Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 20
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Interim report of Copenhagen Airports A/S (CPH) for the
period 1 January – 30 June 2024
Company Announcement
Kastrup, 14 August 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 – 30 June 2024
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 JUNE 2024 ........................................................................................................................... 3
Highlights ....................................................................................................................................................... 3
Outlook for 2024 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – H1 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
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 – 30 June 2024
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 JUNE 2024
The Board of Directors has today approved the interim report for the period 1 January – 30 June 2024.
HIGHLIGHTS
The total number of passengers at Copenhagen Airports was 13.8 million in the first six months of
2024, an increase of 1.4 million compared with the first six months of 2023. Of these, 5.6 million were
locally departing passengers (up 10% from last year), 6.9 million were arriving passengers (up 12%
from last year), and 1.3 million were departing transfer passengers (up 18% from last year).
Revenue amounted to DKK 2,355 million (2023: DKK 1,898 million), an increase of 24% compared
with the first six months of 2023, driven by the combined effects of the new charges agreement
effective from 1 January 2024 and higher passenger numbers.
EBITDA amounted to DKK 1,122 million (2023: DKK 746 million), up by DKK 376 million compared
with the same period last year.
EBIT was DKK 636 million (2023: DKK 243 million), an improvement of DKK 393 million compared
with the same period of last year.
Net financing costs amounted to DKK 139 million, which was DKK 8 million higher than for the same
period of 2023 primarily due to higher interest rates.
Profit before tax amounted to DKK 491 million (2023: DKK 108 million), an increase of DKK 383 million,
reflecting the higher revenue levels.
Capital investments including capitalised interest were DKK 690 million in the first six months of 2024
(2023: DKK 599 million). Investments included the expansion of Terminal 3, improvements of security
and baggage facilities, stands and runways, various IT systems, as well as miscellaneous
improvements and asset investments.
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2024
The outlook for the remainder of 2024 remains unchanged compared with our announcement in the Annual
Report for 2023. In 2024, CPH expects continued growth in passenger volumes, which will lead to higher
profitability. However, the economic outlook remains uncertain because of the ongoing geopolitical and
macroeconomic effects. Any deterioration of these factors could negatively adversely impact travel sentiment
and CPH’s financial outlook.
Outlook for revenue growth
Expectations for revenue growth remain at around 20% in 2024, primarily driven by the charges effective from
1 January 2024 and the 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 passenger numbers and offset by increased operating costs
compared with 2023. The increasing cost levels are primarily due to the expected rise in passenger-related
activities, regulatory requirements, expected salary increases 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
No dividend will be declared in 2024 because of restrictions relating to financing agreements.
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q2 2024 Q2 2023 YTD 2024 YTD 2023 FY 2023
Income statement (DKKm)
Revenue 1,320 1,059 2,355 1,898 4,061
Aeronautical revenue 817 581 1,426 1,019 2,193
Non-aeronautical revenue 503 478 929 879 1,868
EBITDA 710 490 1,122 746 1,685
Aeronautical EBITDA 323 137 421 120 265
Non-aeronautical EBITDA 387 353 701 626 1,420
EBIT 467 238 636 243 679
Aeronautical EBIT 148 (43) 71 (238) (458)
Non-aeronautical EBIT 319 280 565 481 1,137
Net financing costs 71 69 139 131 272
Profit/(loss) before tax 393 167 491 108 398
Net profit/(loss) 309 130 385 83 286
Statement of comprehensive income (DKKm)
Other comprehensive income 26 3 55 6 (109)
Comprehensive income 335 133 440 89 177
Balance sheet (DKKm)
Property, plant and equipment 14,766 14,292 14,766 14,292 14,556
Financial investments 114 314 114 314 120
Total assets 15,928 15,466 15,928 15,466 15,520
Equity 3,860 3,372 3,860 3,372 3,438
Non-controlling interests of equity 579 598 579 598 586
Interest-bearing debt 9,595 9,979 9,595 9,979 9,660
Investment in property, plant and equipment 405 291 666 564 1,302
Investment in intangible assets - 22 24 35 102
Cash flow statement (DKKm)
Cash flow from operating activities 552 406 704 454 1,361
Cash flow from investing activities (268) (281) (596) (502) (1,337)
Cash flow from financing activities (292) (165) (86) 42 (79)
Cash at the end of the period 64 91
64 91 42
Key ratios
EBITDA margin 53.8% 46.3% 47.6% 39.3% 41.5%
EBIT margin 35.4% 22.4% 27.0% 12.8% 16.7%
Asset turnover rate 0.34 0.28 0.31 0.25 0.27
Return on assets 11.9% 6.3% 8.3% 3.2% 4.5%
Return on equity 33.4% 15.6% 21.4% 5.1% 8.4%
Equity ratio 24.2% 21.8% 24.2% 21.8% 22.2%
Earnings per DKK 100 share 39.4 16.5 49.1 10.6 36.4
Cash earnings per DKK 100 share 70.4 48.7 111.0 74.8 164.6
Net asset value per DKK 100 share 491.8 429.6 491.8 429.6 438.1
NOPAT margin 27.7% 17.1% 21.0% 9.7% 11.8%
Turnover rate of capital employed 0.09 0.07 0.08 0.07 0.07
ROCE* 7.5% 4.2% 7.5% 4.2% 4.8%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – H1 2024
Passenger numbers for the first six months of 2024
reached a total of 13.8 million, which was an
increase of 1.4 million (12%) on the same period of
2023.
Total revenue for the first six months of 2024
amounted to DKK 2,355 million, a 24% increase
compared with the same period of 2023.
Aeronautical revenue amounted to DKK 1,426
million, an increase of DKK 407 million compared
with the first six 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 50
million to DKK 929 million, a 6% improvement on
the same period of 2023.
Operating costs including depreciation and
amortisation amounted to DKK 1,721 million, an
increase of DKK 61 million compared with last year,
mainly due to higher activity levels. Staff costs
increased by DKK 47 million as staff headcount
increased by 125 full-time employees. External
costs were up by DKK 31 million, net compared
with the same period last year on a combination of
higher maintenance costs due to the increased
activity levels and offset by lower energy costs.
Depreciation and amortisation charges decreased
by DKK 17 million.
EBITDA showed a profit of DKK 1,122 million, an
increase of DKK 376 million compared with the first
six months of 2023, driven by the higher activity
levels and the impact of the new charges
agreement on revenue.
Net financing costs amounted to DKK 139 million,
an increase of DKK 8 million, which was primarily
due to higher interest rate levels relative to last
year.
Profit before tax amounted to DKK 491 million, an
improvement of DKK 383 million compared with the
first six months of 2023.
DKKm 2024 2023 Ch. Ch. % 2024 2023 Ch. Ch. %
Revenue 1,320 1,059 261 25% 2,355 1,898 457 24%
EBITDA 710 490 220 45% 1,122 746 376 50%
EBIT 467 238 229 97% 636 243 393 161%
Other financial items (3) (2) (1) 57% (6) (4) (2) 39%
Net financing costs 71 69 2 3% 139 131 8 6%
Profit before tax 393 167 226 135% 491 108 383 354%
Q2 Year to date
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 8 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 for the period
Tax on profit 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 250 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 six months
of 2024 included the expansion of Terminal 3,
improvements to security and baggage facilities,
stands and runways, 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 30 June 2024, CPH had cash and cash
equivalents of DKK 64 million (30 June 2023: DKK
91 million).
DKKm 2024 2023 Ch.
Interest 174 146 28
Capitalised interest on
assets under
construction
(44) (24) (20)
Market value adjustments 0 (2) 2
Other financial
costs
9 11 (2)
Total 139 131 8
Year to date
DKKm 2024 2023 Ch.
Cash flow from:
Operating activities 704 454 250
Investing activities (596) (502) (94)
Financing activities (86) 42 (128)
Net cash flow for the period 22 (6) 28
Cash at the beginning
of the year
42 97 (55)
Cash at the end of
the period 64 91 (27)
Year to date
Interim report for the period 1 January – 30 June 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 – 30 June 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 1,426 1,019 407 40% 71 (238) 309 -
Non-aeronautical 929 879 50 6% 565 481 84 17%
Total 2,355 1,898 457 24% 636 243 393 161%
Revenue EBIT
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
A total of 13.8 million passengers passed through
Copenhagen Airport during the first six months of
2024, equivalent to an increase of 1.4 million or 12%
compared with the same period of 2023. European
destinations accounted for most of the increase at
1.2 million passengers or 12% compared with 2023.
The rest of the increase stemmed from
intercontinental routes.
The total number of departing passengers was 6.9
million (up 12% compared with the same period of
last year), of which 5.6 million were locally departing
passengers (10% up on last year), and 1.3 million
were departing transfer and transit passengers (18%
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 6.9 million (12% up on last
year).
Compared with 2023, total seat capacity increased
by 9% in the first six months of 2024, the number of
passenger-related operations increased by 7%, and
the average cabin factor (occupancy) increased by
2% to 75%.
Revenue
In 2023, CPH negotiated a new commercial charges
agreement for the period 2024 to 2027. The new
charges agreement contained restructured take-off,
security 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 407
million or 40% over the same period last year to a
total of DKK 1,426 million.
Passenger charges increased by DKK 170 million
over the same period of last year to DKK 637 million.
Security, handling and CUTE (Common User
Terminal Equipment) charges increased by DKK 172
million compared with the same period last year,
ending at DKK 524 million. Effective from 2024,
CUTE fees are no longer charged separately, but are
added to handling charges.
Take-off charges amounted to DKK 239 million, an
increase of 32% 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 6%, while cargo operations decreased by 1%.
Profit before interest and tax (Aeronautical
EBIT)
Aeronautical EBIT for the first six months of 2024
improved by DKK 309 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. % 2024 2023 Ch. Ch. % 2023
Revenue 817 581 236 41% 1,426 1,019 407 40% 2,193
EBIT
148 (43) 191 - 71 (238) 309 - (458)
Segment assets 10,159 9,696 463 5% 9,924
Q2 Year to date
Pax (thousand) 2024 2023 Ch. Ch. %
Denmark 568 613 (45) (7%)
Europe 11,648 10,438 1,210 12%
Interkontinental 1,589 1,307 282 22%
Total pax 13,805 12,358 1,447 12%
Local departing pax
5,559 5,044 515 10%
Transfer departing pax
1,325 1,127 198 18%
Total departing pax
6,884 6,171 713 12%
Year to date
DKKm 2024 2023 Ch. Ch. %
Passenger charges 637 467 170 36%
Security charges 383 257 126 49%
Handling 141 84 57 68%
CUTE charges - 11 (11) -
Take-off charges 239 180 59 32%
Aircraft parking, etc. 26 20 6 29%
Total 1,426 1,019 407 40%
Year to date
Interim report for the period 1 January – 30 June 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 391 million for the first six
months of 2024, an increase of DKK 20 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 and closure and rebuilding of
the convenience stores in the first quarter.
The increase in passenger numbers was the
primary driver of the increase in parking revenue.
Parking revenue for the first six months of 2024
was up by DKK 23 million on last year.
Other revenue amounted to DKK 29 million, an
increase of DKK 5 million compared with last year.
Rent
Total rent amounted to DKK 104 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.
Other sales of services revenue was down by DKK
5 million compared with last year. The decrease
was primarily due to lower energy costs, resulting
in reduced reinvoicing to CPH’s leaseholders.
The category Other includes PRM (Persons with
Reduced Mobility), TMS (Taxa Management
System) and CPH leaseholders’ share of energy
costs, which are all non-profit activities for CPH.
The costs of these activities are carried by CPH
and re-invoiced to customers.
Profit before interest and tax (Non-aeronautical
EBIT)
Non-aeronautical EBIT improved by DKK 84 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. % 2024 2023 Ch. Ch. % 2023
Revenue 503 478 25 5% 929 879 50 6% 1,868
EBIT
319 280 39 14% 565 481 84 17% 1,137
Segment assets 5,567 5,307 260 5% 5,409
Investments in associates 114 124 (10) (8%) 120
Q2 Year to date
DKKm 2024 2023 Ch. Ch. %
Shopping centre 391 371 20 6%
Parking 196 173 23 14%
Other revenue 29 24 5 18%
Total 616 568 48 8%
Year to date
DKKm 2024 2023 Ch. Ch. %
Rent from premises 72 68 4 6%
Rent from land 28 27 1 4%
Other rent 4 3 1 34%
Total 104 98 6 6%
Year to date
DKKm 2024 2023 Ch. Ch. %
Hotel operation 57 56 1 2%
Other 152 157 (5) (3%)
Total 209 213 (4) (2%)
Year to date
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 11 of 20
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 – 30 June 2024
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2024 2023 2024 2023
Traffic revenue
Concession revenue
Rent
Sale of services, etc.
Revenue 1,320
Other income
External costs
Staff costs
Amortisation and depreciation
Operating profit 467
Profit/(loss) from investments in associates after tax
(3 )
(2 )
(6 )
(4 )
Financial income
Financial expenses
Profit/(loss) before tax 393
Tax on profit/(loss) for the period
Net profit/(loss) for the period 309
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Net profit 309
Earnings per DKK 100 share (basic and diluted)
Q2 Year to date
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2024 2023 2024 2023
Net profit/(loss) for the period 309
Items that are reclassified to the income statement
Currency translation of equity in foreign branch
(0 )
(1 )
(1 )
Value adjustments of hedging instruments
(10 )
Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement
(1 )
Tax on other comprehensive income
(7 )
(1 )
(15 )
(2 )
Other comprehensive income for the period 26
Total comprehensive income for the period 335
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total comprehensive income for the period 335
Year to dateQ2
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Asse ts
30 Jun 31 Dec 30 Jun
Note
DKKm 2024 2023 2023
NON-CURRENT ASSETS
Total intangible assets 255
Property, plant and equipment
Land and buildings
Investment properties
Plant and machinery
Other fixtures and fittings, tools and equipment
Property, plant and equipment under construction
2
Total property, plant and equipment 14,766
Financial assets
Investments in associates
Total financial assets 114
Total non-current assets 15,135
CURRENT ASSETS
Other financial assets
Trade receivables
Other receivables
Tax receivables
Prepayments
Cash
Total current assets 793
Total assets 15,928
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
30 Jun 31 Dec 30 Jun
Note
DKKm 2024 2023 2023
EQUITY
Share capital
Reserve for hedging
(59 )
(114 ) (1 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 3,860
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
4
Other payables
Total non-current liabilities 10,168
CURRENT LIABILITIES
3
Financial institutions and other loans
Prepayments from customers
Trade payables
Income tax
4
Other payables
Deferred income
Total current liabilities 1,900
Total liabilities 12,068
Total equity and liabilities 15,928
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 16 of 20
CASH FLOW STATEMENT
DKKm 2024 2023 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers, etc.
(614 )
(527 )
(1,313 )
(1,268 )
Cash flow from operating activities before financial items and tax 645
Interest received, etc.
Interest paid, etc.
(93 )
(86 )
(185 )
(169 )
Cash flow from operating activities before tax 553
Income taxes paid
(1 )
(0 )
(1 )
(0 )
Cash flow from operating activities 552
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(269 )
(260 )
(573 )
(470 )
Payments for intangible assets
(22 )
(24 )
(35 )
Sale of property, plant and equipment
Cash flow from investing activities (268 )
(281 )
(596 )
(502 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(404 )
(160 )
(605 )
(341 )
Proceeds from long-term loans
Repayments of short-term loans
(367 )
(102 )
(735 )
(242 )
Proceeds from short-term loans
Dividends paid to non-controlling interests
(18 )
(54 )
(18 )
(54 )
Cash flow from financing activities (292 )
(165 )
(86 )
Net cash flow for the period (8 )
(40 )
(6 )
Cash at the beginning of the period
Cash at the end of the period 64
Q2 Year to date
Interim report for the period 1 January – 30 June 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 - - 374 374 11 385
Other comprehensive income
Value adjustments of hedging instruments - 55 - 55 - 55
Total other comprehensive income - 55 - 55 - 55
Total comprehensive income for the period - 55 374 429 11 440
Transactions with non-controlling interests
Dividends paid to non-controlling interests
- - - - (18 ) (18 )
interests - - - - (18 ) (18 )
Equity at 30 June 2024 785 (59 ) 2,555 3,281 579 3,860
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 - - 71 71 12 83
Other comprehensive income
Currency translation of equity in foreign branch
Value adjustments of hedging instruments - (8 ) - (8 ) - (8 )
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - 7 (1 ) 6 - 6
Total comprehensive income for the period - 7 70 77 12 89
Transactions with non-controlling interests
Dividends paid to non-controlling interests
- - - - (54 ) (54 )
Total transactions with non-controlling
interests - - - - (54 ) (54 )
-
Equity at 30 June 2023 785 (1 ) 1,990 2,774 598 3,372
Interim report for the period 1 January – 30 June 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 dates at 1 January 2024 or earlier. The new or revised standards and
interpretations did not materially affect recognition or measurement, nor did they result in any material changes
to disclosures in the notes.
NOTE 2: Property, plant and equipment
Investment in property, plant and equipment
In the first six months of 2024, CPH invested DKK 690 million in intangible assets and property, plant and
equipment. Major investments made during the first six months of 2024 included the expansion of Terminal 3,
improvements of security and baggage facilities, stands and runways, various IT systems as well as
miscellaneous improvements and asset investments.
Contracts and other commitments
As of 30 June 2024, CPH had entered into contracts to build and maintain facilities at a total value of DKK
1,190 million (31 December 2023: DKK 1,391 million) and other commitments amounting to DKK 61 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 50 million from DKK 500 million to DKK 550 million since
year end.
As of end of June 2024, CPH had undrawn committed long-term credit facilities of DKK 3,350 million (2023:
DKK 3,400 million).
Interim report for the period 1 January – 30 June 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 six months of 2024, CPH realised costs of DKK 16.4 million relating to service contracts with Smarter
Airports and interest income of DKK 0.3 million relating to Smarter Airports.
NOTE 6: Subsequent events
No material events have occurred after the balance sheet date.
30 Jun 31 Dec 30 Jun 31 Dec
Derivative financial instruments 2024 2023
2024
2023
Recognised under other payables
76
147
76
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*
30 Jun 31 Dec
Other payables - non-current 2024 2023
Holiday pay, frozen due to new Holiday Act
160
158
Interest rate swaps
76
147
Balance end of period 236
305
Other payables - current
Holiday pay and other payroll items
158
196
Interest payable
30
33
Other costs payable
95
72
Total 283
301
Total 519
606
Interim report for the period 1 January – 30 June 2024
Copenhagen Airports A/S Page 20 of 20
Executive Management
Board of Directors