The Supervisory Board today approved the interim report for the period 1 January – 30 September 2010.  



Read announcement in PDF

With more than 6.3 million passengers, Q3 was the busiest quarter ever for Copenhagen Airports A/S (CPH). Passenger numbers grew by a total of 8.2% in the nine months to 30 September 2010, and the continuing growth in passenger numbers led to a total increase in revenue of 11.0%. The growth in passenger numbers continued to be driven by a major increase in the number of domestic passengers of 23.1%. Transfer passengers and internationally departing passengers also continued to grow, partly as a result of an increase in the number of European as well as intercontinental routes and additional frequencies to a number of European destinations. Based on the continued strong traffic performance CPH has revised the final outlook for 2010.

CPH’s growth performance during the first nine months of the year has made Copenhagen Airport the most rapidly growing major European airport this year. In particular, recent months’ growth in transfer traffic to a number of Nordic, northern European and Baltic destinations demonstrate Copenhagen’s role as a major hub for travelers to and from Northern Europe.

Copenhagen Airport has a strategic focus on both network and low-cost carriers. Carriers such as Norwegian and easyJet continue to contribute substantially to the growth in passenger numbers. Overall, the number of low-cost passengers was close to 2.9 million in the first nine months of the year, bringing the low-cost market share to 17.8% for the year-to-date period. This is the highest level to date.

The low-cost carriers continue to focus on Copenhagen Airport, and CPH still sees great interest in the low-cost facility, CPH Go, which will open on 31 October. With CPH Go, Copenhagen Airport will be the only major European Airport that offers lower passenger charges in an integrated part of the airport.
The new charges agreement between CPH and a number of airlines was approved in Q3 2010. Under the agreement, all passenger-related charges will be changed to better reflect the underlying costs, and the passenger charge for using CPH Go will be approximately 35% lower than the current passenger charge.

Revenue from the shopping centre was down 2.1% compared to the first nine months of last year, among other factors due to renegotiation of a number of contracts. However, the third quarter saw revenue growth partly thanks to a number of new stores such as JOE & THE JUICE, Dixons Travel and the Pandora Concept Store, which have contributed to a generally higher level of activity at the shopping centre in conjunction with the increased passenger numbers. Sales in the duty and tax free stores increased by 9.4% due to a number of initiatives, such as adjustment of the product range and intensified marketing efforts.

The relaunch of the parking products continued in Q3 2010 in the form of marketing of the new prices and product groups introduced earlier in the year.


  • Passenger numbers at Copenhagen Airport increased by 8.2% during the first nine months of 2010. The number of locally departing passengers increased by 8.4%, and transfer traffic increased by 7.6%

  • Revenue increased by 11.0% to DKK 2,459.5 million (2009: DKK 2,216.5 million) primarily due to the increase in passenger numbers and an agreement to terminate a long term rent contract with SAS Cargo, partly offset by the impact of the Icelandic ash cloud in the second quarter 2010

  • EBITDA increased by 14.5% to DKK 1,336.8 million (2009: DKK 1,167.1 million). EBITDA totalled DKK 1,383.7 million excluding one-off items (2009: DKK 1,202.3 million). 2009 was also impacted by restructuring expenses

  • EBIT increased by 16.7% to DKK 980.0 million (2009: DKK 839.7 million). When excluding one-off items, EBIT amounted to DKK 1,026.9 million (2009: DKK 874.9 million)

  • Results of international investments were a profit of DKK 27.1 million, which was an increase of DKK 17.9 million (2009: a profit of DKK 9.2 million)

  • Net financial costs increased by DKK 33.7 million mainly due to loss on interest rate swaps in connection with the repayment of bank debt and extraordinary amortisation of loan costs in connection with repayment and cancellation of bank facilities in June 2010 due to their replacement by the US Private Placement (USPP)

  • Profit before tax increased to DKK 792.1 million (2009: DKK 667.6 million). Profit before tax amounted to DKK 839.0 million when excluding one-off items (2009: DKK 702.8 million)

  • Capital expenditure amounted to DKK 519.0 million in the first nine months of 2010, primarily due to CHP Go (2009: DKK 377.8 million)

  • In June 2010, bank facilities of DKK 1,043.0 million and EUR 83.8 million were repaid/cancelled. CPH obtained new fundings of USD 247.0 million and GBP 23.0 million in June with an eight and ten year maturity via a USPP. The new facilities are equivalent to DKK 1,704.2 million

Based on the anticipated traffic programme for Q4 2010 and the growth in the first nine months of 2010, passenger numbers are revised to increase significantly compared to 2009.

Based on the strong traffic performance and despite the impact of the Icelandic ash cloud, the final outlook for 2010 is revised. Profit before tax is now expected to be more than 15 percent higher than in 2009, when excluding one-off items. The revised outlook is based on a continued recovery in the world economy.

CPH continuously seeks to adapt the investment level to the current economic environment. In accordance with the charges agreement, CPH is committed to invest approximately DKK 500 million in 2010. This will be supplemented by CPH Go and other commercial investments.