29.10.2008
Negative passenger growth in Q3 2008

The number of departing passengers at Copenhagen Airport dropped 1.1% in Q3 2008 and EBITDA growth declined significantly between Q2 and Q3 when excluding one-off items. The difficult operating environment has already had a significant impact on the operations of Copenhagen Airports A/S (CPH) and our customers, and we expect the negative passenger growth to continue in Q4.

Due to the difficult situation, CPH has decided to revise the 2008 outlook for profit before tax to be slightly below that achieved in 2007, excluding one-off items and the impact of tax changes in the UK.
  
Nevertheless CPH will continue to invest in service improvements for airlines and passengers.

In the first nine months of 2008, CPH invested DKK 640.9 million in for example a 25% increase of the baggage handling facilities. The level of investments was DKK 61.0 million higher than in the same period last year and CPH expects to invest approximately DKK 850 million in 2008, the highest level of investment since Terminal 3 was completed.

Furthermore CPH recently released its plans for CPH SWIFT, an extension to the airport that will provide passengers with more cheap fares to a wider range of destinations. CPH SWIFT will cost approx 200 million DKK, and the building is expected to be finished in the summer of 2010.

Regrettably, Sterling Airlines will be filing for bankruptcy today. Sterling Airlines accounts for approximately 10% of CPH traffic. Most of Sterling’s routes out of Copenhagen Airport are serviced by other airlines and other airlines have already announced some replacement services. CPH is in active talks with a number of airlines to fill the remaining gap.

Further analysis of the financial and operational impact on CPH is in progress and CPH will provide additional information shortly.