Danish English
Published: 2010-02-24 13:04:05 CET
Københavns Lufthavne A/S
Annual report/ annual accounts
Group Annual Report 2009 announcement
Stock Exchange Announcement number 1/2010
Copenhagen, 24 February
2010


Group Annual Report 2009 announcement

• CPH was impacted by the
downturn in the world economy in 2009 resulting in a
full year decrease in
passenger numbers of 8.4%. H1 2009 was significantly
impacted by the downturn,
resulting in decreased passenger numbers by 13.0% due
to the Sterling
bankruptcy in October 2008 and reduced airline frequencies.
However during the
year CPH experienced an improving trend in travel patterns
with a 3.8% decline
in H2 due to a robust summer season and the replacement of
Sterling capacity,
especially with growth from Norwegian, transavia.com,
easyJet and Cimber
Sterling 

• The number of locally departing passengers declined by 5.6%,
whilst transfer
traffic declined by 16.2%. At the end of 2009, CPH signed
three new long-haul
agreements; Delta Air Lines to JFK, Air Canada to Toronto
and Qatar Airways to
Doha - all routes are to open in 2010 

• A new traffic
charges agreement was signed in 2009 covering a 5½ year period
from 1 October
2009 to 31 March 2015. Charges will be kept at the current
levels for 18
months from 1 October 2009 and will increase with the Danish
Consumer Price
Index + 1% the following four years. The charges agreement is
considered to be
for the benefit of both CPH and Airlines resulting in a stable
period from 1
January 2010 with defined charges for CPH and airlines. As part
of the
agreement, CPH is committed to invest an average of DKK 500 million per
annum
in infrastructure expansion and improvements totaling DKK 2,625 million 

•
Operating and financial performance in 2009 was in line with expectations,
as
stated in the 2008 annual report page 40, dated 16 February 2009 

•
Investments in intangible assets and property, plant and equipment in
2009
totalled DKK 594.3 million. In 2009, CPH has continued to highly invest
in
Airport infrastructure including the construction of CPH Swift, a
significant
refurbishment of the long haul pier, an alteration of the north
tip of Terminal
3, the expansion and relocation of food and beverage
facilities in the
terminals, refurbishment of toilets as well as a number of
upgrades to the it
systems and monitors in the check-in area 

• 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. This provides appropriate
funding to
enable CPH to continue to invest in the development of the
Copenhagen Airport
and related infrastructure 

• Revenue decreased by 6.1% to DKK 2,922.8
million primarily as a consequence
of the drop in passengers 

• Excluding
one-off items, profit before interest and tax was DKK 1,103.8
million (2008:
DKK 1,308.4 million), see note 2 in the 2009 Annual Report for
an overview of
one-off items. Profit before interest and tax amounted to DKK
1,061.6 million
(2008: DKK 1,190.3 million) 

• Profit before tax amounted to DKK 861.7
million (2008: DKK 1,144.4 million)
when excluding one-off items, equivalent
to a decline by DKK 282.7 million. The
decline was primarily caused by the
drop in passenger numbers, increased
depreciation on assets due to the high
investment level and higher financing
costs. Profit before tax was DKK 819.5
million (2008: DKK 1,026.3 million) 

• Excluding one-off items, profit after
tax declined by 24.5% to DKK 645.9
million (2008: DKK 855.7 million). Profit
after tax was DKK 614.3 million
(2008: DKK 755.3 million) 

• It is
recommended that a final dividend of DKK 354.3 million, or DKK 45.1 per
share,
is paid out from the 2009 net profit 

The Group Annual Report is enclosed in
Pdf-format

COPENHAGEN AIRPORTS A/S
 


copenhagen airports group company annual report 2009 uk.pdf
copenhagen airports parent company annual report 2009 uk.pdf