The Board of Directors has today approved the interim report for the period 1 January – 30 September 2016.  

Summary for the first nine months of 2016

Copenhagen Airports A/S (CPH) has continued to grow in the first nine months of 2016. Revenue grew by 9.8%, which is in line with the growth in passenger numbers, partly because of the low price-index adjustment of charges. Profit before tax increased by 17.1% to DKK 1,268.7 million, primarily due to a combination of the high passenger growth and continued focus on efficiency, which has reduced costs per passenger excluding one-off items by 3.3% compared to the same period last year, despite heavy investment in the security area and further additional regulatory requirements. CPH is maintaining its full-year outlook for profit before tax in line with the updated outlook of 10 August 2016.

A total of 8,413,408 passengers travelled through Copenhagen Airport in the third quarter of 2016, giving a total of 22,118,267 passengers in the first nine months, an increase of 9.9% on 2015. A large part of the growth can be attributed to more tourists flying to Denmark.

The growth has been driven in particular by more passengers on the international routes. Long-haul intercontinental traffic increased by 10.6% and European traffic by 10.0%, with domestic traffic also showing solid year-on-year growth of 6.9%.

Tourists creating growth

The number of foreign tourists flying to Copenhagen increased by approx. 16% in the first half year of 2016 and the number of foreign business travellers by more than 12%. This can partly be attributed to new routes and increased capacity in the form of larger aircraft and more departures.

Copenhagen Airport has managed to attract additional new routes in recent years and increased capacity with larger aircraft and more departures. The many new routes are helping to attract more tourists to Danish destinations, and contributing to growth and job creation in the tourism sector throughout the country. This is one of the very positive effects of the development of new routes at Copenhagen Airport seen historically, and will be further enhanced in the coming years as CPH realises its plan to grow from 25 to 40 million passengers a year. To achieve this objective CPH will need to invest up to DKK 20 billion in CPH's growth plan, Expanding CPH.

The consultancy company DAMVAD Analytics has calculated that the growth at Copenhagen Airport from 2005 to 2015 has increased Denmark's gross domestic product (GDP) by approx. DKK 31 billion. The new routes, the higher seat capacity and the increased number of passengers flying to Copenhagen Airport in the first nine months of 2016, have boosted Copenhagen Airport's contribution to GDP by approx. DKK 2.9 billion, according to DAMVAD Analytics.

Big investments

The high growth in passenger numbers means that CPH continues to have a high level of capital investments. CPH is maintaining its Expanding CPH strategy, under which it will expand and develop the airport as passenger numbers increase. Investments totalling DKK 664.7 million were made in the first nine months of the year. These relate to expansion of capacity at the central security checkpoint, new aircraft stands, improvement of wide-body facilities, runway renovation, and various IT systems and additional investments.


On 24 October 2016, CPH signed a new guaranteed loan agreement with the European Investment Bank (EIB). The agreement provides CPH with a project-financed credit limit of up to DKK 1,250 million. Within this framework, CPH can utilise the facility over the 10-year life of the loan, with the option to extend up to a total of 15 years. The new facility from EIB is a seal of approval for CPH's growth plan, Expanding CPH.

Highlights of results

  • Passenger numbers at Copenhagen Airport increased by 9.9% in the first nine months of 2016. The number of locally departing passengers grew by 11.4% and the number of transfer passengers by 4.9%.
  • Revenue grew by 9.8% to DKK 3,337.4 million (2015: DKK 3,040.7 million), primarily driven by the 10.2% increase in departing international passengers and increased revenue from parking.
  • Thanks to a continuing focus on cost efficiency, operating costs per passenger were reduced by 3.3%, despite increased regulatory requirements and a major focus on investments in the central security checkpoint.
  • EBITDA, excluding one-off items, increased by 12.6% to DKK 1,930.5 million (2015: DKK 1,714.3 million). Reported EBITDA rose by 12.6% to DKK 1,920.5 million (2015: DKK 1,706.3 million).
  • EBIT, excluding one-off items, increased by 14.8% to DKK 1,412.6 million (2015: DKK 1,231.0 million). Reported EBIT rose by 14.7% to DKK 1,402.6 million (2015: DKK 1,223.0 million).
  • Net financing costs were down by DKK 5.4 million year on year, partly due to improved loan terms.
  • Profit before tax, excluding one-off items, was up by 17.1% to DKK 1,278.7 million (2015: DKK 1,091.7 million). Reported profit before tax was up by 17.1% to DKK 1,268.7 million (2015: DKK 1,083.7 million).
  • Capital expenditure was DKK 664.7 million in the first nine months of 2016 (2015: DKK 783.3 million). This relates to expansion of capacity at the central security checkpoint, new aircraft stands, improvement of wide-body facilities, runway renovation, and various IT systems and additional investments.

Outlook for 2016

The outlook for traffic growth, profit before tax and capital expenditure is unchanged from the announcement of 10 August 2016.

Outlook for profit before tax

Based on the expected traffic programme for 2016, an increase in the total number of passengers and revenue is expected.

The development in passenger numbers is a dynamic factor that is subject to both positive and negative influence from general economic developments, decisions by airlines relating to routes and capacity, and isolated events in the aviation industry.

Operating costs are expected to be higher than in 2015, primarily due to the expected rise in passenger numbers, enhanced security requirements and cost inflation, although this will be partly offset by a continuing focus on operating cost efficiencies. Overall, depreciation charges and financing costs are expected to be slightly higher than in 2015, primarily as a result of a continued high investment level.

Profit before tax in 2016 is expected to be in the range of DKK 1,550-1,650 million, excluding one-off items. EBITDA is projected to be higher in 2016 than in 2015, excluding one-off items.

Outlook for capital investments

CPH expects to continue to invest in growth for the benefit of passengers and airlines. As in recent years, CPH expects capital investments to remain at a high level in 2016. Investments include expansion of the central security checkpoint, including four additional security lanes, the expansion of passport control at Pier C with self-service passport control for EU citizens, improvement of wide-body facilities, and a redesigned passenger drop-off zone in P4. CPH will also be investing in non-aeronautical projects for the benefit of airlines and passengers.



Read announcement

Q3 2016 Announcement to the Copenhagen Stock Exchange.pdf