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

Københavns Lufthavne A/S

Stock Exchange Announcement

Copenhagen, 7 November 2022

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

HIGHLIGHTS

• The number of passengers at CPH was 16.4 million in the first nine months of 2022, an increase of 11.2 million or 216% compared with the first nine months of 2021. The number of locally departing passengers was 6.9 million (up by 203% from last year), and 1.3 million were departing transfer passengers (up by 292% from last year). The total number of passengers in the first nine months of 2019 was 23,3 million.
  
  

• Revenue for the first nine months of 2022 amounted to DKK 2,621 million (2021: DKK 1,073 million), an increase of 144% compared with the first nine months of 2021 driven by the increased numbers of passengers (2019: DKK 3,299 million).
  
  

• EBITDA for the first nine months of 2022 was positive at DKK 1,071 million (2021: positive at DKK 121 million), up by DKK 950 million on last year (2019: positive at DKK 1,847 million).
  
  

• EBIT YTD was positive at DKK 338 million (2021: negative at DKK 652 million), an improvement of DKK 990 million. (2019: a profit of DKK 1,164 million).
  
  

• Net financing costs amounted to DKK 114 million, which was DKK 5 million less than for the same period of 2021 (2019: DKK 98 million).
  
  

• Profit before tax amounted to DKK 221 million for the first nine months of 2022, an increase of DKK 995 million (2021: loss of DKK 774 million). Profit before tax for the same period in 2019 amounted to DKK 1,065 million.
  
  

• Capital investments amounted to DKK 700 million in the first nine months of 2022 (2021: DKK 420 million excluding the contribution from the Comfort Hotel). Investments included the expansion of Terminal 3, the completion of a multi-storey car park, improvements of runways, stands, and security facilities, various IT systems as well as miscellaneous reinvestments and asset investments. Capital investments in the first nine months of 2019 amounted to DKK 1,601 million.
  
  

OUTLOOK FOR 2022

Following two extremely challenging years, CPH has seen a steady increase in traffic volumes during 2022. In total, 16.4 million passengers had travelled through the Airport as per end of September 2022. Our updated passenger forecast for the full year 2022 is expected to be approximately 22 million passengers.

Passenger numbers, however, are dependent on the development in current macroeconomic and geopolitical factors such as the ongoing war in Ukraine, the high inflation rates worldwide, and the hike in energy prices. All factors that may affect the appetite for travelling negatively. Additionally, continued waves of new COVID-19 variants in the fall/early winter may result in reimposed travel restrictions, which may also adversely affect passenger numbers.

The cost base for the remainder of the year is largely fixed and predictable, however factors such as the inflation and the high volatility in energy prices may have a significant effect on our estimate for the profit before tax for 2022. Revenue is mostly passenger driven and actual numbers may therefore be affected by the above factors.

Based on the current assumptions for passenger levels and external costs, we forecast the profit before tax for 2022 to be within the range of DKK 125-225 million.

CAPEX spend for the full year is forecasted to be in the range of DKK 950-1000 million.

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

• Q3 2022 Announcement to the Copenhagen Stock Exchange