
value below 5,000 euros). Lease payments associated with short-term and low-value leases are to the type of asset. The lease payments receivable under such leases are recognised as income in
recognised as an expense on a straight-line basis over the lease term. equal instalments, allowing for lease incentives, in the income statement. In the case of prepaid
ground rents, the prepaid amounts received are recorded as a lease liability in the balance sheet and
The right-of-use asset is initially measured at cost being an amount equal to the lease liability, and recognised as income in the income statement on a straight-line basis over the lease term.
subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for any
remeasurements of the lease liability. The right-of-use assets are presented in the same line as assets Financial liabilities
of the same nature owned by Schiphol Group. If the lease transfers ownership of the underlying asset The company classifies financial liabilities in the categories of amortised cost (borrowings, trade
by the end of the lease term or if the cost of the right-of-use asset includes exercise of a purchase payables and interest payable) and designated at fair value through profit and loss (borrowings).
option, the right-of-use asset is depreciated from the commencement date to the end of the useful
life of the underlying asset. Otherwise, the right-of-use asset is depreciated until the earlier of the Borrowings
end of the useful life of the right-of-use asset or the end of the lease term. This item relates to bonds, private placements and amounts owed to credit institutions. Borrowings
are initially measured at fair value less attributable transaction costs, and subsequently measured
The lease liability is initially measured at the present value of the lease payments. To determine the at amortised cost, with differences between the redemption value and carrying amount being
present value, the interest rate implicit in the lease is used. If that rate cannot be readily determined, amortised over the remaining term to maturity using the effective interest method.
the incremental borrowing rate is used. The lease liability is subsequently increased by the interest
cost on the lease liability and decreased by lease payments made. Interest expense on the lease Borrowings expected to be repaid within a year of the reporting date are presented as
liability is accounted for on a separate line within financial expenses. A remeasurement of the lease current liabilities.
liability (and similar adjustment to the book value of the right-of-use asset) can occur from a change
in the lease term, a change in future lease payments or a change in the assessment of an option See note 20 Borrowings for a more detailed explanation.
to purchase the underlying asset. Lease liabilities are presented in Other non-current and current
liabilities in the statement of financial position. Trade and other payables
Trade and other payables are initially measured at fair value and subsequently measured at
Schiphol Group as lessor amortised cost. In view of the generally short periods to maturity, the fair value and amortised cost
Leases in which Schiphol Group acts as lessor are classified as either an operating lease or a finance of these items tend to be virtually identical to the nominal value.
lease. Assets where the company or one of its subsidiaries has beneficial ownership under a lease
contract are classified as operating leases. The company, or a subsidiary, has beneficial ownership Liabilities from municipal taxes such as certain types of property taxes are recognised at the
if substantially all the risks and rewards incidental to ownership are transferred to it. Leases where obligating event.
beneficial ownership of the asset remains with third parties are classified as finance leases. Whether
a lease qualifies as a finance lease or an operating lease depends on the economic reality (substance See note 24 Trade and other payables for a more detailed explanation.
of the transaction rather than the form of the contract).
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Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 182

Revenue generated by security charges. For the income and expenses of these activities, the operator has
Nearly all of Schiphol Group’s activities comprise the provision of services. The Group recognises implemented an industry-standard allocation system that is proportionate and comprehensive.
revenue when it transfers control over a service to the customer. Revenue is either measured based
on the consideration consulted and set according to the Aviation Act (airport charges), specified in Under the Aviation Act, Schiphol Group must settle surpluses and deficits from specified income and
a contract with the customer (e.g. concessions, rent and leases) or based on rates published publicly expenses with the industry. Settlement takes place after the respective financial year and preparation
(e.g. parking fees). Each of the charges and rates relates to distinct services and does not contain of the financial statements of the Aviation and Security reporting segments, in accordance with
financing components. the Aviation Act and the applicable new airport charge rates. Surpluses and deficits eligible for
settlement in the airport charge rates are not presented as assets and liabilities in the balance sheet.
Revenues from the handling of flights, aircraft, passengers and baggage and from the provision of
parking space (reported as airport charges and parking fees) qualify as revenue from contracts with The regional airports are not regulated up to a five million passenger limit. Eindhoven Airport
customers. The airport charges are recognised at a point in time and parking fees are recognised over reached this limit, as a consequence of which the tariffs of this airport are regulated as of 1 April
time. Revenue from the granting of concessions and letting of investment property and retail space 2019. As is the case for Amsterdam Airport Schiphol, the airport charges at Eindhoven Airport must
qualifies as revenue from leases and is recognised on a straight-line basis over the contract period. be consulted with the airlines and must be transparent, reasonable and non-discriminatory. After
setting the rates (in this case for one year in advance only), the airlines have the opportunity to object
Total revenue represents the income from the services provided less discounts and tax (VAT and to the rates with the ACM. Unlike Amsterdam Airport Schiphol, Eindhoven Airport is not required to
excise duty). Revenue equals total revenue less the revenue from intra-group transactions. settle surpluses and deficits with the industry. No regulatory procedures apply to the setting of the
airport charges of Rotterdam The Hague Airport and Lelystad Airport as passenger numbers at these
As regards the main activities of Schiphol Group, revenue is recognised as follows: airports are below the five million passenger limit.

Airport charges Concessions

Revenue from airport charges consists of passenger service charges, security service charges, A concession grants the holder non-exclusive rights to operate and manage a commercial activity
aircraft-related fees and aircraft parking fees. Revenue is recognised at a point in time. Given this in a specific location designated by Schiphol Group. Concession income qualifies as variable lease
method of revenue recognition, there are no performance obligations with regard to the revenues payments, since it depends on predetermined percentage scales that are linked to the revenues of
from airport charges as at the balance sheet date. Airport charges are invoiced on a weekly basis and the concession holder. Concession income is recognised on a straight-line basis where the scales
the standard contractual payment term is three weeks. set are linked to the annual sales of the concession holder in the financial year. If the revenue
period specified in a contract is different from Schiphol's financial year, an estimate of the expected
The activities of the Aviation business area (at Amsterdam Airport Schiphol) are regulated. This revenue and scale will be made and recognised. In these instances, revenue is also recognised on
means that the process of setting the airport charge rates is subject to supervision by the Dutch a straight-line basis. Concessions are invoiced on a monthly basis and the standard contractual
Authority for Consumers and Markets (ACM) and that the aviation sector must be consulted as part payment term is two weeks.
of this process, which takes place every three years to set the tariffs for the next three-year period.
When setting the aviation charges, the Aviation business area's profitability is capped at an average Rent and leases
weighted cost of capital for regulated assets; both the asset base and the cost of capital must be Income from rent and leases relates to the letting of (investment) property and retail space, as in
determined in compliance with the Aviation Act. general, in addition to the concession agreement, a separate contract is entered into with concession
holders in which a fixed rent is payable for the retail space rented by the concession holder. Income
In submitting its proposal, the operator provides the users with a report on quality indicators as from rent and leases is recognised as revenue in the income statement on a straight-line basis over
stipulated in the Amsterdam Airport Schiphol Operation Decree. The charges for all of the airport the contract term of the agreement. Rent and leases are invoiced in advance, mostly on a quarterly
activities should be transparent. This also applies to the revenue from operations that are directly basis, and the standard contractual payment term is two weeks.
associated with the aviation activities at the airport which are factored into the charges. For this
purpose, the operator is required to keep separate accounts for the airport activities, including Rent holidays, discounts on rent and other lease incentives are recognised as an integral part of the
sub-accounts for the costs of security relating to passengers and their baggage and the revenue gross rental revenues. Service charges relate to the costs of energy, concierges and maintenance
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 183

which may be charged to the tenant under the lease. The part of the service costs allocated to Income taxes
property investments which have not been let is recognised as an expense in the income statement. Income taxes comprise current tax payable or receivable and deferred tax. Income taxes are
recognised in the income statement unless they relate to items credited or charged directly to equity
Parking fees or other comprehensive income, in which case the tax is charged or credited directly to equity or
Parking fees are recognised over time, in proportion to the service supplied at the reporting date. other comprehensive income as well.
Parking revenues are for the most part collected immediately after the service has ended. A smaller
part is collected at the moment the service is reserved ahead online. Revenues from business parking Current tax payable or receivable
are invoiced on a monthly basis and the standard contractual payment term is two weeks. As a Current tax payable or receivable in respect of the reporting period is the tax that is expected to be
consequence of the above, with regard to the majority of revenues from parking fees, there are no paid on the taxable profit for the reporting period and adjustments to the tax payable or receivable
performance obligations as at the balance sheet date. for prior periods. The tax payable or receivable is computed on the basis of tax rates and laws
enacted or substantially enacted at the reporting date. Income taxes include all taxes based on
Other activities taxable profits and losses including non-deductible taxes payable by subsidiaries, associates or joint
Revenue from other activities mainly consists of revenue from advertising, transport of electricity, gas ventures. Current tax assets and liabilities are offset only if certain criteria are met.
and water, telecommunication services and other services and activities on behalf of third parties.
Most of this revenue qualifies as revenue from contracts with customers and is recognised over time, Deferred tax assets and liabilities
in proportion to the service supplied at the reporting date. Deferred tax assets and liabilities are recognised in respect of temporary differences between the
carrying amount of assets and liabilities according to tax legislation and the accounting policies
See note 1 Revenue for a more detailed explanation. used in preparing these financial statements. Deferred tax assets, including those arising from tax
loss carry-forwards, are recognised if it is probable that there will be sufficient future taxable profits
Operating profits against which tax losses can be offset, allowing the assets to be utilised.
Operating profit is the result generated from the continuing principal revenue-producing activities
of the Group as well as other income and expenses related to operating activities. Operating profit No deferred tax assets or liabilities are recognised for:
excludes net finance costs, share of profit of equity accounted investees and income taxes. 1. temporary differences resulting from transactions that do not qualify as a business combination
and that affect neither the result for reporting purposes nor the result for tax purposes at the
Financial income and expenses time of the transaction; and
Interest income and expense is recognised over time on a basis that takes into account the effective 2. temporary differences associated with investments in subsidiaries, associates, joint ventures and
yield on the loans granted or liabilities. Dividends are recognised when Schiphol Group’s right to contract-related intangible assets to the extent that Schiphol Group is able to control the timing
receive payment is established. of the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future; and
See note 26 Management of financial risks and financial instruments for a more 3. taxable temporary differences arising on the initial recognition of goodwill.
detailed explanation.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent
Government grants that it has become probable that future taxable profits will be available against which they can be
Government grants are recognised when there is reasonable assurance that the grant will be used. Existing deferred tax assets are reviewed at each reporting date and are reduced to the extent
received and all attached conditions will be complied with. Government grants relate to capital that it is no longer probable that the related tax benefit will be realised; such reductions are reversed
expenditure or expenses recognised. when the probability of future taxable profits improves.

When the grant relates to expenses, it is presented as part of profit or loss and deducted in reporting The carrying amounts of deferred tax assets and liabilities are calculated at the tax rates expected
the related expense. See note 4 Employee benefits expense. Investment grants, being government to be applicable to the period in which an asset is realised or a liability is settled, using the tax rates
contributions to capital expenditure, are deducted directly from the carrying amount of the asset. (and tax laws) that have been enacted or substantively enacted at the reporting date and reflects
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 184

uncertainty related to income taxes, if any. Deferred tax assets and liabilities are netted if they relate Cash flow statement
to the same fiscal unity and the company at the head of this fiscal unity has a legally enforceable right The cash flow statement is prepared using the indirect method. Cash and cash equivalents within
to do so. the cash flow statement consist of all cash balances, deposits held at call at financial institutions,
and short-term highly liquid investments with an original maturity of three months or less that
See note 10 Income taxes for a more detailed explanation. are readily convertible into known amounts of cash. Liquid investments with an original maturity
exceeding three months are reported under trade and other receivables. Given the purpose of
Foreign currency these investments (to finance capital expenditure in the short term), the movements in these
Functional currency and presentation currency investments are not reported as part of movement in working capital but as part of cash flow from
Since the primary economic environment of Schiphol Group is the Netherlands, the euro is both its investing activities.
functional currency and presentation currency. Financial information is presented in thousands of
euros, except where otherwise stated. Cash flows from short-term credit facilities are classified as cash flows from financing activities. Cash
flows in foreign currencies are translated at an estimated average rate. Currency differences on
Transactions, assets and liabilities cash and cash equivalents are separately disclosed. Income tax, interest received and interest paid,
Transactions (capital expenditure, income and expenses) denominated in foreign currencies are and dividends received are classified as cash flows from operating activities. Capitalised interest is
accounted for at the exchange rate on the transaction date. Monetary assets and liabilities presented consistently with interest cash flows that are not capitalised. Paid dividends are classified
(receivables, payables and cash and cash equivalents) in foreign currencies are translated at the as cash flows from financing activities.
exchange rate on the reporting date. Exchange differences arising on translation and settlement of
these items are recognised in the statement of income under financial income and expenses, with The acquisition of a group company or subsidiary is classified as a cash flow from investing activities
the exception of exchange differences on financial instruments in foreign currencies against which for the part that was paid in cash. Available cash and cash equivalents within the acquired company
derivative financial instruments are held with the object of hedging exchange risks on future cash or subsidiary are eliminated. This also applies in the case of the sale of a group company.
flows. Exchange differences on these financial instruments are recognised directly in comprehensive
income provided the hedge is determined to be effective. The ineffective portion is recognised in the Non-cash transactions are not included in the cash flow statement. Payments of lease instalments
income statement under financial income and expenses. under a financial lease contract are classified as cash flows from financing activities as regards the
part relating to redemption and as cash flows from operating activities as regards the part relating
Subsidiaries to interest.
Income and expenses denominated in foreign currencies are translated at the exchange rate on the
transaction date, which in practice is usually approximated using an average exchange rate. Assets See the Consolidated statement of cash flow for the year ended 31 December 2023 for a more
and liabilities are translated at the rate on the reporting date. Goodwill and changes in fair value detailed explanation.
arising on the acquisition of investments in associates are treated as assets and liabilities of the entity
concerned and are similarly translated at the rate on the reporting date. Exchange differences arising
on the translation of balance sheets and income statements of subsidiaries outside the euro zone
are recognised directly in equity under the exchange differences reserve. On disposal of subsidiaries
outside the euro zone, the accumulated translation differences initially recognised in the exchange
differences reserve are recognised in the income statement as part of the result on disposal.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 185

Critical judgements and estimates In addition each year a different part of the land positions is appraised by independent external
valuators. The best evidence of fair value are current prices in an active market for similar investment
The assumptions and estimates made in the financial statements often concern expected future property. In the absence of such information, Schiphol Group determines the amount within a range
developments. Since the actual developments may deviate from the assumptions used, the actual of reasonable fair value estimates. The underlying assumptions of these estimates are explained in
outcomes may significantly differ from the current measurements of a number of items in the more detail in the accounting policies on investment property and in note 9 Investment property.
financial statements. As a result, the assumptions and estimates used may significantly influence
Schiphol Group's equity and results. Assumptions and estimates used are tested periodically and Impairment of goodwill and non-current assets
adjusted where necessary. To a significant degree, these assumptions and estimates are based on Goodwill is not amortised, but an annual impairment test is carried out to identify if there are
past experience and on Schiphol Group's management's best estimate of specific circumstances any changes or events that could lead to an impairment of the goodwill. Other assets are tested
which – in the management's view – apply in the given context. This section discusses the principal in the case of any events or changes that call for an impairment test. The key assumptions used
areas where the measurement of items is strongly influenced by the assumptions and estimates used. to determine the recoverable amount for the different CGUs are disclosed and explained in the
Accounting Policies (Going concern basis of accounting) and note 11 Investments in associates and
Going concern assumption (forecasting) joint ventures.
Several assumptions and estimates were made by management in determining the forecasts and
different scenarios to be able to conclude on the going concern assumption of Schiphol Group. Capitalisation and allocation of costs to specific assets
Judgement is required in projecting the future cash flows, including the duration and continued All capital expenditures are initially recognised under assets under construction if they are
impact of the restrictions on the expected levels of passenger numbers and air traffic movements. expected to generate future economic benefits. A distinction is made between operating
The assumptions of the estimates are included in more detail in the Accounting Policies for the going activities and investment property. Asset used for operating activities can be subdivided into the
concern assumption. following categories:
– runways, taxiways and aprons;
Useful life, residual value and impairment of property, plant and equipment – paved areas and roads;
The carrying value of property, plant and equipment is calculated on the basis of estimates of – buildings;
depreciation periods derived from the expected technical and useful life of the asset concerned, – installations; and
and residual values. The expected technical and useful life of the asset concerned and its – other non-current assets.
estimated residual value may change under the influence of technological developments, market
circumstances and changes in the use of the asset. These factors may also give rise to the need to Taxes
recognise an impairment on assets. Estimates relate to, among other things, projected passenger and When preparing the financial statements, Schiphol Group makes every effort to assess all relevant
ATM recovery and growth within the ranges defined in currently applicable legislation, draft nature tax risks and process up-to-date tax position details in the financial statements to the best of its
conservation permit and other traffic regulations and the settlement mechanism as included in the ability. Evolving insights, for example following final tax assessments for prior years, can result in
Aviation Act as disclosed in note 1 Revenue. additional tax burdens or benefits, and new tax risks may arise. In the valuation of deferred tax assets,
particularly those concerning differences between the values of property, plant and equipment for
The estimated useful life of an asset should be reassessed if changes in circumstances occur or new reporting and tax purposes as well as unutilised tax losses in the financial statements, assumptions
information becomes available regarding the remaining useful life. The depreciation period should are made regarding the extent to which and the period within which such assets can be realised.
be the same as the expected usage pattern of the asset. See note 5 Depreciation, amortisation and This is done, for instance, on the basis of business plans. In addition, when preparing the financial
impairment expense for the impact of the change in useful life. statements assumptions are made regarding temporary and permanent differences between the
values for reporting and tax purposes. The actual situation may deviate from the assumptions used
Determining the fair value of investment property and land positions to determine deferred tax positions, due for instance to diverging insights and changes in tax laws
The fair value of buildings recognised under investment property is appraised twice a year by and regulations. See note 10 Income taxes for a more detailed explanation.
management through the deployment of independent external valuators. The fair value of land
recognised under investment property is appraised primarily on the basis of internal valuations.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 186

The management programme for these tax risks (also known as the ‘tax control framework’) is part
of Schiphol Group’s overall risk management programme. This programme serves to identify tax
risks and monitor internal controls with the aim of mitigating the tax risks. Schiphol Group has also
developed and implemented a tax planning framework. Tax risk management is facilitated by the
central control department (Finance Operations) and is part of approved Management Board policy.
This policy is based on Schiphol Group’s aim to be a trustworthy taxpayer through the application of
professional tax compliance procedures.

Provisions
Schiphol Group uses estimates and assumptions when determining the likelihood that an obligation
per balance sheet date will lead to an outflow of resources. In addition to this, assumptions are
applicable to the estimated amount of outflow of resources. For example, Schiphol recognised
an environmental provision related to soil pollution for construction projects for which soil has
been excavated. Schiphol has made an estimation of the expected expenditures related to the
decontamination. For more detailed explanations, refer to note 22 Provisions

Claims and disputes

Schiphol Group is the subject of various claims and disputes, which are part of its business operations.
Group management assesses the claims and court cases instituted against it on the basis of facts
and seeks legal advice when required. Schiphol is also involved in disputes as a claimant. In both
cases this involves subjective elements and projected outcomes. However, it is not possible to obtain
certainty about the final outcome and any negotiations on claims and disputes. For a more detailed
explanation, see note 25 Contingent assets and liabilities.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 187

Segment information The segment Concessions consist of granting and managing concessions for shops, food
and beverages, and service outlets (Concessions segment, generating variable revenue from
An operating segment is a clearly identifiable part of a company that engages in business activities concessions). Parking & Mobility Services is responsible for operating all car parks and generates
with associated revenues, costs and operating results, and for which separate financial information revenue from parking charges. The majority of parking revenue comes from passengers and visitors
is available that is regularly reviewed by the Management Board in order to assess the performance to the airport directly (business to consumer), with a small part being generated online through
of the segment and make decisions about the resources to be allocated to it. parking space being reserved upfront. The Commercial Real Estate segment develops, manages,
operates and invests in property at and around domestic and foreign airports. The majority of the
Schiphol Group identified fourteen operating segments, which have been combined into eight portfolio, comprising both airport buildings and commercial properties, is located at and around
segments for reporting purposes in view of the size and characteristics of the operating segments. Amsterdam Airport Schiphol. Sources of revenue include income from developing and leasing out
The eight segments for reporting purposes are grouped into three business areas: Aviation, land and buildings. The segment also makes a major contribution to the Schiphol Group results with
Schiphol Commercial and Alliances & Participations. Information relating to alliances specifically other income from property (sales, fair value gains or losses on property, and granting land leases).
associated with a particular business area is presented under the segments of that business area. The Terminal Real Estate manages and rents out the offices and business class lounges at Schiphol to third
information relating to other alliances is presented under the reporting segments of the Alliances & parties. The Other segment include activities in advertisement and media space as well as premium
Participations business area. services to passengers. Except for Premium Services and Parking, all revenue originates from services
to other companies (business to business).
The Management Board and Corporate Treasury review liabilities and financial income and expenses
at group level rather than segment level. The same rationale applies to income taxes, which are Alliances & Participations
also reviewed and monitored at group level rather than at segment level. Transactions between the The Alliances & Participations business area comprises the regional airports, international airports
segments have been consistently conducted at arm’s length over the years. Group overheads are and other activities. Airport charges, concessions and parking charges are the main sources of
allocated to the segments largely on the basis of their relative share in the direct costs of Schiphol revenue for the regional airports (Rotterdam The Hague, Eindhoven and Lelystad). The airports
Group. The system of allocations and settlements has been applied consistently over the past years. abroad (Brisbane Airport Corporation Holdings Ltd and Tasmanian Gateway Holdings Corporation
Pty Ltd) and Maastricht Aachen Airport contribute to the group result through their results as
Since Schiphol Group’s current activities are concentrated almost entirely in the Netherlands accounted for in the share in results of associates and joint ventures and through the interest
(approximately 99% of consolidated revenue in 2023 (2022: 99%)), there is no received on loans. The stake in JFKIAT Member LLC is recognised as a contract-related asset and
geographical segmentation. contributes to the group result through management fees that are recognised as part of other
revenue. The other activities mainly consist of Schiphol Telematics and Utilities. Schiphol Telematics
Aviation provides telecommunication services at and around the airport. Utilities generates revenue from the
The Aviation business area operates at Amsterdam Airport Schiphol and provides services and transmission of electricity and gas and from the supply of water.
facilities to airlines, passengers and handling agents. It is subdivided into two segments: Aviation
and Security. Aviation generates most of its revenue from airport charges (charges related to aircraft
and passengers) and concession fees (paid by oil companies for the provision of aircraft refuelling
services). The source of revenue for Security consists of airport charges (security-related charges).

Schiphol Commercial
The activities of the Schiphol Commercial business area consist of the core of all commercial services,
such as consumer products, services and real estate activities. The major part of the activities is
located at and around Amsterdam Airport Schiphol. The activities of Schiphol Commercial are split
in the following segments: Concessions, Parking & Mobility, Commercial Real Estate, Terminal Real
Estate and Other.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 188

2023
(in thousands of euros) Aviation Schiphol Commercial Alliances & Participations Total

Airport charges 1,071,744 - 85,990 1,157,734

Concessions 15,438 176,265 13,281 204,984
Rent and leases 314 220,086 6,592 226,992
Parking fees - 123,000 30,085 153,085
Other activities 53,008 44,544 124,468 222,020
Total revenue 1,140,504 563,894 260,416 1,964,815
Intercompany revenue -1,153 -35,938 -75,751 -112,842

Revenue 1,139,351 527,956 184,665 1,851,973

Other results from investment property - -152,313 1,718 -150,595

Impairment 1 -1,966 -4,548 28 -6,486
Depreciation and amortisation -235,148 -67,809 -34,704 -337,661
Operating result -112,999 90,766 28,111 5,878
Share in results of associates and joint ventures 2 1,165 3,422 31,044 35,631

Total assets 4,694,950 3,389,319 1,169,975 9,254,244

Total non-current assets (excl. deferred tax) 3,753,137 2,709,489 935,301 7,397,927
Investments in associates and joint ventures 4,173 138,274 343,150 485,597
Capital expenditure 3 497,567 134,893 45,118 677,578

1 This amount excludes expected credit losses.

2 The share in results of associates and joint ventures includes the share in profit of associates and joint ventures presented as such in the profit and loss account and the share of interest income presented as part of financial income and expenses that is attributable to
investments in and receivables on associates.
3 Capital expenditures include assets under construction for operating activities, investment properties and intangible fixed assets.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 189

2022
(in thousands of euros) Aviation Schiphol Commercial Alliances & Participations Total

Airport charges 821,309 - 80,164 901,473

Concessions 12,875 138,897 10,710 162,482
Rent and leases 258 215,475 6,211 221,944
Parking fees - 102,960 24,643 127,603
Other activities 36,090 34,290 115,605 185,985
Total revenue 870,531 491,622 237,333 1,599,487
Intercompany revenue -620 -32,195 -76,081 -108,896

Revenue 869,911 459,427 161,252 1,490,591

Other results from investment property - -192,501 869 -191,632

Impairment 1 -1,587 -1,062 -1,335 -3,983
Depreciation and amortisation -222,282 -66,155 -38,606 -327,043
Operating result -191,936 29,121 11,275 -151,541

Share in results of associates and joint ventures 2 1,428 -6,771 46,180 40,837

Total assets 4,617,278 3,715,895 1,270,597 9,603,770

Total non-current assets (excl. deferred tax) 3,487,983 2,807,061 959,940 7,254,984
Investments in associates and joint ventures 3,009 135,987 353,332 492,328
Capital expenditure 3 245,890 151,575 46,247 443,713

1 This amount excludes expected credit losses.

2 The share in results of associates and joint ventures includes the share in profit of associates and joint ventures presented as such in the profit and loss account and the share of interest income presented as part of financial income and expenses that is attributable to
investments in and receivables on associates.
3 Capital expenditures include assets under construction for operating activities, investment properties and intangible fixed assets.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 190

Aviation
Aviation Security Total
(in thousands of euros) 2023 2022 2023 2022 2023 2022

Airport charges 698,285 536,417 373,459 284,892 1,071,744 821,309

Concessions 15,438 12,875 - - 15,438 12,875
Rent and leases 99 93 215 165 314 258
Other activities 46,982 30,244 6,026 5,846 53,008 36,090
Total revenue 760,804 579,628 379,700 290,903 1,140,504 870,531
Intercompany revenue -928 -853 -225 232 -1,153 -620

Revenue 759,876 578,775 379,475 291,136 1,139,351 869,911

Depreciation and amortisation -187,839 -172,832 -47,309 -49,450 -235,148 -222,282

Impairment 1 -1,942 -1,384 -24 -203 -1,966 -1,587
Operating result -40,029 -140,320 -72,970 -51,617 -112,999 -191,936
Share in results of associates and joint ventures 2 1,165 1,428 - - 1,165 1,428

Total assets 4,133,559 4,032,983 561,391 584,294 4,694,950 4,617,278

Total non-current assets (excl. deferred tax) 3,304,350 3,046,596 448,787 441,387 3,753,137 3,487,983
Investments in associates and joint ventures 4,173 3,009 - - 4,173 3,009
Capital expenditure 3 442,870 188,546 54,697 57,345 497,567 245,890

1 This amount excludes expected credit losses.

2 The share in results of associates and joint ventures includes the share in profit of associates and joint ventures presented as such in the profit and loss account and the share of interest income presented as part of financial income and expenses that is attributable to
investments in and receivables on associates.
3 Capital expenditures include assets under construction for operating activities, investment properties and intangible fixed assets.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 191

Schiphol Commercial
Concessions Parking & Mobility Services Commercial Real Estate Terminal Real Estate Other Total
(in thousands of euros) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022

Concessions 166,296 129,960 8,847 8,036 1,122 901 - - - - 176,265 138,897

Rent and leases 17,589 16,765 218 284 143,901 143,136 58,378 55,292 - -1 220,086 215,475
Parking fees - - 116,571 97,264 6,429 5,696 - - - - 123,000 102,960
Other activities 762 836 1,374 1,698 2,601 1,943 196 161 39,611 29,653 44,544 34,290
Total revenue 184,647 147,561 127,010 107,281 154,053 151,675 58,574 55,452 39,611 29,652 563,894 491,622
Intercompany revenue -543 -453 -2,283 -2,042 -22,639 -19,787 -10,274 -9,226 -199 -686 -35,938 -32,195

Revenue 184,104 147,108 124,727 105,239 131,414 131,888 48,300 46,226 39,411 28,966 527,956 459,427

Other income and results from

investment property - - - - -152,313 -192,501 - - - - -152,313 -192,501
Depreciation and amortisation -17,784 -17,019 -19,900 -19,486 -6,550 -5,962 -19,668 -19,007 -3,908 -4,681 -67,809 -66,155
Impairment 1 -3 -215 -2 -171 -4,061 -336 18 -86 -499 -255 -4,548 -1,062
Operating result 116,910 94,700 51,226 40,462 -79,183 -111,715 -6,070 803 7,883 4,870 90,766 29,121
Share in results of associates and joint
ventures 2 1,557 -9,520 - - 1,865 2,748 - - - - 3,422 -6,771

Total assets 301,581 296,112 377,272 378,765 2,265,868 2,591,788 410,566 412,854 34,033 36,376 3,389,319 3,715,895
Total non-current assets (excl. deferred tax) 241,091 223,689 301,599 286,127 1,811,379 1,957,888 328,214 311,878 27,206 27,479 2,709,489 2,807,061
Investments in associates and joint ventures 8,076 6,519 - - 130,198 129,468 - - - - 138,274 135,987
Capital expenditure 3 33,879 15,227 36,124 18,699 25,638 97,122 35,994 15,258 3,258 5,269 134,893 151,575
1 This amount excludes expected credit losses.
2 The share in results of associates and joint ventures includes the share in profit of associates and joint ventures presented as such in the profit and loss account and the share of interest income presented as part of financial income and expenses that is attributable to
investments in and receivables on associates.
3 Capital expenditures include assets under construction for operating activities, investment properties and intangible fixed assets.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 192

Alliances & Participations

International airports Domestic airports Other activities1 Total
(in thousands of euros) 2023 2022 2023 2022 2023 2022 2023 2022

Airport charges - - 85,990 80,164 - - 85,990 80,164

Concessions - - 13,281 10,710 - - 13,281 10,710
Rent and leases - - 6,592 6,210 1 1 6,592 6,211
Parking fees - - 30,085 24,643 - - 30,085 24,643
Other activities 16,612 12,715 6,959 6,183 100,897 96,707 124,468 115,605
Total revenue 16,612 12,715 142,906 127,911 100,898 96,707 260,416 237,333
Intercompany revenue -3 -3 -674 -1,238 -75,074 -74,840 -75,751 -76,081

Revenue 16,609 12,712 142,232 126,673 25,824 21,867 184,665 161,252

Other results from investment property - - 1,718 869 - - 1,718 869

Depreciation and amortisation -1,424 -1,500 -21,594 -21,993 -11,686 -15,112 -34,704 -38,605
Impairment 2 - -1 -40 -737 68 -596 28 -1,335
Operating result 9,419 -242 9,117 7,413 9,575 4,104 28,111 11,275
Share in results of associates and joint
ventures 3 27,268 45,749 - - 3,776 431 31,044 46,180

Total assets 607,032 694,985 400,924 430,185 162,020 145,427 1,169,975 1,270,597
Total non-current assets (excl. deferred tax) 485,273 525,005 320,506 324,970 129,522 109,964 935,301 959,940
Investments in associates and joint ventures 330,293 346,574 - - 12,857 6,759 343,150 353,332
Capital expenditure 4 3,496 1,157 16,272 17,093 25,350 27,998 45,118 46,247

1 The other activities include revenues from Utilities (supply of gas, electricity and water) and telecommunication services.
2 This amount excludes expected credit losses.
3 The share in results of associates and joint ventures includes the share in profit of associates and joint ventures presented as such in the profit and loss account and the share of interest income presented as part of financial income and expenses that is attributable to
investments in and receivables on associates.
4 Capital expenditures include assets under construction for operating activities, investment properties and intangible fixed assets.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 193

Notes to the consolidated statement of income

1. Revenue Included in
Not included charges 1 April 1 April 1 April 1 April 1 April
Surplus (+) or in charges before 1 April 2022 2023 2024 2025 2026
Schiphol Group has recovered significantly from the effects of the COVID-19 pandemic during 2023,
deficit (-/-) 2022
which resulted in an increase in passenger numbers (17%) and ATMs (10%). This had a positive
impact on revenue recognised on airport charges, spend per arriving/departing passenger resulting
in higher concession revenues and parking fees. The breakdown of the revenue as discussed in the 2018 0.6 - 0.4 0.2 - - - -
following sections include intercompany revenues that are eliminated upon consolidations.
2019 -18.9 - -6.3 -6.3 -6.3 - - -

Airport charges 2020 -528.5 -45.6 - 50.9 -184.3 -349.5 - -

Revenue from airport charges increased compared to 2022 as a result of increased activities, an 2021 -519.7 - - - 33.6 30.5 -315.7 -268.1
increase of 12% of the Amsterdam Airport Schiphol airport charges and as of Q2 2022 no rebates 2022 -114.3 -21.7 - - - -29.9 -30.9 -31.8
were granted on airport charges. These rebates during Q1 2022 amounted to 2 million euros -67.3 -5.9 44.8 -157.0 -348.9 -346.6 -299.9
and included payment discounts for early settlement as well as a rebate on landing and take-off
(LTO) charges. In May 2023,the Regulatory Accounts 2022 was published, which included a deficit of 114.3 million.
In October 2023, Schiphol adjusted the charges for 2024 by incorporating the effect of the 2022
(in thousands of euros) 2023 2022 settlement (as shown in the table above).

Passenger service charges 493,440 380,484

As a result of airlines views Schiphol adjusted the 2022 settlement as published in the Regulatory
Security service charges 405,356 311,893 Accounts for a total amount of 21.7 million euros (shown in table as ‘not included in charges’). This
Aircraft-related fees 225,114 182,846 amount consists the following adjustments:
Aircraft parking fees 7,469 6,969 1. Adjustment flow management (1.1 million euros) in favour of the airlines.
2. Adjustment for the estimated effect of the terminal parameter (21.6 million euros) in favour of
Airline nitrogen fees 26,355 19,281
the airlines.
Total airport charges 1,157,734 901,473
3. Withdrawing the costs that were presented under ‘Exceptional and Unforeseen’ (2.5 million
euros) to the disadvantages of the airlines (NB: Schiphol reserves the right to include costs
The activities of the Aviation business area (at Amsterdam Airport Schiphol) are regulated. Under
included in this category as settlements in future charges).
the Aviation Act, Royal Schiphol Group N.V. settles surplus or deficits from specified revenues and
4. Corresponding effect of interest as a result of the three previous changes (1.5 million euros) in
expenses with the industry. In accordance with IFRSs endorsed by the EU, surpluses and deficits,
favour of the airlines.
eligible for settlement in future airport charge rates, are not recognised as assets and liabilities in
the statement of financial position. If the specified revenue exceeds the specified cost in a year
After adjustments, the 2022 deficit (receivable) amounts to 92.6 million euros. The settlement
the difference will become a surplus (owed to the sector). If the specified revenue is less than the
is divided into 3 parts: a traffic and transport related part of 85.0 million euros receivable, a
specified costs it will result into a deficit (receivable from the sector). On a yearly basis a Regulary
non-traffic and transport related part of 1.2 million euros receivable and an interest part of 6.4 million
Account is drafted including these specified income and expenses. The following table provides an
euros receivable.
overview of surpluses and deficits per financial year as well as the timing of the expected settlement
in future airport charge rates.
The settlement 2022 is included in three equal parts to be incorporated in the charges 2024 - 2026.
As a result, the final charges as of 1 April 2024 will increase on average with 14.8%.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 194

The amount to be settled for 2023 is expected to be a deficit of around 105 - 115 million euros. The In 2023 Schiphol Group's sub reporting segment Concessions, which is part of the Schiphol
final settlement will be included and explained extensively in the Regulatory Accounts of 2023. Commercial reporting segment, had 101 effective concession contracts (2022: 105) for a range
of commercial activities at Amsterdam Airport Schiphol.
The 2023 Regulatory Accounts will be published on 31 May 2024 (at the latest). Thereafter, the
settlement will be included in the consultation of the airport charges for the period running from The following table provides an overview of the undiscounted fixed lease payments for rent
2025 till 2027. and concessions (excluding payments conditional on factors other than the passing of time, e.g.
percentage of revenue and price indices) expected to be received from these contracts, based on the
As of 1 April 2023 the airport charges increased with 12% in line with the consultation. However, current expiration date of the contracts:
a number of airlines and representative organisations submitted complaints to the regulator in
response to Schiphol’s final setting of the 2023 airport charges. The regulator (Dutch Authority for 2023 2024 2025 2026 2027 >2028
Consumers & Markets) concluded in March 2023 that the airport charges and conditions as proposed
by Schiphol are in accordance with the Aviation Act. Fixed lease payments from
current contracts (in thousands 12,198 8,435 6,358 5,694 3,198 1,317
A number of airlines and representative organisations have submitted complaints to the regulator of euros)
in response to Schiphol’s final setting of airport charges 2022-2024. The regulator (Dutch Authority Percentage of contracts that
31% 17% 5% 20% 15% 11%
for Consumers & Markets) concluded in April 2022 that airport charges and conditions as proposed will expire
by Schiphol are in accordance with the Aviation Act. One complaint is partially justified, however, this
does not justify the conclusion that charges and conditions would be contrary to rules laid down by Revenue of 15 million euros from concessions included in the Aviation segment (12 million
or pursuant to the Aviation Act. A number of airlines disagree with the decision of the ACM (for both euros in 2022) and 9 million euros in the Parking segment (8 million euros in 2022) relates to
2023 and 2022) and appealed to the CBb (College van Beroep voor het bedrijfsleven). The CBb is in concession agreements for the third-party supply of aviation fuel and car rental services at the airport
the process of assessing the appeal. respectively. Concession revenue received from Schiphol Airport Retail B.V. (an associate of Schiphol
Group) is 26.9 million euros (2022: 20.6 million euros).
The tariffs at Eindhoven Airport have been regulated since 1 April 2019. Contrary to Amsterdam
Airport Schiphol, Eindhoven Airport is not required to settle surpluses and deficits with the industry. Rent and leases
No regulatory procedures apply to Rotterdam The Hague Airport and Lelystad Airport. (in thousands of euros) 2023 2022

Concessions Investment property: buildings 67,885 63,693

(in thousands of euros) 2023 2022 Operating property 62,232 57,109
Service charges 31,317 37,914
Shops Retail Airside 102,073 84,836
Investment property: land 32,639 34,308
Food and beverage 46,683 37,598
Intercompany revenue 32,919 28,918
Oil companies 14,052 11,581
Total rent and leases 226,992 221,944
Shops Plaza 4,795 8,079
Other 37,381 20,388
Total concessions 204,984 162,482
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 195

Average occupancy in the Real Estate segment amounted to 94.3% in 2023 (94.4% in 2022). The Parking revenues at other locations relate to parking at the airports of Rotterdam The Hague,
following table provides an overview of the years in which the current rent and lease contracts will Eindhoven and Lelystad and are included in the Domestic Airports segment.
expire for activities at Amsterdam Airport Schiphol and Rotterdam The Hague Airport, as well as the
undiscounted fixed lease payments for rent (excluding payments conditional on factors other than As part of the business parking fees and intercompany revenue, an amount of 6.4 million euros
the passing of time, e.g. degree of use in respect of service costs and price indices) expected to be (2022: 5.7 million euros) is obtained from investment properties of the Commercial Real Estate
received from these contracts until their expiry: business area. The income is related to the objects included in note 9. Investment property.

2023 2024 2025 2026 >2027 Other activities

(in thousands of euros) 2023 2022
Fixed lease payments from
current contracts (in millions 157 120 91 71 57 Advertising 15,678 13,149
of euros) Telecommunication services 16,133 14,817
Percentage of contracts that JFK IAT related fees 11,014 7,293
24% 19% 13% 9% 35%
will expire
Electricity, gas and water 8,888 6,968
Services and activities on behalf of third parties 5,223 3,685
Property management expenses divided into occupied and unoccupied buildings can be broken
down as follows: Hotel activities 4,014 3,626
Premium services 23,998 12,530
(in thousands of euros) 2023 2022 Persons reduced mobility 38,690 11,634
Occupied buildings 81,087 59,680 Other operating income 21,125 34,705
Unoccupied buildings 4,901 3,547 Intercompany revenue 77,257 77,578
Total other activities 222,020 185,985
Total property management expenses 85,988 63,227

If buildings are partially leased, the property management expenses have been apportioned based
on floor area.

Parking fees
(in thousands of euros) 2023 2022

Public parking revenues 95,125 76,629

Business parking 25,240 23,898

120,365 100,528

Parking at other locations 30,055 24,675

Intercompany revenue 2,665 2,400
Total parking fees 153,085 127,603
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 196

2. Other results from investment property 3. Outsourcing and other external costs

(in thousands of euros) 2023 2022 (in thousands of euros) 2023 2022

Gain/ (loss) on changes in fair value of buildings -131,812 -144,137 Security 287,602 193,795
Gain/ (loss) on changes in fair value of land -13,487 -11,725 Subcontracted activities 143,774 112,938
Gain/ (loss) on changes in fair value of assets Maintenance 166,157 147,589
under construction -5,296 -35,770 Hired temporary staff 87,790 57,402
Total fair value gains and losses -150,595 -191,632 Cleaning 44,923 41,623
Advisory and audit fees 45,408 33,403
Total other revenues from investment property -150,595 -191,632 Insurance and government levies 31,471 31,936
Energy and water 36,313 39,523
Fair value gains and losses
Costs related to investments 28,538 1,876
Investment property is measured at fair value. The fair value of buildings recognised under
investment property is appraised twice a year by independent external valuators commissioned by Costs related to cloud applications 7,712 22,983
the Management Board. The fair value of land recognised under investment property is appraised Commercial expenses 20,960 16,024
primarily on the basis of internal valuations. In addition, each year a different part of the land Outsourced work (IT, HR related an other) 96,803 86,810
positions is appraised by independent external valuators. Fair value gains and losses are recognised Mobility cost 26,647 22,507
in the statement of income in the year in which they arise. The assumptions applied in determining
Other expenses (such as general expenses, rents and leasing) 36,965 69,451
the market value are explained in note 9 Investment property.
Total cost of outsourced work and other
external costs 1,061,063 877,859
Due to the recent economic developments and the rising interest rates on the capital market,
the market conditions for real estate were unfavourable, which contributed to a fair value loss of
Cost of outsourced work and other external costs increased as a result of increased due to the
151 million euros in 2023 (2022: loss of 192 million euros). The Net Initial Yield (NIY) rose substantially
increased traffic numbers and the recovery from the COVID-19 pandemic in operations.
in the office market past year, due to the rise in interest rates in the capital market and reduced
demand due to the changing environment. This led to a fair value loss of 90 million euros. The
The subcontracted activities comprise a broad range of outsourced activities related to airport
performance of the logistics real estate market is also unfavourable, but due to the remaining
processes, such as the outsourcing of bus transport services, the services to people with reduced
high demand for logistic real estate the NIY increase was less compared to the office market,
mobility and the lost and found process.
causing a fair value loss of 42 million euros. Fair value losses of 5 million euros were recognised on
investment property under construction, due to rising yields and higher construction costs. For the
The expenses on configuration, customisation and development of the software, which do not
land positions, fair value losses of 13 million euros were recognised due to unfavourable market
create a resource controlled by Schiphol, are recognised as incurred expenses under the Cost related
developments for this segment.
to cloud application line. The volume of software support and development projects increase
compared to 2022, primarily driven by the external labour costs while less costs were incurred on
general investment components of IT projects.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 197

Auditor’s fees remuneration of Supervisory and Management Board members under Section 2:383c of the Dutch
(in thousands of euros) 2023 2022 Civil Code, reference is made to the section entitled Related party disclosures. In this section also the
remuneration of Key Management personnel is included.
Audit of the financial statements 1,027 1,207
Other audit services 640 949
(in thousands of euros) 2023 2022

Total auditor's fees 1,667 2,156

Short-term employee benefits 230,585 187,909

The auditor’s fees concern activities carried out at Schiphol Group and the consolidated group Post-retirement benefits 35,710 34,387
companies by the audit firm as referred to in Section 1(1) of the Dutch Audit Firms Supervision Act Other long-term employee benefits 3,930 3,426
and represent the fees charged by the entire network of which the audit firm is part. The audit of Termination and unemployment benefits 1,967 2,150
the financial statements includes the consolidated financial statements and the audit of the entities
Other staff costs 18,098 13,744
that are part of the consolidation. The other audit services rendered by the auditor include the
Total employee benefits 290,290 241,616
assurance report on socio-economic accountability, a review of interim financial information,
an audit of financial statements for regulatory purposes, several agreed-upon procedures for
(in thousands of euros) 2023 2022
regulatory purposes and NOW government grant audits and procedures for the EMTN prospectuses.
The fees of KPMG Accountants N.V. amount to 1.6 million euros (2022: 2.1 million euros) while the
Salaries 231,986 199,150
fees for activities performed by other members of the KPMG network amount to 0.1 million euros
Social charges 27,354 22,006
(2022: 0.1 million euros).
Internal hours capitalised -28,755 -22,836
NOW government grants received - -10,411
4. Employee benefits expense Total short-term employee benefits 230,585 187,909

The average number of employees at Royal Schiphol Group N.V. and its subsidiaries on a full-time
Pension charges (defined contribution plans) 34,784 33,689
equivalent basis was 2,820 (2022: 2,487).
Early retirement benefits 926 698
Schiphol Group applied for government grants (Noodmaatregel Overbrugging Werkgelegenheid, Total post-retirement benefits 35,710 34,387
NOW) for a total amount of 206.7 million euros for the 2020, 2021 and 2022 financial years. These
support grants were temporary governmental compensation for labour costs and are granted to Jubilee benefits 581 545
companies that lost a substantial amount of income due to the pandemic. Schiphol complied with
Other employee benefits 3,349 2,881
the following conditions for the 2020, 2021 and 2022 financial years regarding the NOW subsidies:
Total other long-term employee benefits 3,930 3,426
no distribution of dividends, no buy back of shares (for the operating companies of Schiphol),
no payment of bonuses to the Board and provision of training and development to personnel.
Certain aspects regarding the decrease in revenue and personnel development costs relating to the
government grants (NOW) are subject to an external audit and all audits have been finalised without
significant adjustments.

The internal hours capitalised relate to time spent by employees in the realisation phases of
investment projects. Other staff costs include training costs and travel expenses. The costs of
post-retirement benefits, other long-term employee benefits and termination and unemployment
benefits are explained in more detail in note 21 Employee benefits. For an explanation of the
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 198

5. Depreciation, amortisation and impairment expenses

(in thousands of euros) 2023 2022

Contract-related assets 1,409 1,444

ICT development 14,213 12,541
Software licences 7,094 6,308
Intangible assets 22,716 20,293

Runways, taxiways and aprons 36,041 34,403

Paved areas and roads 24,443 20,040
Buildings 68,780 66,155
Installations 123,105 121,883
Other assets 51,824 57,685
Assets used for operating activities 304,193 300,166

Depreciation and amortisation in relation to disposals 10,752 6,584

Impairments related to financial assets 635 3,933

Impairments related to non-financial assets 5,851 50

Total depreciation, amortisation and impairments 344,147 331,025

Schiphol reports a disposal of 10.8 million euro, of which 9.6 million euro is a result of early retirement
of particular assets replaced during the maintenance cycle. See note 6 Intangible assets for additional
information on the amortisation of contract-related assets and note 7 Assets used for operating
activities for information on the depreciation of assets. Information on impairments is provided in
note 9 Investment property and note 26 Management of financial risks and financial instruments for
more information on the impairments related to financial assets.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 199

Notes to the consolidated statement of financial position

6. Intangible assets

Contract-
related Software
(in thousands of euros) assets ICT development Software licences under development Nitrogen rights Total

Carrying amount as at 1 January 2022 29,457 27,460 6,504 43,805 - 107,225

Movements in 2022
Additions - - - 34,870 - 34,870
Completions - 31,675 2,050 -24,575 - 9,150
Acquisitions - - - - 7,461 7,461
Amortisation -1,444 -12,541 -6,308 - - -20,293
Reclassification - - 107 -9,501 - -9,394
Disposals - -15 -146 - - -161
Exchange differences 1,852 - - - - 1,852
Other - - - 549 - 549
Total movements in the year 408 19,119 -4,297 1,342 7,461 24,034

Analysis as at 31 December 2022

Cost 40,462 99,809 38,497 45,148 7,461 231,376
Accumulated amortisation and impairment -10,597 -53,230 -36,290 - - -100,117
Carrying amount as at 31 December 2022 29,865 46,579 2,207 45,148 7,461 131,259

Contract-related assets and reported under 'revenue from other activities'. Schiphol Group has no obligation to provide
Contract-related assets concern the interest in JFKIAT Member LLC acquired upon the acquisition of additional contributions. No indication of impairment was identified for the contract-related assets
activities from third parties. The activities comprise the service concession arrangement between the as Schiphol Group continued to receive the agreed fee during the 2023 financial year.
Port Authority of New York and New Jersey (hereafter 'Port Authority') and JFKIAT LLC (a subsidiary
of JFKIAT Member LLC). Under the arrangement, JFKIAT LLC provides airport terminal-, and retail ICT development
management services in terminal 4 at JFK International Airport. It is established that, through the The category ICT development comprises the capitalised internally developed ICT applications, while
contractual provisions in the arrangement, the Port Authority has control over these activities. As a software licences comprise the externally acquired ICT applications.
consequence, the interest in JFKIAT LLC is not consolidated, but reported as a contract-related asset.

The contract-related asset is amortised on a straight-line basis over the remaining term of the
arrangement, being 19.5 years. Income realised under the arrangement is for the most part fixed
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 200

Nitrogen rights
At the end of 2023, Schiphol Group held for an amount of 8.4 million euros (2022: 7.5 million
euros), nitrogen rights to compensate for the nitrogen emission activities. The nitrogen rights are
initially valued at cost and have an indefinite useful life. The recoverable amount exceeds the
carrying amount.

Contract-
related Software
(in thousands of euros) assets ICT development Software licences under development Nitrogen rights Total

Carrying amount as at 31 December 2022 29,865 46,579 2,207 45,148 7,461 131,259

Movements in 2023
Additions - - - 52,217 892 53,109
Completions - 8,797 7,847 -3,310 - 13,334
Amortisation -1,409 -14,213 -7,094 - - -22,716
Impairment - - - -195 - -195
Reclassification - - 230 -14,492 - -14,262
Disposals - -452 -160 - - -612
Exchange differences -874 - - - - -874
Other - - 480 -46 - 434

Total movements in the year -2,283 -5,868 1,303 34,174 892 28,218

Analysis as at 31 December 2023

Cost 39,588 96,383 41,668 79,321 8,353 265,313
Accumulated amortisation and impairment -12,006 -56,109 -38,171 - - -106,286
Carrying amount as at 31 December 2023 27,582 40,274 3,497 79,321 8,353 159,027
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 201

7. Assets used for operating activities

(in thousands of euros) Runways, taxiways and aprons Paved areas, roads etc. Buildings Installations Other assets Total

Carrying amount as at 1 January 2022 517,853 593,687 1,117,229 956,051 313,469 3,498,289
Movements in 2022
Completions 33,372 91,853 24,686 117,019 -42,672 224,256
Depreciation -34,403 -20,040 -66,155 -121,840 -57,728 -300,166
Acquisitions 303 70 785 4,021 4,133 9,313
Disposals -4,169 - -389 -785 -362 -5,705
Reclassification -21 - 17,443 -137 240 17,526
Total movements in the year -4,918 71,883 -23,630 -1,722 -96,389 -54,776

Analysis as at 31 December 2022

Cost 1,076,766 967,293 2,068,270 2,652,351 645,800 7,410,481
Accumulated depreciation and impairment -563,831 -301,723 -974,671 -1,698,021 -428,721 -3,966,967
Carrying amount as at 31 December 2022 512,935 665,570 1,093,599 954,330 217,079 3,443,513

Carrying amount as at 1 January 2023 512,935 665,570 1,093,599 954,330 217,079 3,443,513

Movements in 2023
Capital expenditure - - - - 116 116
Completions 78,144 28,737 30,653 106,938 49,919 294,391
Depreciation -36,041 -24,443 -68,780 -123,105 -51,824 -304,193
Disposals -2,572 -653 -1 -6,063 -927 -10,216
Other 0 -3,133 1,334 -245 -230 -2,274
Reclassification -93 1,298 -1,468 598 -2,558 -2,223
Total movements in the year 39,438 1,806 -38,262 -21,877 -5,504 -24,399

Analysis as at 31 December 2023

Cost 1,138,990 996,095 2,090,528 2,743,264 656,011 7,624,888
Accumulated depreciation and impairment -586,615 -328,719 -1,035,190 -1,810,812 -444,436 -4,205,774
Carrying amount as at 31 December 2023 552,373 667,376 1,055,337 932,453 211,575 3,419,114
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 202

During the year, the following projects were (partly) completed: Runways, taxiways and aprons Paved areas, roads etc. Buildings Installations Other assets Total

Programme: Major maintenance on aprons, runsways and taxiways 30,513 14,645 4,901 55,486 6,159 111,704
Programme: Airside Maintenance 23,712 7,391 - 29,829 - 60,933
Capital programme / A-Pier 15,201 245 8,415 1,063 - 24,924
Redevelopment Terminal 1 - - 3,553 4,572 4,018 12,142
Eindhoven Airport 936 231 6,486 1,917 377 9,946
Upgrade Piers - - 3,993 525 2,960 7,478
PFOS - -7,072 - - 13,800 6,728
Safety - 4,470 134 1,138 945 6,687
Security-Sceening - - - 914 4,673 5,587
Maintenance Parking - 3,347 1,477 611 - 5,435
Rotterdam Airport -460 441 1,044 2,802 1,498 5,324
Security Surveillance - - - - 4,295 4,295
Sustainability - - - 2,702 - 2,702
Storm Water Drainage - 2,524 - - - 2,524
ST Fiber 306 1,835 - - - 2,141
Fleet management - - - 339 1,799 2,138
Fire Safety - - 1,650 427 18 2,095
Capacity Management Fiber - - - 1,643 - 1,643
Premium Services - - 969 123 295 1,387
Other 7,936 680 -1,969 2,847 9,082 18,577
Total completions during the year 78,144 28,737 30,653 106,938 49,919 294,391

In the course of 2022, 17.4 million euros of assets were reclassified from items of Investment property (in thousands of euros) Buildings Other assets Right of use assets
to the buildings used for operating activity due to the change of intended use to owner-occupied
Carrying amount as at 1 January 2023 1,791 12,958 14,749
premises and land. Schiphol reports a disposal of 10.8 million euro, of which 9.6 million euro is a result
Movements 2023
of early retirement of particular assets replaced during the maintenance cycle.
Additions - 5,754 5,754
Depreciation -248 -6,102 -6,350
Part of the assets used for operating activities as presented in the before concerns right-of-use assets.
Derecognition - -74 -74
The movement in right-of-use assets during 2023 was as follows:
Total movements -248 -422 -670
Carrying amount as at 31 December 2023 1,543 12,536 14,079
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 203

8. Assets under construction or development

Assets under construction Assets under construction
(in thousands of euros) for operating activities (in thousands of euros) for operating activities

Carrying amount as at 1 January 2022 1,183,541 Capital expenditures relate to the following projects:
Movements in 2022 Capital programme/ A-Pier 153,143
Capital expenditure 333,916 Programme: Major maintenance on Apons, Runwaysand taxiways 99,206
Capitalised construction period borrowing cost 8,140 Programme: Airside Maintenance 57,076
Completed assets -230,035 Redevelopment Terminal 1 48,111
Acquisitions 1,146 Southern Development Phase 1 16,587
Disposals -717 Developments SouthEast 15,165
Reclassification 9,501 Dual Taxi System 14,627
Other -109 PFOS 13,772
Total movements in the year 121,842 Baggage Lifting Aids 12,643
Resting Areas (RASCI) 11,154
Carrying amount as at 31 December 2022 1,305,383 Masterplan Power Grid 10,142
Movements in 2023 European Entry/Exit System 9,421
Capital expenditure 577,105 BP-S-Security-Screening 8,098
Capitalised construction period borrowing cost 9,985 Digital DnA 8,029
Completed assets -301,436 Taxiway Sierra 1 7,555
Impairment -3,306 Mid Term Plan (MTP) 6,281
Reclassification 14,492 Sustainability 5,655
Other 533 Maintenance Parking 5,593
Total movements in the year 297,373 Other 74,847
Total capital expenditures in the year 577,105
Carrying amount as at 31 December 2023 1,602,756
Under the 2008 Alders Agreement, Lelystad Airport is intended to serve as an overflow airport for
The capitalisation of construction period interest is calculated by applying a percentage rate of Schiphol for non-mainport traffic. The opening of Lelystad Airport has been postponed several times.
1.06% (2022: 1.06%). A total amount of 10.0 million euros was capitalised during the 2023 financial On 24 June 2022, the political decision on the opening was postponed by two years to 2024, and
year relating to various construction projects (2022: 8.1 million euros). it hinged on Lelystad Airport fulfilling two requirements: (1) It must obtain a nature permit and (2)
a solution must be found for the flight altitude of aircraft approaching the airport over a distance
At 31 December 2023, the total carrying amount of the Lelystad Airport assets amounted to of 30 kilometres near Lemelerveld. Regarding the first requirement, Lelystad Airport expects to
97 million euros (2022: 96 million euros). This includes all assets under the following categories: acquire the nature permit in the first half of 2024. Regarding the second requirement, in December
intangible assets, assets used for operating activities, assets under construction or development and 2023, Air Traffic Control Netherlands (LVNL) sent a letter to the Ministry of Infrastructure and Water
investment property. Management (I&W), stating that closing sector 3 (a low flight path) is an appropriate measure. If
Lelystad Airport obtains the nature permit, it will comply with the two requirements set by the
Minister of Infrastructure and Water Management. On this basis, no impairment is deemed necessary
based on the current government decision to delay the opening.
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Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 204

The construction of the new pier A is in progress. The collaboration with the construction consortium Assets under
Ballast-Nedam TAV ended in 2021. In 2022, Schiphol hired a new contractor to complete Pier (in thousands of euros) Buildings Land construction Total
A. Reference is made to note 25 Contingent assets and liabilities for the status on the BN-TAV claims
with regards to the construction of Pier A.
Carrying amount as at 1 January 2022 1,245,950 430,807 145,623 1,822,380

In the coming years, substantial investments were planned to create capacity, quality and Movements in 2022
accessibility. As a result of the pandemic, the investment portfolio has been adjusted. This also Capitalised construction borrowing cost - - 74,927 74,927
includes the postponement of the construction of the new Schiphol terminal. Management is
Completed assets 14,619 39 -17,094 -2,436
carefully assessing when to restart the project.
Fair value gains and losses -144,137 -11,725 -35,770 -191,632
Acquisitions 15,971 - - 15,971
9. Investment property Reclassification -7,600 -9,672 -1,547 -18,819
Other -685 - - -685
Buildings and land Total movements in the year -121,832 -21,358 20,516 -122,674
All building and land properties are measured at fair value. The fair value is based on the market
value, being the estimated amount for which investment property can be traded on the valuation
Carrying amount as at
date between a buyer and a seller willing to do business in an objective, arm's length transaction.
31 December 2022 1,124,118 409,449 166,139 1,699,706
The calculation of the cash flows, which is a factor in determining the fair value at which investment
property is stated in the balance sheet, takes into account the lease incentives granted. After all, the
lease incentives are recognised separately as assets on the balance sheet under other non-current Movements in 2023
receivables: 9 million euros as at 31 December 2023 (2022: 11 million euros)) and trade and other Capital expenditure 672 - 46,692 47,364
receivables 4 million euros as at 31 December 2023 (2022: 4 million euros).
Completed assets 10,625 3,770 -14,929 -534
Impairment - - -2,565 -2,565
As at 31 December 2023, 100% (2022: 100%) of the buildings and 17% (2022: 11.2%) of the land is
appraised by independent external appraisers. The remaining fair value of land is based on internal Fair value gains and losses -131,812 -13,487 -5,296 -150,595
valuations with reference to externally validated input variables. Deconsolidation -158 - - -158
Other 2,953 -1,606 1,980 3,327
Details of the result on property sales and fair value gains and losses on investment property can be Reclassification 2,264 5,187 -5,458 1,993
found in note 2 Other results from investment property.
Total movements in the year -115,456 -6,136 20,424 -101,168

All investment property classifies as a level 3 valuation. The Dutch Register of Real Estate Valuers
(Nederlands Register Vastgoed Taxateurs (NRVT)), established in October 2015, is tasked with Carrying amount as at
safeguarding and enhancing the quality of appraisers. The general conduct and professional rules 31 December 2023 1,008,662 403,313 186,563 1,598,538
and regulations of the NRVT are the new market standard appraisers have to comply with. That
standard is based on IFRS and international valuation guidelines. All our external appraisers are NRVT Measured at
members. The valuation method is described in more detail on the next page.
Cost model - - 45,602 45,602
Fair value model 1,008,662 403,313 140,961 1,552,936
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 205

Valuation method for buildings Investment property under construction

The valuation method used is a combination of the net initial yield (NIY) method and the discounted Assets under construction for the development of investment properties are measured at fair value
cash flow (DCF) method. The NIY method uses a net market rent which is capitalised with an NIY if the value can be measured reliably. The investment property under construction includes land
and adjusted for all elements that differ from the market assumptions. The NIY is determined on the positions held for future investment property development or land with undetermined future
basis of comparable market transactions supplemented with market and object-specific knowledge. use (operational or commercial development). Since the development plans are subject to annual
Deviating assumptions include contractual rent, vacancy information, deferred maintenance and changes, they are inadequate to determine the fair value on a continuing basis. For this reason, these
rent holidays. The DCF method estimated net cash flows are discounted at a risk-adjusted discount land positions are measured in accordance with the cost model. No significant impairments were
rate, which includes specific object and location assumptions. required for 2023 (2022: none).

Average effective contractual rental income per m2 Average market rent per m2 Average net initial yield
2023 2022 2023 2022 2023 2022

Schiphol Centre
Offices 305 303 272 277 6.6% 5.6%

Schiphol North and East

Offices 141 150 147 153 7.8% 7.7%
Business premises 52 52 52 52 6.9% 7.0%

Schiphol Southeast
Offices 138 138 140 140 10.3% 10.0%
Business premises 125 125 118 118 4.9% 4.4%

Schiphol South
Business premises 115 117 97 97 6.5% 6.2%

Rotterdam The Hague Airport

Offices 211 197 162 162 6.8% 7.6%
Business premises 106 104 90 90 5.8% 5.0%
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 206

Significant assumptions for buildings 10. Income taxes

The significant assumptions used in the valuation model comprise:
This note contains further details on all items in the financial statements with regard to income tax,
Buildings being income tax recognised in the statement of income, deferred taxes recognised in the statement
2023 2022 of financial position, current tax positions in the statement of financial position and income tax
recognised in equity.
Inflation rate 2.00% - 2.22% 2.00% - 2.50%
Average market rent development -1.55% - 5.48% 6.0% - 4.50% Reconciliation of effective tax rate
Net initial yield 4.50% - 10.26% 3.30% - 10.0% (in thousands of euros) 2023 2022

Result before tax 30,931 -135,418

Relationship between significant unobservable input and fair
value determination
The estimated fair value will increase (decrease) to the extent that the expected market rent growth Income tax calculated at the domestic tax rate 7,980 25.8% -34,938 25.8%
is higher (lower), the periods of vacancy are shorter (longer), the occupancy rate is higher (lower), the
rent holidays are shorter (longer) and the NIY is lower (higher) than assumed.
Share in results of associates and joint ventures -5,863 -19.0% -8,387 6.2%
Share in results of associates in limited partnerships that are
Valuation method for land
not independently taxable 470 1.5% -750 0.6%
For land positions that generate revenue through ground rent, the valuation technique used
is the DCF method. The estimated net cash flows are discounted with a risk-adjusted rate plus Changes in corporate income tax rate - 0.0% 416 -0.3%
risk surcharges. Participation exemption on results from financial asset and
liability (Groupe ADP) - 0.0% -15,801 11.7%
Land positions that are leased out for long periods and whose instalments are prepaid are measured Different tax rate for foreign subsidiaries / associates 545 1.8% 758 -0.6%
at the prepaid instalment minus an annual redemption. The annual redemption is equal to the total Recognition of previously unrecognised tax losses - 0.0% -460 0.3%
instalment divided by the lease period plus the discounted value of the estimated instalment for the
Non-deductible impairment on other transactions - 0.0% 141 -0.1%
next lease period.
Tax results previous years 3,707 12.0% - 0.0%

Significant assumptions used in the valuation model for land Other (includes non deductible expenses) 2,036 6.6% 897 -0.7%
The main assumptions used in the valuation of land are specified below: Income tax expense in income statement (effective) 8,873 28.7% -58,124 42.9%

Land The effective tax rate in 2023 was 28.7%(2022: positive 42.9%). There were no changes to the
2023 2022 nominal income tax rate in 2023. The rate at which an important part of the deferred tax assets
and liabilities will be settled is calculated at the current nominal rate of 25.8%. The application of
Inflation rate 2.00% - 3.90% 2.09% - 2.18% the participation exemption to the results of associates increases the effective tax rate. As the assets
Discount rate 5.75% - 8.25% 4.85% - 7.90% and liabilities related to Groupe ADP were settled in 2022, the financial year 2023 does not show
a decrease of the effective tax rate as a result of the application of the participation exemption on
results from financial assets and liabilities related to Groupe ADP. No deferred tax asset is recognised
for the unused tax losses incurred in Italy (2022: none).

As a result of finalising tax filings for the years up to and including 2021 the effects on the estimated
positions for the prior year financial statements were included during 2023. As a consequence the
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 207

tax result of previous years decreased the effective tax rate. The amount included on the other line is Due to the complexities in applying the legislation and calculating GloBE income, the quantitative
mainly a result of non-deductible acquisition related costs that result in a permanent difference due impact of the enacted or substantively enacted legislation is not yet reasonably estimable. Therefore,
to the participation exemption regulations. even for those entities with an accounting effective tax rate above 15%, there might still be Pillar
Two tax implications. The group is currently engaged with tax specialists to assist it with applying
Schiphol Group has recognised 148 million euros of assessed losses for 2022, 2021 and 2020 (after the legislation.
the set-off against the 2019 profit) financial years as a deferred tax asset in terms of IAS 12 Income
Taxes. Management revised the estimates of future taxable profits as part of the scenario forecast Income tax in the statement of income
and concluded that Schiphol Group will recover the deferred tax asset against future taxable profit. (in thousands of euros) 2023 2022

OECD Pillar Two model rules Current income tax

The group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted Income tax current year 17,588 13,912
in the Netherlands, the jurisdiction in which the company is incorporated, and will come into effect Income tax for prior years -3,707 -
from 1 January 2025. Since the Pillar Two legislation was not effective at the reporting date, the
Total current income tax 13,881 13,912
group has no related current tax exposure. The group applies the exception to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as
provided in the amendments to IAS 12 Income Taxes issued in May 2023. Deferred income tax
Origination and reversal of temporary differences -10,868 -51,111
Under the legislation, the group is liable to pay a top-up tax for the difference between its GloBE Changes in corporate income tax rate - 416
effective tax rate per jurisdiction and the 15% minimum rate. All entities within the group have an
Recognition of unutilised tax losses 5,860 -21,341
effective tax rate that exceeds 15%, except for one subsidiary that operates in jurisdiction Italy.
Total deferred income tax -5,008 -72,036

Royal Schiphol Group is in the process of assessing its exposure to the Pillar Two legislation for
when it comes into effect. This assessment indicates that, if the Pillar Two legislation would have Total income tax 8,873 -58,124
applied in 2023, Royal Schiphol Group does not expect top-up tax to be due in relation to any of
the countries where the company has been active in 2023 – being the Netherlands, Italy and USA –
given the fact that in 2023 the statutory tax rates in each of these countries are higher than the 15%
minimum rate and in 2023 the effective tax rates in each of these countries likely exceed 15% as well.
In addition, if the effective tax rate in one of the countries would be below 15%, Royal Schiphol Group
might still not be exposed to paying Pillar Two income taxes in relation to that jurisdiction. This is
due to the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to
different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12
Income Taxes.

For 2023, the average nominal tax rate of an entity operating in the Netherlands is 25.8%. The group
is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect.
This assessment indicates for the Netherlands that the average effective tax rate based on accounting
profit is 28.4% for the annual reporting period to 31 December 2023. The group might not be
exposed to paying Pillar Two income taxes in relation to the Netherlands. This is due to the impact of
specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax
rates compared to those calculated in accordance with paragraph 86 of IAS 12 Income Taxes.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 208

2023 - Reconciliation of effective tax rate per tax jurisdiction

(in thousands of euros) The Netherlands The United States Italy Total

Profit before tax 20,949 9,500 482 30,931

Income tax calculated at the nominal rate 5,405 25.8% 3,287 34.6% 135 27.9% 8,827 28.5%

Results of associates -5,394 -25.7% - 0.0% - 0.0% -5,394 -17.4%

Tax results from previous years 3,707 17.7% - 0.0% - 0.0% 3,707 12.0%
Other (includes non-deductible expenses) 2,238 10.7% -370 -3.9% -135 -27.9% 1,733 5.6%
Income tax expense in profit or loss (effective) 5,956 28.4% 2,917 30.7% 0 0.0% 8,873 28.7%

2022 - Reconciliation of effective tax rate per tax jurisdiction

(in thousands of euros) The Netherlands The United States Italy Total

Profit before tax -145,585 8,519 1,648 -135,418

Income tax calculated at the nominal rate -37,561 25.8% 2,939 34.5% 460 27.9% -34,162 25.2%

Results of associates -9,137 6.3% - 0.0% - 0.0% -9,137 6.7%

Changes in corporate income tax rate 416 -0.3% - 0.0% - 0.0% 416 -0.3%
Participation exemption on results from financial asset and
liability Groupe ADP -15,801 10.9% - 0.0% - 0.0% -15,801 11.7%
Recognition of previously unrecognised tax losses - 0.0% - 0.0% -460 -27.9% -460 0.3%
Change in recognised temporary differences 141 -0.1% - 0.0% - 0.0% 141 -0.1%
Other 877 -0.6% - 0.0% - 0.0% 877 -0.6%
Income tax expense in profit or loss (effective) -61,064 41.9% 2,939 34.5% - 0.0% -58,124 42.9%
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 209

Deferred tax in the statement of financial position tax liability) or termination of the aviation activities (resulting in higher costs for tax purposes
The following main differences in valuation for tax and reporting purposes can be distinguished: because compensation will only be obtained up to the carrying amount for reporting purposes).
– Assets used for operating activities and assets under construction are measured at cost both for Schiphol Group is not authorised to sell the land for operating activities, forecasts of future cash
reporting purposes and for tax purposes. The balance sheet for tax purposes equates the cost flows do not suggest that impairment losses will be necessary and it is unlikely that the activities will
with the market value as at 1 January 2002, whereas the balance sheet for reporting purposes be terminated.
equates the cost with the (lower) historical cost; On some of the assets used for operating
activities fiscal and commercial depreciation are calculated with different depreciation terms. Deferred tax assets and liabilities are netted if they relate to the same fiscal unity and the company
– For tax purposes, the depreciation of both commercial buildings and operational buildings is at the head of this fiscal unity has a legally enforceable right to do so.
limited to the so-called base value. The base value is 100% of the WOZ value (i.e. the value under
the Valuation of Immovable Property Act); (in thousands of euros) 2023 2022
– Property investments and derivative financial instruments are measured at fair value for
Deferred tax assets (fiscal unity)
reporting purposes and at cost for tax purposes;
Assets used for operating activities 69,192 168,156
– Property investments are depreciated for tax purposes (with a residual value of 25%) but not for
Assets under construction or development - 55,600
reporting purposes;
Derivative financial instruments and borrowings 1,530 -2,256
– Borrowings in foreign currencies are measured at the closing rates on the balance sheet date for
Employee benefits 2,948 3,509
reporting purposes and at cost at the rate applicable at the time of borrowing for tax purposes;
Investment property 75,301 -118,854
– Interest expenses are not deductible in any year if the interest expense exceeds a defined
Contract related assets - 1,677
threshold related to fiscal EBITDA. The non deductible interest expenses can be deducted in later
Non-deductible interest 1 26,493 41,335
fiscal years;
– The valuation of certain employee benefits provisions is different for tax purposes and reporting Unutilised tax loss 1 148,415 182,448

purposes because of differences in the actuarial assumptions applied; 323,879 331,615

– The valuation of the contractual interest in JFKIAT is different for tax purposes (measured at cost) Deferred tax assets (outside fiscal unity)
and reporting purposes (revalued at the time of expansion); Investment property 1,283 -2,020
– Long-term land leases received in advance are recorded as a lease liability for reporting purposes.
For tax purposes, they are treated as a sale. Deferred tax liabilities (outside fiscal unity)
– Cloud based software is for reporting purposes included in the income statement when the cost Contract-related assets -13,307 -13,739
are incurred. For tax purposes the amounts are capitalised and amortized on a straight-line basis. Derivative financial instruments and borrowings -55 -
Cloud based software is included in the assets used for operating activities deferred tax position. -13,362 -13,739
– Right-Of-Use assets with the corresponding liability are not recognised for tax purposes. For both
the asset and the liability a deferred tax position is recognised and netted for reporting purposes. Total deferred tax 311,800 315,856

Deferred tax assets and liabilities are recognised in the statement of financial position respect of all Non-current (settlement is not expected) 144,493 104,902
these differences. Non-current (expected to be recovered or settled after more
than 1 year) 140,269 187,166
Under IAS 12 Income Taxes, a deferred tax asset must be recognised if it is probable that sufficient Current (expected to be recovered or settled within 1 year) 27,038 23,788
taxable profit will be available against which the deductible temporary difference can be utilised. 311,800 315,856
However, it is impossible to estimate the moment when the deferred tax assets relating to certain 1 In order to provide more accurate information, the deferred tax asset on the non-deductible interest and the deferred tax asset
for unutilised tax losses are being presented separetly from the 2022 financial year.
operating assets will be realised, because the difference in the values for reporting and tax purposes
will be realised only in the event of a sale (resulting in a lower profit for tax purposes and a lower
income tax liability), impairment (resulting in higher costs for tax purposes and a lower income
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 210

The movements in deferred tax assets and deferred tax liabilities during the year were as follows:

Assets used for Assets under Derivative Contract-

operating construction Investment financial Employee related Non-deductible
(in thousands of euros) activities or development property instruments benefits assets interest Unutilised tax loss Total

Carrying amount as at 1 January 2022 171,933 55,600 -171,637 6,483 5,004 -11,712 - 198,666 254,336

Movements in 2022
Deferred tax recognised in the income statement - - 51,408 281 - -350 1,148 20,193 72,680
Deferred tax recognised in equity - - - -9,020 -1,495 - - - -10,515
Reclassification -3,777 - -645 - - - 40,188 -36,411 -645
Total movements in the year -3,777 - 50,764 -8,739 -1,495 -350 41,336 -16,218 61,520

Carrying amount as at 31 December 2022 168,156 55,600 -120,874 -2,256 3,509 -12,062 41,336 182,448 315,856

Movements in 2023
Deferred tax recognised in the income statement -11,532 - 39,235 329 -561 -561 -16,041 -5,860 5,008
Deferred tax recognised in equity - - - -3,928 - - - - -3,928
Reclassification -87,432 -55,600 158,224 12,097 - -313 1,197 -28,173 0
Other movements - - - -4,767 - -369 - - -5,136
Total movements in the year -98,964 -55,600 197,459 3,731 -561 -1,243 -14,844 -34,033 -4,056

Carrying amount as at 31 December 2023 69,192 0 76,584 1,475 2,948 -13,306 26,492 148,415 311,800
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 211

Income tax recognised in equity The income tax liability is calculated on profit for fiscal purposes, allowing for permanent differences
The tax effects of the movements in equity, via comprehensive income, are as follows: between the profit as calculated for reporting purposes and for tax purposes. The income tax liability
on fair value gains and losses which are not processed immediately in the income tax return is
(in thousands of euros) Before tax Deferred tax After tax recognised in deferred tax assets and liabilities. Final tax assessments have been imposed and settled
for the tax years prior to 2020. Tax filings have been submitted up to and including 2021. The foreign
Exchange differences -11,425 - -11,425 income tax payable relates to local US and Australian taxes.
Changes in fair value on hedge transactions -2,994 -3,928 -6,922
Remeasurements of defined benefit liability -4,088 - -4,088 Differences between the income tax paid according to the cash flow statement and the income tax
recognised in the statement of income concern additions to and withdrawals from deferred tax
Share in other comprehensive income
assets and liabilities, estimation differences between taxable amounts in provisional and final tax
of associates -4,230 - -4,230
assessments and settlements in respect of previous years.
Total unrealised 2023 -22,737 -3,928 -26,665

Exchange differences -817 - -817

Changes in fair value on hedge transactions 35,243 -9,020 26,223
Remeasurements of defined benefit liability 6,904 -1,495 5,409
Share in other comprehensive income
of associates 21,528 - 21,528
Total unrealised 2022 62,858 -10,515 52,343

Current income tax positions

(in thousands of euros) 2023 2022

Income tax receivable

Income tax in foreign jurisdictions 755 -

Total income tax receivable 755 -

Income tax liability

Fiscal unity -506 -4,658
Dutch subsidiaries outside the fiscal unity -418 -570
Income tax in foreign jurisdictions - -3,398
Total income tax liability -924 -8,626

Total income tax -169 -8,626

 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 212

11. Investments in associates and joint ventures Joint ventures

(in thousands of euros) 2023 2022
(in thousands of euros) 2023 2022 Carrying amount as at 1 January 205,308 221,698
Investments in associates 280,623 287,020
Investments in joint ventures 204,974 205,308 Movements in 2023
Result for the year 1,766 9,068
Carrying amount as at 31 December 485,597 492,328 Dividends -1,030 -1,896
Acquisitions 5,235 -
Associates Sales - -2,627
(in thousands of euros) 2023 2022 Changes in the consolidation - -10,466
Impairment -867 -10,000
Carrying amount as at 1 January 287,020 234,039
Capital contributions - 45
Exchange differences -3,745 -514
Movements in 2023 Other -1,693 -
Result for the year 21,827 33,491 Total movements in the year -334 -16,390
Dividends -17,762 -
Acquisitions 915 1,506 Carrying amount as at 31 December 204,974 205,308

Impairment - -547
A complete list of associates and joint ventures has been filed with the Amsterdam Chamber of
Share of OCI -4,230 21,528
Commerce. Schiphol Group is not directly liable for the obligations of associates.
Exchange differences -7,147 -2,997
Total movements in the year -6,397 52,981 Of the interests held by Schiphol Group in associates and joint ventures, only those in Brisbane
Airports Corporation Holding Ltd and Tasmanian Gateway Holdings Corporation Pty Ltd can be
regarded as material.
Carrying amount as at 31 December 280,623 287,020

No significant acquisitions, capital contributions or capital repayments were made by Schiphol 2023 2022

Group in 2023 (2022: none).

Brisbane
Brisbane Airport Corporation Holdings Ltd (BACH) Australia 19.61% 19.61%
Joint ventures
At 1 September 2023 Schiphol Group acquired 40% of the shares in NV Holding Businesspark Hobart
Luchthaven Maastricht (holding company of Maastricht Aachen Airport). Total consideration paid Tasmanian Gateway Holdings Corporation Pty Ltd (TGHC)Australia 35% 35%
amounted to 5.2 million euros consisting of the consideration paid for the shares, contribution to
the environmental fund and directly attributable transaction costs. There were no material Schiphol Group has significant influence over BACH, even though its indirect interest is smaller
differences between the total consideration paid and the fair values estimated at acquisition date. than 20%. In BACH, this influence is expressed in the form of rights to appoint members of
the Board of Directors, rights to block key strategic and financial decisions, and cooperative and
An impairment loss of 0.9 million euros was recognised in 2023 on one of Schiphol's joint ventures exchange arrangements.
(2022: 10 million euros loss). The carrying amount of the investment in this joint venture was higher
than the recoverable amount (value in use). The 35% share in TGHC qualifies as a joint venture. Resolutions at Board meetings are decided by a
simple majority, except for fundamental shareholder matters (e.g. in respect of shareholder rights,
the constitution, shares or other securities, liquidation, appointment or removal of the auditor or
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 213

any independent directors) and certain other resolutions (e.g. on adoption of, amendment to or For the period ending 31 December 2023, it was concluded based on the assessments performed that
departure from the business plan, acquisitions, financing of the company, appointment of the CEO no impairment is required for Hobart Airport and Brisbane Airport. The recoverable amount of each
and important transactions that exceed the applicable threshold), which require a majority of 75%. investment will exceed the invested capital. In line with the other CGUs, the impairment analyses
Such a majority is only possible if the resolution has the unanimous consent of all shareholders. for Hobart Airport and Brisbane Airport are based on the business plans and long-term forecasts
provided by local Management.
The following page contains a breakdown of the assets and liabilities, as well as a reconciliation with
the recognition in Schiphol Group's financial statements. The accounting policies applied are based International travel restrictions were eased in early 2022 in Australia , leading to an increase in
on Schiphol Group's accounting policies, or figures have been adjusted where necessary. international traffic at both airports. This upward trend continued in 2023.

The carrying amount of associates at 31 December 2023 includes 68 million euros (2022: 70 million When comparing Hobart Airport’s performance with the business case used in the most recent
euros) of goodwill relating to BACH. The carrying amount of the joint ventures at 31 December 2023 impairment analysis, the performance in 2023 is slightly above expectations. The business plan and
includes 121 million euros (2022: 125 million euros) of goodwill relating to TGHC. The amount of forecasts include the revised strategy, an updated terminal expansion programme, as well as new
goodwill of both entities in Australian dollars has not changed but is subject to conversion to the aeronautical and commercial forecasts. However, changes in the developments of the airport can
reporting currency at each reporting date. result in an adjustment of the assumptions used in the analysis, which might result in an impairment
of the investment. Management is reviewing the developments and possible impact on the business
The share in the results of associates in 2023 includes a positive result of 21.2 million euros from case in a timely manner.
BACH (2022: 30.1 million euros loss) and 2.6 million euros negative result from TGHC (2022:
7.6 million euros positive result), including the adjustments relating to the difference in the Since Hobart Airport was acquired in 2019, the year before COVID-19 outbreak, the investment has
accounting policies in respect of the measurement of Property, Plant and Equipment (Assets used for not gained a large amount of headroom between the recoverable amount and carrying value since
operating activities). its acquisition. As a result, any future recoverable amount calculation, and potential impairment
trigger, remain sensitive towards developments in interest rates and corresponding discount rates.
The shares of both Brisbane Airports Corporation Holding Ltd and Tasmanian Gateway Holdings
Corporation Pty Ltd are not listed on a stock exchange. Brisbane Airport expects passenger volumes to recover to 2019 levels by 2024 (domestic) and 2025
(international). The fair value of Brisbane Airport has increased significantly since the time of the
Several external sources of information indicate the possible existence of impairment, such as an investment, and the airport has sufficient headroom in the impairment analysis. Therefore, the
increase in discount rates due to the increase in interest rates. Pursuant with IAS 36 Impairment of investment is not sensitive to potential impairments.
Assets and the Impairment Policy of Schiphol Group, all investments in subsidiaries, associates and
joint arrangements have been assessed for possible impairments by Schiphol Group.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 214

Associates and joint ventures 12. Loans to associates and joint ventures
Brisbane Airport 1 TGHC 1
(in millions of euros) 2023 2022 2023 2022 (in thousands of euros) 2023 2022

Income statement
Carrying amount as at 1 January 136,159 143,171
Revenues 501 325 43 36
Operating expenses -346 -97 -24 -26
Interest income and expenses -107 -101 -11 2 Movements
Depreciation, amortisation Accrued interest 7,050 7,085
and impairments -98 -101 -9 -8
Amortisation 812 812
Income tax -38 -26 -2 -4
Dividend received - -1,011
Result from continuing operations 88 66 4 10
Other exchange differences -3,013 -546
Other comprehensive income 6 132 5 -8
Payments received -25,111 -13,556
Financial position Other movements -2,756 204
Fixed assets 4,114 4,254 403 402 Total movements in the year -23,018 -7,012
Current assets 100 62 7 5
Cash and cash equivalents 95 51 8 15
Carrying amount as at 31 December 113,141 136,159
Non-current liabilities 2,813 2,953 284 281
Current liabilities 304 252 100 115 The loans to associates and joint ventures relate to the Redeemable Preference Shares (RPS) held
Equity 1,192 1,163 33 25 by Schiphol Group in BACH and Loan Notes in TGHC. The Loan notes held in TGHC are a mixture of
Equity attributable to owners interest-bearing and interest-free loan notes. The maturity date of the loan notes is 31 May 2030.
of the Company 1,192 1,163 33 25
The interest-bearing loan notes will accumulate and pay interest set at 50 basis points above the
%-share 19.61% 19.61% 35% 35%
weighted average cost of senior debt for the TGHC Group.
Group's share % of equity 234 228 12 9
Goodwill 76 70 121 125
The RPS for BACH carries entitlement to cumulative (accumulated) dividends. The maturity date of
Other adjustments -91 -71 -22 -14
the RPS is 1 July 2031 and the annual dividend rate is 7.6% (2022: 7.6%).
Carrying amount as at
reporting date 219 227 111 119
Under the contractual terms, the RPS and loan notes are classified as a loan to an associate and
1 Based on the audited financial statements as at 30 June 2023
joint venture and the dividends on these shares and interest on loan notes are treated as financial
income. During 2022 and 2021, BACH did not distribute any dividends or interest due to the adverse
effects of COVID-19 on the airport. In 2023, cash was received to settle the accrued dividend and
interest amounts from previous years. Additionally, in 2023, interest amounting to 1.7 million euros
was received from TGHC (2022: 1 million) and a capital repayment to the amount of 2.8 million euros
(4.6 million Australian dollars) was received on the interest-free loan notes (2022: 12.8 million euros).
For fiscal purposes the interest imputation on the interest-free loan notes is calculated at 3.2%.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 215

RPS and loan notes are measured at amortised cost and, as there has been no significant change 14. Trade and other receivables
in credit risk, expected credit losses are determined on the basis of possible situations and
developments that may lead to a counterparty defaulting within a period of 12 months. The change (in thousands of euros) 2023 2022
in expected credit losses is reported under costs of depreciation, amortisation and impairment.
Cash deposits 370,000 680,000
Since September 2019, a natural hedge has existed between the currency risk relating to this Trade receivables 226,917 139,726
long-term receivable and EMTN borrowings issued in 2019 denominated in AUD with related Value-added taxes 29,336 20,834
exchange differences being recognised in the income statement. The same applies to the loan notes
Accrued income 67,030 41,920
held in TGHC which were acquired in October 2019.
Prepaid expenses 25,555 24,827

The fair value of the loans to associates and joint ventures (including accumulated dividend) on Other loans to associates 1,998 2,001
31 December 2023 amounts to 114.5 million euros (2022: 100.5 million euros) and the effective Lease incentives 3,513 3,624
interest rate is 8.4% (2022: 8.37%) for the RPS for BACH and 5.2% (2022: 2.4%) for the Interest- Assets held for sale 11,553 9,467
bearing Loan Notes in TGHC. The fair value is estimated by discounting the future contractual cash
Other receivables 9,755 45,947
flows at current market interest rates available to the borrower for similar financial instruments.
Total trade and other receivables 745,657 968,346

The balance in cash deposits amounting to 370 million euros as at 31 December 2023 (2022:
13. Other non-current receivables 680 million euros) relates to deposits whose original maturity exceeds three months. The average
interest rate on the deposits reported under trade and other receivables as at 31 December 2023 was
(in thousands of euros) 2023 2022
2.9% (2022: 1.8%).

Derivatives 7,423 32,716

The balance in trade receivables includes expected credit losses of 8 million euros (31 December
Lease incentives 9,027 10,974
2022: 8 million euros). For a more detailed explanation, please refer to note 26 Management of
Prepayments on fixed assets 371 371 financial risks and financial instruments.
Purchased long leases 2,333 2,424
Loans to third parties 150 150 Other receivables include an amount of 4.0 million euros relating to the NOW government grants to
Total other non-current receivables 19,304 46,635 be received (2022: 35.8 million euros). The final settlements for NOW 5 and 6 are not yet received.
please refer to note 4 Employee benefits expense for additional information.
Lease incentives are cost of benefits which Schiphol Group granted tenants at the start of their lease.
These are charged to the income statement over the term of the underlying contracts. The existence Assets held for sale represents the fair value less costs to sell of the property and plots of land located
of lease incentives is taken into account in establishing the cash flows underlying the determination in the Netherlands with a total value of 11.6 million euros. The assets were acquired at the end of
of the fair value of property. 2022 and the beginning of 2023 with the intention to sell. The properties were classified immediately
as available for sale with no gain or loss recognised in the income statement on the transaction. The
Purchased long leases comprise rent instalments paid in advance by Schiphol Group with respect to property is marketed at the market price determined by real estate brokers. The sale takes longer
land acquired on a long lease basis. than expected and did not occur within 12 months as expected by the end of 2022. It is expected that
the properties will be sold in present condition during the course of 2024. The current cost associated
For information on derivatives, see note 26 Management of financial risks and financial instruments. with the properties are covered by temporary short term rents from two of the properties.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 216

15. Cash and cash equivalents 16. Issued share capital and share premium
Cash and cash equivalents amounted to 785 million euros as at 31 December 2023 (31 December The authorised share capital as at 31 December 2023 is 142,960,968 euros divided into 300,000 class
2022: 1,051 million euros). This includes deposits with an original maturity of less than three months A shares and 14,892 class B shares, with a nominal value of 454 euros each. 171,255 of the class A
amounting to 286 million euros and money market investments amounting to 334million euros. The shares and 14,892 of the class B shares have been issued.
average interest rate on the deposits reported under cash and cash equivalents as at 31 December
2023 was 3.2% (2022: 1.8%). The class A and class B shares carry the same rights, except for the right to amend the Articles of
Association. An amendment to the Articles of Association can only be adopted at a General Meeting
Cash deposits for the amount of 370 million euros as at 31 December 2023 (2022: 680 million of Shareholders at which all the class A shares in issue are represented, by a majority of at least
euros) whose original maturity exceeds three months are classified as part of note 14 Trade and four/fifths of all the votes cast. The General Meeting of Shareholders may resolve to withdraw all the
other receivables. The cash balance contains 5.5 million euros of bank guarantees provided. A bank class B shares in issue by an absolute majority of the votes cast.
guarantee amounting to 2.3 million euros relating to payment commitments in connection with
the ‘Storage in Underground Tanks’ order has been granted to the province of North Holland. The shareholders’ interests are as follows:
Additionally, a bank guarantee of 3.2 million euros has been granted to TenneT TSO B.V. for the
connection to the150kV-station Rozenburg-Zuid. (number) (in thousands of euros) (in %)

For a more detailed explanation on the credit risk, please refer to note 26 Management of financial Shareholder:
risks and financial instruments. State of the Netherlands 129,880 58,966 69.77%
Municipality of Amsterdam 37,276 16,923 20.03%
Municipality of Rotterdam 4,099 1,861 2.20%
Total Class A shares 171,255 77,750 92%

Treasury shares (Class B shares) 14,892 6,761 8.00%

Total 186,147 84,511 100%

There were no changes in the issued share capital and the share premium in 2023.

The treasury shares consist of the 14,892 class B shares of Royal Schiphol Group N.V. that were
bought, in December 2022, by Schiphol Group from Groupe ADP as a result of the expiration of
the cooperation agreement and cross-shareholding of Schiphol Group with Groupe ADP for a total
consideration of 420 million euros . Per IAS 32 Financial Instruments: Presentation, the treasury shares
are deducted from Schiphol’s equity until the shares are cancelled or reissued. Schiphol’s AGM will
determine what to do with the treasury shares.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 217

17. Retained profits Exchange Actuarial

differences Hedge Share in OCI gains and
(in thousands of euros) reserve reserve of associates losses Total
No dividends are distributed for the financial years 2021 and 2022 (dividend for the financial year
2023 is subject to approval by the AGM). Balance at 31 December 2022 9,161 -3,016 840 -3,549 3,436

Movements in 2023
18. Other reserves Exchange differences -11,425 - - - -11,425
Currency and interest hedge JPY
Exchange Actuarial loan payable
differences Hedge Share in OCI gains and Exchange differences on
(in thousands of euros) reserve reserve of associates losses Total hedged borrowings - 14,004 - - 14,004
Deferred tax on fair value changes on
Balance at 1 January 2022 9,978 -29,239 -20,688 -8,958 -48,907
hedged borrowings - -3,613 - - -3,613
Fair value movements on derivatives - -25,292 - - -25,292
Movements in 2022 Deferred tax on fair value movements
Exchange differences -817 - - - -817 on derivatives - 6,525 - - 6,525
Currency and interest hedge JPY Other movements - -4,775 - - -4,775
loan payable
Hedging of cash flow interest-
Exchange differences on rate risk -
hedged borrowings - 10,343 - - 10,343 Recycling cash flow hedges to profit
Deferred tax on fair value changes on and loss - 8,294 - - 8,294
hedged borrowings - -2,669 - - -2,669
Deferred tax on recycling cash flow hedges - -2,065 - - -2,065
Fair value movements on derivatives - 15,178 - - 15,178
Currency hedge AUD loan receivable
Deferred tax on fair value movements
Other comprehensive income associates - - -4,230 - -4,230
on derivatives - -3,916 - - -3,916
Equity movement associates - - - - -
Hedging of cash flow interest-
rate risk Actuarial gains and revaluations - - - -4,088 -4,088
Recycling cash flow hedges to profit Tax effect on actuarial results - - - - -
and loss - 9,722 - - 9,722 Other -
Deferred tax on recycling cash flow hedges - -2,435 - - -2,435 Total movements in the year -11,425 -6,922 -4,230 -4,088 -26,665
Currency hedge AUD loan receivable
Other comprehensive income associates - - 21,528 - 21,528 Balance at 31 December 2023 -2,264 -9,938 -3,390 -7,637 -23,229
Actuarial gains and revaluations - - - 6,904 6,904
Tax effect on actuarial results - - - -1,495 -1,495 Exchange differences reserve
Other - The exchange differences reserve recognises exchange differences arising on the translation of the
Total movements in the year -817 26,223 21,528 5,409 52,343 net investments in subsidiaries, joint ventures and associates outside the euro zone.

Balance at 31 December 2022 9,161 -3,016 840 -3,549 3,436 Hedge reserve
The hedge reserve recognises movements in the fair value of derivative financial instruments used in
cash flow hedges, net of deferred tax assets and liabilities. It also includes the differences arising on
the translation of loans at closing rates. In both cases, recognition in the hedging transactions reserve
requires that the hedge is determined to be effective. In cash flow hedging relationships, only the
change in fair value of the spot element of forward exchange contracts is designated as the hedging
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 218

instrument. The change in fair value of the forward element is accounted for as a cost of hedging and
is part of the hedging transactions reserve.

Further information on the restrictions on the distribution of reserves can be found in note 29
Shareholders' equity in the company balance sheet. The tax effects of the movements in equity, via
other comprehensive income, are explained in note 10 Income taxes.

The following hedging instruments and relationships are recognised in the hedge reserve. If the
hedging has an impact on the income statement, it is indicated in the table below.

Reclassification to profit or loss in next periods

> 1 and < 5
(in thousands of euros) Total 2023 < 1 year > 1 year years > 5 years

Forward Starting Rate Swap -

refinancing 2013/2014 212 212 - - -
Lehman derivative - settlement 2008 4,240 291 3,949 1,163 2,786
Exchange difference on hedged JPY loan 6,259 - 6,259 - 6,259
CCIRS derivative hedge Yen loan -5,508 - -5,508 - -5,508
Total 5,203 503 4,700 1,163 3,537

Reclassification to profit or loss in next periods

> 1 and < 5
(in thousands of euros) Total 2022 < 1 year > 1 year years > 5 years

Forward Starting Rate Swap -

refinancing 2013/2014 6,108 6,108 - - -
Lehman derivative - settlement 2008 4,531 291 4,240 1,163 3,077
Exchange difference on hedged JPY loan 16,650 - 16,650 - 16,650
CCIRS derivative hedge JPY loan -24,273 - 24,273 - -24,273
Total 3,017 6,399 45,163 1,163 -4,546

19. Non-controlling interests

Non-controlling interests on 31 December 2023 represent the shares of third parties in the net assets
of group company Eindhoven Airport N.V. (31 December 2022: Eindhoven Airport N.V.). An abridged
balance sheet for this company is presented under Related party disclosures.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 219

20. Borrowings

Carrying amount Fair value Year of Interest

maturity rate
(in thousands of euros) 2023 2022 2023 2022

EMTN programme 4,013,428 4,409,335 3,635,599 3,706,521 2025-2038 1.12%-3.08%

European Investment Bank 610,642 621,500 599,922 585,289 2024-2031 0.12%-4.14%
KfW IPEX-bank 289,860 289,805 270,304 254,188 2024-2028 0.18%-2.08%
Namensschuldverschreibung - 24,997 - 26,061 2023 5.07%
Other borrowings 5,368 4,570 - -
Total 4,919,298 5,350,208 4,505,824 4,572,059

Currency Face value Carrying amount Fair value Year of Interest

maturity rate
(in thousands of euros) 2023 2022 2023 2022

XS1900101046 EUR 500,000 495,284 494,575 452,200 412,695 2030 1.5%

XS1301052202 EUR 317,000 317,871 402,125 309,308 373,376 2026 2.0%
XS0378569247 JPY 20,000,000 128,277 142,270 140,579 117,394 2038 3.16%
XS2069329451 AUD 255,000 157,731 162,663 131,559 147,041 2034 2.89%
XS1437013870 EUR 150,000 149,905 149,884 136,070 126,309 2028 1.12%
XS2019889778 AUD 70,000 43,134 44,469 36,762 40,833 2034 3.09%
XS0983151282 EUR 40,000 39,987 39,981 39,713 38,630 2025 3.08%
XS0997565436 EUR 30,000 29,985 29,979 29,341 28,688 2025 2.94%
XS2019891915 AUD 30,000 18,496 19,066 17,481 17,972 2027 2.40%
XS2153459123 EUR 750,000 747,238 746,817 713,618 668,070 2029 2.0%
XS2227050023 EUR 523,000 520,406 696,143 477,177 593,383 2027 0.38%
XS2227050379 EUR 500,000 495,802 495,316 415,820 369,185 2032 0.88%
XS2333391303 EUR 180,000 177,713 295,340 172,206 274,167 2025 0.0%
XS2333391485 EUR 700,000 691,600 690,708 563,766 498,778 2033 0.75%
EMTN programme 4,013,428 4,409,335 3,635,599 3,706,521
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 220

The fair value is estimated by discounting the future contractual cash flows at current market interest Of the total loans, an amount of 128.3 million euros has been drawn in Japanese yen (JPY 20 billion).
rates available to the borrower for similar financial instruments. To calculate the value of loans that In line with the financial risk management policy, a fixed EUR/JPY cross-currency swap has been
are actively traded in a public market, the quoted prices are used. contracted to hedge the changes in cash flows of the JPY denominated loan. The hedge transaction
corresponds to all relevant characteristics of the critical terms of the respective loan, such as maturity,
Schiphol Group has a Euro Medium Term Note (EMTN) Programme. Under the programme Schiphol timing, amounts and frequency of cash flows. The hedge is accounted for as cash flow hedge and was
Group can raise funds of up to 5.0 billion euros as required, provided the prospectus is updated fully effective.
annually. The prospectus was updated in May 2023. The covenants of the EMTN programme
provision that a 'change of control' in combination with a 'downgrade below investment grade' Schiphol Group has put in place an interest rate swap of 180 million euros to swap fixed interest rate
triggers early redemption. There was no obligation to do so in 2023. As at 31 December 2023, payments for floating interest rate payments. The swap mirrors the payments of Schiphol Group’s
borrowings under the programme totalled 4,013 million euros (31 December 2022: 4,409 million outstanding 2025 bond (XS23333391303). Under the swap, Schiphol Group receives a fixed coupon
euros), of which 1,750 million euros (2022: 1,750 million euros) specifically relate to green bonds. and pays a floating interest rate of three-month Euribor + a spread. The fixed coupon received under
the swap is identical to the coupon paid under the 2025 bond. With this swap, Schiphol Group is
In May and June 2023, Schiphol Group executed a liability management exercise by way of a Cash hedging the fair value movements of the bond.
Tender Offer on its outstanding 2025, 2026 and 2027 EUR Notes, which resulted in the repayment
and cancellation of a total notional amount of 380 million euro. The hedge is accounted for as fair value hedge and first became effective in 2022. As market interest
rates change over the term of the bond, the fair value of the bond will change. Schiphol Group applies
Schiphol Group has a number of facility agreements with the European Investment Bank ("EIB") for a hedge accounting to the fair value hedge relationship. Schiphol Group designated the hedging
total original amount of 900 million euros, of which a part has been repaid. As per 31 December 2023, relationship as a fair value hedge. An amount of 2.4 million euros was recognised as part of the
610.6 million euros is outstanding. Schiphol Group repaid 9 million euros in 2023. No additional change in fair value of the bond as at 31 December 2023 (2022: 4.5 million euros). Schiphol Group
facilities were drawn. Schiphol Group could be obliged to redeem the loans early if (in addition to the shall discontinue hedge accounting prospectively only if the hedging relationship ceases to meet the
usual circumstances) other loans are repaid early or the book value of equity declines below 30% of qualifying criteria as set out in IFRS 9 Financial Instruments. Termination of the hedge is expected
total assets. Additional security will be demanded if the credit rating drops to BBB or lower (S&P) or to occur on the bond maturity date. At the termination of the hedge, the hedging relationship shall
to Baa2 or lower (Moody’s). The loan agreement also contains a ‘change of control’ clause. be terminated. In case of full prepayment of the bond, any fair value hedge adjustment will go
immediately to profit or loss. Please also see note 26 Management of financial risks and financial
Schiphol Group has three loan agreements with KfW IPEX-Bank for a total outstanding amount of instruments for a detailed explanation.
290 million euros with a weighted average maturity of three years. No new facilities were entered
into during 2023. The current portion of borrowings at 31 December 2023 of 306.1 million euros (31 December 2022:
31 million euros) is recognised under current liabilities.
Borrowings under the EMTN programme, the ECP programme, the EIB facilities and the KfW facilities
are not subordinated to other liabilities. Schiphol Group has access to 675 million euros in committed In 2023, Schiphol Group met the agreed covenants included in the various contracts. The most
and 150 million euros uncommitted undrawn bank facilities. relevant covenant is a financial covenant in relation to solvency, which is included in the financing
contracts with the European Investment Bank whereby this solvency ratio must be higher than 30%.
Eindhoven Airport has loan facilities in place for a total of 110 million euros to finance the future The solvency ratio for Royal Schiphol Group over 2023 was 37.1% (2022: 36%). The average interest
capital expenditure and manage working capital swings. At 31 December 2023, no funding was rate of outstanding borrowings in 2023 was 1.6% (2022: 1.4%).
drawn under these facilities. The covenants are met as at 31 December 2023.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 221

The remaining terms of the borrowings as at 31 December 2023 are as follows: The movements in borrowings during the year were as follows:

> 1 year and Borrowings Borrowings

(in thousands of euros) Total <= 1 year > 1 year <= 5 years > 5 years (in thousands of euros) > 1 year <= 1 year Total

EMTN programme 4,013,428 -2,824 4,016,252 1,244,700 2,771,552 Carrying amount as at 1 January 2022 5,383,598 6,299 5,389,896
European Investment Bank 610,642 209,000 401,642 284,142 117,500
KfW IPEX-bank 289,860 99,959 189,901 189,901 - Movements in 2022
Namensschuldverschreibung - - - - - Fair value movement -4,448 - -4,448
Other borrowings 5,368 - 5,368 - 5,368 Transferred to current liabilities -51,581 51,581 -
Total borrowings 4,919,299 306,135 4,613,163 1,718,743 2,894,420 Repayments - -27,000 -27,000
Exchange differences -11,398 - -11,398
Other movements 3,124 32 3,156
Total movements in the year -64,302 24,613 -39,690

Carrying amount as at
31 December 2022 5,319,296 30,912 5,350,208
Movements in 2023
Fair value movement 1,906 - 1,906
Transferred to current liabilities -658,564 658,564 -
Repayments - -383,999 -383,999
Exchange differences -20,824 - -20,824
Other movements -28,650 658 -27,992
Total movements in the year -706,133 275,223 -430,910

Carrying amount as at
31 December 2023 4,613,163 306,135 4,919,298

For more details regarding the fair value movement, please refer to note 26 Management of financial
risks and financial instruments.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 222

21. Employee benefits The table below gives an overview of actuarial assumptions and estimates applied. Given the
minimal impact, a significant variance in the balance sheet position as a result of other assumptions
Post- Other long- is unlikely.
employment term employee Termination
(in thousands of euros) benefits benefits benefits Total
Actuarial assumptions and estimates
Carrying amount as at 31 December 2023
31 December 2023 31 December 2022
Provision 23,255 21,572 - 44,827
Discount rate 3.1% - 4.1% 3.1% - 4.1%
Liability in the balance sheet 23,255 21,572 - 44,827
Return on plan assets 3.52% 3.2%
Inflation 2.5% (subsequent years: 1.5%) 2.5% (subsequent years: 1.5%)
Carrying amount as at
31 December 2022 General salary increase 2.5% (subsequent years: 1.5%) 2.5% (subsequent years: 1.5%)

Provision 20,589 20,862 - 41,451 Life expectancy Royal Dutch Actuarial Society’s (AG) Royal Dutch Actuarial Society’s (AG)
generation mortality table AG2022, generation mortality table AG2022,
Liability in the balance sheet 20,589 20,862 - 41,451 corrected with Mercer experience corrected with Mercer experience
mortality table mortality table
Post-employment benefits consist of pension plans and job-related early retirement benefits. Other Individual pay 3.0% (to age 36), 3.0% (to age 36),
long-term employee benefits consist of long-service awards, disability benefit supplements and rises, depending 2.0% (to age 47), 2.0% (to age 47),
on age 1.0% (to age 56), 1.0% (to age 56),
sustainable employment budget. As at 31 December 2023, 0.1 million euros (2022: 2.7 million euros) 0.0% (to age 70) 0.0% (to age 67)
included in the other long-term employee benefits relate to the unemployment provision that was Incapacity risk Derived from national inflow and Derived from national inflow and
recognised as part of the restructuring provision. outflow WGA for larger employers outflow WGA for larger employers
Termination probability,3.13% 3.13%
The movements in post-employment benefit liabilities during the year were as follows: average over all ages

(in thousands of euros) 2023 2022

Schiphol Group’s pension plan is administered by Algemeen Burgerlijk Pensioenfonds (ABP). Based
on the formal terms of the plan, it qualifies as a defined-contribution plan. Schiphol Group
Carrying amount as at 1 January 20,589 27,286 recognises the pension contributions payable to ABP as an expense in the income statement. Further
information on this point can be found under Accounting policies.
Total net benefit expense for the year 926 698
Benefits paid during the year -1,675 -1,473 The ABP pension regulations do not contain any provisions on additional contributions to the
Actuarial changes presented in OCI 3,415 -5,922 fund and/or withdrawals from it in respect of Schiphol Group’s share in surpluses or deficits
Total movements in the year 2,666 -6,697 of the pension fund. Consequently, any surpluses and deficits will only result in changes in the
amount of the contributions payable by Schiphol Group in the future and these will depend on the
Carrying amount as at 31 December 23,255 20,589 actual and expected financial position of the pension fund as reflected in the funding ratio. The
expected contribution payment for 2024 is 45.6 million euros. ABP’s funding ratio was 110.5% as at
31 December 2023 (110.9% as at 31 December 2022).
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 223

22. Provisions The timing of the outflow of resources for the total amount of the provisions outstanding per
balance sheet date is uncertain except for an amount of 16.5 million euros (2022: 2.6 million euros)
Decommissioning Environmental recorded as part of the environmental and decommissioning provisions, which is expected to be
(in thousands of euros) provision provision Other Total settled within a two-year time frame.
Carrying amount as at 1 January 2022 7,126 20,859 4,600 32,585
The decommissioning provision of 9.2 million euros (2022: 6.9 million euros) relates to obligations in
Movements in 2022 respect of demolition and or repair work after the use of the asset.
Addition to provision - - 27,343 27,343
Use of provision -225 -1,589 -9,029 -10,843 Perfluorooctanesulfonic acid (PFOS) contamination of the soil was detected during excavations in
the context of development projects at Amsterdam Airport Schiphol. PFOS is a form of PFAS. The
-225 -1,589 18,314 16,500
environmental provision of 24.3 million euros (2022: 19.2 million euros) concerns the expenditures
to be incurred in connection with the temporary storage and decontamination and/or depositing of
Carrying amount as at
31 December 2022 6,901 19,270 22,914 49,085 the contaminated soil.

Movements in 2023 The category 'Other Provisions' amounts to 5.1 million euros as at 31 December 2023 (22.9 million
Addition to provision 2,280 11,520 3,948 17,748 euros as at 31 December 2022) and includes topics such as the cost compensation, a project relating
Use of provision - -6,494 -20,693 -27,187 to noise reduction (“Project Geluidsreductie”) and claims received from companies providing services
Release to profit & loss - - -1,037 -1,037 to Schiphol.
2,280 5,026 -17,782 -10,476

Carrying amount as at
31 December 2023 9,181 24,296 5,132 38,609

Current 3,335 9,578 2,309 15,222

Non-current 5,846 14,718 2,823 23,387
Carrying amount as at
31 December 2023 9,181 24,296 5,132 38,609
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 224

23. Other non-current liabilities Financial lease liabilities relate to the lease of various right-of-use assets used for operating activities,
including operational and employee vehicles, office space, a warehouse and multifunctional office
(in thousands of euros) 2023 2022 equipment. To determine the lease liability, the interest rate implicit in the IFRS 16 Leases was used.
If that rate could not be readily determined, the incremental borrowing rate was used. As such, the
Prepaid long leases 85,199 86,895 weighted average rate applied is 2.18% (2022: 1.73%).
Lease liabilities 8,529 9,392
Derivatives 3,074 4,665 (in thousands of euros) Buildings Other assets Total

Unrealised profit on contribution in kind 2,269 2,269 Liability < 1 year 198 5,551 5,749

Other 142 141 Liability 1 year and < 5 years 1,415 7,114 8,530

Total other non-current liabilities 99,213 103,363

Carrying amount of lease liabilities 1,613 12,666 14,279

Prepaid long leases are rent instalments which Schiphol Group has received in advance on land
For information on derivatives, see note 26 Management of financial risks and financial instruments.
leases to third parties. This item is recognised through profit or loss over the term of the underlying
contracts. Prepaid long leases include an amount of 3.6 million euros relating to lease incentives
(2022: 3.8 million euros).

The balance in unrealised profit on contribution in kind relates to land contributed to GEM A4 zone
West C.V. Is 2.3 million euros as per 31 December 2023. In accordance with the accounting policies,
the profit on the contribution of land should be treated as unrealised to the extent this profit relates
to our share in the entity the land is contributed to.

Schiphol Group has put in place an interest rate swap of 180 million euros to swap fixed interest rate
payments for floating interest rate payments. The swap mirrors the payments of Schiphol Group’s
outstanding 2025 bond. The hedge is accounted for as fair value hedge and was effective in 2023.
An amount of 1.6 million euros was recognised as part of the change in fair value of the swap as at
31 December 2023. Please also see note 26 Management of financial risks and financial instruments
for a detailed explanation.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 225

24. Trade and other payables 25. Contingent assets and liabilities

(in thousands of euros) 2023 2022 Airport charges settlement

In May 2023, the Regulatory Accounts 2022 were published, which included a settlement on
Trade payables 196,090 195,033 the sector of 114.3 million euros. In October 2023, Schiphol adjusted the charges for 2024 by
Accruals 138,420 168,097 incorporating the effect of the 2022 settlement.
Deferred income 58,728 50,404
As a result of airlines views Schiphol has adjusted the settlement 2022 as published in the Regulatory
Lease liabilities 5,749 5,465
Accounts for a total amount of 21.7 million euros. This amount consists the following adjustments:
Interest payable 31,664 30,196
1. Adjustment flow management (1.1 million euros) in favour of the airlines.
Wage tax and social security contributions 378 857 2. Adjustment for the estimated effect of the terminal parameter (21.6 million euros) in favour of
Prepaid long leases 3,226 3,283 the airlines.
Payable in respect of pensions 255 347 3. Withdrawing the costs that were presented under ‘Exceptional and Unforeseen’ (2.5 million
euros) to the disadvantages of airlines (NB: Schiphol reserves the right to include costs that fall
Flight tax 154,376 33,959
within that category as settlements in the charges for future years).
Other payables 50,589 43,773
4. Corresponding effect of interest as a result of the three previous changes (1.5 million euros) in
Total trade and other payables 639,475 531,412 favour of the airlines.

Accruals include, among other things, settlements for the cost compensation mechanism. After adjustments, the settlement of 2022 amounts to 92.6 million euros receivable. The settlement
is divided into 3 parts: a traffic and transport related part of 85.0 million euros receivable, a non
The deferred income includes mainly income from rent and leases for which Schiphol Group has traffic and transport related part of 1.2 million euros receivable and an interest part of 6.4 million
already received consideration although the services still have to be provided (contract liability). euros receivable.

Prepaid long leases include an amount of 1.3 million euros relating to lease incentives (2022: The settlement of 2022 is spread out in three equal parts to be incorporated in the airport charges
1.3 million). 2024 - 2026. As a result, the final airport charges as of 1 April 2024 will increase on average
with 14.8%.
Further details on the financial instruments can be found in note 26 Management of financial risks
and financial instruments. One complaint has been submitted to the regulator (Dutch Authority for Consumers and Markets)
about the adjusted charges for 2024. At the moment, the regulator is in the process of assessing this
Commitments complaint. Schiphol expects the regulator to take a decision before 1 April 2024.
Contribution to environmental fund
As part of the eight-point plan, Schiphol Group proposed an Environmental Fund. Schiphol Group The amount to be settled for 2023 is expected to be a deficit of approximately 105 to 115 million
will provide a total of 70 million euros (10 million euros per year), which will be used to improve euros. The final settlement will be included and explained extensively in the Regulatory Accounts
the quality of life in the Schiphol Airport region. In 2023, Schiphol Group finalised details about the of 2023.
programme and governance of the fund. A new foundation will be established in 2024 as a successor
of the Schiphol Quality of Life Foundation. The board of the foundation will be independent of The Regulatory Accounts 2023 will be published on 31 May 2024 (at the latest). Thereafter, the
Schiphol Group. The foundation will be funded by Schiphol Group on a yearly basis based on an settlement will be included in the consultation of the airport charges in coming years, that is, in the
approved budget that contains both organisational costs and program costs for that year. On a yearly period from 2025-2027.
basis a maximum amount of 10 million euros will be available for funding.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 226

As of 1 April 2023 the airport charges increased with 12% in line with consultation. However, Total 2022 < 1 year > 1 year and < > 5 years
a number of airlines and representative organisations submitted complaints to the regulator in (in thousands of euros) 5 years
response to Schiphol’s final setting of airport charges 2023. The regulator (Dutch Authority for
Commitments relating to:
Consumers & Markets) concluded in March 2023 that the airport charges and conditions as proposed
by Schiphol are in accordance with the Aviation Act. Security, maintenance and cleaning 1,057,084 471,448 553,471 32,165
Development of Schiphol 489,840 409,161 80,000 679
A number of airlines and representative organisations have submitted complaints to the regulator Development of Lelystad Aiport 12,076 1,093 4,962 6,021
in response to Schiphol’s final setting of airport charges 2022-2024. The regulator (Dutch Authority
Electricity and gas 42,313 18,615 23,698 -
for Consumers & Markets) concluded in April 2022 that airport charges and conditions as proposed
Rents and leases (operating lease) 3,454 1,231 2,224 -
by Schiphol are in accordance with the Aviation Act. One complaint is partially justified, however,
this does not justify that charges and conditions would be contrary to rules laid down by or pursuant Other capital projects 5,916 2,250 3,666 -
to the Aviation Act. A number of airlines disagree with the decision of the ACM (for both 2023 and Total 1,610,683 903,798 668,020 38,865
2022) and appealed to the CBb (College van Beroep voor het bedrijfsleven). The CBb is in the process
of assessing the appeal. Long-term partnership between Dutch construction firms and Schiphol Group
In January 2019, Schiphol contracted BAM, Heijmans and VolkerWessels group companies for
Contamination by extinguishing foam the maintenance, renewal and construction of new infrastructure and real estate at the airport.
In July 2008, the Rijnland Regional Water Authority collected PFOS-contaminated extinguishing The total estimated value of the assignment is 2 to 3.5 billion euros for a maximum period of 9
foam, released during an incident at a KLM hangar in Schiphol-Southeast and stored it in reservoirs years. The commitments under these contracts as at 31 December 2023 are mainly included under
made available by Schiphol. Control measures were taken around the reservoirs to prevent the 'Security, maintenance and cleaning' and 'Development of Schiphol' in the table included in the
further spread of PFOS. KLM, Schiphol and Rijnland each financed a third of the costs of the control section commitments.
measures taken, without any party acknowledging its responsibility for the damage incurred. The
control measures are still operational and these operational costs are financed by KLM, Schiphol Schiphol Area Development Company N.V. (SADC)
and Rijnland (each a third), the total amount of approximately 0.3 million euros for the period 2023 Schiphol Group participates directly, and indirectly through the collaborative venture Schiphol Area
(2022: 0.2 million euros). Anticipated expenses for 2024 are expected to align closely with those Development Company N.V. (SADC), in land holdings in the vicinity of Amsterdam Airport Schiphol.
incurred in 2023. SADC's objective is to develop business locations and supporting infrastructure projects around the
airport. One of these land holdings concerns the A4 Zone West area. Schiphol Group has a future
Commitments arising from (long-term-) contracts obligation to contribute 2.6 million euros as a limited partner's contribution, to be increased by
Total 2023 < 1 year > 1 year and < > 5 years financing and acquisition costs, to fund the contributionof land to GEM A4 Zone West C.V. by the
(in thousands of euros) 5 years municipality of Haarlemmermeer.

Commitments relating to: BN-TAV claims with regards to the construction of Pier A
Security, maintenance and cleaning 676,404 506,804 124,989 44,611 On 29 November 2021, Schiphol terminated the contract with the contractor (a joint venture
Development of Schiphol 600,849 571,463 29,386 - between Ballast Nedam and TAV Construction - BN-TAV) for the construction of Pier A. The
Development of Lelystad Aiport 20,080 1,554 5,054 13,472 termination was done in an amicable way, whereby a controlled hand over of the construction site
has taken place from BN-TAV to Schiphol. A new contractor was appointed to finish the construction
Electricity and gas 14,283 14,283 - -
of Pier A.
Rents and leases (operating lease) 19,221 3,869 15,352 -
Other capital projects 4,863 4,863 - - In February 2023 BN-TAV has submitted a final account to Schiphol, containing contractual interim
Total 1,335,700 1,102,836 174,781 58,083 claims for extension of time, unlawful termination and miscellaneous claims of subcontractors, as
well as claimed variations to the contract (meerwerk). The total claim amounted to 282 million euros.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 227

In December 2023 Schiphol received a writ of summons. The total amount claimed in the litigation Extending the North/South line will encourage sustainable connectivity at a regional, national and
procedure amounts to 154 million euros, excluding subcontractor claims. international level. It will create space in the Schiphol tunnel, which can then be used by both
national and international trains. The latter is important so the train can serve as an alternative to
In return, Schiphol has submitted to BN-TAV a first counterclaim of 93 million euros for delay air travel on short distances. Moreover, it will reinforce Schiphol as a multimodal hub by bringing
damages, costs of rectifying defective work, additional costs and recoverable costs. This claim only together public transport, cars and planes.
covers the period up to termination. In July 2023 a second interim counterclaim has been submitted,
covering the costs of repairing defects and the “extra over” cost to complete post-termination up to Other contingent assets and liabilities
the end of 2022, with a value of EUR 44 million euros. In the beginning of 2024, the post-termination Other claims against Royal Schiphol Group N.V. and/or its subsidiaries have been filed, and there are
counterclaim will be updated to include the period up to the end of 2023. The finalisation of disputes which are yet to be settled. All claims and disputes are being contested and the company has
Schiphol's counterclaims is dependent on the completion of the project. taken legal advice on them. However, as it is impossible to predict the outcomes with any certainty,
it is not yet clear whether any of the cases will result in actual liabilities for the company and/or its
The start of legal proceedings has not changed Schiphol’s view on the claims position and as a result group companies. Accordingly, no provisions have been recognised in the balance sheet in respect
no change to a contingent liability as at 31 December 2023. of these claims and disputes.

Boswandeling (Televerde) claim The company has also brought claim(s) against third parties and has disputes pending in which it is
Televerde B.V., as part of the Boswandeling Joint Venture, has a claim against the municipality of the claimant. Since it is not yet clear whether these cases will be resolved in the company's favour, no
Haarlemmermeer. Any (financial) contribution resulting from the claim will be used for developing related receivables have been recognised in the balance sheet.
the northern area of the motorway A9.

Soil contamination
PFAS contamination of the soil was detected during excavations in the context of development
projects at Amsterdam Airport Schiphol. Since 2017, local legislation is in place that requires Schiphol
to clean PFAS-contaminated soil when the contamination causes environmental risks. 2019 also
saw the introduction of national-level legislation on this issue. The changed local legislation of
2019 and 2020 does not change the way we have to deal with PFAS-contaminated soil. Schiphol
has recognised a provision for the decontamination of the land on which construction work will
take place in the near future. No provision is recorded for potential PFAS contamination under
existing assets.

Continued effort North/South metro line extension

The north south metro line will ensure Schiphol airport remains accessible by public transport in
the long term. Expected demand of public transport passengers in the metropolitan region of
Amsterdam are projected to surpass the capacity of the Schiphol train station.

In 2023 Schiphol has continued and formalized it’s collaboration. While the Dutch national
government has proposed to finance the exploration phase. The project organisation of MIRT
OVAH has started the tender process to attract consultants to help with the exploration phase in
September 2023. The joint partners of governmental bodies and private organisations expect to
decide upon a preferred alternative by the end of 2025.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 228

26. Management of financial risks and financial instruments in BACH, loan notes in TGHC and EMTN borrowings denominated in AUD with related exchange rate
differences being recognised in the income statement.
Financial income and expenses
The table below contains a breakdown of financial income and expenses. Capitalised A financial gain of 30 million euros is included in Other results from financial liabilities in relation
construction interest comprises interest charges incurred during the construction phase of large to the execution of a cash tender offer on three of the outstanding EMTN notes resulting into a
investment projects. 380 million euros notional repayment against a cash settlement of 350 million euros.

(in thousands of euros) 2023 2022 Financial risk factors

Due to the nature of its activities, Schiphol Group faces a variety of risks including market risk,
Interest and other financial income
counterparty risk and liquidity risk. The financial risk management programme (which is part
Loans to associates and joint ventures 7,050 7,085
of Schiphol Group’s overall risk management programme) focuses on the unpredictability of
Other results from financial assets - 135,281
the financial markets and on minimising any adverse effects this may have on Schiphol Group’s
Amortisation on loan notes 812 812
financial results.
Cash and cash equivalents 27,361 14
Other results from financial liabilities 30,708 2,153
Schiphol Group uses derivative financial instruments to hedge certain risks which are not offset
Exchange differences on cash and cash equivalents 63 135
via a natural hedge. Financial risk management is carried out by the central treasury department
Exchange differences on other assets and liabilities 1,972 80
(Corporate Treasury) and is part of approved Management Board policy. In addition to drawing up
Investment profits on deposits 15,861 -
written guidelines for financial risk management, the Management Board determines the policy for
Other financial results 4,797 4,312 specific key areas such as currency risk, interest-rate risk, inflation risk, credit risk, the use of derivative
88,624 149,872 and non-derivative financial instruments, and the investment of liquidity surpluses. The contracts
relating to derivative financial instruments are shown in the table below.
Interest and other financial expenses
Borrowings -78,391 -76,801 Market risk
Derivatives -10,459 -9,418 Market risk comprises three types of risk: currency risk, price risk and interest-rate risk.
Unwinding of discounting and finance costs of share
buyback obligation - -74,038
Currency risk
Exchange differences receivables from associates -3,013 -546
Currency risk arises if future business transactions, assets and liabilities recognised in the balance
Lease liabilities -317 -279
sheet and net investments in activities outside the euro zone are expressed in a currency other than
Capitalised construction interest 9,985 8,140 Schiphol Group’s functional currency, which is the euro. Schiphol Group operates internationally
Investment losses on deposits - -7,766 and faces currency risks on several currency positions, in particular in Japanese yen (borrowings)
Other financial results -4,102 -5,550 and US and Australian dollars (net investments in activities outside the euro zone and non-
-86,297 -166,258 current receivables).

Total financial income and expenses 2,327 -16,386 Schiphol Group manages the currency risk on borrowings which are not naturally offset by an asset
in the same currency by using currency forward and swap contracts. The financial risk management
Exchange differences on loans to associates concern the Redeemable Preference Shares (RPS) of policy is that virtually 100% of the expected cash flows are hedged, with the condition that
Brisbane Airport Corporation Holdings Ltd (BACH) and the Loan Notes of Tasmanian Gateway hedging costs need to be proportionate to the risk being hedged. As at 31 December 2023, 7.0%
Holdings Corporation Pty Ltd (TGHC), the ultimate holding company of Hobart International Airport of group financing had been drawn in foreign currency: one loan with a carrying amount of
held by Schiphol Group. Under the terms and conditions these shares are not considered to be part 128.3 million euros (JPY 20 billion nominal value) and three loans with an aggregate carrying amount
of the net investment in the associate. Consequently, exchange differences are accounted for in the of 219.4 million euros (AUD 355 million nominal value) compared with 6.8% of total borrowings (one
income statement. As from 2019, a natural hedge exists between the currency risk related to RPS held
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 229

Notional Fair value in thousands of euros

amount
Type Counterparty Interest rate Currency (x1000) Maturity date 31 December 2023 31 December 2022

Currency swap JPMorgan 5.64% JPY 20,000,000 2038 7,423 32,716

7,423 32,716
Recognised in the balance sheet under:
Non-current assets 7,423 32,716
Current assets/ liabilities - -
7,423 32,716

loan with a carrying amount of 142.3 million euros and a nominal amount of JPY 20 billion and three net position for that party will also decrease. Under the cash collateral agreement, the difference
loans with a carrying value of 226.2 million euros and a nominal amount of AUD 355 million) a year between the market value of the swap and the applicable maximum net position is paid weekly
earlier. The JPY position is fully hedged by means of a EURJPY cross-currency swap. As the hedge is through the bank.
assessed to be effective, movements in the exchange rate will not affect the results relating to these
borrowings. The effect on equity is temporary (only for the duration of the hedging transaction) As at 31 December 2023, the maximum net position of JPMorgan amounted to 10 million euros
and amounts to 7.4 million euros positive in 2023 (after deferred tax) (2022: 7.7 million euros). The (10 million euros as at 31 December 2022) and the maximum net position of Royal Schiphol Group
borrowings in AUD serve as a natural hedge for the RPS of BACH and loan notes of TGHC held by to 10 million euros (5 million euros as at 31 December 2022), while the market value of the swap
Schiphol Group. was approximately 7.4 million euros positive (32.7 million euros as at 31 December 2022) at Schiphol
Group. As at 31 December 2023, Schiphol Group had no liability to JPMorgan.
Schiphol Group has a number of strategic investments in activities outside the eurozone; of these,
the net investments recognised in the balance sheet under ‘associates and joint ventures’ and The interest rate shown against the cross-currency swap is the fixed rate at which interest is payable
'contract-related assets' are affected by a translation risk. In accordance with the policy, the currency to the counterparty, for which interest at the variable (or fixed) rate that Schiphol Group in turn has
position relating to Schiphol Group’s net investments in activities outside the eurozone, totalling to pay on the loans concerned is receivable from the counterparty.
360 million euros as at 31 December 2023 (377 million euros as at 31 December 2022), is not hedged.
As translation differences on these positions are recognised as part of the translation reserves, they Price risk
do not directly impact the results. In 2023, the negative effect on equity amounted to 11.4 million Price risk is the risk of fluctuations in the value of assets and liabilities as a result of changes in market
euros, leading to a decrease of the translation reserve from 9.1 million euros as per 31 December prices. Schiphol Group is affected mainly by the price risk on property investments which it recognises
2022 to 2.2 million euros negative as per 31 December 2023. at fair value. This fair value is influenced by supply and demand and movements in interest rates and
the rate of inflation, which is the basis for the Net Initial Yield (NIY). An average increase of 10%
The Redeemable Preference Shares and Loan Notes which Schiphol Group owns in BACH and TGHC in the NIY on offices and commercial buildings demanded by property investors would reduce the
respectively are reported as part of the 'loans to associates and joint ventures'. As from 2019, a value of those properties by a total of approximately 120.7 million euros (2022: 109.4 million euros).
natural hedge exists between the currency risk relating to this long-term receivable and EMTN A 10% decrease in the NIY would increase the value by approximately 146.3 million euros (2022:
borrowings issued in 2019 denominated in AUD with related exchange differences being recognised 128.1 million euros). Under the accounting policy, in that situation profitability before tax would fall
in the income statement. by the same amount.

Schiphol Group’s risk (counterparty risk) in respect of the cross-currency swap is mitigated by a cash
collateral agreement with JPMorgan, which results in a maximum net position for both parties that
depends on the parties’ credit ratings. If the credit rating of either party is reduced, the maximum
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 230

Interest-rate risk the hedging relationship as a fair value hedge. Schiphol Group shall discontinue hedge accounting
Interest-rate risk is divided into a fair value interest-rate risk and a cash flow interest-rate risk. prospectively only if the hedging relationship ceases to meet the qualifying criteria as set out in IFRS
9 Financial Instruments. Termination of the hedge is expected to occur on the bond maturity date.
Fair value interest-rate risk is the risk of fluctuations in the value of a financial instrument as a result of At the termination of the hedge, the hedging relationship shall be terminated. In the case of full
movements in the market interest rate. Schiphol Group has limited financial assets that attract a cash prepayment of the bond, any fair value hedge adjustment will go immediately to profit or loss.
flow interest-rate risk but is affected by fair value interest-rate risk on its fixed-interest borrowings.
If market interest rates fell by an average of 0.5% point, this would lead to an increase of 26 million 2023 2022
euros (0.6%) in the fair value of borrowings (2022: 29 million euros and 0.5%). An average increase
Change in fair value of derivative 1,591 4,665
of 0.5% point in market interest rates would lead to a fall of 24 million euros (0.5%) in the fair value
Change in fair value of liabilities for ineffective assessment (hedged items) (1,480) (4,500)
of borrowings (2022: 28 million euros and 0.6%). Schiphol Group’s policy is to draw at least 50% of
borrowings at fixed interest rates, if necessary by using derivatives. As at 31 December 2023, 93% of Net profit / (loss) recognised in profit or loss statement 111 164
borrowings were fixed-interest, excluding subsidiaries and associates (31 December 2022: 93%).

Credit risk
The cash flow interest-rate risk is the risk of fluctuations in the future cash flows of a financial Credit risk is the risk that one party to a financial instrument fails to fulfil its obligations,
instrument as a result of movements in market interest rates. Cash and cash equivalents, a 170 million causing the other party to suffer a financial loss. Schiphol Group’s counterparties in derivative
euros loan with the EIB and a 180 million euros fixed to floating interest rate swap attract cash flow financial instruments and liquidity transactions are restricted to financial institutions with high
interest-rate risk. creditworthiness ratings (a minimum S&P credit rating of A) and the net position for each
counterparty may not exceed 200 million euros. The maximum net position as at 31 December 2023
Schiphol Group has put in place an interest rate swap of 180 million euros to swap fixed interest rate was 146.7 million euros (200 million euros as at 31 December 2022). At year-end 2023, Schiphol
payments for floating interest rate payments. The swap mirrors the payments of Schiphol Group’s Group has a counterparty risk exposure of 75 million with AAA rating and 825 million with A rating
outstanding 2025 bond. Under the swap, Schiphol Group receives a fixed coupon and pays a floating bank facilities. The cash and cash equivalents are divided between different counterparties in order
interest rate of 3-month Euribor + a spread. The fixed coupon received under the swap is identical to meet the maximum net position per counterparty.
to the coupon paid under the 2025 bond. With this swap Schiphol Group is hedging the fair value
movements of the bond. At 31 December 2023, trade receivables amounted to 227 million euros (31 December 2022:
140 million euros), after a provision for expected credit losses of 8 million euros (31 December
The hedge is accounted for as a fair value hedge and first became effective in 2023. As market 2022: 8 million euros) and including 4.8 million euros in security deposits received (31 December
interest rates change over the term of the bond, the fair value of the bond will change. Schiphol 2022: 5.2 million euros). Expected credit losses are measured based upon all possible situations
Group applies hedge accounting to the fair value hedge relationship. Schiphol Group designated and developments that may lead to default of the debtor during the expected total lifetime of the

Notional Fair value in thousands of euros

amount
Type Counterparty Interest rate Currency (x1000) Maturity date 31 December 2023 31 December 2022

Interest rate swap ING Bank 0.00% EUR 180,000 22-4-2025 3,074 4,665
3,074 4,665
Recognised in the balance sheet under:
Non-current liabilities 3,074 4,665
Current assets / liabilities - -
3,074 4,665
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 231

receivable. This is primarily derived from a provisions matrix based on historical data on credit losses Liquidity risk
per business area. Liquidity risk is the risk that Schiphol Group will have difficulty in raising the funding required to
honour its commitments in the short term. Careful liquidity risk management means that Schiphol
Additionally, the measurement of credit losses is based on information accessible without undue Group maintains sufficient liquid resources and has access to sufficient funding in the form of
costs and effort about current developments and expectations with regard to the market and promised (and preferably committed) credit facilities and the EMTN programme. The financing
significant trading relationships. The provision covers 100% of the receivables owed by debtors that policy is also aimed at reducing the refinancing risk. See note 20 Borrowings for further information
are in bankruptcy or have applied for a suspension of payments, as well as receivables older than on available facilities. In connection with liquidity risk, Corporate Treasury manages the cash pool
one year. through which several of the subsidiaries’ bank balances are managed and netted for optimum
balance management.
Schiphol Group holds RPS in BACH and Loan Notes in TGHC. Please see note 12 Loans to associates
and joint ventures for additional information. BACH indicated that no dividends or interest will be All items below are displayed with the remaining maturity based on the date of redemption or
paid out for the 2020, 2021 and 2022 financial years as a result of the negative impact of COVID-19 settlement agreed with the counterparty. The amounts are gross and undiscounted, and include
on the airport. The dividends and interest receivable that were accrued for in terms of the agreement estimated interest payments. Schiphol Group’s policy is that no more than 25% of liabilities may have
have been paid out. There is no indication of an increase in the credit risk. TGHC has not paid out a term of less than one year. As at 31 December 2023, this figure was 6.3% (31 December 2022: 0.6%).
dividends in 2023 (1 million euros in 2022). A capital repayment to the amount of 2.8 million euros
was received on the loan notes (2022: 13 million euros). Total 2023 Contractual <= 1 year > 1 year > 1 year but > 5 years
(in thousands of euros) cash flows <= 5 years

Parties using services from Schiphol Group are first assessed for creditworthiness. Depending on the Borrowings 4,919,298 4,919,298 306,135 4,613,163 1,718,743 2,894,421
outcome of this assessment, they may be required to provide security in the form of a bank guarantee Trade payables 196,090 196,090 196,090 - - -
or deposit to limit the credit risk. As at 31 December 2023, Schiphol Group holds 38.7 million Lease liabilities 14,278 14,278 5,749 8,529 8,529 -
euros in bank guarantees and security deposits (31 December 2022: 38.6 million euros). Koninklijke Interest payable 31,664 31,664 31,664 - - -
Luchtvaartmaatschappij N.V. (KLM) has an individual balance in excess of 80.4 million euros (2022: Accruals 138,420 138,420 138,420 - - -
33 million euros). The following table provides more details on the provision for bad debt and
Total 5,299,750 5,299,750 678,059 4,621,691 1,727,272 2,894,421
ageing analysis:
Total 2022 Contractual <= 1 year > 1 year > 1 year but > 5 years
Weighted Gross (in thousands of euros) cash flows <= 5 years
average carrying Loss Carrying
(in thousands of euros) loss rate amount allowance amount Borrowings 5,350,208 5,350,209 30,912 5,319,296 1,978,255 3,341,041
Trade payables 195,033 195,033 195,033 - - -
Current (not past due) 0.0% 151,559 -27 151,532
Lease liabilities 14,856 14,856 5,465 9,392 9,392 -
1-30 days past due -0.5% 61,398 -287 61,111
Interest payable 30,196 30,196 30,196 - - -
31-60 days past due -2.5% 5,626 -140 5,486
Accruals 168,097 168,097 168,097 - - -
61-90 days past due -6.6% 2,065 -135 1,930
Total 5,758,390 5,758,391 429,702 5,328,688 1,987,647 3,341,041
91-180 days past due -24.2% 2,079 -503 1,576
181-365 days past due -46.0% 2,100 -967 1,133
>365 days past due -59.5% 10,146 -6,038 4,108
Bankruptcies -83.7% 250 -209 41
-3.5% 235,223 -8,306 226,917
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 232

Financial instruments can be classified as follows, according to the measurement policy applied: Fair value
Fair value Fair value
Amortised cost through
through equity disclosure
(in thousands of euros) Level 1 Total 2022 profit and loss
Fair value
Fair value through Fair value Borrowings 1 3,745,528 3,745,528 - - 3,109,115
(in thousands of euros) Level 1 Total 2023 Amortised cost through equity profit and loss disclosure
Borrowings 2 1,900,020 1,604,680 - 295,340 1,462,945
Borrowings 1 3,488,077 3,488,077 - - 3,137,012 Borrowings 3 - - - - -
Borrowings 2 1,608,934 1,431,221 - 177,713 1,368,813 Finance lease liabilities 2 - - - - -
Derivative Derivative
financial instruments 2 3,074 - 3,074 - 3,074 financial instruments 2 4,665 - 4,665 - 4,665
Trade payables n/a 196,090 196,090 - - 196,090 Financial liability - Share
Interest payable n/a 31,664 31,664 - - 31,664 buy back obligation 2 - - - - -

Liabilities 5,327,839 5,147,053 3,074 177,713 4,736,653 Trade payables n/a 195,033 195,033 - - 195,033
Interest payable n/a 30,196 30,196 - - 30,196

Loans to associates 2 -113,141 -113,141 - - - Liabilities 5,875,441 5,575,436 4,665 295,340 4,801,952

Other loans 2 -150 -150 - - -150

Derivative Loans to associates 2 -136,159 -136,159 - - -157,961
financial instruments 2 -7,423 - -7,423 - - Other loans 2 -150 -150 - - -150
Trade receivables n/a -226,917 -226,917 - - -226,917 Derivative
Cash and cash equivalents financial instruments 2 -32,716 - -32,716 - -
and deposits n/a -1,154,743 -1,154,743 - - -1,154,743 Other loans to associates 2 - - - - -
Assets -1,502,374 -1,494,951 -7,423 - -1,381,810 Asset held for sale 1 - - - - -
Trade receivables n/a -139,726 -139,726 - - -139,726
Total 3,825,465 3,652,101 -4,349 177,713 3,354,843 Cash and cash equivalents
1 For financial instruments that are not reported at fair value, the level of fair value hierarchy included below relates to the fair value and deposits n/a -1,730,846 -1,730,846 - - -1,730,846
disclosed for this financial instrument. Assets -2,039,596 -2,006,880 -32,716 - -2,028,682

The fair values are recalculated at the end of each reporting period. Depending on the input used, Total 3,835,845 3,568,556 -28,051 295,340 2,773,270
the established fair value falls into one of the following levels: 1 For financial instruments that are not reported at fair value, the level of fair value hierarchy included below relates to the fair value
– Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; disclosed for this financial instrument.

– Level 2: Quoted prices for similar assets and liabilities in active markets or information based on
or supported by observable market inputs;
– Level 3: Unobservable inputs used to determine the fair value of an asset or liability.

Level 2 measurements are determined using various methods and assumptions based on market
conditions on the reporting date. The fair value of these financial instruments is determined on the
basis of the present value of the projected future cash flows converted into euros at the relevant
exchange rates and the market interest rate applicable to Schiphol Group on the reporting date.

The nominal value is assumed to approximate the fair value of loans to associates, trade receivables,
cash and cash equivalents and trade payables.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 233

Capital management (in thousands of euros) 2023 2022

Schiphol Group’s long-term capital strategy and dividend policy are geared towards improving Borrowings 4,613,163 5,319,296
shareholder value, facilitating sustainable long-term growth and preserving an appropriate financial Lease liabilities 8,529 9,392
structure and sound creditworthiness. Schiphol Group uses certain financial ratios, including cash
Non-current liabilities 4,621,691 5,328,688
flow-based metrics, to capture the dynamics of capital structure, dividend policy and cash flow
generation and monitors its capital structure in line with credit rating agencies and comparable
Borrowings 306,135 30,912
best practices.
Lease liabilities 5,749 5,465
In this context, key financial ratios employed include:
Current liabilities 311,884 36,377
– Funds From Operations (FFO)/Net Debt: the FFO divided by the total debt minus cash and cash
equivalents (including deposits > 3 months)
– Net leverage: interest-bearing debt minus cash and cash equivalents (including deposits > 3 Total debt 4,933,576 5,365,065

months) divided by (underlying) EBITDA

For capital management purposes, debt consists of non-current and current liabilities as shown
– Funds From Operations (FFO) Interest Cover: the FFO plus interest charges divided by the
under ‘Total debt’. For capital management purposes, equity is equal to equity in the consolidated
interest charges
balance sheet. At 31 December 2023, equity was 3,499 million euros (31 December 2022:
3,506 million euros).
Funds From Operations
(in thousands of euros) 2023 2022

Operating result 5,878 -151,541

Depreciation and amortisation 337,661 327,042
Impairment loss 6,486 3,983
Result on disposal of investment property - -
Other result from investment property 150,595 191,632
Other non-cash changes in other receivables and liabilities 472 -16,739
Change in employee benefits and other provisions -5,178 2,504
Income tax paid -15,854 -13,138
Interest paid -79,416 -80,242
Interest received 26,777 1,809
Dividend received 18,792 1,896
Funds From Operations 446,213 267,207

‘Funds From Operations’ is calculated specifically for the purpose of determining the financial ratios
and differs from the cash flow from operations calculated in the consolidated cash flow statement
in accordance with the reporting policies, in the Consolidated statement of cash flow for the year
ended 31 December 2023. FFO is the cash flow from operating activities adjusted for operating
capital. In 2023, FFO increased from 267 million euros to 446 million euros.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 234

Other notes to the consolidated financial statements

Related party disclosures
Related parties

Related parties Nature of relationship and transactions Relevant disclosure

Management Board Management Board remuneration Related party disclosures

Supervisory Board Supervisory Board remuneration Related party disclosures
Key Management personnel Key Management personnel remuneration Related party disclosures
Schiphol Airport Retail B.V. Concession income, rent income Revenue
Employee benefits
ABP Pension contributions
Trade and other payables
Investments in associates and joint ventures
Groupe ADP All shares have been sold during November and December 2022
Issued share capital and share premium
Brisbane Airport Investments in associates and joint ventures
Associate / dividends and interest on receivable
Corporation Holdings Ltd. Loans to associates and joint ventures
Investments in associates and joint ventures
Tasmanian Gateway Holdings Corporation Pty Ltd. Joint venture / dividends and interest on receivable
Loans to associates and joint ventures
NV Holding Business Park Luchthaven Maastricht (holding of
Joint venture / dividends
Maastricht Aachen Airport) Investments in associates and joint ventures
Issued share capital and share premium
State of the Netherlands Shareholder / dividends / government grants (including NOW)
Employee benefits
Municipality of Rotterdam Shareholder / dividends Issued share capital and share premium
Municipality of Amsterdam Shareholder / dividends Issued share capital and share premium
JFKIAT Member LLC. Management contract Intangible assets
Government-related entity
Air France-KLM SA 1 Airport and passenger-related charges Management of financial risks and financial instruments
Land and property rental agreements

1 The State of the Netherlands owns 14% of the shares in Air France-KLM SA. Royal Schiphol Group and Air France-KLM are therefore regarded as related parties as both companies are government-related entities.

There are a number of subsidiaries and joint ventures in which Schiphol Group holds an interest The material related parties are included in the table above.
which results in either significant influence but no decisive control or exercising joint operational and
policy control. These subsidiaries and joint ventures are designated as related parties.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 235

Operation of the airport

In its legislative capacity, the government (State of the Netherlands) is responsible for the legislation
governing the operation of Amsterdam Airport Schiphol, which is provided for indefinitely in law in
Chapter 8, Part 4 of the Aviation Act and other legislation.

Sections 8.7 and 8.17 of the Aviation Act impose constraints on the development and use of
Amsterdam Airport Schiphol. The Airport Traffic Decree lays down rules for airport use and stipulates
limits for noise levels, air pollution and risks to public safety. The Airport Planning Decree defines
the airport zone and the restrictions governing the use of the airport and the surrounding area.
The Aviation (Supervision) Regulations define the rules concerning safety on the airport grounds.
As of July 2017, the new Aviation Act became effective, which includes changes with respect to the
consultation on and settlement of tariffs. This means that as of 2018, Schiphol set the tariffs for every
three-year period.

There are two lines of supervision on the airport operation of Amsterdam Airport Schiphol.

One line of supervision concerns preventing abuse, by the operator, of its position of economic
strength. The body responsible for this supervision is the ACM. The supervision relates to the charges
and conditions fixed by the operator pursuant to Section 8.25d of the Aviation Act to be charged to
the airport users in the subsequent year.

The other line of supervision involves the Ministry of Infrastructure and Water Management and
relates to the operation of Amsterdam Airport Schiphol, for which a licence has been granted
pursuant to Section 8.25 of the Aviation Act. The operator reports to the minister on the operation
of the airport at least once every three years, with special reference to capital expenditure that is
important to the development of the airport. The ability to foster the mainport status of the airport,
to the extent that the operator is able to influence that status, is particularly dependent on the
development of the airport infrastructure in the medium and long term.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 236

Remuneration for members of the Supervisory Board

Committees

Safety, Sustainability Capital Programme,

(x EUR 1) Remuneration Audit People & Stakeholders Operations & Investments Total 2023

J. Winter 40,769 - 5,585 5,585 - 51,939

R.J. van de Kraats 26,807 6,702 4,189 - - 37,698
S.G. Brummelhuis 26,807 - 5,585 5,585 5,585 43,562
D. Collier 26,807 6,702 - - 5,585 39,094
F. Figee 19,361 4,842 - - 1,396 25,599
E. van Galen 26,807 6,702 - 5,585 - 39,094
M.C. van der Laan 19,894 - 4,035 4,035 - 27,964
A.B.M. Olsson 13,404 - 2,792 2,792 2,792 21,780
Total 200,656 24,948 22,186 23,582 15,358 286,730

Committees

Safety, Sustainability Capital Programme,

(x EUR 1) Remuneration Audit People & Stakeholders Operations & Investments Total 2022

J. Winter 35,692 - 5,409 5,409 - 46,510

L.J. Gunning-Schepers 11,188 - 1,533 1,533 - 14,253
E. van Galen 27,694 6,924 - 5,770 - 40,387
R.J. van de Kraats 25,963 6,491 - - - 32,454
A.B.M. Olsson 25,963 - 5,409 5,409 5,409 42,190
S.G. Brummelhuis 25,963 - 5,409 5,409 5,409 42,190
D. Collier 25,963 6,491 - - 5,409 37,863
Total 178,427 19,905 17,760 23,529 16,227 255,848

All members of the Supervisory Board also receive an annual expense fee of 1,697 euros (2022: For more information on the Supervisory Board, refer to Supervisory Board.
1,643 euros) on top of the remuneration for Supervisory Board members referred to above. No
shares, share options, loans, advances or guarantees have been or will be granted to members of the
Supervisory Board.

Mr. Figee and ms. Van der Laan joined the Supervisory Board of Royal Schiphol Group on 11 April
2023. On the same date mr. Olsson stepped down after two terms.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 237

Remuneration for Management Board members Remuneration Key Management personnel

Variable Pension Pension costs Other Severance As of 1 February 2023, Schiphol Group changed the management structure of its organisation. The
(x EUR 1) Salary remuneration costs (supplementary) payments1 pay Total 2023 Management Board was transformed into a broader operational Executive Team that is responsible
for managing the company. This did not affect the statutory responsibility of the Management Board
L.M. Sondag 2 458,021 68,703 24,691 65,118 46,334 - 662,867 that is currently formed by Ruud Sondag (CEO) and Robert Carsouw (CFO). The company considers
R.J. Carsouw 389,318 58,398 24,258 40,275 43,779 - 556,028 the members of the Executive Team and the Supervisory Board to be the Key Management personnel
H.L. Buis 3 227,102 34,065 14,151 19,436 10,602 202,616 507,972 as defined in IAS 24 Related Party Disclosures.
Total 1,074,441 161,166 63,100 124,829 100,715 202,616 1,726,867
In 2023, the total remuneration costs of Key Management personnel to the members amounted
1 The stated amounts mainly concern (share of) allowances to the management board members that can be considered as to EUR 3.4 mln (2022: EUR 2.5 mln) includes the Executive Team (consisting of 6 members as of
remuneration. In a situation where such a share of an allowance can be considered as (indirect) remuneration then the share is
1 February 2023, including the members of the Management Board) and the remuneration of the
both valued and accounted for here. The method employed by the fiscal authorities is the starting point for the value stated.
2 Appointed since 1 November 2022. Initially appointed for a term of one year and extended until ultimately 29 February 2024. Supervisory Board. The 2023 remuneration of the Supervisory Board is included in salary.
3 The employment contract with Ms. Buis was terminated early 2023.

During 2022 Key Management personnel consisted of the Management Board and the Supervisory
Pension Board. The Key Management remuneration can be displayed as follows:
Variable Pension costs Other Severance
(x EUR 1) Salary
remuneration costs
(supplementary) payments1 pay Total 2022
(x EUR 1) 2023 2022
L.M. Sondag 73,934 - 5,656 10,837 8,408 - 98,835
Salary 2,429,797 1,684,894
D.A. Benschop 2 443,604 - 33,935 73,736 34,405 - 585,679
Variable Remuneration 303,532 -
R.J. Carsouw 377,064 - 31,519 39,303 37,633 - 485,520
Pension Costs 148,040 115,763
B.I. Otto 3 157,380 - 13,133 20,309 10,052 377,064 577,939
Pension Costs (supplementary) 135,552 176,515
H.L. Buis 377,064 - 31,519 32,329 15,380 - 456,293
Other Payments 197,982 105,877
Total 1,429,046 - 115,763 176,515 105,877 377,0642,204,265
Severance Pay 202,616 377,064
1 The stated amounts mainly concern (share of) allowances to the management board members that can be considered as Total 3,417,519 2,460,113
remuneration. In a situation where such a share of an allowance can be considered as (indirect) remuneration then the share is
both valued and accounted for here. The method employed by the fiscal authorities is the starting point for the value stated.
2 D.A. Benschop was President & CEO until 31 October 2022. For further details, please refer to Management Board remuneration.
3 B.I. Otto was Membger of the Management Board & COO until 31 May 2022.

The remuneration of Management Board members is disclosed in accordance with Section 2:383c of
the Dutch Civil Code. Periodic remuneration comprises the total of gross salary and holiday pay.

Based on the Supervisory Board's assessment of the extent to which the targets were achieved, the
short-term incentives as presented in the table above have been charged to the result for 2023. The
total variable remuneration for the Management Board over the year 2023 is determined to be 15%
of the respective members' fixed salaries.

Mr. Sondag was appointed as President & CEO as of 1 November 2022 for an initial term of one year.
At the request of the Supervisory Board, it was decided to extend Mr. Sondag’s interim period until
ultimately 29 February 2024.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 238

Subsidiaries
Direct / indirect The abridged balance sheet for the minority interest in Eindhoven Airport N.V. excluding the interests
Registered in interest in % of Schiphol Group is presented below.

Schiphol Nederland B.V. 1 Schiphol 100.00

(in thousands of euros) 2023 2022
Schiphol Australia Pty Ltd Schiphol 100.00
Schiphol North America Holding Inc. Delaware 100.00 Assets
Eindhoven Airport N.V. Eindhoven 51.00 Non-current assets 56,844 55,816
N.V. Luchthaven Lelystad 1 Lelystad 100.00 Current assets 21,329 10,296
Luchthaven Lelystad Vastgoed B.V. 1 Lelystad 100.00 78,173 66,112
Schiphol USA Inc. New York 100.00 Equity and liabilities
Rotterdam Airport B.V. 1 Rotterdam 100.00 Total equity 65,086 58,478
Rotterdam Airport Holding B.V. 1 Rotterdam 100.00 Non-current liabilities 39 246
Rotterdam Airport Vastgoed B.V. 1 Rotterdam 100.00 Current liabilities 13,048 7,389
Schiphol International B.V. Schiphol 100.00 78,173 66,112
Schiphol Commercial B.V. 1 Schiphol 100.00
Airport Real Estate Management B.V. 1 Schiphol 100.00
The abridged income statement for this company:
Avioport Srl Lonate Pozzolo 100.00
Schiphol Telematics B.V. 1 Schiphol 100.00
(in thousands of euros) 2023 2022

1 Article 403 of the NCC is applied.

Revenue 42,589 39,126
Other income and results from investment property -136 -46
The list includes the significant subsidiaries to Schiphol Group that are consolidated. The full list has
been registered with the Chamber of Commerce. 42,453 39,081

Total operating expenses 29,751 26,694

Operating profit 12,702 12,386

Financial income and expenses -128 -332

Profit before tax 12,574 12,054

Corporate income tax 3,222 3,092

Profit for the year 9,352 8,962
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 239

Events after the balance sheet date

Acquisition of airport retailer Kappé
On 18 January 2024 Schiphol Group acquired 100% of the issued share capital of airport retailer
Kappé Logistics B.V. and Kappé Nederland B.V. with effective date 1 January 2024. The results for
Kappé will be included in the consolidated numbers of Schiphol Group as of the effective date.

Kappé sells perfumes, cosmetics, sunglasses and pharmacy products in fifteen shops at Schiphol
Amsterdam Airport. With this acquisition, Schiphol wants to further develop the business, continue
to invest in these shops and look to the future with new stores and concepts. Continuity for
the shops and for employees is key. Furthermore, Schiphol is focusing on the already initiated
professionalisation of Kappé and the cooperation with commercial partners. In the long term, the
acquisition will allow Schiphol Amsterdam Airport to flexibly allocate the available square metres,
with room for innovation and an improved shopping experience for passengers.

The purchase consideration amounted to 50 - 52 million euros and consists of cash paid. The
purchase price allocation has yet to take place given the closing accounts are still under preparation.
It is expected that the majority of the excess purchase consideration will either result in goodwill or
contract related assets.

Lelystad airport
On the 30th of January 2024 the majority of the Dutch Parliament voted against the opening of
Lelystad airport for commercial flights. This is, however, not a decision. When a decision against
opening of Lelystad becomes irreversible it will have a significant impact on amongst others the
carrying amount of Property, Plant and Equipment of Lelystad airport.

Other
There are no other reportable events after the balance sheet date.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 240

Company income statement for the year ended 31 December 2023

(in thousands of euros) note 2023 2022

Revenue - -

Cost of outsourced work and other external costs 45 50

Employee benefits expense 1,509 2,249
Other operating expenses 401 664
Total operating expenses 1,955 2,963

Operating profit -1,955 -2,963

Financial income and expenses -24,152 -523

Share in results of associates and joint ventures 27 - -

Share in results of subsidiaries 27 33,156 -90,909
Result before tax 7,049 -94,395

Income tax expense 32 5,657 8,139

Result attributable to shareholders (net result) 12,706 -86,256
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 241

Company balance sheet as at 31 December 2023

(in thousands of euros) Note 31 December 2023 31 December 2022 (in thousands of euros) Note 31 December 2023 31 December 2022

Assets Equity and liabilities

Investments in subsidiaries 27 3,787,425 3,777,330 Issued share capital 84,511 84,511

Investments in associates 27 - - Share premium 362,811 362,811
Derivatives 26 7,423 32,716 Treasury shares -420,320 -420,320
Deferred tax assets 32 - 15,743 Retained profits 2,620,567 2,618,741
Non-current assets 3,794,848 3,825,789 Other reserves -23,229 3,436
Revaluation reserve 474,828 587,497
Receivables 28 6,852,991 6,782,703 Other statutory reserves 321,575 296,988
Cash and cash equivalents 28 1,186 2,124 Net result of the year 12,706 -86,256
Current assets 6,854,177 6,784,827 Shareholders' equity 29 3,433,449 3,447,408

Total assets 10,649,025 10,610,616 Deferred tax liabilities 32 2,348 1,448

Loans and borrowings - EMTN programme 22 4,013,428 4,412,193
Derivatives 26 3,074 4,665
Non-current liabilities 4,018,850 4,418,306

Current liabilities 31 3,196,726 2,744,902

Current liabilities 3,196,726 2,744,902

Total liabilities 7,215,576 7,163,208

Total equity and liabilities 10,649,025 10,610,616

 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 242

Notes to the company financial statements

Accounting policies The other statutory reserves comprise the reserve for intangible assets and the reserve for
investments in associates and joint ventures.
The company financial statements have been prepared in accordance with the statutory provisions
of Title 9, Book 2 of the Dutch Civil Code, exercising the option in Section 2:362(8) of the Dutch The reserve for intangible assets (Section 2:365(2) of the Dutch Civil Code) is maintained in
Civil Code to apply the same accounting policies for the company. The consolidated financial connection with research and development costs (software) capitalised by companies forming part
statements have been prepared in accordance with International Financial Reporting Standards of Schiphol Group.
(IFRS) as endorsed by the European Union (EU).
The legal reserve for participating interests (Section 2:389(6) of the Dutch Civil Code) is formed for
The accounting policies for the company financial statements are the same as those for the the share in the positive results of the entities concerned and in fair value gains recognised directly in
consolidated financial statements. Where no specific policies are mentioned, see the accounting equity. Amounts are not recognised in respect of entities whose cumulative results are not positive.
policies for the consolidated financial statements. Royal Schiphol Group N.V. is registered at the The reserve is reduced by the amount of dividend distributions, fair value losses recognised directly
Chamber of Commerce under number 34029174. in equity and any distributions which Schiphol Group would be able to effect without restriction.

Subsidiaries Equity in the consolidated balance sheet comprises an exchange differences reserve, an other
Companies over which Royal Schiphol Group N.V. is able to exercise control or which Royal Schiphol financial interests reserve and a hedging transactions reserve. These reserves (recognised collectively
Group N.V. effectively manages are stated at net asset value determined by measuring the assets, in the company financial statements under ‘Other reserves’) are also presented as part of company
provisions and liabilities and results according to the policies applied in preparing the consolidated equity since they similarly restrict the ability to distribute the reserves.
financial statements. If the share of losses attributable to Royal Schiphol Group N.V. exceeds the
carrying amount of a subsidiary, losses over and above that amount are not recognised unless Royal Notes to the company balance sheet and income statement
Schiphol Group N.V. has given guarantees to the entity concerned or other commitments have been Where the notes to the company balance sheet and income statement are not materially different
entered into or payments have been made on behalf of that entity. In that case, a provision is made from the notes to the consolidated balance sheet and income statement, they have not been
for the consequent liabilities. Results on transactions with subsidiaries are eliminated in proportion repeated. See the notes to the consolidated balance sheet and statement of income for the items
to the interest in the entities concerned, except where the results arise on transactions with third concerned. This also applies to the disclosures on contingent assets and liabilities in note 25 as well
parties. Losses are not eliminated if there are indications of impairment of the assets concerned. as management of financial risks and financial instrument in note 26.

Elements of equity Fiscal unity

Various statutory reserves are maintained in the company balance sheet and form part of the Together with part of the subsidiaries, Royal Schiphol Group N.V. forms a fiscal unity for corporate
retained profits in the consolidated balance sheet. These reserves restrict the ability to distribute income tax and VAT purposes. As such, each of the entities within the fiscal unity is jointly and
the equity. They are the reserve for property revaluations and the reserves for intangible assets and severally liable for the tax debt of the fiscal unity.
for investments in associates and joint ventures. The latter two reserves have been combined under
other statutory reserves.

The revaluation reserve (Section 2:390(1) of the Dutch Civil Code) is maintained for unrealised fair
value gains on individual items of investment property (land and buildings) held by companies
forming part of Schiphol Group. Additions to this reserve are made through the profit appropriation,
after allowing for corporate income tax. On the sale of investment property, the amount of the
revaluation reserve for the property in question is transferred to other reserves.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 243

27. Non-current assets 28. Current assets

Movement of subsidiaries and associates were as follows: Cash and cash equivalents are freely available. Receivables, cash and cash equivalents are included
at fair value, which is usually face value.
(in thousands of euros) Subsidiaries Associates Total
(in thousands of euros) 2,023 2022
Carrying amount as at
1 January 2022 3,840,205 0 3,840,205
Group companies balances 6,852,991 6,782,703
Movements in 2022 6,852,991 6,782,703
Result for the year -90,909 - -90,909
OCI Movement 21,528 - 21,528
Translation differences -817 - -817
Changes in the hedging
transactions reserve 7,283 - 7,283
Other movements 40 - 40
-62,875 - -62,875

Carrying amount as at
31 December 2022 3,777,330 - 3,777,330

Movements in 2023
Result for the year 33,156 - 33,156
OCI Movement -4,230 - -4,230
Translation differences -11,425 - -11,425
Changes in the hedging
transactions reserve 6,228 - 6,228
Other movements -13,634 - -13,634
10,095 - 10,095

Carrying amount as at
31 December 2023 3,787,425 - 3,787,425

Subsidiaries are the wholly-owned subsidiaries of Schiphol Nederland B.V. or Schiphol International
B.V., with the exception of Eindhoven Airport N.V. Section 2:403 of the Dutch Civil Code applies to
Schiphol Nederland B.V.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 244

29. Shareholders' equity

Net Result
Issued Revaluation Other Financial
(in thousands of euros) share capital Share premium Treasury shares Retained profits Other reserves reserve statutory reserves Year Total

Carrying amount as at 1 January 2022 84,511 362,811 - 1,765,688 -48,907 981,781 230,766 104,671 3,481,321

Movements in 2022
Appropriation of result for previous year - - - 104,671 - - - -104,671 -
Distribution of dividend - - - - - - - - -
Exchange differences - - - - -817 - - - -817
Movements in hedge reserve - - - - 26,223 - - - 26,223
Net result - - - - - - - -86,256 -86,256
Addition statutory reserves - - - 328,063 - -394,284 66,221 - -
Other comprehensive income from associates - - -420,320 420,320 21,528 - - - 21,528
Actuarial gains and revaluations after taxation - - - - 5,409 - - - 5,409
Total movements in the year - - -420,320 853,054 52,343 -394,284 66,221 -190,927 -33,913

Carrying amount as at 31 December 2022 84,511 362,811 -420,320 2,618,741 3,436 587,497 296,986 -86,256 3,447,408

Movements in 2023
Appropriation of result for previous year - - - -86,256 - - - 86,256 -0
Distribution of dividend - - - - - - - - -
Exchange differences - - - - -11,425 - - - -11,425
Movements in hedge reserve - - - - -6,922 - - - -6,922
Net result - - - - - - - 12,706 12,706
Addition statutory reserves - - - 88,080 - -112,669 24,589 - 0
Other - - - - - - - - -
Other comprehensive income from associates - - - - -4,230 - - - -4,230
Actuarial gains and revaluations after taxation - - - - -4,088 - - - -4,088
Total movements in the year - - - 1,824 -26,665 -112,669 24,589 98,962 -13,959

Carrying amount as at 31 December 2023 84,511 362,811 -420,320 2,620,567 -23,229 474,828 321,575 12,706 3,433,449
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 245

The other statutory reserves comprise the reserve for intangible assets and the reserve for 32. Income taxes
investments in associates.
This note contains details on items in the company-only financial statements with regard to income
Given the legal obligation to recognise a Revaluation reserve and Other Statutory reserves, an tax, being income tax recognised in the statement of income, deferred taxes recognised in the
amount of 88 million euros was added to Retained profits (2022: 328 million euros added) and Other statement of financial position and current tax positions in the statement of financial position.
Statutory Reserves and subtracted from the Revaluation reserve in 2023.
(in thousands of euros) 2023 2022
Proposed result appropriation
No dividends will be paid out for the 2023 and 2022 financial years. Result before tax 7,049 -94,395

Income tax calculated at the domestic

30. Employee benefits tax rate 1,819 25.8% -24,354 25.8%

The liabilities for employee benefits relate to the Management Board of Royal Schiphol Group N.V.
Share in results of associates and
and concern the net liabilities in respect of the short-term incentives. See the notes on Remuneration
joint ventures - 0.0% - 0.0%
for Management Board members in the consolidated financial statements for further details.
Share in results of subsidiaries -8,554 -121.4% 32,016 -33.9%
Changes in corporate income tax rate
31. Current liabilities Participation exemption on results from
financial asset and liability (Groupe ADP) - 0.0% -15,801 16.7%
(in thousands of euros) 2023 2022 Other (includes non-deductible expenses) 1,079 15.3%
Group companies 3,172,685 2,723,064 Income tax expense in income
Accruals 24,041 21,838 statement (effective) -5,657 -80.2% -8,139 8.6%

3,196,726 2,744,902 The 2022 deferred tax asset in 2022 amounting to 15.7 million euros relates to unutilised tax losses
(due to company operating losses). This deferred tax asset is within the group reclassified to Schiphol
See note 3 Outsourcing and other external costs to the consolidated financial statements for a Nederland in which the total deferred tax position relating to the tax loss carry forward of the Dutch
breakdown of auditor's fees. fiscal unity is reported. The deferred tax liability amounts to 2.3 million euros (2022: 1.4 million euros)
and relates to erivatives.

Please refer to the consolidated tax note for a detailed description (note 10 Income taxes).
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 246

Schiphol, 15 February 2024 For the company financial statements 2023:

Supervisory Board Management Board

J. Winter, Chair L.M. Sondag
President & Chief Executive Officer
R.J. van de Kraats, Vice Chair
R.J. Carsouw
S.G. Brummelhuis Chief Financial Officer

D. Collier

C. Figee

E. van Galen

M.C. van der Laan

 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 247

Other Information

Proposed result appropriation

Article 26 of the company’s Articles of Association contains the following provisions on
profit appropriation:

1. Without prejudice to the provisions of Section 2:105 of the Dutch Civil Code, the profit according
to the financial statements prepared by the Management Board shall be added to the reserves unless
the General Meeting of Shareholders resolves to make profit distributions according to a proposal
by the Management Board approved by the Supervisory Board.

2. The General Meeting of Shareholders shall decide the appropriation of the amounts thus reserved
according to a proposal by the Management Board approved by the Supervisory Board.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 248

Independent auditor's report

To: the General Meeting and the Supervisory Board of Royal Schiphol Group N.V.

Report on the audit of the financial statements 2023 included in the Annual Report

Our opinion
In our opinion: The company financial statements comprise:

— the accompanying consolidated financial statements give a true and fair view of the financial 1. the company balance sheet as 31 December 2023;
position of Royal Schiphol Group N.V. as at 31 December 2023 and of its result and its cash 2. the company income statement for the year ended 31 December 2023; and
flows for the year then ended, in accordance with IFRS Accounting Standards as endorsed 3. the notes comprising a summary of the accounting policies and other explanatory
by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code; information.
— the accompanying company financial statements give a true and fair view of the financial
position of Royal Schiphol Group N.V. as at 31 December 2023 and of its result for the year Basis for our opinion
then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our
responsibilities under those standards are further described in the ‘Our responsibilities for the audit of
What we have audited the financial statements’ section of our report.
We have audited the financial statements 2023 of Royal Schiphol Group N.V. (‘Schiphol’ or ‘the We are independent of Schiphol in accordance with the ‘Verordening inzake de onafhankelijkheid van
Company’) based in Schiphol. The financial statements include the consolidated financial statements accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation
and the company financial statements. with respect to independence) and other relevant independence regulations in the Netherlands.
Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA,
The consolidated financial statements comprise: Dutch Code of Ethics).
1. the consolidated statement of financial position as at 31 December 2023; We designed our audit procedures in the context of our audit of the financial statements as a whole
2. the following consolidated statements for the year ended 31 December 2023: the statements and in forming our opinion thereon. The information in respect of going concern, fraud and non-
of income, comprehensive income, changes in equity and cash flow; and compliance with laws and regulations, climate-related risks and the key audit matters was addressed in
this context, and we do not provide a separate opinion or conclusion on these matters.
3. the notes comprising material accounting policy information and other explanatory
information. We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 249

Information in support of our opinion Materiality

Based on our professional judgement we determined the materiality for the financial statements as a
Summary whole at EUR 15 million (2022: EUR 11 million). The materiality is determined with reference to the
revenues for the year 2023, of which it represents 0.8%. We consider revenues as the most
Materiality appropriate benchmark because of the volatility in result before tax over the past years.

• Materiality of EUR 15 million Materiality significantly changed compared to last year when we used the average consolidated
• 0.8% of Revenue for the year 2023 revenue over the 5-year period 2018-2022 as benchmark, as the revenues for the year 2022 were still
partially impacted by the COVID-19 related travel restrictions. The revenues for the year 2023 are no
longer impacted by this and represent the revenues of the normal, continuing operations of the
Group audit Company. Therefore we determine it appropriate to base our materiality on the revenues for the year
2023 instead of an average over multiple years. We have also taken into account misstatements and/or
• Audit coverage of 93% of total assets possible misstatements that in our opinion are material for the users of the financial statements for
• Audit coverage of 93% of revenue qualitative reasons.

We agreed with the Supervisory Board that misstatements identified during our audit in excess of
EUR 0.75 million would be reported to them, as well as smaller misstatements that in our view must be
Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate risks
reported on qualitative grounds.
• Fraud risks: we identified the presumed risk of management override of controls and risk on
tendering and contracting of operational assets and further described these in the section
‘Audit response to the risk of fraud and non-compliance with laws and regulations’. Our audit
procedures did not reveal indications and/or reasonable suspicion of fraud that are considered Scope of the group audit
material for our audit. Schiphol is at the head of a group of components. The financial information of this group is included in
• Non-compliance with laws and regulations (NOCLAR) risks: no reportable risk of material the financial statements of Schiphol.
misstatements related to NOCLAR risks identified.
Our group audit mainly focused on component Amsterdam Airport Schiphol, with significant activities
• Going concern risks: no risks identified on the use of the going concern basis by management. within the business areas Aviation and Schiphol Commercial for which we have performed audit
• Climate-related risks: no risk of material misstatement for the financial statements identified. procedures ourselves.
We have made use of the work of another auditor for a selected foreign activity, being the investment
in the associate Brisbane Airport Corporation Holdings Ltd., within the business area Alliances &
Key audit matters Participations. We have prepared instructions with procedures to be performed and evaluated the
• Valuation of investment in Hobart Airport outcome of the procedures performed by the other auditor including a review of the findings reported to
us.
• Valuation of investment property
For other group entities, including the activities at Hobart International Airport Pty. Ltd., Terminal 4 of
• Revenue from regulated airport charges
JFK IAT, Eindhoven Airport, Lelystad Airport and Rotterdam The Hague Airport, we performed specific
audit procedures ourselves. For the residual population not in scope we performed analytical
procedures in order to corroborate that our scoping remained appropriate throughout the audit.
By performing the procedures mentioned above at group components, together with additional
procedures at group level, we have been able to obtain sufficient and appropriate audit evidence about
the group’s financial information to provide an opinion about the financial statements.

2
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 250

The audit coverage as stated in the section summary can be further specified as follows: Management override of controls (a presumed risk)
Total assets Risk
Management is in a unique position to manipulate accounting records and prepare fraudulent

89%
Audit of the complete
1%
Audit of specific
4%
Specified audit
financial statements by overriding controls that otherwise appear to be operating effectively.

Our response
reporting package procedures
—
items
We evaluated the design and the implementation of internal controls that mitigate fraud risks,
such as processes related to journal entries. In case of internal control deficiencies, where we
Revenue considered there would be opportunity for fraud, we performed supplemental detailed risk-
based testing.
—
93% 0% 0%
We performed a data analysis of high-risk journal entries intended to identify unusual
combinations of accounts from CAPEX with a direct impact on the operating result. Where we
identified instances of these journal entries or other risks through our data analytics, we
Audit of the complete Audit of specific Specified audit
reporting package items procedures performed additional audit procedures to address each identified risk, including testing of
transactions back to source information.
— We evaluated key estimates and judgments for potential bias by management, including
Audit response to the risk of fraud and non-compliance with laws and regulations retrospective reviews of prior years’ estimates, such as for the key audit matters ‘Valuation of
In chapter ‘Risk management’ of the ‘Governance’ section of the Annual Report, the Management investment in Hobart Airport’ and ‘Valuation of investment property’.
Board describes its procedures in respect of the risk of fraud and non-compliance with laws and — We incorporated elements of unpredictability in our audit, including in our asset verification
regulations. The Supervisory Board reflects on this assessment. procedures, challenging of different inputs of the impairment models, in testing completeness
of the flight database and by performing data analytics on the revenue-to-cash cycle.
As part of our audit, we have gained insights into Schiphol and its business environment and
Schiphol’s risk management in relation to fraud and non-compliance. Our procedures included, among
other things, assessing Schiphol’s (supplier) code of conduct, integrity reports and its procedures to
investigate indications of possible fraud and non-compliance, publicly held information in relation to
negative publicity, correspondence with supervisory authorities and regulators, legal confirmation
letters and other positions (‘nevenfuncties’) held by the Management Board and Supervisory Board
members. Furthermore, we performed relevant inquiries with the Management Board, Supervisory
Board and other relevant functions, such as Corporate Risk and Audit Services, the Compliance &
Ethics Officer and the Legal Counsel.
As a result from our risk assessment, we identified the following laws and regulations as those most
likely to have a material effect on the financial statements in case of non-compliance:
• Dutch Aviation Act;
• European tendering regulation;
• Environmental regulation.
We rebutted the presumed fraud risk on revenue recognition, because of the lower complexity and
absence of judgment in accounting for all revenues and the involvement of third parties in the revenue
processes.
Based on the above and on the auditing standards, we identified the following fraud risks that are
relevant to our audit and responded as follows:
3
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Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 251

Tendering and contracting of operational assets The outcome of our risk assessment procedures did not give reason to perform additional audit
procedures on management’s going concern assessment.
Risk
Potential conflicts of interest when awarding major contracts or when deciding on scope changes Audit response to climate-related risks
regarding operational assets. Schiphol has set out its ambition in which their operations will be zero-emission and zero-waste by
2030 and to function as an energy-positive and fully circular organisation by 2050 in the section ‘Our
Our response
Why, ambition and strategy’ in the Annual Report, including its eight-point plan towards a quieter,
cleaner and better Schiphol. Further, in section ‘Quality of Life’ in the Annual Report, Schiphol
— We evaluated the design and implementation of internal controls related to the awarding of describes its commitment to reaching the targets set out in the Paris climate agreement, which are
contracts and scope changes and controls designed to ensure adherence to EU tender translated into the 2019 Klimaatakkoord ('Dutch Climate Agreement').
requirements. We also evaluated the controls around project risk management, including
segregation of duties, and project progress assessment. Management has updated its detailed risk assessment, against the background of Schiphol’s business
and operations and position in the aviation sector, how climate-related risks and opportunities and
— We performed test of details on a selection of predefined high value scope changes and Schiphol’s own ambitions could have a significant impact on its business and could impose the need to
variation orders (to the extent applicable). adapt its strategy and operations (climate adaptation). Management has considered the impact of both
— We assessed the developments in the ongoing discussion and legal procedures regarding the
transition and physical risks on the financial statements in accordance with the applicable financial
reporting framework, for example on assets used for operating activities, such as runways and
termination of the contract with the previous main contractor of the A-Pier to evaluate the
baggage cellars.
completeness of provisions, if any, and the appropriateness of the related disclosures.
Management prepared the financial statements, including considering whether the implications from
Our evaluation of procedures performed related to fraud and non-compliance with laws and regulations climate-related risks and ambitions have been appropriately accounted for and disclosed.
did not result in a key audit matter. As part of our audit we performed a risk assessment of the impact of climate-related risk and
We communicated our risk assessment, audit responses and results to the Management Board and the Schiphol’s ambitions in respect of climate change on the financial statements and our audit approach.
Supervisory Board. Our audit procedures did not reveal indications and/or reasonable suspicion of fraud In doing this we:
and non-compliance that are considered material for our audit.
• assessed management’s assessment and made inquiries of management and the Audit
Committee of the Supervisory Board. We obtained an understanding of the assessment
Audit response to going concern against the background of Schiphol’s business and position in the aviation sector and of the
potential impact of climate-related risk and opportunities on Schiphol’s financial statements
The Management Board has performed its going concern assessment as included on page 174 of the
and Schiphol's preparedness for this;
financial statements and has not identified any going concern risks. Our main procedures to assess the
Management Board’s assessment were: • evaluated potential climate-related fraud risk factors such as the CO² TPI impacting the
variable remuneration of the Management Board and have not identified climate-related
• we considered whether the Management Board’s assessment of the going concern risks
fraud risks for the financial statements 2023;
includes all relevant information of which we are aware as a result of our audit;
• made use of KPMG climate risk experts to assist in understanding how climate-related risks
• we analysed Schiphol’s financial position as at year-end and compared it to the previous
and opportunities may affect the entity and its accounting in the financial statements 2023.
financial year in terms of indicators that could identify going concern risks;
• we inquired with the Management Board on the key assumptions and principles underlying Based on the risk assessment procedures performed above we found that climate-related risks have
no material impact on the current financial statements under the requirements of EU-IFRS and no
the Management Board’s assessment of going concern risks;
material impact on our key audit matters.
• we inspected the financing agreements in terms of conditions that could lead to going
Furthermore we have read the ‘Other information’ in the Annual Report with respect to climate-related
concern risks, including the term of the agreements and any covenants;
risks and considered whether such information contains material inconsistencies with the financial
• we analysed whether the headroom of the ratios included in the financing agreements is statements or our knowledge obtained through the audit, in particular as described above and our
sufficient or if it gives rise to the risk of the covenants in the financing agreements being knowledge obtained otherwise.
breached.

4
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 252

Our key audit matters

Our observation
Key audit matters are those matters that, in our professional judgement, were of most significance in
We found management’s assumptions and aforementioned disclosures to be acceptable.
our audit of the financial statements. We have communicated the key audit matters to the Supervisory
Board. The key audit matters are not a comprehensive reflection of all matters discussed.
Compared to last year the key audit matter ‘Financial consequences of the operational disruption at Valuation of investment property
Amsterdam Schiphol Airport’ is no longer included, as the airport showed significant operational
performance improvements during 2023, cost compensation agreements have been concluded Description
regarding the 2022 financial year and no litigations are currently ongoing.
Valuation of investment property is a key audit matter due to the significant value of investment
In addition, the key audit matter ‘Valuation of investment in Amsterdam Airport Schiphol’ is no longer property and the extent of estimation uncertainty. Investment property is measured at fair value and
included as in the 2022 financial year it was concluded that sufficient headroom is present, also taking comprises 17% of consolidated total assets. As disclosed in note 2 to the financial statements, the
into account a possible lower cap on the number of flights at Amsterdam Airport Schiphol. unrealised result from revaluation of investment property in the year 2023 amounts to EUR 151
million negative.
The valuation of investment property is complex, contains estimation uncertainty and involves
Valuation of investment in Hobart Airport significant management judgement. Schiphol engages independent external appraisers for the
determination of the value of investment property, as also explained in note 2 to the financial
Description statements. Valuations significantly depend on estimates and assumptions with respect to future
cash flows and the risks therein as disclosed in note 9 to the financial statements. For valuation of
Schiphol has several equity stakes in international airports. The valuation of Hobart Airport based
land, Schiphol uses an internally developed valuation model, in addition to engaging external
on IAS 36 is considered to be significant in our audit due to the timing of the acquisition just before
appraisers.
the outbreak of COVID-19 in October 2019, an ambitious long-term forecast and increasing
discount rates. Therefore it is considered to contain a significant risk of error due to a relative high Our response
goodwill value.
Impairment assessment requires judgements and estimates towards future results of business Our testing procedures included:
including key assumptions like discount rate, growth rate etc. The accurate valuation of assets is
considered to be a key audit matter as the amount involved is significant and management — We evaluated the design and implementation of internal controls within the valuation process.
judgement is inherent in an impairment test.
— We evaluated the capabilities, objectivity and professional competence of the external
Our response appraisers engaged by Schiphol. Furthermore, we assessed the valuation analysis prepared
by Schiphol and the calculations provided by the independent external appraisers for the
Our testing procedures included: determination of the fair value of investment property.
— We evaluated the design and implementation of internal controls on the impairment testing — We tested the accuracy and completeness of relevant input data.
process.
— We engaged our own valuation specialists to assess the appropriateness of the valuation
— We assessed the internal valuation methodology and calculations from Schiphol management. methodologies applied and the reasonableness of assumptions made by management.
Furthermore, we tested the internal valuation model used for the valuation of land positions.
— We involved our own valuation specialists to assess the valuation methodologies applied and
assess the reasonableness of market assumptions made by management, such as discount
rates used.
— We assessed the potential risk of management bias and evaluated the adequacy of the
disclosure on the valuation of investment property as set forth in note 9.
— We verified accuracy and completeness of key input data. We evaluated the assumptions in
respect of projected available future cash flows from operating, financing and investing Our observation
activities. We performed sensitivity analyses on key variables in the base case cash flow
model to understand the impact of changes in certain assumptions Based on our procedures, we consider that the valuation of investment property as applied by
Schiphol is balanced and appropriate for inclusion in the financial statements. The disclosures on
— We assessed the potential risk of management bias and evaluated the adequacy of the the valuation of investment property, as included in note 9 to the financial statements, meet the
disclosure of the impairment analysis as set forth in note 11. requirements of IAS 40.

5
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 253

Revenue from regulated airport charges Report on the other information included in the Annual Report
In addition to the financial statements and our auditor’s report thereon, the Annual Report contains
Description
other information.
The airport charges for Amsterdam Airport Schiphol are regulated and represent 58% of revenue.
Based on the following procedures performed, we conclude that the other information:
Schiphol publishes the tariffs and conditions on its website annually after consultation with the
aviation sector. Schiphol is partly dependent on airlines for the accuracy of passenger data
(numbers and their composition, where the distinction between departing local passengers and
— is consistent with the financial statements and does not contain material misstatements; and
transfer passengers affects the tariff to be used).
The risk of material misstatement in the revenue from regulated airport charges as a result of an
— contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the
management report and other information.
incorrect classification of passengers in accordance with the Company’s revenue recognition
policies is considered a key audit matter due to the significance of revenue to the financial We have read the other information. Based on our knowledge and understanding obtained through our
statements. audit of the financial statements or otherwise, we have considered whether the other information
contains material misstatements.
Our response
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch
Our testing procedures included: Civil Code and the Dutch Standard 720. The scope of the procedures performed is less than the scope
of those performed in our audit of the financial statements.
— We evaluated the design, implementation and operating effectiveness of internal controls
related to the completeness of registrations of passenger numbers and their composition, as The Management Board is responsible for the preparation of the other information, including the
obtained from third parties, and evaluated the design and implementation of internal controls information as required by Part 9 of Book 2 of the Dutch Civil Code.
on the tariffs used.
— We carried out substantive audit procedures consisting of analytical analyses of airport Report on other legal and regulatory requirements
charges, including a trend analysis on the amount of passenger-related fees per period. We
performed a number of detailed tests on the source data used for this analysis, such as flight Engagement
movements and passenger numbers per flight.
We were initially appointed by the General Meeting as auditor of Royal Schiphol Group N.V. on 10
— We used data analytics to determine that revenue from airport charges, via accounts February 2014, as of the audit for the year 2014 and have operated as statutory auditor ever since that
receivable, leads to cash receipts. For accounts receivable at the balance sheet date, we also financial year.
assessed this based on subsequent cash receipts.
No prohibited non-audit services
Our observation
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation
We found Schiphol’s revenue recognition to be appropriately applied based on the classification of on specific requirements regarding statutory audits of public-interest entities.
the passengers.

6
 Consolidated Notes to the consolidated Company Notes to the company
Contents financial statements financial statements financial statements financial statements Royal Schiphol Group - 2023 Annual Report 254

Description of responsibilities regarding the financial statements

Responsibilities of the Management Board and the Supervisory Board for the
financial statements
The Management Board is responsible for the preparation and fair presentation of the financial
statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the
Management Board is responsible for such internal control as management determines is necessary to
enable the preparation of the financial statements that are free from material misstatement, whether
due to fraud or error. In that respect the Management Board, under supervision of the Supervisory
Board, is responsible for the prevention and detection of fraud and non-compliance with laws and
regulations, including determining measures to resolve the consequences of it and to prevent
recurrence.
As part of the preparation of the financial statements, the Management Board is responsible for
assessing the Company’s ability to continue as a going concern. Based on the financial reporting
frameworks mentioned, the Management Board should prepare the financial statements using the
going concern basis of accounting unless the Management Board either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so. The Management Board
should disclose events and circumstances that may cast significant doubt on the company’s ability to
continue as a going concern in the financial statements.
The Supervisory Board is responsible for overseeing the Company’s financial reporting process.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit engagement in a manner that allows us to obtain
sufficient and appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may
not detect all material errors and fraud during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements. The materiality affects the nature, timing and extent of our audit
procedures and the evaluation of the effect of identified misstatements on our opinion.
A further description of our responsibilities for the audit of the financial statements is located at the
website of de ‘Koninklijke Nederlandse Beroepsorganisatie van Accountants’ (NBA, Royal Netherlands
Institute of Chartered Accountants) at eng_oob_01.pdf (nba.nl). This description forms part of our
auditor’s report.
The Hague, 15 February 2024
KPMG Accountants N.V.
R.R.J. Smeets RA

7
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 255

Supplementary
information

Lucie van der Lely, apron employee for handling

company Viggo:
‘Ground Power Units are needed on the apron to
supply parked planes with electricity. Fortunately,
more and more of these generators run on electricity
rather than diesel. That means fewer emissions and
a cleaner work environment. And starting up is no
longer necessary; just plug in and go.’
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 256

Historical summary
(in millions of euros, unless
otherwise indicated) 2023 2022 2021 20201 2019 2018 2017 2016 2015 2014

Profit and loss account

Revenue 1,852 1,491 816 688 1,615 1,509 1,458 1,435 1,423 1,438
Other results from investment property -151 -192 69 -64 113 107 80 71 117 35
Total operating revenue 1,701 1,299 885 624 1,728 1,616 1,538 1,506 1,540 1,473
Total operating expenses
before depreciation, amortisation
and impairment -1,351 -1,119 -732 -830 -1,039 -981 -916 -848 -804 -838
EBITDA 350 179 154 -206 689 635 622 658 735 635
Depreciation, amortisation
and impairment -344 -331 -299 -324 -294 -267 -264 -238 -230 -232
Operating result 6 -152 -145 -530 395 368 359 420 505 403
Financial income and expenses 2 -16 185 -92 -84 -90 -86 -91 -89 -86
Taxation, share in operating result of
associates and minority interests 14 91 64 55 51 8 12 -18 -38 -43
Result on ordinary activities
after tax 22 -77 104 -568 362 286 286 311 378 274
Minority interests 9 9 -1 -5 7 7 6 5 4 2
Net result 13 -86 105 -563 355 279 280 306 374 272

Balance sheet
Non-current assets 7,723 7,585 7,512 7,852 7,446 6,512 6,040 5,818 5,646 5,413
Current assets 1,531 2,019 2,378 1,428 350 861 615 608 759 415
Total assets 9,254 9,604 9,891 9,280 7,797 7,373 6,655 6,426 6,405 5,829

Equity 3,499 3,506 3,531 3,777 4,372 4,136 3,978 3,860 3,716 3,453
Provisions 68 71 82 100 104 106 79 57 56 57
Non-current liabilities 4,726 5,436 5,846 4,521 2,721 2,474 2,225 2,172 2,021 1,987
Current liabilities 962 591 433 883 599 656 373 337 612 334
Total equity and liabilities 9,254 9,604 9,891 9,280 7,797 7,373 6,655 6,426 6,405 5,830

Operating cash flow (conform

cashflow statement) 489 353 -79 -157 523 526 267 438 508 508

1 Comparative figures before 2020 have not been restated due to a change in definitions. Reference is made to the notes on the next page.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 257

(in millions of euros, unless otherwise

indicated) 2023 2022 2021 2020 2019 2018 2017 2016 2015 20141

Ratios 2
Operating result as % of revenue 0.3 -10.2 -17.8 -77.1 24.5 24.4 24.6 29.3 35.5 27.3
(Underlying) Return on average equity
to shareholder in % (ROE) 3 2.9 -2.5 3.0 -13.8 8.3 7.0 7.2 8.2 10.4 8.0
Return on Average Capital Employed in
%4 0.5 -1.3 -1.6 -8.1 7.5 7.2 7.2 8.2 10.1 8.4
FFO/Net debt in %5 11.8 7.4 -0.6 -3.9 20.5 18.7 21.6 22.8 22.0 26.5
FFO interest coverage ratio 6.7 4.5 0.7 -0.6 7.5 6.6 6.9 6.8 6.7 6.4
Net Leverage 6 7.5 10.1 n/a -18.5 3.8 38.9 35.2 34.9 37.0 35.0

Figures per share

Earnings per share 74 -509 562 -3,023 1,908 1,496 1,503 1,645 2,010 1,461
Operating cash flow per share 2,625 1,898 -409 -844 2,807 2,827 1,435 2,354 2,728 2,730
Dividend per share - - - - 813 631 807 797 1,006 744

Personnel
Average effective full-time 2,820 2,487 2,474 2,711 2,519 2,324 2,180 2,063 2,000 2,039
equivalent employees

1 Comparative figures before 2012 have not been restated due to adoption of IFRS 11.
2 For definitions, reference is made to Key figures unless stated in the notes below.
3 Before 2020, ROE is calculated as net result attributable to shareholder / average total equity to shareholder.
4 Operating result + result and interest associates / average of equity + interest-bearing debt.
5 Before 2020, FFO / Total debt was calculated as funds from operations (cash flow from operating activities before changes in working capital) / interest-bearing debt.
6 Before 2020 Net leverage was calculated as (Interest-bearing debt - cash and cash equivalents*) / EBITDA. *Cash and cash equivalents for this calculation include deposits > 3 Months.
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 258

Glossary
8-point plan Quieter, Cleaner, Better is given every opportunity to come up with innovative, out-of-the looked at from all angles. With CT security scanners, passengers
Eight specific measures that Schiphol believes are necessary for box solutions, if applicable do not have to take their laptop or liquids out of their hand
an airport and aviation sector that are more in balance with luggage anymore
the world around them. With these measures, Schiphol wants to Bird strike
provide perspective for the local community, employees and the Bird strikes are incidents in which dead birds or bird remains are EBIT
aviation sector. found on an aircraft or a runway, and for which it can reasonably Earnings before interest and tax
be assumed that the strike occurred within the airport boundaries
Air transport movements EBITDA
Commercial air transport movements (not carried out by the BPVS Earnings before interest, tax, depreciation and amortisation
military, police, etc.) Public-private platform: Beveiliging en Publieke Veiligheid
Schiphol (Security and Public Safety Schiphol) Full freighter destination
Airport Carbon Accreditation Effective from 2018, full freighter destinations are defined as
Benchmark for the Airports Council International (ACI) sector BREEAM examples of more than 100,000 kilogrammes of cargo being
association. This benchmark helps provide insight into airports’ Building Research Establishment Environmental Assessment being shipped to and from a destination in at least ten
efforts to reduce CO2e emissions Method (BREEAM) certification is awarded by the Dutch Green frequencies during a single year
Building Council
BAS Ground noise
The Local Community Contact Centre (BAS) is the information Business area Ground noise is low-frequency noise-producing vibrations that
and complaints centre to which local residents can address their A functional cluster of activities within the Schiphol can cause disturbance. It is perceived differently from ‘regular’
questions and complaints concerning air traffic at Amsterdam Group organisation noise, and is more often felt than heard. Low-frequency noise is
Airport Schiphol. BAS is a joint initiative of Air Traffic Control the produced by aircraft taking off on the runway
Netherlands (LVNL) and Amsterdam Airport Schiphol Catchment area
Area from which passengers travel to and from Amsterdam Hub airport
BCI Airport Schiphol by road or rail A large airport where continental and intercontinental flights are
BCI (Building Circularity Index) is a way to determine the available. Schiphol is the hub for KLM and (codeshare) partners
circularity, by taking into account, among other things, the CO2e emissions
circularity of the products that form a building, the origins and A carbon dioxide equivalent or CO2 equivalent, is a metric Hub connectivity
future possibilities of materials used, and the possibilities of measure used to compare the emissions from various greenhouse Hub connectivity measures the number of connecting flights per
disassembly. BCI is in line with the definition of Alba concepts gases based on their global-warming potential. By converting week that can be facilitated by the hub airport in question - taking
amounts of other gases to the equivalent amount of carbon into account minimum and maximum connecting times, and
Best Value dioxide with the same global warming potential. weighting the quality of the connections by the detour involved
Best Value (Procurement Performance) is a method for organising and connecting times
large tenders. The aim is to find the expert that is most capable of CT
carrying out the project at the lowest possible cost throughout its 3D Computer Tomography, makes use of computer-processed HVAC systems
lifecycle (‘total cost’). Best Value assumes that it is not the client combinations of X-ray measurements in such a way that a HVAC stands for heating, ventilation and air conditioning
but the contractor who is the expert. This means that the expert three-dimensional image is generated, which can be rotated and (including cooling)
Contents Introduction About us and our Why Our results Governance Socio-economic accountability Financial Statements Royal Schiphol Group - 2023 Annual Report 259

Just culture Net Promoter Score WLU

A concept which emphasises that mistakes are generally a A simple yet powerful instrument for measuring customer Work Load Unit indicator (WLU: one passenger or 100
product of faulty organisational cultures. A just culture is the satisfaction, whereby respondents are asked to indicate the kilogrammes of cargo), a method to measure the developments
opposite of a blame culture. A just culture helps create an extent to which they would recommend a company, product of costs
environment in which individuals feel free to report errors and or service to others
help the organisation to learn from mistakes Zero-waste
Night-time flight We have reached our ambition to be zero-waste when incoming
Lden Air transport movement performed during the night (between materials are minimised and residuals are reused in high-value
The calculated noise levels produced by all aircraft flying to 23.00 and 07.00). During this period, the use of runways is applications, as high as reasonably possible, without disposal in
or from the airport during a year. Night-time noise levels restricted and incoming aircraft must use silent approaches while landfills and minimising incineration
are expressed in Lnight (Level night). 24-hour noise levels are departing flights must make use of special night routes
expressed in Lden (Level day-evening-night). Formerly, the noise
impact was expressed in Ke (Unit Costs) OD passengers
Origin and destination passengers using Schiphol as their airport
MIRT of departure or arrival
National government and regional authorities have joined
forces in projects and programmes covering every region of the Passenger destination
Netherlands. The Dutch Multi-Year Programme for Infrastructure, Effective from 2018, a passenger destination is strictly defined as
Spatial Planning and Transport (MIRT) focuses on financial a destination served by an airline carrying at least ten passengers
investments in such programmes and projects on a flight from Schiphol for at least eight weeks in a row

Mobility as a Service Preclearance

Mobility as a Service (MaaS) is a mobility concept that allows A procedure where all border checks needed for entry into the
consumers to use various modes of transport via a single United States are carried out at Amsterdam Airport Schiphol
subscription, eliminating the need for users to book and pay before boarding a US-bound flight. This eliminates the need for
for multiple tickets from multiple providers. MaaS automatically extensive checks upon arrival in the US
services adjustments to the trip when necessary
Runways at Schiphol
MTOW Runways are officially indicated by their position according to
Maximum Take-Off Weight of an aircraft upon which take-off and compass degrees (e.g. 040 - 220) and if they are parallel, their
landing charges are based relative position during their use (Left, Right, Centre runway).
At Schiphol, the runways are mostly indicated by names:
MVP 04-22 Schiphol East
A minimum viable product is a version of a product with just 06-24 Kaagbaan
enough features to be usable by early customers who can then 09-27 Buitenveldertbaan
provide feedback for future product development. A focus on 18L-36R Aalsmeerbaan
MVP development can avoid lengthy and unnecessary work 18C-36C Zwanenburgbaan
18R-36L Polderbaan
Published by
Royal Schiphol Group
P.O. Box 7501
1118 ZG Schiphol
The Netherlands

www.schiphol.nl
www.schiphol.nl/annualreport

Published on 16 February 2024

Editors
Royal Schiphol Group, Schiphol, the Netherlands
Narrative Labs, The Hague, the Netherlands

Design, execution and project support

CF Report, Amsterdam, the Netherlands

Creation and publication software

Tangelo Software B.V., Zeist, the Netherlands

Photography
Royal Schiphol Group, Schiphol, the Netherlands

Cover picture
On the cover: Moustafa Al Shebini, team leader at handling
company Aviapartner, at the lifting aid in baggage hall South.