INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE SIX MONTHS TO 30
JUNE
2009 

The Supervisory Board today approved the interim report for the
period 1
January - 30 June 2009. 


SUMMARY FOR THE FIRST SIX MONTHS OF
2009 

The current economic downturn had an adverse impact on CPH's
performance in H1
2009 due to a year-on-year fall in passenger numbers by
13.0%. There were signs
that passenger numbers were stabilising at the end of
the period, although at a
lower level than last year. 

Summer traffic has
held up reasonably well, with a decline of some 7-8%
relative to the record
summer of 2008. This is a clear indication that the
decline has been curbed
and passenger numbers are stabilising at a lower level
after the 13.0% decline
in passenger numbers recorded in the first half. That
is not to say that the
crisis is behind us, however, and CPH are still
uncertain as to how the
business travel pattern will look this autumn in
particular. 

CPH had
higher depreciation charges due to investments in service improvements,
higher
staff costs due to restructuring, and higher financial costs following
a
recently completed refinancing partly offset by write-back of
accruals.
Combined with the drop in passenger numbers, which affected revenue,
this has
had a negative impact on earnings. 
 
Revenue was down 7.0% to DKK
1,424.6 million and the pre-tax profit, which was
particularly affected by the
higher financial expenses, amounted to DKK 393.7
million, which was 30.7% less
than in H1 2008. 

The traffic pattern already seen after the first quarter
is continuing. These
are hard times for the travel and airline industries.
This affects CPH's
financial statements as well, and the profit was lower than
that of the same
period last year. CPH did, however, manage to adapt the
organisation in time
and the level of investments was adjusted to the present
conditions, which
explains why CPH is still generating a profit.



HIGHLIGHTS OF THE FIRST SIX MONTHS OF 2009

• Passenger numbers at
Copenhagen Airport decreased by 13.0%. The number of
locally departing
passengers decreased by 12.9%, and transfer traffic decreased
by 18.5% 

•
Revenue fell by 7.0% to DKK 1,424.6 million (2008: DKK 1,531.3 million)

•
EBITDA decreased by 13.9% to DKK 726.8 million (2008: DKK 844.1
million).
EBITDA amounted to DKK 755.6 million excluding one-off items (2008:
DKK 851.8
million) 

• EBIT decreased by 21.1% to DKK 510.9 million (2008:
DKK 647.7 million). When
excluding one-off items, EBIT amounted to DKK 539.7
million (2008: DKK 655.4
million) 

• Results of international investments
were a profit of DKK 6.5 million, which
was an increase of DKK 7.1 million
(2008: a loss of DKK 0.6 million) 

• Profit before tax decreased to DKK
393.7 million (2008: DKK 568.4 million).
Profit before tax amounted to DKK
422.5 million excluding one-off items (2008:
DKK 576.1 million). Profit before
tax was impacted by an increase in financial
expenses due to a higher average
level of debt combined with an increase in
other financing costs due to the
refinancing in March 2009 
 
• Capital expenditure amounted to DKK 237.0
million in the first six months
(2008: DKK 441.8 million). CPH is continuously
working to improve services to
airlines and passengers and intends to retain a
significant investment level
despite the economic downturn 

• CPH adjusted
its organisation in Q1 2009 as a result of the falling passenger
numbers. This
meant that CPH has had to make 74 employees redundant 

• In March 2009 CPH
obtained credit facilities of DKK 1,625 million and EUR 131
million with a
three year maturity. The new facilities equivalent to DKK 2.6
billion were
provided by a group of seven banks 


OUTLOOK 2009 

The number of
passengers at Copenhagen Airport dropped by 13.0% in H1 2009. The
decline in
passengers was reduced to 8.7% in June though, indicating that many
people
have chosen to travel on summer vacation despite the economic downturn.
The
fall in passenger numbers had a substantial impact on revenue and
profit
before tax in CPH. 

CPH continuously seeks to adapt the investment
level to the current economic
environment. However, despite the financial
challenges in 2009, CPH has decided
to retain the plan to invest a significant
amount under a commercially flexible
investment plan for the convenience of
airlines and passengers. 

The total number of passengers is expected to fall
in 2009, due to the economic
downturn and the impact of Sterling's bankruptcy.
On the basis of the negative
traffic outlook, profit before tax is still
expected to be lower than in 2008,
when excluding one-off items.