Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 20
7w
Interim report of Copenhagen Airports A/S (CPH) for the
period 1 January – 31 March 2024
Company Announcement
Kastrup, 14 May 2024
Contact:
Rasmus Lund
CFO
Tel.: +45 3231 3231
E-mail: cphpresse@cph .dk
CVR no. 14 70 72 04
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2024 ........................................................................................................................ 3
Highlights ....................................................................................................................................................... 3
Outlook for 2024 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – Q1 2024 ................................................................................................................................. 6
Other items in the income statement ............................................................................................................. 7
Cash flow statement....................................................................................................................................... 7
Reporting on business areas ......................................................................................................................... 8
Aeronautical business area ............................................................................................................................ 9
Non-aeronautical business area .................................................................................................................. 10
Other events ................................................................................................................................................. 11
Risks and uncertainties ................................................................................................................................ 11
CONSOLIDATED FINANCIAL STATEMENTS ............................................................................................... 12
Income statement ......................................................................................................................................... 12
Statement of comprehensive income ........................................................................................................... 13
Balance sheet .............................................................................................................................................. 14
Cash flow statement..................................................................................................................................... 16
Statement of changes in equity .................................................................................................................... 17
Notes to the financial statements ................................................................................................................. 18
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT ...................................................................... 20
The terms “CPH”, “the Group” and “the Company” are used synonymously for Copenhagen Airports A/S consolidated with its subsidiaries
and associates.
The term “Copenhagen Airport” is used to refer to the airport at Copenhagen, Kastrup, which is owned by Copenhagen Airports A/S.
The term “YTD” is used to refer to year-to-date figures, and the term “FY” is used to refer to full-year figures.
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 31 MARCH 2024
The Board of Directors has today approved the interim report for the period 1 January – 31 March 2024.
HIGHLIGHTS
The total number of passengers at Copenhagen Airports was 5.8 million in the first three months of
2024, an increase of 0.6 million compared with the first three months of 2023. The number of locally
departing passengers was 2.3 million (up 10% from last year), 2.9 million were arriving passengers
(up 11% from last year), and 0.5 million were departing transfer passengers (up 15% from last year).
Revenue amounted to DKK 1,036 million (2023: DKK 839 million), an increase of 23% compared with
the first three months of 2023 driven by the combined effect of the new charges agreement effective
from 1 January 2024 and higher passenger numbers.
EBITDA amounted to DKK 412 million (2023: DKK 256 million), up by DKK 156 million compared with
the same period last year.
EBIT was DKK 169 million (2023: DKK 5 million), an improvement of DKK 164 million compared with
the same period of last year.
Net financing costs amounted to DKK 68 million, which was DKK 6 million higher than for the same
period of 2023 primarily due to higher interest rates.
Profit before tax amounted to DKK 98 million (2023: a loss of DKK 59 million), an increase of DKK 157
million reflecting the higher revenue levels.
Capital investments including capitalised interest was DKK 293 million in the first three months of 2024
(2023: DKK 286 million). Investments included the expansion of Terminal 3, improvements of security
and baggage facilities, various IT systems, as well as miscellaneous improvements and asset
investments.
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2024
Outlook for the remainder of 2024 remains unchanged compared to our announcement in the Annual Report
for 2023. In 2024, CPH expects to continue its growth in passengers which will lead to higher profitability.
However, economic outlook remains uncertain because of the ongoing geopolitical and macroeconomic
effects. Any deterioration in these factors could negatively impact travel sentiment and CPH’s financial outlook.
Outlook for revenue growth
Expectations for revenue growth remains at around 20% in 2024, primarily driven by the charges effective from
1 January 2024 and increase in passenger numbers. CPH expects approximately 29 million passengers in
2024.
Outlook for profit before tax
If passenger levels reach around 29 million, profit before tax is expected to be between DKK 1.15 billion and
DKK 1.35 billion, mainly supported by growth in passengers offset by increasing operating costs compared
with 2023. The increasing cost levels are primarily due to the expected rise in passenger-related activities,
regulatory requirements, salary increase expectations and inflation.
Outlook for capital investments
Investment level including capitalised interest, is expected to be around DKK 1.5 billion. The expansion of
Terminal 3 is expected to account for approximately half of the estimated investment level for 2024, with the
remainder spread across projects relating to capacity, safety, security and compliance.
Dividend
There will be no dividend payment in 2024 because of restrictions relating to financing agreements.
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q1 2024 Q1 2023 FY 2023
Income statement (DKKm)
Revenue 1.036 839 4.061
Aeronautical revenue 608 438 2.193
Non-aeronautical revenue 428 401 1.868
EBITDA 412 256 1.685
Aeronautical EBITDA 98 (17) 265
Non-aeronautical EBITDA 314 273 1.420
EBIT 169 5 679
Aeronautical EBIT (77) (195) (458)
Non-aeronautical EBIT 246 201 1.137
Net financing costs 68 62 272
Profit/(loss) before tax 98 (59) 398
Net profit/(loss) 76 (46) 286
Statement of comprehensive income (DKKm)
Other comprehensive income 29 3 (109)
Comprehensive income 105 (44) 177
Balance sheet (DKKm)
Property, plant and equipment 14.590 14.239 14.556
Financial investments 117 310 120
Total assets 15.744 15.351 15.520
Equity 3.543 3.293 3.438
Non-controlling interests of equity 592 646 586
Interest-bearing debt 9.867 10.102 9.660
Investment in property, plant and equipment 262 273 1.302
Investment in intangible assets 31 13 102
Cash flow statement (DKKm)
Cash flow from operating activities 153 48 1.361
Cash flow from investing activities (328) (222) (1.337)
Cash flow from financing activities 205 207 (79)
Cash at the end of the period 72 131 42
Key ratios
EBITDA margin 39,7% 30,6% 41,5%
EBIT margin 16,3% 0,6% 16,7%
Asset turnover rate 0,27 0,23 0,27
Return on assets 4,4% 0,1% 4,5%
Return on equity 8,8% (5,6%) 8,4%
Equity ratio 22,5% 21,5% 22,2%
Earnings per DKK 100 share 9,7 (5,9) 36,4
Cash earnings per DKK 100 share 40,6 26,1 164,6
Net asset value per DKK 100 share 451,5 419,6 438,1
NOPAT margin 12,4% 0,3% 11,8%
Turnover rate of capital employed 0,07 0,06 0,07
ROCE* 5,9% 3,9% 4,8%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – Q1 2024
Passenger numbers for the first three months of
2024 reached a total of 5.8 million, which was an
increase of 0.6 million (11%) on the same period of
2023.
Revenue for the first three months of 2024
amounted to DKK 1,036 million, a 23% increase
compared with the same period of 2023.
Aeronautical revenue amounted to DKK 608
million, an increase of DKK 170 million compared
with the first three months of 2023. This was mainly
due to the new charges agreement effective from 1
January 2024 and the increasing passenger
numbers.
Non-aeronautical revenue increased by DKK 27
million to DKK 428 million, a 7% improvement on
the same period of 2023.
Operating costs including depreciation and
amortisation amounted to DKK 867 million, an
increase of DKK 34 million compared with last year
mainly due to higher activity levels. Staff costs
increased by DKK 35 million due to an increase in
the staff headcount of 158 full-time employees.
External costs were up by DKK 5 million compared
to the same period last year on a combination of
higher maintenance costs due to the increased
activity levels and lower energy costs. Depreciation
and amortisation charges were down by DKK 8
million.
EBITDA showed a profit of DKK 412 million, an
increase of DKK 156 million compared with the first
three months of 2023, driven by the higher activity
levels.
Net financing costs amounted to DKK 68 million, an
increase of DKK 6 million, which was primarily due
to higher interest rate levels relative to last year.
Profit before tax amounted to DKK 98 million, an
improvement of DKK 157 million compared to the
first three months of 2023.
DKKm 2024 2023 Ch. Ch. %
Revenue 1.036 839 197 23%
EBITDA 412 256 156 61%
EBIT 169 5 164 -
Other financial items (3) (2) (1) 22%
Net financing costs 68 62 6 9%
Profit/(loss) before tax 98 (59) 157 -
Year to date
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 6 million higher than
in the same period of 2023.
The development was mainly attributable to the
higher interest rate levels, offset by increased
capitalised interest on assets under construction.
Tax on profit/(loss) for the period
Tax on profit/(loss) for the period is recognised
based on a current estimate of actual taxes for the
period.
CASH FLOW STATEMENT
Cash flow from operating activities increased by
DKK 104 million relative to the same period last
year, primarily due to higher net cash inflows from
the increased revenue driven by higher passenger
numbers and the new charges agreement.
Cash flow from investing activities was primarily
related to investments in property, plant and
equipment and intangible assets.
Major investments made during the first three
months of 2024 included the expansion of Terminal
3, improvements to security and baggage facilities,
various IT systems, as well as miscellaneous
improvements and asset investments.
Cash flow from financing activities related to net
drawings on credit facilities and amortisation of
loans.
At 31 March 2024, CPH had cash and cash
equivalents of DKK 72 million (31 December 2023:
DKK 42 million).
DKKm 2024 2023 Ch.
Interes t 85 68 17
Capitalised interest on
assets under
construction
(21) (11) (10)
Other financial
costs
4 5 (1)
Total 68 62 6
Year to date
DKKm 2024 2023 Ch.
Cash flow from:
Operating activities 153 49 104
Investing activities (328) (222) (106)
Financing activities 205 207 (2)
Net cash flow for the period 30 34 (4)
Cash at the beginning
of the year
42 97 (55)
Cash at the end of
the period 72 131 (59)
Year to date
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 8 of 20
REPORTING ON BUSINESS AREAS
CPH presents its operating and financial
performance for the period based on business
areas.
CPH’s income statement, statement of
comprehensive income, balance sheet, cash flow
statement, statement of changes in equity and
notes to the financial statements for the period 1
January – 31 March 2024 are provided on pages
12-19.
Revenue and EBIT split by business area (YTD)
DKKm 2024 2023 Ch. Ch. % 2024 2023 Ch. Ch. %
Aeronautical 608 438 170 39% (77) (195) 118 -
Non-aeronautical 428 401 27 7% 246 201 45 22%
Total 1.036 839 197 23% 169 5 164 -
Revenue EBIT
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
A total of 5.8 million passengers passed through
Copenhagen Airport during the first three months of
2024, equivalent to an increase of 0.6 million or 11%
compared with the same period of 2023. European
destinations accounted for most of the increase at
0.4 million passengers or 10% compared with 2023.
The rest of the increase from intercontinental routes.
The total number of departing passengers total 2.9
million (up 11% compared with the same period of
last year), of which 2.3 million were locally departing
(10% up on last year), and 0.5 million were departing
transfer and transit passengers (15% up on the same
period of last year).
Locally departing passengers accounted for 81% of
all departing passengers, while transfer and transit
passengers accounted for 19%. The total number of
arriving passengers was 2.9 million (11% up on last
year).
Compared with 2023, total seat capacity increased
by 6% in the first three months of 2024, the number
of passenger-related operations increased by 3%,
and the average cabin factor (occupancy) increased
by 5% to 74%.
Revenue
In 2023, CPH negotiated a new commercial charges
agreement for the period 2024 to 2027. The new
charges agreement contained restructured take-off
and passenger charges with increases in prices and
aeronautical revenue. As a consequence of the new
charges agreement and due to the ongoing increase
in passenger numbers, total aeronautical revenue
YTD increased by DKK 170 million or 39% over the
same period last year to a total of DKK 608 million.
Passenger charges increased by DKK 71 million
over the same period of last year to DKK 269 million.
Security, handling, and CUTE (Common User
Terminal Equipment) charges increased by DKK 72
million compared with the same period last year,
ending at DKK 221 million. Effective from 2024,
CUTE fees are no longer charged separately, but are
added to handling charges.
Take-off charges amounted to DKK 104 million, an
increase of 29% compared with the same period of
last year, primarily driven by the increase in charges
and a slight increase in the number of flight
operations. Passenger-related operations increased
by 3%, while cargo operations decreased by 3%.
Profit/(loss) before interest and tax
(Aeronautical EBIT)
Aeronautical EBIT for the first three months of 2024
improved by DKK 118 million compared with the
same period of 2023, primarily due to higher revenue
from the increase in passenger numbers. However,
the costs of operating the airport also increased,
mainly due to the higher activity levels.
FY
DKKm 2024 2023 Ch. Ch. % 2023
Revenue 608 438 170 39% 2.193
EBIT
(77) (195) 118 - (458)
Segment assets 10.036 9.610 426 4% 9.924
Year to date
Pax (thousand) 2024 2023 Ch. Ch. %
Denmark 253 291 (38) (13%)
Europe 4.763 4.345 418 10%
Interkontinental 772 587 185 32%
Total pax 5.788 5.223 565 11%
Local departing pax
2.339 2.124 215 10%
Transfer departing pax
545 475 70 15%
Total departing pax
2.884 2.599 285 11%
Year to date
DKKm 2024 2023 Ch. Ch. %
Passenger charges 269 198 71 36%
Security charges 162 109 53 49%
Handling 59 36 23 62%
CUTE charges - 4 (4) (100%)
Take-off charges 104 81 23 29%
Aircraft parking, etc. 14 10 4 38%
Total 608 438 170 39%
Year to date
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 10 of 20
NON-AERONAUTICAL BUSINESS AREA
Revenue
Concession revenue
Concession revenue from the shopping centre
amounted to DKK 172 million for the first three
months of 2024, an increase of DKK 14 million
compared with the same period of last year. The
improvement was primarily driven by the increase
in passenger numbers, but offset by the effects of
closing a number of concessions in the restaurant
and specialty shop segment due to the ongoing
Terminal 3 expansion.
The increase in passenger numbers was the
primary driver of the increase in parking revenue.
Parking revenue for the first three months of 2024
was up by DKK 12 million over last year.
Other revenue amounted to DKK 12 million, an
increase of DKK 3 million compared with last year
that was mainly due to revenue from charging
stations.
Rent
Total rent amounted to DKK 52 million, a 6%
increase over last year.
Sales of services, etc.
Revenue from the hotel operation was in line with
the same period of last year.
The category Other includes PRM (Persons with
Reduced Mobility), TMS (Taxa Management
System) and CPH leaseholders’ share of energy
costs. Other revenue was down by DKK 6 million
compared to last year. The decrease is primarily
due to lower energy costs resulting in reduced
reinvoicing to CPH’s leaseholders and partly offset
by an increase in PRM handlings. The costs of
these activities are carried by CPH and re-invoiced
to customers. These activities are all non-profit for
CPH.
Profit/(loss) before interest and tax (Non-
aeronautical EBIT)
Non-aeronautical EBIT improved by DKK 45 million
compared with the same period of last year. The
increase was primarily due to the higher activity
levels in 2024.
FY
DKKm 2024 2023 Ch. Ch. % 2023
Revenue 428 401 27 7% 1.868
EBIT
246 201 45 22% 1.137
Segment assets 5.493 5.244 249 5% 5.409
Investments in associates 117 127 (10) (8%) 120
Year to date
DKKm 2024 2023 Ch. Ch. %
Shopping centre 172 158 14 9%
Parking 90 78 12 15%
Other revenue 12 9 3 41%
Total 274 245 29 12%
Year to date
DKKm 2024 2023 Ch. Ch. %
Rent from premises 36 34 2 7%
Rent from land 15 13 2 11%
Other rent 1 2 (1) (29%)
Total 52 49 3 6%
Year to date
DKKm 2024 2023 Ch. Ch. %
Hotel operation 29 28 1 2%
Other 73 79 (6) (7%)
Total 102 107 (5) (5%)
Year to date
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 11 of 20
OTHER EVENTS
As stated in the company announcement of 5
December 2023, Christian Poulsen was appointed
CEO of Copenhagen Airports A/S effective 1
January 2024.
Christian Poulsen had been acting CEO since 30
September 2023. Christian Poulsen has held
various leading positions at Copenhagen Airport for
more than 14 years, including as Chief Operating
Officer (COO) during the past four years.
RISKS AND UNCERTAINTIES
Other than as stated elsewhere in this interim
report, no material changes have occurred in the
short-term risks and uncertainties to which CPH is
subject, compared with the information provided in
the 2023 Annual Report.
Forward-looking statements – risks and
uncertainties
This interim report contains forward-looking
statements as described in the US Private
Securities Litigation Act of 1995 and similar acts of
other jurisdictions. In particular, this includes
statements concerning future revenue, operating
profit, business expansion and capital investments.
Such statements are subject to risks and
uncertainties, as various factors, many of which are
beyond CPH’s control, may cause actual results
and performance to differ materially from the
forecasts provided elsewhere in this interim report.
Such factors include general economic and
business conditions, changes in exchange rates,
demand for CPH’s services, competitive factors
within the aviation industry and operational matters
in one or more of the Group’s businesses. See Risk
Management on pages 72-74 of the 2023 Annual
Report.
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2024 2023
Traffic revenue
Concession revenue
Rent
Sale of services, etc.
Revenue 1.036
Other income
External costs
Staff costs
Amortisation and depreciation
Operating profit 169
Profit/(loss) from investments in associates after tax
(3 )
(2 )
Financial income
Financial expenses
Profit/(loss) before tax 98
(59 )
Tax on profit/(loss) for the period
(12 )
Net profit/(loss) for the period 76
(47 )
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
(53 )
Non-controlling interests
Net profit 76
(47 )
Earnings per DKK 100 share (basic and diluted)
(6
Year to date
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2024 2023
Net profit/(loss) for the period 76
(47 )
Items that are reclassified to the income statement
Currency translation of equity in foreign branch
(0 )
Value adjustments of hedging instruments
(16 )
Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement
Tax on other comprehensive income
(8 )
(1 )
Other comprehensive income for the period 29
Total comprehensive income for the period 105
(44 )
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S 99 (50 )
Non-controlling interests 6 6
Total comprehensive income for the period 105
(44 )
Year to date
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Asse ts
31 Mar 31 Dec 31 Mar
Note
DKKm 2024 2023 2023
NON-CURRENT ASSETS
Total intangible assets 278
Property, plant and equipment
Land and buildings
Investment properties
Plant and machinery
Other fixtures and fittings, tools and equipment
2
Property, plant and equipment under construction
Total property, plant and equipment 14.590
Financial assets
Investments in associates
Total financial assets 117
Total non-current assets 14.985
CURRENT ASSETS
Other financial assets
Trade receivables
Other receivables
Tax receivables
Prepayments
Cash
Total current assets 759
Total assets 15.744
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
31 Mar 31 Dec 31 Mar
Note
DKKm 2024 2023 2023
EQUITY
Share capital
Reserve for hedging
(85 )
(114 ) (5 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 3.543
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
4
Other payables
Total non-current liabilities 10.614
CURRENT LIABILITIES
3
Financial institutions and other loans
Prepayments from customers
Trade payables
Income tax
4
Other payables
Deferred income
Total current liabilities 1.587
Total liabilities 12.201
Total equity and liabilities 15.744
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 16 of 20
CASH FLOW STATEMENT
DKKm 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers, etc.
(698 )
(741 )
Cash flow from operating activities before financial items and tax 244
Interest received, etc.
Interest paid, etc.
(92 )
(83 )
Cash flow from operating activities before tax 153
Income taxes paid
(0 )
Cash flow from operating activities 153
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(298 )
(210 )
Payments for intangible assets
(31 )
(13 )
Sale of property, plant and equipment
Cash flow from investing activities (328 )
(222 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(202 )
(181 )
Proceeds from long-term loans
Repayments of short-term loans
(368 )
(140 )
Proceeds from short-term loans
Cash flow from financing activities 205
Net cash flow for the period 30
Cash at the beginning of the period
Cash at the end of the period 72
Year to date
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 17 of 20
STATEMENT OF CHANGES IN EQUITY
DKKm
Share
capital
Reserve for
hedging
Retained
earnings Total
Non-
controlling
interests Total
Equity at 1 January 2024 785 (114 ) 2.181 2.852 586 3.438
Comprehensive income for the period
Net profit/(loss) for the period - - 70 70 6 76
Other comprehensive income
Value adjustments of hedging instruments - 29 - 29 - 29
Total other comprehensive income - 29 - 29 - 29
Total comprehensive income for the period - 29 70 99 6 105
Equity at 31 March 2024 785 (85 ) 2.251 2.951 592 3.543
Equity at 1 January 2023 785 (8 ) 1.920 2.697 640 3.337
Comprehensive income for the period
Net profit/(loss) for the period - - (53 ) (53 ) 6 (47 )
Other comprehensive income
Currency translation of equity in foreign branch
Value adjustments of hedging instruments - (12 ) - (12 ) - (12 )
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - 3 (0 ) 3 - 3
Total comprehensive income for the period - 3 (53 ) (50 ) 6 (44 )
Equity at 31 March 2023 785 (5 ) 1.867 2.647 646 3.293
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 18 of 20
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1: Basis of preparation
CPH is a limited liability company domiciled in Denmark and listed on Nasdaq Copenhagen.
The interim report comprises the condensed consolidated financial statements of Copenhagen Airports A/S.
The interim report is presented in accordance with international accounting standard IAS 34 Interim Financial
Reporting and additional Danish disclosure requirements applying to interim reports of listed companies.
Significant accounting estimates
In preparing the consolidated financial statements, management makes various accounting estimates and
assumptions that form the basis of the presentation, recognition, and measurement of CPH’s assets and
liabilities.
The estimates made by CPH in determining the carrying amounts of assets and liabilities are based on
estimates and assumptions that are subject to future events. These include estimates of the useful lives of
property, plant and equipment, and their residual values. Estimates and underlying assumptions are based on
historical data and factors that management considers relevant under the given circumstances. These
assumptions may have to be revised, and unexpected events or circumstances may occur. For a description
of risks and accounting estimates, and for a list of the notes that contain significant estimates and judgments,
see pages 72-74 and 94 respectively of the 2023 Annual Report.
Accounting policies
The accounting policies applied in the interim report are unchanged from those applied in the 2023 Annual
Report except as set out below. The 2023 Annual Report was 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. For further information, see page 94 of the 2023 Annual Report, which indicates
which notes contain accounting policies, and the summary of significant accounting policies on pages 95-96.
Change in accounting policies
As of 1 January 2024, CPH adopted all relevant new or revised International Financial Reporting Standards
and IFRIC Interpretations with effective date 1 January 2024 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.
NOTE 2: Property, plant and equipment
Investment in and sale of property, plant and equipment
In the first three months of 2024, CPH invested DKK 293 million in intangible assets and property, plant and
equipment. Major investments made during the first three months of 2024 include the expansion of Terminal
3, improvements of security and baggage facilities, various IT systems, as well as miscellaneous
improvements and asset investments.
Contracts and other commitments
As of 31 March 2024, CPH had entered contracts to build and maintain facilities at a total value of DKK 1,311
million (31 December 2023: DKK 1,391 million) and other commitments amounting to DKK 52 million (31
December 2023: DKK 33 million). Major commitments include contracts for the development of Terminal 3 and
improvement of other assets.
NOTE 3: Financial institutions
Change in drawn loan facilities
Utilisation of CPH´s credit facilities increased by DKK 330 million from DKK 500 million to DKK 830 million
since year end.
As of end of March 2024, CPH had undrawn committed long-term credit facilities of DKK 3,070 million (2023:
DKK 3,400 million).
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 19 of 20
Value of the derivative financial instruments
NOTE 4: Other payables
NOTE 5: Related parties
CPH’s related parties are the Danish Labour Market Supplementary Pension (ATP) and the Ontario Teachers’
Pension Plan (OTPP), given their controlling ownership interests in CPH, the Board of Directors and Executive
Management, and associated companies. See also notes 2.5, 3.4 and 5.5 of the 2023 Annual Report.
In the first three months of 2024, CPH realised costs of DKK 7.5 million relating to service contracts with
Smarter Airports and interest income of DKK 0.2 million relating to Smarter Airports.
NOTE 6: Subsequent events
No material events have occurred since the balance sheet date.
31 Mar 31 Dec 31 Mar 31 Dec
Derivative financial instruments 2024 2023
2024
2023
Recognised under other payables
109
147
109
147
* The fair value of CPH's interest rate swaps are considered a level 2 fair value measurement as the fair value is
primarily determined, directly based on the published quoted swap rates on the balance sheet date.
Carrying amount Fair value*
31 Mar 31 Dec
Other payables - non-current 2024 2023
Holiday pay, frozen due to new Holiday Act
158
158
Interest rate swaps
109
147
Balance end of period 267
305
Other payables - current
Holiday pay and other payroll items
185
196
Interest payable
30
33
Other costs payable
76
72
Total 291
301
Total 558
606
Interim report for the period 1 January – 31 March 2024
Copenhagen Airports A/S Page 20 of 20
Executive Management
Board of Directors