MERGENT TRANSPORTATION

Transcription

1 MERGENT TRANSPORTATION NEWS REPORTS Tuesday, July 28, Volume 86 No. 7 BONHEUR ASA (NORWAY) (NKr000): Revenues ,321,677 10,242,743 9,594,479 Gain on sale of equipment ,650 14,615 10,540 Cost of sales (626,063) (371,894) (419,619) Salaries & other personnel expenses... (2,777,475) (2,244,000) (1,990,890) expenses (4,619,671) (3,628,085) (3,310,795) Loss on sale of equipment (1,776) (1,154) (3,872) amortization (2,749,097) (2,012,602) (1,802,547) Impairment of equipment & intangible assets..... (269,721) (443,024) (52,170) Operating profit (loss) ,303,523 1,556,600 2,025,126 Share of profit in associates , ,753 Interest income ,559 84,011 66,793 Other finance income ,187, , ,021 Finance income ,278, , ,814 Interest expenses..... (694,178) (496,617) (455,136) Other finance expenses (1,053,999) (460,005) (498,974) Finance expenses.... (1,748,177) (956,622) (954,110) Net finance income (expense) (469,444) 18,646 (562,296) Profit (loss) before tax ,988 1,575,981 1,468,583 Tax income (expense) (444,955) (101,756) (100,428) Net profit from continuing operations ,033 1,474,225 1,368,155 Net profit (loss) from discontinued operation (205,027) 13,918 Profit for the year ,033 1,269,198 1,382,073 Equity holders of the parent , , ,148 Non-controlling interests , , ,925 outstanding-basic ,346 32,346 32,346 outstanding-diluted , outstanding ,346 32,346 32,346 continuing operations - basic.... NKr3.68 NKr18.96 NKr12.06 discontinuing operations - basic.... NKr0.00 NKr(6.34) NKr0.43 NOTICE Items in this issue will be listed online weekly and printed monthly. per share - basic..... NKr3.68 NKr12.62 NKr12.49 continuing operations - diluted NKr discontinuing operations - diluted NKr(6.34)... per share - diluted NKr , , ,333 1 Restated to reflect the adoption of IAS 19 Employee Benefits, amended and discontinued operations of Fred. Olsen Production ASA; 2 As is Consolidated Balance Sheet, Years Ended Dec. 31 (NKr000): Development costs, net , ,031 Publishing rights , Customer relationship, technology, patents, other , Goodwill, net , ,229 Intangible assets ,059, ,775 Deferred tax asset , ,078 Rigs & other offshore units, net ,293,662 14,834,865 Ships, net ,992,303 4,016,171 Windfarms ,298,822 3,317,634 Other fixed assets , ,982 equipment, gross ,506,194 34,477,577 Total accum deprec, amort & impairment (17,418,603) (11,899,925) equipment, net ,087,591 22,577,652 Investments in associates ,148 85,128 Investments in other shares , ,137 Bonds & other receivables , ,016 Pension funds ,523 35,080 Financial fixed assets , ,361 assets ,165,274 24,058,866 Inventories , ,052 Trade receivables ,877,406 1,700,942 Other receivables , ,351 Cash & cash equivalents ,673,190 5,379,111 Total current assets ,250,259 8,238,456 Total assets ,415,533 32,297,322 Share capital ,987 50,987 Additional paid in capital ,920 25,920 Total paid in capital ,907 76,907 Retained earnings ,853,272 7,017,273 Share of equity attributable to shareholders of the parent ,930,179 7,094,180 Non-controlling interests ,603,557 5,859,308 Total equity ,533,736 12,953,488 Employee benefits ,391,391 1,059,607 Deferred tax liabilities ,128 18,889 Interest bearing loans & borrowings ,602,378 10,251,017 liabilities , ,498 liabilities ,472,475 11,541,011 Current tax , ,874 Interest bearing loans & borrowings ,147,818 2,290,547 Other accruals & deferred income ,939,506 4,782,511 Trade & other payables , ,891 Total current liabilities ,409,322 7,802,823 Total liabilities ,881,797 19,343,834 liabilities ,415,533 32,297,322 1 Reclassified to conform with presentation CSX CORP. Earnings, 6 mos. to (Consol. $000): 06/26/15 06/27/14 Total revenues ,091,000 6,256,000 Cost & expenses ,637,000 3,950,000 Operating income ,860,000 1,736,000 Interest expense , ,000 Other income (expense), net ,000 (5,000) Net before taxes ,598,000 1,456,000 Income taxes , ,000 Net income , ,000 Primary $1.01 $0.92 Fully Diluted $1.00 $0.92 Full Diluted ,000 1,006,000 Year-end , ,572 DELTA AIR LINES, INC. (DE) Earnings, 6 mos. to Jun 30(Consol. $000): Total revenues ,095,000 19,537,000 Cost & expenses ,305,000 16,445,000 Deprec., depl. & amort , ,000 Operating income ,872,000 2,199,000 Other income (expense), net (62,000) (207,000) Net before taxes ,552,000 1,633,000 Net income ,231,000 1,014,000 Primary $2.75 $1.20 Fully Diluted $2.72 $1.19 Full Diluted , ,000 Year-end , ,006 DFDS A/S (DKr000): Revenue ,779,085 12,097,088 11,699,925 Operating costs (7,836,970) (7,524,472) (7,502,138) Charter hire (574,133) (582,577) (602,416) Employee costs (2,317,235) (2,152,500) (1,955,823) Costs of sales & administration (617,358) (624,939) (551,047) Share of profit/loss of

2 62 MERGENT TRANSPORTATION NEWS July 28, associates ,861 Share of profit/loss of associates & joint ventures ,940 (6,186)... Profit on disposal of non-current assets, net ,204 6, Profit on disposal of tangible assets ,471 Depreciation, ships... (618,719) (568,678) (537,886) Depreciation, other non-current fixed assets (153,151) (135,474) (140,541) Impairment losses for ships & other non-current assets.... (534) (5,625) (1,031) Special items, net.... (69,523) (17,055) (123,521) Operating profit (EBITA) , , ,854 Interest income, cash, cash equivalents & securities, etc ,358 15,401 21,418 Other dividends ,679 3,955 2,363 Financial income ,037 19,356 23,781 Interest expense, credit institutions etc (106,529) (120,341) (134,027) Foreign exchange losses, net (21,787) (5,409) (7,498) Realized loss on securities (961) 0 (1,491) Defined benefit plans (11,266) (10,491) (11,837) Loss on loan receivable (6,432) 0 Impairment of securities (transferred from equity) (1,222) 0... Other finance costs... (26,504) (23,079) (26,151) Transfers to assets under construction... 7,154 10,049 8,184 Financial costs (161,115) (155,703) (172,820) Profit before tax , , ,815 Tax on profit (68,018) (22,928) (2,328) Profit for the year , , ,487 to equity holders of DFDS A/S , , ,527 to non-controlling interests (1,175) 1,457 (40) outstanding-basic ,449 13,932 14,503 outstanding-diluted... 12,562 13,955 14,503 outstanding ,350 12,721 14,503 Basic earnings per share DKr34.92 DKr23.34 DKr9.90 Diluted earnings per share DKr34.60 DKr23.30 DKr , , ,239 Number of stockholders , , ,627 1 Reclassified to conform with presentation; 2 Reclassified to conform with 2013 presentation; 3 As is; 4 Average Consolidated Balance Sheet, Years Ended Dec. 31 (DKr000): Goodwill , ,748 intangible assets ,676 14,740 Software ,193 74,999 Development projects in progress ,794 50,101 intangible assets , ,588 Land & buildings , ,672 Terminals , ,321 Ships ,094,549 6,705,730 Equipment, etc , ,338 Assets under construction & prepayments , ,789 Non-current tangible assets, gross ,781,742 14,140,389 Impairment & depreciation (6,270,258) (5,796,539) tangible assets ,511,484 8,343,850 Investments in associates & joint ventures ,577 3,783 Receivables ,601 49,840 Securities ,794 19,756 Deferred tax ,870 82,730 assets ,395,551 9,064,547 Inventories , ,777 Receivables ,883,587 1,776,970 Prepayments ,811 91,139 Securities ,432 Cash ,503 1,151,008 Assets held for sale ,671 61,810 Total current assets ,853,305 3,246,136 Total assets ,248,856 12,310,683 Share capital ,265,000 1,485,608 Reserves (333,956) (351,612) Retained earnings ,917,040 4,943,031 Proposed dividends , ,200 Total equity attributable to equity holders of DFDS A/S ,075,784 6,263,227 Non-controlling interests ,398 54,923 Total equity ,127,182 6,318,150 Interest-bearing liabilities ,924,361 2,297,650 Deferred tax , ,204 Pension & jubilee liabilities , ,900 Other provisions ,597 19,951 liabilities ,427,017 2,725,705 Interest-bearing liabilities ,995 1,100,065 Trade payables ,492,933 1,444,534 Other provisions ,868 25,690 Corporate tax ,331 8,501 Other payables , ,517 Deferred income , ,521 Total current liabilities ,694,657 3,266,828 Total liabilities ,121,674 5,992,533 liabilities ,248,856 12,310,683 1 Reclassified to conform with presentation; 2 As reported by the Company FEDERAL EXPRESS CORP. Consolidated Income Statement, Years Ended May 31 ($000): 1 Revenues ,094,000 26,048,000 26,193,000 Salaries & employee benefits.... 9,600,000 9,340,000 9,363,000 Purchased transportation ,765,000 1,767,000 1,649,000 Rentals & landing fees ,665,000 1,678,000 1,659,000 amortization ,449,000 1,476,000 1,338,000 Fuel ,199,000 3,943,000 4,129,000 Maintenance & repairs ,351,000 1,177,000 1,239,000 Business realignment, impairment & other charges , ,000 Retirement plans mark-to-market adjustment ,262,000 16,000 (814,000) Intercompany charges ,948,000 1,989,000 2,325,000 expenses ,260,000 3,264,000 3,308,000 expenses ,775,000 24,650,000 24,439,000 Operating income ,000 1,398,000 1,754,000 Interest income ,000 22,000 42,000 Other income (expense), net (159,000) (106,000) (88,000) Total other income (expense) (140,000) (84,000) (46,000) before.. 179,000 1,314,000 1,708,000 Current federal (benefit) - domestic ,000 (79,000) (123,000) Current state & local (benefit) - domestic ,000 (7,000) (6,000) Current foreign , , ,000 Total current ,000 98,000 30,000 Deferred federal (benefit) (237,000) 292, ,000 Deferred state & local (benefit) (16,000) 44,000 73,000 Deferred foreign (benefit) (5,000) 19,000 (41,000) Total deferred (benefit) (258,000) 355, ,000 for , , ,000 Net income (loss) , ,000 1,064,000 outstanding Number of full time 2 114,000 Number of part time 2 52, , , , , ,700 1 Restated to reflect the reclassicfication of $70 million of facilities and other that previously presented in computer and electronic equipment; 2 Approximately; 3 As is Consolidated Balance Sheet, Years Ended May 31 ($000): 1 Cash & cash equivalents , ,000 Receivables, gross ,641,000 1,785,000 Less: allowances ,000 80,000 Receivables, net ,549,000 1,705,000 Spare parts, supplies & fuel , ,000 Deferred , ,000 Due from parent company & other FedEx subsidiaries , ,000 Prepaid expenses & other assets , ,000 Total current assets ,814,000 3,967,000 Aircraft & related equipment ,186,000 15,632,000 Package handling & ground support equipment ,883,000 2,861,000 Vehicles ,232,000 2,279,000 Computer & electronic equipment , ,000 Facilities & other property & equipment ,215,000 4,185,000 Property & equipment, at cost ,286,000 25,752,000 depreciation &

3 July 28, MERGENT TRANSPORTATION NEWS 63 amortization ,392,000 12,272,000 Net property & equipment ,894,000 13,480,000 Goodwill ,448,000 1,561,000 Other assets ,104, ,000 Total assets ,260,000 19,967,000 Current portion of long-term debt , Accrued salaries , ,000 Accrued employee benefits, including variable compensation , ,000 Compensated absences accrued , ,000 Accounts payable ,257,000 1,394,000 Accrued self-insurance , ,000 Accrued taxes other than , ,000 Other accrued expenses , ,000 Due to other FedEx subsidiaries ,932,000 1,265,000 Total current liabilities ,266,000 4,580,000 Senior unsecured debt, interest rate 7.60%, due , ,000 Capital lease obligations , Less: current portion , Long-term debt, net , ,000 Deferred ,712,000 1,935,000 Pension, postretirement healthcare & other benefit obligations ,251,000 1,208,000 Self-insurance accruals , ,000 Deferred lease obligations , ,000 Deferred gains, principally related to aircraft transactions , ,000 Other liabilities ,000 96,000 Additional paid-in capital , ,000 Retained earnings ,839,000 9,695,000 Foreign currency translation adjustment (250,000) 71,000 Retirement plans adjustment ,000 22,000 Accumulated other comprehensive income (loss) (233,000) 93,000 Total owner s equity ,214,000 10,396,000 1 Restated to reflect the reclassicfication of $70 million of facilities and other that previously presented in computer and electronic equipment; 2 Allowance - Spare parts, supplies & fuel: $204,000; 3 Allowance - Spare parts, supplies & fuel: $211,000,000 FEDEX CORP Consolidated Income Statement, Years Ended May 31 ($000): 1 Revenues ,453,000 45,567,000 44,287,000 Salaries & employee benefits ,110,000 16,171,000 16,055,000 Purchased transportation expenses ,483,000 8,011,000 7,272,000 Rentals & landing fees ,682,000 2,622,000 2,521,000 amortization ,611,000 2,587,000 2,386,000 Fuel expenses ,720,000 4,557,000 4,746,000 Maintenance & repairs expenses ,099,000 1,862,000 1,909,000 Business realignment, impairment & other charges , ,000 Retirement plans mark-to-market adjustment ,190,000 15,000 (1,368,000) expenses ,415,000 5,927,000 5,672,000 expenses ,586,000 41,752,000 39,853,000 Operating income.... 1,867,000 3,815,000 4,434,000 Interest expense , ,000 82,000 Interest income ,000 18,000 21,000 Other income (expense), net (19,000) (15,000) (35,000) Total other income (expense) (240,000) (157,000) (96,000) Income before ,627,000 3,658,000 4,338,000 Current provision taxes - federal , , ,000 Current provision taxes - state & local ,000 56,000 86,000 Current provision - foreign , , ,000 Total current provision (benefit) for ,111, , ,000 Deferred provision taxes - federal (474,000) 360, ,000 Deferred provision taxes - state & local (47,000) 82,000 93,000 Deferred provision taxes - foreign (13,000) 18,000 (41,000) Total deferred income tax provisions (benefit) (534,000) 460, ,000 Provision for ,000 1,334,000 1,622,000 Net income ,050,000 2,324,000 2,716,000 - basic , , ,000 - diluted , , ,000 outstanding , , ,000 per common share - basic $3.70 $7.56 $8.61 per common share - diluted $3.65 $7.48 $8.55 Dividends per share.. $0.80 $0.60 $0.56 Number of full time ,000 Number of part time , , , , , ,700 Number of common stockholders , , ,151 Foreign currency translation adjustments (334,000) Reclassified to conform with presentation; 2 As is; 3 Approximately; 4 As of July 10, ; 5 As of July 11, ; 6 As of July 12, 2013 Consolidated Balance Sheet, Years Ended May 31 ($000): 1 Cash & cash equivalents ,763,000 2,908,000 Receivables, gross ,904,000 5,624,000 Less: allowances , ,000 Receivables, net ,719,000 5,460,000 Spare parts, supplies & fuel, gross , ,000 Less: allowances , ,000 Spare parts, supplies & fuel , ,000 Deferred , ,000 Prepaid expenses & other current assets , ,000 Total current assets ,941,000 9,683,000 Aircraft & related equipment ,186,000 15,632,000 Package handling & ground support equipment ,725,000 6,082,000 Computer & electronic equipment ,208,000 5,097,000 Vehicles ,816,000 5,514,000 Facilities & other property & equipment ,929,000 8,366,000 Property & equipment, at cost ,864,000 40,691,000 depreciation & amortization ,989,000 21,141,000 Net property & equipment ,875,000 19,550,000 Goodwill ,810,000 2,790,000 Other assets ,443,000 1,047,000 Total assets ,069,000 33,070,000 Current portion of long-term debt ,000 1,000 Accrued salaries , ,000 Accrued employee benefits, including variable compensation , ,000 Accrued compensated absences , ,000 Accrued salaries & employee benefits ,436,000 1,277,000 Accounts payable ,066,000 1,971,000 Self-insurance accruals , ,000 Taxes other than income taxes , ,000 Other accrued expenses ,243, ,000 Total current liabilities ,957,000 5,312,000 Senior unsecured debt ,217,000 4,726,000 Capital lease obligations ,000 11,000 Less: current portion ,000 1,000 Long-term debt, less current portion ,249,000 4,736,000 Deferred ,747,000 2,114,000 Pension, postretirement healthcare & other benefit obligations ,893,000 3,484,000 Self-insurance accruals ,120,000 1,038,000 Deferred lease obligations , ,000 Deferred gains, principally related to aircraft transactions , ,000 Other liabilities , ,000 Common stock ,000 32,000 Additional paid-in capital ,786,000 2,643,000 Retained earnings ,900,000 16,229,000 Accumulated other comprehensive income (loss) , ,000 Treasury stock, at cost ,897,000 4,133,000 Total common stockholders investment ,993,000 15,277,000 1 Reclassified to conform with presentation HERTZ CORP. ($000): Worldwide car rental revenues ,907,000 8,709,000 7,153,000 Worldwide equipment rental revenues ,571,000 1,539,000 1,382,000 All other

4 64 MERGENT TRANSPORTATION NEWS July 28, operations revenues.. 568, , ,000 Total revenues ,046,000 10,775,000 9,013,000 Direct operating expenses ,314,000 5,777,000 4,861,000 Depreciation of revenue earning equipment & lease charges ,034,000 2,533,000 2,128,000 Selling, general & administrative expenses ,088,000 1,053, ,000 Interest expense , , ,000 Other expense (income), net (15,000) 64,000 33,000 Total expenses ,062,000 10,096,000 8,596,000 before - domestic (185,000) 573, ,000 before - foreign , ,000 83,000 before.. (16,000) 679, ,000 for current federal taxes on income ,000 (7,000) 19,000 for current foreign taxes on income ,000 60,000 32,000 for current state & local taxes on income ,000 21,000 39,000 Total provision current taxes on income ,000 74,000 90,000 for deferred federal taxes on income (17,000) 223, ,000 for deferred foreign taxes on income ,000 16,000 12,000 for deferred state & local taxes on income ,000 16,000 (21,000) Total provision deferred taxes on income , , ,000 for taxes on income.. 62, , ,000 Net income (loss).... (78,000) 350, ,000 Net income (loss) attributable to The Hertz Corporation & subsidiaries common stockholder. (78,000) 350, ,000 outstanding , , ,200 stockholders Restated to reflect to correction of certain out of period misstatesments; 2 Approximately; 3 As is Consolidated Balance Sheet, Years Ended Dec. 31 ($000): Cash & cash equivalents , ,000 Restricted cash & cash equivalents , ,000 Receivables, gross ,664,000 1,459,000 Less allowance for doubtful accounts ,000 62,000 Receivables, net ,597,000 1,397,000 Due from Hertz Global Holdings, Inc ,000 93,000 Inventories, at lower of cost or market ,000 87,000 Prepaid expenses & other assets , ,000 Revenue earnings equipment - cars ,622,000 14,456,000 depreciation - cars ,411,000 2,681,000 Revenue earnings equipment - other equipment ,613,000 3,535,000 depreciation - other equipment ,171,000 1,119,000 Land, buildings & leasehold improvements ,268,000 1,271,000 Service equipment & other property & equipment ,148, ,000 depreciation ,094, ,000 Other intangible assets, net ,009,000 4,124,000 Goodwill ,359,000 1,352,000 Total assets ,080,000 24,516,000 Accounts payable ,008,000 1,021,000 Accrued liabilities ,148,000 1,172,000 Accrued taxes , ,000 Corporate debt ,431,000 6,422,000 Fleet debt ,562,000 9,806,000 Public liability & property damage , ,000 Deferred taxes on income ,917,000 2,919,000 Total liabilities ,585,000 21,836,000 Additional paid-in capital ,566,000 3,552,000 Retained earnings (accumulated deficit) (956,000) (878,000) Accumulated other comprehensive income (loss) (115,000) 6,000 Total The Hertz Corporation & subsidiaries stockholders equity ,495,000 2,680,000 1 Restated to reflect to correction of certain out of period misstatesments HERTZ CORP. Earnings, 3 mos. to Mar 31(Consol. $000): Total revenues ,454,000 2,536,000 Cost & expenses ,833,000 1,869,000 Operating income (86,000) (59,000) Net before taxes (86,000) (59,000) Income taxes (16,000) 8,000 Net income (70,000) (67,000) Year-end Consolidated Balance Sheet Items, as of ($000): Assets: Cash & equivalents ,000 Inventories ,000 Current assets ,472,000 Net property & equip ,907,000 Total assets ,702,000 Liabilities: Current liabilities ,698,000 Long-term debt ,351,000 Stockholders equity ,383,000 Net current assets (226,000) KANSAS CITY SOUTHERN Earnings, 6 mos. to Jun 30(Consol. $000): Total revenues ,188,900 1,257,100 Cost & expenses , ,500 Operating income , ,800 Interest expense ,300 36,600 Other income (expense), net ,400 1,700 Foreign currency (22,100) 8,400 Net before taxes , ,300 Income taxes , ,100 Net income , ,200 Balance for common , ,400 Primary $1.93 $2.03 Fully Diluted $1.92 $2.02 Full Diluted , ,398 Year-end , ,324 KLM ROYAL DUTCH AIRLINES (Eu- Millions): 2012 Revenues ,643 9,688 9,473 External expenses.... (6,367) (6,337) (6,456) Employee compensation & benefit expense (2,451) (2,404) (2,321) amortization (539) (507) (517) Other income & expenses (111) (139) (26) Total expenses (9,468) (9,387) (9,320) income & expenses (51) (95) Income from operating activities Loans from third parties (64) (62) (74) Finance leases (45) (50) (53) Other interest expenses (36) (45) (30) Gross cost of financial debt (145) (157) (157) Income from cash & cash equivalents Other financial income & expense... (92) Pre-tax income (46) Income tax (expense)/benefit..... (253) (48) 13 Net result after taxation of consolidated companies (33) Share of results of equity shareholdings (49) (10) (11) Profit for the year (44) to equity holders of the Company (46) to non-controlling interests outstanding-basic outstanding-diluted outstanding Basic earnings per share Eu7.26 Eu2.82 Eu(0.98) Diluted earnings per share Eu7.26 Eu2.82 Eu(0.98) 2 30, , ,787 1 As reported from the December 31, ; 2 As is Consolidated Balance Sheet, Years Ended Dec. 31 (EuMillions): equipment, gross ,730 7,893 Total accumulated depreciation (4,058) (3,894)

5 July 28, MERGENT TRANSPORTATION NEWS 65 equipment, net ,672 3,999 Goodwill Software Trademarks Software under development Intangible assets Investments accounted for using the equity method assets Other financial assets Deferred income tax assets Pension assets ,409 2,454 assets ,185 7,191 Other current assets Other financial assets Inventories Trade receivables, gross Provision trade receivables (28) (21) Trade receivables - net Amounts due from AIR FRANCE KLM group companies Amounts due from associates & jointly controlled entities Amounts due from maintenance contract customers Taxes & social security premiums Other receivables Prepaid expenses Trade & other receivables Cash & cash equivalents Total current assets ,314 2,418 Total assets ,499 9,609 Share capital Share premium Other reserves (2,662) (736) Retained earnings ,099 1,776 Total attributable to Company s equity holders ,608 Non-controlling interests Total equity ,611 Loans from parent company Finance lease obligations ,429 1,683 liabilities Other financial liabilities ,182 1,077 Deferred income Deferred income tax liabilities Provisions for employee benefits Other provisions liabilities ,272 4,555 Trade payables , Amounts due to AIR FRANCE KLM Group companies Taxes & social security premiums Other payables Accrued liabilities Trade & other payables ,785 1,805 Loans from parent company Finance lease obligations Other current liabilities Other financial liabilities Deferred income Provisions for employee benefits Other provisions Total current liabilities ,218 3,443 Total liabilities ,490 7,998 liabilities ,499 9,609 1 As reported from the December 31, outstanding Earnings per 127, , ,405 ROYAL VOPAK N.V. Consolidated Income Statement, Years Ended Dec. ordinary share - basic Earnings per Eu1.94 Eu2.45 Eu2.55 (Eu000): ordinary share diluted Eu1.94 Eu2.45 Eu2.55 Revenue ,322,500 1,295,200 1,313,900 Management fee joint ventures & associates ,900 12,200 5,800 Gains on sale of equipment , ,400 Gains on assets held for sale , income ,900 7,600 4,000 income ,400 27,200 12,200 Personnel expenses... (340,200) (331,500) (324,200) amortization (239,200) (216,800)... Depreciation, amortization & impairment (217,600) Impairment (40,400) (21,400)... expenses (335,100) (341,600) (340,700) expenses (954,900) (911,300) (882,500) Result of joint ventures & associates using the equity method , ,700 97,100 Group operating profit (loss) , , ,700 Interest income ,400 3,300 3,600 Dividends on other financial assets Interest & dividend income ,900 3,300 3,800 Interest expense (96,700) (94,200) (77,400) Capitalized interest ,400 8,000 6,100 Interest component of provisions (1,300) (900) (900) Exchange differences on hedged items (no hedge accounting).... (95,000) 36,600 32,700 Derivative financial instruments ,800 (49,500) (42,700) Commitment fee..... (2,600) (2,400) (2,400) Exceptional finance expenses (3,000)... Other finance costs... (2,500) (3,200) (2,700) Finance costs (97,700) (108,600) (87,300) Net finance income (costs) (89,800) (105,300) (83,500) Profit (loss) before income tax , , ,200 Income tax (83,100) (67,600) (84,300) Net profit (loss) , , ,900 Attributable to non-controlling interests ,200 42,400 39,800 Attributable to net profit holders of financing preference shares.... 3,300 5,800 8,200 Attributable to net profit holders of , , ,900 number of ordinary - basic , , ,361 number of ordinary - diluted , , ,361 Number of full time , , , Reclassified to conform with presentation; 2 Restated to reflect adoption of IAS 19 Revised; 3 As is Consolidated Balance Sheet, Years Ended Dec. 31 (Eu000): 2013 Goodwill ,800 28,400 Software ,900 28,900 Other intangible assets ,800 10,300 Intangible assets ,500 67,600 equipment, cost ,489,900 4,835,400 Accumulated depreciation & impairment (2,308,000) (2,041,900) Purchase price under construction , ,400 equipment ,622,400 3,306,900 Joint ventures & associates , ,500 Finance lease receivable , Loans granted ,400 13,300 Other financial assets Deferred taxes ,700 20,200 instruments ,400 12,900 assets ,000 28,400 assets ,814,900 4,261,500 Trade debtors gross ,600 89,600 Provision for impairment of trade debtors (4,600) (2,700) Trade debtors net ,000 86,900 Taxes receivable ,400 51,000 Other receivables , ,300 Loans granted ,800 12,900 Prepayments ,100 22,800 instruments ,100 9,000 Cash & cash equivalents , ,700 Assets held for sale ,600 25,900 Total current assets , ,500 Total assets ,408,400 4,823,000 Issued capital ,900 84,600 Share premium , ,200 Treasury shares (6,500) (10,800) Other reserves (143,000) (116,400) Retained earnings ,649,400 1,636,900 Equity attributable to owners of parent ,758,200 1,809,500 Non-controlling interests , ,000 Total equity ,902,800 1,927,500 Interest-bearing loans ,183,500 1,872,800 instruments , ,500 Pensions & other employee benefits ,300 64,000 Deferred taxes , ,200 Provisions ,000 22,500 liabilities , liabilities ,775,300 2,320,000 Bank overdrafts ,300 7,400 Interest-bearing loans , ,200 instruments ,200 8,100 Trade payables ,800 44,200 Accrued expenses ,100 96,800 Deferred revenues ,600 57,100 Accrued interest expenses ,100 7,400 Wage tax & social security charges ,500 6,800

6 66 MERGENT TRANSPORTATION NEWS July 28, Prepaid government grants ,600 Other creditors , ,800 Trade & other payables , ,700 Taxes payable ,700 51,200 Pensions & other employee benefits ,700 2,300 Provisions ,200 15,600 Liabilities related to assets held for sale , Total current liabilities , ,500 Total liabilities ,505,600 2,895,500 liabilities ,408,400 4,823,000 SCHIPHOL GROUP (NETHERLANDS) (Eu000): 2012 Revenue ,473,917 1,364,055 1,352,540 Sales of property , ,064 Cost of sales of property (1,918)... (16,551) Fair value gains & losses on property.... (2,382) 3,029 (24,021) Cost of contracted work & other external costs (630,138) (603,634) (605,851) Employee benefits... (188,426) (185,509) (182,359) amortization (214,897) Impairment (22,741) Depreciation, amortization & impairment (232,323) (265,714)... expenses (18,735) (7,214) (17,690) expenses (1,069,622) (1,062,071) (1,043,538) Operating profit , , ,494 Financial income ,540 12, Financial expenses... (100,131) (102,844)... Total financial income & expenses... (85,591) (89,947) (88,082) Share in results of associates ,464 Share of results of equity-accounted associates & joint ventures ,360 60, Profit before income tax , , ,876 Income tax (71,281) (45,354) (57,438) Profit , , ,438 to non-controlling interest ,689 3,292 (2,276) to shareholders , , ,714 in issue-basic in issue-diluted outstanding per share - basic..... Eu1, Eu1, Eu1, per share - diluted.... Eu1, Eu1, Eu1, , ,093 1 Restated due to adoption of IFRS 11; 2 As is 2 2,131 Consolidated Balance Sheet, Years Ended Dec. 31 (Eu000): Goodwill Contract related assets , Automated application development ,775 17,172 Software licenses ,806 14,201 Software development ,507 5,817 Intangible assets ,199 38,039 Assets used for operating activities ,498,769 2,449,417 Assets under construction or development , ,879 Investment property ,200, ,858 Deferred tax assets , ,139 Equity-accounted associates & joint ventures , ,495 Loans to associates , receivables ,705 44,734 assets ,411,766 4,928,561 Loans to associates ,543 Trade receivables ,843 99,987 Accrued income ,315 26,525 Value-added tax ,017 14,403 Prepayments ,565 12,569 Inventories ,279 8,530 Lease incentives ,670 6,145 Derivatives ,017 Receivable from shareholders & associates Other receivables ,855 37,917 Trade & other receivables , ,130 Current income tax assets ,749 11,585 Cash & cash equivalents , ,182 Assets held for sale , Total current assets , ,440 Total assets ,830,159 5,701,001 Issued share capital ,511 84,511 Share premium , ,811 Retained profits ,084,111 2,948,497 Other reserves (106,401) (111,774) Total share capital & reserves attributable to shareholders ,425,032 3,284,045 Non-controlling interests ,631 25,221 Total equity ,452,663 3,309,266 Borrowings ,800,360 1,401,206 Employee benefits ,532 35,475 Other provisions ,484 10,658 Deferred tax liabilities ,369 14,441 liabilities , ,656 liabilities ,043,887 1,622,436 Borrowings , ,146 Current income tax liabilities , Trade payables , ,676 Payable in respect of wage tax & social security contributions ,310 5,624 Payable in respect of pensions Lease liabilities ,768 3,182 Derivatives ,377 33,429 Interest payable ,919 58,281 Accruals ,180 91,674 Deferred income ,934 39,573 Purchased long leases ,804 1,804 Lease incentives ,163 1,588 Other payables ,188 10,717 Trade & other payables , ,153 Liabilities held for sale , Total current liabilities , ,299 liabilities ,830,159 5,701,001 1 Restated due to adoption of IFRS 11

7 July 28, MERGENT TRANSPORTATION NEWS 67 * MERGENT TRANSPORTATION News Reports X is published weekly online on Tuesdays and printed the last Friday of the month by Mergent, Inc., 60 Madison Ave., New York, NY The News Reports are part of the TRANSPORTATION Manual and provide periodic updates. Send address changes to MERGENT TRANSPORTATION, 580 Kingsley Park Drive, Fort Mill, SC Copyright by Mergent. All information contained herein is copyrighted in the name of Mergent, Inc., and none of such information may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any such purpose, in whole or in part, in any form or matter or by any means whatsoever, by any person without Mergent s prior written consent. All information contained is obtained by Mergent, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error, as well as other factors, however, such information is provided "as is", without warranty of any kind. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MER- CHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY INFORMATION IS GIVEN OR MADE BY MERGENT IN ANY FORM OR MANNER WHATSOEVER. Under no circumstances shall Mergent have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering any such information, or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if Mergent is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, any such information.