Group Annual Report 2008 announcement
•The downturn in the world economy, changes in travel patterns, bankruptcies
and consolidation in the aviation industry had a strong impact on 2008 for
Copenhagen Airports. In particular, the end of the year saw an adverse impact
on results of operations, among other things as a result of the bankruptcy of
Sterling
•Operating and financial performance in 2008 was in line with expectations as
stated in Announcement No. 7/2008 to the Stock Exchange dated 29 October 2008,
excluding one-off items
•Passenger numbers at Copenhagen Airport rose by 0.6%. The number of locally
departing passengers grew by 0.8%, whilst transfer traffic declined by 1.6%
•Revenue increased by 6.5% to DKK 3,113.5 million
•Excluding one-off items, EBIT was DKK 1,299.7 million (2007: DKK 1,285.5
million). EBIT amounted to DKK 1,227.6 million (2007: DKK 1,430.4 million)
•In connection with Sterling's bankruptcy on 29 October 2008, CPH wrote down
related receivables, representing a one-off expense of DKK 38.9 million. Taking
into account the effect of the related decline in the number of departing
passengers by between 0.5% and 1.0%, Sterling's bankruptcy had a combined
adverse effect on profit before tax in the region of DKK 70 million
•Excluding one-off items, profit before tax amounted to DKK 1,144.4 million,
equivalent to a decline by DK 62.3 million. The decline was primarily caused by
higher costs incurred for service improvements, compliance with regulatory
requirements and write-downs of receivables. Profit before tax was DKK 1,026.3
million (2007: DKK 1,351.6 million). Profit before tax in 2007 was affected by
one-off income totalling DKK 229.6 million from the sale of international
assets and a building
•Excluding one-off items, profit after tax was declined by 14.5% to DKK 855.7
million. Profit after tax was DKK 755.3 million
•Investments in intangible assets and property, plant and equipment in 2008
totalled DKK 836.9 million, which was on a level with expectations as set out
in Announcement No. 7/2008 of 29 October 2008 to the Stock Exchange. The level
of investments was the highest since the construction of Terminal 3 in 1998 and
primarily comprised baggage sorting facilities, a new arrivals floor in Pier C,
general investments in an expansion of the arrivals capacity and an expansion
of the shopping centre
•CPH's goal is to create shareholder value. A key element in doing so is the
maintenance of an efficient and prudent capital structure that provides funding
for business and investment requirements. Having regard to the business outlook
and requirements, it is recommended that a final dividend of DKK 260 million,
or DKK 33.1 per share, is paid out from the 2008 net profit. A similar amount
is expected to be proposed in relation to the interim dividend for 2009
•John Stent has left the Macquarie Group and consequently resigned from the
Supervisory Board of Copenhagen Airports with effect from 16 February 2009. A
replacement will be appointed at the Annual General Meeting, which will be held
on 25 March 2009
The Group Annual Report is enclosed in Pdf-format
COPENHAGEN AIRPORTS A/S
