Stock Exchange Announcement 2019
Copenhagen, 21 May 2019

The Board of Directors has today approved the interim report for the period 1 January – 31 March 2019.


Copenhagen Airport continues to grow after 2018: a record year that saw more than 30 million travellers. During the first quarter of this year, 6.3 million passengers travelled through the Airport equivalent to a 1.2% increase compared to the same quarter last year.

It is still the long-haul, intercontinental routes that are witnessing the highest growth rates. 10.7% more passengers travelled on routes outside Europe. Direct connections to some of the major growth markets in, for example, Asia are important, especially for Denmark’s business community. In recent years, CPH has added many new routes to the CPH route map, including Hong Kong, Chengdu and Beijing in China and Delhi in India. The effect is now evident in the number of passengers on those routes and the increase in transfer passengers. The new summer programme features 62 more routes than the winter programme, and 23 of them are new. The new routes mean more travel options for Danes, while attracting more travellers to Denmark. This will be of particular benefit to the tourism industry in Denmark. It will simply make it easier for people in Southern Europe, for example, to travel here.

In the first quarter of the year, the number of local departing passengers fell by 2.0% compared to last year, while the number of transfer and transit passengers increased by 8.2%, which underpin CPH’s position as Northern European hub. The total number of passengers increased by 1.2%.

CPH’s revenue fell by 4.1% due to the reduction in airport charges that came into force on 1 April 2018. The profit before tax was DKK 256.2 million, a decrease of 18.9% compared to the same period in 2018 primarily due to the reduction in airport charges.

Launch of New Climate Plan
In March, Copenhagen Airport launched its new climate strategy, which sets ambitious goals for the airport and airline traffic to be emission-free by 2030 and 2050, respectively.

The first step is CPH’s decision to make the airport CO2 neutral this year. CPH emits just under 1 kg of CO2 per passenger. CPH must reduce that figure to 0 over the next decade. Until CPH reach that goal, CPH will compensate for each and every kg of CO2 by investing in projects that remove at least the same amount of CO2. CPH have entered into cooperation with the international NGO, Nexus for Development. In Laos, they manufacture and distribute efficient, healthy cookers to the local population. The project means that the reduction of CO2 emitted corresponds to the amount of our emissions. CPH have also launched a number of projects here at the airport, including more solar panel systems, new district heating stations and many other measures aimed at providing the green energy CPH needs for running the airport in a 100% climate-friendly way.

Improved waste management also has high priority, and CPH focuses on reducing the use of plastic in the terminals and the rest of the airport. CPH also focuses on improving our recycling rate for waste from the daily operations of the airport and on reusing as much material as possible in CPH’s construction projects. One example is the collection of food waste from the restaurants and cafés in the shopping centre. This waste is used for production of biogas. Another example is the reuse of asphalt from runway maintenance for construction projects – avoiding the use of new gravel.

Biggest Expansion in the Airport’s History
In 2018, Copenhagen Airport invested about DKK 2 billion in expansions and improvements. CPH also expects a high level of investment in 2019. This summer will see the start of the brand new Finger E with gates particularly for long-haul aircraft, a new passport control and increased space for both passengers and staff.

In addition to Finger E, CPH have taken the first steps towards expanding the airport after the security checkpoint between Gates B and C. Here, CPH is planning 80,000 m2 with more space for passengers, a larger baggage reclaim area and facilities for the numerous companies working inside the airport. This is the largest single expansion project in the history of the airport.

Growth in Non-aeronautical Business
The non-aeronautical element of the business, including the shopping centre and parking facilities, grew as a result of the increase in the number of passengers. Revenue in the shopping centre increased by 7.5%, which, in addition to the passenger growth, is mainly due to an increase in the number of restaurants and cafés with the completion of the Terminal 2 expansion.


  • Passenger numbers at Copenhagen Airport increased by 1.2% in the first three months of 2019. The number of local departing passengers fell by 2.0%, and the number of transfer and transit passengers increased by 8.2%.
  • Revenue fell by 4.1% to DKK 971.8 million (2018: DKK 1,012.8 million), primarily driven by the reduction in airport charges from 1 April 2018. This was partly offset by an increase in concession revenue.
  • EBITDA, excluding one-off items, decreased by 11.3% to DKK 509.0 million (2018: DKK 573.7 million). Reported EBITDA fell by 10.3% to DKK 506.8 million (2018: DKK 564.9 million).
  • EBIT, excluding one-off items, decreased by 22.9% to DKK 287.5 million (2018: DKK 372.9 million).  Reported EBIT fell by 21.6% to DKK 285.3 million (2018: DKK 364.1 million). EBIT was affected by the above-mentioned reduction in airport charges and a 10.3% increase in depreciation charges because of the large investments in expanding the airport.
  • Net financing costs decreased by DKK 19.1 million compared to 2018, which was due to the lower average interest rate.
  • Profit before tax, excluding one-off items, decreased by 20.4% to DKK 258.4 million (2018: DKK 324.7 million). Reported profit before tax decreased by 18.9% to DKK 256.2 million (2018: DKK 315.9 million).
  • Capital expenditure was DKK 549.0 million in the first three months of 2019 (2018: DKK 480.1 million). The investment in the first three months was affected by the expansion of capacity at the central security checkpoint, improvement of wide-body facilities, completion of Terminal 2 airside, expansion of Terminal 3 landside, establishment of Pier E, expansion of cooling capacity, IT systems and other minor projects.


The outlook for traffic growth, profit before tax and capital expenditure is unchanged from the announcement
of 5 March 2019.

 REALISED 2018Outlook for 2019
Revenue growth0.1%negative growth of 0-1%
Profit before tax, excluding one-off items, DKK million1,451.51,250-1,350
Profit before tax, DKK million1,417.3 
Total investments, DKK million2,078.81,800 -2,100

Outlook for revenue growth
Based on the expected traffic programme for 2019, an increase in the total number of passengers 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 on routes and capacity changes by airlines, and isolated events in the aviation industry. The increase in passenger numbers is expected to have a favourable impact on revenue, although this growth is more than outweighed by the reduction in airport charges as of 1 April 2018 and the new charges agreement valid as of April 2019, setting the prices for the use of airport runways, terminals and services, which initially are approx. 5% lower in 2019 compared with 2018. The 2018 charges reduction generally meant that the charges paid by all airlines for using the airport were reduced and at the same time a special incentive scheme was introduced, reducing the charges by 35 % for high-frequency feeder flights between regional airports and CPH. Overall, CPH’s charges were 10% lower on average from April 2018.

Revenue development is expected to be negative in the range of 0-1%, primarily due to the reduction of charges in 2018 and the charges agreement with the airlines coming into effect on 1 Aril 2019.

Outlook for profit before tax
Operating costs are expected to be higher than in 2018, primarily due to the expected rise in passenger numbers, stricter regulatory requirements and cost inflation. This will be partly be offset by a continuing focus on operating cost efficiencies. Depreciation and financing costs are expected to be at the 2018 level.

Profit before tax in 2019 is expected to be in the range of DKK 1,250-1,350 million, excluding one-off items. EBITDA is expected to be lower in 2019 than in 2018, excluding one-off items. The result is affected by the reduction of charges in 2018 and the new charges agreement concluded with the airlines.

Outlook for capital investments
CPH expects to continue to invest for the benefit of passengers and airlines and is maintaining its growth plan, Expanding CPH, through which CPH will develop and expand the airport as passenger numbers increase.

CPH expects to maintain the investment level in 2019, expected to amount to approx. DKK 1.8-2.1 billion, in order to accommodate the growth plan. Investments include expansion of Terminal 3 airside, wide-body capacity expansion, expanding Pier E, establishing Baggage Factory West and new aircraft stands. CPH will also be investing in non-aeronautical projects.

P.O. Box 74 Lufhavnsboulevarden 6 2770 Kastrup Denmark
Contact: Rasmus Lund, CFO

Tel: +3231 3231 Email:
CVR no. 14 70 72 04