INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE THREE MONTHS TO
31
MARCH 2009 

The Supervisory Board today approved the interim report for
the period 1
January - 31 March 2009. 


SUMMARY FOR THE FIRST QUARTER OF
2009 

The performance of CPH in Q1 2009 was adversely affected by the
economic
situation. Fewer passengers, higher operating costs due to
restructuring and a
significant loss on receivables resulted in both lower
revenue and earnings.
Despite of the difficult times for the aviation industry
as a whole, CPH posted
a profit before tax of DKK 110.4 million, which,
however, represented a
significant fall compared with performance in Q1 2008.


In order to be able to maintain a high level of capital expenditure,
CPH
demonstrated responsibility in Q1 2009 by adjusting costs to the lower
level of
earnings so as to ensure that the airport will emerge from the
current crisis
even stronger than before.  This meant, among other things,
that CPH had to
make 74 employees redundant. 

The number of passengers
dropped by 16.2% whilst revenue dropped by 6.9% to DKK
655.2 million. The
opening of a number of new shops and restaurants in the
shopping centre in
late 2008 limited the fall in revenue. 

Operating costs rose by 17.6% partly
due to provisions and redundancy payments;
and external costs rose as a result
of costs for the service scheme for persons
with reduced mobility (PRMs) and
bad debt provisions. 

EBITDA was adversely affected by the fall in passenger
numbers, higher external
costs due to bad debt provisions and increased staff
costs due to restructuring
costs. 

Profit before tax was down by 52.1%
which, in addition to the factors above,
was due to higher financial expenses.
CPH's interest expenses increased as a
result of a higher debt level, an
increase in the average portfolio interest
rate and increased costs due to a
recently completed refinancing. 


HIGHLIGHTS OF THE FIRST THREE MONTHS OF
2009

• Passenger numbers at Copenhagen Airport decreased by 16.2%. The
number of
locally departing passengers decreased by 16.2%, and transfer
traffic decreased
by 16.0% 

• Revenue fell by 6.9% to DKK 655.2 million
(2008: DKK 703.6 million)

• EBITDA decreased by 28.6% to DKK 266.5 million
(2008: DKK 373.0 million).
EBITDA amounted to DKK 292.0 million excluding
one-off items (2008: DKK 374.9
million) 

• EBIT decreased by 41.4% to DKK
161.0 million (2008: DKK 274.7 million). When
excluding one-off items, EBIT
amounted to DKK 186.5 million (2008: DKK 276.6
million) 

• Results of
international investments were a gain of DKK 9.1 million, which is
an increase
of DKK 20.0 million (2008: a loss of DKK 10.9 million) 

• Profit before tax
decreased to DKK 110.4 million (2008: DKK 230.7 million).
Profit before tax
amounted to DKK 135.9 million excluding one-off items (2008:
DKK 232.6
million). Profit before tax was impacted by an increase in financial
expenses
due to a higher average level of debt combined with an increase in the
average
portfolio interest rate and an increase in other financing costs due to
the
refinancing 
 
• Capital expenditure amounted to DKK 100.3 million in the
first three months
(2008: DKK 185.3 million). CPH is continuously working to
improve services to
airlines and passengers and intends to retain a
significant investment level
despite the economic environment 

• CPH
adjusted its organisation in Q1 2009 as a result of the falling
passenger
numbers. This meant that CPH has had to make 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 

As
a consequence of the significant drop in passenger numbers during Q1 2009,
CPH
continuously seeks to adapt the investment level to the current
economic
environment. However, despite the financial challenges in 2009, CPH
has decided
to retain the decision to invest a significant amount under a
commercially
flexible investment plan for the convenience of airlines and
passengers. 

The total number of passengers is expected to fall in 2009, due
to the economic
environment and the impact of Sterling's bankruptcy. On the
basis of the
negative traffic outlook, profit before tax is expected to be
lower than in
2008, when excluding one-off items.