Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 20
7w
Interim report of Copenha ge n Airpor ts A /S (CPH) for the
period 1 January – 30 June 2023
Company Announcement
Copenhagen, 8 Augus t 202 3
C
ontact:
Rasmus Lund
CFO
Tel.: +45 3231 3231
E-mail: cph press e@cph.dk
CVR no. 14 70 72 04
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 JUNE 2023 ........................................................................................................................... 3
Highlights ....................................................................................................................................................... 3
Outlook for 2023 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – H1 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
Other events ................................................................................................................................................. 11
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 ...................................................................... 20
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.
The term “H1” is used to refer to the period 1 January – 30 June.
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 JUNE 2023
The Board of Directors has today approved the interim report for the period 1 January – 30 June 2023.
HIGHLIGHTS
• The total number of passengers at Copenhagen Airports was 12.4 million in the first half of 2023, an
increase of 3 million compared with the first half of 2022. The number of locally departing passengers
was 5 million (up 26% from last year), 6.2 million were arriving passengers (up 32% from last year),
and 1.1 million were departing transfer passengers (up 56% from last year). The total number of
passengers in H1 2019 was 14.4 million.
• Revenue amounted to DKK 1,898 million (H1 2022: DKK 1,550 million), an increase of 22% compared
with H1 2022 driven by higher passenger numbers.
• EBITDA amounted to DKK 747 million (H1 2022: DKK 550 million), up by DKK 197 million compared
with last year. (H1 2019: DKK 1,132 million).
• EBIT was DKK 243 million (H1 2022: DKK 63 million), an improvement of DKK 181 million. (H1 2019:
DKK 683 million).
• Net financing costs amounted to DKK 130 million, which was DKK 58 million higher than for the same
period of 2022 mainly due to a higher level of interest rates.
• Profit/(loss) before tax DKK 108 million, an increase of DKK 120 million (H1 2022: loss of DKK 12
million).
• Capital investments amounted to DKK 599 million in the first half of 2023 (H1 2022: DKK 496 million).
Investments included the expansion of Terminal 3, improvements to runways and stands,
improvements of security facilities, various IT systems, as well as miscellaneous reinvestments.
Capital investments in H1 2019 amounted to DKK 1,083 million.
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2023
Management has, in the Company Announcement dated 11July 2023, updated the expectations for the
remainder of 2023, due to the continued growth in passenger numbers. Additionally, the temporary agreement
entered into by Naviair and air traffic controllers has reduced the uncertainty on passenger operations
previously reported.
Outlook for revenue growth
Based on these factors and current trajectories for passenger growth, management now expects the
passenger level to exceed 26 million for the full year 2023 (previously 25 million).
Expectations for revenue growth has thus been updated to 13% (previously 10%) for the full year 2023.
The updated outlook continues to remain uncertain due to the geopolitical landscape as well as uncertainty on
macroeconomic outlook due to volatility in energy prices, increasing interest rates etc. A worsening of these
factors could affect travel sentiment and CPH’s financial outlook negatively.
Outlook for profit before tax
If passenger levels reach 26 million, profit before tax is expected to be between DKK 300 million to DKK 350
million (previously DKK 150-200 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 updated to be around DKK 1.6 billion (previously 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 towards lenders in waiver
agreements.
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q2 2023 Q2 2022 YTD 2023 YTD 2022 F
Y 2022
Income statement (DKKm)
Revenue 1,059 972 1,898 1,550 3,532
Aeronautical revenue 581 519 1,020 809 1,861
Non-aeronautical revenue 478 453 879 741 1,671
EBITDA 490 441 747 550 1,398
Aeronautical EBITDA 137 78 121 (23) 125
Non-aeronautical EBITDA 353 363 626 573 1,273
EBIT 238 196 243 63 414
Aeronautical EBIT (43) (108) (238) (391) (577)
Non-aeronautical EBIT 280 304 481 454 991
Net financing costs 69 35 130 73 (160)
Profit/(loss) before tax 167 159 108 (12) 257
Net profit/(loss) 130 123 83 (10) 207
Statement of comprehensive income (DKKm)
Other comprehensive income 3 (2) 6 (15) (9)
Comprehensive income 133 121 89 (25) 198
Balance sheet (DKKm)
Property, plant and equipment 14,292 14,226 14,292 14,226 14,200
Financial investments 314 345 314 345 328
Total assets 15,466 15,471 15,466 15,471 15,271
Equity 3,372 3,138 3,372 3,138 3,337
Non-controlling interests of equity 652 693 652 693 640
Interest-bearing debt 9,979 10,587 9,979 10,587 9,914
Investment in property, plant and equipment 291 232 564 465 903
Investment in intangible assets 22 15 35 32 67
Cash flow statement (DKKm)
Cash flow from operating activities 406 305 455 426 1,652
Cash flow from investing activities (281) (174) (503) (409) (944)
Cash flow from financing activities (165) (160)
42
(21) (689)
Cash at the end of the period 91 74 91 74 97
Key ratios
EBITDA margin 46.3% 45.3% 39.3% 35.5% 39.6%
EBIT margin 22.4% 20.2% 12.8% 4.0% 11.7%
Asset turnover rate 0.28 0.26 0.25 0.21 0.24
Return on assets 6.3% 5.2% 3.2% 0.8% 2.8%
Return on equity 15.6% 16.0% 5.0% (0.6%) 6.3%
Equity ratio 21.8% 20.3% 21.8% 20.3% 21.8%
Earnings per DKK 100 share 16.5 15.7 10.6 (1.3) 26.4
Cash earnings per DKK 100 share 48.7 46.9 74.8 60.9 151.8
Net asset value per DKK 100 share 429.6 399.8 429.6 399.8 425.2
NOPAT margin 17.1% 15.8% 9.7% 3.1% 9.5%
Turnover rate of capital employed 0.07 0.07 0.07 0.05 0.06
ROCE* 4.2% 2.3% 4.2% 2.3% 2.9%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – H1 2023
Passenger numbers for the first six months of 2023
reached a total of DKK 12.4 million, which was 3
million more than in the same period of 2022 an
increase of 31% on last year. Travel activity is
expected to continue to grow throughout 2023 and
reach more than 26 million for the full year.
Revenue for the first six months of 2023 amounted
to DKK 1,898 million, a 22% increase compared
with the same period of 2022.
Aeronautical revenue amounted to DKK 1,020
million, an increase of DKK 210 million compared
with the first six months of 2022. This was mainly
due to a recovery in traffic volumes and the
increase in passenger numbers.
Non-aeronautical revenue increased by DKK 138
million to DKK 879 million, a 19% improvement on
the same period of 2022.
Operating costs including depreciation and
amortisation amounted to DKK 1,660 million, an
increase of DKK 164 million compared with last
year mainly due to higher activity levels. Staff costs
increased by DKK 131 million primarily due to the
salary adjustment agreement negotiated in Q1 as
well as an increase in staff headcount. External
costs were up by DKK 18 million, primarily due to
the higher activity level compared with the same
period last year. Depreciation and amortisation
increased by DKK 15 million.
EBITDA was a profit of DKK 747 million, an
increase of DKK 197 million compared with the first
six months of 2022. The improvement was mainly
driven by the higher level of activity.
Net financing costs amounted to DKK 130 million,
an increase of DKK 58 million which was primarily
due to the higher level of interest rates relative to
last year.
Profit before tax amounted to DKK 108 million, an
improvement of DKK 120 million compared to the
first six months of 2022.
DKKm 2023 2022 Ch. Ch. %
2023 2022 Ch. Ch. %
Revenue 1,059 972 87 9% 1,898 1,550 348 22%
EBITDA 490 441 49 11% 747 550 197 36%
EBIT 238 196 41 21% 243 63 181 289%
Other financial items (2) (2) (0) 1% (4) (2) (2) 89%
Net financing costs 69 35 33 93% 130 73 58 80%
Profit/(loss) before tax 167 159 8 5% 108 (12) 120 (988%)
Q2
Year to date
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 58 million higher
than in the same period of 2022. The main reason
was the higher level of interest rates compared with
last year.
Capitalised interest on assets under construction
increased by DKK 12 million due to the higher
investment level and the higher level of interest
rates.
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 cash flow from operating activities increased
by DKK 28 million relative to the same period last
year.
The change was due to a combination of higher
cash outflows in respect of net interest expenses
(DKK 70 million) and higher net cash inflows from
the increased activity level.
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 six months
of 2023 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.
Cash flow from financing activities
Cash flow from financing activities related to net
drawings on credit facilities and amortisation of
loans.
Cash and cash equivalents
CPH had cash and cash equivalents of DKK 91
million at 30 June 2023 (30 June 2022: DKK 74
million).
DKKm
2023 2022 Ch.
Interest 146 79 67
Capitalised interest on
assets under
construction
(25) (12) (
12)
Market value adjustments (2) (1) (1)
Other financial
costs
11 7
4
Total 130 73 58
Year to date
DKKm
2023 2022 Ch.
Cash flow from:
Operating activities 455 426 28
Investing activities (503) (409) (94)
Financing activities 42 (21) 63
Net cash flow for the period (6) (4) (2)
Cash at the beginning
of the year
97 78 19
Cash at the end of
the period
91 74 17
Year to date
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 8 of 20
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 – 30 June 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 1,020 809 210 26% (238) (391) 153 (39%)
Non-aeronautical 879 741 138 19% 481 454 27 6%
Total 1,898 1,550 348 22% 243 63 181 289%
Revenue
EBIT
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
The total number of passengers travelling through
Copenhagen Airports during the first six months of
2023 was 12.4 million, equivalent to an increase of 3
million or 31% compared with the same period of
2022. European countries accounted for the highest
number of travellers (10.4 million passengers) in the
first six months, an increase of 2.5 million.
Total departing pax amounted to 6.2 million (up 31%
compared with same period last year), of which 5
million (82%) were locally departing passengers (up
26% from same period last year), and 1.1 million
were departing transfer and transit passengers (up
56% on the same period last year).
Compared with 2022, total seat capacity increased
by 21% in the first six months of 2023, the number of
passenger-related operations increased by 20%,
and the average cabin factor (occupancy) increased
by 11% to 73%.
Revenue
Due to the ongoing traffic recovery and increase in
passenger numbers, total aeronautical revenue YTD
increased by DKK 210 million or 26% compared with
the same period last year, reaching a total of DKK
1,020 million.
Compared with YTD 2022, passenger charges YTD
2023 increased by DKK 106 million to DKK 467
million. Security, handling, and CUTE (Common
User Terminal Equipment) charges increased by
DKK 80 million compared with the same period last
year, ending at DKK 352 million.
Take-off charges amounted to DKK 180 million, an
increase of 16% compared with the same period last
year, driven by the increased number of flight
operations. Passenger-related operations increased
by 20%, while cargo operations decreased by 18%.
Profit/(loss) before interest and tax
(Aeronautical EBIT)
Aeronautical EBIT improved by DKK 153 million
compared with the same period of 2022, primarily
due to 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. %
2023 2022 Ch. Ch. % 2022
Revenue 581 519 62 12% 1,020 809 210 26% 1,861
EBIT
(43) (108) 65 (60%) (238) (391) 153 (39%) (577)
Segment assets 9,696 9,809 (112) (1%) 9,571
Q2
Year to date
Pax (thousand) 2023 2022 Ch. Ch. %
Denmark 613 596 17 3%
Europe 10,438 7,970 2,468 31%
Interkontinental 1,308 832 476 57%
Total pax 12,358 9,399 2,960 31%
Local departing pax
5,044 3,990 1,054 26%
Transfer departing pax
1,127 721 406 56%
Total departing pax
6,171 4,710 1,461 31%
Year to date
DKKm
2023 2022 Ch. Ch. %
Passenger charges 467 361
106 29%
Security charges 257 199 58 29%
Handling 84 64 20 32%
CUTE charges 11 9 2 17%
Take-off charges 180 156 25 16%
Aircraft parking, etc. 20 20 (1) (3%)
Total 1,020 809 210 26%
Year to date
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 10 of 20
NON-AERONAUTICAL BUSINESS AREA
Revenue
Concession revenue
Concession revenue from the shopping center
came to DKK 372 million for the first half of 2023,
an increase of DKK 90 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 36 million
over last year.
Other revenue amounted to DKK 23 million, on par
with last year.
Rent
Total rent amounted to DKK 98 million, a 10%
increase compared with last year.
Sales of services, etc.
Revenue from the hotel operation increased by
DKK 2 million. The category Other is in line with the
same period last year. The category includes PRM
(Persons with Reduced Mobility), TMS (Taxa
Management System) and CPH’s leaseholders’
share of energy costs. The costs of these activities
are carried by CPH and re-invoiced to customers.
They are all non-profit for CPH.
Profit/(loss) before interest and tax (Non-
aeronautical EBIT)
Non-aeronautical EBIT improved by DKK 27 million
compared with the same period of last year. The
increase was primarily due to the higher activity
levels in 2023.
FY
DKKm 2023 2022 Ch. Ch. %
2023 2022 Ch. Ch. % 2022
Revenue 478 453 25 5% 879 741 138 19% 1,671
EBIT
280 304 -24 (8%) 481 454 27 6% 991
Segment assets 5,307 5,243 64 1% 5,218
Investments in
associates
124 124 1 1% 129
Q2
Year to date
DKKm
2023 2022 Ch. Ch. %
Shopping centre 372 282 90 32%
P
arking 173 137 36 26%
Other revenue 23 21 2 10%
Total 568 440 127 29%
Year to date
DKKm
2023 2022 Ch. Ch. %
Rent from premises 68 60 8 13%
R
ent from land 27 27 1 2%
Other rent 3 3 1 22%
Total 98 90 9 10%
Year to date
DKKm
2023 2022 Ch. Ch. %
Hotel operation 56 54 2 3%
Other 157 157 0 0%
Total 213 211 2 1%
Year to date
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 11 of 20
OTHER EVENTS
As stated in the company announcement of 30
June 2023, Thomas Woldbye has resigned and will
step down after 12 years as CEO of Copenhagen
Airports A/S.
Thomas Woldbye will remain as CEO of
Copenhagen Airports until 30 September 2023.
The Board of Directors has started the process to
identify a new CEO for CPH.
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 – 30 June 2023
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2023 2022 2023 2022
Traffic revenue 581 519 1,020 809
Concession revenue 323 289 568 440
Rent 49 44 98 90
Sale of services, etc. 106 120 213 211
Revenue 1,059 972 1,898 1,550
Other income 3 7 5 9
External costs 159 168 320 302
Staff costs 413 371 837 706
Amortisation and depreciation 253 244 503 488
Operating profit/(loss) 238 196 243 63
Profit/(loss) from investments in associates after tax (2 ) (2 ) (4 ) (2 )
Financial income 3 2 4 2
Financial expenses 72 37 135 75
Profit/(loss) before tax 167 159 108 (12 )
Tax on profit/(loss) for the period 37 36 25 (2 )
Net profit/(loss) for the period 130 123 83 (10 )
Net profit attributable to:
Shareholders of Copenhagen Airports A/S 123 118 72 (20 )
Non-controlling interests 7 5 12 10
Net profit 130 123 83 (10 )
Earnings per DKK 100 share (basic and diluted) 17 16 11 1
EPS is stated in Danish kroner
Q2
Year to date
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2023 2022 2023 2022
Net profit/(loss) for the period 130 123 83 (10 )
Items that are reclassified to the income statement
Currency translation of equity in foreign branch (2 ) (1 ) (2 ) (1 )
Value adjustments of hedging instruments 6 72 (9 ) 78
Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement
(1 ) (74 ) 19 (96 )
Tax on other comprehensive income (1 ) 1 (2 ) 4
Other comprehensive income for the period 3 (2 ) 6 (15 )
Total comprehensive income for the period 133 121 89 (25 )
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S 125 116 77 (35 )
Non-controlling interests 7 5 12 10
Total comprehensive income for the period 133 121 89 (25 )
Year to date
Q2
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Assets
30 Jun 31 Dec 30 Jun
Note
DKKm 2023 2022 2022
NON-CURRENT ASSETS
Total intangible assets 224
Property, plant and equipment
Land and buildings 6,190 6,308 6,215
Investment properties 856 862 868
Plant and machinery 4,707 4,821 4,839
Other fixtures and fittings, tools and equipment 669 699 724
2
Property, plant and equipment under construction 1,871 1,510 1,580
Total property, plant and equipment 14,292 14,200 14,226
Financial assets
Investments in associates 124 129 124
Other financial assets - - 221
Total financial assets 124 129 345
Total non-current assets 14,641 14,549 14,788
CURRENT ASSETS
Other financial assets 190 199 -
Trade receivables 368 295 530
Other receivables 68 27 30
Tax receivables 58 58 -
Prepayments 50 46 49
Cash 91 97 74
Total current assets 825 722 683
Total assets 15,466 15,271 15,471
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
30 Jun 31 Dec 30 Jun
Note
DKKm 2023 2022 2022
EQUITY
Share capital 785 785
Reserve for hedging (1 ) (8 ) (15 )
Retained earnings 1,936 1,920 1,675
Shareholders of Copenhagen Airports A/S 2,720 2,697 2,445
Non-controlling interests 652 640 693
Total equity 3,372 3,337 3,138
NON-CURRENT LIABILITIES
Deferred tax 811 808 697
3
Financial institutions and other loans 4,006 4,238 10,347
4
Other payables 158 156 157
Total non-current liabilities 4,975 5,202 11,201
CURRENT LIABILITIES
3
Financial institutions and other loans 5,973 5,676 240
Prepayments from customers 317 253 204
Trade payables 447 485 392
Income tax 25 0 0
4
Other payables 315 274 253
Deferred income 42 44 43
Total current liabilities 7,119 6,732 1,132
Total liabilities 12,094 11,934 12,333
Total equity and liabilities 15,466 15,271 15,471
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 16 of 20
CASH FLOW STATEMENT
DKKm 2023 2022 2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers 1,018 901 1,889 1,501
Paid to staff, suppliers, etc. (527 ) (553 ) (1,268 ) (977 )
Cash flow from operating activities before financial items and tax 491 348 621 524
Interest received, etc. 1 1 2 1
Interest paid, etc. (86 ) (43 ) (169 ) (98 )
Cash flow from operating activities before tax 406 306 455 427
Income taxes paid (0 ) (1 ) (0 ) (1 )
Cash flow from operating activities 406 305 455 426
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment (260 ) (160 ) (470 ) (380 )
Payments for intangible assets (22 ) (15 ) (35 ) (32 )
Sale of property, plant and equipment 2 1 3 3
Cash flow from investing activities (281 ) (174 ) (503 ) (409 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans (160 ) (181 ) (341 ) (348 )
Proceeds from long-term loans 100 70 475 340
Repayments of short-term loans (102 ) (132 ) (242 ) (159 )
Proceeds from short-term loans 51 118 204 181
Dividends paid (54 ) (35 ) (54 ) (35 )
Cash flow from financing activities (165 ) (160 ) 42 (21 )
Net cash flow for the period (39 ) (29 ) (6 ) (4 )
Cash at the beginning of the period 131 103 97 78
Cash at the end of the period 91 74 91 74
Q2
Year to date
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 17 of 20
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 )
Comprehensive income for the period
Net profit/(loss) for the period - - 72 72 12 83
Other comprehensive income
Currency translation of equity in foreign branch
(2 ) (2 ) - (2 )
Value adjustments of hedging instruments - (7 ) - (7 ) - (7 )
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - 8
(2 ) 6 - 6
Total comprehensive income for the period - 8
Transactions with owners
Transactions with non-controlling interests
(54 ) (54 ) - (54 )
Total transactions with owners - -
(54 ) (54 ) - (54 )
Equity at 30 June 2023 785 (1 )
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 - - (20 ) (20 ) 10 (10 )
Other comprehensive income
Currency translation of equity in foreign branch
Value adjustments of hedging instruments - 61 - 61 - 61
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - (14 ) (1 ) (15 ) - (15 )
Total comprehensive income for the period - (14 ) (21 ) (35 ) 10 (25 )
Transactions with owners
Transactions with non-controlling interests
Total transactions with owners - - (35 ) (35 ) - (35 )
-
Equity at 30 June 2022 785 (15 ) 1,675 2,445 693 3,138
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 18 of 20
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, and for a list of the notes that contain significant estimates and judgments,
see page 65-67 and 84 respectively 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 six months of 2023, CPH invested DKK 599 million in intangible assets and property, plant and
equipment. Major investments made during the first six 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.
Contracts and other commitments
As of 30 June 2023, CPH had entered into contracts to build and maintain facilities at a total value of DKK
1,676 million (31 December 2022: DKK 1,857 million) and other commitments amounting to DKK 98 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 total 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 3,575 million (2022: DKK
3,832 million).
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 19 of 20
Refinancing
A USPP bond loan, a bank club term loan and a bank club revolving facilities will mature in August 2023. As
of 30 June 2023, drawings on these facilities, totalling DKK 5,622 million are presented as current liabilities to
financial institutions.
In April 2023, CPH finalised negotiations regarding these credit facilities and secured committed facilities
consisting of new lines of credit of DKK 7 billion which will replace and cover in full the debt maturing in August
2023.
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.
With the exception of the tax receivable of DKK 58m under the joint taxation scheme with Kastrup Airports
Parent ApS (KAP), which is the administrative company for the jointly taxed companies, there are no
outstanding balances with related parties.
NOTE 6: Subsequent events
No material events have occurred after the balance sheet date.
30 Jun 31 Dec 30 Jun 31 Dec
2023 2022 2023 2022
Recognised under other financial assets
190
199
190
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
bas
ed on the published exchange rates and quoted swap and forward rates on the balance sheet date.
Carrying amount
Fair value*
Derivative financial instruments
30 Jun 31 Dec
Other payables - non-current 2023 2022
Holiday pay, frozen due to new Holiday Act
158
156
Balance end of period
158
156
Other payables - current
Holiday pay and other payroll items
163
156
Interest payable
59
56
Other costs payable
92
62
Total
315
274
Total
473
430
Interim report – 1 January – 30 June 2023
Copenhagen Airports A/S Page 20 of 20
E
xecutive Management
Board of Directors