Published: 2009-10-29 13:37:49 CET
Københavns Lufthavne A/S
Quarterly report
Interim report of Copenhagen Airports A/S (CPH) for the nine months to 30 September 2009
The Supervisory Board today approved the interim report for the period
1
January - 30 September 2009. 


SUMMARY FOR THE THIRD QUARTER AND THE
FIRST NINE MONTHS OF 2009 

The total number of passengers dropped 7.1% in Q3
2009 compared to last year.
The first nine months of 2009 saw a 10.9% lower
number of passengers than in
the same period last year, but it was an
improvement compared with the first
six months of 2009 when traffic was 13.0%
lower than last year. This
improvement was achieved due to the reasonable
traffic level during the summer,
with a number of airlines continuing to
expand and open new routes. This had a
significant effect on CPH's financial
results for the year to date. 

Revenues fell by 6.6% on the prior year
versus a 10.9% drop in passenger
numbers, due to the impact of the interim
charges agreement and the opening of
a number of new shops and restaurants in
the second half of 2008. 

CPH's revenue dropped by 6.6% to DKK 2,216.5
million, and pre-tax profit was
DKK 667.6 million, which was 27.5% less than
for the first nine months of 2008.
The revenue for Q3 2009 dropped by 5.9% to
DKK 791.9 million and pre-tax profit
for Q3 2009 was DKK 274.0 million. CPH
recognised higher depreciation charges
as a result of investment in service
improvements, increased one off staff
costs due to restructuring, and higher
financial costs following a refinancing
completed earlier this year. 

CPH
adjusted the organisation earlier in the year to reduce costs, and
going
forward CPH will also increase focus on initiatives to increase the
income. 

In the course of the third quarter 2009, CPH signed a 5½-year
agreement on the
charges paid by airlines for use of Copenhagen Airport, which
took effect on 1
October 2009. The charges structure was changed and charges
were frozen for the
initial 18 months of the term of the agreement. After the
end of that period,
the total airport charges will increase equivalent to
development of the Danish
Consumer Price Index (“CPI”) plus one per cent. The
agreement sets out the
level and the structure of charges that the airlines
will pay for the use of
facilities at Copenhagen Airport in the period from 1
October 2009 to 31 March
2015. 

CPH is committed to developing Copenhagen
as a hub and destination. CPH will be
working with local and national
government as well as private companies and
airlines to market Copenhagen and
Denmark abroad. 

HIGHLIGHTS OF THE RESULTS

• Passenger numbers at
Copenhagen Airport decreased by 7.1% in Q3 2009 and by
10.9% for the first
nine months of 2009. For the year to date the number of
locally departing
passengers decreased by 8.1%, and transfer traffic decreased
by 18.4% 

•
Revenue fell by 6.6% to DKK 2,216.5 million (2008: DKK 2,373.0
million),
versus a 10.9% drop in passenger numbers 

• EBITDA decreased by
12.5% to DKK 1,167.1 million (2008: DKK 1,334.5 million).
EBITDA totalled DKK
1,202.3 million excluding one-off items (2008: DKK 1,351.4
million) 

• EBIT
decreased by 19.1% to DKK 839.7 million (2008: DKK 1,038.4 million).
When
excluding one-off items, EBIT amounted to DKK 874.9 million (2008: DKK
1,055.3
million) 

• Results of international investments were a profit of DKK 9.2
million, which
was an increase of DKK 4.1 million (2008: a profit of DKK 5.1
million) 

• Profit before tax decreased to DKK 667.6 million (2008: DKK
920.5 million).
Profit before tax amounted to DKK 702.8 million excluding
one-off items (2008:
DKK 937.4 million). Profit before tax was impacted by an
increase in interest
expenses due to a higher average level of debt combined
with an increase in
other financing costs due to the refinancing in March 2009

 
• Capital expenditure amounted to DKK 377.8 million in the first nine
months of
2009 (2008: DKK 640.9 million). 

• CPH adjusted its organisation
in Q1 2009 as a result of the falling passenger
numbers. This meant that CPH
made 74 employees redundant 

• In March 2009 CPH obtained credit facilities
of DKK 1,625 million and EUR 131
million with a three year maturity. The new
facilities equivalent to DKK 2.6
billion were provided by a group of seven
banks 


OUTLOOK 2009 

The total number of passengers, with an improving
trend in Q3 2009, is expected
to decline in 2009 due to the economic downturn
and the impact of Sterling's
bankruptcy. On the basis of the negative traffic
outlook, profit before tax is
still expected to be lower than in 2008, when
excluding one-off items. 

CPH continuously seeks to adapt the investment
level to the current economic
environment. CPH is continuously working to
improve services to airlines and
passengers and intends to continue investing
despite the economic downturn
 


fbm q3 2009 uk 29 10 09.pdf