02.04.2020

Group Annual Report 2008 announcement

The downturn in the world economy, changes in travel patterns, bankruptcies and consolidation in the aviation industry had a strong impact on 2008 for Copenhagen Airports. In particular, the end of the year saw an adverse impact on results of operations, among other things as a result of the bankruptcy of Sterling
Operating and financial performance in 2008 was in line with expectations as stated in Announcement No. 7/2008 to the Stock Exchange dated 29 October 2008, excluding one-off items
Passenger numbers at Copenhagen Airport rose by 0.6%. The number of locally departing passengers grew by 0.8%, whilst transfer traffic declined by 1.6%
Revenue increased by 6.5% to DKK 3,113.5 million
Excluding one-off items, EBIT was DKK 1,299.7 million (2007: DKK 1,285.5 million). EBIT amounted to DKK 1,227.6 million (2007: DKK 1,430.4 million)
In connection with Sterling's bankruptcy on 29 October 2008, CPH wrote down related receivables, representing a one-off expense of DKK 38.9 million. Taking into account the effect of the related decline in the number of departing passengers by between 0.5% and 1.0%, Sterling's bankruptcy had a combined adverse effect on profit before tax in the region of DKK 70 million
Excluding one-off items, profit before tax amounted to DKK 1,144.4 million, equivalent to a decline by DK 62.3 million. The decline was primarily caused by higher costs incurred for service improvements, compliance with regulatory requirements and write-downs of receivables. Profit before tax was DKK 1,026.3 million (2007: DKK 1,351.6 million). Profit before tax in 2007 was affected by one-off income totalling DKK 229.6 million from the sale of international assets and a building
Excluding one-off items, profit after tax was declined by 14.5% to DKK 855.7 million. Profit after tax was DKK 755.3 million
Investments in intangible assets and property, plant and equipment in 2008 totalled DKK 836.9 million, which was on a level with expectations as set out in Announcement No. 7/2008 of 29 October 2008 to the Stock Exchange. The level of investments was the highest since the construction of Terminal 3 in 1998 and primarily comprised baggage sorting facilities, a new arrivals floor in Pier C, general investments in an expansion of the arrivals capacity and an expansion of the shopping centre
CPH's goal is to create shareholder value. A key element in doing so is the maintenance of an efficient and prudent capital structure that provides funding for business and investment requirements. Having regard to the business outlook and requirements, it is recommended that a final dividend of DKK 260 million, or DKK 33.1 per share, is paid out from the 2008 net profit. A similar amount is expected to be proposed in relation to the interim dividend for 2009
John Stent has left the Macquarie Group and consequently resigned from the Supervisory Board of Copenhagen Airports with effect from 16 February 2009. A replacement will be appointed at the Annual General Meeting, which will be held on 25 March 2009