INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE THREE MONTHS TO
31
MARCH 2010 

The Supervisory Board today approved the interim report for
the period 1
January - 31 March 2010. 


SUMMARY FOR THE FIRST THREE MONTHS
OF 2010 

The total number of passengers at Copenhagen Airport grew by 11.4%,
resulting
in a strong performance in Q1 2010. The growth was driven by
increased numbers
of transfer and international passengers as well as
continued strong growth in
the number of domestic passengers. CPH maintains
its full-year forecast despite
the closure of Danish airspace - and thereby
Copenhagen Airport - at the
beginning of Q2 due to the volcanic eruption in
Iceland. 

The 11.4% increase in passenger numbers in Q1 contributed to the
7.4% increase
in total revenue to DKK 703.5 million. Profit before tax
increased to DKK 170.6
million, mainly due to increased revenue, lower
operating costs, partly due to
restructuring costs in Q1 2009, and fewer
provisions as compared with Q1 2009. 

Growing travel activity throughout Q1
2010, and the increased competition on
the Danish domestic market in
particular contributed to the strong performance.
CPH has also seen improved
load factors and a growing number of passengers on
international flights,
including Norwegian, Cimber Sterling and SAS. CPH's
strategic partnership with
SAS, which includes the reduction of the minimum
connection time, has been
successful and resulted in more transfer passengers. 

As a consequence of
the growth in passenger numbers, commercial revenue,
especially from tax-free
sales, increased in Q1 2010, parking revenue also
benefited from the growing
number of domestic passengers and the fact that
business passengers have
returned. 

Due to the renegotiation of a number of contracts as a result of
a relaunch of
the strategy for the shopping centre, revenues from the
specialty shops were
slightly lower than in Q1 2009. 

HIGHLIGHTS OF THE
RESULTS

• Passenger numbers at Copenhagen Airport increased by 11.4% in Q1
2010. The
number of locally departing passengers increased by 15.2%, and
transfer traffic
increased by 5.2% 

• Revenue increased by 7.4% to DKK
703.5 million (2009: DKK 655.2 million)

• EBITDA increased by 24.4% to DKK
331.4 million (2009: DKK 266.5 million).
EBITDA totalled DKK 337.4 million
excluding one-off items (2009: DKK 292.1
million). EBITDA benefited from the
increase in passenger numbers. Q1 2009 was
also impacted by restructuring
expenses 

• EBIT increased by 35.7% to DKK 218.4 million (2009: DKK 161.0
million). When
excluding one-off items, EBIT amounted to DKK 224.4 million
(2009: DKK 186.6
million) 

• Results of international investments were a
profit of DKK 8.1 million, which
was an decrease of DKK 1.0 million (2009: a
profit of DKK 9.1 million) 

• Profit before tax increased to DKK 170.6
million (2009: DKK 110.4 million).
Profit before tax amounted to DKK 176.6
million excluding one-off items (2009:
DKK 136.0 million). 
 
• Capital
expenditure amounted to DKK 108.9 million in the first three months
of 2010
(2009: DKK 100.3 million). 

OUTLOOK 2010 

The total number of passengers
is expected to increase based on the expected
traffic programme for 2010 and
the significant growth in Q1 2010. On the basis
of expected higher operation
costs, mainly due to depreciation derived from the
high investment level,
profit before tax is expected to be slightly lower than
in 2009, when
excluding one-off items. Based on the strong performance in Q1
2010, the
temporary closing of the airports due to volcano ashes is not
expected to
change the outlook for 2010. 

CPH continuously seeks to adapt the investment
level to the current economic
environment. In accordance with the charges
agreement, CPH is committed to
invest approximately DKK 500 million in 2010.
This will be supplemented by CPH
Swift and other commercial investments.