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

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


The total number of passengers dropped 7.1% in Q3 2009 compared to last year.
The first nine months of 2009 saw a 10.9% lower number of passengers than in
the same period last year, but it was an improvement compared with the first
six months of 2009 when traffic was 13.0% lower than last year. This
improvement was achieved due to the reasonable traffic level during the summer,
with a number of airlines continuing to expand and open new routes. This had a
significant effect on CPH's financial results for the year to date.

Revenues fell by 6.6% on the prior year versus a 10.9% drop in passenger
numbers, due to the impact of the interim charges agreement and the opening of
a number of new shops and restaurants in the second half of 2008.

CPH's revenue dropped by 6.6% to DKK 2,216.5 million, and pre-tax profit was
DKK 667.6 million, which was 27.5% less than for the first nine months of 2008.
The revenue for Q3 2009 dropped by 5.9% to DKK 791.9 million and pre-tax profit
for Q3 2009 was DKK 274.0 million. CPH recognised higher depreciation charges
as a result of investment in service improvements, increased one off staff
costs due to restructuring, and higher financial costs following a refinancing
completed earlier this year.

CPH adjusted the organisation earlier in the year to reduce costs, and going
forward CPH will also increase focus on initiatives to increase the income.

In the course of the third quarter 2009, CPH signed a 5½-year agreement on the
charges paid by airlines for use of Copenhagen Airport, which took effect on 1
October 2009. The charges structure was changed and charges were frozen for the
initial 18 months of the term of the agreement. After the end of that period,
the total airport charges will increase equivalent to development of the Danish
Consumer Price Index ("CPI") plus one per cent. The agreement sets out the
level and the structure of charges that the airlines will pay for the use of
facilities at Copenhagen Airport in the period from 1 October 2009 to 31 March

CPH is committed to developing Copenhagen as a hub and destination. CPH will be
working with local and national government as well as private companies and
airlines to market Copenhagen and Denmark abroad.


  • Passenger numbers at Copenhagen Airport decreased by 7.1% in Q3 2009 and by 10.9% for the first nine months of 2009. For the year to date the number of locally departing passengers decreased by 8.1%, and transfer traffic decreased by 18.4%
  • Revenue fell by 6.6% to DKK 2,216.5 million (2008: DKK 2,373.0 million), versus a 10.9% drop in passenger numbers
  • EBITDA decreased by 12.5% to DKK 1,167.1 million (2008: DKK 1,334.5 million). EBITDA totalled DKK 1,202.3 million excluding one-off items (2008: DKK 1,351.4 million)
  • EBIT decreased by 19.1% to DKK 839.7 million (2008: DKK 1,038.4 million). When excluding one-off items, EBIT amounted to DKK 874.9 million (2008: DKK 1,055.3 million)
  • Results of international investments were a profit of DKK 9.2 million, which was an increase of DKK 4.1 million (2008: a profit of DKK 5.1 million)
  • Profit before tax decreased to DKK 667.6 million (2008: DKK 920.5 million). Profit before tax amounted to DKK 702.8 million excluding one-off items (2008: DKK 937.4 million). Profit before tax was impacted by an increase in interest 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 377.8 million in the first nine months of 2009 (2008: DKK 640.9 million).
  • CPH adjusted its organisation in Q1 2009 as a result of the falling passenger numbers. This meant that CPH made 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 total number of passengers, with an improving trend in Q3 2009, is expected
to decline 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.

CPH continuously seeks to adapt the investment level to the current economic
environment. CPH is continuously working to improve services to airlines and
passengers and intends to continue investing despite the economic downturn



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fbm q3 2009 uk 29 10 09.pdf