CPH Announcement: Outlook September 2022
Copenhagen, 26. September 2022
Following two extremely challenging years, CPH has seen a steady increase in traffic volumes during 2022. In total, 14 million passengers had travelled through the Airport as per end of August 2022. Our updated passenger forecast for the full year 2022 is expected to be approximately 22 million passengers.
Passenger numbers, however, is dependent on the development in current macroeconomic and geopolitical factors such as the ongoing war in Ukraine, the high inflation rates worldwide, and the hike in energy prices. All factors that may affect the appetite for travelling negatively. Additionally, continued waves of new COVID-19 variants in the fall / early winter may result in reimposed travel restrictions, which may also adversely affect passenger numbers.
The cost base for the remainder of the year is largely fixed and predictable, however factors such as the inflation and the high volatility in energy prices may have a significant effect on our estimate for the profit before tax for 2022. Revenue is mostly passenger driven, and actual numbers may therefore be affected by the above factors.
Based on the current assumptions for passenger levels and external costs, we forecast the profit before tax for 2022 to be within the range of DKK 125-225 million.
CAPEX spend for the full year is forecasted to be in the range of DKK 950-1000 million.