Published: 2010-10-28 12:51:53 CEST
Københavns Lufthavne A/S
Quarterly report
Interim Report of Copenhagen Airports A/S (CPH) for the nine Months to 30 September 2010
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE NINE MONTHS TO
30
SEPTEMBER 2010 

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

SUMMARY FOR THE FIRST NINE
MONTHS OF 2010 

With more than 6.3 million passengers, Q3 was the busiest
quarter ever for
Copenhagen Airports A/S (CPH). Passenger numbers grew by a
total of 8.2% in the
nine months to 30 September 2010, and the continuing
growth in passenger
numbers led to a total increase in revenue of 11.0%. The
growth in passenger
numbers continued to be driven by a major increase in the
number of domestic
passengers of 23.1%. Transfer passengers and
internationally departing
passengers also continued to grow, partly as a
result of an increase in the
number of European as well as intercontinental
routes and additional
frequencies to a number of European destinations. Based
on the continued strong
traffic performance CPH has revised the final outlook
for 2010. 

CPH's growth performance during the first nine months of the year
has made
Copenhagen Airport the most rapidly growing major European airport
this year.
In particular, recent months' growth in transfer traffic to a
number of Nordic,
northern European and Baltic destinations demonstrate
Copenhagen's role as a
major hub for travelers to and from Northern Europe.


Copenhagen Airport has a strategic focus on both network and low-cost
carriers.
Carriers such as Norwegian and easyJet continue to contribute
substantially to
the growth in passenger numbers. Overall, the number of
low-cost passengers was
close to 2.9 million in the first nine months of the
year, bringing the
low-cost market share to 17.8% for the year-to-date period.
This is the highest
level to date. 

The low-cost carriers continue to focus
on Copenhagen Airport, and CPH still
sees great interest in the low-cost
facility, CPH Go, which will open on 31
October. With CPH Go, Copenhagen
Airport will be the only major European
Airport that offers lower passenger
charges in an integrated part of the
airport. 
 
The new charges agreement
between CPH and a number of airlines was approved in
Q3 2010. Under the
agreement, all passenger-related charges will be changed to
better reflect the
underlying costs, and the passenger charge for using CPH Go
will be
approximately 35% lower than the current passenger charge. 

Revenue from the
shopping centre was down 2.1% compared to the first nine
months of last year,
among other factors due to renegotiation of a number of
contracts. However,
the third quarter saw revenue growth partly thanks to a
number of new stores
such as JOE & THE JUICE, Dixons Travel and the Pandora
Concept Store, which
have contributed to a generally higher level of activity
at the shopping
centre in conjunction with the increased passenger numbers.
Sales in the duty
and tax free stores increased by 9.4% due to a number of
initiatives, such as
adjustment of the product range and intensified marketing
efforts. 

The
relaunch of the parking products continued in Q3 2010 in the form of
marketing
of the new prices and product groups introduced earlier in the year.


HIGHLIGHTS OF THE RESULTS

• Passenger numbers at Copenhagen Airport
increased by 8.2% during the first
nine months of 2010. The number of locally
departing passengers increased by
8.4%, and transfer traffic increased by 7.6%


• Revenue increased by 11.0% to DKK 2,459.5 million (2009: DKK 2,216.5
million)
primarily due to the increase in passenger numbers and an agreement
to
terminate a long term rent contract with SAS Cargo, partly offset by the
impact
of the Icelandic ash cloud in the second quarter 2010 

• EBITDA
increased by 14.5% to DKK 1,336.8 million (2009: DKK 1,167.1 million).
EBITDA
totalled DKK 1,383.7 million excluding one-off items (2009: DKK
1,202.3
million). 2009 was also impacted by restructuring expenses 

• EBIT
increased by 16.7% to DKK 980.0 million (2009: DKK 839.7 million).
When
excluding one-off items, EBIT amounted to DKK 1,026.9 million (2009: DKK
874.9
million) 

• Results of international investments were a profit of DKK
27.1 million, which
was an increase of DKK 17.9 million (2009: a profit of DKK
9.2 million) 

• Net financial costs increased by DKK 33.7 million mainly due
to loss on
interest rate swaps in connection with the repayment of bank debt
and
extraordinary amortisation of loan costs in connection with repayment
and
cancellation of bank facilities in June 2010 due to their replacement by
the US
Private Placement (USPP) 

• Profit before tax increased to DKK 792.1
million (2009: DKK 667.6 million).
Profit before tax amounted to DKK 839.0
million when excluding one-off items
(2009: DKK 702.8 million) 
 
• Capital
expenditure amounted to DKK 519.0 million in the first nine months of
2010,
primarily due to CHP Go (2009: DKK 377.8 million) 

• In June 2010, bank
facilities of DKK 1,043.0 million and EUR 83.8 million
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 are
equivalent to DKK 1,704.2 million 


OUTLOOK 2010 

Based on the
anticipated traffic programme for Q4 2010 and the growth in the
first nine
months of 2010, passenger numbers are revised to increase
significantly
compared to 2009. 

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 more than 15 percent 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
Go and other commercial
investments.
 


q3 2010 announcement to copenhagen stock exchange.uk.pdf