Interim report of Copenhagen Airports A/S (CPH) for the six months to 30 June 2009


The Supervisory Board today approved the interim report for the period 1
January - 30 June 2009.


The current economic downturn had an adverse impact on CPH's performance in H1
2009 due to a year-on-year fall in passenger numbers by 13.0%. There were signs
that passenger numbers were stabilising at the end of the period, although at a
lower level than last year.

Summer traffic has held up reasonably well, with a decline of some 7-8%
relative to the record summer of 2008. This is a clear indication that the
decline has been curbed and passenger numbers are stabilising at a lower level
after the 13.0% decline in passenger numbers recorded in the first half. That
is not to say that the crisis is behind us, however, and CPH are still
uncertain as to how the business travel pattern will look this autumn in

CPH had higher depreciation charges due to investments in service improvements,
higher staff costs due to restructuring, and higher financial costs following a
recently completed refinancing partly offset by write-back of accruals.
Combined with the drop in passenger numbers, which affected revenue, this has
had a negative impact on earnings.

Revenue was down 7.0% to DKK 1,424.6 million and the pre-tax profit, which was
particularly affected by the higher financial expenses, amounted to DKK 393.7
million, which was 30.7% less than in H1 2008.

The traffic pattern already seen after the first quarter is continuing. These
are hard times for the travel and airline industries. This affects CPH's
financial statements as well, and the profit was lower than that of the same
period last year. CPH did, however, manage to adapt the organisation in time
and the level of investments was adjusted to the present conditions, which
explains why CPH is still generating a profit.


  • Passenger numbers at Copenhagen Airport decreased by 13.0%. The number of locally departing passengers decreased by 12.9%, and transfer traffic decreased by 18.5%
  • Revenue fell by 7.0% to DKK 1,424.6 million (2008: DKK 1,531.3 million)
  • EBITDA decreased by 13.9% to DKK 726.8 million (2008: DKK 844.1 million). EBITDA amounted to DKK 755.6 million excluding one-off items (2008: DKK 851.8 million)
  • EBIT decreased by 21.1% to DKK 510.9 million (2008: DKK 647.7 million). When excluding one-off items, EBIT amounted to DKK 539.7 million (2008: DKK 655.4 million)
  • Results of international investments were a profit of DKK 6.5 million, which was an increase of DKK 7.1 million (2008: a loss of DKK 0.6 million)
  • Profit before tax decreased to DKK 393.7 million (2008: DKK 568.4 million). Profit before tax amounted to DKK 422.5 million excluding one-off items (2008: DKK 576.1 million). Profit before tax was impacted by an increase in financial expenses due to a higher average level of debt combined with an increase in other financing costs due to the refinancing in March 2009
  • Capital expenditure amounted to DKK 237.0 million in the first six months (2008: DKK 441.8 million). CPH is continuously working to improve services to airlines and passengers and intends to retain a significant investment level despite the economic downturn
  • CPH adjusted its organisation in Q1 2009 as a result of the falling passenger numbers. This meant that CPH has had to make 74 employees redundant
  • In March 2009 CPH obtained credit facilities of DKK 1,625 million and EUR 131 million with a three year maturity. The new facilities equivalent to DKK 2.6 billion were provided by a group of seven banks


The number of passengers at Copenhagen Airport dropped by 13.0% in H1 2009. The
decline in passengers was reduced to 8.7% in June though, indicating that many
people have chosen to travel on summer vacation despite the economic downturn.
The fall in passenger numbers had a substantial impact on revenue and profit
before tax in CPH.

CPH continuously seeks to adapt the investment level to the current economic
environment. However, despite the financial challenges in 2009, CPH has decided
to retain the plan to invest a significant amount under a commercially flexible
investment plan for the convenience of airlines and passengers.

The total number of passengers is expected to fall in 2009, due to the economic
downturn and the impact of Sterling's bankruptcy. On the basis of the negative
traffic outlook, profit before tax is still expected to be lower than in 2008,
when excluding one-off items.



Read announcement

annex 2 h1 2009 stock announcement uk.pdf