Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 20
2
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Interim report of Copenhagen Airports A/S (CPH) for the
period 1 January – 30 September 2024
Company Announcement
Kastrup, 5 November 202 4
Contact:
Rasmus Lund
CFO
Tel.: +45 3231 32 31
E-mail: cphpres se@cph.dk
CVR no. 14 70 72 04
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 SEPTEMBER 2024 ............................................................................................................... 3
Highlights ....................................................................................................................................................... 3
Outlook for 2024 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – YTD 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 September 2024
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 SEPTEMBER 2024
The Board of Directors has today approved the interim report for the period 1 January – 30 September 2024.
HIGHLIGHTS
• The total number of passengers at Copenhagen Airport was 22.8 million in the first nine months of
2024, an increase of 2.5 million compared with the first nine months of 2023. Of these, 9.2 million were
locally departing passengers (up 11% from last year), 2.1 million were departing transfer passengers
(up 19% from last year), and 11.4 million were arriving passengers (up 12% from last year).
• Revenue amounted to DKK 3,825 million (2023: DKK 3,064 million), an increase of 25% compared
with the first nine 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 1,995 million (2023: DKK 1,369 million), up by DKK 626 million compared
with the same period last year.
• EBIT was DKK 1,266 million (2023: DKK 615 million), an improvement of DKK 651 million compared
with the same period last year.
• Net financing costs amounted to DKK 202 million, which was in line with the same period of 2023.
• Profit before tax amounted to DKK 1,055 million (2023: DKK 408 million), an increase of DKK 647
million reflecting the higher revenue levels.
• Capital investments including capitalised interest were DKK 1,032 million in the first nine 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 other minor asset investments.
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2024
As a result of the busy summer in Copenhagen Airports A/S (CPH) with increased travel activity, along with
revised expectations for the travel activity for the rest of year, CPH updated its expectations for the remainder
of 2024 at 3 September 2024, as stated in the company announcement of that date.
Outlook for revenue growth
Revenue is expected to grow by around 24% in 2024, primarily driven by an increase in passenger numbers.
CPH expects approximately 29.8 million passengers in 2024.
Outlook for profit before tax
If passenger levels reach around 29.8 million, profit before tax is expected to be between DKK 1.25 billion and
DKK 1.40 billion, mainly supported by growth in passengers, partly offset by an increasing proportion of transfer
passengers.
However, the economic outlook remains uncertain because of the ongoing geopolitical and macroeconomic
situation. Any deterioration in these factors could negatively impact travel sentiment and CPH’s financial
outlook.
Outlook for capital investments
The investment level including capitalised interest is expected to be around DKK 1.4 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 September 2024
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q3 2024 Q3 2023 YTD 2024 YTD 2023 FY 2023
Income statement (DKKm)
Revenue 1,470 1,166 3,825 3,064 4,061
Aeronautical revenue 901 639 2,327 1,659 2,193
Non-aeronautical revenue 569 527 1,498 1,405 1,868
EBITDA 874 623 1,995 1,369 1,685
Aeronautical EBITDA 416 220 836 340 265
Non-aeronautical EBITDA 458 403 1,159 1,029 1,420
EBIT 631 373 1,266 615 679
Aeronautical EBIT 241 42 312 (197) (458)
Non-aeronautical EBIT 390 331 954 812 1,137
Net financing costs 64 71 202 200 272
Profit before tax 564 300 1,055 408 398
Net profit 439 234 825 317 286
Statement of comprehensive income (DKKm)
Other comprehensive income (74) 10 (20) 15 (109)
Comprehensive income 365 244 805 332 177
Balance sheet (DKKm)
Property, plant and equipment 14,857 14,342 14,857 14,342 14,556
Financial investments 111 135 111 135 120
Total assets 15,988 15,333 15,988 15,333 15,520
Equity 4,225 3,615 4,225 3,615 3,438
Non-controlling interests of equity 585 602 585 602 586
Interest-bearing debt 9,288 9,525 9,288 9,525 9,660
Investment in property, plant and equipment 319 286 986 850 1,302
Investment in intangible assets 22 22 46 57 102
Cash flow statement (DKKm)
Cash flow from operating activities 712 556 1,416 1,011 1,361
Cash flow from investing activities (381) (340) (976) (843) (1,337)
Cash flow from financing activities (308) (232) (395) (190) (79)
Cash at the end of the period 87 75 87 75 42
Key ratios
EBITDA margin 59.5% 53.5% 52.2% 44.7% 41.5%
EBIT margin 42.9% 32.0% 33.1% 20.1% 16.7%
Asset turnover rate 0.37 0.31 0.33 0.27 0.27
Return on assets 16.0% 9.9% 10.8% 5.4% 4.5%
Return on equity 43.5% 26.8% 28.7% 12.2% 8.4%
Equity ratio 26.4% 23.6% 26.4% 23.6% 22.2%
Earnings per DKK 100 share 56.0 29.8 105.1 40.4 36.4
Cash earnings per DKK 100 share 87.0 61.7 198.1 136.5 164.6
Net asset value per DKK 100 share 538.3 460.7 538.3 460.7 438.1
NOPAT margin 33.2% 24.8% 25.7% 15.4% 11.8%
Turnover rate of capital employed 0.10 0.08 0.09 0.07 0.07
ROCE* 9.3% 4.9% 9.3% 4.9% 4.8%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – YTD 2024
Passenger numbers for the first nine months of
2024 reached a total of 22.8 million, which was an
increase of 2.5 million (12%) on the same period of
2023.
Total revenue for the first nine months of 2024
amounted to DKK 3,825 million, a 25% increase
compared with the same period of 2023.
Aeronautical revenue amounted to DKK 2,327
million, an increase of DKK 668 million compared
with the first nine months of 2023. This was mainly
due to the new charges agreement effective from 1
January 2024 (for further information, see page 9)
and the increasing passenger numbers.
Non-aeronautical revenue increased by DKK 93
million to DKK 1,498 million, a 7% improvement on
the same period of 2023. The improvement coming
from the increased passenger numbers is,
however, negatively impacted by the closing of
stores in connection with the Terminal 3
construction project.
Operating costs including depreciation and
amortisation amounted to DKK 2,560 million, an
increase of DKK 105 million compared with last
year, mainly due to higher activity levels. Staff
costs increased by DKK 95 million as the staff
headcount increased by 121 full-time employees.
External costs were up by DKK 35 million
compared with the same period last year due to
higher maintenance costs related to increased
activity levels and offset by lower energy costs.
Depreciation and amortisation decreased by DKK
25 million.
EBITDA showed a profit of DKK 1,995 million, an
increase of DKK 626 million compared with the first
nine 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 202 million,
which was in line with the same period last year.
Profit before tax amounted to DKK 1,055 million, an
improvement of DKK 647 million compared with the
first nine months of 2023.
DKKm 2024 2023 Ch. Ch. %
2024 2023 Ch. Ch. %
Revenue 1,470 1,166 304 26% 3,825 3,064 761 25%
EBITDA 874 623 251 40% 1,995 1,369 626 46%
EBIT 631 373 258 69% 1,266 615 651 106%
Other financial items (3) (2) (1) 32% (9) (7) (2) 37%
Net financing costs 64 71 (7) (10%) 202 200 2 1%
Profit before tax 564 300 264 88% 1,055 408 647 159%
Q3
Year to date
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were in line with the same
period of 2023.
This 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 405 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.
Investments made during the first nine 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 other minor
asset investments.
Cash flow from financing activities related to net
repayments on credit facilities and amortisation of
loans.
At 30 September 2024, CPH had cash and cash
equivalents of DKK 87 million (30 September 2023:
DKK 75 million).
DKKm
2024 2023 Ch.
Interest 258 231 27
Capitalised interest on
assets under
construction
(70) (41) (29)
Market value adjustments 0 (5) 5
Other financial
costs
14 15 (1)
Total 202 200 2
Year to date
DKKm
2024 2023 Ch.
Cash flow from:
Operating activities 1,416 1,011 405
Investing activities (976) (843) (133)
Financing activities (395) (190) (205)
Net cash flow for the period 45 (22) 67
Cash at the beginning
of the year
42 97 (55)
Cash at the end of
the period
87 75 12
Year to date
Interim report for the period 1 January – 30 September 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 September 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 2,327 1,659 668 40% 312 (197) 509 -
Non-aeronautical 1,498 1,405 93 7% 954 812 142 17%
Total 3,825 3,064 761 25% 1,266 615 651 106%
Revenue
EBIT
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
A total of 22.8 million passengers passed through
Copenhagen Airport during the first nine months of
2024, equivalent to an increase of 2.5 million or 12%
compared with the same period of 2023. European
destinations accounted for most of the increase with
2.1 million passengers or 12% compared with 2023.
The rest of the increase stemmed from
intercontinental routes.
The total number of departing passengers was 11.3
million (up 12% compared with the same period last
year), of which 9.2 million were locally departing
passengers (11% up on last year), and 2.1 million
were departing transfer and transit passengers (19%
up on the same period 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 11.4 million (12% up on last
year).
Compared with 2023, total seat capacity increased
by 10% in the first nine months of 2024, the number
of passenger-related operations increased by 7%,
and the average cabin factor (occupancy) increased
by 2% to 77%.
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 668
million or 40% over the same period last year to a
total of DKK 2,327 million.
Passenger charges increased by DKK 281 million
over the same period last year to DKK 1,049 million.
Security, handling and CUTE (Common User
Terminal Equipment) charges increased by DKK 286
million compared with the same period last year,
ending at DKK 862 million. Effective from 2024,
CUTE fees are no longer charged separately, but are
added to handling charges.
Take-off charges amounted to DKK 379 million, an
increase of 32% compared with the same period last
year, primarily driven by the increase in charges and
an increase in the number of flight operations.
Passenger-related operations increased by 7%,
while cargo operations decreased by 1%.
Profit before interest and tax (Aeronautical
EBIT)
Aeronautical EBIT for the first nine months of 2024
improved by DKK 509 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 901 639 262 41% 2,327 1,659 668 40% 2,193
EBIT
241 42 199 481% 312 (197) 509 - (458)
Segment assets 10,192 9,736 456 5% 9,924
Q3
Year to date
Pax (thousand) 2024 2023 Ch. Ch. %
Denmark 838 897 (59) (7%)
Europe 19,341 17,282 2,059 12%
Intercontinental 2,594 2,134 460 22%
Total pax 22,773 20,313 2,460 12%
Local departing pax
9,183 8,301 882 11%
Transfer departing pax
2,144 1,806 338 19%
Total departing pax
11,327 10,107 1,220 12%
Year to date
DKKm
2024 2023 Ch. Ch. %
Passenger charges 1,049 768 281 37%
Security charges 631 422 209 50%
Handling 231 136 95 70%
CUTE charges - 18 (18) -
Take-off charges 379 286 93 32%
Aircraft parking, etc. 37 29 8 26%
Total 2,327 1,659 668 40%
Year to date
Interim report for the period 1 January – 30 September 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 645 million for the first nine
months of 2024, an increase of DKK 38 million
compared with the same period 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 nine months of 2024
was up by DKK 41 million compared with last year.
Other revenue amounted to DKK 58 million, an
increase of DKK 6 million compared with last year,
mainly due to revenue from charging stations.
Rent
Total rent amounted to DKK 158 million, a 6%
increase compared with year.
Sales of services, etc.
Revenue from the hotel operation and Other were
in line with the same period last year.
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 142
million compared with the same period 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 569 527 42 8% 1,498 1,405 93 7% 1,868
EBIT
390 331 59 18% 954 812 142 17% 1,137
Segment assets 5,574 5,329 245 5% 5,409
Investments in
associates
111 122 (11) (9%) 120
Year to date
Q3
DKKm
2024 2023 Ch. Ch. %
Shopping centre 645 607 38 6%
Parking 317 276 41 15%
Other revenue 58 52 6 12%
Total 1,020 935 85 9%
Year to date
DKKm
2024 2023 Ch. Ch. %
Rent from premises 108 103 5 5%
Rent from land 43 42 1 1%
Other rent 7 4 3 72%
Total 158 149 9 6%
Year to date
DKKm
2024 2023 Ch. Ch. %
Hotel operation 86 84 2 2%
Other 234 237 (3) (1%)
Total 320 321 (1) (0%)
Year to date
Interim report for the period 1 January – 30 September 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 September 2024
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2024 2023 2024 2023
Traffic revenue 901 639 2,327 1,659
Concession revenue 404 368 1,020 935
Rent 54 51 158 149
Sale of services, etc. 111 108 320 321
Revenue 1,470 1,166 3,825 3,064
Other income (0 ) 1 1 6
External costs 171 167 522 487
Staff costs 425 377 1,309 1,214
Amortisation and depreciation 243 250 729 754
Operating profit (EBIT) 631 373 1,266 615
Profit/(loss) from investments in associates after tax (3 ) (2 ) (9 ) (7 )
Financial income 1 4 4 9
Financial expenses 65 75 206 209
Profit before tax 564 300 1,055 408
Tax on profit for the period 125 66 230 91
Net profit for the period 439 234 825 317
Net profit attributable to:
Shareholders of Copenhagen Airports A/S 433 229 808 301
Non-controlling interests 6 5 17 16
Net profit 439 234 825 317
Earnings per DKK 100 share (basic and diluted) 56 30 105 40
EPS is stated in Danish kroner
Q3
Year to date
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2024 2023 2024 2023
Net profit for the period 439 234 825 317
Items that are reclassified to the income statement
Currency translation of equity in foreign branch 0 (0 ) - (2 )
Value adjustments of hedging instruments (95 ) (2 ) (25 ) (12 )
Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement
Tax on other comprehensive income 21 (3 ) 5 (5 )
Other comprehensive income for the period (74 ) 10 (20 ) 15
Total comprehensive income for the period 365 244 805 332
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S 359 238 788 316
Non-controlling interests 6 6 17 16
Total comprehensive income for the period 365 244 805 332
Year to date
Q3
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Assets
30 Sep 31 Dec 30 Sep
Note DKKm 2024 2023 2023
NON-CURRENT ASSETS
Total intangible assets 263 262 231
Property, plant and equipment
Land and buildings 5,834 6,007 6,011
Investment properties 1,280 1,317 1,329
Plant and machinery 4,140 4,328 4,325
Other fixtures and fittings, tools and equipment 618 622 618
2 Property, plant and equipment under construction 2,985 2,282 2,059
Total property, plant and equipment 14,857 14,556 14,342
Financial assets
Investments in associates 111 120 122
3 Other financial assets - - 13
Total financial assets 111 120 135
Total non-current assets 15,231 14,938 14,708
CURRENT ASSETS
Trade receivables 517 389 418
Other receivables 61 82 38
Tax receivables 24 25 58
Prepayments 68 44 36
Cash 87 42 75
Total current assets 757 582 625
Total assets 15,988 15,520 15,333
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
30 Sep 31 Dec 30 Sep
Note DKKm 2024 2023 2023
EQUITY
Share capital 785 785 785
Reserve for hedging (134 ) (114 ) 9
Retained earnings 2,989 2,181 2,219
Shareholders of Copenhagen Airports A/S 3,640 2,852 3,013
Non-controlling interests 585 586 602
Total equity 4,225 3,438 3,615
NON-CURRENT LIABILITIES
Deferred tax 852 857 856
3 Financial institutions and other loans 7,746 9,253 9,154
4 Other payables 330 305 161
Total non-current liabilities 8,928 10,415 10,171
CURRENT LIABILITIES
3 Financial institutions and other loans 1,542 407 371
Prepayments from customers 283 294 301
Trade payables 542 661 497
Income tax 229 0 48
4 Other payables 236 301 327
Deferred income 3 4 3
Total current liabilities 2,835 1,667 1,547
Total liabilities 11,763 12,082 11,718
Total equity and liabilities 15,988 15,520 15,333
Interim report for the period 1 January – 30 September 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 1,487 1,101 3,688 2,991
Paid to staff, suppliers, etc. (675 ) (391 ) (1,988 ) (1,659 )
Cash flow from operating activities before financial items and tax 812 710 1,700 1,332
Interest received, etc. 1 4 4 6
Interest paid, etc. (101 ) (158 ) (287 ) (327 )
Cash flow from operating activities before tax 712 556 1,417 1,011
Income taxes paid (0 ) 0 (1 ) (0 )
Cash flow from operating activities 712 556 1,416 1,011
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment (359 ) (318 ) (932 ) (789 )
Payments for intangible assets (22 ) (22 ) (46 ) (57 )
Sale of property, plant and equipment 0 0 2 3
Cash flow from investing activities (381 ) (340 ) (976 ) (843 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans (280 ) (120 ) (885 ) (341 )
Proceeds from long-term loans - - 430 475
Repayments of short-term loans (545 ) (5,733 ) (1,280 ) (6,095 )
Proceeds from short-term loans 517 5,621 1,359 5,825
Dividends paid to non-controlling interests - - (19 ) (54 )
Cash flow from financing activities (308 ) (232 ) (395 ) (190 )
Net cash flow for the period 23 (16 ) 45 (22 )
Cash at the beginning of the period 64 91 42 97
Cash at the end of the period 87 75 87 75
Q3
Year to date
Interim report for the period 1 January – 30 September 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 for the period - - 808 808 17 825
Other comprehensive income
Value adjustments of hedging instruments - (20 ) - (20 ) - (20 )
Total other comprehensive income - (20 ) - (20 ) - (20 )
Total comprehensive income for the period - (20 ) 808 788 17 805
Transactions with owners
Transactions with the non-controlling interest
- - - - (18 ) (18 )
Total transactions with owners - - - - (18 ) (18 )
Equity at 30 September 2024 785 (134 ) 2,989 3,640 585 4,225
Equity at 1 January 2023 785 (8 ) 1,920 2,696 640 3,337
Comprehensive income for the period
Net profit for the period - - 301 301 16 317
Other comprehensive income
Currency translation of equity in foreign branch
Value adjustments of hedging instruments - (9 ) - (9 ) - (9 )
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement
Total other comprehensive income - 17 (2 ) 15 - 15
Total comprehensive income for the period - 17 299 316 16 332
Transactions with owners
Transactions with the non-controlling interest
- - - - (54 ) (54 )
Total transactions with owners - - - - (54 ) (54 )
-
Equity at 30 September 2023 785 9 2,219 3,013 602 3,615
Interim report for the period 1 January – 30 September 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 judgements,
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 nine months of 2024, CPH invested DKK 1,032 million in intangible assets and property, plant and
equipment. Investments made during the first nine 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 other minor asset investments.
Contracts and other commitments
As of 30 September 2024, CPH had entered into contracts to build and maintain facilities at a total value of
DKK 1,068 million (31 December 2023: DKK 1,391 million) and other commitments amounting to DKK 81
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 decreased by DKK 110 million from DKK 500 million to DKK 390 million
since 31 December 2023.
At 30 September 2024, CPH had undrawn committed long-term credit facilities of DKK 3,510 million (31
December 2023: DKK 3,400 million).
Interim report for the period 1 January – 30 September 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 nine months of 2024, CPH realised costs of DKK 24.3 million relating to service contracts and
interest income of DKK 0.6 million with the associated company Smarter Airports.
NOTE 6: Subsequent events
No material events have occurred after the balance sheet date.
DKKm
Derivative financial instruments
30 Sep
2024
31 Dec
2023
30 Sep
2024
31 Dec
2023
Recognised under other payables
171
147
171
147
Carrying amount
Fair value*
* 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.
DKKm
30 Sep 31 Dec
Other payables - non-current 2024 2023
Holiday pay, frozen due to new Holiday Act
159
158
Interest rate swaps
171
147
Balance end of period
330
305
Other payables - current
Holiday pay and other payroll items
150
196
Interest payable
18
33
Other costs payable
68
72
Total
236
301
Total
566
606
Interim report for the period 1 January – 30 September 2024
Copenhagen Airports A/S Page 20 of 20
Executive Management
Board of Directors