Interim report of Copenhagen Airports A/S for the nine months to 30 September 2007

2007/14
29 October 2007

Interim report of Copenhagen Airports A/S (CPH) for the nine months to 30
September 2007 

•	Passenger numbers at Copenhagen Airport increased by 2.5%. However, following
the end of the third quarter SAS announced on 28th October its decision to
withdraw all its Dash 8 aircraft permanently. The airport is working closely
with SAS to minimise the disruption this will cause to travellers. 

•	EBITDA in the interim period 1 January - 30 September 2007 increased by 16.7%
to DKK 1,439.4 million. Excluding one-off items, EBITDA increased by 0.9% to
DKK 1,244.5 million 

•	Capital expenditure of DKK 539 million was undertaken in the first nine months

•	The new central security checkpoint, opened on 1 June, resulted in
significantly improved screening time through the summer peak period with 98%
of passengers being screened within 10 minutes. The investment in the new duty
free shop, opened at the same time, increased sales per passenger as a result
of the improved convenience and product range, although the new contract
contains lower minimum guaranteed charges per passenger.  The nine month result
continues to be affected by the retail disruption in the first half 

•	Service performance in the busy summer period has met the high expectations.
In addition to security, investments have been made in the baggage sorting
facility, assisting the airlines with check-in, cleaning of passenger areas, a
low-cost parking facility and in the shopping centre.  Despite the major
service investments in 2007 total operating costs are in line with 2006, when
excluding one-off items 

•	CPH has invested DKK 50 million in the establishment of the new Metro station
at Copenhagen Airport, which opened on 28 September 2007 

•	In line with the strategy approved by the Board in 2006, CPH has in June 2007
realised a one-off profit before tax of DKK 114.7 million related to
international divestments. CPH has divested its entire shareholding of 20% in
HMA, China and 6.10% of its 9.85% total of direct and indirect shares in ASUR,
Mexico 

•	Profit from investments fell to DKK 38.8 million due to divestment of HMA and
ASUR shares and due to the 2006 refinancing in NIAL, Newcastle, which resulted
in higher interest costs in NIAL 

•	Profit before tax increased by 22.3% and amounted to DKK 1,127.3 million.
Excluding one-off items in the first nine months of 2007, profit before tax
amounted to DKK 932.4 million, an increase of 1.2% 

•	The forecast for 2007 of profit before tax to be more in line with 2006 is
retained, when excluding one-off items