Published: 2010-08-10 12:45:26 CEST
Københavns Lufthavne A/S
Half Year financial report
Interim report of Copenhagen Airports A/S (CPH) for the six months to 30 June 2010

The Supervisory Board today approved the interim report for the
period 1
January - 30 June 2010. 


A 5.7% increase in passenger numbers provided a strong H1 performance
Copenhagen Airports (CPH). The growth continued to be driven by a
increase in the number of domestic passengers, and additional transfer
internationally departing passengers. Based on the strong traffic growth
has revised its profit forecast for the full year. 

The total increase
in passenger numbers of 5.7% in H1 2010 would have been
higher had Copenhagen
Airport not been closed for approximately six days in
April due to the
Icelandic ash cloud. CPH initiated a number of operational
measures to reduce
the financial loss including moving essential maintenance to
daytime and large
parts of the airport completely shut down in order to save
electricity and
reduce the need for manpower.  Without the ash cloud, the
growth would have
been approximately 9.5%. 

The traffic growth was driven by a further
strengthening of the routes offered
by low-cost carriers out of Copenhagen and
by growth on the intercontinental
routes, which was due, in part, to the
opening of three new long-haul routes
from Copenhagen to Doha, New York JFK
and Toronto. 

Shopping centre revenue decreased, which was due to changes in
conditions on several speciality stores in the last quarter of 2009
temporary closing of two food and beverage units. This was partly offset
by the
increase in passenger numbers and by increasing spend per passenger,
which had
a positive effect on revenue from the shopping center. Furthermore,
new outlets
were introduced such as “JOE & THE JUICE” at Nytorv, representing
a step
forward in the development towards greater product and price
differentiation as
set out in our 2009 annual report. 

On 29 June 2010, CPH
re-visited the US Private Placement (USPP) market and
successfully completed a
note issuance of DKK 1.7 billion equivalent. The
Senior Unsecured Notes were
issued in three series; USD 100 million due in
2018, USD 147 million due in
2020 and GBP 23 million due in 2020. The proceeds
were used to repay existing
bank debt and cancel existing bank commitments
maturing in March 2012. This
has substantially reduced CPH's re-financing risk
and dependency on the bank
loan market, and the new debt secures CPH a stable
and long-term source of
funding on satisfactory terms and conditions. 

In H1, CPH signed an
agreement to sell its 49% aggregate investment in the
Mexican airport company
Inversiones y Técnicas Aeroportuarias, S.A. de C.V.
(“ITA”) to CPH's local
Mexican partner, Fernando Chico Pardo. The Mexican
Competition authorities has
approved the purchase agreement, but the divestment
is subject to approval of
the purchase agreement by the Mexican Ministry of
Communications and
Transport. The divestment will therefore not be recognised
in the financial
statements until after regulatory approval, expected in Q3
2010. This is
expected to generate a profit before tax of up to DKK 350 million
based on the
closing rate. 

The parking product was re-launched on 28th April with new
prices, product
groups and an extensive marketing campaign. The initial
results of the campaign
have been positive particularly in long term leisure


• Passenger numbers at Copenhagen
Airport increased by 5.7% in H1 2010. The
number of locally departing
passengers increased by 6.7%, and transfer traffic
increased by 3.5% 

Revenue increased by 12.5% to DKK 1,603.2 million (2009: DKK 1,424.6
primarily due to the increase in passenger numbers and an agreement
terminate a long term rent contract with SAS Cargo 

• EBITDA increased
by 18.9% to DKK 864.4 million (2009: DKK 726.8 million).
EBITDA totalled DKK
900.4 million excluding one-off items (2009: DKK 755.6
million). H1 2009 was
also impacted by restructuring expenses 

• EBIT increased by 23.2% to DKK
629.6 million (2009: DKK 510.9 million). When
excluding one-off items, EBIT
amounted to DKK 665.6 million (2009: DKK 539.7

• Results of
international investments were a profit of DKK 16.2 million, which
was an
increase of DKK 9.7 million (2009: a profit of DKK 6.5 million) 

• Net
financial costs increased by DKK 41.5 million mainly due to loss on
rate swaps in connection with the repayment of bank debt and
amortisation of loan costs in connection with repayment and
cancellation of
bank facilities in June 2010 due to their replacement by USPP

Profit before tax increased to DKK 480.6 million (2009: DKK 393.7
Profit before tax amounted to DKK 516.6 million when excluding
one-off items
(2009: DKK 422.5 million) 
• Capital expenditure amounted to
DKK 323.9 million in the first six months of
2010 (2009: DKK 237.0 million)

• In June 2010, bank facilities of DKK 1,043.0 million and EUR 83.8
were repaid/cancelled. CPH obtained new fundings of USD 247.0 million
and GBP
23.0 million in June with an eight and ten year maturity via a USPP.
The new
facilities equivalent to DKK 1,704.2 million were provided by a group


The total number of passengers is
expected to increase based on the anticipated
traffic programme for 2010 and
the growth in H1 2010. 

Based on the strong traffic performance and despite
the impact of the Icelandic
ash cloud the final outlook for 2010 is revised.
Profit before tax is now
expected to be slightly higher than in 2009, when
excluding one-off items. The
revised outlook is based on a continued recovery
in the world economy. 

CPH continuously seeks to adapt the investment level
to the current economic
environment. In accordance with the charges agreement,
CPH is committed to
invest approximately DKK 500 million in 2010. This will be
supplemented by CPH
Swift and other commercial investments.

fbm h1 2010 v90 uk.pdf