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"unit": "iso4217:DKK"
}
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"f1__s7__4__31": {
"value": "42000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Cash",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00",
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"f1__s9__7__30": {
"value": "1.1 Material accounting policy informationTo make the report more manageable and readable, the material accounting policy information, estimates and judgements relating to specific items are described in the individual notes to the financial statements, allowing the reader to find all the information relating to the item in one place. The accounting policies have been applied consistently in the preparation of the consolidated financial statements for all the years presented. A few reclassifications have been made to the balance sheet and associated disclosures as part of the preparation of the financial statements. Basis of preparationThe consolidated financial statements included in this Annual Report have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements in the Danish Financial Statements Act.The financial statements of the Parent Company, Copenhagen Airports A/S, are prepared in accordance with the Danish Financial Statements Act (reporting class D).The Annual Report is presented in Danish krone (DKK), which is the Parent Company\u2019s functional currency, rounded to the nearest DKK 1 million. The Annual Report is prepared using the historical cost principle.Basis of consolidation The consolidated financial statements include the Parent Company, Copenhagen Airports A/S, and all subsid-iaries over which the Parent Company exercises control. Companies where the Parent Company controls 50% or less of the votes and does not have control but exercises significant influence are considered joint ventures.CPH\u2019s Annual Report is prepared on the basis of the financial statements of the Parent Company and the subsidiaries. The financial statements used in the consolidation are prepared in accordance with CPH\u2019s accounting policies.Foreign currency translation CPH\u2019s functional currency is DKK, which is used as the measurement and presentation currency in the prepara-tion of the Annual Report. On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income statement as Financial income or Financial expenses. Statement of comprehensive incomeCPH presents comprehensive income in two statements: an income statement and a statement of compre-hensive income, showing the results of operations for the year and income included in other comprehensive income. Other comprehensive income comprises hedging transactions. Tax related to other comprehensive income for the individual items is disclosed in the relevant notes.EquityDividendsDividends expected to be declared in respect of the year are stated under equity. Dividends are recognised as a liability at the time of adoption by the shareholders at the Annual General Meeting.Cash flow statement The cash flow statement presents CPH\u2019s cash flows for the year distributed between operating, investing and financing activities as well as the net changes in cash for the year and CPH\u2019s cash at the beginning and end of the year. Cash includes cash and balances on account available at no or short notice. The cash flow from operating activities comprises payments from customers less payments to employees, suppliers, etc., adjusted for financial items paid/received and income taxes paid. The cash flow from investing activities comprises cash flows from the purchase and sale of intangible assets, property, plant and equipment and investments. The cash flow from financing activities comprises cash flows from the raising and repayment of long-term and short-term debt to financial institutions as well as dividends paid to shareholders.Significant accounting estimates and judgementsIn preparing the consolidated financial statements, management makes various accounting judgements and estimates that form the basis of the presentation, recognition and measurement of CPH\u2019s assets and liabilities.By nature, these judgements and estimates involve a degree of uncertainty, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. The primary financial statement item for which significant accounting judgements and estimates are applied relates to the useful lives of property, plant and equipment and their residual values (accounting estimate). 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. The carrying amounts of these items are disclosed in notes 3.2 and 3.3.There are no changes to the estimates made by CPH in determining the carrying amounts compared to 2023. New IFRS Accounting Standards and amendments effective 1 January 2024The following new IFRS Accounting Standards have been considered in preparing the consolidated financial statements for 2024. \u00b7 Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amend-ments to IAS 1 (relevant for CPH) \u00b7 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16 (not relevant for CPH) \u00b7 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (not relevant for CPH)Regarding the amendments to IAS 1, additional disclosures of loan covenants and the related liabilities are included in the 2024 consolidated financial statements; see note 4.2. None of the other amendments had any material impact on the statements or notes presented.New IFRS Accounting Standards and amendments not yet effective or adopted by the EUThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2024 consolidated financial statements. None of the new standards issued are currently expected to have a significant impact on CPH\u2019s financial statements when imple-mented except for IFRS 18, which will change the presentation of the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__29": {
"value": "1.1 Material accounting policy informationTo make the report more manageable and readable, the material accounting policy information, estimates and judgements relating to specific items are described in the individual notes to the financial statements, allowing the reader to find all the information relating to the item in one place. The accounting policies have been applied consistently in the preparation of the consolidated financial statements for all the years presented. A few reclassifications have been made to the balance sheet and associated disclosures as part of the preparation of the financial statements. Basis of preparationThe consolidated financial statements included in this Annual Report have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements in the Danish Financial Statements Act.The financial statements of the Parent Company, Copenhagen Airports A/S, are prepared in accordance with the Danish Financial Statements Act (reporting class D).The Annual Report is presented in Danish krone (DKK), which is the Parent Company\u2019s functional currency, rounded to the nearest DKK 1 million. The Annual Report is prepared using the historical cost principle.Basis of consolidation The consolidated financial statements include the Parent Company, Copenhagen Airports A/S, and all subsid-iaries over which the Parent Company exercises control. Companies where the Parent Company controls 50% or less of the votes and does not have control but exercises significant influence are considered joint ventures.CPH\u2019s Annual Report is prepared on the basis of the financial statements of the Parent Company and the subsidiaries. The financial statements used in the consolidation are prepared in accordance with CPH\u2019s accounting policies.Foreign currency translation CPH\u2019s functional currency is DKK, which is used as the measurement and presentation currency in the prepara-tion of the Annual Report. On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income statement as Financial income or Financial expenses. Statement of comprehensive incomeCPH presents comprehensive income in two statements: an income statement and a statement of compre-hensive income, showing the results of operations for the year and income included in other comprehensive income. Other comprehensive income comprises hedging transactions. Tax related to other comprehensive income for the individual items is disclosed in the relevant notes.EquityDividendsDividends expected to be declared in respect of the year are stated under equity. Dividends are recognised as a liability at the time of adoption by the shareholders at the Annual General Meeting.Cash flow statement The cash flow statement presents CPH\u2019s cash flows for the year distributed between operating, investing and financing activities as well as the net changes in cash for the year and CPH\u2019s cash at the beginning and end of the year. Cash includes cash and balances on account available at no or short notice. The cash flow from operating activities comprises payments from customers less payments to employees, suppliers, etc., adjusted for financial items paid/received and income taxes paid. The cash flow from investing activities comprises cash flows from the purchase and sale of intangible assets, property, plant and equipment and investments. The cash flow from financing activities comprises cash flows from the raising and repayment of long-term and short-term debt to financial institutions as well as dividends paid to shareholders.Significant accounting estimates and judgementsIn preparing the consolidated financial statements, management makes various accounting judgements and estimates that form the basis of the presentation, recognition and measurement of CPH\u2019s assets and liabilities.By nature, these judgements and estimates involve a degree of uncertainty, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. The primary financial statement item for which significant accounting judgements and estimates are applied relates to the useful lives of property, plant and equipment and their residual values (accounting estimate). 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. The carrying amounts of these items are disclosed in notes 3.2 and 3.3.There are no changes to the estimates made by CPH in determining the carrying amounts compared to 2023. New IFRS Accounting Standards and amendments effective 1 January 2024The following new IFRS Accounting Standards have been considered in preparing the consolidated financial statements for 2024. \u00b7 Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amend-ments to IAS 1 (relevant for CPH) \u00b7 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16 (not relevant for CPH) \u00b7 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (not relevant for CPH)Regarding the amendments to IAS 1, additional disclosures of loan covenants and the related liabilities are included in the 2024 consolidated financial statements; see note 4.2. None of the other amendments had any material impact on the statements or notes presented.New IFRS Accounting Standards and amendments not yet effective or adopted by the EUThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2024 consolidated financial statements. None of the new standards issued are currently expected to have a significant impact on CPH\u2019s financial statements when imple-mented except for IFRS 18, which will change the presentation of the income statement.Accounting policiesThe accounting policies for recognition and measurement of business areas are the same for the income state-ment and the balance sheet. The accounting policies are unchanged from 2023. CPH does not have operating segments in accordance with IFRS 8. The operating results for the business areas comprise directly attributable revenue less related operating costs. Operating costs comprise external costs, staff costs and amortisation and depreciation. Business area assets comprise non-current assets used directly in the operating activities of each business area and current assets directly attributable to the operating activities of each business area, including trade receiv-ables, other receivables, prepayments and deferred income. Jointly used properties are allocated to the busi-ness areas based on an overall estimate of the amount of space used. Business area liabilities comprise liabilities that have arisen out of the business area\u2019s operations, including prepayments received from customers, trade payables and other payables.Business areasCPH has two business areas: aeronautical and non-aeronautical.The business area classification follows the legal and organisational classification of the Group\u2019s activities. The aeronautical business area comprises the regulated part of Copenhagen Airports (traffic charges), and the non-aeronautical business area comprises all other activities. This classification is appropriate, as the aero-nautical business area reporting also constitutes the reporting of regulatory activities under BL 9-15 (traffic charges). BL 9-15 is described in note 5.5. AeronauticalThis business area comprises the operations and functions that the airports at Kastrup and Roskilde make avail-able so that airlines can operate their flights, including facilities required for passengers to pass through these airports. Revenue in the aeronautical business area comprises passenger, security, handling, CUTE, take-off and aircraft parking charges. Non-aeronauticalThis business area comprises the other facilities and services provided at the airports for passengers and others, including car parking facilities, shops, restaurants, lounges and the hotels. The vast majority of the facilities and services are operated by concessionaires. The business area also includes the leasing of CPH\u2019s buildings, premises and land to non-Group lessees. Revenue in the non-aeronautical business area comprises concession revenue; rent from buildings, premises and land; revenue from car parking; the hotel oper ation; energy distri-bution; services for persons with reduced mobility (PRM); taxi management services (TMS); sale of consulting services concerning airport operation; and other services.Revenue related to CPH\u2019s largest customer amounted to DKK 992 million in 2024 (2023: DKK 746 million), repre-senting 20% of revenue (2023: 18%). Revenue related to the second-largest customer amounted to DKK 531 million in 2024 (2023: DKK 377 million), representing 10% of revenue (2023: 9%). The revenue from the largest and second-largest customers related to both the aeronautical and non-aeronautical business areas.2.1 Information on business areas (continued)2024 2023Non- Non- 1Total Aeronauticalaeronautical UnallocatedDKKm Aeronauticalaeronautical UnallocatedTotalRevenue 3,068 2,002 - 5,070 2,193 1,868 - 4,061Operating profit/(loss) 405 1,204 - 1,609 (458) 1,137 - 679Non-current assets 9,964 5,368 - 15,332 9,646 5,172 - 14,818Other assets 380 248 48 676 273 232 67 572Investments in joint ventures - 107 - 107 - 120 - 120Total assets 10,344 5,723 48 16,115 9,919 5,524 67 15,510Liabilities 862 452 10,385 11,699 912 496 10,664 12,072Total liabilities 862 452 10,385 11,699 912 496 10,664 12,072Investments in fixed assets (including capitalised interest) 1,026 461 - 1,487 1,009 395 - 1,404Amortisation and depreciation 709 258 - 967 723 283 - 1,0061 Unallocated assets include cash and financial assets. Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other non-current liabilities and income tax payable.Accounting policiesRevenue comprises the year\u2019s traffic revenue, concession revenue, car parking revenue, rent and sales of services, net of value added tax and price reductions directly related to sales.Traffic revenueTraffic revenue comprises passenger, security, handling, CUTE, take-off and aircraft parking charges and is recognised at the time of departure of the aircraft to which the services relate. The NOx, CO and night 2surcharge charges are included in take-off charges. Route incentive discounts for previously unserved routes, transfer incentive discounts based on the preceding 12 months of transfer passenger traffic, hub incentive discount schemes for high-frequency feeder routes and a volume incentive discount scheme to maintain passenger growth are deducted from traffic revenue. Concession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, including online sales from Tax Free, which is recognised in line with the revenue generated by the concessionaires. Car parking revenueRevenue from car parking facilities is recognised when a car exits the car parking facilities.RentRent comprises rent for premises and land and is recognised over the terms of the contracts.Sales of services, etc.Revenue from the sales of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi management services (TMS), which are recognised on arrival at the taxi stand. Other services typically include performance obligations, which are recognised either on a straight-line basis over a period or at a particular time when the services are provided.Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and main-tenance costs.Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the Executive Manage-ment, fees to the Board of Directors and other staff costs.Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by the Danish State, CPH recognises a pension contri-bution in the income statement. The contribution is fixed each year by the State and paid to the State on a regular basis.Accounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports Denmark ApS (CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI \u2013 100% ownership) and Copenhagen Airport Hotels A/S (CAH \u2013 53% ownership). KAP is the administrative company for the jointly taxed companies and settles corporation taxes payable to the tax authorities. CPH, CAI and CAH pay tax on account to KAP and settle tax underpaid/overpaid with KAP.Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.Accounting policiesSoftware is measured at cost less accumulated amortisation.Major projects in which software is the principal element are recognised as assets if there is sufficient certainty that the capitalised value of future earnings will cover the related costs.Software costs comprise costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software.Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognised as non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisa-tion period is 3-5 years.ImpairmentsThe carrying amount of software and software under development is assessed at least annually for any impair-ment indications beyond that expressed in amortisation charges. Where there are such indications, an impair-ment charge is made against the lower of the recoverable amount of the asset and the carrying amount. The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with other assets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.Accounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation.Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and begins when the assets are ready for use.Land is not depreciated.Gains and losses on the sale of non-current assets are recognised under Other income.ImpairmentThe carrying amount of property, plant and equipment is assessed at least annually for indications of impair-ment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.) 40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryFoundations of runways, roads, etc. 80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment 3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 year sFurniture and fittings 10 yearsHotel equipment 15 -20 yearsSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 yearsAccounting policiesSubsidiaries are classified as companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies.Companies are classified as joint ventures when CPH has entered into a joint arrangement whereby the parties have joint control of the arrangement.Investments in joint ventures are measured in the consolidated financial statements according to the equity method at the proportionate share of the enterprises.Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.Accounting policiesMortgage loans, loans from financial institutions and other loans are recognised when taken out at the amountreceived. In subsequent periods, the loans are measured at amortised cost so that the effective interest rate isrecognised in the income statement over the term of the loan.Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.Accounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recognised immediately in the income state-ment at the same time as the receivable is recognised in the balance sheet, based on the expected loss over the total life of the receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__33": {
"value": "Basis of preparationThe consolidated financial statements included in this Annual Report have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements in the Danish Financial Statements Act.The financial statements of the Parent Company, Copenhagen Airports A/S, are prepared in accordance with the Danish Financial Statements Act (reporting class D).The Annual Report is presented in Danish krone (DKK), which is the Parent Company\u2019s functional currency, rounded to the nearest DKK 1 million. The Annual Report is prepared using the historical cost principle.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__31": {
"value": "The consolidated financial statements included in this Annual Report have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as adopted by the European Union and further requirements in the Danish Financial Statements Act.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__32": {
"value": "Copenhagen Airports A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__34": {
"value": "Basis of consolidation The consolidated financial statements include the Parent Company, Copenhagen Airports A/S, and all subsid-iaries over which the Parent Company exercises control. Companies where the Parent Company controls 50% or less of the votes and does not have control but exercises significant influence are considered joint ventures.CPH\u2019s Annual Report is prepared on the basis of the financial statements of the Parent Company and the subsidiaries. The financial statements used in the consolidation are prepared in accordance with CPH\u2019s accounting policies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__36": {
"value": "Foreign currency translation CPH\u2019s functional currency is DKK, which is used as the measurement and presentation currency in the prepara-tion of the Annual Report. On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income statement as Financial income or Financial expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__35": {
"value": "Foreign currency translation CPH\u2019s functional currency is DKK, which is used as the measurement and presentation currency in the prepara-tion of the Annual Report. On initial recognition, foreign currency transactions are translated into the functional currency at the exchange rate at the transaction dates. Monetary items denominated in a foreign currency are translated at the exchange rate at the reporting date. Foreign currency translation differences between the exchange rates at the trans-action date and the date of payment are recognised in the income statement as Financial income or Financial expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__37": {
"value": "Statement of comprehensive incomeCPH presents comprehensive income in two statements: an income statement and a statement of compre-hensive income, showing the results of operations for the year and income included in other comprehensive income. Other comprehensive income comprises hedging transactions. Tax related to other comprehensive income for the individual items is disclosed in the relevant notes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__38": {
"value": "EquityDividendsDividends expected to be declared in respect of the year are stated under equity. Dividends are recognised as a liability at the time of adoption by the shareholders at the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__39": {
"value": "Cash flow statement The cash flow statement presents CPH\u2019s cash flows for the year distributed between operating, investing and financing activities as well as the net changes in cash for the year and CPH\u2019s cash at the beginning and end of the year. Cash includes cash and balances on account available at no or short notice. The cash flow from operating activities comprises payments from customers less payments to employees, suppliers, etc., adjusted for financial items paid/received and income taxes paid. The cash flow from investing activities comprises cash flows from the purchase and sale of intangible assets, property, plant and equipment and investments. The cash flow from financing activities comprises cash flows from the raising and repayment of long-term and",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__40-1": {
"value": "Significant accounting estimates and judgementsIn preparing the consolidated financial statements, management makes various accounting judgements and estimates that form the basis of the presentation, recognition and measurement of CPH\u2019s assets and liabilities.By nature, these judgements and estimates involve a degree of uncertainty, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. The primary financial statement item for which significant accounting judgements and estimates are applied relates to the useful lives of property, plant and equipment and their residual values (accounting estimate). 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. The carrying amounts of these items are disclosed in notes 3.2 and 3.3.There are no changes to the estimates made by CPH in determining the carrying amounts compared to 2023.Significant estimates Property, plant and equipment are depreciated to the estimated residual value over their expected useful lives, which CPH has estimated above. These estimates are based on the Company\u2019s business plans and expected useful lives of the assets, the technical and maintenance state of the assets, and regulatory requirements. The residual value was estimated at DKK 595 million (2023: DKK 595 million) at the balance sheet date. The useful lives and residual values of property, plant and equipment are reviewed at least at every year-end based on these factors. CPH evaluates the carrying amounts in order to assess whether events have occurred that require an adjustment of these amounts because they are not expected to be recoverable.Investment properties owned by the Group are carried at cost less accumulated depreciation. The carrying amount of the investment properties totalled DKK 1,267 million at 31 December 2024 (2023: DKK 1,317 million). Of the carrying amount, DKK 1,254 million (2023: DKK 1,295 million) was related to hotel properties, owned by the subsidiary Copenhagen Airport Hotels A/S (53% ownership share).The corresponding fair value (Level 3) of the investment properties at 31 December 2024 amounted to DKK 2,403 million (2023: DKK 2,321 million). Fair value of the investment properties was determined based on a discounted cash flow calculation on minimum lease payments agreed with the hotel operator with a weighted average discount rate of 7.0% (2023: 7.2%).ImpairmentThe carrying amount of property, plant and equipment is assessed at least annually for indications of impair-ment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__41": {
"value": "New IFRS Accounting Standards and amendments effective 1 January 2024The following new IFRS Accounting Standards have been considered in preparing the consolidated financial statements for 2024. \u00b7 Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants \u2013 Amend-ments to IAS 1 (relevant for CPH) \u00b7 Lease liability in sale and leaseback \u2013 Amendments to IFRS 16 (not relevant for CPH) \u00b7 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (not relevant for CPH)Regarding the amendments to IAS 1, additional disclosures of loan covenants and the related liabilities are included in the 2024 consolidated financial statements; see note 4.2. None of the other amendments had any material impact on the statements or notes presented.New IFRS Accounting Standards and amendments not yet effective or adopted by the EUThe IASB has issued a number of new standards and amendments not yet in effect or adopted by the EU and therefore not relevant for the preparation of the 2024 consolidated financial statements. None of the new standards issued are currently expected to have a significant impact on CPH\u2019s financial statements when imple-mented except for IFRS 18, which will change the presentation of the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__43": {
"value": "2.1 Information on business areas\u00a7 Accounting policiesThe accounting policies for recognition and measurement of business areas are the same for the income state-ment and the balance sheet. The accounting policies are unchanged from 2023. CPH does not have operating segments in accordance with IFRS 8. The operating results for the business areas comprise directly attributable revenue less related operating costs. Operating costs comprise external costs, staff costs and amortisation and depreciation. Business area assets comprise non-current assets used directly in the operating activities of each business area and current assets directly attributable to the operating activities of each business area, including trade receiv-ables, other receivables, prepayments and deferred income. Jointly used properties are allocated to the busi-ness areas based on an overall estimate of the amount of space used. Business area liabilities comprise liabilities that have arisen out of the business area\u2019s operations, including prepayments received from customers, trade payables and other payables.Business areasCPH has two business areas: aeronautical and non-aeronautical.The business area classification follows the legal and organisational classification of the Group\u2019s activities. The aeronautical business area comprises the regulated part of Copenhagen Airports (traffic charges), and the non-aeronautical business area comprises all other activities. This classification is appropriate, as the aero-nautical business area reporting also constitutes the reporting of regulatory activities under BL 9-15 (traffic charges). BL 9-15 is described in note 5.5. AeronauticalThis business area comprises the operations and functions that the airports at Kastrup and Roskilde make avail-able so that airlines can operate their flights, including facilities required for passengers to pass through these airports. Revenue in the aeronautical business area comprises passenger, security, handling, CUTE, take-off and aircraft parking charges. Non-aeronauticalThis business area comprises the other facilities and services provided at the airports for passengers and others, including car parking facilities, shops, restaurants, lounges and the hotels. The vast majority of the facilities and services are operated by concessionaires. The business area also includes the leasing of CPH\u2019s buildings, premises and land to non-Group lessees. Revenue in the non-aeronautical business area comprises concession revenue; rent from buildings, premises and land; revenue from car parking; the hotel oper ation; energy distri-bution; services for persons with reduced mobility (PRM); taxi management services (TMS); sale of consulting services concerning airport operation; and other services.Revenue related to CPH\u2019s largest customer amounted to DKK 992 million in 2024 (2023: DKK 746 million), repre-senting 20% of revenue (2023: 18%). Revenue related to the second-largest customer amounted to DKK 531 million in 2024 (2023: DKK 377 million), representing 10% of revenue (2023: 9%). The revenue from the largest and second-largest customers related to both the aeronautical and non-aeronautical business areas.2.1 Information on business areas (continued)2024 2023Non- Non- 1Total Aeronauticalaeronautical UnallocatedDKKm Aeronauticalaeronautical UnallocatedTotalRevenue 3,068 2,002 - 5,070 2,193 1,868 - 4,061Operating profit/(loss) 405 1,204 - 1,609 (458) 1,137 - 679Non-current assets 9,964 5,368 - 15,332 9,646 5,172 - 14,818Other assets 380 248 48 676 273 232 67 572Investments in joint ventures - 107 - 107 - 120 - 120Total assets 10,344 5,723 48 16,115 9,919 5,524 67 15,510Liabilities 862 452 10,385 11,699 912 496 10,664 12,072Total liabilities 862 452 10,385 11,699 912 496 10,664 12,072Investments in fixed assets (including capitalised interest) 1,026 461 - 1,487 1,009 395 - 1,404Amortisation and depreciation 709 258 - 967 723 283 - 1,0061 Unallocated assets include cash and financial assets. Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other non-current liabilities and income tax payable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__45": {
"value": "Accounting policiesThe accounting policies for recognition and measurement of business areas are the same for the income state-ment and the balance sheet. The accounting policies are unchanged from 2023. CPH does not have operating segments in accordance with IFRS 8. The operating results for the business areas comprise directly attributable revenue less related operating costs. Operating costs comprise external costs, staff costs and amortisation and depreciation. Business area assets comprise non-current assets used directly in the operating activities of each business area and current assets directly attributable to the operating activities of each business area, including trade receiv-ables, other receivables, prepayments and deferred income. Jointly used properties are allocated to the busi-ness areas based on an overall estimate of the amount of space used. Business area liabilities comprise liabilities that have arisen out of the business area\u2019s operations, including prepayments received from customers, trade payables and other payables.Business areasCPH has two business areas: aeronautical and non-aeronautical.The business area classification follows the legal and organisational classification of the Group\u2019s activities. The aeronautical business area comprises the regulated part of Copenhagen Airports (traffic charges), and the non-aeronautical business area comprises all other activities. This classification is appropriate, as the aero-nautical business area reporting also constitutes the reporting of regulatory activities under BL 9-15 (traffic charges). BL 9-15 is described in note 5.5. AeronauticalThis business area comprises the operations and functions that the airports at Kastrup and Roskilde make avail-able so that airlines can operate their flights, including facilities required for passengers to pass through these airports. Revenue in the aeronautical business area comprises passenger, security, handling, CUTE, take-off and aircraft parking charges. Non-aeronauticalThis business area comprises the other facilities and services provided at the airports for passengers and others, including car parking facilities, shops, restaurants, lounges and the hotels. The vast majority of the facilities and services are operated by concessionaires. The business area also includes the leasing of CPH\u2019s buildings, premises and land to non-Group lessees. Revenue in the non-aeronautical business area comprises concession revenue; rent from buildings, premises and land; revenue from car parking; the hotel oper ation; energy distri-bution; services for persons with reduced mobility (PRM); taxi management services (TMS); sale of consulting services concerning airport operation; and other services.Revenue related to CPH\u2019s largest customer amounted to DKK 992 million in 2024 (2023: DKK 746 million), repre-senting 20% of revenue (2023: 18%). Revenue related to the second-largest customer amounted to DKK 531 million in 2024 (2023: DKK 377 million), representing 10% of revenue (2023: 9%). The revenue from the largest and second-largest customers related to both the aeronautical and non-aeronautical business areas.2.1 Information on business areas (continued)2024 2023Non- Non- 1Total Aeronauticalaeronautical UnallocatedDKKm Aeronauticalaeronautical UnallocatedTotalRevenue 3,068 2,002 - 5,070 2,193 1,868 - 4,061Operating profit/(loss) 405 1,204 - 1,609 (458) 1,137 - 679Non-current assets 9,964 5,368 - 15,332 9,646 5,172 - 14,818Other assets 380 248 48 676 273 232 67 572Investments in joint ventures - 107 - 107 - 120 - 120Total assets 10,344 5,723 48 16,115 9,919 5,524 67 15,510Liabilities 862 452 10,385 11,699 912 496 10,664 12,072Total liabilities 862 452 10,385 11,699 912 496 10,664 12,072Investments in fixed assets (including capitalised interest) 1,026 461 - 1,487 1,009 395 - 1,404Amortisation and depreciation 709 258 - 967 723 283 - 1,0061 Unallocated assets include cash and financial assets. Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other non-current liabilities and income tax payable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__44": {
"value": "CPH has two business areas: aeronautical and non-aeronautical",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__47-1": {
"value": "2024 2023Non- Non- 1Total Aeronauticalaeronautical UnallocatedDKKm Aeronauticalaeronautical UnallocatedTotalRevenue 3,068 2,002 - 5,070 2,193 1,868 - 4,061Operating profit/(loss) 405 1,204 - 1,609 (458) 1,137 - 679Non-current assets 9,964 5,368 - 15,332 9,646 5,172 - 14,818Other assets 380 248 48 676 273 232 67 572Investments in joint ventures - 107 - 107 - 120 - 120Total assets 10,344 5,723 48 16,115 9,919 5,524 67 15,510Liabilities 862 452 10,385 11,699 912 496 10,664 12,072Total liabilities 862 452 10,385 11,699 912 496 10,664 12,072Investments in fixed assets (including capitalised interest) 1,026 461 - 1,487 1,009 395 - 1,404Amortisation and depreciation 709 258 - 967 723 283 - 1,0061 Unallocated assets include cash and financial assets. Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other non-current liabilities and income tax payable.2.2 Revenue\u00a7 Accounting policiesRevenue comprises the year\u2019s traffic revenue, concession revenue, car parking revenue, rent and sales of services, net of value added tax and price reductions directly related to sales.Traffic revenueTraffic revenue comprises passenger, security, handling, CUTE, take-off and aircraft parking charges and is recognised at the time of departure of the aircraft to which the services relate. The NOx, CO and night 2surcharge charges are included in take-off charges. Route incentive discounts for previously unserved routes, transfer incentive discounts based on the preceding 12 months of transfer passenger traffic, hub incentive discount schemes for high-frequency feeder routes and a volume incentive discount scheme to maintain passenger growth are deducted from traffic revenue. Concession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, including online sales from Tax Free, which is recognised in line with the revenue generated by the concessionaires. Car parking revenueRevenue from car parking facilities is recognised when a car exits the car parking facilities.RentRent comprises rent for premises and land and is recognised over the terms of the contracts.Sales of services, etc.Revenue from the sales of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi management services (TMS), which are recognised on arrival at the taxi stand. Other services typically include performance obligations, which are recognised either on a straight-line basis over a period or at a particular time when the services are provided.DKKm 2024 2023Traffic revenuePassenger charges 1,431 1,013Security charges 796 558Handling charges 292 180CUTE charges - 23Take-off charges 500 379Aircraft parking and other traffic-related revenue 49 40Total traffic revenue 3,068 2,193Concession revenueShopping centre 857 802Other concession revenue 81 72Total concession revenue 938 874Total car parking revenue 419 367RentRent from premises 118 137Rent from land 57 57Other rent 38 6Total rent 213 200Sales of services, etc.Hotel operation 118 112Other sales of services, etc. 314 315Total sales of services, etc. 432 427Total revenue 5,070 4,061Composition of revenue by business areas2024 2023Aeronautical Non-aeronautical Aeronautical Non-aeronauticalCar Sales of Car Sales of Traffic Concession parking services, Traffic Concession parking services, 11111revenue Rentetc.Totalrevenuerevenuerevenue Rentetc.DKKmrevenuerevenueTotalTotal 3,068 938 419 213 432 5,070 2,193 874 367 200 427 4,061Time of recognition - At a certain time 3,068 - 419 - - 3,487 2,193 - 367 - - 2,560 - Over time - 938 - 213 432 1,583 - 874 - 200 427 1,501Total 3,068 938 419 213 432 5,070 2,193 874 367 200 427 4,061Type of contract - Fixed-price 3,068 35 419 211 432 4,165 2,193 31 367 199 427 3,217 - Variable 903 - 2 - 905 - 843 - 1 - 844Total 3,068 938 419 213 432 5,070 2,193 874 367 200 427 4,0611 Concession revenue, rent and hotel operation included in Sales of services are recognised in accordance with IFRS 16 Leases.There was no financing element, as payment terms are cash payment on delivery or 14 days\u2019 credit.DKKm 2024 2023Maturity analysis of concessions, rent and hotel operation (IFRS 16)Within 1 year 410 382Between 1 and 2 years 401 391Between 2 and 3 years 383 391Between 3 and 4 years 387 376Between 4 and 5 years 381 376After 5 years 2,916 3,433Total 4,878 5,349Concession revenue depending on passenger-related variables is not included in the maturity analysis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__46-1": {
"value": "2024 2023Non- Non- 1Total Aeronauticalaeronautical UnallocatedDKKm Aeronauticalaeronautical UnallocatedTotalRevenue 3,068 2,002 - 5,070 2,193 1,868 - 4,061Operating profit/(loss) 405 1,204 - 1,609 (458) 1,137 - 679Non-current assets 9,964 5,368 - 15,332 9,646 5,172 - 14,818Other assets 380 248 48 676 273 232 67 572Investments in joint ventures - 107 - 107 - 120 - 120Total assets 10,344 5,723 48 16,115 9,919 5,524 67 15,510Liabilities 862 452 10,385 11,699 912 496 10,664 12,072Total liabilities 862 452 10,385 11,699 912 496 10,664 12,072Investments in fixed assets (including capitalised interest) 1,026 461 - 1,487 1,009 395 - 1,404Amortisation and depreciation 709 258 - 967 723 283 - 1,0061 Unallocated assets include cash and financial assets. Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other non-current liabilities and income tax payable.2.2 Revenue\u00a7 Accounting policiesRevenue comprises the year\u2019s traffic revenue, concession revenue, car parking revenue, rent and sales of services, net of value added tax and price reductions directly related to sales.Traffic revenueTraffic revenue comprises passenger, security, handling, CUTE, take-off and aircraft parking charges and is recognised at the time of departure of the aircraft to which the services relate. The NOx, CO and night 2surcharge charges are included in take-off charges. Route incentive discounts for previously unserved routes, transfer incentive discounts based on the preceding 12 months of transfer passenger traffic, hub incentive discount schemes for high-frequency feeder routes and a volume incentive discount scheme to maintain passenger growth are deducted from traffic revenue. Concession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, including online sales from Tax Free, which is recognised in line with the revenue generated by the concessionaires. Car parking revenueRevenue from car parking facilities is recognised when a car exits the car parking facilities.RentRent comprises rent for premises and land and is recognised over the terms of the contracts.Sales of services, etc.Revenue from the sales of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi management services (TMS), which are recognised on arrival at the taxi stand. Other services typically include performance obligations, which are recognised either on a straight-line basis over a period or at a particular time when the services are provided.DKKm 2024 2023Traffic revenuePassenger charges 1,431 1,013Security charges 796 558Handling charges 292 180CUTE charges - 23Take-off charges 500 379Aircraft parking and other traffic-related revenue 49 40Total traffic revenue 3,068 2,193Concession revenueShopping centre 857 802Other concession revenue 81 72Total concession revenue 938 874Total car parking revenue 419 367RentRent from premises 118 137Rent from land 57 57Other rent 38 6Total rent 213 200Sales of services, etc.Hotel operation 118 112Other sales of services, etc. 314 315Total sales of services, etc. 432 427Total revenue 5,070 4,061Composition of revenue by business areas2024 2023Aeronautical Non-aeronautical Aeronautical Non-aeronauticalCar Sales of Car Sales of Traffic Concession parking services, Traffic Concession parking services, 11111revenue Rentetc.Totalrevenuerevenuerevenue Rentetc.DKKmrevenuerevenueTotalTotal 3,068 938 419 213 432 5,070 2,193 874 367 200 427 4,061Time of recognition - At a certain time 3,068 - 419 - - 3,487 2,193 - 367 - - 2,560 - Over time - 938 - 213 432 1,583 - 874 - 200 427 1,501Total 3,068 938 419 213 432 5,070 2,193 874 367 200 427 4,061Type of contract - Fixed-price 3,068 35 419 211 432 4,165 2,193 31 367 199 427 3,217 - Variable 903 - 2 - 905 - 843 - 1 - 844Total 3,068 938 419 213 432 5,070 2,193 874 367 200 427 4,0611 Concession revenue, rent and hotel operation included in Sales of services are recognised in accordance with IFRS 16 Leases.There was no financing element, as payment terms are cash payment on delivery or 14 days\u2019 credit.DKKm 2024 2023Maturity analysis of concessions, rent and hotel operation (IFRS 16)Within 1 year 410 382Between 1 and 2 years 401 391Between 2 and 3 years 383 391Between 3 and 4 years 387 376Between 4 and 5 years 381 376After 5 years 2,916 3,433Total 4,878 5,349Concession revenue depending on passenger-related variables is not included in the maturity analysis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__50": {
"value": "Accounting policiesRevenue comprises the year\u2019s traffic revenue, concession revenue, car parking revenue, rent and sales of services, net of value added tax and price reductions directly related to sales.Traffic revenueTraffic revenue comprises passenger, security, handling, CUTE, take-off and aircraft parking charges and is recognised at the time of departure of the aircraft to which the services relate. The NOx, CO and night 2surcharge charges are included in take-off charges. Route incentive discounts for previously unserved routes, transfer incentive discounts based on the preceding 12 months of transfer passenger traffic, hub incentive discount schemes for high-frequency feeder routes and a volume incentive discount scheme to maintain passenger growth are deducted from traffic revenue. Concession revenueConcession revenue comprises sales-related revenue from Copenhagen Airport\u2019s shopping centre, including online sales from Tax Free, which is recognised in line with the revenue generated by the concessionaires. Car parking revenueRevenue from car parking facilities is recognised when a car exits the car parking facilities.RentRent comprises rent for premises and land and is recognised over the terms of the contracts.Sales of services, etc.Revenue from the sales of services, etc. comprises revenue from the hotel operation, energy distribution and other activities, including services for persons with reduced mobility (PRM), which are recognised when the services are provided, and taxi management services (TMS), which are recognised on arrival at the taxi stand. Other services typically include performance obligations, which are recognised either on a straight-line basis over a period or at a particular time when the services are provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__51": {
"value": "DKKm 2024 2023Maturity analysis of concessions, rent and hotel operation (IFRS 16)Within 1 year 410 382Between 1 and 2 years 401 391Between 2 and 3 years 383 391Between 3 and 4 years 387 376Between 4 and 5 years 381 376After 5 years 2,916 3,433Total 4,878 5,349Concession revenue depending on passenger-related variables is not included in the maturity analysis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__53": {
"value": "2.3 External costs\u00a7 Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and main-tenance costs.DKKm 2024 2023Operating and maintenance costs 531 506Energy costs 118 124Administrative expenses 41 56Other 28 32Total external costs 718 718",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__52": {
"value": "2.3 External costs\u00a7 Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and main-tenance costs.DKKm 2024 2023Operating and maintenance costs 531 506Energy costs 118 124Administrative expenses 41 56Other 28 32Total external costs 718 718",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__54": {
"value": "Accounting policiesExternal costs comprise administrative expenses, sales and marketing expenses, and other operating and main-tenance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__55": {
"value": "2.4 Staff costs\u00a7 Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the Executive Manage-ment, fees to the Board of Directors and other staff costs.Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by the Danish State, CPH recognises a pension contri-bution in the income statement. The contribution is fixed each year by the State and paid to the State on a regular basis.DKKm 2024 2023Salaries and wages 1,659 1,527Pension contributions 172 144Other social security costs 12 11Other staff costs 59 59Staff costs before capitalisation 1,902 1,741Capitalised costs 124 78Total staff costs 1,778 1,663Total staff costs increased by DKK 115 million compared to 2023. The increase was due to an increase of 125 FTEs as a result of the higher activity level.2.4 Staff costs (continued)Number 2024 2023People employed by CPHYear-end number of full-time employees 2,671 2,527Average number of full-time employees 2,577 2,452Of which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 6 7DKKm1Total remuneration of the Executive Management18.6 7.5- of which long-term incentive plan 2.6 0.2- of which short-term incentive plan 5.7 0.5- of which pension contributions 1.2 1.0Total remuneration of other key management personnel - 1.9- of which long-term incentive plan - 0.1- of which short-term incentive plan - 0.4- of which pension contributions - 0.11Total emoluments to the Board of Directors 3.3 2.71 For further details, see the Remuneration Report available on www.cph.dk/en/about-cph/investor/remuneration.Remuneration of the Board of Directors and the Executive Management in 2024 was paid in accordance with the \u201cGeneral guidelines for remuneration of the Board of Directors and the Executive Management of Copenhagen Airports A/S\u201d. In CPH, key management comprised the Executive Management. In 2023, other key management personnel comprised the interim CEO.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State (civil servants). The rate of pension contributions is fixed by the Minister for Finance and was 21.2% in 2024 (2023: 21.2%). In 2024, these pension contributions amounted to DKK 0.4 million (2023: DKK 0.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__57": {
"value": "Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the Executive Manage-ment, fees to the Board of Directors and other staff costs.Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by the Danish State, CPH recognises a pension contri-bution in the income statement. The contribution is fixed each year by the State and paid to the State on a regular basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__56-1": {
"value": "Accounting policiesStaff costs comprise salaries, wages and pension contributions for CPH staff, including the Executive Manage-ment, fees to the Board of Directors and other staff costs.Regular pension contributions under defined contribution plans are recognised in the income statement for the period in which they arise. For civil servants seconded by the Danish State, CPH recognises a pension contri-bution in the income statement. The contribution is fixed each year by the State and paid to the State on a regular basis.Staff costs (continued)Number 2024 2023People employed by CPHYear-end number of full-time employees 2,671 2,527Average number of full-time employees 2,577 2,452Of which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 6 7DKKm1Total remuneration of the Executive Management18.6 7.5- of which long-term incentive plan 2.6 0.2- of which short-term incentive plan 5.7 0.5- of which pension contributions 1.2 1.0Total remuneration of other key management personnel - 1.9- of which long-term incentive plan - 0.1- of which short-term incentive plan - 0.4- of which pension contributions - 0.11Total emoluments to the Board of Directors 3.3 2.71 For further details, see the Remuneration Report available on www.cph.dk/en/about-cph/investor/remuneration.Remuneration of the Board of Directors and the Executive Management in 2024 was paid in accordance with the \u201cGeneral guidelines for remuneration of the Board of Directors and the Executive Management of Copenhagen Airports A/S\u201d. In CPH, key management comprised the Executive Management. In 2023, other key management personnel comprised the interim CEO.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State (civil servants). The rate of pension contributions is fixed by the Minister for Finance and was 21.2% in 2024 (2023: 21.2%). In 2024, these pension contributions amounted to DKK 0.4 million (2023: DKK 0.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__58": {
"value": "Number 2024 2023People employed by CPHYear-end number of full-time employees 2,671 2,527Average number of full-time employees 2,577 2,452Of which civil servants who, pursuant to the Copenhagen Airports Act, retain their status as State employees 6 7DKKm1Total remuneration of the Executive Management18.6 7.5- of which long-term incentive plan 2.6 0.2- of which short-term incentive plan 5.7 0.5- of which pension contributions 1.2 1.0Total remuneration of other key management personnel - 1.9- of which long-term incentive plan - 0.1- of which short-term incentive plan - 0.4- of which pension contributions - 0.11Total emoluments to the Board of Directors 3.3 2.71",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__61-1": {
"value": "Remuneration of the Board of Directors and the Executive Management in 2024 was paid in accordance with the \u201cGeneral guidelines for remuneration of the Board of Directors and the Executive Management of Copenhagen Airports A/S\u201d. In CPH, key management comprised the Executive Management. In 2023, other key management personnel comprised the interim CEO.CPH makes annual pension contributions to the Danish State. These contributions are paid for those employees who, under their contracts of employment, are entitled to a pension from the Danish State (civil servants). The rate of pension contributions is fixed by the Minister for Finance and was 21.2% in 2024 (2023: 21.2%). In 2024, these pension contributions amounted to DKK 0.4 million (2023: DKK 0.5 million).5.4 Related partiesCPH\u2019s related parties are the Danish Labour Market Supplementary Pension (ATP) and the Ontario Teachers\u2019 Pension Plan (OTPP), given their controlling ownership interests in CPH; the Board of Directors and the Executive Management; and joint venture companies (see note 3.4). See also note 2.4 regarding remuneration of the Board of Directors and the Executive Management. ATP and OTPP (via their respective underlying holding companies) jointly own and control Copenhagen Airports Denmark ApS (CAD), company reg. (CVR) no. 29144249. CAD is indirectly controlled by Kastrup Airports Parent ApS (KAP), company reg. (CVR) no. 33781903, which is owned by ATP and OTPP. KAP is thereby the ultimate holding company of CPH. The consolidated annual report of KAP, in which CPH is included as a subsidiary, may be obtained from KAP through Apex Fund Service (Denmark) ApS, H\u00f8rmarken 2, 3520 Farum, Denmark. CAD holds 59.4% of both the shares and voting rights in CPH. ATP and OTPP (through an underlying holding company) have signed a shareholders\u2019 agreement providing for agreement between the two parties on all material resolutions. The agreement also stipulates rules for the nomina-tion of members to the Board of Directors of CPH. For additional information on ATP and OTPP, see www.atp.dk and www.otpp.com.Transactions with joint ventures were as follows:DKKm 2024 2023Sales of services 1 0Administrative expenses 34 18Interest income 1 0Other receivables 24 13",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__62": {
"value": "2.5 Tax\u00a7 Accounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports Denmark ApS (CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI \u2013 100% ownership) and Copenhagen Airport Hotels A/S (CAH \u2013 53% ownership). KAP is the administrative company for the jointly taxed companies and settles corporation taxes payable to the tax authorities. CPH, CAI and CAH pay tax on account to KAP and settle tax underpaid/overpaid with KAP.DKKm 2024 2023Tax expense:Current income tax 290 46Current tax adjustments recognised for previous years 5 5Change in deferred tax 8 31Deferred tax adjustments recognised for previous years (4) -Total 299 82Tax is allocated as follows:Tax on profit for the year 299 112Tax on other comprehensive income related to hedging instruments - (30)Total 299 82Breakdown of tax on profit for the year:Tax calculated at 22.0% of profit before tax 293 89Current tax adjustments recognised for previous years 5 18Tax base of non-deductible/taxable income/expenses 1 5Total 299 112DKKm 2024 2023Liabilities for deferred taxBalance at 1 January 857 808Deferred tax adjustments recognised for previous years (3) 18Change in deferred tax 96 31Balance at 31 December 950 857Breakdown of deferred tax provisions:Property, plant and equipment 1,030 1,019Other receivables (7) (2)Other payables (17) (3)Deferred tax on equity instruments 3 (23)Tax loss carried forward (59) (134)Total 950 857Tax on profit for the year was DKK 299 million, resulting in an effective tax rate of 22.3% (2023: 28.1%). The effec-tive tax rate in 2023 was negatively affected by interest rate limitations and fair value adjustments through other comprehensive income. Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. This liability is limited to 59.4% of the tax liabilities payable on or after 1 July 2012.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__63": {
"value": "Accounting policiesCopenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copenhagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports Denmark ApS (CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI \u2013 100% ownership) and Copenhagen Airport Hotels A/S (CAH \u2013 53% ownership). KAP is the administrative company for the jointly taxed companies and settles corporation taxes payable to the tax authorities. CPH, CAI and CAH pay tax on account to KAP and settle tax underpaid/overpaid with KAP.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__64": {
"value": "DKKm 2024 2023Liabilities for deferred taxBalance at 1 January 857 808Deferred tax adjustments recognised for previous years (3) 18Change in deferred tax 96 31Balance at 31 December 950 857Breakdown of deferred tax provisions:Property, plant and equipment 1,030 1,019Other receivables (7) (2)Other payables (17) (3)Deferred tax on equity instruments 3 (23)Tax loss carried forward (59) (134)Total 950 857",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__65": {
"value": "Tax on profit for the year was DKK 299 million, resulting in an effective tax rate of 22.3% (2023: 28.1%). The effec-tive tax rate in 2023 was negatively affected by interest rate limitations and fair value adjustments through other comprehensive income. Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. This liability is limited to 59.4% of the tax liabilities payable on or after 1 July 2012.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__68": {
"value": "3.2 Intangible assets\u00a7 Accounting policiesSoftware is measured at cost less accumulated amortisation.Major projects in which software is the principal element are recognised as assets if there is sufficient certainty that the capitalised value of future earnings will cover the related costs.Software costs comprise costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software.Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognised as non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisa-tion period is 3-5 years.ImpairmentsThe carrying amount of software and software under development is assessed at least annually for any impair-ment indications beyond that expressed in amortisation charges. Where there are such indications, an impair-ment charge is made against the lower of the recoverable amount of the asset and the carrying amount. The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with other assets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.2024 2023Software under Software under DKKm Softwaredevelopment Total Softwaredevelopment TotalCostAccumulated cost at 1 January 524 148 672 1,177 77 1,254Adjustments for previous years (2) - (2) - - -Additions - 73 73 - 102 102Disposals 5 - 5 (684) - (684)Transferred 56 (56) - 31 (31) -Accumulated cost at 31 December 583 165 748 524 148 672AmortisationAccumulated amortisation at 1 January 410 - 410 1,034 - 1,034Adjustments for previous years (1) - (1) - - -Amortisation 58 - 58 60 - 60Amortisation on disposals 5 - 5 (684) - (684)Accumulated amortisation at 31 December 472 - 472 410 - 410Carrying amount at 31 December 111 165 276 114 148 262Of which intangible assets for operational leasing 14 - 14 14 - 14Major investments in 2024 included general renewal of existing IT systems.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__71": {
"value": "Accounting policiesSoftware is measured at cost less accumulated amortisation.Major projects in which software is the principal element are recognised as assets if there is sufficient certainty that the capitalised value of future earnings will cover the related costs.Software costs comprise costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software.Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognised as non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisa-tion period is 3-5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__70-1": {
"value": "Accounting policiesSoftware is measured at cost less accumulated amortisation.Major projects in which software is the principal element are recognised as assets if there is sufficient certainty that the capitalised value of future earnings will cover the related costs.Software costs comprise costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software.Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognised as non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisa-tion period is 3-5 years.ImpairmentsThe carrying amount of software and software under development is assessed at least annually for any impair-ment indications beyond that expressed in amortisation charges. Where there are such indications, an impair-ment charge is made against the lower of the recoverable amount of the asset and the carrying amount. The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with other assets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__69": {
"value": "Accounting policiesSoftware is measured at cost less accumulated amortisation.Major projects in which software is the principal element are recognised as assets if there is sufficient certainty that the capitalised value of future earnings will cover the related costs.Software costs comprise costs that can be attributed directly or indirectly to the software. Costs also include interest expenses incurred during development of the software.Software projects that are clearly defined and identifiable, where the technical rate of utilisation, adequate resources and potential scope for development in the Group can be demonstrated, and where the intention is to produce and use the project, are recognised as non-current intangible assets, provided there is sufficient assurance that the value in use from future earnings will cover development costs.Amortisation is charged on a straight-line basis commencing when the project is ready for use. The amortisa-tion period is 3-5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__75": {
"value": "ImpairmentsThe carrying amount of software and software under development is assessed at least annually for any impair-ment indications beyond that expressed in amortisation charges. Where there are such indications, an impair-ment charge is made against the lower of the recoverable amount of the asset and the carrying amount. The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with other assets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__74": {
"value": "ImpairmentsThe carrying amount of software and software under development is assessed at least annually for any impair-ment indications beyond that expressed in amortisation charges. Where there are such indications, an impair-ment charge is made against the lower of the recoverable amount of the asset and the carrying amount. The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with other assets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__73-1": {
"value": "ImpairmentsThe carrying amount of software and software under development is assessed at least annually for any impair-ment indications beyond that expressed in amortisation charges. Where there are such indications, an impair-ment charge is made against the lower of the recoverable amount of the asset and the carrying amount. The recoverable amount of the asset is determined as the higher of the net selling price and the value in use. The recoverable amount of software is assessed together with other assets in the smallest group of assets for which a reliable recoverable amount can be determined in an overall assessment.ImpairmentThe carrying amount of property, plant and equipment is assessed at least annually for indications of impair-ment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__66": {
"value": "3.1 Amortisation and depreciation\u00a7 Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.DKKm 2024 2023Software 58 60Land and buildings 285 310Investment properties 51 53Plant and machinery 406 414Other fixtures and fittings, tools and equipment 167 169Total amortisation and depreciation 967 1,006",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__67": {
"value": "Accounting policiesAmortisation and depreciation comprise the year\u2019s charges for this purpose on CPH\u2019s intangible assets and property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__77": {
"value": "3.3 Property, plant and equipment\u00a7 Accounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation.Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and begins when the assets are ready for use.Land is not depreciated.Gains and losses on the sale of non-current assets are recognised under Other income.ImpairmentThe carrying amount of property, plant and equipment is assessed at least annually for indications of impair-ment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.) 40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryFoundations of runways, roads, etc. 80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment 3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 year sFurniture and fittings 10 yearsHotel equipment 15 -20 yearsSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 yearsSignificant estimates Property, plant and equipment are depreciated to the estimated residual value over their expected useful lives, which CPH has estimated above. These estimates are based on the Company\u2019s business plans and expected useful lives of the assets, the technical and maintenance state of the assets, and regulatory requirements. The residual value was estimated at DKK 595 million (2023: DKK 595 million) at the balance sheet date. The useful lives and residual values of property, plant and equipment are reviewed at least at every year-end based on these factors. CPH evaluates the carrying amounts in order to assess whether events have occurred that require an adjustment of these amounts because they are not expected to be recoverable.Investment properties owned by the Group are carried at cost less accumulated depreciation. The carrying amount of the investment properties totalled DKK 1,267 million at 31 December 2024 (2023: DKK 1,317 million). Of the carrying amount, DKK 1,254 million (2023: DKK 1,295 million) was related to hotel properties, owned by the subsidiary Copenhagen Airport Hotels A/S (53% ownership share).The corresponding fair value (Level 3) of the investment properties at 31 December 2024 amounted to DKK 2,403 million (2023: DKK 2,321 million). Fair value of the investment properties was determined based on a discounted cash flow calculation on minimum lease payments agreed with the hotel operator with a weighted average discount rate of 7.0% (2023: 7.2%).2024Other fixtures and Property, plant and fittings, tools and equipment under 1DKKm Land and buildingsInvestment properties Plant and machineryequipmentconstruction TotalCostAccumulated cost at 1 January 10,088 1,780 8,781 2,208 2,282 25,139Adjustments to previous years 2 (6) (18) (2) 24 -Additions - 6 - 2 1,406 1,414Disposals (150) - (442) (56) - (648)Transferred 139 - 235 131 (505) -Accumulated cost at 31 December 10,079 1,780 8,556 2,283 3,207 25,905DepreciationAccumulated depreciation at 1 January 4,081 463 4,453 1,586 - 10,583Adjustments to previous years 2 (1) 1 - - 2Depreciation 255 51 285 167 - 758Depreciation on disposals (120) - (321) (53) - (494)Accumulated depreciation at 31 December 4,218 513 4,418 1,700 - 10,849Carrying amount at 31 December 5,861 1,267 4,138 583 3,207 15,056Of which fixed assets for operational leasing 1,494 1,267 587 123 - 3,4711 At 31 December 2024, CPH\u2019s properties were mortgaged for a total of DKK 3,191 million (2023: DKK 3,191 million).Major investments in 2024 included expansion of Terminal 3, and improvements to security and baggage facilities, stands and runways.2023Other fixtures and Property, plant and fittings, tools and equipment under 1DKKm Land and buildingsInvestment properties Plant and machineryequipmentconstruction TotalCostAccumulated cost at 1 January 10,182 1,778 9,237 2,460 1,488 25,145Additions - 2 - 12 1,288 1,302Disposals (200) - (700) (408) - (1,308)Transferred 106 - 244 144 (494) -Accumulated cost at 31 December 10,088 1,780 8,781 2,208 2,282 25,139DepreciationAccumulated depreciation at 1 January 3,971 410 4,739 1,825 - 10,945Depreciation 281 53 289 168 - 791Depreciation on disposals (171) - (575) (407) - (1,153)Accumulated depreciation at 31 December 4,081 463 4,453 1,586 - 10,583Carrying amount at 31 December 6,007 1,317 4,328 622 2,282 14,556Of which fixed assets for operational leasing 1,650 1,317 682 121 - 3,7701 See previous page.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__76": {
"value": "3.3 Property, plant and equipment\u00a7 Accounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation.Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and begins when the assets are ready for use.Land is not depreciated.Gains and losses on the sale of non-current assets are recognised under Other income.ImpairmentThe carrying amount of property, plant and equipment is assessed at least annually for indications of impair-ment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.) 40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryFoundations of runways, roads, etc. 80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment 3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 year sFurniture and fittings 10 yearsHotel equipment 15 -20 yearsSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 yearsSignificant estimates Property, plant and equipment are depreciated to the estimated residual value over their expected useful lives, which CPH has estimated above. These estimates are based on the Company\u2019s business plans and expected useful lives of the assets, the technical and maintenance state of the assets, and regulatory requirements. The residual value was estimated at DKK 595 million (2023: DKK 595 million) at the balance sheet date. The useful lives and residual values of property, plant and equipment are reviewed at least at every year-end based on these factors. CPH evaluates the carrying amounts in order to assess whether events have occurred that require an adjustment of these amounts because they are not expected to be recoverable.Investment properties owned by the Group are carried at cost less accumulated depreciation. The carrying amount of the investment properties totalled DKK 1,267 million at 31 December 2024 (2023: DKK 1,317 million). Of the carrying amount, DKK 1,254 million (2023: DKK 1,295 million) was related to hotel properties, owned by the subsidiary Copenhagen Airport Hotels A/S (53% ownership share).The corresponding fair value (Level 3) of the investment properties at 31 December 2024 amounted to DKK 2,403 million (2023: DKK 2,321 million). Fair value of the investment properties was determined based on a discounted cash flow calculation on minimum lease payments agreed with the hotel operator with a weighted average discount rate of 7.0% (2023: 7.2%).2024Other fixtures and Property, plant and fittings, tools and equipment under 1DKKm Land and buildingsInvestment properties Plant and machineryequipmentconstruction TotalCostAccumulated cost at 1 January 10,088 1,780 8,781 2,208 2,282 25,139Adjustments to previous years 2 (6) (18) (2) 24 -Additions - 6 - 2 1,406 1,414Disposals (150) - (442) (56) - (648)Transferred 139 - 235 131 (505) -Accumulated cost at 31 December 10,079 1,780 8,556 2,283 3,207 25,905DepreciationAccumulated depreciation at 1 January 4,081 463 4,453 1,586 - 10,583Adjustments to previous years 2 (1) 1 - - 2Depreciation 255 51 285 167 - 758Depreciation on disposals (120) - (321) (53) - (494)Accumulated depreciation at 31 December 4,218 513 4,418 1,700 - 10,849Carrying amount at 31 December 5,861 1,267 4,138 583 3,207 15,056Of which fixed assets for operational leasing 1,494 1,267 587 123 - 3,4711 At 31 December 2024, CPH\u2019s properties were mortgaged for a total of DKK 3,191 million (2023: DKK 3,191 million).Major investments in 2024 included expansion of Terminal 3, and improvements to security and baggage facilities, stands and runways.2023Other fixtures and Property, plant and fittings, tools and equipment under 1DKKm Land and buildingsInvestment properties Plant and machineryequipmentconstruction TotalCostAccumulated cost at 1 January 10,182 1,778 9,237 2,460 1,488 25,145Additions - 2 - 12 1,288 1,302Disposals (200) - (700) (408) - (1,308)Transferred 106 - 244 144 (494) -Accumulated cost at 31 December 10,088 1,780 8,781 2,208 2,282 25,139DepreciationAccumulated depreciation at 1 January 3,971 410 4,739 1,825 - 10,945Depreciation 281 53 289 168 - 791Depreciation on disposals (171) - (575) (407) - (1,153)Accumulated depreciation at 31 December 4,081 463 4,453 1,586 - 10,583Carrying amount at 31 December 6,007 1,317 4,328 622 2,282 14,556Of which fixed assets for operational leasing 1,650 1,317 682 121 - 3,7701 See previous page.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__79": {
"value": "Accounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation.Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and begins when the assets are ready for use.Land is not depreciated.Gains and losses on the sale of non-current assets are recognised under Other income.ImpairmentThe carrying amount of property, plant and equipment is assessed at least annually for indications of impair-ment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.) 40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryFoundations of runways, roads, etc. 80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment 3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 year sFurniture and fittings 10 yearsHotel equipment 15 -20 yearsSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__78": {
"value": "Accounting policiesProperty, plant and equipment are measured at cost less accumulated depreciation.Cost comprises the cost of acquisition and costs directly related to the acquisition up until the time when the asset is ready for use. In the case of self-constructed assets, cost comprises direct costs attributable to the asset, including salaries and wages, materials, components and work performed by subcontractors. Cost also includes interest expenses during construction.The depreciation base is determined as cost less any residual value. Depreciation is charged on a straight-line basis over the estimated useful lives of the assets and begins when the assets are ready for use.Land is not depreciated.Gains and losses on the sale of non-current assets are recognised under Other income.ImpairmentThe carrying amount of property, plant and equipment is assessed at least annually for indications of impair-ment beyond that expressed in the depreciation charges. Where there are such indications, an impairment charge is made against the lower of the recoverable amount of the asset and the carrying amount.In assessing the recoverable amount, CPH takes into account significant indicators of potential impairment such as purchase and selling prices, and general market conditions.Useful lives of property, plant and equipmentLand and buildingsLand improvements (sewers, etc.) 40 yearsBuildings (terminals, offices, etc.) 80 -100 yearsBuildings (other) 40 yearsFitting out 5 -10 yearsInvestment properties 100 yearsPlant and machineryFoundations of runways, roads, etc. 80 -100 yearsSurface of new runways, roads, etc. 10 yearsTechnical installations on runways 15 yearsTechnical installations (lifts, etc.) 20 yearsTechnical installations in buildings 25 yearsOther fixtures and fittings, tools and equipmentIT equipment 3-5 yearsEnergy plant 15 yearsVehicles, etc. 4 -15 year sFurniture and fittings 10 yearsHotel equipment 15 -20 yearsSecurity equipment 10 yearsTechnical equipment 10 yearsOther equipment 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__83": {
"value": "At 31 December 2024, CPH\u2019s properties were mortgaged for a total of DKK 3,191 million (2023: DKK 3,191 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__85": {
"value": "Subsidiaries are classified as companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__84-1": {
"value": "Subsidiaries are classified as companies where the Parent Company directly or indirectly controls the majority of the votes or otherwise controls the companies.Subsidiaries Copenhagen Airport Hotels A/S, T\u00e5rnby, Denmark \u2013 53% owned by CPH Copenhagen Airports International A/S, T\u00e5rnby, Denmark \u2013 100% owned by CPHNon-controlling interests The financial information for Copenhagen Airport Hotels A/S, which is 53% owned by CPH Group with the remainder part owned by non-controlling interests, can be summarised as follows:DKKm 2024 2023Place of business Denmark DenmarkShare of ownership 53% 53%Income statementRevenue 118 113Profit 51 47Profit allocated to non-controlling interests 24 22Balance sheetCurrent assets 36 29Current liabilities 10 3Current net assets 26 26Non-current assets 1,254 1,300Non-current liabilities 82 80Non-current net assets 1,172 1,220Net assets 1,19 8 1,246Accumulated non-controlling interests at end of reporting period 563 586Dividend paid to non-controlling interests 47 76",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__87": {
"value": "Companies are classified as joint ventures when CPH has entered into a joint arrangement whereby the parties have joint control of the arrangement.Investments in joint ventures are measured in the consolidated financial statements according to the equity method at the proportionate share of the enterprises.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__86-1": {
"value": "Companies are classified as joint ventures when CPH has entered into a joint arrangement whereby the parties have joint control of the arrangement.Investments in joint ventures are measured in the consolidated financial statements according to the equity method at the proportionate share of the enterprises.Joint ventures Airport Coordination Denmark A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPH Smarter Airports A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPHNon-controlling interests The financial information for Copenhagen Airport Hotels A/S, which is 53% owned by CPH Group with the remainder part owned by non-controlling interests, can be summarised as follows:DKKm 2024 2023Place of business Denmark DenmarkShare of ownership 53% 53%Income statementRevenue 118 113Profit 51 47Profit allocated to non-controlling interests 24 22Balance sheetCurrent assets 36 29Current liabilities 10 3Current net assets 26 26Non-current assets 1,254 1,300Non-current liabilities 82 80Non-current net assets 1,172 1,220Net assets 1,19 8 1,246Accumulated non-controlling interests at end of reporting period 563 586Dividend paid to non-controlling interests 47 76",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__90": {
"value": "Joint ventures Airport Coordination Denmark A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPH Smarter Airports A/S, T\u00e5rnby, Denmark \u2013 50% owned by CPHNon-controlling interests The financial information for Copenhagen Airport Hotels A/S, which is 53% owned by CPH Group with the remainder part owned by non-controlling interests, can be summarised as follows:DKKm 2024 2023Place of business Denmark DenmarkShare of ownership 53% 53%Income statementRevenue 118 113Profit 51 47Profit allocated to non-controlling interests 24 22Balance sheetCurrent assets 36 29Current liabilities 10 3Current net assets 26 26Non-current assets 1,254 1,300Non-current liabilities 82 80Non-current net assets 1,172 1,220Net assets 1,19 8 1,246Accumulated non-controlling interests at end of reporting period 563 586Dividend paid to non-controlling interests 47 76",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__93": {
"value": "4.1 Financial income and expenses\u00a7 Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.DKKm 2024 2023Financial incomeInterest on balances with banks, etc. 2 3Interest on other receivables 3 2Exchange gains 1 5Total financial income 6 10DKKm 2024 2023Financial expensesInterest on debt to financial institutions and other loans, etc. 337 318Capitalised interest expenses regarding assets under construction (97) (60)Exchange losses 1 1Other financing costs 16 18Amortisation of loan costs 6 5Total financial expenses 263 282Financial expenses decreased by DKK 19 million compared to 2023, primarily due to higher capitalised interest expenses regarding assets under construction. The reason for this was a higher level of assets under construction and a higher effective interest rate. The decrease in financial expenses was partly offset by higher interest expenses on consolidated loans.An average interest rate of 3.5% was applied to calculate loan costs for the cost of assets in 2024 (2023: 3.2%), corresponding to CPH\u2019s weighted average cost of capital for borrowings for purchases of property, plant and equip-ment.Amortisation of loan costs related to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__92": {
"value": "4.1 Financial income and expenses\u00a7 Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.DKKm 2024 2023Financial incomeInterest on balances with banks, etc. 2 3Interest on other receivables 3 2Exchange gains 1 5Total financial income 6 10DKKm 2024 2023Financial expensesInterest on debt to financial institutions and other loans, etc. 337 318Capitalised interest expenses regarding assets under construction (97) (60)Exchange losses 1 1Other financing costs 16 18Amortisation of loan costs 6 5Total financial expenses 263 282Financial expenses decreased by DKK 19 million compared to 2023, primarily due to higher capitalised interest expenses regarding assets under construction. The reason for this was a higher level of assets under construction and a higher effective interest rate. The decrease in financial expenses was partly offset by higher interest expenses on consolidated loans.An average interest rate of 3.5% was applied to calculate loan costs for the cost of assets in 2024 (2023: 3.2%), corresponding to CPH\u2019s weighted average cost of capital for borrowings for purchases of property, plant and equip-ment.Amortisation of loan costs related to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__100-1": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.DKKm 2024 2023Financial expensesInterest on debt to financial institutions and other loans, etc. 337 318Capitalised interest expenses regarding assets under construction (97) (60)Exchange losses 1 1Other financing costs 16 18Amortisation of loan costs 6 5Total financial expenses 263 282Financial expenses decreased by DKK 19 million compared to 2023, primarily due to higher capitalised interest expenses regarding assets under construction. The reason for this was a higher level of assets under construction and a higher effective interest rate. The decrease in financial expenses was partly offset by higher interest expenses on consolidated loans.An average interest rate of 3.5% was applied to calculate loan costs for the cost of assets in 2024 (2023: 3.2%), corresponding to CPH\u2019s weighted average cost of capital for borrowings for purchases of property, plant and equip-ment.Amortisation of loan costs related to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__99-1": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.DKKm 2024 2023Financial expensesInterest on debt to financial institutions and other loans, etc. 337 318Capitalised interest expenses regarding assets under construction (97) (60)Exchange losses 1 1Other financing costs 16 18Amortisation of loan costs 6 5Total financial expenses 263 282Financial expenses decreased by DKK 19 million compared to 2023, primarily due to higher capitalised interest expenses regarding assets under construction. The reason for this was a higher level of assets under construction and a higher effective interest rate. The decrease in financial expenses was partly offset by higher interest expenses on consolidated loans.An average interest rate of 3.5% was applied to calculate loan costs for the cost of assets in 2024 (2023: 3.2%), corresponding to CPH\u2019s weighted average cost of capital for borrowings for purchases of property, plant and equip-ment.Amortisation of loan costs related to costs in connection with the establishment of bank loans and credit facilities and recycling of amortised cost related to loan renewal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__98-1": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.DKKm 2024 2023Financial incomeInterest on balances with banks, etc. 2 3Interest on other receivables 3 2Exchange gains 1 5Total financial income 6 10",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__97-1": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.DKKm 2024 2023Financial incomeInterest on balances with banks, etc. 2 3Interest on other receivables 3 2Exchange gains 1 5Total financial income 6 10",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__96": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__95": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__94": {
"value": "Accounting policiesFinancial income and expenses include interest, realised and unrealised exchange differences, amortisation of mortgage loans and other loans, including reversal of fair value adjustments of effective hedges of loans, and supplements and allowances under the on-account tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow hedge for accounting purposes is recognised in comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__106": {
"value": "4.2 Financial institutions and other loans\u00a7 Accounting policiesMortgage loans, loans from financial institutions and other loans are recognised when taken out at the amountreceived. In subsequent periods, the loans are measured at amortised cost so that the effective interest rate isrecognised in the income statement over the term of the loan.DKKm 2024 2023Financial institutions and other loans were recognised in the balance sheet as follows:Non-current liabilities 7,352 8,753Current liabilities 1,824 907Total 9,176 9,660Information on loans with covenantsUnder the terms of loan facilities, which had a carrying amount of DKK 6,454 million, CPH is required to comply with the following financial covenants at the end of each interim reporting period:\u00b7 Leverage ratio: Net debt/EBITDA must not exceed 4.00\u00b7 Equity ratio: Equity/Assets > 20%\u00b7 Interest cover: EBIT/Interest expense > 2.25There were waivers in place for the covenants up to and including Q3 2024. During this period a liquidity covenant was in place whereby CPH was to have available liquidity to cover 180 days of operating expenses.CPH has complied with these covenants throughout the reporting period. There are no indications that CPH will have difficulties complying with the covenants when they are tested in the following period in 2025.Non-cash changes Non-cash changesReclassifi-31 Reclassifi-Foreign 31 1 January cation and December 1 January cation and exchange December DKKm2024 Cash flowloan costs20242023 Cash flowloan costsmovements2023Liabilities arising from financing activitiesLong-term loans 8,753 (351) (1,050) 7,352 4,238 4,614 (99) - 8,753Short-term loans 907 (139) 1,056 1,824 5,676 (4,617) 57 (209) 907Total 9,660 (490) 6 9,176 9,914 (3) (42) (209) 9,660CPH had the following loans at 31 December:1Carrying amount Fair valueDKKm Currency Fixed/floating Maturity date 2024 2023 2024 2023Overdraft DKK Floating - 188 57 188 57Bank club DKK Floating 27 Aug 2026 230 500 230 500Term loan DKK Floating 27 Apr 2026 2,500 2,500 2,500 2,5002Nordea KreditDKK Floating 22 Aug 2053 600 600 600 6002Nykredit KreditDKK Floating 22 Aug 2053 900 900 900 9002RD KreditDKK Floating 22 Aug 2053 900 900 900 9002Nordea KreditDKK Floating 30 Dec 2039 349 366 349 3662RD (DKK 64 million)DKK Fixed 23 Dec 2032 29 32 30 343Nordic Investment Bank (NIB)DKK Fixed 12 Feb 2026 23 38 23 383Nordic Investment Bank (NIB)DKK Fixed 19 Dec 2027 318 424 264 3613European Investment Bank (EIB)DKK Fixed 15 Dec 2026 250 250 243 2343European Investment Bank (EIB)DKK Fixed 7 Apr 2032 436 491 419 4573European Investment Bank (EIB)DKK Fixed 26 Jan 2033 327 364 320 3443European Investment Bank (EIB)DKK Fixed 14 Aug 2033 491 545 462 4963European Investment Bank (EIB)DKK Fixed 12 Apr 2034 636 700 587 624USPP bond loan DKK Fixed 27 Aug 2025 1,055 1,055 1,057 1,035Total 9,232 9,722 9,072 9,446Loan costs for future amortisation (56) (62) (56) (62)Total (56) (62) (56) (62)Total 9,176 9,660 9,016 9,3841 See note 4.3 for a description of the method for determining the fair value of financial liabilities.2 At 31 December 2024, CPH\u2019s properties were mortgaged for a total value of DKK 3,191 million (2023: DKK 3,191 million).3 Funding for the development and expansion of Copenhagen Airport, which is expected to be completed by the end of 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__107": {
"value": "Accounting policiesMortgage loans, loans from financial institutions and other loans are recognised when taken out at the amountreceived. In subsequent periods, the loans are measured at amortised cost so that the effective interest rate isrecognised in the income statement over the term of the loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__108": {
"value": "4.3 Financial risks\u00a7 Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included. CPH's risk management policyCPH's financial risks are managed by the Treasury department. The principles and framework governing CPH's financial management are laid down once a year by the Board of Directors. The financial risks occur primarily as a result of operating and investing activities.Hedge accountingCPH designates certain derivatives as hedging instruments in respect of interest rate risk in cash flow hedges.At the inception of the hedge relationship, CPH documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in cash flows of the hedged item attribut-able to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:\u2013 There is an economic relationship between the hedged item and the hedging instrument\u2013 The effect of credit risk does not dominate the value changes that result from that economic relationship\u2013 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that CPH actually hedges and the quantity of the hedging instrument that CPH actually uses to hedge that quantity of hedged itemIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relationship remains the same, CPH adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.CPH discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recog-nised in Other comprehensive income and accumulated in the cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs. When a forecast trans-action is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassi-fied immediately to the income statement. Credit risksCPH\u2019s credit risks primarily relate to receivables, bank deposits, securities and derivative financial instruments.Credit risks regarding receivables arise when CPH\u2019s revenue in the form of traffic charges, concession charges, rent, etc. is not prepaid, or when customer solvency is not covered by guarantees, etc. CPH\u2019s revenue comprises aeronautical revenue from national and international airlines, and non-aeronautical revenue from national and international companies within and outside the aviation industry. As part of CPH\u2019s internal procedures regarding risk management, the credit risk relating to customers is monitored monthly. This is done by reviewing any failure to pay amounts due and assessing whether the customer has financial problems. CPH\u2019s trading partners SAS, Norwegian and Gebr. Heinemann (the largest concessionaire) constitute the most significant concentration of credit risk. Gross receivables from the sales of services to these customers amounted to approximately 35% of the total in 2024 (2023: 33%). See note 5.1 on trade receivables for further information.Credit risks relating to bank deposits, securities and derivative financial instruments arise as a result of uncertainty regarding the counterparty\u2019s ability to meet their liabilities when due. CPH seeks to limit the credit risks regarding bank deposits and derivative financial instruments by diversifying financial contracts and by entering into contracts only with financial counterparties with satisfactory credit ratings. The credit risk is calculated per counterparty based on the actual market value of the contracts entered into. At the balance sheet date, CPH had no credit risk on deriv-ative financial instruments. Credit exposure to financial counterparties at 31 December 2024 totalled DKK 48 million (2023: DKK 42 million), corresponding to the value of bank deposits and money market deposits, including accrued interest.Capital managementCPH\u2019s policy concerning borrowings is, as far as possible, to ensure a certain flexibility by diversifying funding by maturity date and counterparties. Furthermore, it is CPH\u2019s policy to comply with the loan covenants in its loan agreements. The Board of Directors and management ensure that the Company has a sound capital structure and, based on this, the financing policy is approved on an annual basis.CPH, individually and on behalf of its subsidiaries, has undertaken not to create or permit to subsist any charge over its assets or those of its subsidiaries, subject to a maximum permitted amount. Furthermore, CPH has made a commitment to its lenders to comply with a number of other terms and conditions, including financial covenants. A number of CPH\u2019s agreements on loans and credit facilities may be terminated in the event of failure to comply with these terms and conditions.Liquidity riskCPH aims to have sufficient available liquidity to meet all its obligations. This is ensured via a solid liquidity buffer consisting of committed credit facilities.At 31 December 2024, CPH\u2019s liquid assets consisted of cash totalling DKK 48 million (2023: DKK 42 million) and undrawn committed long-term credit facilities totalling DKK 3,670 million (2023: DKK 3,400 million). CPH also had overdraft facilities available of DKK 12 million (2023: DKK 143 million). A complete overview of payment commitments is disclosed on the following pages. All cash flows are undiscounted and include all liabilities under the contracts. Interest payments on floating-rate debt not yet hedged are recognised at the fixed forward rate from the day the loans are expected to be swapped, based on the yield curve applic able at the balance sheet date. The DKK value of future interest and principal payments on loans in foreign currency is calculated based on the exchange rate at the balance sheet date. Maturity at 31 December2024After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 2,108 4,426 5,847 12,381 9,089 9,232Trade payables 693 - - 693 693 693Other payables 244 - - 244 244 244Total recognised at amortised cost 3,045 4,426 5,847 13,318 10,026 10,169Recognised at fair valueDerivative financial instruments - 89 72 161 161 161Total recognised at fair value - 89 72 161 161 161Total financial liabilities 3,045 4,515 5,919 13,479 10,187 10,330Recognised at amortised costCash 48 - - 48 48 48Trade receivables 435 - - 435 435 435Other receivables 64 - - 64 64 64Total recognised at amortised cost 547 - - 547 547 547Total financial assets 547 - - 547 547 5471 The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. The fair value of derivative financial instruments is deter-mined based on published exchange rates, swap and forward rates, etc. The fair value measure-ment of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s derivative financial instruments (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates at the balance sheet date.Maturity at 31 December2023After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Trade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total recognised at amortised cost 1,706 6,394 6,219 14,319 10.408 10,684Recognised at fair valueDerivative financial instruments - 82 65 147 147 147Total recognised at fair value - 82 65 147 147 147Total financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Recognised at amortised costCash 42 - - 42 42 42Trade receivables 379 - - 379 379 379Other receivables 71 - - 71 71 71Total recognised at amortised cost 492 - - 492 492 492Total financial assets 492 - - 492 492 492Market risksInterest rate risks It is CPH\u00b4s policy to reduce the financial impact of interest rate fluctuations on earnings and cash flows by actively manage this risk at an appropriate cost. Hedging is normally carried out by using interest rate swaps under which floating-rate loans are swapped to a fixed interest rate. The duration of CPH\u2019s drawn loans on 31 December 2024 was determined to be approximately 9.2 years (2023: approximately 9.7 years). 66% of CPH\u2019s DKK drawn loan portfolio was at a fixed rate (i.e. 34% was at a variable rate). A 1 percentage point change in the interest rate on floating-rate loans on 31 December 2024 would affect profit before tax by DKK +/- 31 million on an annual basis. Sensitivity analysis of the current portfolio of swap contractsDKKm 2024 2023Effect on other comprehensive income of:An increase in the DKK interest rate of 1 %-point 155 164A decrease in the DKK interest rate of 1 %-point (162) (173)Exchange rate risksExchange rate fluctuations would have only a minor impact on CPH\u2019s operating results because most of its revenue and costs are settled in DKK.",
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"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.",
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"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.",
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"f1__s9__7__116": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.",
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"f1__s9__7__115": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.",
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"f1__s9__7__114": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s9__7__113": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
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"f1__s9__7__112-1": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.Maturity at 31 December2024After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 2,108 4,426 5,847 12,381 9,089 9,232Trade payables 693 - - 693 693 693Other payables 244 - - 244 244 244Total recognised at amortised cost 3,045 4,426 5,847 13,318 10,026 10,169Recognised at fair valueDerivative financial instruments - 89 72 161 161 161Total recognised at fair value - 89 72 161 161 161Total financial liabilities 3,045 4,515 5,919 13,479 10,187 10,330Recognised at amortised costCash 48 - - 48 48 48Trade receivables 435 - - 435 435 435Other receivables 64 - - 64 64 64Total recognised at amortised cost 547 - - 547 547 547Total financial assets 547 - - 547 547 5471 The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. The fair value of derivative financial instruments is deter-mined based on published exchange rates, swap and forward rates, etc. The fair value measure-ment of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s derivative financial instruments (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates at the balance sheet date.Maturity at 31 December2023After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Trade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total recognised at amortised cost 1,706 6,394 6,219 14,319 10.408 10,684Recognised at fair valueDerivative financial instruments - 82 65 147 147 147Total recognised at fair value - 82 65 147 147 147Total financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Recognised at amortised costCash 42 - - 42 42 42Trade receivables 379 - - 379 379 379Other receivables 71 - - 71 71 71Total recognised at amortised cost 492 - - 492 492 492Total financial assets 492 - - 492 492 492",
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"f1__s9__7__111": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.",
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"f1__s9__7__110-1": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.Maturity at 31 December2024After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 2,108 4,426 5,847 12,381 9,089 9,232Trade payables 693 - - 693 693 693Other payables 244 - - 244 244 244Total recognised at amortised cost 3,045 4,426 5,847 13,318 10,026 10,169Recognised at fair valueDerivative financial instruments - 89 72 161 161 161Total recognised at fair value - 89 72 161 161 161Total financial liabilities 3,045 4,515 5,919 13,479 10,187 10,330Recognised at amortised costCash 48 - - 48 48 48Trade receivables 435 - - 435 435 435Other receivables 64 - - 64 64 64Total recognised at amortised cost 547 - - 547 547 547Total financial assets 547 - - 547 547 5471 The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. The fair value of derivative financial instruments is deter-mined based on published exchange rates, swap and forward rates, etc. The fair value measure-ment of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s derivative financial instruments (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates at the balance sheet date.Maturity at 31 December2023After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Trade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total recognised at amortised cost 1,706 6,394 6,219 14,319 10.408 10,684Recognised at fair valueDerivative financial instruments - 82 65 147 147 147Total recognised at fair value - 82 65 147 147 147Total financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Recognised at amortised costCash 42 - - 42 42 42Trade receivables 379 - - 379 379 379Other receivables 71 - - 71 71 71Total recognised at amortised cost 492 - - 492 492 492Total financial assets 492 - - 492 492 492",
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"f1__s9__7__109-1": {
"value": "Accounting policiesAs a consequence of CPH\u00b4s financing, CPH is exposed to a number of financial risks. As part of CPH\u00b4s risk management, CPH uses derivative financial instruments when hedging future financial transactions and cash flows. Derivative financial instruments are initially recognised at fair value at the date a deriv ative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognised as a financial asset, whereas a deriv ative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivative financial instruments designated as hedges of expected future cash flows are recognised in Other comprehensive income and accumulated under Reserve for hedging. If the expected future transaction results in the recognition of non-financial assets or liabilities, amounts previously deferred in Other comprehensive income are transferred via Other comprehensive income from Equity and included in the initial measurement of the cost of the asset or liability respectively. Other amounts deferred in Other comprehensive income as part of equity are transferred to the income statement in the period in which the hedged transaction impacts the income statement. The fair value of interest rate swaps is determined as the present value of expected future cash flows. An eval-uation of own and counterparty credit risks is also included.Maturity at 31 December2024After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 2,108 4,426 5,847 12,381 9,089 9,232Trade payables 693 - - 693 693 693Other payables 244 - - 244 244 244Total recognised at amortised cost 3,045 4,426 5,847 13,318 10,026 10,169Recognised at fair valueDerivative financial instruments - 89 72 161 161 161Total recognised at fair value - 89 72 161 161 161Total financial liabilities 3,045 4,515 5,919 13,479 10,187 10,330Recognised at amortised costCash 48 - - 48 48 48Trade receivables 435 - - 435 435 435Other receivables 64 - - 64 64 64Total recognised at amortised cost 547 - - 547 547 547Total financial assets 547 - - 547 547 5471 The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. The fair value of derivative financial instruments is deter-mined based on published exchange rates, swap and forward rates, etc. The fair value measure-ment of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s derivative financial instruments (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates at the balance sheet date.Maturity at 31 December2023After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Trade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total recognised at amortised cost 1,706 6,394 6,219 14,319 10.408 10,684Recognised at fair valueDerivative financial instruments - 82 65 147 147 147Total recognised at fair value - 82 65 147 147 147Total financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Recognised at amortised costCash 42 - - 42 42 42Trade receivables 379 - - 379 379 379Other receivables 71 - - 71 71 71Total recognised at amortised cost 492 - - 492 492 492Total financial assets 492 - - 492 492 492",
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},
"f1__s9__7__119-1": {
"value": "Credit risksCPH\u2019s credit risks primarily relate to receivables, bank deposits, securities and derivative financial instruments.Credit risks regarding receivables arise when CPH\u2019s revenue in the form of traffic charges, concession charges, rent, etc. is not prepaid, or when customer solvency is not covered by guarantees, etc. CPH\u2019s revenue comprises aeronautical revenue from national and international airlines, and non-aeronautical revenue from national and international companies within and outside the aviation industry. As part of CPH\u2019s internal procedures regarding risk management, the credit risk relating to customers is monitored monthly. This is done by reviewing any failure to pay amounts due and assessing whether the customer has financial problems. CPH\u2019s trading partners SAS, Norwegian and Gebr. Heinemann (the largest concessionaire) constitute the most significant concentration of credit risk. Gross receivables from the sales of services to these customers amounted to approximately 35% of the total in 2024 (2023: 33%). See note 5.1 on trade receivables for further information.Credit risks relating to bank deposits, securities and derivative financial instruments arise as a result of uncertainty regarding the counterparty\u2019s ability to meet their liabilities when due. CPH seeks to limit the credit risks regarding bank deposits and derivative financial instruments by diversifying financial contracts and by entering into contracts only with financial counterparties with satisfactory credit ratings. The credit risk is calculated per counterparty based on the actual market value of the contracts entered into. At the balance sheet date, CPH had no credit risk on deriv-ative financial instruments. Credit exposure to financial counterparties at 31 December 2024 totalled DKK 48 million (2023: DKK 42 million), corresponding to the value of bank deposits and money market deposits, including accrued interest.DKKm 2024 2023Trade receivables 475 416Write-down 40 37Net trade receivables 435 379Write-down for bad and doubtful debts:Accumulated write-down at 1 January 37 19Change in write-down for the year 2 18Realised loss for the year 1 -Accumulated write-down at 31 December 40 37Specification of write-downs of trade receivables2024Gross carrying Write-Net trade DKKmamountdownsreceivables Not due 326 - 326Less than 30 days 117 8 10930 to 90 days - - -More than 90 days 32 32 -Total 475 40 4352023Gross carrying Write-Net trade DKKmamountdownsreceivables Not due 273 - 273Less than 30 days 122 16 10630 to 90 days 3 3 -More than 90 days 18 18 -Total 416 37 379",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__120": {
"value": "Capital managementCPH\u2019s policy concerning borrowings is, as far as possible, to ensure a certain flexibility by diversifying funding by maturity date and counterparties. Furthermore, it is CPH\u2019s policy to comply with the loan covenants in its loan agreements. The Board of Directors and management ensure that the Company has a sound capital structure and, based on this, the financing policy is approved on an annual basis.CPH, individually and on behalf of its subsidiaries, has undertaken not to create or permit to subsist any charge over its assets or those of its subsidiaries, subject to a maximum permitted amount. Furthermore, CPH has made a commitment to its lenders to comply with a number of other terms and conditions, including financial covenants. A number of CPH\u2019s agreements on loans and credit facilities may be terminated in the event of failure to comply with these terms and conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__121": {
"value": "Liquidity riskCPH aims to have sufficient available liquidity to meet all its obligations. This is ensured via a solid liquidity buffer consisting of committed credit facilities.At 31 December 2024, CPH\u2019s liquid assets consisted of cash totalling DKK 48 million (2023: DKK 42 million) and undrawn committed long-term credit facilities totalling DKK 3,670 million (2023: DKK 3,400 million). CPH also had overdraft facilities available of DKK 12 million (2023: DKK 143 million). A complete overview of payment commitments is disclosed on the following pages. All cash flows are undiscounted and include all liabilities under the contracts. Interest payments on floating-rate debt not yet hedged are recognised at the fixed forward rate from the day the loans are expected to be swapped, based on the yield curve applic able at the balance sheet date. The DKK value of future interest and principal payments on loans in foreign currency is calculated based on the exchange rate at the balance sheet date. Maturity at 31 December2024After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 2,108 4,426 5,847 12,381 9,089 9,232Trade payables 693 - - 693 693 693Other payables 244 - - 244 244 244Total recognised at amortised cost 3,045 4,426 5,847 13,318 10,026 10,169Recognised at fair valueDerivative financial instruments - 89 72 161 161 161Total recognised at fair value - 89 72 161 161 161Total financial liabilities 3,045 4,515 5,919 13,479 10,187 10,330Recognised at amortised costCash 48 - - 48 48 48Trade receivables 435 - - 435 435 435Other receivables 64 - - 64 64 64Total recognised at amortised cost 547 - - 547 547 547Total financial assets 547 - - 547 547 5471 The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. The fair value of derivative financial instruments is deter-mined based on published exchange rates, swap and forward rates, etc. The fair value measure-ment of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s derivative financial instruments (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates at the balance sheet date.Maturity at 31 December2023After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Trade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total recognised at amortised cost 1,706 6,394 6,219 14,319 10.408 10,684Recognised at fair valueDerivative financial instruments - 82 65 147 147 147Total recognised at fair value - 82 65 147 147 147Total financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Recognised at amortised costCash 42 - - 42 42 42Trade receivables 379 - - 379 379 379Other receivables 71 - - 71 71 71Total recognised at amortised cost 492 - - 492 492 492Total financial assets 492 - - 492 492 492",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__122": {
"value": "Maturity at 31 December2024After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 2,108 4,426 5,847 12,381 9,089 9,232Trade payables 693 - - 693 693 693Other payables 244 - - 244 244 244Total recognised at amortised cost 3,045 4,426 5,847 13,318 10,026 10,169Recognised at fair valueDerivative financial instruments - 89 72 161 161 161Total recognised at fair value - 89 72 161 161 161Total financial liabilities 3,045 4,515 5,919 13,479 10,187 10,330Recognised at amortised costCash 48 - - 48 48 48Trade receivables 435 - - 435 435 435Other receivables 64 - - 64 64 64Total recognised at amortised cost 547 - - 547 547 547Total financial assets 547 - - 547 547 5471 The fair value of financial liabilities is the present value of the expected future instalments and interest payments, except for trade payables, other payables and receivables, which are stated at the net carrying amount at year-end. The fair value of derivative financial instruments is deter-mined based on published exchange rates, swap and forward rates, etc. The fair value measure-ment of financial instruments is divided into the following measurement hierarchy: Level 1: Observable market prices of identical instrumentsLevel 2: Valuation models primarily based on observable prices or traded prices of comparable instrumentsLevel 3: Valuation models primarily based on non-observable pricesThe fair value of CPH\u2019s derivative financial instruments (interest rate and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined directly based on published exchange rates and quoted swap and forward rates at the balance sheet date.Maturity at 31 December2023After Carrying 1DKKm 0-1 year 1-5 years5 years Total Fair valueamountRecognised at amortised costFinancial institutions and other loans 744 6,394 6,219 13,357 9,446 9,722Trade payables 661 - - 661 661 661Other payables 301 - - 301 301 301Total recognised at amortised cost 1,706 6,394 6,219 14,319 10.408 10,684Recognised at fair valueDerivative financial instruments - 82 65 147 147 147Total recognised at fair value - 82 65 147 147 147Total financial liabilities 1,706 6,476 6,284 14,466 10,555 10.831Recognised at amortised costCash 42 - - 42 42 42Trade receivables 379 - - 379 379 379Other receivables 71 - - 71 71 71Total recognised at amortised cost 492 - - 492 492 492Total financial assets 492 - - 492 492 492",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__126-1": {
"value": "Market risksInterest rate risks It is CPH\u00b4s policy to reduce the financial impact of interest rate fluctuations on earnings and cash flows by actively manage this risk at an appropriate cost. Hedging is normally carried out by using interest rate swaps under which floating-rate loans are swapped to a fixed interest rate. The duration of CPH\u2019s drawn loans on 31 December 2024 was determined to be approximately 9.2 years (2023: approximately 9.7 years). 66% of CPH\u2019s DKK drawn loan portfolio was at a fixed rate (i.e. 34% was at a variable rate). A 1 percentage point change in the interest rate on floating-rate loans on 31 December 2024 would affect profit before tax by DKK +/- 31 million on an annual basis.Sensitivity analysis of the current portfolio of swap contractsDKKm 2024 2023Effect on other comprehensive income of:An increase in the DKK interest rate of 1 %-point 155 164A decrease in the DKK interest rate of 1 %-point (162) (173)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__128-1": {
"value": "Sensitivity analysis of the current portfolio of swap contractsDKKm 2024 2023Effect on other comprehensive income of:An increase in the DKK interest rate of 1 %-point 155 164A decrease in the DKK interest rate of 1 %-point (162) (173)Exchange rate risksExchange rate fluctuations would have only a minor impact on CPH\u2019s operating results because most of its revenue and costs are settled in DKK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__131": {
"value": "5.1 Trade receivables\u00a7 Accounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recognised immediately in the income state-ment at the same time as the receivable is recognised in the balance sheet, based on the expected loss over the total life of the receivable.In a number of cases, CPH receives collateral security for sales on credit, mainly regarding non-aeronautical activ-ities, and such collateral is included in the assessment of the write-down required for bad and doubtful debts. The collateral may be in the form of financial guarantees. Of the trade receivables of DKK 435 million at 31 December 2024 (2023: DKK 379 million), DKK 150 million (2023: DKK 129 million) was covered by collateral security. The maximum credit risk was reflected in the carrying amount of the financial assets in the balance sheet.DKKm 2024 2023Trade receivables 475 416Write-down 40 37Net trade receivables 435 379Write-down for bad and doubtful debts:Accumulated write-down at 1 January 37 19Change in write-down for the year 2 18Realised loss for the year 1 -Accumulated write-down at 31 December 40 37Specification of write-downs of trade receivables2024Gross carrying Write-Net trade DKKmamountdownsreceivables Not due 326 - 326Less than 30 days 117 8 10930 to 90 days - - -More than 90 days 32 32 -Total 475 40 4352023Gross carrying Write-Net trade DKKmamountdownsreceivables Not due 273 - 273Less than 30 days 122 16 10630 to 90 days 3 3 -More than 90 days 18 18 -Total 416 37 379",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__130": {
"value": "5.1 Trade receivables\u00a7 Accounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recognised immediately in the income state-ment at the same time as the receivable is recognised in the balance sheet, based on the expected loss over the total life of the receivable.In a number of cases, CPH receives collateral security for sales on credit, mainly regarding non-aeronautical activ-ities, and such collateral is included in the assessment of the write-down required for bad and doubtful debts. The collateral may be in the form of financial guarantees. Of the trade receivables of DKK 435 million at 31 December 2024 (2023: DKK 379 million), DKK 150 million (2023: DKK 129 million) was covered by collateral security. The maximum credit risk was reflected in the carrying amount of the financial assets in the balance sheet.DKKm 2024 2023Trade receivables 475 416Write-down 40 37Net trade receivables 435 379Write-down for bad and doubtful debts:Accumulated write-down at 1 January 37 19Change in write-down for the year 2 18Realised loss for the year 1 -Accumulated write-down at 31 December 40 37Specification of write-downs of trade receivables2024Gross carrying Write-Net trade DKKmamountdownsreceivables Not due 326 - 326Less than 30 days 117 8 10930 to 90 days - - -More than 90 days 32 32 -Total 475 40 4352023Gross carrying Write-Net trade DKKmamountdownsreceivables Not due 273 - 273Less than 30 days 122 16 10630 to 90 days 3 3 -More than 90 days 18 18 -Total 416 37 379",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__132": {
"value": "Accounting policiesReceivables are measured at amortised cost. Write-downs to offset losses are made in accordance with the simplified expected credit loss model, whereby the total loss is recognised immediately in the income state-ment at the same time as the receivable is recognised in the balance sheet, based on the expected loss over the total life of the receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__134": {
"value": "5.2 Specifications to cash \ufb02ow statement DKKm 2024 2023Received from customersRevenue 5,070 4,061Change in trade receivables and contract liabilities (125) (54)Total 4,945 4,007Paid to staff, suppliers, etc.Operating costs (2,496) (2,381)Change in other receivables, etc. (131) (43)Change in cost-related trade payables, etc. 32 178Total (2,595) (2,246)Interest received, etc.Interest received, etc. 2 3Realised exchange gains 2 4Other interest income 1 -Total 5 7Interest paid, etc.Interest paid, etc. (342) (389)Other financial costs (15) (18)Total (357) (407)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__138": {
"value": "5.3 Financial commitmentsAt 31 December 2024, CPH had entered into contracts to build facilities totalling DKK 1,039 million (2023: DKK 1,391 million), primarily relating to the expansion of Terminal 3. Other commitments totalled DKK 67 million (2023: DKK 33 million). Secondly, according to an agreement with Netcompany A/S, CPH is obligated to purchase the intellectual property rights (ownership) related to a specific airport application from Smarter Airports A/S for an amount of DKK 15 million if Smarter Airports A/S has not been able to sell usage licences for the application to a minimum of two additional airports by the end of 2027.Furthermore, CPH is committed to paying pension obligations relating to civil servants pursuant to the provisions of the Danish Civil Servants Act, cf. note 2.4.Under the agreement with Naviair for the provision of air traffic services, CPH has accepted liability for any terminal navigation charges (TNC) that Naviair users may fail to pay. This liability takes effect when the claim has been ascer-tained and documented as irrecoverable, and when other specifically agreed terms and conditions have been met.Debt to financial institutions is secured by mortgages on CPH\u2019s properties as described in note 3.3.CPH has a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. See note 2.5 for additional information.All other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__137": {
"value": "5.3 Financial commitmentsAt 31 December 2024, CPH had entered into contracts to build facilities totalling DKK 1,039 million (2023: DKK 1,391 million), primarily relating to the expansion of Terminal 3. Other commitments totalled DKK 67 million (2023: DKK 33 million). Secondly, according to an agreement with Netcompany A/S, CPH is obligated to purchase the intellectual property rights (ownership) related to a specific airport application from Smarter Airports A/S for an amount of DKK 15 million if Smarter Airports A/S has not been able to sell usage licences for the application to a minimum of two additional airports by the end of 2027.Furthermore, CPH is committed to paying pension obligations relating to civil servants pursuant to the provisions of the Danish Civil Servants Act, cf. note 2.4.Under the agreement with Naviair for the provision of air traffic services, CPH has accepted liability for any terminal navigation charges (TNC) that Naviair users may fail to pay. This liability takes effect when the claim has been ascer-tained and documented as irrecoverable, and when other specifically agreed terms and conditions have been met.Debt to financial institutions is secured by mortgages on CPH\u2019s properties as described in note 3.3.CPH has a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. See note 2.5 for additional information.All other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__136": {
"value": "5.3 Financial commitmentsAt 31 December 2024, CPH had entered into contracts to build facilities totalling DKK 1,039 million (2023: DKK 1,391 million), primarily relating to the expansion of Terminal 3. Other commitments totalled DKK 67 million (2023: DKK 33 million). Secondly, according to an agreement with Netcompany A/S, CPH is obligated to purchase the intellectual property rights (ownership) related to a specific airport application from Smarter Airports A/S for an amount of DKK 15 million if Smarter Airports A/S has not been able to sell usage licences for the application to a minimum of two additional airports by the end of 2027.Furthermore, CPH is committed to paying pension obligations relating to civil servants pursuant to the provisions of the Danish Civil Servants Act, cf. note 2.4.Under the agreement with Naviair for the provision of air traffic services, CPH has accepted liability for any terminal navigation charges (TNC) that Naviair users may fail to pay. This liability takes effect when the claim has been ascer-tained and documented as irrecoverable, and when other specifically agreed terms and conditions have been met.Debt to financial institutions is secured by mortgages on CPH\u2019s properties as described in note 3.3.CPH has a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. See note 2.5 for additional information.All other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__135": {
"value": "5.3 Financial commitmentsAt 31 December 2024, CPH had entered into contracts to build facilities totalling DKK 1,039 million (2023: DKK 1,391 million), primarily relating to the expansion of Terminal 3. Other commitments totalled DKK 67 million (2023: DKK 33 million). Secondly, according to an agreement with Netcompany A/S, CPH is obligated to purchase the intellectual property rights (ownership) related to a specific airport application from Smarter Airports A/S for an amount of DKK 15 million if Smarter Airports A/S has not been able to sell usage licences for the application to a minimum of two additional airports by the end of 2027.Furthermore, CPH is committed to paying pension obligations relating to civil servants pursuant to the provisions of the Danish Civil Servants Act, cf. note 2.4.Under the agreement with Naviair for the provision of air traffic services, CPH has accepted liability for any terminal navigation charges (TNC) that Naviair users may fail to pay. This liability takes effect when the claim has been ascer-tained and documented as irrecoverable, and when other specifically agreed terms and conditions have been met.Debt to financial institutions is secured by mortgages on CPH\u2019s properties as described in note 3.3.CPH has a secondary liability for the tax liabilities of the Danish holding companies, which hold 59.4% of the shares in the Company. See note 2.5 for additional information.All other financial liabilities are recognised in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__140": {
"value": "Kastrup Airports Parent ApS (KAP)",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__141": {
"value": "5.6 Fees to the auditors appointed at the Annual General MeetingDKKm 2024 2023Audit fee to Deloitte (2023: PwC) 1.3 1.4Fees for assurance engagements other than audit 1.0 0.4Tax advice 0.1 0.1Non-audit services 0.5 0.7Total fees to the auditors 2.9 2.6In 2024, CPH appointed a new Group auditor, Deloitte Statsautoriseret Revisionspartnerselskab. Fees for services other than statutory audit of the consolidated financial statements and the financial statements of the Parent Company provided to CPH by Deloitte Statsautoriseret Revisionspartnerselskab amounted to DKK 1.6 million, primarily related to limited assurance of CSRD and the EU taxonomy, audit and review of regulatory statements, review of interim balance sheet and cybersecurity advisory services.In 2023, non-audit services provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 1.2 million, relating to ESG advisory services, ESG limited assurance, tax and VAT services, various assurance opinions, accounting services and other minor services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__142": {
"value": "5.7 Post-balance sheet eventsNo material events have occurred subsequent to the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__143": {
"value": "5.8 Capital and EPSDKKm 2024 2023Net profit for the year 1,040 286EPS =Number of outstanding shares (thousands) 7, 84 8 7, 8 4 8Net profit for the year 1,040 286EPS (diluted) =Average number of outstanding shares, fully diluted (thousands) 7,8 4 8 7,8 4 8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300Z01GJGM7D3HQ74",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s9__7__144": {
"value": "5.9 Definitions of financial key figuresAsset turnover rate Revenue divided by average operating assetsCash earnings per share (CEPS)* Net profit/(loss) for the year plus amortisation and depreciation divided by average number of sharesEarnings per share (EPS) Net profit/(loss) for the year divided by average number of sharesEBIT margin Operating profit/(loss) as a percentage of revenueEBITDA index Cash flow from operating activities before financial items and tax divided by EBITDAEBITDA margin Operating profit/(loss) adjusted for amortisation and depreciation as a percentage of revenueEquity ratio Equity at year-end as a percentage of total assets at year-endFree cash flow Free cash flow represents the cash generated after accounting for cash outflows relating to OPEX and CAPEX.Leverage ratio Net interest-bearing debt divided by EBITDANet asset value per share Equity at year-end divided by number of shares at year-endNOPAT margin* Net profit/(loss) for the year adjusted for net financial expenses after tax and changes in deferred tax for the year divided by revenueOne-off items One-off items comprise revenue and expenses of a non-recurring and an exceptional nature relative to CPH\u2019s operating activitiesPayout ratio Dividend divided by net profit/(loss) for the yearReturn on assets Operating profit/(loss) as a percentage of average operating assetsReturn on equity Net profit/(loss) for the year divided by average equityROCE* EBIT divided by average equity plus non-current liabilities and current interest-bearing debtTurnover rate of Revenue divided by average assets plus average non-current liabilities and current inter-capital employed*est-bearing debtThe definitions of key financial figures are listed and calculated in accordance with the Danish Finance Society\u2019s online version of \u201dRecommendations & Financial Ratios\u201d, except those marked *, which it does not include.Management's statementManagement\u2019s statementThe Board of Directors and the Executive Manage-ment have today considered and approved the Annual Report of K\u00f8benhavns Lufthavne A/S for the financial year 1 January \u2013 31 December 2024.The consolidated financial statements have been prepared in accordance with IFRS Accounting Stand-ards as adopted by the European Union and further requirements for listed companies in the Danish Finan-cial Statements Act, and the Parent Company financial statements have been prepared in accordance with the Danish Financial Statements Act.Management\u2019s Review has been prepared in accord-ance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position at 31 December 2024 of the Group and the Company, and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the finan-cial year 1 January \u2013 31 December 2024.The sustainability statement has been prepared in accordance with the European Sustainability Reporting Standards (ESRS) as required by the Danish Financial Statements Act as well as Article 8 in the EU Taxonomy regulation.In our opinion, the Annual Report of K\u00f8benhavns Lufthavne A/S for the financial year 1 January to 31 December 2024 with the file name CPH-2024-12-31-en.zip has been prepared, in all material respects, in compliance with the ESEF Regulation.Management\u2019s Review has been prepared in accord-ance with the requirements of the Danish Financial Statements Act and the disclosure requirements of Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation).We recommend that the Annual Report be adopted at the Annual General Meeting in Copenhagen on 8 April 2025.Kastrup, 12 March 2025Executive ManagementChristian Poulsen Rasmus LundCEO CFOLars N\u00f8rby Johansen Chair David Stanton Deputy Chair Niels Konstantin JensenDeputy ChairCharles Thomazi Janis Kong Lars Sandahl S\u00f8rensenBetina Hvolb\u00f8l Thomsen Brian Bj\u00f8rn\u00f8 Michael EriksenIndependent auditor's reportTo the shareholders of K\u00f8benhavns Lufthavne A/SReport on the consolidated financial statements and the parent financial statementsOur opinionWe have audited the consolidated financial statements and the parent financial statements of K\u00f8benhavns Lufthavne A/S for the financial year 1 January - 31 December 2024, which comprise the income state-ment, balance sheet, statement of changes in equity and notes, including material accounting policy information, for the Group as well as the Parent, and the statement of comprehensive income and the cash \ufb02ow statement of the Group. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark, and the parent financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements give a true and fair view of the Group\u2019s financial position at 31 December 2024, and of the results of its operations and cash \ufb02ows for the financial year 1 January - 31 December 2024 in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark.Furthermore, in our opinion, the parent financial state-ments give a true and fair view of the Parent\u2019s financial position at 31 December 2024, and of the results of its operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Finan-cial Statements Act.Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors.Basis for opinionWe conducted our audit in accordance with Interna-tional Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsi-bilities under those standards and requirements are further described in the \"Auditor\u2019s responsibilities for the audit of the consolidated financial statements and the parent financial statements\" section of this auditor\u2019s report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants\u2019 International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014.We were appointed auditors of K\u00f8benhavns Lufthavne A/S for the first time on 16 April 2024 for the financial year 2024.Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements and the parent financial statements for the financial year 1 January - 31 December 2024. These matters were addressed in the context of our audit of the consol-idated financial statements and the parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Completeness and occurrence of Traffic Revenue Traffic revenue amounts to DKK 3,068 million and constitutes 61% of total group revenue in the period 1 January \u2013 31 December 2024. Traffic revenue comprises of income from airlines covering passenger, security, handling and take-off charges.The traffic revenue stream is recorded within several operating systems, and in addition, there are a signifi-cant number of transactions.The audit of traffic revenue has been considered a key audit matter due to the complexity of the revenue stream and the significant number of transactions.Reference is made to note 2.2 to the financial state-ments and the accounting policies.How the matter was addressed in our auditWe have tested the completeness and occurrence of traffic revenue. In this context, we: \u00b7 performed walkthroughs of the traffic revenue process and internal control environment \u00b7 tested the effectiveness of internal controls relating to traffic revenue, including controls over revenue per passenger and system reconciliations \u00b7 obtained external confirmations from selected airline partners \u00b7 tested revenue transactions recorded during the year to supporting documentation on a sample basisClassification and valuation of tangible assets under constructionTangible assets under construction amounts to DKK 3,207 million as at 31 December 2024. The balance consists of a significant number of projects, which predominately relates to the expansion of Terminal 3 and security facilities.The audit of the classification and valuation of tangible assets under construction has been considered a key audit matter due to the assessment of classification of cost incurred, magnitude of the capitalised balance and the large number of transactions.Reference is made to note 3.3 to the financial state-ments and the accounting policies.How the matter was addressed in our auditWe have assessed the appropriateness of the classifi-cation and valuation of tangible assets under construc-tion. In this context, we: \u00b7 performed walkthrough of the processes and internal control environment regarding tangible assets under construction including the process related to capitali-zation of costs \u00b7 tested the effectiveness of internal controls related to classification and valuation of tangible assets under construction, which includes approval of business cases, specific controls related to the Terminal 3 construction and approval of costs \u00b7 tested capitalised costs for tangible assets under constructions projects to supporting documentation on a sample basis \u00b7 evaluated the appropriateness of impairment indi-cators considered by Management by comparing to internal and external factorsStatement on the Management ReviewManagement is responsible for the Managements Review.Our opinion on the consolidated financial statements and the parent financial statements does not cover the Management Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated finan-cial statements and the parent financial statements, our responsibility is to read the Management\u2019s Review and, in doing so, consider whether the Management Review is materially inconsistent with the consoli-dated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management Review provides the information required by Danish Financial Statements Act. This does not include the requirements in paragraph 99a related to the Sustainability Statement covered by the separate auditor\u2019s limited assurance report hereon.Based on the work we have performed, we conclude that the Management Review is in accordance with the consolidated financial statements and the parent finan-cial statements and has been prepared in accordance with the requirements of the Danish Financial State-ments Act except for the requirements in paragraph 99a related to the Sustainability Statement, cf. above. We did not identify any material misstatement in the Management Review.Management's responsibilities for the consoli-dated financial statements and parent financial statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Stand-ards as adopted by the EU and additional disclosure requirements for listed entities in Denmark as well as the preparation of parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group\u2019s and the Parent\u2019s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.Auditor's responsibilities for the audit of the consolidated financial statements and parent financial statementsOur objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor\u2019s report that includes our opinion. Reasonable assurance is a high level of assur-ance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in\ufb02uence the economic decisions of users taken on the basis of these consolidated financial statements and these parent financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: \u00b7 Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to fraud or error, design and perform audit procedures respon-sive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstate-ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. \u00b7 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective-ness of the Group\u2019s and the Parent\u2019s internal control. \u00b7 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. \u00b7 Conclude on the appropriateness of Management\u2019s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent\u2019s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor\u2019s report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor\u2019s report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern. \u00b7 Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures in the notes, and whether the consoli-dated financial statements and the parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view. \u00b7 Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to commu-nicate with them all relationships and other matters that may reasonably be thought to bear on our inde-pendence, and, where applicable, safeguards put in place and measures taken to eliminate threats.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consol-idated financial statements and the parent financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor\u2019s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Report on compliance with the ESEF RegulationAs part of our audit of the consolidated financial state-ments and the parent financial statements of K\u00f8ben-havns Lufthavne A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 January - 31 December 2024, with the file name CPH-2024-12-31-en.zip, is prepared, in all material respects, in compliance with the Commis-sion Delegated Regulation (EU) 2019/815 on the Euro-pean Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: \u00b7 The preparing of the annual report in XHTML format; \u00b7 The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; \u00b7 Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and \u00b7 For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all mate-rial respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the audi-tor\u2019s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: \u00b7 Testing whether the annual report is prepared in XHTML format; \u00b7 Obtaining an understanding of the company\u2019s iXBRL tagging process and of internal control over the tagging process; \u00b7 Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes; Evaluating the appropriateness of the compa-ny\u2019s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; \u00b7 Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and \u00b7 Reconciling the iXBRL tagged data with the audited consolidated financial statements.In our opinion, the annual report of K\u00f8benhavns Lufthavne A/S for the financial year 1 January - 31 December 2024, with the file name CPH-2024-12-31-en.zip, is prepared, in all material respects, in compliance with the ESEF Regulation.Copenhagen, 12 March 2025DeloitteStatsautoriseret RevisionspartnerselskabCVR No. 33963556Kirsten Aaskov Mikkelsen State Authorised Public AccountantIdentification No (MNE) mne21358Nikolaj ThomsenState Authorised Public AccountantIdentification No (MNE) mne33276Independent auditor's limited assurance report on sustainability statementTo the shareholders of K\u00f8benhavns Lufthavne A/SLimited assurance conclusionWe have conducted a limited assurance engage-ment on the sustainability statement of K\u00f8benhavns Lufthavne (the \u201cGroup\u201d) included in the Manage-ment\u2019s Review (the \u201csustainability statement\u201d), page 35 \u2013 131, for the financial year 1 January \u2013 31 December 2024.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the sustainability statement is not prepared, in all mate-rial respects, in accordance with the Danish Financial Statements Act section 99 a, including: \u00b7 compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to iden-tify the information reported in the sustainability statement (the \u201cProcess\u201d) is in accordance with the description set out in the subsection \u201cESRS 2 General Disclosures\u201d; and \u00b7 compliance of the disclosures in the subsection \u201cEU Taxonomy Report\u201d of the sustainability statement with Article 8 of EU Regulation 2020/852 (the \u201cTaxonomy Regulation\u201d).Basis for conclusionWe conducted our limited assurance engagement in accordance with ISAE 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information, and additional requirements applicable in Denmark.The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Conse-quently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the \u201cAuditor\u2019s responsibilities for the assurance engagement\u201d section of our report.Our independence and quality managementWe are independent of the Group in accordance with the International Ethics Standards Board for Account-ants\u2019 International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Deloitte Statsautoriseret Revisionspartnerselskab applies International Standard on Quality Management 1, ISQM1, which requires the firm to design, imple-ment and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Other matterThe comparative information included in the Sustain-ability statement of the Group was not subject to an assurance engagement on sustainability information prepared in accordance with the Danish Financial Statements Act section 99a. Our conclusion is not modified in respect of this matter.Inherent limitations in preparing the sustainability statementIn reporting forward-looking information in accord-ance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since antici-pated events frequently do not occur as expected.Management\u2019s responsibilities for the sustainability statementManagement is responsible for designing and imple-menting a process to identify the information reported in the sustainability statement in accordance with the ESRS and for disclosing this Process in the subsection \u201cESRS 2 General Disclosures\u201d of the sustainability statement. This responsibility includes: \u00b7 understanding the context in which the Group\u2019s activities and business relationships take place and developing an understanding of its affected stake-holders; \u00b7 the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group\u2019s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term; \u00b7 the assessment of the materiality of the identified impacts, risks and opportunities related to sustaina-bility matters by selecting and applying appropriate thresholds; and \u00b7 making assumptions that are reasonable in the circumstances.Management is further responsible for the preparation of the sustainability statement, in accordance with the Danish Financial Statements Act section 99a, including: \u00b7 compliance with the ESRS; \u00b7 preparing the disclosures in subsection \u201cEU Taxonomy Report\u201d within the environmental section of the sustainability statement, in compliance with Article 8 of the Taxonomy Regulation; \u00b7 designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the sustain-ability statement that is free from material misstate-ment, whether due to fraud or error; and \u00b7 the selection and application of appropriate sustaina-bility reporting methods and making assumptions and estimates that are reasonable in the circumstances.Auditor\u2019s responsibilities for the assurance engagementOur objectives are to plan and perform the assur-ance engagement to obtain limited assurance about whether the sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the sustainability statement as a whole.As part of a limited assurance engagement in accord-ance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.Our responsibilities in respect of the Process include: \u00b7 Obtaining an understanding of the Process but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process; \u00b7 Considering whether the information identified addresses the applicable disclosure requirements of the ESRS, and \u00b7 Designing and performing procedures to evaluate whether the Process is consistent with the Group\u2019s description of its Process, as disclosed in \u201cESRS 2 General Disclosures\u201d.Our other responsibilities in respect of the sustaina-bility statement include: \u00b7 Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and \u00b7 Designing and performing procedures responsive to disclosures in the sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the sustainability statement.The nature, timing and extent of procedures selected depend on professional judgement, including the iden-tification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the sustainability statement.In conducting our limited assurance engagement, with respect to the Process, we: \u00b7 Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management; and reviewing the Group\u2019s\u2019s internal documentation of its Process; and \u00b7 Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in \u201cESRS 2 General Disclosures\u201d.In conducting our limited assurance engagement, with respect to the sustainability statement, we: \u00b7 Obtained an understanding of the Group\u2019s reporting processes relevant to the preparation of its sustaina-bility statement including the consolidation processes by obtaining an understanding of the Group\u2019s control environment, processes and information systems rele-vant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementa-tion or testing their operating effectiveness; \u00b7 Evaluated whether material information identified by the Process is included in the sustainability state-ment; \u00b7 Evaluated whether the structure and the presentation of the sustainability statement are in accordance with the ESRS; \u00b7 Performed inquiries of relevant personnel and analytical procedures on selected information in the sustainability statement; \u00b7 Performed substantive assurance procedures on selected information in the sustainability statement; \u00b7 Evaluated methods, assumptions and data for devel-oping material estimates and forward-looking infor-mation and how these methods were applied; \u00b7 Obtained an understanding of the process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the sustainability statement.Copenhagen, 12 March 2025 DeloitteStatsautoriseret RevisionspartnerselskabCVR-nr. 33963556Nikolaj Thomsen State Authorised Public AccountantMne33276 Martin PieperState Authorised Public AccountantMne44063Copenhagen Airports A/SLufthavnsboulevarden 6, 2770 Kastrup, DenmarkT +45 32 31 32 31 \u00b7 www.cph.dkCompany reg. (CVR) no.: 14 70 72 04",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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