Danish English
Published: 2009-02-16 15:37:32 CET
Københavns Lufthavne A/S
Annual report/ annual accounts
Group Annual Report 2008 announcement
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
 


cph_lufthavn_uk_final_annual report.pdf
copenhagen airports parent company annual report 2008 uk.pdf