INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE SIX MONTHS TO 30 JUNE
2008 

The Supervisory Board today approved the interim report for the period 1
January - 30 June 2008. 


SUMMARY FOR THE FIRST SIX MONTHS OF 2008 

CPH grew revenue and EBITDA in Q2, when excluding one-off items, primarily
driven by sustained traffic growth. See the explanatory tables on pages 7 and
8. We recognise that our airline customers face a difficult operating
environment and CPH will also be impacted by these conditions. Whilst the
second quarter performance has demonstrated the resilience of the airport
operating model, we expect the second half to be more challenging. 


HIGHLIGHTS

• Passenger numbers at Copenhagen Airport increased by 5.3%. The number of
locally departing passengers increased by 6.4%, and transfer traffic increased
by 1.3% 

• Revenue rose by 10.1% to DKK 1,531.3 million (H1 2007: DKK 1,390.4 million)

• EBITDA increased by 10.3% to DKK 851.8 million excluding one-off items (H1
2007: DKK 772.5 million). EBITDA amounted to DKK 844.1 million (H1 2007: DKK
978.5 million) 

• Excluding one-off items, EBIT amounted to DKK 655.4 million (H1 2007: DKK
602.7 million). EBIT amounted to DKK 647.7 million (H1 2007: DKK 808.7 million) 

• Results of international investments were a loss of DKK 0.6 million, which is
a reduction of DKK 18.1 million (H1 2007: a profit of DKK 17.5 million). This
can primarily be explained by the absence of profit from HMA and reduced income
from ASUR, due to divestment of these international assets in Q2 2007 

• Profit before tax increased by 3.9% to DKK 576.1 million excluding one-off
items (H1 2007: DKK 554.3 million). Profit before tax amounted to DKK 568.4
million (H1 2007: DKK 760.3 million) 

• Capital expenditure of DKK 441.8 million was undertaken in the first six
months (H1 2007: DKK 410.2 million). Progress was recorded in the baggage
handling facilities, a new arrival floor was constructed in one of the piers
and there was investment in expansion of arrival capacity and the shopping
centre 

• The centralised security checkpoint has significantly improved passenger
processing and the associated changes to the duty free offering have been well
received and contributed to the H1 2008 performance 


OUTLOOK 2008 

The Supervisory Board of Copenhagen Airports has budgeted to invest in the
order of DKK 1 billion in 2008. This is the highest investment level since the
construction of Terminal 3. In 2008, investments will be made in check-in
facilities, gates and aircraft stands, baggage facilities, security, commercial
projects and other passenger service improvements. 

The forecast for 2008 of a 2-4% increase in passenger numbers and a profit
before tax slightly higher than that achieved in 2007, excluding one-off items
and the impact of tax changes in the UK, is retained.