Source: Københavns Lufthavne A/S

Interim report of Copenhagen Airports A/S (CPH) for the period 1 January – 30 June 2019

Stock Exchange Announcement 2019
Copenhagen, 8 August 2019

The Board of Directors has today approved the interim report for the period 1 January – 30 June 2019.

As in previous years, the Company has adopted an interim dividend based on the interim profit. The dividend amounts to DKK 237.7 million or DKK 30.28 per share.


The first six months of the year was in line with the same period in the busy record year of 2018, with a total of 14.4 million travellers: 0.1% less. The number of locally departing passengers fell by 0.7%, while the number of transfer and transit passengers increased by 1.5%. At the end of the first six months, the profit before tax, excluding one-off items, was DKK 621.6 million. This is 12.5% lower than in the same period last year. This is mainly due to a reduction of the charge airlines pay to use the airport. Following a 10% reduction as of 1 April 2018, by 1 April 2019 it was reduced by a further 5%. In addition, there was increased depreciation and, also higher staff costs due to inflation and capacity expansion.

2019 also saw a growth in intercontinental routes, which showed an increase of 7.7% compared to the same period last year. However, the number of travellers on shorter routes within Europe fell by 0.8%.

More routes, more transfer and not least the growth of long-haul traffic increase Denmark's connectivity and strengthen Copenhagen Airport as a North European hub, in line with the objectives in the National Aviation Strategy. CPH looks forward to continuing the close collaboration with authorities and partners to execute the strategy

Pilot strike and adjustments
There are a number of reasons why the total number of travellers did not increase when compared to the record year of 2018. The SAS pilot strike in April and May impacted the airport negatively by approximately 175,000 passengers. At the same time, Norwegian adjusted their traffic programme and didn’t fly as many passengers than last year. There is also an impact from last year’s bankruptcy of Primera Air from May onwards. The company flew several charter flights to numerous summer destinations. That capacity is absent this year.

The lower charges mean that the revenue in the aeronautical part of the business fell by 7.0% to DKK 1,174.7 million. In the non-aeronautical part of the business, such as the shopping centre, leasing and parking, revenue increased by 3.5% to DKK 925.0 million.

New routes
The first half of 2019 saw a large number of new routes, both summer routes and year-round routes, to new and existing destinations. The new year-round routes are to European destinations such as Liverpool, London Southend, Nantes, Cracow and Düsseldorf.

Investing in the airport of tomorrow
Over the past decade, CPH has invested more than DKK 11 billion in developing the airport of tomorrow, to ensure that Denmark has the best possible accessibility to the rest of the world. In 2018, CPH increased the already high level of investment to DKK 2.1 billion.

The 4th of June, CPH saw the grand opening of the largest terminal built in decades – Finger E, an impressive 36,000 m2 with passenger areas, gates and a new passport control. Finger E marks a milestone in the work of creating the airport of tomorrow. Globally, CPH is looking forward to a growth in the number of passengers, but not necessarily in the number of take offs and landings, given that the aircrafts are getting larger and the load factor is increasing. In 1996, it took 270,000 arrivals and departures to fly 16.1 million travellers to and from CPH. In 2018, there were 266,000 arrivals and departures flying 30.3 million travellers. At the same time, the new types of aircrafts are more fuel-efficient and quieter, thereby reducing their impact on the climate.

The construction of the airport of tomorrow continues. A new sorter facility for departing luggage and a completely new space in front of the terminals are being constructed. In addition, preparatory work is under way for the largest construction project in recent times: an 80,000 m2 extension of the terminal area after the security check, with extra space for airport travellers, airlines and companies. The project also includes a significant extension of the baggage-reclaim area.

In the first six months of this year, capital investments amounted to DKK 1,083.1 million.

The financial development in Copenhagen Airport with high investments, uncertain development in world economic outlook and passenger numbers and negative events for some airlines has put pressure on CPH’s cash flow. The timing in the investment program announced for the airport therefore might have to be reconsidered if this development accelerates.

As a temporary measure due to the pressure on the cashflow and the mentioned external uncertainties the Board of Directors has decided to pay out 50% in interim dividend as opposed to the policy of 100%. This will be reviewed at the year end. The Management and Board will follow the development closely.

Sustainable growth
CPH emphasizes that growth and the creation of the airport of the future must be sustainable for the climate as well as financially.

The future growth must be accompanied by ambitious goals for climate and the environment. CPH reached the first target this year when the ACA (Airport Carbon Accreditation) certified CPH as a CO2-neutral airport. This is the result of a large-scale climate project in the country of Laos, which will compensate for the CO2 emitted by the airport itself. Being a CO2 neutral airport is currently the highest level possible as part of the ACA scheme. The main criteria for choosing the project include the facts that: it is certified as a Gold Standard project; it is going on in one of the least developed countries in the world; and the type of project (climate-friendly cookers) features on the list of projects we believe to be highly credible cf. the aviation industry’s global climate certification ACA’s guidelines for climate compensation. The airport is working to eliminate CO2 emissions by 2030, thereby continuously reducing the need for climate compensation.


  • Passenger numbers at Copenhagen Airport decreased by 0.1% in the first six months of 2019. The number of local departing passengers fell by 0.7%, and the number of transfer and transit passengers increased by 1.5%.
  • Revenue fell by 2.7% to DKK 2,099.7 million (2018: DKK 2,156.9 million), primarily driven by the reduction in airport charges from 1 April 2018 and the new charges agreement valid as of 1 April 2019. This was partly offset by an increase in concession revenue.
  • EBITDA, excluding one-off items, decreased by 7.9% to DKK 1,137.0 million (2018: DKK 1,235.1 million). EBITDA fell by 7.0% to DKK 1,132.4 million (2018: DKK 1,217.0 million).
  • EBIT, excluding one-off items, decreased by 14.6% to DKK 687.5 million (2018: DKK 805.0 million).  EBIT fell by 13.2% to DKK 682.9 million (2018: DKK 786.9 million). EBIT was affected by the above-mentioned reduction in airport charges, a 4.5% increase in staff costs and a 4.5% increase in depreciation charges because of the large investments in expanding the airport.
  • Net financing costs decreased by DKK 28.4 million compared to 2018, which was due to the lower average interest rate.
  • Profit before tax, excluding one-off items, decreased by 12.5% to DKK 621.6 million (2018: DKK 710.7 million). Profit before tax decreased by 10.9% to DKK 617.0 million (2018: DKK 692.6 million).
  • Capital investments was DKK 1,083.1 million in the first six months of 2019 (2018: DKK 1,033.2 million). The investment in the first six months was affected by the expansion of Terminal 3 airside, the establishment of Pier E, new baggage facilities, the expansion of cooling capacity and miscellaneous maintenance work.
  • A total interim dividend of DKK 237.7 million will be distributed on 13 August 2019 based on the holdings registered in VP account at the end of the business day on 12 August 2019.


CPH expects the total number of passengers to be in line with 2018, and therefore adjusts full-year outlook for revenue growth to a negative range of 2% -3% relative to the previous outlook with a range from 0% to negative 1% announced on May 21, 2019. CPH retains the outlook for the profit before tax excluding one-off items and capital investments from the announcement of 21 May 2019.

 REALISED 2018Outlook for 2019
Revenue growth0.1%negative growth of 2-3%
Profit before tax, excluding one-off items, DKK million1,451.51,250-1,350
Profit before tax, DKK million1,417.3 
Total capital investments, DKK million2,078.81,800 -2,100

Outlook for revenue growth
Based on the expected traffic programme for 2019, the total number of passengers is expected to be in line with 2018. 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 made by airlines, and isolated events in the aviation industry. Although the passenger numbers are expected to be in line with 2018, a decrease in revenue is expected. This is due to a 10% reduction in airport charges as of 1 April 2018 and the new charges agreement valid as of April 2019. The new charges agreement resulted in restructured take-off and passenger-related charges. With the new agreement, the prices will initially be approx. 5% lower in 2019 compared to 2018.

Revenue development is expected to be negative in the range of 2-3%, primarily due to the reduction of charges in 2018 and the charges agreement with the airlines coming into effect on 1 April 2019 together with the SAS pilot strike and adjustments in our airlines’ traffic programme.

Outlook for profit before tax
Operating costs are expected to be higher than in 2018, primarily due to an increase in the number of employees because of capacity expansions and additional regulatory requirements, and cost inflation. This will be partly offset by a continuing focus on operating cost efficiencies. Depreciation is expected to be at the 2018 level and the financing costs are expected to be lower than in 2018.

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 and the SAS pilot strike and the adjustments in the airlines’ traffic programme.

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

P.O. Box 74
Lufthavnsboulevarden 6
2770 Kastrup, Denmark

Rasmus Lund

Tel.:  +45 3231 3231

CVR no. 14 70 72 04