Interim report of Copenhagen Airports A/S (CPH) for the period 1 January – 30 June 2022

Stock Exchange Announcement

Copenhagen, 9 August 2022

The Board of Directors has today approved the interim report for the period 1 January – 30 June 2022.

HIGHLIGHTS

• The number of passengers at Copenhagen Airports was 9.4 million in the first half of 2022, an increase of 8 million compared with the first half of 2021. The number of locally departing passengers was 4 million (535.5% up from last year), 4.7 million were arriving passengers (598.2% up from last year), and 0.7 million were departing transfer passengers (759% up from last year). Total passengers in H1 2019 were 14.4 million.
  
  
• Revenue amounted to DKK 1,550 million (H1 2021: DKK 448 million), an increase of 246% compared with H1 2021 driven by higher passenger numbers.
  
  
• EBITDA was positive at DKK 550 million (H1 2021: loss of DKK 265 million), up by DKK 815 million on last year. (H1 2019: a profit of DKK 1,132 million).
  
  
• EBIT was a profit of DKK 63 million (H1 2021: loss of DKK 769 million), an improvement of DKK 832 million. (H1 2019: a profit of DKK 683 million).
  
  
• Net financing costs amounted to DKK 73 million, which was DKK 7 million lower than for the same period of 2021.
  
  
• Profit/(loss) before tax amounted to a loss of DKK 12 million, an increase of DKK 839 million (H1 2021: loss of DKK 851 million).
  
  
• Capital investments amounted to DKK 496 million in the first half of 2022 (H1 2021: DKK 270 million excluding the contribution of the Comfort Hotel). Investments included the expansion of Terminal 3, the completion of a multi-storey car park, improvements of runways and stands, various IT systems, as well as miscellaneous reinvestments. Capital investments in H1 2019 amounted to DKK 1,083 million.
  
  

OUTLOOK FOR 2022

The aviation industry continues to face several uncertainties including the risk of new, highly infectious COVID-19 variants, the war in Ukraine, growing inflation rate, and increasing prices of energy and fuel. In addition to this, multiple airlines are struggling with shortage of staff and union strikes, which results in cancelled flights at short notice. As a result, the development for the rest of the year remains highly uncertain.

While passenger volumes for 2022 have had a better start than last year, and the volume of European air traffic is expected to grow compared to 2021, the long-haul intercontinental routes to China and the remainder of Asia continues to face a slower pace of recovery which are heavily dependent on local lock down measures.

An improvement in year-over-year results is expected for CPH in 2022. However, because of the potential aggregate impact on leisure and business travel of the uncertainties mentioned, it is too soon to provide a reasonably realistic and comprehensive assessment of the financial outlook for CPH for the remainder of 2022. Any guidance is subject to rapid change from unexpected events, as exemplified by the war in Ukraine and the rise of the Omicron variant last fall.

CPH will continue to monitor the situation very closely and will assess and adjust operating costs and the level of investments on an ongoing basis. CPH will keep the market updated when it is possible to provide a more precise financial outlook.

P.O. Box 74
Lufthavnsboulevarden 6
2770 Kastrup, Denmark

Contact:
Rasmus Lund
CFO

Tel.: +45 3231 3231
E-mail: cphweb@cph.dk
www.cph.dk

CVR no. 14 70 72 04

Attachment

• H1 2022 Announcement to the Copenhagen Stock Exchange UK