Read announcement in PDF

The total number of passengers at Copenhagen Airport grew by 11.4%, resulting in a strong performance in Q1 2010. The growth was driven by increased numbers of transfer and international passengers as well as continued strong growth in the number of domestic passengers. CPH maintains its full-year forecast despite the closure of Danish airspace – and thereby Copenhagen Airport – at the beginning of Q2 due to the volcanic eruption in Iceland.

The 11.4% increase in passenger numbers in Q1 contributed to the 7.4% increase in total revenue to DKK 703.5 million. Profit before tax increased to DKK 170.6 million, mainly due to increased revenue, lower operating costs, partly due to restructuring costs in Q1 2009, and fewer provisions as compared with Q1 2009.

Growing travel activity throughout Q1 2010, and the increased competition on the Danish domestic market in particular contributed to the strong performance. CPH has also seen improved load factors and a growing number of passengers on international flights, including Norwegian, Cimber Sterling and SAS. CPH’s strategic partnership with SAS, which includes the reduction of the minimum connection time, has been successful and resulted in more transfer passengers.

As a consequence of the growth in passenger numbers, commercial revenue, especially from tax-free sales, increased in Q1 2010, parking revenue also benefited from the growing number of domestic passengers and the fact that business passengers have returned.

Due to the renegotiation of a number of contracts as a result of a relaunch of the strategy for the shopping centre, revenues from the specialty shops were slightly lower than in Q1 2009.


  • Passenger numbers at Copenhagen Airport increased by 11.4% in Q1 2010. The number of locally departing passengers increased by 15.2%, and transfer traffic increased by 5.2%

  • Revenue increased by 7.4% to DKK 703.5 million (2009: DKK 655.2 million)

  • EBITDA increased by 24.4% to DKK 331.4 million (2009: DKK 266.5 million). EBITDA totalled DKK 337.4 million excluding one-off items (2009: DKK 292.1 million). EBITDA benefited from the increase in passenger numbers. Q1 2009 was also impacted by restructuring expenses

  • EBIT increased by 35.7% to DKK 218.4 million (2009: DKK 161.0 million). When excluding one-off items, EBIT amounted to DKK 224.4 million (2009: DKK 186.6 million)

  • Results of international investments were a profit of DKK 8.1 million, which was an decrease of DKK 1.0 million (2009: a profit of DKK 9.1 million)

  • Profit before tax increased to DKK 170.6 million (2009: DKK 110.4 million). Profit before tax amounted to DKK 176.6 million excluding one-off items (2009: DKK 136.0 million). 

  • Capital expenditure amounted to DKK 108.9 million in the first three months of 2010 (2009: DKK 100.3 million).


The total number of passengers is expected to increase based on the expected traffic programme for 2010 and the significant growth in Q1 2010. On the basis of expected higher operation costs, mainly due to depreciation derived from the high investment level, profit before tax is expected to be slightly lower than in 2009, when excluding one-off items. Based on the strong performance in Q1 2010, the temporary closing of the airports due to volcano ashes is not expected to change the outlook for 2010.

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 Swift and other commercial investments.