Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 21
Q
7w
Interim report of Copenhagen Airports A/S (CPH) for the
period 1 January – 31 March 2023
Stock Exchange Announcement
Copenhagen, 23 May 2023
Contact:
Rasmus Lund
CFO
Tel.: +45 3231 3231
E-mail: cphpresse@cph.dk
CVR no. 14 70 72 04
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 2 of 21
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2023 ........................................................................................................................ 3
Highlights ....................................................................................................................................................... 3
Outlook for 2023 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – Q1 2023 ................................................................................................................................. 6
Other items in the income statement ............................................................................................................. 7
Cash flow statement....................................................................................................................................... 7
Reporting on business areas ......................................................................................................................... 8
Aeronautical business area ............................................................................................................................ 9
Non-aeronautical business area .................................................................................................................. 10
Risks and uncertainties ................................................................................................................................ 11
CONSOLIDATED FINANCIAL STATEMENTS ............................................................................................... 12
Income statement ......................................................................................................................................... 12
Statement of comprehensive income ........................................................................................................... 13
Balance sheet .............................................................................................................................................. 14
Cash flow statement..................................................................................................................................... 16
Statement of changes in equity .................................................................................................................... 17
Notes to the financial statements ................................................................................................................. 18
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT ...................................................................... 21
The terms “CPH”, “the Group” and “the Company” are used synonymously for Copenhagen Airports A/S consolidated with its subsidiaries
and associates.
The term “Copenhagen Airport” is used to refer to the airport at Copenhagen, Kastrup, which is owned by Copenhagen Airports A/S.
The term “YTD” is used to refer to year-to-date figures, and the term “FY” is used to refer to full-year figures.
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 3 of 21
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2023
The Board of Directors has today approved the interim report for the period 1 January – 31 March 2023.
HIGHLIGHTS
The number of passengers travelling through CPH in the first three months of 2023 was 5.2 million,
an increase of 2.0 million or 60% compared with the same period of 2022. CPH had 2.1 million locally
departing passengers (up by 58% on last year) and 0.5 million departing transfer passengers (up by
81% on last year).
Revenue for the first three months of 2023 amounted to DKK 839 million (Q1 2022: DKK 577 million),
an increase of 45% compared with the same period of 2022 and driven by the increase in the number
of passengers.
EBITDA for the first three months of 2023 amounted to DKK 256 million (Q1 2022: DKK 109 million),
up DKK 147 million on last year.
EBIT for Q1 was a profit of DKK 5 million (Q1 2022: loss of DKK 134 million), an improvement of DKK
140 million.
Net financing costs amounted to DKK 62 million, which was DKK 25 million higher than Q1 2022
mainly due to the higher level of interest rates compared with 2022.
A loss before tax of DKK 59 million was incurred for the first three months of 2023, an improvement of
DKK 112 million (Q1 2022: loss of DKK 171 million).
Capital investments made during the first three months of 2023 amounted to DKK 286 million (Q1
2022: DKK 250 million). Investments included the expansion of Terminal 3, improvements to runways
and stands, improvements of security facilities, various IT systems, as well as miscellaneous
improvements and asset investments.
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 4 of 21
OUTLOOK FOR 2023
Outlook for the remainder of 2023 remains unchanged compared to our announcement in the Annual Report
for 2022. Although CPH expects to continue its growth in passenger numbers during 2023, the geopolitical
landscape and macroeconomic outlook, remain highly uncertain, and a worsening of such will affect travel
sentiment and CPH’s financial outlook negatively. Finally, passenger outlook is also susceptible to the effect
of the potential shortage of air traffic controllers in Denmark, which may adversely affect the ability to handle
the expected traffic levels during the summer peak season.
Outlook for revenue growth
Expectations for revenue growth remains at more than 10% for the full year 2023 based on current market
conditions. Growth in revenue is highly dependent on the passenger outlook for 2023 which is expected to
exceed 25 million passengers in 2023. The passenger outlook increase is expected due to the easing of
COVID-19 restrictions and recovery of travel sentiment amongst others. However, there is a high degree of
uncertainty of the financial outlook due to volatility in energy prices, increasing interest rates and high inflation
as well as the geopolitical landscape.
Outlook for profit before tax
If passenger levels reach around 25 million, profit before tax is expected to be between DKK 150 million to
DKK 200 million mainly supported by growth in passengers offset by increasing operating costs and interest
levels compared with 2022. The increasing cost levels are primarily due to the expected rise in passenger-
related activities, regulatory requirements, salary increase expectations and inflation.
Outlook for capital investments
Investment level including capitalized interest is expected to be around DKK 1.7 billion. The expansion of
Terminal 3 is around half of the investment level for 2023 whilst the remaining half constitutes of projects in
relation to capacity, safety, security, and compliance.
Dividend
There will be no dividend payment in 2023 as a consequence of commitment with lenders in waiver
agreements.
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 5 of 21
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q1 2023 Q1 2022 FY 2022
Income statement (DKKm)
Revenue 839 577 3,532
Aeronautical revenue 438 290 1,861
Non-aeronautical revenue 401 287 1,671
EBITDA 256 109 1,398
Aeronautical EBITDA (17) (100) 125
Non-aeronautical EBITDA 273 209 1,273
EBIT 5 (134) 414
Aeronautical EBIT (195) (284) (577)
Non-aeronautical EBIT 201 150 991
Net financing costs 62 37 (160)
Profit/(loss) before tax (59) (171) 257
Net profit/(loss) (46) (133) 207
Statement of comprehensive income (DKKm)
Other comprehensive income 3 (13) (9)
Comprehensive income (44) (146) 198
Balance sheet (DKKm)
Property, plant and equipment 14,239 14,221 14,200
Financial investments 310 275 328
Total assets 15,351 15,386 15,271
Equity 3,293 3,052 3,337
Non-controlling interests of equity 646 688 640
Interest-bearing debt 10,102 10,637 9,914
Investment in property, plant and equipment 273 233 903
Investment in intangible assets 13 17 67
Cash flow statement (DKKm)
Cash flow from operating activities 48 121 1,652
Cash flow from investing activities (222) (236) (944)
Cash flow from financing activities 207 140 (689)
Cash at the end of the period 131 103 97
Key ratios
EBITDA margin 30.6% 18.9% 39.6%
EBIT margin 0.6% (23.3%) 11.7%
Asset turnover rate 0.23 0.15 0.24
Return on assets 0.1% (3.6%) 2.8%
Return on equity (5.6%) (17.1%) 6.3%
Equity ratio 21.5% 19.8% 21.8%
Earnings per DKK 100 share (5.9) (17.0) 26.4
Cash earnings per DKK 100 share 26.1 14.0 151.8
Net asset value per DKK 100 share 419.6 388.9 425.2
NOPAT margin 0.3% (18.1%) 9.5%
Turnover rate of capital employed 0.06 0.04 0.06
ROCE* 3.9% (1.7%) 2.9%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 6 of 21
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – Q1 2023
Passenger numbers for the first three months of
2023 reached a total of 5.2 million, which is 2.0
million more than in the same period of 2022 and
60% up on last year. Travel activity is expected to
continue to grow throughout 2023.
Revenue for the first three months of 2023
amounted to DKK 839 million, a 45% increase
compared with the same period of 2022.
Aeronautical revenue amounted to DKK 438
million, an increase of DKK 148 million compared
with the first three months of 2022. This was mainly
due to traffic volumes recovering and the increase
in passenger numbers.
Non-aeronautical revenue increased by DKK 113
million to DKK 401 million, a 39% improvement on
the first three months of 2022.
Operating costs including depreciation and
amortisation amounted to DKK 835 million, an
increase of DKK 121 million compared with last
year mainly due to ramp-up activities. Staff costs
increased by DKK 88 million mainly due to an
increase in the staff headcount. In addition,
external costs were up by DKK 26 million, primarily
due to the higher level of activity compared with the
same period last year. Depreciation and
amortisation increased by DKK 8 million.
EBITDA was a profit of DKK 256 million, an
increase of DKK 147 million compared with the first
three months of 2022. The improvement was
mainly driven by the higher level of activity.
Net financing costs amounted to DKK 62 million, an
increase of DKK 25 million that was primarily due
to the higher level of interest rates relative to last
year.
The loss before tax improved by DKK 112 million
year over year and ended at a YTD loss of DKK 59
million at 31 March 2023.
DKKm 2023 2022 Ch. Ch. %
Revenue 839 577 262 45%
EBITDA 256 109 147 135%
EBIT 5 (134) 140 (104%)
Other financial items (2) (0) (2) 698%
Net financing costs 62 37 25 69%
Profit/(loss) before tax (59) (171) 112 (66%)
Year to date
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 7 of 21
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 25 million higher
than in the same period of 2022. The main reason
is the higher level of interest rates compared with
last year.
Capitalised interest on assets under construction
increased by DKK 5 million.
Tax on profit/(loss) for the period
Tax on profit/(loss) for the period is recognised
based on a current estimate of actual taxes for the
period.
CASH FLOW STATEMENT
Cash flow from operating activities
The operating cash flow decreased by DKK 73
million relative to the same period last year.
The decrease in the operating cash flow is mainly
due to an increase in staff and external costs
resulting from the increased activity as well as
higher interest expenses.
Cash flow from investing activities
Cash flow from investing activities primarily related
to investments in property, plant and equipment
and intangible assets.
Major investments made during the first three
months of 2023 includes the expansion of Terminal
3, improvements to runways and stands,
improvements of security facilities, various IT
systems, as well as miscellaneous improvements
and asset investments.
Cash flow from financing activities
Cash flow from financing activities relates to net
drawings on credit facilities and amortisation of
loans.
Cash and cash equivalents
CPH had cash and cash equivalents of DKK 131
million at 31 March 2023 (31 March 2022: DKK 103
million).
DKKm 2023 2022 Ch.
Interes t 68 39 29
Capitalised interest on
assets under
construction
(11) (6) (5)
Other financial
costs
5 4 1
Total 62 37 25
Year to date
DKKm 2023 2022 Ch.
Cash flow from:
Operating activities 48 121 (73)
Investing activities (222) (236) 14
Financing activities 207 140 67
Net cash flow for the period 33 25 8
Cash at the beginning
of the year
97 78 19
Cash at the end of
the period 131 103 27
Year to date
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 8 of 21
REPORTING ON BUSINESS AREAS
CPH presents its operating and financial
performance for the period based on business
areas.
CPH’s income statement, statement of
comprehensive income, balance sheet, cash flow
statement, statement of changes in equity and
notes to the financial statements for the period 1
January – 31 March 2023 are provided on pages
12-19.
Revenue and EBIT split by business area (YTD)
DKKm 2023 2022 Ch. Ch. % 2023 2022 Ch. Ch. %
Aeronautical 438 290 148 51% (195) (284) 89 (31%)
Non-aeronautical 401 287 113 39% 201 150 51 34%
Total 839 577 262 45% 5 (134) 140 (104%)
Revenue EBIT
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 9 of 21
AERONAUTICAL BUSINESS AREA
Passengers (pax)
The total number of passengers travelling through
Copenhagen Airports in the first three months of
2023 reached 5.2 million, equivalent to an increase
of 2.0 million or 60% compared with the same period
of 2022. European countries accounted for the
highest number of travellers (4.3 million passengers)
in the first quarter, an increase of 1.6 million.
Locally departing passengers accounted for 2.1
million of the total number (58% up on last year),
while 0.5 million were departing transfer passengers
(81% up on last year). The total number of arriving
passengers was 2.6 million (58% upon last year).
Locally departing passengers accounted for 82% of
all departing passengers, while transfer and transit
passengers accounted for 18%. The appetite for
travel boosted air traffic in the first quarter and it is
now returning to a more normal stage.
Compared with 2022, total seat capacity increased
by 33% in the first three months of 2023, and the
number of passenger-related operations increased
by 34%. The average cabin factor (occupancy)
increased by 21% to 71% in the same period.
Revenue
As a result of the ongoing traffic recovery and
increase in passenger numbers, total aeronautical
revenue fYTD increased by DKK 148 million or 51%
compared with the same period last year and
amounted to DKK 438 million.
Compared with YTD 2022, passenger charges
increased by DKK 76 million to DKK 198 million.
Security, handling, and CUTE charges increased by
DKK 57 million compared with the same period last
year, ending at DKK 150 million.
Take-off charges amounted to DKK 81 million, an
increase of 26% compared with the same period last
year, driven by the increased number of flight
operations. Passenger-related operations increased
by 34%, while cargo operations decreased by 16%.
Profit/(loss) before interest and tax
(Aeronautical EBIT)
Aeronautical EBIT improved by DKK 89 million
compared with the same period of 2022, primarily
due to the effect of higher revenue from the increase
in passenger numbers. However, the costs of
operating the airport have also increased due to the
higher activity levels.
FY
DKKm 2023 2022 Ch. Ch. % 2022
Revenue 438 290 148 51% 1,861
EBIT
(195) (284) 89 (31%) (577)
Segment assets 9,610 9,788 (179) (2%) 9,571
Year to date
Pax (thousand) 2023 2022 Ch. Ch. %
Denmark 291 238 53 22%
Europe 4,345 2,707 1,638 61%
Interkontinental 587 320 267 84%
Total pax 5,222 3,266 1,957 60%
Locally departing pax
2,124 1,347 777 58%
Transfer departing pax
475 262 213 81%
Total departing pax
2,599 1,609 990 62%
Year to date
DKKm 2023 2022 Ch. Ch. %
Passenger charges 198 122 76 62%
Security charges 109 67 42 62%
Handling 36 22 15 67%
CUTE charges 5 4 1 20%
Take-off charges 81 64 17 26%
Aircraft parking, etc. 10 11 (1) (9%)
Total 438 290 148 51%
Year to date
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 10 of 21
NON-AERONAUTICAL BUSINESS AREA
Revenue
Concession revenue
Concession revenue from the shopping center
came to DKK 158 million for the first quarter of
2023, an increase of DKK 69 million compared with
the same period of last year and driven primarily by
the increase in passenger numbers.
As a result of the increase in passenger numbers,
more passengers parked at Copenhagen Airport,
which drove up parking revenue by DKK 25 million
over last year.
Other revenue amounted to DKK 8 million, on par
with last year.
Rent
Total rent amounted to DKK 49 million, an 8%
increase compared with last year.
Sales of services, etc.
Revenue from the hotel operation increased by
DKK 2 million. Other revenue was up by DKK 14
million, primarily driven by an DKK 8 million
increase in PRM over last year, which was
consistent with the increase in passenger numbers.
The increase in other revenue also included CPH’s
leaseholders’ share of energy costs, which are
non-profit for CPH.
Profit/(loss) before interest and tax (Non-
aeronautical EBIT)
Non-aeronautical EBIT improved by DKK 51 million
compared with the same period of last year. The
increase is primarily due to the higher activity
levels.
FY
DKKm 2023 2022 Ch. Ch. % 2022
Revenue 401 287 113 39% 1,671
EBIT
201 150 51 34% 991
Segment assets 5,244 5,219 25 0% 5,218
Inves tm ents in
associates
127 126 1 1% 129
Year to date
DKKm 2023 2022 Ch. Ch. %
Shopping centre 158 89 69 77%
Parking 78 53 25 48%
Other revenue 8 9 (0) (5%)
Total 245 151 94 62%
Year to date
DKKm 2023 2022 Ch. Ch. %
Rent from premises 34 31 3 10%
Rent from land 13 13 (0) (1%)
Other rent 2 1 1 41%
Total 49 45 4 8%
Year to date
DKKm 2023 2022 Ch. Ch. %
Hotel operation 28 26 2 6%
Other 79 65 14 22%
Total 107 91 16 17%
Year to date
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 11 of 21
RISKS AND UNCERTAINTIES
Other than as stated elsewhere in this interim
report, no material changes have occurred in the
short-term risks and uncertainties to which CPH is
subject, compared with the information provided in
the 2022 Annual Report.
Forward-looking statements – risks and
uncertainties
This interim report contains forward-looking
statements as described in the US Private
Securities Litigation Act of 1995 and similar acts of
other jurisdictions. In particular, this includes
statements concerning future revenue, operating
profit, business expansion and capital investments.
Such statements are subject to risks and
uncertainties, as various factors, many of which are
beyond CPH’s control, may cause actual results
and performance to differ materially from the
forecasts provided elsewhere in this interim report.
Such factors include general economic and
business conditions, changes in exchange rates,
demand for CPH’s services, competitive factors
within the aviation industry and operational matters
in one or more of the Group’s businesses. See Risk
Management on pages 65-67 of the 2022 Annual
Report.
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 12 of 21
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2023 2022
Traffic revenue
Concession revenue
Rent
Sale of services, etc.
Revenue 839
Other income
External costs
Staff costs
Amortisation and depreciation
Operating profit/(loss) 5
(134 )
Profit/(loss) from investments in associates after tax
(2 )
Financial income
Financial expenses
Profit/(loss) before tax (59 )
(171 )
Tax on profit/(loss) for the period
(12 )
(38 )
Net profit/(loss) for the period (46 )
(133 )
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
(52 )
(138 )
Non-controlling interests
Net profit (46 )
(133 )
Earnings per DKK 100 share (basic and diluted)
(6
(17
EPS is stated in Danish kroner
Year to date
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 13 of 21
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2023 2022
Net profit/(loss) for the period (46)
(133)
Items that are reclassified to the income statement
Currency translation of equity in foreign branch
(0)
(1)
Value adjustments of hedging instruments
(16)
7
Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement
20
(22)
Tax on other comprehensive income
(1)
3
Other comprehensive income for the period 3
(13)
Total comprehensive income for the period (44)
(146)
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S (49) (151)
Non-controlling interests 6 5
Total comprehensive income for the period (44)
(146)
Year to date
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 14 of 21
BALANCE SHEET
Asse t s
31 Mar 31 Dec 31 Mar
Note
DKKm 2023 2022 2022
NON-CURRENT ASSETS
Total intangible assets 217
Property, plant and equipment
Land and buildings
Investment properties
Plant and machinery
Other fixtures and fittings, tools and equipment
2
Property, plant and equipment under construction
Total property, plant and equipment 14,239
Financial investments
Investments in associates
Other financial assets
Total financial assets 127
Total non-current assets 14,582
CURRENT ASSETS
Other financial assets
Trade receivables
Other receivables
Tax receivables
Prepayments
Cash
Total current assets 769
Total assets 15,351
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 15 of 21
BALANCE SHEET
Equity and liabilities
31 Mar 31 Dec 31 Mar
Note
DKKm 2023 2022 2022
EQUITY
Share capital
Reserve for hedging
(5 )
(8 ) (13 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 3,293
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
4
Other payables
Total non-current liabilities 5,097
CURRENT LIABILITIES
3
Financial institutions and other loans
Prepayments from customers
Trade payables
Income tax
4
Other payables
Deferred income
Total current liabilities 6,961
Total liabilities 12,058
Total equity and liabilities 15,351
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 16 of 21
CASH FLOW STATEMENT
DKKm 2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers, etc.
(741 )
(425 )
Cash flow from operating activities before financial items and tax 130
Interest received, etc.
Interest paid, etc.
(83 )
(55 )
Cash flow from operating activities before tax 48
Income taxes paid
(0 )
Cash flow from operating activities 48
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(210 )
(220 )
Payments for intangible assets
(13 )
(17 )
Sale of property, plant and equipment
Cash flow from investing activities (222 )
(236 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(182 )
(167 )
Proceeds from long-term loans
Repayments of short-term loans
(140 )
(27 )
Proceeds from short-term loans
Cash flow from financing activities 207
Net cash flow for the period 33
Cash at the beginning of the period
Cash at the end of the period 131
Year to date
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 17 of 21
STATEMENT OF CHANGES IN EQUITY
DKKm
Share
capital
Reserve for
hedging
Retained
earnings Total
Non-
controlling
interests Total
Equity at 1 January 2023 785 (8 ) 1,920 2,696 640 3,337
Comprehensive income for the period
Net profit/(loss) for the period - - (52 ) (52 ) 6 (46 )
Other comprehensive income
Currency translation of equity in foreign branch
Value adjustments of hedging instruments - (12 ) - (12 ) - (12 )
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - 3 (0 ) 3 - 3
Total comprehensive income for the period - 3 (52 ) (49 ) 6 (44 )
Equity at 31 March 2023 785 (5 ) 1,867 2,647 646 3,293
Equity at 1 January 2022 785 (1 ) 1,731 2,515 683 3,198
Comprehensive income for the period
Net profit/(loss) for the period - - (138 ) (138 ) 5 (133 )
Other comprehensive income
Currency translation of equity in foreign branch
Value adjustments of hedging instruments - 5 - 5 - 5
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - (12 ) (1 ) (13 ) - (13 )
Total comprehensive income for the period - (12 ) (139 ) (151 ) 5 (146 )
Equity at 31 March 2022 785 (13 ) 1,592 2,364 688 3,052
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 18 of 21
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1: Basis of preparation
CPH is a public limited company domiciled in Denmark and listed on Nasdaq Copenhagen.
The interim report comprises the condensed consolidated financial statements of Copenhagen Airports A/S.
The interim report is presented in accordance with international accounting standard IAS 34 Interim Financial
Reporting and additional Danish disclosure requirements applying to interim reports of listed companies.
Significant accounting estimates
In preparing the consolidated financial statements, management makes various accounting estimates and
assumptions that form the basis of the presentation, recognition, and measurement of CPH’s 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. For a description
of risks and accounting estimates, see pages 65-67, and for a list of the notes that contain significant estimates
and judgments, see page 84 of the 2022 Annual Report.
Accounting policies
The accounting policies applied in the interim report are unchanged from those applied in the 2022 Annual
Report except as set out below. The 2022 Annual Report was prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU. For further information, see page 84 of the 2022
Annual Report, which indicates which notes contain accounting policies, and the summary of significant
accounting policies on pages 85-86.
Change in accounting policies
As of 1 January 2023, CPH adopted all relevant new or revised International Financial Reporting Standards
and IFRIC Interpretations with effective date 1 January 2023 or earlier. The new or revised standards and
interpretations did not materially affect recognition and measurement, nor did they result in any material
changes to disclosures in the notes.
NOTE 2: Property, plant and equipment
Investment in and sale of property, plant and equipment
In the first three months of 2023, CPH invested DKK 286 million in intangible assets and property, plant and
equipment. Major investments made during the first three months of 2023 include the expansion of Terminal
3, improvements of runways and stands, improvements of security facilities, various IT systems as well as
miscellaneous improvements and asset investments.
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 19 of 21
Contracts and other commitments
As of 31 March 2023, CPH had entered contracts to build and maintain facilities at a total value of DKK 1,755
million (31 December 2022: DKK 1,857 million) and other commitments amounting to DKK 113 million (31
December 2022: DKK 82 million). Major commitments include contracts for the development of Terminal 3,
baggage handling systems and asset systems.
NOTE 3: Financial institutions
Changes in drawn loan facilities
Utilisation of CPH’s credit facilities increased by DKK 295 million from DKK 2,230 to 2,525 million since year-
end 2022. CPH has undrawn committed long-term credit facilities totalling DKK 3,524 million (2022: DKK 3,832
million).
Value of the derivative financial instruments
NOTE 4: Other payables
NOTE 5: Related parties
CPH’s related parties are the Danish Labour Market Supplementary Pension (ATP) and the Ontario Teachers’
Pension Plan (OTPP), given their controlling ownership interests in CPH, the Board of Directors and Executive
Management, and associated companies. See also notes 2.5, 3.4 and 5.5 of the 2022 Annual Report.
There are no outstanding balances with related parties.
Derivative financial instruments
31 Mar 2023 31 Dec
2022
31 Mar 2023 31 Dec
2022
Recognised under other financial assets
183
199
183
199
* The fair value of CPH's forward exchange contracts and other derivative financial instruments (interest rate and
currency swaps) are considered a level 2 fair value measurement as the fair value is primarily determined directly
based on the published exchange rates and quoted swap and forward rates on the balance sheet date.
Carrying amount Fair value*
31 Mar 31 Dec
Other payables - non-current 2023 2022
Holiday pay, frozen due to new Holiday Act
157
156
Balance end of period 157
156
Other payables - current
Holiday pay and other payroll items
170
156
Interest payable
46
56
Other costs payable
85
62
Total 301
274
Total 458
430
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 20 of 21
NOTE 6: Subsequent events
In August 2023, a USPP bond loan, a bank club term loan and a bank club revolving facilities matures. As of
31 March 2023, the draws on these facilities, totalling DKK 5,620 million are presented as current liabilities to
financial institutions.
In April 2023, CPH finalised negotiations regarding these credit facilities and secured new lines of credit of
DKK 7 billion which will replace and cover in full the debt maturing August 2023.
As a result of the current shortage of staff with the national Air Traffic Control, Naviair, passengers have
experienced delays in their arrival and departure from CPH over the last few weeks. These delays and the
potential development and impact in the coming months, may adversely affect traffic during the summer peak
season.
No other material events have occurred after the balance sheet date.
Interim report – 1 January – 31 March 2023
Copenhagen Airports A/S Page 21 of 21
Executive Management
Board of Directors