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},
"pp-value-65-2": {
"value": "Basis of preparation of the financial statementsCPH is a limited company domiciled in Denmark and listed on Nasdaq CopenhagenThe consolidated financial statements of CPH are prepared in accordance with Interna-tional Financial Reporting Standards (IFRS) as adopted by the European Union (EU) andfurther requirements applicable in Denmark.General information The Annual Report is prepared under the historical cost principle. Assets and liabilities aresubsequently measured as described below. This is unchanged from 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-3": {
"value": "The consolidated financial statements of CPH are prepared in accordance with Interna-tional Financial Reporting Standards (IFRS) as adopted by the European Union (EU) andfurther requirements applicable in Denmark.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-67-2": {
"value": "Significant accounting estimatesIn preparing the consolidated financial statements, management makes various accounting estimates and assumptions that form the basis of the presentation, recogni-tion and measurement of CPH\u2019s assets and liabilities. The estimates made by CPH in determining the carrying amounts of assets and liabilities are based on estimates and assumptions that are subject to future events. These include estimates of the useful lives of property, plant and equipment, and their residual values. Estimates and underlying assumptions are based on historical data and factors that management considers relevant under the given circumstances. These assumptions may have to be revised, and unexpected events or circumstances may occur.There are no changes to the estimates made by CPH in determining the carrying amountscompared to 2021. The carrying amounts of these items are disclosed in notes 3.2 and 3.3For a description of CPH\u2019s risks, see note 4.3 on financial risks.Significant estimates and judgementsProperty, plant and equipment are depreciated to the estimated residual value over their expected useful lives, which CPH has estimated above. These estimates are based on the Company\u2019s business plans and expected useful lives of the assets, the technical and main-tenance state of the assets, and regulatory requirements. The residual value was esti-mated at DKK 604 million (2021: DKK 604 million) at the balance sheet date. The useful lives and residual values of property, plant and equipment are reviewed at least at every year-end based on these factors. CPH evaluates the carrying amounts in order to assess whether events have occurred that require an adjustment of these amounts because theyare not expected to be recoverable. Investment properties owned by the Group are carried at cost less accumulated deprecia-tion. The carrying amount of the investment properties amounts to DKK 1,367 million as of 31 December 2022 (included in the line items Investment properties, Land and buildings andOther fixtures and fittings). The corresponding fair value of the investment properties at 31 December 2022 amounts to DKK 2,332 million (2021: DKK 2,314 million). Fair value of the investment properties has been determined based on a discounted cash \ufb02ow calculation on minimum lease payments agreed with the hotel operator with a discount rate of 4.5%.In estimating the runways\u2019 useful lives, CPH has divided the system into three elements: foundations, surfaces and technical installations. CPH\u2019s assessment is that each element has a different useful life. The runway surfaces have shorter lives than the foundations due to immediate wear; their useful life expectancy is 10 years. This assessment is supported by historical replacement of runway surfaces and planning for future replace-ment. Technical installations related to the runways are estimated to have a useful life of 15 years. These technical installations related to the runways are not assessed to have thesame useful life as other technical installations, taking into account safety measures.Estimates and judgementsUsing the simplified expected credit loss model, the expected loss on receivables from sales and services is recognised immediately in the income statement. Receivables are monitored on an ongoing basis in accordance with the Group\u2019s risk management until realisation. The write-down is calculated based on the expected loss ratio. The loss ratio iscalculated on the basis of historical data adjusted for estimates of the effect of expected changes in relevant parameters, such as economic development, political risks, etc., on the market. For receivables where there is no objective indication of impairment at indi-vidual level, the remaining receivables are assessed for objective indications of impairment.The objective indications are based on historical loss experiences.If there is an objective indication that an individual receivable is impaired, such as non- payment of amounts due or the debtor having financial difficulties in the form of paymentsuspension, bankruptcy, expected bankruptcy or the like, a write-down is made on the receivable in question.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-2": {
"value": "Basis of consolidation The Annual Report comprises the Parent Company, Copenhagen Airports A/S, and companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies (subsidiaries). Companies where CPH controls50% or less of the votes and does not have control but exercises significant in\ufb02uence areconsidered associates. In the consolidation, intercompany income and expenses, shareholdings, dividends and balances, and realised and unrealised intercompany gains and losses on transactions between the consolidated companies are eliminated.CPH\u2019s Annual Report is prepared on the basis of the financial statements of the Parent Company and the subsidiaries. The financial statements used in the consolidation are prepared in accordance with CPH\u2019s accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-3": {
"value": "Foreign currency translation CPH\u2019s functional currency is the Danish krone, which is used as the measurement and presentation currency in the preparation of the Annual Report. Therefore, currencies other than DKK are considered foreign currencies.Transactions denominated in foreign currencies are translated at the exchange rate rulingat the transaction date. Gains and losses arising as a result of differences between the exchange rate at the transaction date and the exchange rate at the date of payment are recognised in the income statement as Financial income or Financial expenses.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled on the balance sheet date are translated at the exchange rates ruling at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-1": {
"value": "Significant accounting policiesTo make the report more manageable and readable, the accounting policies, estimates and judgements for specific items are placed together with the appropriate note, keepingall the information related to the item in one place.Basis of preparation of the financial statementsCPH is a limited company domiciled in Denmark and listed on Nasdaq CopenhagenThe consolidated financial statements of CPH are prepared in accordance with Interna-tional Financial Reporting Standards (IFRS) as adopted by the European Union (EU) andfurther requirements applicable in Denmark.Significant accounting estimatesIn preparing the consolidated financial statements, management makes various accounting estimates and assumptions that form the basis of the presentation, recogni-tion and measurement of CPH\u2019s assets and liabilities. The estimates made by CPH in determining the carrying amounts of assets and liabilities are based on estimates and assumptions that are subject to future events. These include estimates of the useful lives of property, plant and equipment, and their residual values. Estimates and underlying assumptions are based on historical data and factors that management considers relevant under the given circumstances. These assumptions may have to be revised, and unexpected events or circumstances may occur.There are no changes to the estimates made by CPH in determining the carrying amountscompared to 2021. The carrying amounts of these items are disclosed in notes 3.2 and 3.3For a description of CPH\u2019s risks, see note 4.3 on financial risks.General information The Annual Report is prepared under the historical cost principle. Assets and liabilities aresubsequently measured as described below. This is unchanged from 2021.Basis of consolidation The Annual Report comprises the Parent Company, Copenhagen Airports A/S, and companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies (subsidiaries). Companies where CPH controls50% or less of the votes and does not have control but exercises significant in\ufb02uence areconsidered associates. In the consolidation, intercompany income and expenses, shareholdings, dividends and balances, and realised and unrealised intercompany gains and losses on transactions between the consolidated companies are eliminated.CPH\u2019s Annual Report is prepared on the basis of the financial statements of the Parent Company and the subsidiaries. The financial statements used in the consolidation are prepared in accordance with CPH\u2019s accounting policies. Other income Other income contains items of a secondary nature relative to CPH\u2019s primary activities,including gains and losses on the sale of assets and for comparative figures compensa-tion from the Danish government\u2019s support packages for wages and salaries and fixed costs. Foreign currency translation CPH\u2019s functional currency is the Danish krone, which is used as the measurement and presentation currency in the preparation of the Annual Report. Therefore, currencies other than DKK are considered foreign currencies.Transactions denominated in foreign currencies are translated at the exchange rate rulingat the transaction date. Gains and losses arising as a result of differences between the exchange rate at the transaction date and the exchange rate at the date of payment are recognised in the income statement as Financial income or Financial expenses.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled on the balance sheet date are translated at the exchange rates ruling at the balance sheet date.Statement of comprehensive incomeCPH presents comprehensive income in two statements: an income statement and astatement of comprehensive income, showing the results of operations for the year and income included in other comprehensive income. Other comprehensive incomecomprises hedging transactions. Tax related to other comprehensive income for the individual items is disclosed in the relevant notes.EquityDividendsDividends expected to be declared in respect of the year are stated under equity. Dividends are recognised as a liability at the time of adoption by the shareholders atthe Annual General Meeting. Reserve for hedging The reserve for hedging transactions contains the accumulated net change in the fair value of hedging transactions that meet the criteria for hedging future cash \ufb02ows andwhere the hedged transaction has not yet been realised.The reserve is dissolved when the hedged transaction is realised or if the hedged cash\ufb02ows are no longer expected to be realised or the hedging relationship is no longer effective.Prepayments and deferred income Prepayments recognised under assets comprise costs incurred relating to the followingfinancial year and are measured at nominal value.Deferred income recognised under liabilities comprises payments received relating to income in subsequent financial years and is measured at nominal value. Cash \ufb02ow statement The cash \ufb02ow statement shows CPH\u2019s cash \ufb02ows for the year distributed between ope rating, investing and financing activities as well as the net changes in cash for theyear and CPH\u2019s cash at the beginning and end of the year. Cash and cash equivalents Cash includes cash and balances on accounts available at no or short noticeCash \ufb02ow from operating activities The cash \ufb02ow from operating activities comprises payments from customers less payments to employees, suppliers, etc., adjusted for financial items paid/received and income taxes paid. Cash \ufb02ow from investing activities The cash \ufb02ow from investing activities comprises cash \ufb02ows from the purchase and saleof intangible assets, property, plant and equipment and investments. Cash \ufb02ow from financing activities The cash \ufb02ow from financing activities comprises cash \ufb02ows from the raising and repay-ment of long-term and short-term debt to financial institutions as well as dividends paidto shareholders.Recently adopted accounting standards and interpretations for implementationThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2022 consol-idated financial statements. CPH expects to implement the standards and amendments when they take effect.None of the new standards issued are currently expected to have a significant impact onthe consolidated financial statements when implemented.New standards, amendments and interpretations adopted but not yet effectiveAs of 1 January 2022, CPH adopted all relevant new or revised International Financial Reporting Standards and IFRIC Interpretations with effective date 1 January 2022 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the Annual Report is presented in accordance with the accountingpolicies applied in previous years\u2019 annual reports.Going concernManagement has adopted the going concern basis for preparing these financial state-ments and has considered the Company\u2019s cash \ufb02ow, liquidity position and financial position in general, together with factors likely to affect development and performance. Following two extremely challenging years, CPH has seen a steady increase in traffic volumes during 2022, when a total of 22.1 million passengers travelled through the airport (73% of 2019 levels). This trend is expected to continue, with further improve-ments materialising in 2023. Since 2020, CPH has taken significant actions that have had a positive effect on perform-ance, including substantial cost reductions. These actions have continued through 2022 to further streamline the operation and also included a significant reduction of CAPEX spend.During the COVID-19 pandemic, CPH established a DKK 6 billion credit facility agreementwith a club of banks, ensuring adequate liquidity until August 2023. Further waiver agreements with existing lenders, providing CPH relief from certain loan covenants, were entered into. The waiver agreements require CPH to meet a liquidity covenant*, with which it has complied during 2022. In December 2022, these waiver agreements were extended up to Q3 2024 for the loans that mature at or after this date.A USPP bond loan of DKK 1.1 billion and the DKK 6 billion credit facility will mature in August 2023. As of 31 December 2022, the draws on these facilities, totalling DKK 5,346 million, are presented as current liabilities to financial institutions. CPH has initiatedthe refinancing process with positive indications that CPH will obtain adequate liquidity. The fact that these loans will reach maturity within 12 months from the balance sheet date and that refinancing negotiations are ongoing indicates the existence of a material uncertainty that may cast significant doubt on CPH\u2019s ability to adopt a going concern basis of preparation for the financial statements. As part of the waiver agreements CPH isobligated to have credit facilities committed capable of being drawn, no later than 1 May2023 in order to replace the maturing debt in August 2023.The waiver agreements together with positive indications from CPH\u2019s lenders ensure thatCPH will be able to continue to meet its financial and investment commitments.Management assesses that, given the underlying credit quality of the business, the debt market remains available and that our current lenders are willing to assist CPH with the funds necessary to refinance the loans prior to August 2023. Management assesses that CPH will maintain adequate liquidity over the next 12 monthsand, given the underlying credit quality of the business, will be able to secure the neces-sary and timely support of its lenders.After reviewing the current liquidity position, financial forecasts and potential risks regarding the committed funding facilities, it is management\u2019s assessment that it is appropriate to adopt a going concern basis of preparation of the financial statements, and hence the financial statements have been prepared on a going concern basis. The liquidity covenant requires CPH to have liquidity in the form of cash, undrawn and available credit lines at least equal to the next 180 days\u2019 operating costs (excluding taxes), capital expenditureand debt services. Information on business areasAccounting policiesThe accounting policies for recognition and measurement of business areas are the sameas for the income statement and balance sheet. The accounting policies are unchanged from 2021. CPH does not have operating segments in accordance with IFRS 8.The operating results for the business areas comprise directly attributable revenue less related operating costs. Operating costs comprise external costs, staff costs and amortisa-tion and depreciation.Business area assets comprise non-current assets used directly in the operating activities of each business area and current assets directly attributable to the operating activities of each business area, including trade receivables, other receivables, prepayments and deferred income. Jointly used properties are allocated to the business areas based on an overall estimate of the amount of space used.Business area liabilities comprise liabilities that have arisen out of the business area\u2019s operations, including prepayments received from customers, trade payables and other payables.Business areasCPH has two business areas: Aeronautical and Non-aeronautical.The business area classification follows the legal and organisational classification of the Group\u2019s activities. The aeronautical business area comprises the regulated part of Copenhagen Airports (traffic charges), and the non-aeronautical business area comprisesall other activities. This classification is appropriate, as the aeronautical business area reporting also constitutes the reporting of regulatory activities under BL 9-15 (traffic charges). BL 9-15 is described in note 5.6. AeronauticalThis business area comprises the operations and functions that the airports at Kastrup and Roskilde make available so that airlines can operate their \ufb02ights, including facilities required for passengers to pass through these airports. Revenue in the aeronautical business area comprises passenger, security, take-off and aircraft-parking charges, and income, including handling and CUTE charges (IT technology used in connection with check-in). Non-aeronauticalThis business area comprises the other facilities and services provided at the airports for passengers and others, including car-parking facilities, shops, restaurants, rest areas, lounges and the hotels. The vast majority of the operations are operated by concession-aires. The business area also includes the leasing of CPH\u2019s buildings, premises and land tonon-Group lessees. Revenue in the non-aeronautical business area comprises concessionrevenue; rent from buildings, premises and land; revenue from parking; the hotel oper-ation; services for persons with reduced mobility (PRM); taxi management services (TMS);sale of consulting services concerning airport operation; and other services. Revenue related to CPH\u2019s largest customer amounted to DKK 578 million in 2022 (2021: DKK 323 million), representing 16% of revenue (2021: 18%). This revenue relates to boththe aeronautical and non-aeronautical business areas. Revenue related to the second-largest customer amounted to DKK 318 million in 2022 (2021: DKK 104 million), repre-senting 9% of revenue (2021: 6%). This revenue relates to both the aeronautical and non-aeronautical business areas. Revenue related to the third-largest customer amountedto DKK 306 million in 2022 (2021: DKK 137 million), representing 9% of revenue (2021: 8%). This revenue relates solely to the non-aeronautical business area.2022 2021Business areas Business areasNon- Non- DKKm Aeronauticalaeronautical Total Aeronauticalaeronautical TotalRevenue 1,861 1,671 3,532 865 896 1,761Operating profit/(loss) (577) 991 414 (950) 444 (506Non-current assets 9,377 5,043 14,420 9,534 4,900 14,434Other assets 194 175 369 259 328 587Investments in associates 129 129 126 126Unallocated assets* 353 221Total assets 9,571 5,347 15,271 9,793 5,354 15,368Liabilities 781 431 1,212 695 295 990Unallocated liabilities** 10,722 11,180Total liabilities 781 431 11,934 695 295 12,170Investments in fixed assets (including capitalised interest) 714 256 970 326 1,255 1,581Amortisation and depreciation 701 283 984 766 246 1,012* Unallocated assets include cash and financial assets. ** Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other long-term liabilities and income tax payableRevenueAccounting policiesRevenue comprises the year\u2019s traffic revenue, rent, concession revenue and the sale of services, net of value added tax and price reductions directly related to sales, cf. the information on business areas in note 2.1.Traffic revenue Traffic revenue comprises passenger, security, take-off and aircraft-parking charges andincome, including handling and CUTE charges (IT technology used in connection with check-in), and is recognised at the time of departure of the aircraft to which the services relate. Start-up discounts for previously unserved routes, transfer/transit discounts based on the preceding 12 months of traffic, and incentive schemes for high-frequency feeder routes and to maintain passenger growth are deducted from traffic revenue. The NO charge is included in take-off charges.xConcession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, which is recognised in line with the revenue generated by the concessionaires. Revenue from car-parking facilities is recognised when a car exits the car-parking facilities.RentRent comprises rent for buildings and land and is recognised over the terms of the contracts.Revenue from the sale of services, etc.Revenue from the sale of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi manage-ment services (TMS), which are recognised on arrival at the taxi stand. Other services typically include a performance obligation that is recognised either on a straight-line basis over a period or at a particular time when the services are provided.DKKm 2022 2021Traffic revenuePassenger charges 844 359Security charges 467 196Handling 151 64CUTE charges 20 8Take-off charges 338 196Aircraft parking, etc. 41 42Total traffic revenue 1,861 865Concession revenueShopping centre 665 259Car parking 316 155Other concession revenue 61 52Total concession revenue 1,042 466RentRent from premises 122 112Rent from land 55 53Other rent 5 4Total rent 182 169Sale of services, etc.Hotel operation 109 85Other sale of services, etc. 338 176Total sale of services, etc. 447 261Total revenue 3,532 1,761Composition of revenue20222021Aeronautical Aeronautical business area Non-aeronautical business areabusiness area Non-aeronautical business areaTraffic Concession Car Other Traffic Concession Car Other DKKmrevenuerevenue*parking Rent*services TotalDKKmrevenuerevenue*parking Rent*services TotaTotal for Total for business areas 1,861 726 316 182 447 3,532business areas 865 311 155 169 261 1,761Time of Time of recognitionrecognition - At a certain time 1,861 - 316 - - 2,177 - At a certain time 865 - 155 - - 1,020 - Over time - 726 - 182 447 1,355 - Over time - 311 - 169 261 741Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Type of contractType of contract - Fixed-price 1,861 26 316 182 447 2,832 - Fixed-price 865 76 155 167 261 1,524 - Variable - 700 - - - 700 - Variable - 235 - 2 - 237Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Concession revenue and rent are recognised in accordance with IFRS 16 LeaseCPH\u2019s revenue consists only of services in the aeronautical and non-aeronautical business areas.Concession charges (except concessionaires that are subject to a minimum charge) related to the shopping centre and other concessions depend on the level of activityThere is no financing element, as payment terms follow cash payment on delivery or 14 days\u2019 credit.DKKm 2022 2021Maturity analysis of concession and rent (IFRS 16) Within 1 year 369 316Between 1 and 2 years 367 505Between 2 and 3 years 365 455Between 3 and 4 years 366 394Between 4 and 5 years 368 355After 5 years 3,244 3,369Total 5,079 5,394Other incomeOther income contains items of a secondary nature relative to CPH\u2019s primary activities,including compensation from the Danish government\u2019s support packages and gains and losses on sale of assets.DKKm 2022 2021Compensation packages - 260Other 12 6Total other income 12 266External costsAccounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and otheroperating and maintenance costs.DKKm 2022 2021Operation and maintenance 437 273Energy 205 103Administrative expenses 45 23Other 23 25Total external costs 710 424External costs increased by DKK 286 million compared to 2021. The increased costs are a combined result of higher activity levels in 2022, a hike in energy prices and the offset-ting effect of continued cost consciousness throughout CPH.Staff costsAccounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, includingthe Executive Management, fees to the Board of Directors and other staff costs. Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by theDanish State, CPH recognises a pension contribution in the income statement, which isfixed each year by the State and paid to the State on a regular basis.DKKm 2022 2021Salaries and wages 1,336 1,034Pension contributions 111 94Other social security costs 10 8Other staff costs 46 281,503 1,164Work performed on own account 67 67Total staff costs 1,436 1,097Staff costs increased by DKK 339 million compared to 2021. The increase is due to anincrease in headcount of 310 FTEs as a result of the higher activity level. DKKm 2022 2021Number of people employed by CPHOf which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 8 11Total remuneration to the Executive Management 12.3 11.4Total emoluments to the Board of Directors* 2.7 2.6 For further information, see the Remuneration Report available at cph.dkOf the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2021: DKK 1.1 million).The remuneration to the Executive Management consists of a fixed basic salary (includingpension contributions), certain benefits (free company car, etc.) and an incentive plan, which is described below. In the event of termination of employment by CPH, members of the Executive Management are entitled to a maximum of two years\u2019 remuneration. In order to promote a sound long-term approach, a rolling three-year incentive plan has been introduced for the Executive Management. For 2022, the total costs expensed for the long-term incentive plan were DKK 1.8 million (2021: DKK 0.9 million). Payments from the three-year incentive plan have a target level of four months\u2019 and a maximum of six months\u2019 salary per annum. The short-term incentive plan has terms of up to one year. The short-term incentive plan has a target level of six months\u2019 salary, if all stretchedobjectives are met, and a maximum of nine months\u2019 salary. For 2022, the total accrued costs for the short-term incentive plan were DKK 3.1 million (2021: DKK 3.5 million).The total remuneration in 2022 to members of the Executive Management was DKK 12.3 million (2021: DKK 11.4 million), including a provision of DKK 1.8 million for a potential payout under the long-term incentive plan (2021: DKK 0.9 million) and a provision of DKK 3.1 million for the short-term incentive plan (2021: DKK 3.5 million). Pension contributions for members of the Executive Management are paid regularly to private pension companies. CPH has no liabilities in this respect.Remuneration to the Board of Directors and Executive Management in 2022 was paid inaccordance with the \u201cGeneral guidelines for remuneration to the Board of Directors andthe Executive Management of Copenhagen Airports A/S\u201d. Key management consists ofthe Executive Management.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State. The rate of pension contributions is fixed by the Ministerfor Finance and was 21% in 2022 (2021: 21%). In 2022, these pension contributions amounted to DKK 0.6 million (2021: DKK 0.6 million).Tax on profit/(loss) for the yearAccounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports DenmarkApS (CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI \u2013 100%ownership) and Copenhagen Airport Hotels A/S (CAH \u2013 53% ownership). KAP is the administrative company for the jointly taxed companies and settles corporation taxes dueto the tax authorities. CPH, CAI and CAH pay tax on account to KAP and settle tax underpaid/overpaid with KAP. Income tax for the year, consisting of the year\u2019s current tax and the year\u2019s change in deferred tax, is recognised in the income statement at the amount that can be attributedto the profit/(loss) for the year, and posted directly in other comprehensive income at theamount that can be attributed to movements therein. Current tax liabilities are carried in the balance sheet as current liabilities to the extent such items have not been paid. Tax overpaid on account is included as a separate line item under Receivables. Interest and allowances regarding tax payments are recognised under Financial income and Financial expenses. Deferred tax is calculated according to the balance sheet liability method on all tempo-rary differences between the carrying amount and tax base of assets and liabilities. Deferred tax is calculated on the basis of the tax rules and tax rates that will apply underthe legislation in force at the balance sheet date when the deferred tax item is expectedto crystallise as current tax. Changes in deferred tax resulting from changes in tax rates are recognised in the income statement. Deferred tax assets are recognised in the balance sheet at the value at which they are expected to be realisable.DKKm 2022 2021Tax expenseCurrent income tax 25 3Change in deferred tax 22 (152Total 48 (149Tax is allocated as follows:Tax on profit/(loss) for the year 50 (149)Tax on other comprehensive income related to hedging instruments (2) 0Total 48 (149Tax on profit/(loss) for the year (continued)DKKm 2022 2021DKKm 2022 2021Breakdown of tax on profit/(loss) for the yearIncome tax payable/receivableTax calculated at 22.0% of profit/(loss) before tax 56 (147)Balance at 1 January 1 -Movements in deferred tax:Tax paid on account in current year 0 -Permanent differences 2 0Payment of tax underpaid in previous year (1) 0Temporary differences (8) (2)Current income tax 25 1Tax receivable under jointly taxation (83) -Total 50 (149)Balance at 31 December (58) 1Provisions for deferred taxBalance at 1 January 704 856Tax on profit for the year was DKK 50 million, resulting in an effective tax rate of 19.5% Change in deferred tax 104 (152)(2021: 22.4%). The lower effective tax rate in 2022 primarily relates to the utilisation of tax losses carried forward from prior years.Balance at 31 December 808 704Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax Breakdown of deferred tax provisionsliabilities of the Danish holding companies, which hold 59.4% of the shares in the Property, plant and equipment 1,033 1,036Company. This liability is limited to 59.4% of the tax liabilities payable on or after Other receivables (2) (2)1 July 2012.Other payables (2) 9Tax loss carried forward (221) (339)Total 808 704Amortisation and depreciationAccounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019sintangible assets and property, plant and equipment.DKKm 2022 2021Software 71 97Land and buildings 345 290Investment properties 13 8Plant and machinery 376 424Other fixtures and fittings, tools and equipment 179 193Total amortisation and depreciation 984 1,012Depreciation and amortisation were down by DKK 28 million, mainly due to lowerwrite-offs of assets in 2022 compared to 2021.Intangible assetsAccounting policiesSoftware is measured at cost less accumulated depreciation.Major projects in which software is the principal element are recognised as assets if there issufficient certainty that the capitalised value of future earnings will cover the related costs. Software costs comprise salaries, amortisation and other costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software. Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognisedas non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisation period is 3-5 years.ImpairmentsThe carrying amount of software and software under development is tested at least annually for any impairment beyond that expressed in amortisation charges. Where thereare such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with otherassets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.Estimates and judgementsThe estimated useful lives are determined based on historical experience and expectationsof future use of the assets. These may prove to be unachievable, which could lead to future reassessment of their useful lives and a need for impairment.2022 2021Software Software under under DKKm Softwareconstruction Total Softwareconstruction TotalCostAccumulated cost at 1 January 1,164 66 1,230 1,153 85 1,238Adjustments for previous years (3) 2 (1) - - -Additions - 67 67 - 10 10Disposals (42) - (42) (18) - (18Transferred 58 (58) - 29 (29) -Accumulated cost at 31 December 1,177 77 1,254 1,164 66 1,230AmortisationAccumulated amortisation at 1 January 1,008 - 1,008 929 - 929Adjustments for previous years (3) - (3) - - -Amortisation 71 - 71 97 - 97Amortisation on disposals (42) - (42) (18) - (18Accumulated amortisation at 31 December 1,034 - 1,034 1,008 - 1,008Carrying amount at 31 December 143 77 220 156 66 222Of which intangible assets for operational leasing 23 - 23 32 - 32Major investments in intangible assets include general renewal and maintenance oexisting IT systems and development of other minor IT systems.Property, plant and equipmentAccounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation. Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, costcomprises direct costs attributable to the asset, including salaries and wages, materials, components, and work performed by subcontractors.Cost also includes interest expensesduring constructionThe depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and beginswhen the assets are ready for use.Land is not depreciated.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.)40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryRunways, roads, etc. (foundations)80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 yearsFurniture and fittings 10 yearsHotel equipment 15 -20 yearSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 yearsGains and losses on the sale of non-current assets are recognised under Other income.Significant estimates and judgementsProperty, plant and equipment are depreciated to the estimated residual value over their expected useful lives, which CPH has estimated above. These estimates are based on the Company\u2019s business plans and expected useful lives of the assets, the technical and main-tenance state of the assets, and regulatory requirements. The residual value was esti-mated at DKK 604 million (2021: DKK 604 million) at the balance sheet date. The useful lives and residual values of property, plant and equipment are reviewed at least at every year-end based on these factors. CPH evaluates the carrying amounts in order to assess whether events have occurred that require an adjustment of these amounts because theyare not expected to be recoverable. Investment properties owned by the Group are carried at cost less accumulated deprecia-tion. The carrying amount of the investment properties amounts to DKK 1,367 million as of 31 December 2022 (included in the line items Investment properties, Land and buildings andOther fixtures and fittings). The corresponding fair value of the investment properties at 31 December 2022 amounts to DKK 2,332 million (2021: DKK 2,314 million). Fair value of the investment properties has been determined based on a discounted cash \ufb02ow calculation on minimum lease payments agreed with the hotel operator with a discount rate of 4.5%.In estimating the runways\u2019 useful lives, CPH has divided the system into three elements: foundations, surfaces and technical installations. CPH\u2019s assessment is that each element has a different useful life. The runway surfaces have shorter lives than the foundations due to immediate wear; their useful life expectancy is 10 years. This assessment is supported by historical replacement of runway surfaces and planning for future replace-ment. Technical installations related to the runways are estimated to have a useful life of 15 years. These technical installations related to the runways are not assessed to have thesame useful life as other technical installations, taking into account safety measures.ImpairmentThe carrying amount of property, plant and equipment is tested at least annually for indi-cations of impairment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.2022Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildings*propertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 10,174 919 9,761 2,527 1,316 24,697Adjustment to previous years (8) - - - 14 6Additions - - - - 903 903Disposals (149) - (291) (21) - (461Transferred 385 - 225 113 (723) -Accumulated cost at 31 December 10,402 919 9,695 2,619 1,510 25,145DepreciationAccumulated depreciation at 1 January 3,890 45 4,789 1,761 - 10,485Adjustment to previous years 8 (1) - - - 7Depreciation 345 13 376 179 - 913Depreciation on disposals (149) - (291) (20) - (460)Accumulated depreciation at 31 December 4,094 57 4,874 1,920 - 10,945Carrying amount at 31 December 6,308 862 4,821 699 1,510 14,200Of which fixed assets for operational leasing 1,677 862 963 171 3,673* At 31 December 2022, CPH\u2019s properties were mortgaged for a total of DKK 515 million (2021: DKK 515 million)Major investments in 2022 included expansion of Terminal 3 airside, construction of a multi-storey capark, runway renovations and new security facilities.2021Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildingspropertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 9,241 254 9,224 2,398 2,257 23,374Additions 17 665 268 62 561 1,573Disposals (38) - (188) (23) - (249Transferred 954 - 457 90 (1,502) Accumulated cost at 31 December 10,174 919 9,761 2,527 1,316 24,697DepreciationAccumulated depreciation at 1 January 3,638 37 4,553 1,591 - 9,819Depreciation 290 8 424 193 - 915Depreciation on disposals (38) - (188) (23) - (249Accumulated depreciation at 31 December 3,890 45 4,789 1,761 - 10,485Carrying amount at 31 December 6,284 874 4,972 766 1,316 14,212Of which fixed assets for operational leasing 1,667 874 993 199 - 3,733Subsidiaries and associatesAccounting policiesSubsidiaries are classified as companies where the Parent Company directly or indirectlycontrols the majority of the votes or otherwise controls the companies. Associates are classified as companies where CPH controls 50% or less of the votes anddoes not have control but exercises significant in\ufb02uence.Subsidiaries\u2022 Copenhagen Airport Hotels A/S, T\u00e5rnby, Denmark \u2013 53% owned by CPH\u2022 Copenhagen Airports International A/S, T\u00e5rnby, Denmark \u2013 100% owned by CPHAssociates\u2022 Airport Coordination Denmark A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPH\u2022 Smarter Airports A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPHFinancial income and expensesAccounting policiesFinancial income and expenses include interest, realised and unrealised exchange differ-ences, recycled accumulated gains and losses on swaps related to terminated hedges, amortisation of mortgage loans and other loans, including reversal of fair value adjust-ments of effective hedges of loans, supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash \ufb02owhedge for accounting purposes is recognised in comprehensive income.DKKm 2022 2021Financial incomeInterest on other receivables 8 (1Exchange gains 3 5Total financial income 11 4Financial income increased by DKK 7 million, primarily due to interest on tradereceivables.DKKm 2022 2021Financial expensesInterest on debt to financial institutions and other loans, etc. 174 155Capitalised interest expenses regarding assets under construction (27) (32)Exchange losses 1 1Other financing costs 20 18Amortisation of loan costs 3 18Total financial expenses 171 160Financial expenses increased by DKK 11 million, primarily due to higher interest expensesas a consequence of higher interest rate levels. In addition, capitalised interest expenses regarding assets under construction decreased due to the lower level of assets under construction than last year. The increase in financial expenses was partly offset by a decrease in amortisation of loan costs due to recycling of amortised financial costs in 2021.An effective interest rate of 1.9% was applied to calculate loan costs for the cost of assets in 2022 (2021: 1.8%), corresponding to CPH\u2019s weighted average cost of capital for borrowings for purchases of property, plant and equipment.As stated under Currency swaps and Hedging transactions in note 4.3 on financial risks, CPH uses currency swaps to hedge foreign currency loans (in this case USD only) so that the exchange rate exposure on interest as well as the principal is converted from the foreign currency into fixed payments in DKK over the terms of the respective loans. The loans in question have been fully hedged.Exchange rate adjustments of loans as well as currency swaps (for loan principals) are recognised in Financial income/expenses in the income statement at a net amount of zero, as the exchange rate adjustment of the loans is fully offset by an opposite exchange rate adjustment of the currency swaps.The net value of the exchange loss recognised in 2022 included an unrealised exchangeloss of DKK 66 million (2021: unrealised exchange loss of DKK 81 million) related to long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 66million on currency swaps (2021: unrealised exchange gain of DKK 81 million) relating to the same loans.Amortisation of loan costs relates to costs in connection with the establishment of bankloans and credit facilities and recycling of amortised cost related to loan renewal.Financial institutions and other loansAccounting policiesMortgage loans, loans from financial institutions and other loans are recognised whentaken out at the amount received. In subsequent periods, the loans are measured at amortised cost so that the effective interest rate is recognised in the income statementover the term of the loan.DKKm 2022 2021Financial institutions and other loans are recognised in the balance sheet as follows:Non-current liabilities 4,238 10,257Current liabilities 5,676 218Total 9,914 10,475Non-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2022Liabilities arisingfrom financingactivitiesLong-term loans 10,257 (652) (5,433) 66 4,238Short-term loans 218 22 5,436 - 5,676Total 10,475 (630) 3 66 9,914Non-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2021Liabilities arisingfrom financingactivitiesLong-term loans 9,439 728 9 81 10,257Short-term loans 148 70 - - 218Total 9,587 798 9 81 10,475CPH had the following loans at 31 December:DKKm Carrying amount Fair value*Loan Currency Fixed/\ufb02oating Maturity date 2022 2021 2022 2021Overdraft DKK Floating - 38 16 38 16Bank club DKK Floating 22 Aug 2023 2,230 2,680 2,230 2,680Term loan DKK Floating 22 Aug 2023 2,000 2,000 2,000 2,000RD (DKK 64 million)** DKK Fixed 23 Dec 2032 35 38 35 42Nordea Kredit** DKK Floating 30 Dec 2039 382 405 382 405Nordic Investment Bank (NIB)*** DKK Fixed 12 Feb 2026 54 69 53 70Nordic Investment Bank (NIB)**** DKK Fixed 19 Dec 2027 529 635 454 593European Investment Bank (EIB)**** DKK Fixed 15 Dec 2026 250 250 223 255European Investment Bank (EIB)**** DKK Fixed 7 Apr 2032 545 600 490 623European Investment Bank (EIB)**** DKK Fixed 26 Jan 2033 400 400 358 417European Investment Bank (EIB)**** DKK Fixed 14 Aug 2033 600 600 523 618European Investment Bank (EIB)**** DKK Fixed 12 Apr 2034 700 700 587 696USPP bond loan DKK Fixed 27 Aug 2025 1,055 1,055 1,006 1,160USPP bond loan USD Fixed 22 Aug 2023 1,116 1,050 1,117 1,118Total 9,934 10,498 9,496 10,693Loan costs for future amortisation (20) (23) (20) (23Total (20) (23) (20) (23Total 9,914 10,475 9,476 10,670* See note 4.3 for a description of the method for determining the fair value of financial liabilities.** At 31 December 2022, CPH\u2019s properties were mortgaged for a total value of DKK 515 million (2021: DKK 515 million).*** Funding for the expansion of Pier C. **** Funding for the expansion of Copenhagen Airport, which is expected to be completed by the end of 2028. The fixed-rate USPP bond loan of USD 160 million (2021: USD 160 million) was swappedto DKK on close of contract, both in terms of principal and interest payments, using currency swaps. Financial risksAccounting policiesIn connection with CPH\u2019s hedging of future financial transactions and cash \ufb02ows, deriv-ative financial instruments are used as part of CPH\u2019s risk management. Derivative financial instruments are initially recognised in the balance sheet at fair value on the transaction date under Other receivables and Other payables respectively. Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash \ufb02ows are recognised in Other comprehensive income and accumu-lated under Reserve for hedging. If the expected future transaction results in the recogni-tion of non-financial assets or liabilities, amounts previously deferred in Other compre-hensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to theincome statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate and currency swaps is determined as the present value of expected future cash \ufb02ows. The fair value of forward exchange contracts and other deriv-ative financial instruments is determined based on observable exchange rates and the swap and forward rates at the balance sheet date. An evaluation of own and counter-party credit risks is also included. CPH\u2019s risk management policy CPH\u2019s financial risks are managed from its head office by the Treasury department. The principles and framework governing CPH\u2019s financial management are laid down once ayear by the Board of Directors. The financial risks occur primarily as a result of operatingand investing activities. Credit risksCPH\u2019s credit risks primarily relate to receivables, bank deposits, securities and derivative financial instruments.Credit risk regarding receivables arises when CPH\u2019s revenue in the form of traffic charges,concession charges, rent, etc. is not prepaid, or when customer solvency is not covered by guarantees, etc. CPH\u2019s revenue comprises aeronautical revenue from national and international airlines, and non-aeronautical revenue from national and international companies within and outside the aviation industry. As part of CPH\u2019s internal procedures regarding risk manage-ment, the credit risk relating to customers is monitored on a monthly basis. This is done by reviewing any failure to pay amounts due and assessing whether the customer has financial problems. CPH\u2019s trading partners SAS, Norwegian and Gebr. Heinemann (the largest concessionaire)constitute the most significant concentration of credit risk. Gross receivables from the sale of services to these customers amounted to approximately 35% of the total in 2022 (2021: 58%). SAS\u2019s credit rating from Standard & Poor\u2019s is D (2021: CCC). On 5 July 2022, SAS voluntarily entered Chapter 11 protection in the USA. It has previourly informed the market that important milestones in the SAS FORWARD plan have been reached. Throughout this process, SAS has continued to honour its obligations as they have matured. Norwegian does not have a published credit rating but has provided a deposit for rent. Gebr. Heinemann does not have a published credit rating but has given CPH a banker\u2019s guarantee equivalent to four months\u2019 revenue (2021: four months\u2019 revenue). The remaining credit risk is distributed among CPH\u2019s other customers. See note 5.1 on trade receivables for further information. Credit risks related to bank deposits, securities and derivative financial instruments arise as a result of uncertainty regarding the counterparty\u2019s ability to meet liabilities when due.CPH seeks to limit the credit risk regarding bank deposits and derivative financial instru-ments by diversifying financial contracts and by entering into contracts only with financiacounterparties with satisfactory credit ratings. The credit risk is calculated per counter-party based on the actual market value of the contracts entered into. At the balance sheet date, CPH had no credit risk on derivative financial instruments. Credit exposure to financial counterparties at 31 December 2022 totalled DKK 97 million(2021: DKK 78 million), corresponding to the value of bank deposits and money market deposits, including accrued interest.Capital managementCPH\u2019s policy concerning borrowings is, as far as possible, to ensure a certain \ufb02exibility bydiversifying funding by maturity date and counterparties. Furthermore, it is CPH\u2019s policy to comply with the loan covenants in its loan agreements. The Board of Directors and management ensure that the Company has a sound capital structure and, based on thisthe financing policy is approved on an annual basis. CPH, individually and on behalf of its subsidiaries, has undertaken not to create or permit to subsist any charge over its assets or those of its subsidiaries, subject to a maximum permitted amount. Furthermore, CPH has made a commitment to its lenders to comply with a number of other terms and conditions, including financial covenants. A number of CPH\u2019s agreements on loans and credit facilities may be terminated in the event of failure to comply with these terms and conditions. In May 2021, CPH obtained waivers for financial covenants covering the period up to and including Q3 2022. CPH complied with all the applicable terms and conditions related to the waivers during 2022. In December 2022, CPH obtained new waivers for the financial covenants covering the period up to and including Q3 2024. For information on the dividend policy, see page 69.Liquidity riskCPH aims to have sufficient available liquidity to meet all its obligations. This is ensured viaa solid liquidity buffer consisting of committed credit facilities. During the COVID-19 pandemic, CPH has had a DKK 6 billion credit facility agreement in place, maturing in August 2023, to ensure adequate liquidity during the pandemic. The refinancing process for the credit facilities and a DKK 1 billion USPP bond maturing in August 2023 has already been initiated and will be finalised during Q2 2023 (see also note 1.3).At 31 December 2022, CPH\u2019s liquid assets consist of cash totalling DKK 97 million (2021: DKK 78 million) and undrawn committed long-term credit facilities totalling DKK3,832 million (2021: DKK 3,504 million). CPH also has overdraft facilities available of DKK 62 million (2021: DKK 184 million).CPH complied with the liquidity covenant throughout 2022.A complete overview of payment commitments is disclosed on the following pages. All cash \ufb02ows are undiscounted and include all liabilities under the contracts. Interest payments on \ufb02oating-rate debt not yet hedged are recognised at the fixed forward ratefrom the day the loans are expected to be swapped, based on the yield curve applicableat the balance sheet date. The DKK value of future interest and principal payments on loans in foreign currency is calculated based on the exchange rate at the balance sheet date.2022Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 5,883 2,911 1,653 10,447 9,496 9,934Trade payables 485 - - 485 485 485Other payables 274 - - 274 274 274Total 6,642 2,911 1,653 11,206 10,255 10,693Total financial liabilities 6,642 2,911 1,653 11,206 10,255 10,693Recognised at amortised costCash 97 - - 97 97 97Trade receivables 295 - - 295 295 295Other receivables 28 - - 28 28 28Total 420 - - 420 420 420Recognised at fair valueDerivative financial instruments 199 - - 199 199 199Total 199 - - 199 199 199Total financial assets 619 - - 619 619 619 The fair value of financial liabilities is the present value of the expected future instalments and Level 1: Observable market prices of identical instrumentsinterest payments, except for trade payables, other payables and receivables, which are stated at the Level 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsnet carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated Level 3: Valuation models primarily based on non-observable pricescredit cost based upon the present rating of the Company is used as the discount rate. The fair value of derivative financial instruments is determined based on published exchange rates, swap and The fair value of CPH\u2019s forward exchange contracts and other derivative financial instruments (interest rate forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determinedmeasurement of financial instruments is divided into the following measurement hierarchy: directly based on published exchange rates and quoted swap and forward rates at the balance sheet date. 2021Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 406 8,732 2,027 11,165 10,693 10,498Trade payables 339 - - 339 339 339Other payables 283 - - 283 283 283Total 1,028 8,732 2,027 11,787 11,315 11,120Total financial liabilities 1,028 8,732 2,027 11,787 11,315 11,120Recognised at amortised costCash 78 - - 78 78 78Trade receivables 449 - - 449 449 449Other receivables 32 - - 32 32 32Total 559 - - 559 559 559Recognised at fair valueDerivative financial instruments - 143 - 143 143 143Total - 143 - 143 143 143Total financial assets 559 143 - 702 702 702Market risksInterest rate risks It is CPH\u2019s policy to hedge its interest rate risks whenever it is considered that the interest payments can be hedged at a satisfactory level. Hedging is normally done by entering intointerest rate swaps under which \ufb02oating-rate loans are swapped to a fixed interest rate. The duration of CPH\u2019s drawn loans on 31 December 2022 was determined to be approximately 4.1 years (2021: approximately 5.4 years).53% of CPH\u2019s DKK drawn loan portfolio is at a fixed rate (i.e. 47% is variable rate). A 1%-point change in interest rate on \ufb02oating-rate loans on December 31 2022 would affect profit before tax by DKK +/- 46 million on an annual basis.As the exchange rate and interest rate risk on debt denominated in USD is hedged by USD/DKK interest rate swaps, accounted for as a cash \ufb02ow hedge, a change in interest rate levels would affect equity.Sensitivity analysis of the current portfolio of swap contractsDKKm 2022 2021Effect on equity of:An increase in the DKK interest rate of 1 %-point 6 15A decrease in the DKK interest rate of 1 %-point (6) (16An increase in the USD interest rate of 1 %-point (7) (17A decrease in the USD interest rate of 1 %-point 7 18Exchange rate risksExchange rate \ufb02uctuations would have only a minor impact on CPH\u2019s operating resultsbecause most of its revenues and costs are settled in DKK.Currency swapsCurrency swaps have been used to hedge fixed-rate bond loans denominated in USD by swapping the exchange rate exposure on both interest and principal from fixed paymentsin USD to fixed payments in DKK throughout the terms of the respective loans. The total notional amount of these outstanding cross-currency swaps at 31 December 2022 was USD 160 million (2021: USD 160 million). The carrying amount of the currency swap contracts was DKK 199 million (2021: DKK 143 million). Hedging transactionsThe net fair value stated will be transferred from Reserve for hedging to the income statement as and when the hedged interest payments are made. The terms to maturity of the cross-currency swaps match the terms to maturity of the related loans.Trade receivablesAccounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recog-nised immediately in the income statement at the same time as the receivable is recog-nised in the balance sheet, based on the expected loss over the total life of the receivable.Estimates and judgementsUsing the simplified expected credit loss model, the expected loss on receivables from sales and services is recognised immediately in the income statement. Receivables are monitored on an ongoing basis in accordance with the Group\u2019s risk management until realisation. The write-down is calculated based on the expected loss ratio. The loss ratio iscalculated on the basis of historical data adjusted for estimates of the effect of expected changes in relevant parameters, such as economic development, political risks, etc., on the market. For receivables where there is no objective indication of impairment at indi-vidual level, the remaining receivables are assessed for objective indications of impairment.The objective indications are based on historical loss experiences.If there is an objective indication that an individual receivable is impaired, such as non- payment of amounts due or the debtor having financial difficulties in the form of paymentsuspension, bankruptcy, expected bankruptcy or the like, a write-down is made on the receivable in question.In a number of cases, CPH receives collateral security for sales on credit, mainly regardingnon-aeronautical activities, and such collateral is included in the assessment of the write-down required for bad and doubtful debts. The collateral may be in the form of financialguarantees. Of the trade receivables of DKK 295 million at 31 December 2022 (2021: DKK 449 million), DKK 93 million (2021: DKK 90 million) was covered by collateral security. The maximum credit risk is re\ufb02ected in the carrying amount of the financial assets in the balance sheet.DKKm 2022 2021Trade receivables 314 486Write-down 19 37Net trade receivables 295 449Write-down for bad and doubtful debtsAccumulated write-down at 1 January 37 49Change in write-down for the year (18) (11Realised loss for the year 20 18Reversal (20) (19Accumulated write-down at 31 December 19 37DKKm 2022 2021Gross Gross carrying Impaired Net trade carrying Impaired Net tradeamountamountreceivables amountamountreceivablesNot due 220 - 220 280 - 280Less than 30 days 79 (4) 75 175 (7) 16830 to 90 days 3 (3) - - - More than 90 days 12 (12) - 31 (30) 1Total 314 (19) 295 486 (37) 449Other payablesAccounting policiesOther payables are recognised when, as a result of events occurring on or before the balance sheet date, the Group has a legal or constructive obligation, and it is probablethat an out\ufb02ow of economic benefits will be required to settle the obligation. Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interestpayable and are measured at nominal value. DKKm 2022 2021Other payables \u2013 non-currentHoliday pay, frozen 156 155Balance at 31 December 156 155Other payables \u2013 currentHoliday pay and other payroll items 156 167Interest payable 56 51Other payable 62 65Balance at 31 December 274 283Total balance at 31 December 430 438Other payables decreased by DKK 8 million, primarily due to the decrease in holiday payand other payroll items. This was partly offset by an increase in interest payables due tohigher interest levels.Notes to the cash \ufb02ow statementDKKm 2022 2021Received from customersRevenue 3,532 1,761Change in trade receivables and prepayments from customers 234 (362)Total 3,766 1,399Paid to staff, suppliers, etc.Operating costs (2,145) (1,520)Change in other receivables, etc. 66 238Change in cost-related trade payables, etc. 147 (65Total (1,932) (1,347)Interest received, etc.Realised exchange gains 8 5Total 8 5Interest paid, etc.Interest paid, etc. (169) (169Other financial costs (20) (18Total (189) (187)Financial commitmentsAt 31 December 2022, CPH had entered into contracts to build facilities totalling DKK 1,857 million (2021: DKK 2,067 million), primarily relating to the expansion of airside facilities, expansion of Terminal 3, and IT. Other commitments total DKK 82 million (2021: DKK 61 million). Furthermore, CPH is committed to providing redundancy pay to civil servants pursuant tothe provisions of the Danish Civil Servants Act, cf. note 2.5. Under the agreement with Naviair for the provision of air traffic services, CPH has accepted liability for any terminal navigation charges (TNC) that Naviair users may fail to pay. This liability takes effect when the claim has been ascertained and documented as irrecoverable, and when other specifically agreed terms and conditions have been met. Debt to financial institutions is secured by mortgages on CPH\u2019s properties as described in note 3.3. CPH has a secondary liability for the tax liabilities of the Danish holding companies, whichhold 59.4% of the shares in the Company. See note 2.6 for additional information. CPH is subject to certain change of control restrictions in relation to the DKK 6 billion credit facility and the waiver agreements obtained in December 2022. For further infor-mation about the waiver, see Capital management in note 4.3.Related partiesCPH\u2019s related parties are the Danish Labour Market Supplementary Pension (ATP) and the Ontario Teachers\u2019 Pension Plan (OTPP), given their controlling ownership interests inCPH, the Board of Directors and Executive Management, and associated companies (see note 3.4). See also note 2.5 regarding remuneration to the Board of Directors and Executive Management.ATP and OTPP (via their respective underlying holding companies) jointly own and controlCopenhagen Airports Denmark ApS (CADcompany reg. (CVR) no. 29144249CAD is indirectly controlled byKastrup Airports Parent ApS (KAP),company reg(CVR) no. 33781903, which is owned by ATP and OTPPKAP is thereby the ultimate holding company of CPH. The consolidated annual report of KAP, in which CPH is included as a subsidiary, may be obtained from KAP through Apex Fund Service (Denmark) ApS, H\u00f8rmarken 2, 3520 Farum, Denmark. CAD holds 59.4% of both the shares and voting rights in CPH.ATP and OTPP (through an underlying holding company) have signed a shareholders\u2019 agreement providing for agreement between the two parties on all material resolutionsThe agreement also stipulates rules for the nomination of members to the Board of Directors of CPH. For additional information on ATP and OTPP, see www.atp.dk and www.otpp.com.Concession for airport operations and charges regulationPursuant to section 55 of the Danish Air Navigation Act, special permission from the Minister of Transport is required for aerodrome operations. The permits for the aero-dromes in Kastrup and Roskilde, which are issued by the Danish Transport Authority (DTA), are valid until 1 March 2025, at which time they must be renewed.Commission Regulation (EU) No 139/2014 also establishes requirements and administra-tive procedures related to aerodromes and aerodrome operators. On 22 December 2016,CPH received aerodrome certificates for Copenhagen Airport and Roskilde Airport and common operator certificates from the DTA according to EU regulations. The certificates are valid indefinitely.The Minister of Transport may lay down regulations concerning the charges that may be levied on the use of an aerodrome (\u201ccharges regulation\u201d).The charges regulation for CPH set out by the former DTCA in BL 9-15, 4th edition, of 16 November 2017: \u201cRegulation on payment for use of airports (airport charges)\u201d. According to BL 9-15, the airlines and the airport are first requested to seek consensus onfuture airport charges in the coming regulatory period. If this is not possible, the Danish Civil Aviation and Railway Authority (which has replaced the DTCA) will set annual revenue caps, which comprise the maximum total amount the airport can apply for each of the years as a basis for setting the charges for the use of the aeronautical facilities andservices (fall-back). If the charges are negotiated by the parties, the parties must also agree on the length of the coming regulatory period. The regulatory period is two years ifthe charges are not agreed between the parties. The parties can agree amongst them-selves on the charges for a period of up to six years.BL 9-15 includes various rules on determining charges by negotiation and in the event of a fall-back situation. In a fall-back situation, the revenue caps will be determined to coveroperating costs, depreciation and cost of capital for efficient operation of the airport. Based on the revenue caps, CPH is then required to prepare a proposal for charges duringthe regulatory period, for approval by the Danish Civil Aviation and Railway Authority. BL 9-15 includes various rules on how to calculate these revenue caps.In 2018, CPH and the airlines entered into a charges agreement that was approved by the former DTCA in January 2019 and which sets out the charges applicable for the period 1 April 2019 \u2013 31 December 2023. In 2021, the airport and airlines agreed to change the charges agreement due to the impact of the COVID-19 pandemic. Charges were fixed for the years 2022 and 2023.Fees to the auditors appointed at the Annual General MeetingDKKm 2022 2021Audit fee to PwC 1.4 1.5Fees for assurance engagements other than audit 0.5 0.7Tax advice 0.2 0.2Non-audit services 0.1 0.1Total audit fee 2.2 2.5Fees for services other than statutory audit of the consolidated financial statements and the financial statements of the Parent Company provided to CPH by Pricewaterhouse-Coopers Statsautoriseret Revisionspartnerselskab amounted to DKK 0.8 million (2021: DKK 1.0 million) relating to audit and review of financial and non-financial statements, assistance with electronic filing of financial statements, various tax advisory services and other advisory services.Post-balance sheet eventsNo material events have occurred subsequent to the balance sheet dateCapital and EPSDKKm 2022 2021Net profit/(loss) for the year 207 (517)EPS =Number of outstanding shares (thousands)7,848 7,848Net profit/(loss) for the year 207 (517)EPS (diluted) =Average number of outstanding shares, 7,848 7,848fully diluted (thousands)Definitions of key financial figuresAsset turnover rate Revenue divided by average operating assetsCash earnings per share Net profit/(loss) for the year plus amortisation and depreciation(CEPS)*divided by average number of sharesEarnings per share (EPS) Net profit/(loss) for the year divided by average number of shareEBIT margin Operating profit/(loss) as a percentage of revenueEBITDA index Cash \ufb02ow from operating activities before financial items and tax divided by EBITDAEBITDA margin Operating profit/(loss) adjusted for amortisation and depreciation as a percentage of revenueEquity ratio Equity at year-end as a percentage of total assets at year-endLeverage ratio Net interest-bearing debt divided by EBITDANet asset value Equity at year-end divided by number of shares at year-endper shareNOPAT margin* Net profit/(loss) for the year adjusted for net financial expenses after tax and changes in deferred tax for the year divided by revenuePayout ratio Dividend divided by net profit/(loss) for the yearReturn on assets Operating profit/(loss) as a percentage of average operating assetsReturn on equity Net profit/(loss) for the year divided by average equityROCE* EBIT divided by average equity plus non-current liabilities and current interest-bearing debtTurnover rate of Revenue divided by average assets plus average capital employed*non-current liabilities and current interest-bearing debtThe definitions of key financial figures are listed and calculated in accordance with the Danish Finance Society\u2019s online version of \u201dRecommendations & Financial Ratios\u201d, exceptthose marked *, which it does not include.",
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"value": "Significant accounting policiesTo make the report more manageable and readable, the accounting policies, estimates and judgements for specific items are placed together with the appropriate note, keepingall the information related to the item in one place.Basis of preparation of the financial statementsCPH is a limited company domiciled in Denmark and listed on Nasdaq CopenhagenThe consolidated financial statements of CPH are prepared in accordance with Interna-tional Financial Reporting Standards (IFRS) as adopted by the European Union (EU) andfurther requirements applicable in Denmark.Significant accounting estimatesIn preparing the consolidated financial statements, management makes various accounting estimates and assumptions that form the basis of the presentation, recogni-tion and measurement of CPH\u2019s assets and liabilities. The estimates made by CPH in determining the carrying amounts of assets and liabilities are based on estimates and assumptions that are subject to future events. These include estimates of the useful lives of property, plant and equipment, and their residual values. Estimates and underlying assumptions are based on historical data and factors that management considers relevant under the given circumstances. These assumptions may have to be revised, and unexpected events or circumstances may occur.There are no changes to the estimates made by CPH in determining the carrying amountscompared to 2021. The carrying amounts of these items are disclosed in notes 3.2 and 3.3For a description of CPH\u2019s risks, see note 4.3 on financial risks.General information The Annual Report is prepared under the historical cost principle. Assets and liabilities aresubsequently measured as described below. This is unchanged from 2021.Basis of consolidation The Annual Report comprises the Parent Company, Copenhagen Airports A/S, and companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies (subsidiaries). Companies where CPH controls50% or less of the votes and does not have control but exercises significant in\ufb02uence areconsidered associates. In the consolidation, intercompany income and expenses, shareholdings, dividends and balances, and realised and unrealised intercompany gains and losses on transactions between the consolidated companies are eliminated.CPH\u2019s Annual Report is prepared on the basis of the financial statements of the Parent Company and the subsidiaries. The financial statements used in the consolidation are prepared in accordance with CPH\u2019s accounting policies. Other income Other income contains items of a secondary nature relative to CPH\u2019s primary activities,including gains and losses on the sale of assets and for comparative figures compensa-tion from the Danish government\u2019s support packages for wages and salaries and fixed costs. Foreign currency translation CPH\u2019s functional currency is the Danish krone, which is used as the measurement and presentation currency in the preparation of the Annual Report. Therefore, currencies other than DKK are considered foreign currencies.Transactions denominated in foreign currencies are translated at the exchange rate rulingat the transaction date. Gains and losses arising as a result of differences between the exchange rate at the transaction date and the exchange rate at the date of payment are recognised in the income statement as Financial income or Financial expenses.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled on the balance sheet date are translated at the exchange rates ruling at the balance sheet date.Statement of comprehensive incomeCPH presents comprehensive income in two statements: an income statement and astatement of comprehensive income, showing the results of operations for the year and income included in other comprehensive income. Other comprehensive incomecomprises hedging transactions. Tax related to other comprehensive income for the individual items is disclosed in the relevant notes.EquityDividendsDividends expected to be declared in respect of the year are stated under equity. Dividends are recognised as a liability at the time of adoption by the shareholders atthe Annual General Meeting. Reserve for hedging The reserve for hedging transactions contains the accumulated net change in the fair value of hedging transactions that meet the criteria for hedging future cash \ufb02ows andwhere the hedged transaction has not yet been realised.The reserve is dissolved when the hedged transaction is realised or if the hedged cash\ufb02ows are no longer expected to be realised or the hedging relationship is no longer effective.Prepayments and deferred income Prepayments recognised under assets comprise costs incurred relating to the followingfinancial year and are measured at nominal value.Deferred income recognised under liabilities comprises payments received relating to income in subsequent financial years and is measured at nominal value. Cash \ufb02ow statement The cash \ufb02ow statement shows CPH\u2019s cash \ufb02ows for the year distributed between ope rating, investing and financing activities as well as the net changes in cash for theyear and CPH\u2019s cash at the beginning and end of the year. Cash and cash equivalents Cash includes cash and balances on accounts available at no or short noticeCash \ufb02ow from operating activities The cash \ufb02ow from operating activities comprises payments from customers less payments to employees, suppliers, etc., adjusted for financial items paid/received and income taxes paid. Cash \ufb02ow from investing activities The cash \ufb02ow from investing activities comprises cash \ufb02ows from the purchase and saleof intangible assets, property, plant and equipment and investments. Cash \ufb02ow from financing activities The cash \ufb02ow from financing activities comprises cash \ufb02ows from the raising and repay-ment of long-term and short-term debt to financial institutions as well as dividends paidto shareholders.New standards, amendments and interpretations adopted but not yet effectiveAs of 1 January 2022, CPH adopted all relevant new or revised International Financial Reporting Standards and IFRIC Interpretations with effective date 1 January 2022 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the Annual Report is presented in accordance with the accountingpolicies applied in previous years\u2019 annual reports.Accounting policiesThe accounting policies for recognition and measurement of business areas are the sameas for the income statement and balance sheet. The accounting policies are unchanged from 2021. CPH does not have operating segments in accordance with IFRS 8.The operating results for the business areas comprise directly attributable revenue less related operating costs. Operating costs comprise external costs, staff costs and amortisa-tion and depreciation.Business area assets comprise non-current assets used directly in the operating activities of each business area and current assets directly attributable to the operating activities of each business area, including trade receivables, other receivables, prepayments and deferred income. Jointly used properties are allocated to the business areas based on an overall estimate of the amount of space used.Business area liabilities comprise liabilities that have arisen out of the business area\u2019s operations, including prepayments received from customers, trade payables and other payables.Business areasCPH has two business areas: Aeronautical and Non-aeronautical.The business area classification follows the legal and organisational classification of the Group\u2019s activities. The aeronautical business area comprises the regulated part of Copenhagen Airports (traffic charges), and the non-aeronautical business area comprisesall other activities. This classification is appropriate, as the aeronautical business area reporting also constitutes the reporting of regulatory activities under BL 9-15 (traffic charges). BL 9-15 is described in note 5.6. AeronauticalThis business area comprises the operations and functions that the airports at Kastrup and Roskilde make available so that airlines can operate their \ufb02ights, including facilities required for passengers to pass through these airports. Revenue in the aeronautical business area comprises passenger, security, take-off and aircraft-parking charges, and income, including handling and CUTE charges (IT technology used in connection with check-in). Non-aeronauticalThis business area comprises the other facilities and services provided at the airports for passengers and others, including car-parking facilities, shops, restaurants, rest areas, lounges and the hotels. The vast majority of the operations are operated by concession-aires. The business area also includes the leasing of CPH\u2019s buildings, premises and land tonon-Group lessees. Revenue in the non-aeronautical business area comprises concessionrevenue; rent from buildings, premises and land; revenue from parking; the hotel oper-ation; services for persons with reduced mobility (PRM); taxi management services (TMS);sale of consulting services concerning airport operation; and other services. Revenue related to CPH\u2019s largest customer amounted to DKK 578 million in 2022 (2021: DKK 323 million), representing 16% of revenue (2021: 18%). This revenue relates to boththe aeronautical and non-aeronautical business areas. Revenue related to the second-largest customer amounted to DKK 318 million in 2022 (2021: DKK 104 million), repre-senting 9% of revenue (2021: 6%). This revenue relates to both the aeronautical and non-aeronautical business areas. Revenue related to the third-largest customer amountedto DKK 306 million in 2022 (2021: DKK 137 million), representing 9% of revenue (2021: 8%). This revenue relates solely to the non-aeronautical business area.Accounting policiesRevenue comprises the year\u2019s traffic revenue, rent, concession revenue and the sale of services, net of value added tax and price reductions directly related to sales, cf. the information on business areas in note 2.1.Traffic revenue Traffic revenue comprises passenger, security, take-off and aircraft-parking charges andincome, including handling and CUTE charges (IT technology used in connection with check-in), and is recognised at the time of departure of the aircraft to which the services relate. Start-up discounts for previously unserved routes, transfer/transit discounts based on the preceding 12 months of traffic, and incentive schemes for high-frequency feeder routes and to maintain passenger growth are deducted from traffic revenue. The NO charge is included in take-off charges.xConcession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, which is recognised in line with the revenue generated by the concessionaires. Revenue from car-parking facilities is recognised when a car exits the car-parking facilities.RentRent comprises rent for buildings and land and is recognised over the terms of the contracts.Revenue from the sale of services, etc.Revenue from the sale of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi manage-ment services (TMS), which are recognised on arrival at the taxi stand. Other services typically include a performance obligation that is recognised either on a straight-line basis over a period or at a particular time when the services are provided.Other income contains items of a secondary nature relative to CPH\u2019s primary activities,including compensation from the Danish government\u2019s support packages and gains and losses on sale of assets.Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and otheroperating and maintenance costs.Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, includingthe Executive Management, fees to the Board of Directors and other staff costs. Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by theDanish State, CPH recognises a pension contribution in the income statement, which isfixed each year by the State and paid to the State on a regular basis.DKKm 2022 2021Number of people employed by CPHOf which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 8 11Total remuneration to the Executive Management 12.3 11.4Total emoluments to the Board of Directors* 2.7 2.6 For further information, see the Remuneration Report available at cph.dkOf the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2021: DKK 1.1 million).The remuneration to the Executive Management consists of a fixed basic salary (includingpension contributions), certain benefits (free company car, etc.) and an incentive plan, which is described below. In the event of termination of employment by CPH, members of the Executive Management are entitled to a maximum of two years\u2019 remuneration. In order to promote a sound long-term approach, a rolling three-year incentive plan has been introduced for the Executive Management. For 2022, the total costs expensed for the long-term incentive plan were DKK 1.8 million (2021: DKK 0.9 million). Payments from the three-year incentive plan have a target level of four months\u2019 and a maximum of six months\u2019 salary per annum. The short-term incentive plan has terms of up to one year. The short-term incentive plan has a target level of six months\u2019 salary, if all stretchedobjectives are met, and a maximum of nine months\u2019 salary. For 2022, the total accrued costs for the short-term incentive plan were DKK 3.1 million (2021: DKK 3.5 million).The total remuneration in 2022 to members of the Executive Management was DKK 12.3 million (2021: DKK 11.4 million), including a provision of DKK 1.8 million for a potential payout under the long-term incentive plan (2021: DKK 0.9 million) and a provision of DKK 3.1 million for the short-term incentive plan (2021: DKK 3.5 million). Pension contributions for members of the Executive Management are paid regularly to private pension companies. CPH has no liabilities in this respect.Remuneration to the Board of Directors and Executive Management in 2022 was paid inaccordance with the \u201cGeneral guidelines for remuneration to the Board of Directors andthe Executive Management of Copenhagen Airports A/S\u201d. Key management consists ofthe Executive Management.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State. The rate of pension contributions is fixed by the Ministerfor Finance and was 21% in 2022 (2021: 21%). In 2022, these pension contributions amounted to DKK 0.6 million (2021: DKK 0.6 million).Accounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports DenmarkApS (CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI \u2013 100%ownership) and Copenhagen Airport Hotels A/S (CAH \u2013 53% ownership). KAP is the administrative company for the jointly taxed companies and settles corporation taxes dueto the tax authorities. CPH, CAI and CAH pay tax on account to KAP and settle tax underpaid/overpaid with KAP. Income tax for the year, consisting of the year\u2019s current tax and the year\u2019s change in deferred tax, is recognised in the income statement at the amount that can be attributedto the profit/(loss) for the year, and posted directly in other comprehensive income at theamount that can be attributed to movements therein. Current tax liabilities are carried in the balance sheet as current liabilities to the extent such items have not been paid. Tax overpaid on account is included as a separate line item under Receivables. Interest and allowances regarding tax payments are recognised under Financial income and Financial expenses. Deferred tax is calculated according to the balance sheet liability method on all tempo-rary differences between the carrying amount and tax base of assets and liabilities. Deferred tax is calculated on the basis of the tax rules and tax rates that will apply underthe legislation in force at the balance sheet date when the deferred tax item is expectedto crystallise as current tax. Changes in deferred tax resulting from changes in tax rates are recognised in the income statement. Deferred tax assets are recognised in the balance sheet at the value at which they are expected to be realisable.Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019sintangible assets and property, plant and equipment.Accounting policiesSoftware is measured at cost less accumulated depreciation.Major projects in which software is the principal element are recognised as assets if there issufficient certainty that the capitalised value of future earnings will cover the related costs. Software costs comprise salaries, amortisation and other costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software. Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognisedas non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisation period is 3-5 years.ImpairmentsThe carrying amount of software and software under development is tested at least annually for any impairment beyond that expressed in amortisation charges. Where thereare such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with otherassets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.Accounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation. Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, costcomprises direct costs attributable to the asset, including salaries and wages, materials, components, and work performed by subcontractors.Cost also includes interest expensesduring constructionThe depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and beginswhen the assets are ready for use.Land is not depreciated.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.)40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryRunways, roads, etc. (foundations)80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 yearsFurniture and fittings 10 yearsHotel equipment 15 -20 yearSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 yearsGains and losses on the sale of non-current assets are recognised under Other income.Accounting policiesSubsidiaries are classified as companies where the Parent Company directly or indirectlycontrols the majority of the votes or otherwise controls the companies. Associates are classified as companies where CPH controls 50% or less of the votes anddoes not have control but exercises significant in\ufb02uence.Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differ-ences, recycled accumulated gains and losses on swaps related to terminated hedges, amortisation of mortgage loans and other loans, including reversal of fair value adjust-ments of effective hedges of loans, supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash \ufb02owhedge for accounting purposes is recognised in comprehensive income.DKKm 2022 2021Financial incomeInterest on other receivables 8 (1Exchange gains 3 5Total financial income 11 4Accounting policiesMortgage loans, loans from financial institutions and other loans are recognised whentaken out at the amount received. In subsequent periods, the loans are measured at amortised cost so that the effective interest rate is recognised in the income statementover the term of the loan.Accounting policiesIn connection with CPH\u2019s hedging of future financial transactions and cash \ufb02ows, deriv-ative financial instruments are used as part of CPH\u2019s risk management. Derivative financial instruments are initially recognised in the balance sheet at fair value on the transaction date under Other receivables and Other payables respectively. Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash \ufb02ows are recognised in Other comprehensive income and accumu-lated under Reserve for hedging. If the expected future transaction results in the recogni-tion of non-financial assets or liabilities, amounts previously deferred in Other compre-hensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to theincome statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate and currency swaps is determined as the present value of expected future cash \ufb02ows. The fair value of forward exchange contracts and other deriv-ative financial instruments is determined based on observable exchange rates and the swap and forward rates at the balance sheet date. An evaluation of own and counter-party credit risks is also included. Accounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recog-nised immediately in the income statement at the same time as the receivable is recog-nised in the balance sheet, based on the expected loss over the total life of the receivable.Accounting policiesOther payables are recognised when, as a result of events occurring on or before the balance sheet date, the Group has a legal or constructive obligation, and it is probablethat an out\ufb02ow of economic benefits will be required to settle the obligation. Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interestpayable and are measured at nominal value. Definitions of key financial figuresAsset turnover rate Revenue divided by average operating assetsCash earnings per share Net profit/(loss) for the year plus amortisation and depreciation(CEPS)*divided by average number of sharesEarnings per share (EPS) Net profit/(loss) for the year divided by average number of shareEBIT margin Operating profit/(loss) as a percentage of revenueEBITDA index Cash \ufb02ow from operating activities before financial items and tax divided by EBITDAEBITDA margin Operating profit/(loss) adjusted for amortisation and depreciation as a percentage of revenueEquity ratio Equity at year-end as a percentage of total assets at year-endLeverage ratio Net interest-bearing debt divided by EBITDANet asset value Equity at year-end divided by number of shares at year-endper shareNOPAT margin* Net profit/(loss) for the year adjusted for net financial expenses after tax and changes in deferred tax for the year divided by revenuePayout ratio Dividend divided by net profit/(loss) for the yearReturn on assets Operating profit/(loss) as a percentage of average operating assetsReturn on equity Net profit/(loss) for the year divided by average equityROCE* EBIT divided by average equity plus non-current liabilities and current interest-bearing debtTurnover rate of Revenue divided by average assets plus average capital employed*non-current liabilities and current interest-bearing debtThe definitions of key financial figures are listed and calculated in accordance with the Danish Finance Society\u2019s online version of \u201dRecommendations & Financial Ratios\u201d, exceptthose marked *, which it does not include.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-3": {
"value": "EquityDividendsDividends expected to be declared in respect of the year are stated under equity. Dividends are recognised as a liability at the time of adoption by the shareholders atthe Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-3": {
"value": "Reserve for hedging The reserve for hedging transactions contains the accumulated net change in the fair value of hedging transactions that meet the criteria for hedging future cash \ufb02ows andwhere the hedged transaction has not yet been realised.The reserve is dissolved when the hedged transaction is realised or if the hedged cash\ufb02ows are no longer expected to be realised or the hedging relationship is no longer effective.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-2": {
"value": "Cash \ufb02ow statement The cash \ufb02ow statement shows CPH\u2019s cash \ufb02ows for the year distributed between ope rating, investing and financing activities as well as the net changes in cash for theyear and CPH\u2019s cash at the beginning and end of the year. Cash and cash equivalents Cash includes cash and balances on accounts available at no or short noticeNon-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2022Liabilities arisingfrom financingactivitiesLong-term loans 10,257 (652) (5,433) 66 4,238Short-term loans 218 22 5,436 - 5,676Total 10,475 (630) 3 66 9,914Non-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2021Liabilities arisingfrom financingactivitiesLong-term loans 9,439 728 9 81 10,257Short-term loans 148 70 - - 218Total 9,587 798 9 81 10,475",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-4": {
"value": "Cash \ufb02ow statement The cash \ufb02ow statement shows CPH\u2019s cash \ufb02ows for the year distributed between ope rating, investing and financing activities as well as the net changes in cash for theyear and CPH\u2019s cash at the beginning and end of the year. Cash and cash equivalents Cash includes cash and balances on accounts available at no or short noticeCash \ufb02ow from operating activities The cash \ufb02ow from operating activities comprises payments from customers less payments to employees, suppliers, etc., adjusted for financial items paid/received and income taxes paid. Cash \ufb02ow from investing activities The cash \ufb02ow from investing activities comprises cash \ufb02ows from the purchase and saleof intangible assets, property, plant and equipment and investments. Cash \ufb02ow from financing activities The cash \ufb02ow from financing activities comprises cash \ufb02ows from the raising and repay-ment of long-term and short-term debt to financial institutions as well as dividends paidto shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-2": {
"value": "Recently adopted accounting standards and interpretations for implementationThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2022 consol-idated financial statements. CPH expects to implement the standards and amendments when they take effect.None of the new standards issued are currently expected to have a significant impact onthe consolidated financial statements when implemented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-3": {
"value": "Recently adopted accounting standards and interpretations for implementationThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2022 consol-idated financial statements. CPH expects to implement the standards and amendments when they take effect.None of the new standards issued are currently expected to have a significant impact onthe consolidated financial statements when implemented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-4": {
"value": "Recently adopted accounting standards and interpretations for implementationThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2022 consol-idated financial statements. CPH expects to implement the standards and amendments when they take effect.None of the new standards issued are currently expected to have a significant impact onthe consolidated financial statements when implemented.New standards, amendments and interpretations adopted but not yet effectiveAs of 1 January 2022, CPH adopted all relevant new or revised International Financial Reporting Standards and IFRIC Interpretations with effective date 1 January 2022 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. Apart from this, the Annual Report is presented in accordance with the accountingpolicies applied in previous years\u2019 annual reports.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "Going concernManagement has adopted the going concern basis for preparing these financial state-ments and has considered the Company\u2019s cash \ufb02ow, liquidity position and financial position in general, together with factors likely to affect development and performance. Following two extremely challenging years, CPH has seen a steady increase in traffic volumes during 2022, when a total of 22.1 million passengers travelled through the airport (73% of 2019 levels). This trend is expected to continue, with further improve-ments materialising in 2023. Since 2020, CPH has taken significant actions that have had a positive effect on perform-ance, including substantial cost reductions. These actions have continued through 2022 to further streamline the operation and also included a significant reduction of CAPEX spend.During the COVID-19 pandemic, CPH established a DKK 6 billion credit facility agreementwith a club of banks, ensuring adequate liquidity until August 2023. Further waiver agreements with existing lenders, providing CPH relief from certain loan covenants, were entered into. The waiver agreements require CPH to meet a liquidity covenant*, with which it has complied during 2022. In December 2022, these waiver agreements were extended up to Q3 2024 for the loans that mature at or after this date.A USPP bond loan of DKK 1.1 billion and the DKK 6 billion credit facility will mature in August 2023. As of 31 December 2022, the draws on these facilities, totalling DKK 5,346 million, are presented as current liabilities to financial institutions. CPH has initiatedthe refinancing process with positive indications that CPH will obtain adequate liquidity. The fact that these loans will reach maturity within 12 months from the balance sheet date and that refinancing negotiations are ongoing indicates the existence of a material uncertainty that may cast significant doubt on CPH\u2019s ability to adopt a going concern basis of preparation for the financial statements. As part of the waiver agreements CPH isobligated to have credit facilities committed capable of being drawn, no later than 1 May2023 in order to replace the maturing debt in August 2023.The waiver agreements together with positive indications from CPH\u2019s lenders ensure thatCPH will be able to continue to meet its financial and investment commitments.Management assesses that, given the underlying credit quality of the business, the debt market remains available and that our current lenders are willing to assist CPH with the funds necessary to refinance the loans prior to August 2023. Management assesses that CPH will maintain adequate liquidity over the next 12 monthsand, given the underlying credit quality of the business, will be able to secure the neces-sary and timely support of its lenders.After reviewing the current liquidity position, financial forecasts and potential risks regarding the committed funding facilities, it is management\u2019s assessment that it is appropriate to adopt a going concern basis of preparation of the financial statements, and hence the financial statements have been prepared on a going concern basis. The liquidity covenant requires CPH to have liquidity in the form of cash, undrawn and available credit lines at least equal to the next 180 days\u2019 operating costs (excluding taxes), capital expenditureand debt services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-3": {
"value": "Going concernManagement has adopted the going concern basis for preparing these financial state-ments and has considered the Company\u2019s cash \ufb02ow, liquidity position and financial position in general, together with factors likely to affect development and performance. Following two extremely challenging years, CPH has seen a steady increase in traffic volumes during 2022, when a total of 22.1 million passengers travelled through the airport (73% of 2019 levels). This trend is expected to continue, with further improve-ments materialising in 2023. Since 2020, CPH has taken significant actions that have had a positive effect on perform-ance, including substantial cost reductions. These actions have continued through 2022 to further streamline the operation and also included a significant reduction of CAPEX spend.During the COVID-19 pandemic, CPH established a DKK 6 billion credit facility agreementwith a club of banks, ensuring adequate liquidity until August 2023. Further waiver agreements with existing lenders, providing CPH relief from certain loan covenants, were entered into. The waiver agreements require CPH to meet a liquidity covenant*, with which it has complied during 2022. In December 2022, these waiver agreements were extended up to Q3 2024 for the loans that mature at or after this date.A USPP bond loan of DKK 1.1 billion and the DKK 6 billion credit facility will mature in August 2023. As of 31 December 2022, the draws on these facilities, totalling DKK 5,346 million, are presented as current liabilities to financial institutions. CPH has initiatedthe refinancing process with positive indications that CPH will obtain adequate liquidity. The fact that these loans will reach maturity within 12 months from the balance sheet date and that refinancing negotiations are ongoing indicates the existence of a material uncertainty that may cast significant doubt on CPH\u2019s ability to adopt a going concern basis of preparation for the financial statements. As part of the waiver agreements CPH isobligated to have credit facilities committed capable of being drawn, no later than 1 May2023 in order to replace the maturing debt in August 2023.The waiver agreements together with positive indications from CPH\u2019s lenders ensure thatCPH will be able to continue to meet its financial and investment commitments.Management assesses that, given the underlying credit quality of the business, the debt market remains available and that our current lenders are willing to assist CPH with the funds necessary to refinance the loans prior to August 2023. Management assesses that CPH will maintain adequate liquidity over the next 12 monthsand, given the underlying credit quality of the business, will be able to secure the neces-sary and timely support of its lenders.After reviewing the current liquidity position, financial forecasts and potential risks regarding the committed funding facilities, it is management\u2019s assessment that it is appropriate to adopt a going concern basis of preparation of the financial statements, and hence the financial statements have been prepared on a going concern basis. The liquidity covenant requires CPH to have liquidity in the form of cash, undrawn and available credit lines at least equal to the next 180 days\u2019 operating costs (excluding taxes), capital expenditureand debt services. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "Information on business areasAccounting policiesThe accounting policies for recognition and measurement of business areas are the sameas for the income statement and balance sheet. The accounting policies are unchanged from 2021. CPH does not have operating segments in accordance with IFRS 8.The operating results for the business areas comprise directly attributable revenue less related operating costs. Operating costs comprise external costs, staff costs and amortisa-tion and depreciation.Business area assets comprise non-current assets used directly in the operating activities of each business area and current assets directly attributable to the operating activities of each business area, including trade receivables, other receivables, prepayments and deferred income. Jointly used properties are allocated to the business areas based on an overall estimate of the amount of space used.Business area liabilities comprise liabilities that have arisen out of the business area\u2019s operations, including prepayments received from customers, trade payables and other payables.Business areasCPH has two business areas: Aeronautical and Non-aeronautical.The business area classification follows the legal and organisational classification of the Group\u2019s activities. The aeronautical business area comprises the regulated part of Copenhagen Airports (traffic charges), and the non-aeronautical business area comprisesall other activities. This classification is appropriate, as the aeronautical business area reporting also constitutes the reporting of regulatory activities under BL 9-15 (traffic charges). BL 9-15 is described in note 5.6. AeronauticalThis business area comprises the operations and functions that the airports at Kastrup and Roskilde make available so that airlines can operate their \ufb02ights, including facilities required for passengers to pass through these airports. Revenue in the aeronautical business area comprises passenger, security, take-off and aircraft-parking charges, and income, including handling and CUTE charges (IT technology used in connection with check-in). Non-aeronauticalThis business area comprises the other facilities and services provided at the airports for passengers and others, including car-parking facilities, shops, restaurants, rest areas, lounges and the hotels. The vast majority of the operations are operated by concession-aires. The business area also includes the leasing of CPH\u2019s buildings, premises and land tonon-Group lessees. Revenue in the non-aeronautical business area comprises concessionrevenue; rent from buildings, premises and land; revenue from parking; the hotel oper-ation; services for persons with reduced mobility (PRM); taxi management services (TMS);sale of consulting services concerning airport operation; and other services. Revenue related to CPH\u2019s largest customer amounted to DKK 578 million in 2022 (2021: DKK 323 million), representing 16% of revenue (2021: 18%). This revenue relates to boththe aeronautical and non-aeronautical business areas. Revenue related to the second-largest customer amounted to DKK 318 million in 2022 (2021: DKK 104 million), repre-senting 9% of revenue (2021: 6%). This revenue relates to both the aeronautical and non-aeronautical business areas. Revenue related to the third-largest customer amountedto DKK 306 million in 2022 (2021: DKK 137 million), representing 9% of revenue (2021: 8%). This revenue relates solely to the non-aeronautical business area.2022 2021Business areas Business areasNon- Non- DKKm Aeronauticalaeronautical Total Aeronauticalaeronautical TotalRevenue 1,861 1,671 3,532 865 896 1,761Operating profit/(loss) (577) 991 414 (950) 444 (506Non-current assets 9,377 5,043 14,420 9,534 4,900 14,434Other assets 194 175 369 259 328 587Investments in associates 129 129 126 126Unallocated assets* 353 221Total assets 9,571 5,347 15,271 9,793 5,354 15,368Liabilities 781 431 1,212 695 295 990Unallocated liabilities** 10,722 11,180Total liabilities 781 431 11,934 695 295 12,170Investments in fixed assets (including capitalised interest) 714 256 970 326 1,255 1,581Amortisation and depreciation 701 283 984 766 246 1,012* Unallocated assets include cash and financial assets. ** Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other long-term liabilities and income tax payable",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": "Accounting policiesThe accounting policies for recognition and measurement of business areas are the sameas for the income statement and balance sheet. The accounting policies are unchanged from 2021. CPH does not have operating segments in accordance with IFRS 8.The operating results for the business areas comprise directly attributable revenue less related operating costs. Operating costs comprise external costs, staff costs and amortisa-tion and depreciation.Business area assets comprise non-current assets used directly in the operating activities of each business area and current assets directly attributable to the operating activities of each business area, including trade receivables, other receivables, prepayments and deferred income. Jointly used properties are allocated to the business areas based on an overall estimate of the amount of space used.Business area liabilities comprise liabilities that have arisen out of the business area\u2019s operations, including prepayments received from customers, trade payables and other payables.Business areasCPH has two business areas: Aeronautical and Non-aeronautical.The business area classification follows the legal and organisational classification of the Group\u2019s activities. The aeronautical business area comprises the regulated part of Copenhagen Airports (traffic charges), and the non-aeronautical business area comprisesall other activities. This classification is appropriate, as the aeronautical business area reporting also constitutes the reporting of regulatory activities under BL 9-15 (traffic charges). BL 9-15 is described in note 5.6. AeronauticalThis business area comprises the operations and functions that the airports at Kastrup and Roskilde make available so that airlines can operate their \ufb02ights, including facilities required for passengers to pass through these airports. Revenue in the aeronautical business area comprises passenger, security, take-off and aircraft-parking charges, and income, including handling and CUTE charges (IT technology used in connection with check-in). Non-aeronauticalThis business area comprises the other facilities and services provided at the airports for passengers and others, including car-parking facilities, shops, restaurants, rest areas, lounges and the hotels. The vast majority of the operations are operated by concession-aires. The business area also includes the leasing of CPH\u2019s buildings, premises and land tonon-Group lessees. Revenue in the non-aeronautical business area comprises concessionrevenue; rent from buildings, premises and land; revenue from parking; the hotel oper-ation; services for persons with reduced mobility (PRM); taxi management services (TMS);sale of consulting services concerning airport operation; and other services. Revenue related to CPH\u2019s largest customer amounted to DKK 578 million in 2022 (2021: DKK 323 million), representing 16% of revenue (2021: 18%). This revenue relates to boththe aeronautical and non-aeronautical business areas. Revenue related to the second-largest customer amounted to DKK 318 million in 2022 (2021: DKK 104 million), repre-senting 9% of revenue (2021: 6%). This revenue relates to both the aeronautical and non-aeronautical business areas. Revenue related to the third-largest customer amountedto DKK 306 million in 2022 (2021: DKK 137 million), representing 9% of revenue (2021: 8%). This revenue relates solely to the non-aeronautical business area.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-3": {
"value": "2022 2021Business areas Business areasNon- Non- DKKm Aeronauticalaeronautical Total Aeronauticalaeronautical TotalRevenue 1,861 1,671 3,532 865 896 1,761Operating profit/(loss) (577) 991 414 (950) 444 (506Non-current assets 9,377 5,043 14,420 9,534 4,900 14,434Other assets 194 175 369 259 328 587Investments in associates 129 129 126 126Unallocated assets* 353 221Total assets 9,571 5,347 15,271 9,793 5,354 15,368Liabilities 781 431 1,212 695 295 990Unallocated liabilities** 10,722 11,180Total liabilities 781 431 11,934 695 295 12,170Investments in fixed assets (including capitalised interest) 714 256 970 326 1,255 1,581Amortisation and depreciation 701 283 984 766 246 1,012* Unallocated assets include cash and financial assets. ** Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other long-term liabilities and income tax payableRevenueAccounting policiesRevenue comprises the year\u2019s traffic revenue, rent, concession revenue and the sale of services, net of value added tax and price reductions directly related to sales, cf. the information on business areas in note 2.1.Traffic revenue Traffic revenue comprises passenger, security, take-off and aircraft-parking charges andincome, including handling and CUTE charges (IT technology used in connection with check-in), and is recognised at the time of departure of the aircraft to which the services relate. Start-up discounts for previously unserved routes, transfer/transit discounts based on the preceding 12 months of traffic, and incentive schemes for high-frequency feeder routes and to maintain passenger growth are deducted from traffic revenue. The NO charge is included in take-off charges.xConcession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, which is recognised in line with the revenue generated by the concessionaires. Revenue from car-parking facilities is recognised when a car exits the car-parking facilities.RentRent comprises rent for buildings and land and is recognised over the terms of the contracts.Revenue from the sale of services, etc.Revenue from the sale of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi manage-ment services (TMS), which are recognised on arrival at the taxi stand. Other services typically include a performance obligation that is recognised either on a straight-line basis over a period or at a particular time when the services are provided.DKKm 2022 2021Traffic revenuePassenger charges 844 359Security charges 467 196Handling 151 64CUTE charges 20 8Take-off charges 338 196Aircraft parking, etc. 41 42Total traffic revenue 1,861 865Concession revenueShopping centre 665 259Car parking 316 155Other concession revenue 61 52Total concession revenue 1,042 466RentRent from premises 122 112Rent from land 55 53Other rent 5 4Total rent 182 169Sale of services, etc.Hotel operation 109 85Other sale of services, etc. 338 176Total sale of services, etc. 447 261Total revenue 3,532 1,761Composition of revenue20222021Aeronautical Aeronautical business area Non-aeronautical business areabusiness area Non-aeronautical business areaTraffic Concession Car Other Traffic Concession Car Other DKKmrevenuerevenue*parking Rent*services TotalDKKmrevenuerevenue*parking Rent*services TotaTotal for Total for business areas 1,861 726 316 182 447 3,532business areas 865 311 155 169 261 1,761Time of Time of recognitionrecognition - At a certain time 1,861 - 316 - - 2,177 - At a certain time 865 - 155 - - 1,020 - Over time - 726 - 182 447 1,355 - Over time - 311 - 169 261 741Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Type of contractType of contract - Fixed-price 1,861 26 316 182 447 2,832 - Fixed-price 865 76 155 167 261 1,524 - Variable - 700 - - - 700 - Variable - 235 - 2 - 237Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Concession revenue and rent are recognised in accordance with IFRS 16 LeaseCPH\u2019s revenue consists only of services in the aeronautical and non-aeronautical business areas.Concession charges (except concessionaires that are subject to a minimum charge) related to the shopping centre and other concessions depend on the level of activityThere is no financing element, as payment terms follow cash payment on delivery or 14 days\u2019 credit.DKKm 2022 2021Maturity analysis of concession and rent (IFRS 16) Within 1 year 369 316Between 1 and 2 years 367 505Between 2 and 3 years 365 455Between 3 and 4 years 366 394Between 4 and 5 years 368 355After 5 years 3,244 3,369Total 5,079 5,394",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "Accounting policiesRevenue comprises the year\u2019s traffic revenue, rent, concession revenue and the sale of services, net of value added tax and price reductions directly related to sales, cf. the information on business areas in note 2.1.Traffic revenue Traffic revenue comprises passenger, security, take-off and aircraft-parking charges andincome, including handling and CUTE charges (IT technology used in connection with check-in), and is recognised at the time of departure of the aircraft to which the services relate. Start-up discounts for previously unserved routes, transfer/transit discounts based on the preceding 12 months of traffic, and incentive schemes for high-frequency feeder routes and to maintain passenger growth are deducted from traffic revenue. The NO charge is included in take-off charges.xConcession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, which is recognised in line with the revenue generated by the concessionaires. Revenue from car-parking facilities is recognised when a car exits the car-parking facilities.RentRent comprises rent for buildings and land and is recognised over the terms of the contracts.Revenue from the sale of services, etc.Revenue from the sale of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi manage-ment services (TMS), which are recognised on arrival at the taxi stand. Other services typically include a performance obligation that is recognised either on a straight-line basis over a period or at a particular time when the services are provided.DKKm 2022 2021Traffic revenuePassenger charges 844 359Security charges 467 196Handling 151 64CUTE charges 20 8Take-off charges 338 196Aircraft parking, etc. 41 42Total traffic revenue 1,861 865Concession revenueShopping centre 665 259Car parking 316 155Other concession revenue 61 52Total concession revenue 1,042 466RentRent from premises 122 112Rent from land 55 53Other rent 5 4Total rent 182 169Sale of services, etc.Hotel operation 109 85Other sale of services, etc. 338 176Total sale of services, etc. 447 261Total revenue 3,532 1,761Composition of revenue20222021Aeronautical Aeronautical business area Non-aeronautical business areabusiness area Non-aeronautical business areaTraffic Concession Car Other Traffic Concession Car Other DKKmrevenuerevenue*parking Rent*services TotalDKKmrevenuerevenue*parking Rent*services TotaTotal for Total for business areas 1,861 726 316 182 447 3,532business areas 865 311 155 169 261 1,761Time of Time of recognitionrecognition - At a certain time 1,861 - 316 - - 2,177 - At a certain time 865 - 155 - - 1,020 - Over time - 726 - 182 447 1,355 - Over time - 311 - 169 261 741Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Type of contractType of contract - Fixed-price 1,861 26 316 182 447 2,832 - Fixed-price 865 76 155 167 261 1,524 - Variable - 700 - - - 700 - Variable - 235 - 2 - 237Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Concession revenue and rent are recognised in accordance with IFRS 16 LeaseCPH\u2019s revenue consists only of services in the aeronautical and non-aeronautical business areas.Concession charges (except concessionaires that are subject to a minimum charge) related to the shopping centre and other concessions depend on the level of activityThere is no financing element, as payment terms follow cash payment on delivery or 14 days\u2019 credit.DKKm 2022 2021Maturity analysis of concession and rent (IFRS 16) Within 1 year 369 316Between 1 and 2 years 367 505Between 2 and 3 years 365 455Between 3 and 4 years 366 394Between 4 and 5 years 368 355After 5 years 3,244 3,369Total 5,079 5,394",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-5": {
"value": "Accounting policiesRevenue comprises the year\u2019s traffic revenue, rent, concession revenue and the sale of services, net of value added tax and price reductions directly related to sales, cf. the information on business areas in note 2.1.Traffic revenue Traffic revenue comprises passenger, security, take-off and aircraft-parking charges andincome, including handling and CUTE charges (IT technology used in connection with check-in), and is recognised at the time of departure of the aircraft to which the services relate. Start-up discounts for previously unserved routes, transfer/transit discounts based on the preceding 12 months of traffic, and incentive schemes for high-frequency feeder routes and to maintain passenger growth are deducted from traffic revenue. The NO charge is included in take-off charges.xConcession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, which is recognised in line with the revenue generated by the concessionaires. Revenue from car-parking facilities is recognised when a car exits the car-parking facilities.RentRent comprises rent for buildings and land and is recognised over the terms of the contracts.Revenue from the sale of services, etc.Revenue from the sale of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi manage-ment services (TMS), which are recognised on arrival at the taxi stand. Other services typically include a performance obligation that is recognised either on a straight-line basis over a period or at a particular time when the services are provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-4": {
"value": "Composition of revenue20222021Aeronautical Aeronautical business area Non-aeronautical business areabusiness area Non-aeronautical business areaTraffic Concession Car Other Traffic Concession Car Other DKKmrevenuerevenue*parking Rent*services TotalDKKmrevenuerevenue*parking Rent*services TotaTotal for Total for business areas 1,861 726 316 182 447 3,532business areas 865 311 155 169 261 1,761Time of Time of recognitionrecognition - At a certain time 1,861 - 316 - - 2,177 - At a certain time 865 - 155 - - 1,020 - Over time - 726 - 182 447 1,355 - Over time - 311 - 169 261 741Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Type of contractType of contract - Fixed-price 1,861 26 316 182 447 2,832 - Fixed-price 865 76 155 167 261 1,524 - Variable - 700 - - - 700 - Variable - 235 - 2 - 237Total 1,861 726 316 182 447 3,532Total 865 311 155 169 261 1,761Concession revenue and rent are recognised in accordance with IFRS 16 LeaseCPH\u2019s revenue consists only of services in the aeronautical and non-aeronautical business areas.Concession charges (except concessionaires that are subject to a minimum charge) related to the shopping centre and other concessions depend on the level of activityThere is no financing element, as payment terms follow cash payment on delivery or 14 days\u2019 credit.DKKm 2022 2021Maturity analysis of concession and rent (IFRS 16) Within 1 year 369 316Between 1 and 2 years 367 505Between 2 and 3 years 365 455Between 3 and 4 years 366 394Between 4 and 5 years 368 355After 5 years 3,244 3,369Total 5,079 5,394",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-6": {
"value": "Other income contains items of a secondary nature relative to CPH\u2019s primary activities,including compensation from the Danish government\u2019s support packages and gains and losses on sale of assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-2": {
"value": "Other incomeOther income contains items of a secondary nature relative to CPH\u2019s primary activities,including compensation from the Danish government\u2019s support packages and gains and losses on sale of assets.DKKm 2022 2021Compensation packages - 260Other 12 6Total other income 12 266",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-3": {
"value": "Other incomeOther income contains items of a secondary nature relative to CPH\u2019s primary activities,including compensation from the Danish government\u2019s support packages and gains and losses on sale of assets.DKKm 2022 2021Compensation packages - 260Other 12 6Total other income 12 266",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-4": {
"value": "Other incomeOther income contains items of a secondary nature relative to CPH\u2019s primary activities,including compensation from the Danish government\u2019s support packages and gains and losses on sale of assets.DKKm 2022 2021Compensation packages - 260Other 12 6Total other income 12 266",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, includingthe Executive Management, fees to the Board of Directors and other staff costs. Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by theDanish State, CPH recognises a pension contribution in the income statement, which isfixed each year by the State and paid to the State on a regular basis.DKKm 2022 2021Salaries and wages 1,336 1,034Pension contributions 111 94Other social security costs 10 8Other staff costs 46 281,503 1,164Work performed on own account 67 67Total staff costs 1,436 1,097Staff costs increased by DKK 339 million compared to 2021. The increase is due to anincrease in headcount of 310 FTEs as a result of the higher activity level. DKKm 2022 2021Number of people employed by CPHOf which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 8 11Total remuneration to the Executive Management 12.3 11.4Total emoluments to the Board of Directors* 2.7 2.6 For further information, see the Remuneration Report available at cph.dkOf the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2021: DKK 1.1 million).The remuneration to the Executive Management consists of a fixed basic salary (includingpension contributions), certain benefits (free company car, etc.) and an incentive plan, which is described below. In the event of termination of employment by CPH, members of the Executive Management are entitled to a maximum of two years\u2019 remuneration. In order to promote a sound long-term approach, a rolling three-year incentive plan has been introduced for the Executive Management. For 2022, the total costs expensed for the long-term incentive plan were DKK 1.8 million (2021: DKK 0.9 million). Payments from the three-year incentive plan have a target level of four months\u2019 and a maximum of six months\u2019 salary per annum. The short-term incentive plan has terms of up to one year. The short-term incentive plan has a target level of six months\u2019 salary, if all stretchedobjectives are met, and a maximum of nine months\u2019 salary. For 2022, the total accrued costs for the short-term incentive plan were DKK 3.1 million (2021: DKK 3.5 million).The total remuneration in 2022 to members of the Executive Management was DKK 12.3 million (2021: DKK 11.4 million), including a provision of DKK 1.8 million for a potential payout under the long-term incentive plan (2021: DKK 0.9 million) and a provision of DKK 3.1 million for the short-term incentive plan (2021: DKK 3.5 million). Pension contributions for members of the Executive Management are paid regularly to private pension companies. CPH has no liabilities in this respect.Remuneration to the Board of Directors and Executive Management in 2022 was paid inaccordance with the \u201cGeneral guidelines for remuneration to the Board of Directors andthe Executive Management of Copenhagen Airports A/S\u201d. Key management consists ofthe Executive Management.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State. The rate of pension contributions is fixed by the Ministerfor Finance and was 21% in 2022 (2021: 21%). In 2022, these pension contributions amounted to DKK 0.6 million (2021: DKK 0.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-4": {
"value": "Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, includingthe Executive Management, fees to the Board of Directors and other staff costs. Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by theDanish State, CPH recognises a pension contribution in the income statement, which isfixed each year by the State and paid to the State on a regular basis.DKKm 2022 2021Number of people employed by CPHOf which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 8 11Total remuneration to the Executive Management 12.3 11.4Total emoluments to the Board of Directors* 2.7 2.6 For further information, see the Remuneration Report available at cph.dkOf the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2021: DKK 1.1 million).The remuneration to the Executive Management consists of a fixed basic salary (includingpension contributions), certain benefits (free company car, etc.) and an incentive plan, which is described below. In the event of termination of employment by CPH, members of the Executive Management are entitled to a maximum of two years\u2019 remuneration. In order to promote a sound long-term approach, a rolling three-year incentive plan has been introduced for the Executive Management. For 2022, the total costs expensed for the long-term incentive plan were DKK 1.8 million (2021: DKK 0.9 million). Payments from the three-year incentive plan have a target level of four months\u2019 and a maximum of six months\u2019 salary per annum. The short-term incentive plan has terms of up to one year. The short-term incentive plan has a target level of six months\u2019 salary, if all stretchedobjectives are met, and a maximum of nine months\u2019 salary. For 2022, the total accrued costs for the short-term incentive plan were DKK 3.1 million (2021: DKK 3.5 million).The total remuneration in 2022 to members of the Executive Management was DKK 12.3 million (2021: DKK 11.4 million), including a provision of DKK 1.8 million for a potential payout under the long-term incentive plan (2021: DKK 0.9 million) and a provision of DKK 3.1 million for the short-term incentive plan (2021: DKK 3.5 million). Pension contributions for members of the Executive Management are paid regularly to private pension companies. CPH has no liabilities in this respect.Remuneration to the Board of Directors and Executive Management in 2022 was paid inaccordance with the \u201cGeneral guidelines for remuneration to the Board of Directors andthe Executive Management of Copenhagen Airports A/S\u201d. Key management consists ofthe Executive Management.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State. The rate of pension contributions is fixed by the Ministerfor Finance and was 21% in 2022 (2021: 21%). In 2022, these pension contributions amounted to DKK 0.6 million (2021: DKK 0.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-6": {
"value": "Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, includingthe Executive Management, fees to the Board of Directors and other staff costs. Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by theDanish State, CPH recognises a pension contribution in the income statement, which isfixed each year by the State and paid to the State on a regular basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-2": {
"value": "External costsAccounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and otheroperating and maintenance costs.DKKm 2022 2021Operation and maintenance 437 273Energy 205 103Administrative expenses 45 23Other 23 25Total external costs 710 424External costs increased by DKK 286 million compared to 2021. The increased costs are a combined result of higher activity levels in 2022, a hike in energy prices and the offset-ting effect of continued cost consciousness throughout CPH.Amortisation and depreciationAccounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019sintangible assets and property, plant and equipment.DKKm 2022 2021Software 71 97Land and buildings 345 290Investment properties 13 8Plant and machinery 376 424Other fixtures and fittings, tools and equipment 179 193Total amortisation and depreciation 984 1,012Depreciation and amortisation were down by DKK 28 million, mainly due to lowerwrite-offs of assets in 2022 compared to 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-2": {
"value": "Staff costsAccounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, includingthe Executive Management, fees to the Board of Directors and other staff costs. Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by theDanish State, CPH recognises a pension contribution in the income statement, which isfixed each year by the State and paid to the State on a regular basis.DKKm 2022 2021Salaries and wages 1,336 1,034Pension contributions 111 94Other social security costs 10 8Other staff costs 46 281,503 1,164Work performed on own account 67 67Total staff costs 1,436 1,097Staff costs increased by DKK 339 million compared to 2021. The increase is due to anincrease in headcount of 310 FTEs as a result of the higher activity level. DKKm 2022 2021Number of people employed by CPHOf which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 8 11Total remuneration to the Executive Management 12.3 11.4Total emoluments to the Board of Directors* 2.7 2.6 For further information, see the Remuneration Report available at cph.dkOf the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2021: DKK 1.1 million).The remuneration to the Executive Management consists of a fixed basic salary (includingpension contributions), certain benefits (free company car, etc.) and an incentive plan, which is described below. In the event of termination of employment by CPH, members of the Executive Management are entitled to a maximum of two years\u2019 remuneration. In order to promote a sound long-term approach, a rolling three-year incentive plan has been introduced for the Executive Management. For 2022, the total costs expensed for the long-term incentive plan were DKK 1.8 million (2021: DKK 0.9 million). Payments from the three-year incentive plan have a target level of four months\u2019 and a maximum of six months\u2019 salary per annum. The short-term incentive plan has terms of up to one year. The short-term incentive plan has a target level of six months\u2019 salary, if all stretchedobjectives are met, and a maximum of nine months\u2019 salary. For 2022, the total accrued costs for the short-term incentive plan were DKK 3.1 million (2021: DKK 3.5 million).The total remuneration in 2022 to members of the Executive Management was DKK 12.3 million (2021: DKK 11.4 million), including a provision of DKK 1.8 million for a potential payout under the long-term incentive plan (2021: DKK 0.9 million) and a provision of DKK 3.1 million for the short-term incentive plan (2021: DKK 3.5 million). Pension contributions for members of the Executive Management are paid regularly to private pension companies. CPH has no liabilities in this respect.Remuneration to the Board of Directors and Executive Management in 2022 was paid inaccordance with the \u201cGeneral guidelines for remuneration to the Board of Directors andthe Executive Management of Copenhagen Airports A/S\u201d. Key management consists ofthe Executive Management.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State. The rate of pension contributions is fixed by the Ministerfor Finance and was 21% in 2022 (2021: 21%). In 2022, these pension contributions amounted to DKK 0.6 million (2021: DKK 0.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-4": {
"value": "Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and otheroperating and maintenance costs.Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019sintangible assets and property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-5": {
"value": "DKKm 2022 2021Number of people employed by CPHOf which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 8 11Total remuneration to the Executive Management 12.3 11.4Total emoluments to the Board of Directors* 2.7 2.6 For further information, see the Remuneration Report available at cph.dkOf the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2021: DKK 1.1 million).The remuneration to the Executive Management consists of a fixed basic salary (includingpension contributions), certain benefits (free company car, etc.) and an incentive plan, which is described below. In the event of termination of employment by CPH, members of the Executive Management are entitled to a maximum of two years\u2019 remuneration. In order to promote a sound long-term approach, a rolling three-year incentive plan has been introduced for the Executive Management. For 2022, the total costs expensed for the long-term incentive plan were DKK 1.8 million (2021: DKK 0.9 million). Payments from the three-year incentive plan have a target level of four months\u2019 and a maximum of six months\u2019 salary per annum. The short-term incentive plan has terms of up to one year. The short-term incentive plan has a target level of six months\u2019 salary, if all stretchedobjectives are met, and a maximum of nine months\u2019 salary. For 2022, the total accrued costs for the short-term incentive plan were DKK 3.1 million (2021: DKK 3.5 million).The total remuneration in 2022 to members of the Executive Management was DKK 12.3 million (2021: DKK 11.4 million), including a provision of DKK 1.8 million for a potential payout under the long-term incentive plan (2021: DKK 0.9 million) and a provision of DKK 3.1 million for the short-term incentive plan (2021: DKK 3.5 million). Pension contributions for members of the Executive Management are paid regularly to private pension companies. CPH has no liabilities in this respect.Remuneration to the Board of Directors and Executive Management in 2022 was paid inaccordance with the \u201cGeneral guidelines for remuneration to the Board of Directors andthe Executive Management of Copenhagen Airports A/S\u201d. Key management consists ofthe Executive Management.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State. The rate of pension contributions is fixed by the Ministerfor Finance and was 21% in 2022 (2021: 21%). In 2022, these pension contributions amounted to DKK 0.6 million (2021: DKK 0.6 million).Related partiesCPH\u2019s related parties are the Danish Labour Market Supplementary Pension (ATP) and the Ontario Teachers\u2019 Pension Plan (OTPP), given their controlling ownership interests inCPH, the Board of Directors and Executive Management, and associated companies (see note 3.4). See also note 2.5 regarding remuneration to the Board of Directors and Executive Management.ATP and OTPP (via their respective underlying holding companies) jointly own and controlCopenhagen Airports Denmark ApS (CADcompany reg. (CVR) no. 29144249CAD is indirectly controlled byKastrup Airports Parent ApS (KAP),company reg(CVR) no. 33781903, which is owned by ATP and OTPPKAP is thereby the ultimate holding company of CPH. The consolidated annual report of KAP, in which CPH is included as a subsidiary, may be obtained from KAP through Apex Fund Service (Denmark) ApS, H\u00f8rmarken 2, 3520 Farum, Denmark. CAD holds 59.4% of both the shares and voting rights in CPH.ATP and OTPP (through an underlying holding company) have signed a shareholders\u2019 agreement providing for agreement between the two parties on all material resolutionsThe agreement also stipulates rules for the nomination of members to the Board of Directors of CPH. For additional information on ATP and OTPP, see www.atp.dk and www.otpp.com.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-4": {
"value": "Accounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports DenmarkApS (CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI \u2013 100%ownership) and Copenhagen Airport Hotels A/S (CAH \u2013 53% ownership). KAP is the administrative company for the jointly taxed companies and settles corporation taxes dueto the tax authorities. CPH, CAI and CAH pay tax on account to KAP and settle tax underpaid/overpaid with KAP. Income tax for the year, consisting of the year\u2019s current tax and the year\u2019s change in deferred tax, is recognised in the income statement at the amount that can be attributedto the profit/(loss) for the year, and posted directly in other comprehensive income at theamount that can be attributed to movements therein. Current tax liabilities are carried in the balance sheet as current liabilities to the extent such items have not been paid. Tax overpaid on account is included as a separate line item under Receivables. Interest and allowances regarding tax payments are recognised under Financial income and Financial expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-3": {
"value": "Deferred tax is calculated according to the balance sheet liability method on all tempo-rary differences between the carrying amount and tax base of assets and liabilities. Deferred tax is calculated on the basis of the tax rules and tax rates that will apply underthe legislation in force at the balance sheet date when the deferred tax item is expectedto crystallise as current tax. Changes in deferred tax resulting from changes in tax rates are recognised in the income statement. Deferred tax assets are recognised in the balance sheet at the value at which they are expected to be realisable.Tax on profit/(loss) for the year (continued)DKKm 2022 2021DKKm 2022 2021Breakdown of tax on profit/(loss) for the yearIncome tax payable/receivableTax calculated at 22.0% of profit/(loss) before tax 56 (147)Balance at 1 January 1 -Movements in deferred tax:Tax paid on account in current year 0 -Permanent differences 2 0Payment of tax underpaid in previous year (1) 0Temporary differences (8) (2)Current income tax 25 1Tax receivable under jointly taxation (83) -Total 50 (149)Balance at 31 December (58) 1Provisions for deferred taxBalance at 1 January 704 856Tax on profit for the year was DKK 50 million, resulting in an effective tax rate of 19.5% Change in deferred tax 104 (152)(2021: 22.4%). The lower effective tax rate in 2022 primarily relates to the utilisation of tax losses carried forward from prior years.Balance at 31 December 808 704Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax Breakdown of deferred tax provisionsliabilities of the Danish holding companies, which hold 59.4% of the shares in the Property, plant and equipment 1,033 1,036Company. This liability is limited to 59.4% of the tax liabilities payable on or after Other receivables (2) (2)1 July 2012.Other payables (2) 9Tax loss carried forward (221) (339)Total 808 704",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-5": {
"value": "Deferred tax is calculated according to the balance sheet liability method on all tempo-rary differences between the carrying amount and tax base of assets and liabilities. Deferred tax is calculated on the basis of the tax rules and tax rates that will apply underthe legislation in force at the balance sheet date when the deferred tax item is expectedto crystallise as current tax. Changes in deferred tax resulting from changes in tax rates are recognised in the income statement. Deferred tax assets are recognised in the balance sheet at the value at which they are expected to be realisable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-2": {
"value": "Tax on profit/(loss) for the yearAccounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports DenmarkApS (CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI \u2013 100%ownership) and Copenhagen Airport Hotels A/S (CAH \u2013 53% ownership). KAP is the administrative company for the jointly taxed companies and settles corporation taxes dueto the tax authorities. CPH, CAI and CAH pay tax on account to KAP and settle tax underpaid/overpaid with KAP. Income tax for the year, consisting of the year\u2019s current tax and the year\u2019s change in deferred tax, is recognised in the income statement at the amount that can be attributedto the profit/(loss) for the year, and posted directly in other comprehensive income at theamount that can be attributed to movements therein. Current tax liabilities are carried in the balance sheet as current liabilities to the extent such items have not been paid. Tax overpaid on account is included as a separate line item under Receivables. Interest and allowances regarding tax payments are recognised under Financial income and Financial expenses. Deferred tax is calculated according to the balance sheet liability method on all tempo-rary differences between the carrying amount and tax base of assets and liabilities. Deferred tax is calculated on the basis of the tax rules and tax rates that will apply underthe legislation in force at the balance sheet date when the deferred tax item is expectedto crystallise as current tax. Changes in deferred tax resulting from changes in tax rates are recognised in the income statement. Deferred tax assets are recognised in the balance sheet at the value at which they are expected to be realisable.DKKm 2022 2021Tax expenseCurrent income tax 25 3Change in deferred tax 22 (152Total 48 (149Tax is allocated as follows:Tax on profit/(loss) for the year 50 (149)Tax on other comprehensive income related to hedging instruments (2) 0Total 48 (149Tax on profit/(loss) for the year (continued)DKKm 2022 2021DKKm 2022 2021Breakdown of tax on profit/(loss) for the yearIncome tax payable/receivableTax calculated at 22.0% of profit/(loss) before tax 56 (147)Balance at 1 January 1 -Movements in deferred tax:Tax paid on account in current year 0 -Permanent differences 2 0Payment of tax underpaid in previous year (1) 0Temporary differences (8) (2)Current income tax 25 1Tax receivable under jointly taxation (83) -Total 50 (149)Balance at 31 December (58) 1Provisions for deferred taxBalance at 1 January 704 856Tax on profit for the year was DKK 50 million, resulting in an effective tax rate of 19.5% Change in deferred tax 104 (152)(2021: 22.4%). The lower effective tax rate in 2022 primarily relates to the utilisation of tax losses carried forward from prior years.Balance at 31 December 808 704Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax Breakdown of deferred tax provisionsliabilities of the Danish holding companies, which hold 59.4% of the shares in the Property, plant and equipment 1,033 1,036Company. This liability is limited to 59.4% of the tax liabilities payable on or after Other receivables (2) (2)1 July 2012.Other payables (2) 9Tax loss carried forward (221) (339)Total 808 704",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-7": {
"value": "Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019sintangible assets and property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-3": {
"value": "Amortisation and depreciationAccounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019sintangible assets and property, plant and equipment.DKKm 2022 2021Software 71 97Land and buildings 345 290Investment properties 13 8Plant and machinery 376 424Other fixtures and fittings, tools and equipment 179 193Total amortisation and depreciation 984 1,012Depreciation and amortisation were down by DKK 28 million, mainly due to lowerwrite-offs of assets in 2022 compared to 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-4": {
"value": "Amortisation and depreciationAccounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019sintangible assets and property, plant and equipment.DKKm 2022 2021Software 71 97Land and buildings 345 290Investment properties 13 8Plant and machinery 376 424Other fixtures and fittings, tools and equipment 179 193Total amortisation and depreciation 984 1,012Depreciation and amortisation were down by DKK 28 million, mainly due to lowerwrite-offs of assets in 2022 compared to 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-126-3": {
"value": "Accounting policiesSoftware is measured at cost less accumulated depreciation.Major projects in which software is the principal element are recognised as assets if there issufficient certainty that the capitalised value of future earnings will cover the related costs. Software costs comprise salaries, amortisation and other costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software. Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognisedas non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisation period is 3-5 years.Cost also includes interest expensesduring constructionDKKm 2022 2021Financial expensesInterest on debt to financial institutions and other loans, etc. 174 155Capitalised interest expenses regarding assets under construction (27) (32)Exchange losses 1 1Other financing costs 20 18Amortisation of loan costs 3 18Total financial expenses 171 160",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-126-5": {
"value": "Accounting policiesSoftware is measured at cost less accumulated depreciation.Major projects in which software is the principal element are recognised as assets if there issufficient certainty that the capitalised value of future earnings will cover the related costs. Software costs comprise salaries, amortisation and other costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software. Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognisedas non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisation period is 3-5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-126-6": {
"value": "Accounting policiesSoftware is measured at cost less accumulated depreciation.Major projects in which software is the principal element are recognised as assets if there issufficient certainty that the capitalised value of future earnings will cover the related costs. Software costs comprise salaries, amortisation and other costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software. Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognisedas non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisation period is 3-5 years.Cost also includes interest expensesduring construction",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-127-4": {
"value": "ImpairmentsThe carrying amount of software and software under development is tested at least annually for any impairment beyond that expressed in amortisation charges. Where thereare such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with otherassets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.ImpairmentThe carrying amount of property, plant and equipment is tested at least annually for indi-cations of impairment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-127-6": {
"value": "ImpairmentsThe carrying amount of software and software under development is tested at least annually for any impairment beyond that expressed in amortisation charges. Where thereare such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with otherassets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-2": {
"value": "Intangible assetsAccounting policiesSoftware is measured at cost less accumulated depreciation.Major projects in which software is the principal element are recognised as assets if there issufficient certainty that the capitalised value of future earnings will cover the related costs. Software costs comprise salaries, amortisation and other costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software. Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognisedas non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisation period is 3-5 years.ImpairmentsThe carrying amount of software and software under development is tested at least annually for any impairment beyond that expressed in amortisation charges. Where thereare such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with otherassets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.Estimates and judgementsThe estimated useful lives are determined based on historical experience and expectationsof future use of the assets. These may prove to be unachievable, which could lead to future reassessment of their useful lives and a need for impairment.2022 2021Software Software under under DKKm Softwareconstruction Total Softwareconstruction TotalCostAccumulated cost at 1 January 1,164 66 1,230 1,153 85 1,238Adjustments for previous years (3) 2 (1) - - -Additions - 67 67 - 10 10Disposals (42) - (42) (18) - (18Transferred 58 (58) - 29 (29) -Accumulated cost at 31 December 1,177 77 1,254 1,164 66 1,230AmortisationAccumulated amortisation at 1 January 1,008 - 1,008 929 - 929Adjustments for previous years (3) - (3) - - -Amortisation 71 - 71 97 - 97Amortisation on disposals (42) - (42) (18) - (18Accumulated amortisation at 31 December 1,034 - 1,034 1,008 - 1,008Carrying amount at 31 December 143 77 220 156 66 222Of which intangible assets for operational leasing 23 - 23 32 - 32Major investments in intangible assets include general renewal and maintenance oexisting IT systems and development of other minor IT systems.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-3": {
"value": "Intangible assetsImpairmentsThe carrying amount of software and software under development is tested at least annually for any impairment beyond that expressed in amortisation charges. Where thereare such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with otherassets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.Estimates and judgementsThe estimated useful lives are determined based on historical experience and expectationsof future use of the assets. These may prove to be unachievable, which could lead to future reassessment of their useful lives and a need for impairment.2022 2021Software Software under under DKKm Softwareconstruction Total Softwareconstruction TotalCostAccumulated cost at 1 January 1,164 66 1,230 1,153 85 1,238Adjustments for previous years (3) 2 (1) - - -Additions - 67 67 - 10 10Disposals (42) - (42) (18) - (18Transferred 58 (58) - 29 (29) -Accumulated cost at 31 December 1,177 77 1,254 1,164 66 1,230AmortisationAccumulated amortisation at 1 January 1,008 - 1,008 929 - 929Adjustments for previous years (3) - (3) - - -Amortisation 71 - 71 97 - 97Amortisation on disposals (42) - (42) (18) - (18Accumulated amortisation at 31 December 1,034 - 1,034 1,008 - 1,008Carrying amount at 31 December 143 77 220 156 66 222Of which intangible assets for operational leasing 23 - 23 32 - 32Major investments in intangible assets include general renewal and maintenance oexisting IT systems and development of other minor IT systems.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-4": {
"value": "Accounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation. Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, costcomprises direct costs attributable to the asset, including salaries and wages, materials, components, and work performed by subcontractors.Cost also includes interest expensesduring constructionThe depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and beginswhen the assets are ready for use.Land is not depreciated.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.)40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryRunways, roads, etc. (foundations)80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 yearsFurniture and fittings 10 yearsHotel equipment 15 -20 yearSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 yearsGains and losses on the sale of non-current assets are recognised under Other income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-7": {
"value": "Cost also includes interest expensesduring construction",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-2": {
"value": "Property, plant and equipmentAccounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation. Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, costcomprises direct costs attributable to the asset, including salaries and wages, materials, components, and work performed by subcontractors.Cost also includes interest expensesduring constructionThe depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and beginswhen the assets are ready for use.Land is not depreciated.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.)40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryRunways, roads, etc. (foundations)80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 yearsFurniture and fittings 10 yearsHotel equipment 15 -20 yearSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 yearsGains and losses on the sale of non-current assets are recognised under Other income.Significant estimates and judgementsProperty, plant and equipment are depreciated to the estimated residual value over their expected useful lives, which CPH has estimated above. These estimates are based on the Company\u2019s business plans and expected useful lives of the assets, the technical and main-tenance state of the assets, and regulatory requirements. The residual value was esti-mated at DKK 604 million (2021: DKK 604 million) at the balance sheet date. The useful lives and residual values of property, plant and equipment are reviewed at least at every year-end based on these factors. CPH evaluates the carrying amounts in order to assess whether events have occurred that require an adjustment of these amounts because theyare not expected to be recoverable. Investment properties owned by the Group are carried at cost less accumulated deprecia-tion. The carrying amount of the investment properties amounts to DKK 1,367 million as of 31 December 2022 (included in the line items Investment properties, Land and buildings andOther fixtures and fittings). The corresponding fair value of the investment properties at 31 December 2022 amounts to DKK 2,332 million (2021: DKK 2,314 million). Fair value of the investment properties has been determined based on a discounted cash \ufb02ow calculation on minimum lease payments agreed with the hotel operator with a discount rate of 4.5%.In estimating the runways\u2019 useful lives, CPH has divided the system into three elements: foundations, surfaces and technical installations. CPH\u2019s assessment is that each element has a different useful life. The runway surfaces have shorter lives than the foundations due to immediate wear; their useful life expectancy is 10 years. This assessment is supported by historical replacement of runway surfaces and planning for future replace-ment. Technical installations related to the runways are estimated to have a useful life of 15 years. These technical installations related to the runways are not assessed to have thesame useful life as other technical installations, taking into account safety measures.ImpairmentThe carrying amount of property, plant and equipment is tested at least annually for indi-cations of impairment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.2022Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildings*propertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 10,174 919 9,761 2,527 1,316 24,697Adjustment to previous years (8) - - - 14 6Additions - - - - 903 903Disposals (149) - (291) (21) - (461Transferred 385 - 225 113 (723) -Accumulated cost at 31 December 10,402 919 9,695 2,619 1,510 25,145DepreciationAccumulated depreciation at 1 January 3,890 45 4,789 1,761 - 10,485Adjustment to previous years 8 (1) - - - 7Depreciation 345 13 376 179 - 913Depreciation on disposals (149) - (291) (20) - (460)Accumulated depreciation at 31 December 4,094 57 4,874 1,920 - 10,945Carrying amount at 31 December 6,308 862 4,821 699 1,510 14,200Of which fixed assets for operational leasing 1,677 862 963 171 3,673* At 31 December 2022, CPH\u2019s properties were mortgaged for a total of DKK 515 million (2021: DKK 515 million)Major investments in 2022 included expansion of Terminal 3 airside, construction of a multi-storey capark, runway renovations and new security facilities.2021Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildingspropertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 9,241 254 9,224 2,398 2,257 23,374Additions 17 665 268 62 561 1,573Disposals (38) - (188) (23) - (249Transferred 954 - 457 90 (1,502) Accumulated cost at 31 December 10,174 919 9,761 2,527 1,316 24,697DepreciationAccumulated depreciation at 1 January 3,638 37 4,553 1,591 - 9,819Depreciation 290 8 424 193 - 915Depreciation on disposals (38) - (188) (23) - (249Accumulated depreciation at 31 December 3,890 45 4,789 1,761 - 10,485Carrying amount at 31 December 6,284 874 4,972 766 1,316 14,212Of which fixed assets for operational leasing 1,667 874 993 199 - 3,733",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-3": {
"value": "* At 31 December 2022, CPH\u2019s properties were mortgaged for a total of DKK 515 million (2021: DKK 515 million)In a number of cases, CPH receives collateral security for sales on credit, mainly regardingnon-aeronautical activities, and such collateral is included in the assessment of the write-down required for bad and doubtful debts. The collateral may be in the form of financialguarantees. Of the trade receivables of DKK 295 million at 31 December 2022 (2021: DKK 449 million), DKK 93 million (2021: DKK 90 million) was covered by collateral security. The maximum credit risk is re\ufb02ected in the carrying amount of the financial assets in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-2": {
"value": "Accounting policiesSubsidiaries are classified as companies where the Parent Company directly or indirectlycontrols the majority of the votes or otherwise controls the companies. Subsidiaries\u2022 Copenhagen Airport Hotels A/S, T\u00e5rnby, Denmark \u2013 53% owned by CPH\u2022 Copenhagen Airports International A/S, T\u00e5rnby, Denmark \u2013 100% owned by CPH",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-4": {
"value": "Accounting policiesSubsidiaries are classified as companies where the Parent Company directly or indirectlycontrols the majority of the votes or otherwise controls the companies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-2": {
"value": "Associates are classified as companies where CPH controls 50% or less of the votes anddoes not have control but exercises significant in\ufb02uence.Associates\u2022 Airport Coordination Denmark A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPH\u2022 Smarter Airports A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPH",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-4": {
"value": "Associates are classified as companies where CPH controls 50% or less of the votes anddoes not have control but exercises significant in\ufb02uence.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-5": {
"value": "Associates are classified as companies where CPH controls 50% or less of the votes anddoes not have control but exercises significant in\ufb02uence.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-2": {
"value": "Subsidiaries and associatesAssociates\u2022 Airport Coordination Denmark A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPH\u2022 Smarter Airports A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPH",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-149-2": {
"value": "Financial income and expensesAccounting policiesFinancial income and expenses include interest, realised and unrealised exchange differ-ences, recycled accumulated gains and losses on swaps related to terminated hedges, amortisation of mortgage loans and other loans, including reversal of fair value adjust-ments of effective hedges of loans, supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash \ufb02owhedge for accounting purposes is recognised in comprehensive income.DKKm 2022 2021Financial incomeInterest on other receivables 8 (1Exchange gains 3 5Total financial income 11 4Financial income increased by DKK 7 million, primarily due to interest on tradereceivables.DKKm 2022 2021Financial expensesInterest on debt to financial institutions and other loans, etc. 174 155Capitalised interest expenses regarding assets under construction (27) (32)Exchange losses 1 1Other financing costs 20 18Amortisation of loan costs 3 18Total financial expenses 171 160Financial expenses increased by DKK 11 million, primarily due to higher interest expensesas a consequence of higher interest rate levels. In addition, capitalised interest expenses regarding assets under construction decreased due to the lower level of assets under construction than last year. The increase in financial expenses was partly offset by a decrease in amortisation of loan costs due to recycling of amortised financial costs in 2021.An effective interest rate of 1.9% was applied to calculate loan costs for the cost of assets in 2022 (2021: 1.8%), corresponding to CPH\u2019s weighted average cost of capital for borrowings for purchases of property, plant and equipment.As stated under Currency swaps and Hedging transactions in note 4.3 on financial risks, CPH uses currency swaps to hedge foreign currency loans (in this case USD only) so that the exchange rate exposure on interest as well as the principal is converted from the foreign currency into fixed payments in DKK over the terms of the respective loans. The loans in question have been fully hedged.Exchange rate adjustments of loans as well as currency swaps (for loan principals) are recognised in Financial income/expenses in the income statement at a net amount of zero, as the exchange rate adjustment of the loans is fully offset by an opposite exchange rate adjustment of the currency swaps.The net value of the exchange loss recognised in 2022 included an unrealised exchangeloss of DKK 66 million (2021: unrealised exchange loss of DKK 81 million) related to long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 66million on currency swaps (2021: unrealised exchange gain of DKK 81 million) relating to the same loans.Amortisation of loan costs relates to costs in connection with the establishment of bankloans and credit facilities and recycling of amortised cost related to loan renewal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-150-3": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differ-ences, recycled accumulated gains and losses on swaps related to terminated hedges, amortisation of mortgage loans and other loans, including reversal of fair value adjust-ments of effective hedges of loans, supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash \ufb02owhedge for accounting purposes is recognised in comprehensive income.DKKm 2022 2021Financial incomeInterest on other receivables 8 (1Exchange gains 3 5Total financial income 11 4Financial income increased by DKK 7 million, primarily due to interest on tradereceivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-150-5": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differ-ences, recycled accumulated gains and losses on swaps related to terminated hedges, amortisation of mortgage loans and other loans, including reversal of fair value adjust-ments of effective hedges of loans, supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash \ufb02owhedge for accounting purposes is recognised in comprehensive income.DKKm 2022 2021Financial incomeInterest on other receivables 8 (1Exchange gains 3 5Total financial income 11 4",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-150-6": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differ-ences, recycled accumulated gains and losses on swaps related to terminated hedges, amortisation of mortgage loans and other loans, including reversal of fair value adjust-ments of effective hedges of loans, supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash \ufb02owhedge for accounting purposes is recognised in comprehensive income.DKKm 2022 2021Financial incomeInterest on other receivables 8 (1Exchange gains 3 5Total financial income 11 4",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-153-4": {
"value": "DKKm 2022 2021Financial expensesInterest on debt to financial institutions and other loans, etc. 174 155Capitalised interest expenses regarding assets under construction (27) (32)Exchange losses 1 1Other financing costs 20 18Amortisation of loan costs 3 18Total financial expenses 171 160Financial expenses increased by DKK 11 million, primarily due to higher interest expensesas a consequence of higher interest rate levels. In addition, capitalised interest expenses regarding assets under construction decreased due to the lower level of assets under construction than last year. The increase in financial expenses was partly offset by a decrease in amortisation of loan costs due to recycling of amortised financial costs in 2021.An effective interest rate of 1.9% was applied to calculate loan costs for the cost of assets in 2022 (2021: 1.8%), corresponding to CPH\u2019s weighted average cost of capital for borrowings for purchases of property, plant and equipment.As stated under Currency swaps and Hedging transactions in note 4.3 on financial risks, CPH uses currency swaps to hedge foreign currency loans (in this case USD only) so that the exchange rate exposure on interest as well as the principal is converted from the foreign currency into fixed payments in DKK over the terms of the respective loans. The loans in question have been fully hedged.Exchange rate adjustments of loans as well as currency swaps (for loan principals) are recognised in Financial income/expenses in the income statement at a net amount of zero, as the exchange rate adjustment of the loans is fully offset by an opposite exchange rate adjustment of the currency swaps.The net value of the exchange loss recognised in 2022 included an unrealised exchangeloss of DKK 66 million (2021: unrealised exchange loss of DKK 81 million) related to long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 66million on currency swaps (2021: unrealised exchange gain of DKK 81 million) relating to the same loans.Amortisation of loan costs relates to costs in connection with the establishment of bankloans and credit facilities and recycling of amortised cost related to loan renewal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-158-4": {
"value": "Accounting policiesMortgage loans, loans from financial institutions and other loans are recognised whentaken out at the amount received. In subsequent periods, the loans are measured at amortised cost so that the effective interest rate is recognised in the income statementover the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-4": {
"value": "Non-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2022Liabilities arisingfrom financingactivitiesLong-term loans 10,257 (652) (5,433) 66 4,238Short-term loans 218 22 5,436 - 5,676Total 10,475 (630) 3 66 9,914Non-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2021Liabilities arisingfrom financingactivitiesLong-term loans 9,439 728 9 81 10,257Short-term loans 148 70 - - 218Total 9,587 798 9 81 10,475Notes to the cash \ufb02ow statementDKKm 2022 2021Received from customersRevenue 3,532 1,761Change in trade receivables and prepayments from customers 234 (362)Total 3,766 1,399Paid to staff, suppliers, etc.Operating costs (2,145) (1,520)Change in other receivables, etc. 66 238Change in cost-related trade payables, etc. 147 (65Total (1,932) (1,347)Interest received, etc.Realised exchange gains 8 5Total 8 5Interest paid, etc.Interest paid, etc. (169) (169Other financial costs (20) (18Total (189) (187)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-157-2": {
"value": "Financial institutions and other loansAccounting policiesMortgage loans, loans from financial institutions and other loans are recognised whentaken out at the amount received. In subsequent periods, the loans are measured at amortised cost so that the effective interest rate is recognised in the income statementover the term of the loan.DKKm 2022 2021Financial institutions and other loans are recognised in the balance sheet as follows:Non-current liabilities 4,238 10,257Current liabilities 5,676 218Total 9,914 10,475Non-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2022Liabilities arisingfrom financingactivitiesLong-term loans 10,257 (652) (5,433) 66 4,238Short-term loans 218 22 5,436 - 5,676Total 10,475 (630) 3 66 9,914Non-cash changesReclassifi-Foreign 31cation and exchange DecemberDKKm 1 January Cash \ufb02owloan costsmovements2021Liabilities arisingfrom financingactivitiesLong-term loans 9,439 728 9 81 10,257Short-term loans 148 70 - - 218Total 9,587 798 9 81 10,475CPH had the following loans at 31 December:DKKm Carrying amount Fair value*Loan Currency Fixed/\ufb02oating Maturity date 2022 2021 2022 2021Overdraft DKK Floating - 38 16 38 16Bank club DKK Floating 22 Aug 2023 2,230 2,680 2,230 2,680Term loan DKK Floating 22 Aug 2023 2,000 2,000 2,000 2,000RD (DKK 64 million)** DKK Fixed 23 Dec 2032 35 38 35 42Nordea Kredit** DKK Floating 30 Dec 2039 382 405 382 405Nordic Investment Bank (NIB)*** DKK Fixed 12 Feb 2026 54 69 53 70Nordic Investment Bank (NIB)**** DKK Fixed 19 Dec 2027 529 635 454 593European Investment Bank (EIB)**** DKK Fixed 15 Dec 2026 250 250 223 255European Investment Bank (EIB)**** DKK Fixed 7 Apr 2032 545 600 490 623European Investment Bank (EIB)**** DKK Fixed 26 Jan 2033 400 400 358 417European Investment Bank (EIB)**** DKK Fixed 14 Aug 2033 600 600 523 618European Investment Bank (EIB)**** DKK Fixed 12 Apr 2034 700 700 587 696USPP bond loan DKK Fixed 27 Aug 2025 1,055 1,055 1,006 1,160USPP bond loan USD Fixed 22 Aug 2023 1,116 1,050 1,117 1,118Total 9,934 10,498 9,496 10,693Loan costs for future amortisation (20) (23) (20) (23Total (20) (23) (20) (23Total 9,914 10,475 9,476 10,670* See note 4.3 for a description of the method for determining the fair value of financial liabilities.** At 31 December 2022, CPH\u2019s properties were mortgaged for a total value of DKK 515 million (2021: DKK 515 million).*** Funding for the expansion of Pier C. **** Funding for the expansion of Copenhagen Airport, which is expected to be completed by the end of 2028. The fixed-rate USPP bond loan of USD 160 million (2021: USD 160 million) was swappedto DKK on close of contract, both in terms of principal and interest payments, using currency swaps. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-3": {
"value": "Accounting policiesIn connection with CPH\u2019s hedging of future financial transactions and cash \ufb02ows, deriv-ative financial instruments are used as part of CPH\u2019s risk management. Derivative financial instruments are initially recognised in the balance sheet at fair value on the transaction date under Other receivables and Other payables respectively. Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash \ufb02ows are recognised in Other comprehensive income and accumu-lated under Reserve for hedging. If the expected future transaction results in the recogni-tion of non-financial assets or liabilities, amounts previously deferred in Other compre-hensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to theincome statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate and currency swaps is determined as the present value of expected future cash \ufb02ows. The fair value of forward exchange contracts and other deriv-ative financial instruments is determined based on observable exchange rates and the swap and forward rates at the balance sheet date. An evaluation of own and counter-party credit risks is also included. Currency swapsCurrency swaps have been used to hedge fixed-rate bond loans denominated in USD by swapping the exchange rate exposure on both interest and principal from fixed paymentsin USD to fixed payments in DKK throughout the terms of the respective loans. The total notional amount of these outstanding cross-currency swaps at 31 December 2022 was USD 160 million (2021: USD 160 million). The carrying amount of the currency swap contracts was DKK 199 million (2021: DKK 143 million). Hedging transactionsThe net fair value stated will be transferred from Reserve for hedging to the income statement as and when the hedged interest payments are made. The terms to maturity of the cross-currency swaps match the terms to maturity of the related loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-167-4": {
"value": "Accounting policiesIn connection with CPH\u2019s hedging of future financial transactions and cash \ufb02ows, deriv-ative financial instruments are used as part of CPH\u2019s risk management. Derivative financial instruments are initially recognised in the balance sheet at fair value on the transaction date under Other receivables and Other payables respectively. Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash \ufb02ows are recognised in Other comprehensive income and accumu-lated under Reserve for hedging. If the expected future transaction results in the recogni-tion of non-financial assets or liabilities, amounts previously deferred in Other compre-hensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to theincome statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate and currency swaps is determined as the present value of expected future cash \ufb02ows. The fair value of forward exchange contracts and other deriv-ative financial instruments is determined based on observable exchange rates and the swap and forward rates at the balance sheet date. An evaluation of own and counter-party credit risks is also included. 2022Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 5,883 2,911 1,653 10,447 9,496 9,934Trade payables 485 - - 485 485 485Other payables 274 - - 274 274 274Total 6,642 2,911 1,653 11,206 10,255 10,693Total financial liabilities 6,642 2,911 1,653 11,206 10,255 10,693Recognised at amortised costCash 97 - - 97 97 97Trade receivables 295 - - 295 295 295Other receivables 28 - - 28 28 28Total 420 - - 420 420 420Recognised at fair valueDerivative financial instruments 199 - - 199 199 199Total 199 - - 199 199 199Total financial assets 619 - - 619 619 619 The fair value of financial liabilities is the present value of the expected future instalments and Level 1: Observable market prices of identical instrumentsinterest payments, except for trade payables, other payables and receivables, which are stated at the Level 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsnet carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated Level 3: Valuation models primarily based on non-observable pricescredit cost based upon the present rating of the Company is used as the discount rate. The fair value of derivative financial instruments is determined based on published exchange rates, swap and The fair value of CPH\u2019s forward exchange contracts and other derivative financial instruments (interest rate forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determinedmeasurement of financial instruments is divided into the following measurement hierarchy: directly based on published exchange rates and quoted swap and forward rates at the balance sheet date. 2021Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 406 8,732 2,027 11,165 10,693 10,498Trade payables 339 - - 339 339 339Other payables 283 - - 283 283 283Total 1,028 8,732 2,027 11,787 11,315 11,120Total financial liabilities 1,028 8,732 2,027 11,787 11,315 11,120Recognised at amortised costCash 78 - - 78 78 78Trade receivables 449 - - 449 449 449Other receivables 32 - - 32 32 32Total 559 - - 559 559 559Recognised at fair valueDerivative financial instruments - 143 - 143 143 143Total - 143 - 143 143 143Total financial assets 559 143 - 702 702 702",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-6": {
"value": "Accounting policiesIn connection with CPH\u2019s hedging of future financial transactions and cash \ufb02ows, deriv-ative financial instruments are used as part of CPH\u2019s risk management. Derivative financial instruments are initially recognised in the balance sheet at fair value on the transaction date under Other receivables and Other payables respectively. Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash \ufb02ows are recognised in Other comprehensive income and accumu-lated under Reserve for hedging. If the expected future transaction results in the recogni-tion of non-financial assets or liabilities, amounts previously deferred in Other compre-hensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to theincome statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate and currency swaps is determined as the present value of expected future cash \ufb02ows. The fair value of forward exchange contracts and other deriv-ative financial instruments is determined based on observable exchange rates and the swap and forward rates at the balance sheet date. An evaluation of own and counter-party credit risks is also included. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-7": {
"value": "Accounting policiesIn connection with CPH\u2019s hedging of future financial transactions and cash \ufb02ows, deriv-ative financial instruments are used as part of CPH\u2019s risk management. Derivative financial instruments are initially recognised in the balance sheet at fair value on the transaction date under Other receivables and Other payables respectively. Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash \ufb02ows are recognised in Other comprehensive income and accumu-lated under Reserve for hedging. If the expected future transaction results in the recogni-tion of non-financial assets or liabilities, amounts previously deferred in Other compre-hensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to theincome statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate and currency swaps is determined as the present value of expected future cash \ufb02ows. The fair value of forward exchange contracts and other deriv-ative financial instruments is determined based on observable exchange rates and the swap and forward rates at the balance sheet date. An evaluation of own and counter-party credit risks is also included. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-8": {
"value": "Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-171-3": {
"value": "Credit risksCPH\u2019s credit risks primarily relate to receivables, bank deposits, securities and derivative financial instruments.Credit risk regarding receivables arises when CPH\u2019s revenue in the form of traffic charges,concession charges, rent, etc. is not prepaid, or when customer solvency is not covered by guarantees, etc. CPH\u2019s revenue comprises aeronautical revenue from national and international airlines, and non-aeronautical revenue from national and international companies within and outside the aviation industry. As part of CPH\u2019s internal procedures regarding risk manage-ment, the credit risk relating to customers is monitored on a monthly basis. This is done by reviewing any failure to pay amounts due and assessing whether the customer has financial problems. CPH\u2019s trading partners SAS, Norwegian and Gebr. Heinemann (the largest concessionaire)constitute the most significant concentration of credit risk. Gross receivables from the sale of services to these customers amounted to approximately 35% of the total in 2022 (2021: 58%). SAS\u2019s credit rating from Standard & Poor\u2019s is D (2021: CCC). On 5 July 2022, SAS voluntarily entered Chapter 11 protection in the USA. It has previourly informed the market that important milestones in the SAS FORWARD plan have been reached. Throughout this process, SAS has continued to honour its obligations as they have matured. Norwegian does not have a published credit rating but has provided a deposit for rent. Gebr. Heinemann does not have a published credit rating but has given CPH a banker\u2019s guarantee equivalent to four months\u2019 revenue (2021: four months\u2019 revenue). The remaining credit risk is distributed among CPH\u2019s other customers. See note 5.1 on trade receivables for further information. Credit risks related to bank deposits, securities and derivative financial instruments arise as a result of uncertainty regarding the counterparty\u2019s ability to meet liabilities when due.CPH seeks to limit the credit risk regarding bank deposits and derivative financial instru-ments by diversifying financial contracts and by entering into contracts only with financiacounterparties with satisfactory credit ratings. The credit risk is calculated per counter-party based on the actual market value of the contracts entered into. At the balance sheet date, CPH had no credit risk on derivative financial instruments. Credit exposure to financial counterparties at 31 December 2022 totalled DKK 97 million(2021: DKK 78 million), corresponding to the value of bank deposits and money market deposits, including accrued interest.DKKm 2022 2021Gross Gross carrying Impaired Net trade carrying Impaired Net tradeamountamountreceivables amountamountreceivablesNot due 220 - 220 280 - 280Less than 30 days 79 (4) 75 175 (7) 16830 to 90 days 3 (3) - - - More than 90 days 12 (12) - 31 (30) 1Total 314 (19) 295 486 (37) 449",
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"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-166-2": {
"value": "Financial risksAccounting policiesIn connection with CPH\u2019s hedging of future financial transactions and cash \ufb02ows, deriv-ative financial instruments are used as part of CPH\u2019s risk management. Derivative financial instruments are initially recognised in the balance sheet at fair value on the transaction date under Other receivables and Other payables respectively. Changes in the fair value of derivative financial instruments that are designated as fairvalue hedges of a recognised asset or liability are recognised in the income statementtogether with any changes in the fair value of the hedged asset or hedged liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash \ufb02ows are recognised in Other comprehensive income and accumu-lated under Reserve for hedging. If the expected future transaction results in the recogni-tion of non-financial assets or liabilities, amounts previously deferred in Other compre-hensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to theincome statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate and currency swaps is determined as the present value of expected future cash \ufb02ows. The fair value of forward exchange contracts and other deriv-ative financial instruments is determined based on observable exchange rates and the swap and forward rates at the balance sheet date. An evaluation of own and counter-party credit risks is also included. CPH\u2019s risk management policy CPH\u2019s financial risks are managed from its head office by the Treasury department. The principles and framework governing CPH\u2019s financial management are laid down once ayear by the Board of Directors. The financial risks occur primarily as a result of operatingand investing activities. Credit risksCPH\u2019s credit risks primarily relate to receivables, bank deposits, securities and derivative financial instruments.Credit risk regarding receivables arises when CPH\u2019s revenue in the form of traffic charges,concession charges, rent, etc. is not prepaid, or when customer solvency is not covered by guarantees, etc. CPH\u2019s revenue comprises aeronautical revenue from national and international airlines, and non-aeronautical revenue from national and international companies within and outside the aviation industry. As part of CPH\u2019s internal procedures regarding risk manage-ment, the credit risk relating to customers is monitored on a monthly basis. This is done by reviewing any failure to pay amounts due and assessing whether the customer has financial problems. CPH\u2019s trading partners SAS, Norwegian and Gebr. Heinemann (the largest concessionaire)constitute the most significant concentration of credit risk. Gross receivables from the sale of services to these customers amounted to approximately 35% of the total in 2022 (2021: 58%). SAS\u2019s credit rating from Standard & Poor\u2019s is D (2021: CCC). On 5 July 2022, SAS voluntarily entered Chapter 11 protection in the USA. It has previourly informed the market that important milestones in the SAS FORWARD plan have been reached. Throughout this process, SAS has continued to honour its obligations as they have matured. Norwegian does not have a published credit rating but has provided a deposit for rent. Gebr. Heinemann does not have a published credit rating but has given CPH a banker\u2019s guarantee equivalent to four months\u2019 revenue (2021: four months\u2019 revenue). The remaining credit risk is distributed among CPH\u2019s other customers. See note 5.1 on trade receivables for further information. Credit risks related to bank deposits, securities and derivative financial instruments arise as a result of uncertainty regarding the counterparty\u2019s ability to meet liabilities when due.CPH seeks to limit the credit risk regarding bank deposits and derivative financial instru-ments by diversifying financial contracts and by entering into contracts only with financiacounterparties with satisfactory credit ratings. The credit risk is calculated per counter-party based on the actual market value of the contracts entered into. At the balance sheet date, CPH had no credit risk on derivative financial instruments. Credit exposure to financial counterparties at 31 December 2022 totalled DKK 97 million(2021: DKK 78 million), corresponding to the value of bank deposits and money market deposits, including accrued interest.Capital managementCPH\u2019s policy concerning borrowings is, as far as possible, to ensure a certain \ufb02exibility bydiversifying funding by maturity date and counterparties. Furthermore, it is CPH\u2019s policy to comply with the loan covenants in its loan agreements. The Board of Directors and management ensure that the Company has a sound capital structure and, based on thisthe financing policy is approved on an annual basis. CPH, individually and on behalf of its subsidiaries, has undertaken not to create or permit to subsist any charge over its assets or those of its subsidiaries, subject to a maximum permitted amount. Furthermore, CPH has made a commitment to its lenders to comply with a number of other terms and conditions, including financial covenants. A number of CPH\u2019s agreements on loans and credit facilities may be terminated in the event of failure to comply with these terms and conditions. In May 2021, CPH obtained waivers for financial covenants covering the period up to and including Q3 2022. CPH complied with all the applicable terms and conditions related to the waivers during 2022. In December 2022, CPH obtained new waivers for the financial covenants covering the period up to and including Q3 2024. For information on the dividend policy, see page 69.Liquidity riskCPH aims to have sufficient available liquidity to meet all its obligations. This is ensured viaa solid liquidity buffer consisting of committed credit facilities. During the COVID-19 pandemic, CPH has had a DKK 6 billion credit facility agreement in place, maturing in August 2023, to ensure adequate liquidity during the pandemic. The refinancing process for the credit facilities and a DKK 1 billion USPP bond maturing in August 2023 has already been initiated and will be finalised during Q2 2023 (see also note 1.3).At 31 December 2022, CPH\u2019s liquid assets consist of cash totalling DKK 97 million (2021: DKK 78 million) and undrawn committed long-term credit facilities totalling DKK3,832 million (2021: DKK 3,504 million). CPH also has overdraft facilities available of DKK 62 million (2021: DKK 184 million).CPH complied with the liquidity covenant throughout 2022.A complete overview of payment commitments is disclosed on the following pages. All cash \ufb02ows are undiscounted and include all liabilities under the contracts. Interest payments on \ufb02oating-rate debt not yet hedged are recognised at the fixed forward ratefrom the day the loans are expected to be swapped, based on the yield curve applicableat the balance sheet date. The DKK value of future interest and principal payments on loans in foreign currency is calculated based on the exchange rate at the balance sheet date.2022Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 5,883 2,911 1,653 10,447 9,496 9,934Trade payables 485 - - 485 485 485Other payables 274 - - 274 274 274Total 6,642 2,911 1,653 11,206 10,255 10,693Total financial liabilities 6,642 2,911 1,653 11,206 10,255 10,693Recognised at amortised costCash 97 - - 97 97 97Trade receivables 295 - - 295 295 295Other receivables 28 - - 28 28 28Total 420 - - 420 420 420Recognised at fair valueDerivative financial instruments 199 - - 199 199 199Total 199 - - 199 199 199Total financial assets 619 - - 619 619 619 The fair value of financial liabilities is the present value of the expected future instalments and Level 1: Observable market prices of identical instrumentsinterest payments, except for trade payables, other payables and receivables, which are stated at the Level 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsnet carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated Level 3: Valuation models primarily based on non-observable pricescredit cost based upon the present rating of the Company is used as the discount rate. The fair value of derivative financial instruments is determined based on published exchange rates, swap and The fair value of CPH\u2019s forward exchange contracts and other derivative financial instruments (interest rate forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determinedmeasurement of financial instruments is divided into the following measurement hierarchy: directly based on published exchange rates and quoted swap and forward rates at the balance sheet date. 2021Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 406 8,732 2,027 11,165 10,693 10,498Trade payables 339 - - 339 339 339Other payables 283 - - 283 283 283Total 1,028 8,732 2,027 11,787 11,315 11,120Total financial liabilities 1,028 8,732 2,027 11,787 11,315 11,120Recognised at amortised costCash 78 - - 78 78 78Trade receivables 449 - - 449 449 449Other receivables 32 - - 32 32 32Total 559 - - 559 559 559Recognised at fair valueDerivative financial instruments - 143 - 143 143 143Total - 143 - 143 143 143Total financial assets 559 143 - 702 702 702Market risksInterest rate risks It is CPH\u2019s policy to hedge its interest rate risks whenever it is considered that the interest payments can be hedged at a satisfactory level. Hedging is normally done by entering intointerest rate swaps under which \ufb02oating-rate loans are swapped to a fixed interest rate. The duration of CPH\u2019s drawn loans on 31 December 2022 was determined to be approximately 4.1 years (2021: approximately 5.4 years).53% of CPH\u2019s DKK drawn loan portfolio is at a fixed rate (i.e. 47% is variable rate). A 1%-point change in interest rate on \ufb02oating-rate loans on December 31 2022 would affect profit before tax by DKK +/- 46 million on an annual basis.As the exchange rate and interest rate risk on debt denominated in USD is hedged by USD/DKK interest rate swaps, accounted for as a cash \ufb02ow hedge, a change in interest rate levels would affect equity.Sensitivity analysis of the current portfolio of swap contractsDKKm 2022 2021Effect on equity of:An increase in the DKK interest rate of 1 %-point 6 15A decrease in the DKK interest rate of 1 %-point (6) (16An increase in the USD interest rate of 1 %-point (7) (17A decrease in the USD interest rate of 1 %-point 7 18Exchange rate risksExchange rate \ufb02uctuations would have only a minor impact on CPH\u2019s operating resultsbecause most of its revenues and costs are settled in DKK.Currency swapsCurrency swaps have been used to hedge fixed-rate bond loans denominated in USD by swapping the exchange rate exposure on both interest and principal from fixed paymentsin USD to fixed payments in DKK throughout the terms of the respective loans. The total notional amount of these outstanding cross-currency swaps at 31 December 2022 was USD 160 million (2021: USD 160 million). The carrying amount of the currency swap contracts was DKK 199 million (2021: DKK 143 million). Hedging transactionsThe net fair value stated will be transferred from Reserve for hedging to the income statement as and when the hedged interest payments are made. The terms to maturity of the cross-currency swaps match the terms to maturity of the related loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-3": {
"value": "Capital managementCPH\u2019s policy concerning borrowings is, as far as possible, to ensure a certain \ufb02exibility bydiversifying funding by maturity date and counterparties. Furthermore, it is CPH\u2019s policy to comply with the loan covenants in its loan agreements. The Board of Directors and management ensure that the Company has a sound capital structure and, based on thisthe financing policy is approved on an annual basis. CPH, individually and on behalf of its subsidiaries, has undertaken not to create or permit to subsist any charge over its assets or those of its subsidiaries, subject to a maximum permitted amount. Furthermore, CPH has made a commitment to its lenders to comply with a number of other terms and conditions, including financial covenants. A number of CPH\u2019s agreements on loans and credit facilities may be terminated in the event of failure to comply with these terms and conditions. In May 2021, CPH obtained waivers for financial covenants covering the period up to and including Q3 2022. CPH complied with all the applicable terms and conditions related to the waivers during 2022. In December 2022, CPH obtained new waivers for the financial covenants covering the period up to and including Q3 2024. For information on the dividend policy, see page 69.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-174-3": {
"value": "Liquidity riskCPH aims to have sufficient available liquidity to meet all its obligations. This is ensured viaa solid liquidity buffer consisting of committed credit facilities. During the COVID-19 pandemic, CPH has had a DKK 6 billion credit facility agreement in place, maturing in August 2023, to ensure adequate liquidity during the pandemic. The refinancing process for the credit facilities and a DKK 1 billion USPP bond maturing in August 2023 has already been initiated and will be finalised during Q2 2023 (see also note 1.3).At 31 December 2022, CPH\u2019s liquid assets consist of cash totalling DKK 97 million (2021: DKK 78 million) and undrawn committed long-term credit facilities totalling DKK3,832 million (2021: DKK 3,504 million). CPH also has overdraft facilities available of DKK 62 million (2021: DKK 184 million).CPH complied with the liquidity covenant throughout 2022.A complete overview of payment commitments is disclosed on the following pages. All cash \ufb02ows are undiscounted and include all liabilities under the contracts. Interest payments on \ufb02oating-rate debt not yet hedged are recognised at the fixed forward ratefrom the day the loans are expected to be swapped, based on the yield curve applicableat the balance sheet date. The DKK value of future interest and principal payments on loans in foreign currency is calculated based on the exchange rate at the balance sheet date.2022Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 5,883 2,911 1,653 10,447 9,496 9,934Trade payables 485 - - 485 485 485Other payables 274 - - 274 274 274Total 6,642 2,911 1,653 11,206 10,255 10,693Total financial liabilities 6,642 2,911 1,653 11,206 10,255 10,693Recognised at amortised costCash 97 - - 97 97 97Trade receivables 295 - - 295 295 295Other receivables 28 - - 28 28 28Total 420 - - 420 420 420Recognised at fair valueDerivative financial instruments 199 - - 199 199 199Total 199 - - 199 199 199Total financial assets 619 - - 619 619 619 The fair value of financial liabilities is the present value of the expected future instalments and Level 1: Observable market prices of identical instrumentsinterest payments, except for trade payables, other payables and receivables, which are stated at the Level 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsnet carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated Level 3: Valuation models primarily based on non-observable pricescredit cost based upon the present rating of the Company is used as the discount rate. The fair value of derivative financial instruments is determined based on published exchange rates, swap and The fair value of CPH\u2019s forward exchange contracts and other derivative financial instruments (interest rate forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determinedmeasurement of financial instruments is divided into the following measurement hierarchy: directly based on published exchange rates and quoted swap and forward rates at the balance sheet date. 2021Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 406 8,732 2,027 11,165 10,693 10,498Trade payables 339 - - 339 339 339Other payables 283 - - 283 283 283Total 1,028 8,732 2,027 11,787 11,315 11,120Total financial liabilities 1,028 8,732 2,027 11,787 11,315 11,120Recognised at amortised costCash 78 - - 78 78 78Trade receivables 449 - - 449 449 449Other receivables 32 - - 32 32 32Total 559 - - 559 559 559Recognised at fair valueDerivative financial instruments - 143 - 143 143 143Total - 143 - 143 143 143Total financial assets 559 143 - 702 702 702",
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"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-175-5": {
"value": "2022Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 5,883 2,911 1,653 10,447 9,496 9,934Trade payables 485 - - 485 485 485Other payables 274 - - 274 274 274Total 6,642 2,911 1,653 11,206 10,255 10,693Total financial liabilities 6,642 2,911 1,653 11,206 10,255 10,693Recognised at amortised costCash 97 - - 97 97 97Trade receivables 295 - - 295 295 295Other receivables 28 - - 28 28 28Total 420 - - 420 420 420Recognised at fair valueDerivative financial instruments 199 - - 199 199 199Total 199 - - 199 199 199Total financial assets 619 - - 619 619 619 The fair value of financial liabilities is the present value of the expected future instalments and Level 1: Observable market prices of identical instrumentsinterest payments, except for trade payables, other payables and receivables, which are stated at the Level 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsnet carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated Level 3: Valuation models primarily based on non-observable pricescredit cost based upon the present rating of the Company is used as the discount rate. The fair value of derivative financial instruments is determined based on published exchange rates, swap and The fair value of CPH\u2019s forward exchange contracts and other derivative financial instruments (interest rate forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determinedmeasurement of financial instruments is divided into the following measurement hierarchy: directly based on published exchange rates and quoted swap and forward rates at the balance sheet date. 2021Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 406 8,732 2,027 11,165 10,693 10,498Trade payables 339 - - 339 339 339Other payables 283 - - 283 283 283Total 1,028 8,732 2,027 11,787 11,315 11,120Total financial liabilities 1,028 8,732 2,027 11,787 11,315 11,120Recognised at amortised costCash 78 - - 78 78 78Trade receivables 449 - - 449 449 449Other receivables 32 - - 32 32 32Total 559 - - 559 559 559Recognised at fair valueDerivative financial instruments - 143 - 143 143 143Total - 143 - 143 143 143Total financial assets 559 143 - 702 702 702",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-175-6": {
"value": "2022Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 5,883 2,911 1,653 10,447 9,496 9,934Trade payables 485 - - 485 485 485Other payables 274 - - 274 274 274Total 6,642 2,911 1,653 11,206 10,255 10,693Total financial liabilities 6,642 2,911 1,653 11,206 10,255 10,693Recognised at amortised costCash 97 - - 97 97 97Trade receivables 295 - - 295 295 295Other receivables 28 - - 28 28 28Total 420 - - 420 420 420Recognised at fair valueDerivative financial instruments 199 - - 199 199 199Total 199 - - 199 199 199Total financial assets 619 - - 619 619 619 The fair value of financial liabilities is the present value of the expected future instalments and Level 1: Observable market prices of identical instrumentsinterest payments, except for trade payables, other payables and receivables, which are stated at the Level 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsnet carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated Level 3: Valuation models primarily based on non-observable pricescredit cost based upon the present rating of the Company is used as the discount rate. The fair value of derivative financial instruments is determined based on published exchange rates, swap and The fair value of CPH\u2019s forward exchange contracts and other derivative financial instruments (interest rate forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determinedmeasurement of financial instruments is divided into the following measurement hierarchy: directly based on published exchange rates and quoted swap and forward rates at the balance sheet date. 2021Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountRecognised at amortised costFinancial institutions and other loans 406 8,732 2,027 11,165 10,693 10,498Trade payables 339 - - 339 339 339Other payables 283 - - 283 283 283Total 1,028 8,732 2,027 11,787 11,315 11,120Total financial liabilities 1,028 8,732 2,027 11,787 11,315 11,120Recognised at amortised costCash 78 - - 78 78 78Trade receivables 449 - - 449 449 449Other receivables 32 - - 32 32 32Total 559 - - 559 559 559Recognised at fair valueDerivative financial instruments - 143 - 143 143 143Total - 143 - 143 143 143Total financial assets 559 143 - 702 702 702",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-178-3": {
"value": "Market risksInterest rate risks It is CPH\u2019s policy to hedge its interest rate risks whenever it is considered that the interest payments can be hedged at a satisfactory level. Hedging is normally done by entering intointerest rate swaps under which \ufb02oating-rate loans are swapped to a fixed interest rate. The duration of CPH\u2019s drawn loans on 31 December 2022 was determined to be approximately 4.1 years (2021: approximately 5.4 years).53% of CPH\u2019s DKK drawn loan portfolio is at a fixed rate (i.e. 47% is variable rate). A 1%-point change in interest rate on \ufb02oating-rate loans on December 31 2022 would affect profit before tax by DKK +/- 46 million on an annual basis.As the exchange rate and interest rate risk on debt denominated in USD is hedged by USD/DKK interest rate swaps, accounted for as a cash \ufb02ow hedge, a change in interest rate levels would affect equity.Sensitivity analysis of the current portfolio of swap contractsDKKm 2022 2021Effect on equity of:An increase in the DKK interest rate of 1 %-point 6 15A decrease in the DKK interest rate of 1 %-point (6) (16An increase in the USD interest rate of 1 %-point (7) (17A decrease in the USD interest rate of 1 %-point 7 18Exchange rate risksExchange rate \ufb02uctuations would have only a minor impact on CPH\u2019s operating resultsbecause most of its revenues and costs are settled in DKK.Currency swapsCurrency swaps have been used to hedge fixed-rate bond loans denominated in USD by swapping the exchange rate exposure on both interest and principal from fixed paymentsin USD to fixed payments in DKK throughout the terms of the respective loans. The total notional amount of these outstanding cross-currency swaps at 31 December 2022 was USD 160 million (2021: USD 160 million). The carrying amount of the currency swap contracts was DKK 199 million (2021: DKK 143 million). Hedging transactionsThe net fair value stated will be transferred from Reserve for hedging to the income statement as and when the hedged interest payments are made. The terms to maturity of the cross-currency swaps match the terms to maturity of the related loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-4": {
"value": "Sensitivity analysis of the current portfolio of swap contractsDKKm 2022 2021Effect on equity of:An increase in the DKK interest rate of 1 %-point 6 15A decrease in the DKK interest rate of 1 %-point (6) (16An increase in the USD interest rate of 1 %-point (7) (17A decrease in the USD interest rate of 1 %-point 7 18Exchange rate risksExchange rate \ufb02uctuations would have only a minor impact on CPH\u2019s operating resultsbecause most of its revenues and costs are settled in DKK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-3": {
"value": "Accounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recog-nised immediately in the income statement at the same time as the receivable is recog-nised in the balance sheet, based on the expected loss over the total life of the receivable.Estimates and judgementsUsing the simplified expected credit loss model, the expected loss on receivables from sales and services is recognised immediately in the income statement. Receivables are monitored on an ongoing basis in accordance with the Group\u2019s risk management until realisation. The write-down is calculated based on the expected loss ratio. The loss ratio iscalculated on the basis of historical data adjusted for estimates of the effect of expected changes in relevant parameters, such as economic development, political risks, etc., on the market. For receivables where there is no objective indication of impairment at indi-vidual level, the remaining receivables are assessed for objective indications of impairment.The objective indications are based on historical loss experiences.If there is an objective indication that an individual receivable is impaired, such as non- payment of amounts due or the debtor having financial difficulties in the form of paymentsuspension, bankruptcy, expected bankruptcy or the like, a write-down is made on the receivable in question.In a number of cases, CPH receives collateral security for sales on credit, mainly regardingnon-aeronautical activities, and such collateral is included in the assessment of the write-down required for bad and doubtful debts. The collateral may be in the form of financialguarantees. Of the trade receivables of DKK 295 million at 31 December 2022 (2021: DKK 449 million), DKK 93 million (2021: DKK 90 million) was covered by collateral security. The maximum credit risk is re\ufb02ected in the carrying amount of the financial assets in the balance sheet.DKKm 2022 2021Trade receivables 314 486Write-down 19 37Net trade receivables 295 449Write-down for bad and doubtful debtsAccumulated write-down at 1 January 37 49Change in write-down for the year (18) (11Realised loss for the year 20 18Reversal (20) (19Accumulated write-down at 31 December 19 37DKKm 2022 2021Gross Gross carrying Impaired Net trade carrying Impaired Net tradeamountamountreceivables amountamountreceivablesNot due 220 - 220 280 - 280Less than 30 days 79 (4) 75 175 (7) 16830 to 90 days 3 (3) - - - More than 90 days 12 (12) - 31 (30) 1Total 314 (19) 295 486 (37) 449",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-5": {
"value": "Accounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recog-nised immediately in the income statement at the same time as the receivable is recog-nised in the balance sheet, based on the expected loss over the total life of the receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-182-2": {
"value": "Trade receivablesAccounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recog-nised immediately in the income statement at the same time as the receivable is recog-nised in the balance sheet, based on the expected loss over the total life of the receivable.Estimates and judgementsUsing the simplified expected credit loss model, the expected loss on receivables from sales and services is recognised immediately in the income statement. Receivables are monitored on an ongoing basis in accordance with the Group\u2019s risk management until realisation. The write-down is calculated based on the expected loss ratio. The loss ratio iscalculated on the basis of historical data adjusted for estimates of the effect of expected changes in relevant parameters, such as economic development, political risks, etc., on the market. For receivables where there is no objective indication of impairment at indi-vidual level, the remaining receivables are assessed for objective indications of impairment.The objective indications are based on historical loss experiences.If there is an objective indication that an individual receivable is impaired, such as non- payment of amounts due or the debtor having financial difficulties in the form of paymentsuspension, bankruptcy, expected bankruptcy or the like, a write-down is made on the receivable in question.DKKm 2022 2021Trade receivables 314 486Write-down 19 37Net trade receivables 295 449Write-down for bad and doubtful debtsAccumulated write-down at 1 January 37 49Change in write-down for the year (18) (11Realised loss for the year 20 18Reversal (20) (19Accumulated write-down at 31 December 19 37DKKm 2022 2021Gross Gross carrying Impaired Net trade carrying Impaired Net tradeamountamountreceivables amountamountreceivablesNot due 220 - 220 280 - 280Less than 30 days 79 (4) 75 175 (7) 16830 to 90 days 3 (3) - - - More than 90 days 12 (12) - 31 (30) 1Total 314 (19) 295 486 (37) 449",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-190-4": {
"value": "Accounting policiesOther payables are recognised when, as a result of events occurring on or before the balance sheet date, the Group has a legal or constructive obligation, and it is probablethat an out\ufb02ow of economic benefits will be required to settle the obligation. Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interestpayable and are measured at nominal value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-191-3": {
"value": "DKKm 2022 2021Other payables \u2013 non-currentHoliday pay, frozen 156 155Balance at 31 December 156 155Other payables \u2013 currentHoliday pay and other payroll items 156 167Interest payable 56 51Other payable 62 65Balance at 31 December 274 283Total balance at 31 December 430 438Other payables decreased by DKK 8 million, primarily due to the decrease in holiday payand other payroll items. This was partly offset by an increase in interest payables due tohigher interest levels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-189-2": {
"value": "Other payablesAccounting policiesOther payables are recognised when, as a result of events occurring on or before the balance sheet date, the Group has a legal or constructive obligation, and it is probablethat an out\ufb02ow of economic benefits will be required to settle the obligation. Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interestpayable and are measured at nominal value. DKKm 2022 2021Other payables \u2013 non-currentHoliday pay, frozen 156 155Balance at 31 December 156 155Other payables \u2013 currentHoliday pay and other payroll items 156 167Interest payable 56 51Other payable 62 65Balance at 31 December 274 283Total balance at 31 December 430 438Other payables decreased by DKK 8 million, primarily due to the decrease in holiday payand other payroll items. This was partly offset by an increase in interest payables due tohigher interest levels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-2": {
"value": "Financial commitmentsAt 31 December 2022, CPH had entered into contracts to build facilities totalling DKK 1,857 million (2021: DKK 2,067 million), primarily relating to the expansion of airside facilities, expansion of Terminal 3, and IT. Other commitments total DKK 82 million (2021: DKK 61 million). Furthermore, CPH is committed to providing redundancy pay to civil servants pursuant tothe provisions of the Danish Civil Servants Act, cf. note 2.5. Under the agreement with Naviair for the provision of air traffic services, CPH has accepted liability for any terminal navigation charges (TNC) that Naviair users may fail to pay. This liability takes effect when the claim has been ascertained and documented as irrecoverable, and when other specifically agreed terms and conditions have been met. Debt to financial institutions is secured by mortgages on CPH\u2019s properties as described in note 3.3. CPH has a secondary liability for the tax liabilities of the Danish holding companies, whichhold 59.4% of the shares in the Company. See note 2.6 for additional information. CPH is subject to certain change of control restrictions in relation to the DKK 6 billion credit facility and the waiver agreements obtained in December 2022. For further infor-mation about the waiver, see Capital management in note 4.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20941": {
"value": "Copenhagen Airports Denmark ApS (CAD",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20951": {
"value": "Kastrup Airports Parent ApS (KAP),",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-210-2": {
"value": "Fees to the auditors appointed at the Annual General MeetingDKKm 2022 2021Audit fee to PwC 1.4 1.5Fees for assurance engagements other than audit 0.5 0.7Tax advice 0.2 0.2Non-audit services 0.1 0.1Total audit fee 2.2 2.5Fees for services other than statutory audit of the consolidated financial statements and the financial statements of the Parent Company provided to CPH by Pricewaterhouse-Coopers Statsautoriseret Revisionspartnerselskab amounted to DKK 0.8 million (2021: DKK 1.0 million) relating to audit and review of financial and non-financial statements, assistance with electronic filing of financial statements, various tax advisory services and other advisory services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-211-2": {
"value": "Post-balance sheet eventsNo material events have occurred subsequent to the balance sheet date",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-213-2": {
"value": "Capital and EPSDKKm 2022 2021Net profit/(loss) for the year 207 (517)EPS =Number of outstanding shares (thousands)7,848 7,848Net profit/(loss) for the year 207 (517)EPS (diluted) =Average number of outstanding shares, 7,848 7,848fully diluted (thousands)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-217-4": {
"value": "Earnings per share (EPS) Net profit/(loss) for the year divided by average number of share",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-3": {
"value": "Definitions of key financial figuresAsset turnover rate Revenue divided by average operating assetsCash earnings per share Net profit/(loss) for the year plus amortisation and depreciation(CEPS)*divided by average number of sharesEarnings per share (EPS) Net profit/(loss) for the year divided by average number of shareEBIT margin Operating profit/(loss) as a percentage of revenueEBITDA index Cash \ufb02ow from operating activities before financial items and tax divided by EBITDAEBITDA margin Operating profit/(loss) adjusted for amortisation and depreciation as a percentage of revenueEquity ratio Equity at year-end as a percentage of total assets at year-endLeverage ratio Net interest-bearing debt divided by EBITDANet asset value Equity at year-end divided by number of shares at year-endper shareNOPAT margin* Net profit/(loss) for the year adjusted for net financial expenses after tax and changes in deferred tax for the year divided by revenuePayout ratio Dividend divided by net profit/(loss) for the yearReturn on assets Operating profit/(loss) as a percentage of average operating assetsReturn on equity Net profit/(loss) for the year divided by average equityROCE* EBIT divided by average equity plus non-current liabilities and current interest-bearing debtTurnover rate of Revenue divided by average assets plus average capital employed*non-current liabilities and current interest-bearing debtThe definitions of key financial figures are listed and calculated in accordance with the Danish Finance Society\u2019s online version of \u201dRecommendations & Financial Ratios\u201d, exceptthose marked *, which it does not include.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}