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"s11_notesesefdkgaap__7__50": {
"value": "Basis of preparation of the financial statementsCPH is a limited liability company domiciled in Denmark and listed on Nasdaq Copenhagen.The consolidated financial statements of CPH are prepared in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements for listed companies in the Danish Financial statements Act.The financial statements of the Parent Company, Copenhagen Airports A/S, are prepared in accordance with the Danish Financial Statements Act.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__42": {
"value": "domiciled in Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__43": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__49": {
"value": "The consolidated financial statements of CPH are prepared in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements for listed companies in the Danish Financial statements Act.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__44": {
"value": "Copenhagen Airports A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__51-1": {
"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 amounts compared to 2022. The carrying amounts of these items are disclosed in notes 3.2 and 3.3.For a description of CPH\u2019s risks, see note 4.3 on financial risks.Estimates and judgementsThe estimated useful lives are determined based on historical experience and expectations of 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.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 595 million (2022: 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 they are 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 1,317 million at 31 December 2023 (2022: DKK 1,367 million). Of the carrying amount DKK 1,295 million (2022: DKK 1,349 million) relates to hotel properties, owned by the subsidiary Copenhagen Airport Hotels A/S (53% ownership share).The corresponding fair value (fair value level 3) of the investment properties at 31 December 2023 amounts to DKK 2,321 million (2022: DKK 2,332 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 7.0%.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 the same 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.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 is calculated 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 credit impairment at individual level, the remaining receivables are assessed for credit impairment. The objective indications are based on historical loss experiences.If there is an indication that individual receivables are impaired, such as non- payment of amounts due or the debtor having financial difficulties in the form of payment suspension, 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 regarding non-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 financial guarantees. Of the trade receivables of DKK 389 million at 31 December 2023 (2022: DKK 295 million), DKK 129 million (2022: DKK 93 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:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__52": {
"value": "General information The Annual Report is prepared under the historical cost principle. Assets and liabilities are subsequently measured as described below. This is unchanged from 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__53": {
"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 the Parent Company controls 50% or less of the votes and does not have control but exercises significant in\ufb02uence are considered 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__54-1": {
"value": "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.2.3 Other incomeOther income contains items of a secondary nature relative to CPH\u2019s primary activities, and gains and losses on sale of assets.DKKm 2023 2022Sale of property, plant and equipment 3 3Other 2 9Total other income 5 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__56": {
"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 ruling at 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:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__55": {
"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 ruling at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__48": {
"value": "1.1 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, keeping all information related to the item in one place.Basis of preparation of the financial statementsCPH is a limited liability company domiciled in Denmark and listed on Nasdaq Copenhagen.The consolidated financial statements of CPH are prepared in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements for listed companies in the Danish Financial statements Act.The financial statements of the Parent Company, Copenhagen Airports A/S, are prepared in accordance with the Danish Financial Statements Act.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 amounts compared to 2022. The carrying amounts of these items are disclosed in notes 3.2 and 3.3.For 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 are subsequently measured as described below. This is unchanged from 2022.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 the Parent Company controls 50% or less of the votes and does not have control but exercises significant in\ufb02uence are considered 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. 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 ruling at 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 a statement of comprehensive income, showing the results of operations for the year and income included in other comprehensive income. Other comprehensive income comprises 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 at the 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 and where 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 following financial 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 the year 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 notice. Cash \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 sale of 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 paid to shareholders.1.2 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 2023 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 on the consolidated financial statements when implemented.New standards, amendments and interpretations adopted but not yet effectiveAs 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 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 accounting policies applied in previous years\u2019 annual reports.Accounting policiesThe accounting policies for recognition and measurement of business areas are the same for the income statement and the balance sheet. The accounting policies are unchanged from 2022. 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.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 and income, 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.Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and maintenance costs.Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the 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 the Danish State, CPH recognises a pension contribution in the income statement, which is fixed each year by the State and paid to the State on a regular basis.Accounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports Denmark ApS (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 due to 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 attributed to the profit for the year, and posted directly in other comprehensive income at the amount 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 under the legislation in force at the balance sheet date when the deferred tax item is expected to 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\u2019s intangible 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 is sufficient 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 recognised as 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 there are 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 other assets 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, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The 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 begins when 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 yearsSecurity 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 indirectly controls the majority of the votes or otherwise controls the companies. Associates are classified as companies where CPH controls 50% or less of the votes and does 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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.Accounting policiesMortgage loans, loans from financial institutions and other loans are recognised when taken 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 statement over the term of the loan.Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.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 probable that an out\ufb02ow of economic benefits will be required to settle the obligation. Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interest payable and are measured at nominal value. Other payables also include the fair value of interest rate swaps.5.10 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 sharesEBIT 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, except those marked *, which it does not include.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__58": {
"value": "DividendsDividends 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 at the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__57": {
"value": "DividendsDividends 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 at the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__60": {
"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 and where 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:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__59-1": {
"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 and where 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.Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__62": {
"value": "Prepayments and deferred income Prepayments recognised under assets comprise costs incurred relating to the following financial 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__61": {
"value": "Prepayments and deferred income Prepayments recognised under assets comprise costs incurred relating to the following financial 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__65": {
"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 the year 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 notice.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__64-1": {
"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 the year 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 notice. Cash \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 sale of 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 paid to shareholders.Non-cash changesReclassifi-Foreign 31 1 January cation and exchange December DKKm2023 Cash \ufb02owloan costsmovements2023Liabilities arisingfrom financingactivitiesLong-term loans 4,238 5,114 (99) - 9,253Short-term loans 5,676 (5,117) 57 (209) 407Total 9,914 (3) (42) (209) 9,660Non-cash changesReclassifi-Foreign 31 1 January cation and exchange December DKKm2022 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 9,9144.2 Financial institutions and other loans (continued)5.3 Notes to the cash \ufb02ow statementDKKm 2023 2022Received from customersRevenue 4,061 3,532Change in trade receivables and prepayments from customers (54) 234Total 4,007 3,766Paid to staff, suppliers, etc.Operating costs (2,381) (2,145)Change in other receivables, etc. (43) 66Change in cost-related trade payables, etc. 178 147Total (2,246) (1,932)Interest received, etc.Interest received, etc. 3 -Realised exchange gains 4 8Total 7 8Interest paid, etc.Interest paid, etc. (389) (169)Other financial costs (18) (20)Total (407) (189)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__63": {
"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 the year 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 notice. Cash \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 sale of 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 paid to shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__68": {
"value": "New standards, amendments and interpretations adopted but not yet effectiveAs 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 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 accounting policies applied in previous years\u2019 annual reports.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__66": {
"value": "1.2 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 2023 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 on the consolidated financial statements when implemented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__67": {
"value": "1.2 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 2023 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 on the consolidated financial statements when implemented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__69": {
"value": "2.1 Information on business areasAccounting policiesThe accounting policies for recognition and measurement of business areas are the same for the income statement and the balance sheet. The accounting policies are unchanged from 2022. 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 comprises all 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 to non-Group lessees. Revenue in the non-aeronautical business area comprises concession revenue; 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 746 million in 2023 (2022: DKK 578 million), representing 18% of revenue (2022: 16%). This revenue relates to both the aeronautical and non-aeronautical business areas. Revenue related to the second-largest customer amounted to DKK 377 million in 2023 (2022: DKK 318 million), repre-senting 9% of revenue (2022: 9%). This revenue relates to both the aeronautical and non-aeronautical business areas. Revenue related to the third-largest customer amounted to DKK 349 million in 2023 (2022: DKK 306 million), representing 9% of revenue (2022: 9%). This revenue relates solely to the non-aeronautical business area.2.1 Information on business areas (continued)2023 2022Business areas Business areasNon- Non- DKKm Aeronauticalaeronautical Total Aeronauticalaeronautical TotalRevenue 2,193 1,868 4,061 1,861 1,671 3,532Operating profit/(loss) (458) 1,137 679 (577) 991 414Non-current assets 9,646 5,172 14,818 9,377 5,043 14,420Other assets 278 237 515 194 175 369Investments in associates 120 120 129 129Unallocated assets* 67 353Total assets 9,924 5,529 15,520 9,571 5,347 15,271Liabilities 912 506 1,418 781 431 1,212Unallocated liabilities** 10,664 10,722Total liabilities 912 506 12,082 781 431 11,934Investments in fixed assets (including capitalised interest) 1,009 395 1,404 714 256 970Amortisation and depreciation 723 283 1,006 701 283 984* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__71": {
"value": "Accounting policiesThe accounting policies for recognition and measurement of business areas are the same for the income statement and the balance sheet. The accounting policies are unchanged from 2022. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__70": {
"value": "CPH has two business areas: aeronautical and non-aeronautical",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__73-1": {
"value": "Information on business areas (continued)2023 2022Business areas Business areasNon- Non- DKKm Aeronauticalaeronautical Total Aeronauticalaeronautical TotalRevenue 2,193 1,868 4,061 1,861 1,671 3,532Operating profit/(loss) (458) 1,137 679 (577) 991 414Non-current assets 9,646 5,172 14,818 9,377 5,043 14,420Other assets 278 237 515 194 175 369Investments in associates 120 120 129 129Unallocated assets* 67 353Total assets 9,924 5,529 15,520 9,571 5,347 15,271Liabilities 912 506 1,418 781 431 1,212Unallocated liabilities** 10,664 10,722Total liabilities 912 506 12,082 781 431 11,934Investments in fixed assets (including capitalised interest) 1,009 395 1,404 714 256 970Amortisation and depreciation 723 283 1,006 701 283 984* 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.2.2 RevenueAccounting 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 and income, 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 2023 2022Traffic revenuePassenger charges 1,013 844Security charges 558 467Handling 180 151CUTE charges 23 20Take-off charges 379 338Aircraft parking, etc. 40 41Total traffic revenue 2,193 1,861Concession revenueShopping centre 804 665Car parking 367 316Other concession revenue 70 61Total concession revenue 1,241 1,042RentRent from premises 137 122Rent from land 57 55Other rent 6 5Total rent 200 182Sale of services, etc.Hotel operation 112 109Other sale of services, etc. 315 338Total sale of services, etc. 427 447Total revenue 4,061 3,532Composition of revenue20232022Aeronautical Aeronautical business area Non-aeronautical business areabusiness area Non-aeronautical business areaTraffic Concession Car Sale of Traffic Concession Car Sale of DKKmrevenuerevenue*parking Rent*services* TotalDKKmrevenuerevenue*parking Rent*services* TotalTotal for Total for business areas 2,193 874 367 200 427 4,061business areas 1,861 726 316 182 447 3,532Time of Time of recognitionrecognition - At a certain time 2,193 - 367 - - 2,560 - At a certain time 1,861 - 316 - - 2,177 - Over time - 874 - 200 427 1,501 - Over time - 726 - 182 447 1,355Total 2,193 874 367 200 427 4,061Total 1,861 726 316 182 447 3,532Type of contractType of contract - Fixed-price 2,193 31 367 199 427 3,217 - Fixed-price 1,861 26 316 182 447 2,832 - Variable - 843 - 1 - 844 - Variable - 700 - - - 700Total 2,193 874 367 200 427 4,061Total 1,861 726 316 182 447 3,532* Concession revenue and rent are recognised in accordance with IFRS 16 Leases. Rent for the hotel leases is also recognised in accordance with IFRS 16 and included in other services.CPH\u2019s revenue consists only of services in the aeronautical and non-aeronautical business areas.Concession charges related to the shopping centre and other concessions depend on the level of activity. There is no financing element, as payment terms follow cash payment on delivery or 14 days\u2019 credit.DKKm 2023 2022Maturity analysis of concessions and rent (IFRS 16) Within 1 year 382 369Between 1 and 2 years 391 367Between 2 and 3 years 391 365Between 3 and 4 years 376 366Between 4 and 5 years 376 368After 5 years 3,433 3,244Total 5,349 5,079",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__72-1": {
"value": "Information on business areas (continued)2023 2022Business areas Business areasNon- Non- DKKm Aeronauticalaeronautical Total Aeronauticalaeronautical TotalRevenue 2,193 1,868 4,061 1,861 1,671 3,532Operating profit/(loss) (458) 1,137 679 (577) 991 414Non-current assets 9,646 5,172 14,818 9,377 5,043 14,420Other assets 278 237 515 194 175 369Investments in associates 120 120 129 129Unallocated assets* 67 353Total assets 9,924 5,529 15,520 9,571 5,347 15,271Liabilities 912 506 1,418 781 431 1,212Unallocated liabilities** 10,664 10,722Total liabilities 912 506 12,082 781 431 11,934Investments in fixed assets (including capitalised interest) 1,009 395 1,404 714 256 970Amortisation and depreciation 723 283 1,006 701 283 984* 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.2.2 RevenueAccounting 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 and income, 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 2023 2022Traffic revenuePassenger charges 1,013 844Security charges 558 467Handling 180 151CUTE charges 23 20Take-off charges 379 338Aircraft parking, etc. 40 41Total traffic revenue 2,193 1,861Concession revenueShopping centre 804 665Car parking 367 316Other concession revenue 70 61Total concession revenue 1,241 1,042RentRent from premises 137 122Rent from land 57 55Other rent 6 5Total rent 200 182Sale of services, etc.Hotel operation 112 109Other sale of services, etc. 315 338Total sale of services, etc. 427 447Total revenue 4,061 3,532Composition of revenue20232022Aeronautical Aeronautical business area Non-aeronautical business areabusiness area Non-aeronautical business areaTraffic Concession Car Sale of Traffic Concession Car Sale of DKKmrevenuerevenue*parking Rent*services* TotalDKKmrevenuerevenue*parking Rent*services* TotalTotal for Total for business areas 2,193 874 367 200 427 4,061business areas 1,861 726 316 182 447 3,532Time of Time of recognitionrecognition - At a certain time 2,193 - 367 - - 2,560 - At a certain time 1,861 - 316 - - 2,177 - Over time - 874 - 200 427 1,501 - Over time - 726 - 182 447 1,355Total 2,193 874 367 200 427 4,061Total 1,861 726 316 182 447 3,532Type of contractType of contract - Fixed-price 2,193 31 367 199 427 3,217 - Fixed-price 1,861 26 316 182 447 2,832 - Variable - 843 - 1 - 844 - Variable - 700 - - - 700Total 2,193 874 367 200 427 4,061Total 1,861 726 316 182 447 3,532* Concession revenue and rent are recognised in accordance with IFRS 16 Leases. Rent for the hotel leases is also recognised in accordance with IFRS 16 and included in other services.CPH\u2019s revenue consists only of services in the aeronautical and non-aeronautical business areas.Concession charges related to the shopping centre and other concessions depend on the level of activity. There is no financing element, as payment terms follow cash payment on delivery or 14 days\u2019 credit.DKKm 2023 2022Maturity analysis of concessions and rent (IFRS 16) Within 1 year 382 369Between 1 and 2 years 391 367Between 2 and 3 years 391 365Between 3 and 4 years 376 366Between 4 and 5 years 376 368After 5 years 3,433 3,244Total 5,349 5,079",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__76": {
"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 and income, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__77": {
"value": "Composition of revenue20232022Aeronautical Aeronautical business area Non-aeronautical business areabusiness area Non-aeronautical business areaTraffic Concession Car Sale of Traffic Concession Car Sale of DKKmrevenuerevenue*parking Rent*services* TotalDKKmrevenuerevenue*parking Rent*services* TotalTotal for Total for business areas 2,193 874 367 200 427 4,061business areas 1,861 726 316 182 447 3,532Time of Time of recognitionrecognition - At a certain time 2,193 - 367 - - 2,560 - At a certain time 1,861 - 316 - - 2,177 - Over time - 874 - 200 427 1,501 - Over time - 726 - 182 447 1,355Total 2,193 874 367 200 427 4,061Total 1,861 726 316 182 447 3,532Type of contractType of contract - Fixed-price 2,193 31 367 199 427 3,217 - Fixed-price 1,861 26 316 182 447 2,832 - Variable - 843 - 1 - 844 - Variable - 700 - - - 700Total 2,193 874 367 200 427 4,061Total 1,861 726 316 182 447 3,532* Concession revenue and rent are recognised in accordance with IFRS 16 Leases. Rent for the hotel leases is also recognised in accordance with IFRS 16 and included in other services.CPH\u2019s revenue consists only of services in the aeronautical and non-aeronautical business areas.Concession charges related to the shopping centre and other concessions depend on the level of activity. There is no financing element, as payment terms follow cash payment on delivery or 14 days\u2019 credit.DKKm 2023 2022Maturity analysis of concessions and rent (IFRS 16) Within 1 year 382 369Between 1 and 2 years 391 367Between 2 and 3 years 391 365Between 3 and 4 years 376 366Between 4 and 5 years 376 368After 5 years 3,433 3,244Total 5,349 5,079",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__79": {
"value": "2.3 Other incomeOther income contains items of a secondary nature relative to CPH\u2019s primary activities, and gains and losses on sale of assets.DKKm 2023 2022Sale of property, plant and equipment 3 3Other 2 9Total other income 5 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__85": {
"value": "Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the 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 the Danish State, CPH recognises a pension contribution in the income statement, which is fixed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__84-1": {
"value": "Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the 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 the Danish State, CPH recognises a pension contribution in the income statement, which is fixed each year by the State and paid to the State on a regular basis.Staff costs (continued)DKKm 2023 2022Number of people employed by CPHAverage number of full-time employees 2,452 2,130Of which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 7 8Total remuneration to the Executive Management 7.5 12.3Total remuneration to other key management 1.9 -Total emoluments to the Board of Directors* 2.7 2.7* For further information, see the Remuneration Report available at cph.dk.The remuneration to the Executive Management consists of a fixed basic salary (including pension contributions), certain benefits (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 2023, the total costs expensed for the long-term incentive plan were DKK 0.3 million (2022: DKK 1.8 million). The short-term incentive plan has terms of up to one year. For 2023, the total accrued costs for the short-term incentive plan were DKK 0.9 million (2022: DKK 3.1 million). For 2022, the amount covers the incentive plans for Thomas Woldbye. For 2023, the amount relates to CFO Rasmus Hagstad Lund and interim CEO Christian Poulsen, who was appointed to the Executive Management during the year. The total remuneration in 2023 to members of the Executive Management and other key management was DKK 9.4 million (2022: DKK 12.3 million), including a provision of DKK 0.3 million for a potential payout under the long-term incentive plan (2022: DKK 1.8 million) and a provision of DKK 0.9 million for the short-term incentive plan (2022: DKK 3.1 million). Pension contributions for members of the Executive Management and other key management are paid regularly to private pension companies. Of the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2022: DKK 1.1 million). CPH has no liabilities in this respect. Remuneration to the Board of Directors and Executive Management in 2023 was paid in accordance with the \u201cGeneral guidelines for remuneration to the Board of Directors and the Executive Management of Copenhagen Airports A/S\u201d. Key management consists of the Executive Management and the interim CEO. 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 Minister for Finance and was 21.2% in 2023 (2022: 21.2%). In 2023, these pension contribu-tions amounted to DKK 0.5 million (2022: DKK 0.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__81": {
"value": "2.4 External costsAccounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and maintenance costs.DKKm 2023 2022Operating and maintenance costs 506 437Energy costs 124 205Administrative expenses 56 45Other 32 23Total external costs 718 710External costs increased by DKK 8 million compared to 2022. The increased costs are due to higher operating and maintenance costs resulting from the increased activity levels offset by lower energy costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__80-1": {
"value": "2.4 External costsAccounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and maintenance costs.DKKm 2023 2022Operating and maintenance costs 506 437Energy costs 124 205Administrative expenses 56 45Other 32 23Total external costs 718 710External costs increased by DKK 8 million compared to 2022. The increased costs are due to higher operating and maintenance costs resulting from the increased activity levels offset by lower energy costs.3.1 Amortisation and depreciationAccounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.DKKm 2023 2022Software 60 71Land and buildings 310 333Investment properties 53 54Plant and machinery 414 356Other fixtures and fittings, tools and equipment 169 170Total amortisation and depreciation 1,006 984Depreciation and amortisation were up by DKK 22 million, mainly due to higher write-offs of assets in 2023 compared to 2022.NOTE",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__83": {
"value": "2.5 Staff costs Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the 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 the Danish State, CPH recognises a pension contribution in the income statement, which is fixed each year by the State and paid to the State on a regular basis.DKKm 2023 2022Salaries and wages 1,527 1,336Pension contributions 144 111Other social security costs 11 10Other staff costs 59 461,741 1,503Work performed on own account 78 67Total staff costs 1,663 1,436Staff costs increased by DKK 227 million compared to 2022. The increase is due to an increase in headcount of 322 FTEs as a result of the higher activity level. 2.5 Staff costs (continued)DKKm 2023 2022Number of people employed by CPHAverage number of full-time employees 2,452 2,130Of which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 7 8Total remuneration to the Executive Management 7.5 12.3Total remuneration to other key management 1.9 -Total emoluments to the Board of Directors* 2.7 2.7* For further information, see the Remuneration Report available at cph.dk.The remuneration to the Executive Management consists of a fixed basic salary (including pension contributions), certain benefits (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 2023, the total costs expensed for the long-term incentive plan were DKK 0.3 million (2022: DKK 1.8 million). The short-term incentive plan has terms of up to one year. For 2023, the total accrued costs for the short-term incentive plan were DKK 0.9 million (2022: DKK 3.1 million). For 2022, the amount covers the incentive plans for Thomas Woldbye. For 2023, the amount relates to CFO Rasmus Hagstad Lund and interim CEO Christian Poulsen, who was appointed to the Executive Management during the year. The total remuneration in 2023 to members of the Executive Management and other key management was DKK 9.4 million (2022: DKK 12.3 million), including a provision of DKK 0.3 million for a potential payout under the long-term incentive plan (2022: DKK 1.8 million) and a provision of DKK 0.9 million for the short-term incentive plan (2022: DKK 3.1 million). Pension contributions for members of the Executive Management and other key management are paid regularly to private pension companies. Of the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2022: DKK 1.1 million). CPH has no liabilities in this respect. Remuneration to the Board of Directors and Executive Management in 2023 was paid in accordance with the \u201cGeneral guidelines for remuneration to the Board of Directors and the Executive Management of Copenhagen Airports A/S\u201d. Key management consists of the Executive Management and the interim CEO. 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 Minister for Finance and was 21.2% in 2023 (2022: 21.2%). In 2023, these pension contribu-tions amounted to DKK 0.5 million (2022: DKK 0.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__82-1": {
"value": "Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and maintenance costs.Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__86": {
"value": "DKKm 2023 2022Number of people employed by CPHAverage number of full-time employees 2,452 2,130Of which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 7 8Total remuneration to the Executive Management 7.5 12.3Total remuneration to other key management 1.9 -Total emoluments to the Board of Directors* 2.7 2.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__88-1": {
"value": "Staff costs (continued)DKKm 2023 2022Number of people employed by CPHAverage number of full-time employees 2,452 2,130Of which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 7 8Total remuneration to the Executive Management 7.5 12.3Total remuneration to other key management 1.9 -Total emoluments to the Board of Directors* 2.7 2.7* For further information, see the Remuneration Report available at cph.dk.The remuneration to the Executive Management consists of a fixed basic salary (including pension contributions), certain benefits (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 2023, the total costs expensed for the long-term incentive plan were DKK 0.3 million (2022: DKK 1.8 million). The short-term incentive plan has terms of up to one year. For 2023, the total accrued costs for the short-term incentive plan were DKK 0.9 million (2022: DKK 3.1 million). For 2022, the amount covers the incentive plans for Thomas Woldbye. For 2023, the amount relates to CFO Rasmus Hagstad Lund and interim CEO Christian Poulsen, who was appointed to the Executive Management during the year. The total remuneration in 2023 to members of the Executive Management and other key management was DKK 9.4 million (2022: DKK 12.3 million), including a provision of DKK 0.3 million for a potential payout under the long-term incentive plan (2022: DKK 1.8 million) and a provision of DKK 0.9 million for the short-term incentive plan (2022: DKK 3.1 million). Pension contributions for members of the Executive Management and other key management are paid regularly to private pension companies. Of the salaries paid to members of the Executive Management, employer-administered pension contributions accounted for DKK 1.1 million (2022: DKK 1.1 million). CPH has no liabilities in this respect. Remuneration to the Board of Directors and Executive Management in 2023 was paid in accordance with the \u201cGeneral guidelines for remuneration to the Board of Directors and the Executive Management of Copenhagen Airports A/S\u201d. Key management consists of the Executive Management and the interim CEO. 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 Minister for Finance and was 21.2% in 2023 (2022: 21.2%). In 2023, these pension contribu-tions amounted to DKK 0.5 million (2022: DKK 0.6 million).5.5 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 in CPH, 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. Copenhagen Airports Denmark ApS (CAD), company reg. (CVR) no. 29144249, is indi-rectly controlled by Kastrup Airports Parent ApS (KAP), company reg. (CVR) no. 33781903, which in turn is jointly owned and controlled by ATP and OTPP (via underlying holding companies). KAP 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 resolutions. The 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.In 2023, CPH realised costs relating to service contracts with Smarter Airports of DKK 21.9 million, interest income of DKK 0.5 million and issued a loan of DKK 13.5 million to Smarter Airport.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__90": {
"value": "Accounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports Denmark ApS (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 due to 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 attributed to the profit for the year, and posted directly in other comprehensive income at the amount 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__92": {
"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 under the legislation in force at the balance sheet date when the deferred tax item is expected to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__91-1": {
"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 under the legislation in force at the balance sheet date when the deferred tax item is expected to 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 2023 2022Breakdown of tax on profit for the yearTax calculated at 22.0% of profit before tax 89 56Movements in deferred tax:Permanent differences 18 2Temporary differences 5 (8)Total 112 50Provisions for deferred taxBalance at 1 January 808 704Deferred tax adjustments recognised for previous years 18 -Change in deferred tax 31 104Balance at 31 December 857 808Breakdown of deferred tax provisionsProperty, plant and equipment 1,019 1,033Other receivables (2) (2)Other payables (3) (2)Deferred tax on equity instruments (23) -Tax loss carried forward (134) (221)Total 857 808",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__89": {
"value": "2.6 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 Denmark ApS (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 due to 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 attributed to the profit for the year, and posted directly in other comprehensive income at the amount 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 under the legislation in force at the balance sheet date when the deferred tax item is expected to 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 2023 2022Tax expenseCurrent income tax 46 25Current tax adjustments recognised for previous years 5 -Change in deferred tax 31 22Total 82 48Tax is allocated as follows:Tax on profit for the year 112 50Tax on other comprehensive income related to hedging instruments (30) (2)Total 82 48DKKm 2023 2022Breakdown of tax on profit for the yearTax calculated at 22.0% of profit before tax 89 56Movements in deferred tax:Permanent differences 18 2Temporary differences 5 (8)Total 112 50Provisions for deferred taxBalance at 1 January 808 704Deferred tax adjustments recognised for previous years 18 -Change in deferred tax 31 104Balance at 31 December 857 808Breakdown of deferred tax provisionsProperty, plant and equipment 1,019 1,033Other receivables (2) (2)Other payables (3) (2)Deferred tax on equity instruments (23) -Tax loss carried forward (134) (221)Total 857 808DKKm 2023 2022Income tax payable/receivableBalance at 1 January (58) 1Payment of tax underpaid in previous year 2 (1)Current income tax 46 25Tax receivable under joint taxation scheme (15) (83)Balance at 31 December (25) (58)Tax on profit for the year was DKK 112 million, resulting in an effective tax rate of 28.1% (2022: 19.5%). The higher effective tax rate in 2023 primarily relates to the effect of interest limitations and tax effect of fair value adjustments on financial derivatives adjusted through comprehensive income.Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. This liability is limited to 59.4% of the tax liabilities payable on or after 1 July 2012.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__94": {
"value": "DKKm 2023 2022Income tax payable/receivableBalance at 1 January (58) 1Payment of tax underpaid in previous year 2 (1)Current income tax 46 25Tax receivable under joint taxation scheme (15) (83)Balance at 31 December (25) (58)Tax on profit for the year was DKK 112 million, resulting in an effective tax rate of 28.1% (2022: 19.5%). The higher effective tax rate in 2023 primarily relates to the effect of interest limitations and tax effect of fair value adjustments on financial derivatives adjusted through comprehensive income.Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. This liability is limited to 59.4% of the tax liabilities payable on or after 1 July 2012.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__98-1": {
"value": "Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.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, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The 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 begins when 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 yearsSecurity 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__97": {
"value": "3.1 Amortisation and depreciationAccounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.DKKm 2023 2022Software 60 71Land and buildings 310 333Investment properties 53 54Plant and machinery 414 356Other fixtures and fittings, tools and equipment 169 170Total amortisation and depreciation 1,006 984Depreciation and amortisation were up by DKK 22 million, mainly due to higher write-offs of assets in 2023 compared to 2022.NOTE",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__95": {
"value": "3.1 Amortisation and depreciationAccounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.DKKm 2023 2022Software 60 71Land and buildings 310 333Investment properties 53 54Plant and machinery 414 356Other fixtures and fittings, tools and equipment 169 170Total amortisation and depreciation 1,006 984Depreciation and amortisation were up by DKK 22 million, mainly due to higher write-offs of assets in 2023 compared to 2022.NOTE",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__105": {
"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 is sufficient 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 recognised as 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:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__104": {
"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 is sufficient 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 recognised as 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:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__103": {
"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 is sufficient 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 recognised as 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__102-1": {
"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 is sufficient 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 recognised as 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 there are 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 other assets 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 expectations of 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.2023 2022Software Software under under DKKm Softwareconstruction Total Softwareconstruction TotalCostAccumulated cost at 1 January 1,177 77 1,254 1,164 66 1,230Adjustments for previous years - - - (3) 2 (1)Additions - 102 102 - 67 67Disposals (684) - (684) (42) - (42)Transferred 31 (31) - 58 (58) -Accumulated cost at 31 December 524 148 672 1,177 77 1,254AmortisationAccumulated amortisation at 1 January 1,034 - 1,034 1,008 - 1,008Adjustments for previous years - - - (3) - (3)Amortisation 60 - 60 71 - 71Amortisation on disposals (684) - (684) (42) - (42)Accumulated amortisation at 31 December 410 - 410 1,034 - 1,034Carrying amount at 31 December 114 148 262 143 77 220Of which intangible assets for operational leasing 14 - 14 23 - 23Major investments in intangible assets include general renewal and maintenance of existing IT systems and development of other minor IT systems.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__101": {
"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 is sufficient 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 recognised as 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__109": {
"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 there are 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 other assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__108": {
"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 there are 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 other assets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__107-1": {
"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 there are 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 other assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__100": {
"value": "3.2 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 is sufficient 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 recognised as 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 there are 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 other assets 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 expectations of 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.2023 2022Software Software under under DKKm Softwareconstruction Total Softwareconstruction TotalCostAccumulated cost at 1 January 1,177 77 1,254 1,164 66 1,230Adjustments for previous years - - - (3) 2 (1)Additions - 102 102 - 67 67Disposals (684) - (684) (42) - (42)Transferred 31 (31) - 58 (58) -Accumulated cost at 31 December 524 148 672 1,177 77 1,254AmortisationAccumulated amortisation at 1 January 1,034 - 1,034 1,008 - 1,008Adjustments for previous years - - - (3) - (3)Amortisation 60 - 60 71 - 71Amortisation on disposals (684) - (684) (42) - (42)Accumulated amortisation at 31 December 410 - 410 1,034 - 1,034Carrying amount at 31 December 114 148 262 143 77 220Of which intangible assets for operational leasing 14 - 14 23 - 23Major investments in intangible assets include general renewal and maintenance of existing IT systems and development of other minor IT systems.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__116": {
"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, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The 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 begins when 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 yearsSecurity 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:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__114": {
"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, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The 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 begins when 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 yearsSecurity 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__113": {
"value": "3.3 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, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The 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 begins when 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 yearsSecurity 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 595 million (2022: 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 they are 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 1,317 million at 31 December 2023 (2022: DKK 1,367 million). Of the carrying amount DKK 1,295 million (2022: DKK 1,349 million) relates to hotel properties, owned by the subsidiary Copenhagen Airport Hotels A/S (53% ownership share).The corresponding fair value (fair value level 3) of the investment properties at 31 December 2023 amounts to DKK 2,321 million (2022: DKK 2,332 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 7.0%.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 the same 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.2023Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildings*propertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 10,182 1,778 9,237 2,460 1,488 25,145Additions - 2 - 12 1,288 1,302Disposals (200) - (700) (408) - (1,308)Transferred 106 - 244 144 (494) -Accumulated cost at 31 December 10,088 1,780 8,781 2,208 2,282 25,139DepreciationAccumulated depreciation at 1 January 3,971 410 4,739 1,825 - 10,945Depreciation 310 53 414 169 - 946Depreciation on disposals (200) - (700) (408) - (1,308)Accumulated depreciation at 31 December 4,081 463 4,453 1,586 - 10,583Carrying amount at 31 December 6,007 1,317 4,328 622 2,282 14,556Of which allocated to operational leasing (based on allocation key) 1,650 1,317 682 121 - 3,770* At 31 December 2023, CPH\u2019s properties were mortgaged for a total of DKK 3,191 million (2022: DKK 515 million).Major investments in 2023 included expansion of Terminal 3 airside, IT renewals, runway renovations and new security facilities.2022Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildings*propertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 9,954 1,772 9,302 2,368 1,301 24,697Adjustment to previous years (8) - - - 14 6Additions - 7 - - 896 903Disposals (149) (1) (290) (21) - (461)Transferred 385 - 225 113 (723) -Accumulated cost at 31 December 10,182 1,778 9,237 2,460 1,488 25,145DepreciationAccumulated depreciation at 1 January 3,779 358 4,673 1,675 - 10,485Adjustment to previous years 8 (1) - - - 7Depreciation 333 54 356 170 - 913Depreciation on disposals (149) (1) (290) (20) - (460)Accumulated depreciation at 31 December 3,971 410 4,739 1,825 - 10,945Carrying amount at 31 December 6,211 1,368 4,498 635 1,488 14,200Of which allocated to operational leasing (based on allocation key) 1,580 1,368 618 107 - 3,673* See previous page.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__112": {
"value": "3.3 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, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The 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 begins when 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 yearsSecurity 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 595 million (2022: 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 they are 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 1,317 million at 31 December 2023 (2022: DKK 1,367 million). Of the carrying amount DKK 1,295 million (2022: DKK 1,349 million) relates to hotel properties, owned by the subsidiary Copenhagen Airport Hotels A/S (53% ownership share).The corresponding fair value (fair value level 3) of the investment properties at 31 December 2023 amounts to DKK 2,321 million (2022: DKK 2,332 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 7.0%.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 the same 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.2023Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildings*propertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 10,182 1,778 9,237 2,460 1,488 25,145Additions - 2 - 12 1,288 1,302Disposals (200) - (700) (408) - (1,308)Transferred 106 - 244 144 (494) -Accumulated cost at 31 December 10,088 1,780 8,781 2,208 2,282 25,139DepreciationAccumulated depreciation at 1 January 3,971 410 4,739 1,825 - 10,945Depreciation 310 53 414 169 - 946Depreciation on disposals (200) - (700) (408) - (1,308)Accumulated depreciation at 31 December 4,081 463 4,453 1,586 - 10,583Carrying amount at 31 December 6,007 1,317 4,328 622 2,282 14,556Of which allocated to operational leasing (based on allocation key) 1,650 1,317 682 121 - 3,770* At 31 December 2023, CPH\u2019s properties were mortgaged for a total of DKK 3,191 million (2022: DKK 515 million).Major investments in 2023 included expansion of Terminal 3 airside, IT renewals, runway renovations and new security facilities.2022Other fixtures Property, plant Land andInvestment Plant and and fittings, tools and equipment DKKm buildings*propertiesmachineryand equipmentunder construction TotalCostAccumulated cost at 1 January 9,954 1,772 9,302 2,368 1,301 24,697Adjustment to previous years (8) - - - 14 6Additions - 7 - - 896 903Disposals (149) (1) (290) (21) - (461)Transferred 385 - 225 113 (723) -Accumulated cost at 31 December 10,182 1,778 9,237 2,460 1,488 25,145DepreciationAccumulated depreciation at 1 January 3,779 358 4,673 1,675 - 10,485Adjustment to previous years 8 (1) - - - 7Depreciation 333 54 356 170 - 913Depreciation on disposals (149) (1) (290) (20) - (460)Accumulated depreciation at 31 December 3,971 410 4,739 1,825 - 10,945Carrying amount at 31 December 6,211 1,368 4,498 635 1,488 14,200Of which allocated to operational leasing (based on allocation key) 1,580 1,368 618 107 - 3,673* See previous page.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__120": {
"value": "At 31 December 2023, CPH\u2019s properties were mortgaged for a total of DKK 3,191 million (2022: DKK 515 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__122": {
"value": "Subsidiaries are classified as companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__121-1": {
"value": "Subsidiaries are classified as companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__124": {
"value": "Associates are classified as companies where CPH controls 50% or less of the votes and does not have control but exercises significant in\ufb02uence.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__123-1": {
"value": "Associates are classified as companies where CPH controls 50% or less of the votes and does not have control but exercises significant in\ufb02uence.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__127": {
"value": "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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__129": {
"value": "4.1 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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.DKKm 2023 2022Financial incomeInterest on balances with banks, etc. 3 -Interest on other receivables 2 8 Exchange gains 5 3Total financial income 10 11Financial income decreased by DKK 1 million due to lower interest on trade receivables partly offset by higher interest on bank balances and higher net exchange gains.DKKm 2023 2022Financial expensesInterest on debt to financial institutions and other loans, etc. 318 174Capitalised interest expenses regarding assets under construction (60) (27)Exchange losses 1 1Other financing costs 18 20Amortisation of loan costs 5 3Total financial expenses 282 171Financial expenses increased by DKK 111 million, primarily due to higher interest expenses as a consequence of higher interest rate levels. The increase in financial expenses was partly offset by increased capitalised interest expenses regarding assets under construction due to the higher level of assets under construction and higher interest rates compared to last year. An effective interest rate of 3.2% was applied to calculate loan costs for the cost of assets in 2023 (2022: 1.9%), corresponding to CPH\u2019s weighted average cost of capital for borrow-ings for purchases of property, plant and equipment. There are no unrealised exchange losses in 2023, as the USD-denominated loans and the related currency swaps matured in August 2023. In 2022, the net value of the exchange losses included an unrealised exchange loss of DKK 66 million related to long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 66 million on currency swaps relating to the same loans. Amortisation of loan costs relates to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal. Interest expenses determined on effective interest amounting to DKK 258 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__128": {
"value": "4.1 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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.DKKm 2023 2022Financial incomeInterest on balances with banks, etc. 3 -Interest on other receivables 2 8 Exchange gains 5 3Total financial income 10 11Financial income decreased by DKK 1 million due to lower interest on trade receivables partly offset by higher interest on bank balances and higher net exchange gains.DKKm 2023 2022Financial expensesInterest on debt to financial institutions and other loans, etc. 318 174Capitalised interest expenses regarding assets under construction (60) (27)Exchange losses 1 1Other financing costs 18 20Amortisation of loan costs 5 3Total financial expenses 282 171Financial expenses increased by DKK 111 million, primarily due to higher interest expenses as a consequence of higher interest rate levels. The increase in financial expenses was partly offset by increased capitalised interest expenses regarding assets under construction due to the higher level of assets under construction and higher interest rates compared to last year. An effective interest rate of 3.2% was applied to calculate loan costs for the cost of assets in 2023 (2022: 1.9%), corresponding to CPH\u2019s weighted average cost of capital for borrow-ings for purchases of property, plant and equipment. There are no unrealised exchange losses in 2023, as the USD-denominated loans and the related currency swaps matured in August 2023. In 2022, the net value of the exchange losses included an unrealised exchange loss of DKK 66 million related to long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 66 million on currency swaps relating to the same loans. Amortisation of loan costs relates to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal. Interest expenses determined on effective interest amounting to DKK 258 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__136-1": {
"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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.DKKm 2023 2022Financial expensesInterest on debt to financial institutions and other loans, etc. 318 174Capitalised interest expenses regarding assets under construction (60) (27)Exchange losses 1 1Other financing costs 18 20Amortisation of loan costs 5 3Total financial expenses 282 171Financial expenses increased by DKK 111 million, primarily due to higher interest expenses as a consequence of higher interest rate levels. The increase in financial expenses was partly offset by increased capitalised interest expenses regarding assets under construction due to the higher level of assets under construction and higher interest rates compared to last year. An effective interest rate of 3.2% was applied to calculate loan costs for the cost of assets in 2023 (2022: 1.9%), corresponding to CPH\u2019s weighted average cost of capital for borrow-ings for purchases of property, plant and equipment. There are no unrealised exchange losses in 2023, as the USD-denominated loans and the related currency swaps matured in August 2023. In 2022, the net value of the exchange losses included an unrealised exchange loss of DKK 66 million related to long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 66 million on currency swaps relating to the same loans. Amortisation of loan costs relates to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal. Interest expenses determined on effective interest amounting to DKK 258 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__135-1": {
"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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.DKKm 2023 2022Financial expensesInterest on debt to financial institutions and other loans, etc. 318 174Capitalised interest expenses regarding assets under construction (60) (27)Exchange losses 1 1Other financing costs 18 20Amortisation of loan costs 5 3Total financial expenses 282 171Financial expenses increased by DKK 111 million, primarily due to higher interest expenses as a consequence of higher interest rate levels. The increase in financial expenses was partly offset by increased capitalised interest expenses regarding assets under construction due to the higher level of assets under construction and higher interest rates compared to last year. An effective interest rate of 3.2% was applied to calculate loan costs for the cost of assets in 2023 (2022: 1.9%), corresponding to CPH\u2019s weighted average cost of capital for borrow-ings for purchases of property, plant and equipment. There are no unrealised exchange losses in 2023, as the USD-denominated loans and the related currency swaps matured in August 2023. In 2022, the net value of the exchange losses included an unrealised exchange loss of DKK 66 million related to long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 66 million on currency swaps relating to the same loans. Amortisation of loan costs relates to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal. Interest expenses determined on effective interest amounting to DKK 258 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__134-1": {
"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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.DKKm 2023 2022Financial incomeInterest on balances with banks, etc. 3 -Interest on other receivables 2 8 Exchange gains 5 3Total financial income 10 11Financial income decreased by DKK 1 million due to lower interest on trade receivables partly offset by higher interest on bank balances and higher net exchange gains.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__133-1": {
"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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.DKKm 2023 2022Financial incomeInterest on balances with banks, etc. 3 -Interest on other receivables 2 8 Exchange gains 5 3Total financial income 10 11Financial income decreased by DKK 1 million due to lower interest on trade receivables partly offset by higher interest on bank balances and higher net exchange gains.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__132": {
"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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__131": {
"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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__130": {
"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 \ufb02ow hedge for accounting purposes is recognised in comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__143": {
"value": "Accounting policiesMortgage loans, loans from financial institutions and other loans are recognised when taken 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 statement over the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__142": {
"value": "4.2 Financial institutions and other loansAccounting policiesMortgage loans, loans from financial institutions and other loans are recognised when taken 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 statement over the term of the loan.DKKm 2023 2022Financial institutions and other loans are recognised in the balance sheet as follows:Non-current liabilities 9,253 4,238Current liabilities 407 5,676Total 9,660 9,914Non-cash changesReclassifi-Foreign 31 1 January cation and exchange December DKKm2023 Cash \ufb02owloan costsmovements2023Liabilities arisingfrom financingactivitiesLong-term loans 4,238 5,114 (99) - 9,253Short-term loans 5,676 (5,117) 57 (209) 407Total 9,914 (3) (42) (209) 9,660Non-cash changesReclassifi-Foreign 31 1 January cation and exchange December DKKm2022 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 9,9144.2 Financial institutions and other loans (continued)CPH had the following loans at 31 December:DKKm Carrying amount Fair value*Loan Currency Fixed/\ufb02oating Maturity date 2023 2022 2023 2022Overdraft DKK Floating - 57 38 57 38Bank club DKK Floating 22 Aug 2023 - 2,230 - 2,230Term loan DKK Floating 22 Aug 2023 - 2,000 - 2,000Term loan (new) DKK Floating 27 Apr 2026 2,500 - 2,500 -Bank club (new) DKK Floating 27 Apr 2026 500 - 500 -Nordea Kredit (new)** DKK Floating 22 Aug 2053 600 - 600 -Nykredit Kredit (new)** DKK Floating 22 Aug 2053 900 - 900 -RD Kredit (new)** DKK Floating 22 Aug 2053 900 - 900 -RD (DKK 64 million)** DKK Fixed 23 Dec 2032 32 35 34 35Nordea Kredit** DKK Floating 30 Dec 2039 366 382 366 382Nordic Investment Bank (NIB)*** DKK Fixed 12 Feb 2026 38 54 38 53Nordic Investment Bank (NIB)**** DKK Fixed 19 Dec 2027 424 529 361 454European Investment Bank (EIB)**** DKK Fixed 15 Dec 2026 250 250 234 223European Investment Bank (EIB)**** DKK Fixed 7 Apr 2032 491 545 457 490European Investment Bank (EIB)**** DKK Fixed 26 Jan 2033 364 400 344 358European Investment Bank (EIB)**** DKK Fixed 14 Aug 2033 545 600 496 523European Investment Bank (EIB)**** DKK Fixed 12 Apr 2034 700 700 624 587USPP bond loan DKK Fixed 27 Aug 2025 1,055 1,055 1,035 1,006USPP bond loan USD Fixed 22 Aug 2023 - 1,116 - 1,117Total 9,722 9,934 9,446 9,496Loan costs for future amortisation (62) (20) (62) (20)Total (62) (20) (62) (20)Total 9,660 9,914 9,384 9,476* See note 4.3 for a description of the method for determining the fair value of financial liabilities. ** At 31 December 2023, CPH\u2019s properties were mortgaged for a total value of DKK 3,191 million (2022: 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__155": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__154": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__152": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__151": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__150": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__149-1": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.2023Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Recognised at amortised costTrade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total 1,706 6,394 6,219 14,319 10.408 10,684Derivative financial instruments - 82 65 147 147 147Recognised at fair valueTotal financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Total - 82 65 147 147 147Recognised at amortised costTrade receivables 389 - - 389 389 389Cash 42 - - 42 42 42Other receivables 82 - - 82 82 82Total financial assets 513 - - 513 513 513Total 513 - - 513 513 513* The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated credit 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 forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value measurement of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s forward exchange contracts (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates 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* See previous page.",
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"s11_notesesefdkgaap__7__148": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.",
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"s11_notesesefdkgaap__7__147-1": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.2023Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Recognised at amortised costTrade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total 1,706 6,394 6,219 14,319 10.408 10,684Derivative financial instruments - 82 65 147 147 147Recognised at fair valueTotal financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Total - 82 65 147 147 147Recognised at amortised costTrade receivables 389 - - 389 389 389Cash 42 - - 42 42 42Other receivables 82 - - 82 82 82Total financial assets 513 - - 513 513 513Total 513 - - 513 513 513* The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated credit 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 forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value measurement of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s forward exchange contracts (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates 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* See previous page.",
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"s11_notesesefdkgaap__7__146-1": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.2023Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Recognised at amortised costTrade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total 1,706 6,394 6,219 14,319 10.408 10,684Derivative financial instruments - 82 65 147 147 147Recognised at fair valueTotal financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Total - 82 65 147 147 147Recognised at amortised costTrade receivables 389 - - 389 389 389Cash 42 - - 42 42 42Other receivables 82 - - 82 82 82Total financial assets 513 - - 513 513 513Total 513 - - 513 513 513* The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated credit 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 forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value measurement of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s forward exchange contracts (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates 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* See previous page.",
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"s11_notesesefdkgaap__7__145": {
"value": "4.3 Financial risks Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash \ufb02ows. Derivative financial instruments are initially recognised at fair value at the date a deriv-ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv-ative with a negative fair value is recognised as a financial 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 the income statement in the period in which the hedged transaction affects the income statement.The fair value of interest rate swaps is determined as the present value of expected future cash \ufb02ows. An evaluation of own and counterparty credit risks is also included. Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash \ufb02ow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instru-ment is effective in offsetting changes in cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedgeeffectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedginginstrument\u2013 The effect of credit risk does not dominate the value changes that result from thateconomic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from thequantity of the hedged item that CPH actually hedges and the quantity of the hedginginstrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relation-ship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebal-ances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof)ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinua-tion is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the cash \ufb02ow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassified immediately to profit or loss.CPH\u2019s risk management policyCPH\u2019s financial risks are managed by the Treasury department. The principles and framework governing CPH\u2019s financial management are laid down once a year by the Board of Directors through approval of the CPH treasury policy. The financial risks occur primarily as a result of operating and 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 management, the credit risk relating to customers is monitored monthly. 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 concession-aire) constitute the most significant concentration of credit risk. Gross receivables from the sale of services to these customers amounted to approximately 33% of the total in 2023 (2022: 35%). SAS\u2019s credit rating from Standard & Poor\u2019s is D (2022: D). On 5 July 2022, SAS voluntarily entered Chapter 11 protection in the USA. It has previously 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 bank guarantee equivalent to four months\u2019 revenue (2022: 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 their liabilities when due. CPH seeks to limit the credit risk regarding bank deposits and derivative financial instruments by diversifying financial contracts and by entering into contracts only with financial counterparties with satisfactory credit ratings. The credit risk is calculated per counterparty 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 as they had a net negative market value. Credit exposure to financial counterparties at 31 December 2023 totalled DKK 42 million (2022: DKK 97 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 by diversifying 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 this, the 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. As a consequence of the COVID-19 pandemic, CPH obtained waivers for the financial covenants. Current waivers for the financial cove-nants cover the period up to and including Q3 2024. For information on the dividend policy, see page 79 and 90.Liquidity riskCPH aims to have sufficient available liquidity to meet all its obligations. This is ensured via a solid liquidity buffer consisting of committed credit facilities. In August 2023, CPH refinanced the maturing DKK 6 billion credit facility and a DKK 1 billion USPP bond. The new facilities are a DKK 4.6 billion committed bank facility with a tenor of 3+1+1 years and a DKK 2.4 billion committed mortgage facility with a tenor of 30 years. At 31 December 2023, CPH\u2019s liquid assets consist of cash totalling DKK 42 million (2022: DKK 97 million) and undrawn committed long-term credit facilities totalling DKK 3,400 million (2022: DKK 3,832 million). CPH also has overdraft facilities available of DKK 143 million (2022: DKK 62 million). 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 rate from the day the loans are expected to be swapped, based on the yield curve applic-able at the balance sheet date. A complete overview of payment commitments is disclosed on the following pages. All cash \ufb02ows are undiscounted and include all liabil-ities under the contracts. 2023Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Recognised at amortised costTrade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total 1,706 6,394 6,219 14,319 10.408 10,684Derivative financial instruments - 82 65 147 147 147Recognised at fair valueTotal financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Total - 82 65 147 147 147Recognised at amortised costTrade receivables 389 - - 389 389 389Cash 42 - - 42 42 42Other receivables 82 - - 82 82 82Total financial assets 513 - - 513 513 513Total 513 - - 513 513 513* The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated credit 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 forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value measurement of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s forward exchange contracts (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates 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* See previous page.Market risksInterest rate risks It is CPH\u00b4s policy to reduce the financial impact of interest rate \ufb02uctuations on earnings and cash \ufb02ows by actively managing this risk at an appropriate cost. Hedging is normally carried out by using interest rate swaps under which \ufb02oating-rate loans are swapped to a fixed interest rate. On 22 August 2023, CPH refinanced DKK 7 billion of maturing debt facilities with new loans at \ufb02oating interest rates. DKK 3.6 billion of the new debt was hedged using interest rate swaps. The underlying debt for interest swaps has an average duration of 20.6 years as 2/3 of the debt is mortgage loans. The average tenor of the swaps is 5.2 years, and the underlying fixed interest rate is 4.27%.The duration of CPH\u2019s drawn loans on 31 December 2023 was determined to be approximately 9.7 years (2022: approximately 4.1 years). 77% of CPH\u2019s DKK drawn loan portfolio is at a fixed rate (i.e. 23% is at a variable rate). A one percentage point change in the interest rate on \ufb02oating-rate loans on 31 December 2023 would affect profit before tax by DKK +/- 22 million on an annual basis. Sensitivity analysis of the current portfolio of swap contractsDKKm 2023 2022Effect on equity of:An increase in the DKK interest rate of 1 %-point 164 6A decrease in the DKK interest rate of 1 %-point (173) (6)An increase in the USD interest rate of 1 %-point N/A (7)A decrease in the USD interest rate of 1 %-point N/A 7Exchange rate risksExchange rate \ufb02uctuations would have only a minor impact on CPH\u2019s operating results because most of its revenues and costs are settled in DKK.",
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},
"s11_notesesefdkgaap__7__156-1": {
"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 management, the credit risk relating to customers is monitored monthly. 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 concession-aire) constitute the most significant concentration of credit risk. Gross receivables from the sale of services to these customers amounted to approximately 33% of the total in 2023 (2022: 35%). SAS\u2019s credit rating from Standard & Poor\u2019s is D (2022: D). On 5 July 2022, SAS voluntarily entered Chapter 11 protection in the USA. It has previously 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 bank guarantee equivalent to four months\u2019 revenue (2022: 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 their liabilities when due. CPH seeks to limit the credit risk regarding bank deposits and derivative financial instruments by diversifying financial contracts and by entering into contracts only with financial counterparties with satisfactory credit ratings. The credit risk is calculated per counterparty 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 as they had a net negative market value. Credit exposure to financial counterparties at 31 December 2023 totalled DKK 42 million (2022: DKK 97 million), corresponding to the value of bank deposits and money market deposits, including accrued interest.DKKm 2023 2022Trade receivables 416 314Write-down 27 19Net trade receivables 389 295Write-down for bad and doubtful debtsAccumulated write-down at 1 January 19 37Change in write-down for the year 8 (18)Realised loss for the year - 20Reversal-(20)Accumulated write-down at 31 December 27 19DKKm 2023 2022Gross Gross carrying Impaired Net trade carrying Impaired Net trade amountamountreceivables amountamountreceivables Not due 273 (1) 272 220 (1) 219Less than 30 days 122 (5) 117 79 (3) 7630 to 90 days 3 (3) - 3 (3) -More than 90 days 18 (18) - 12 (12) -Total 416 (27) 389 314 (19) 295",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__157": {
"value": "Capital managementCPH\u2019s policy concerning borrowings is, as far as possible, to ensure a certain \ufb02exibility by diversifying 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 this, the 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. As a consequence of the COVID-19 pandemic, CPH obtained waivers for the financial covenants. Current waivers for the financial cove-nants cover the period up to and including Q3 2024. For information on the dividend policy, see page 79 and 90.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__158": {
"value": "Liquidity riskCPH aims to have sufficient available liquidity to meet all its obligations. This is ensured via a solid liquidity buffer consisting of committed credit facilities. In August 2023, CPH refinanced the maturing DKK 6 billion credit facility and a DKK 1 billion USPP bond. The new facilities are a DKK 4.6 billion committed bank facility with a tenor of 3+1+1 years and a DKK 2.4 billion committed mortgage facility with a tenor of 30 years. At 31 December 2023, CPH\u2019s liquid assets consist of cash totalling DKK 42 million (2022: DKK 97 million) and undrawn committed long-term credit facilities totalling DKK 3,400 million (2022: DKK 3,832 million). CPH also has overdraft facilities available of DKK 143 million (2022: DKK 62 million). 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 rate from the day the loans are expected to be swapped, based on the yield curve applic-able at the balance sheet date. A complete overview of payment commitments is disclosed on the following pages. All cash \ufb02ows are undiscounted and include all liabil-ities under the contracts. 2023Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Recognised at amortised costTrade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total 1,706 6,394 6,219 14,319 10.408 10,684Derivative financial instruments - 82 65 147 147 147Recognised at fair valueTotal financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Total - 82 65 147 147 147Recognised at amortised costTrade receivables 389 - - 389 389 389Cash 42 - - 42 42 42Other receivables 82 - - 82 82 82Total financial assets 513 - - 513 513 513Total 513 - - 513 513 513* The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated credit 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 forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value measurement of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s forward exchange contracts (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates 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* See previous page.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__159": {
"value": "2023Fair value Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years TotalLevel 2* Carrying amountFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Recognised at amortised costTrade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total 1,706 6,394 6,219 14,319 10.408 10,684Derivative financial instruments - 82 65 147 147 147Recognised at fair valueTotal financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Total - 82 65 147 147 147Recognised at amortised costTrade receivables 389 - - 389 389 389Cash 42 - - 42 42 42Other receivables 82 - - 82 82 82Total financial assets 513 - - 513 513 513Total 513 - - 513 513 513* The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated credit 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 forward rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value measurement of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s forward exchange contracts (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates 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* See previous page.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__163-1": {
"value": "Market risksInterest rate risks It is CPH\u00b4s policy to reduce the financial impact of interest rate \ufb02uctuations on earnings and cash \ufb02ows by actively managing this risk at an appropriate cost. Hedging is normally carried out by using interest rate swaps under which \ufb02oating-rate loans are swapped to a fixed interest rate. On 22 August 2023, CPH refinanced DKK 7 billion of maturing debt facilities with new loans at \ufb02oating interest rates. DKK 3.6 billion of the new debt was hedged using interest rate swaps. The underlying debt for interest swaps has an average duration of 20.6 years as 2/3 of the debt is mortgage loans. The average tenor of the swaps is 5.2 years, and the underlying fixed interest rate is 4.27%.The duration of CPH\u2019s drawn loans on 31 December 2023 was determined to be approximately 9.7 years (2022: approximately 4.1 years). 77% of CPH\u2019s DKK drawn loan portfolio is at a fixed rate (i.e. 23% is at a variable rate). A one percentage point change in the interest rate on \ufb02oating-rate loans on 31 December 2023 would affect profit before tax by DKK +/- 22 million on an annual basis.Sensitivity analysis of the current portfolio of swap contractsDKKm 2023 2022Effect on equity of:An increase in the DKK interest rate of 1 %-point 164 6A decrease in the DKK interest rate of 1 %-point (173) (6)An increase in the USD interest rate of 1 %-point N/A (7)A decrease in the USD interest rate of 1 %-point N/A 7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__165-1": {
"value": "Sensitivity analysis of the current portfolio of swap contractsDKKm 2023 2022Effect on equity of:An increase in the DKK interest rate of 1 %-point 164 6A decrease in the DKK interest rate of 1 %-point (173) (6)An increase in the USD interest rate of 1 %-point N/A (7)A decrease in the USD interest rate of 1 %-point N/A 7Exchange rate risksExchange rate \ufb02uctuations would have only a minor impact on CPH\u2019s operating results because most of its revenues and costs are settled in DKK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__169": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__168": {
"value": "5.1 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 is calculated 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 credit impairment at individual level, the remaining receivables are assessed for credit impairment. The objective indications are based on historical loss experiences.If there is an indication that individual receivables are impaired, such as non- payment of amounts due or the debtor having financial difficulties in the form of payment suspension, 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 regarding non-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 financial guarantees. Of the trade receivables of DKK 389 million at 31 December 2023 (2022: DKK 295 million), DKK 129 million (2022: DKK 93 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 2023 2022Trade receivables 416 314Write-down 27 19Net trade receivables 389 295Write-down for bad and doubtful debtsAccumulated write-down at 1 January 19 37Change in write-down for the year 8 (18)Realised loss for the year - 20Reversal-(20)Accumulated write-down at 31 December 27 19DKKm 2023 2022Gross Gross carrying Impaired Net trade carrying Impaired Net trade amountamountreceivables amountamountreceivables Not due 273 (1) 272 220 (1) 219Less than 30 days 122 (5) 117 79 (3) 7630 to 90 days 3 (3) - 3 (3) -More than 90 days 18 (18) - 12 (12) -Total 416 (27) 389 314 (19) 295",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__167": {
"value": "5.1 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 is calculated 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 credit impairment at individual level, the remaining receivables are assessed for credit impairment. The objective indications are based on historical loss experiences.If there is an indication that individual receivables are impaired, such as non- payment of amounts due or the debtor having financial difficulties in the form of payment suspension, 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 regarding non-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 financial guarantees. Of the trade receivables of DKK 389 million at 31 December 2023 (2022: DKK 295 million), DKK 129 million (2022: DKK 93 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 2023 2022Trade receivables 416 314Write-down 27 19Net trade receivables 389 295Write-down for bad and doubtful debtsAccumulated write-down at 1 January 19 37Change in write-down for the year 8 (18)Realised loss for the year - 20Reversal-(20)Accumulated write-down at 31 December 27 19DKKm 2023 2022Gross Gross carrying Impaired Net trade carrying Impaired Net trade amountamountreceivables amountamountreceivables Not due 273 (1) 272 220 (1) 219Less than 30 days 122 (5) 117 79 (3) 7630 to 90 days 3 (3) - 3 (3) -More than 90 days 18 (18) - 12 (12) -Total 416 (27) 389 314 (19) 295",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__173": {
"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 probable that an out\ufb02ow of economic benefits will be required to settle the obligation. Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interest payable and are measured at nominal value. Other payables also include the fair value of interest rate swaps.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__174": {
"value": "DKKm 2023 2022Other payables \u2013 non-currentHoliday pay, frozen 158 156Interest rate swaps 147 -Balance at 31 December 305 156Other payables \u2013 currentHoliday pay and other payroll items 196 156Interest payable 33 56Other 72 62Balance at 31 December 301 274Total balance at 31 December 606 430Other payables increased by DKK 176 million, primarily due to negative values on interest rate swaps, increase in holiday pay and other payroll items. This was partly offset by lower interest payable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__172": {
"value": "5.2 Other payables 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 probable that an out\ufb02ow of economic benefits will be required to settle the obligation. Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interest payable and are measured at nominal value. Other payables also include the fair value of interest rate swaps.DKKm 2023 2022Other payables \u2013 non-currentHoliday pay, frozen 158 156Interest rate swaps 147 -Balance at 31 December 305 156Other payables \u2013 currentHoliday pay and other payroll items 196 156Interest payable 33 56Other 72 62Balance at 31 December 301 274Total balance at 31 December 606 430Other payables increased by DKK 176 million, primarily due to negative values on interest rate swaps, increase in holiday pay and other payroll items. This was partly offset by lower interest payable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__179": {
"value": "5.4 Financial commitmentsAt 31 December 2023, CPH had entered into contracts to build facilities totalling DKK 1,391 million (2022: DKK 1,857 million), primarily relating to the expansion of Terminal 3. Other commitments total DKK 33 million (2022: DKK 82 million). Furthermore, CPH is committed to pay pension obligations relating to civil servants pursuant to the 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, which hold 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 7 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.Apart from the above, all other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__178": {
"value": "5.4 Financial commitmentsAt 31 December 2023, CPH had entered into contracts to build facilities totalling DKK 1,391 million (2022: DKK 1,857 million), primarily relating to the expansion of Terminal 3. Other commitments total DKK 33 million (2022: DKK 82 million). Furthermore, CPH is committed to pay pension obligations relating to civil servants pursuant to the 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, which hold 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 7 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.Apart from the above, all other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__177": {
"value": "5.4 Financial commitmentsAt 31 December 2023, CPH had entered into contracts to build facilities totalling DKK 1,391 million (2022: DKK 1,857 million), primarily relating to the expansion of Terminal 3. Other commitments total DKK 33 million (2022: DKK 82 million). Furthermore, CPH is committed to pay pension obligations relating to civil servants pursuant to the 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, which hold 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 7 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.Apart from the above, all other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__176": {
"value": "5.4 Financial commitmentsAt 31 December 2023, CPH had entered into contracts to build facilities totalling DKK 1,391 million (2022: DKK 1,857 million), primarily relating to the expansion of Terminal 3. Other commitments total DKK 33 million (2022: DKK 82 million). Furthermore, CPH is committed to pay pension obligations relating to civil servants pursuant to the 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, which hold 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 7 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.Apart from the above, all other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__46": {
"value": "Kastrup Airports Parent ApS (KAP)",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__181": {
"value": "5.7 Fees to the auditors appointed at the Annual General MeetingDKKm 2023 2022Audit fee to PwC 1.4 1.4Fees for assurance engagements other than audit 0.4 0.5Tax advice 0.1 0.2Non-audit services 0.7 0.1Total audit fee 2.6 2.2Non-audit services provided by PwC Denmark amounts to DKK 1.2 million in 2023 (2022: DKK 0.8 million), relating to ESG advisory services, ESG limited assurance, tax and VAT services, different assurance opinions, accounting services and other minor services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__182": {
"value": "5.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__183": {
"value": "5.9 Capital and EPSDKKm 2023 2022Net profit/(loss) for the year 286 207EPS =Number of outstanding shares (thousands)7,848 7,848Net profit/(loss) for the year 286 207EPS (diluted) =Average number of outstanding shares, 7,848 7,848fully diluted (thousands)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notesesefdkgaap__7__184": {
"value": "5.10 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 sharesEBIT 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, except those marked *, which it does not include.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}