XCSE:KBHL ESEF Annual Report
KØBENHAVNS LUFTHAVNE A/S (XCSE:KBHL)
ESEF Annual Report
2023-11-15
For: 2023-09-30
View Original
Added on
September 23, 2026
Interim report – 1 January – 30 June 2010
Copenhagen Airports A/S Page 1 of 20
7w
Interim report of Copenhagen Airports A/S (CPH) for the
period 1 January – 30 September 2023
Company Announcement
Copenhagen, 7 N ovember 2023
Contact:
Rasmus Lund
CFO
Tel.: +45 3231 3231
E-mail: cphpresse@cph .dk
CVR no. 14 70 72 04
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 2 of 20
CONTENTS
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 SEPTEMBER 2023 ............................................................................................................... 3
Highlights ....................................................................................................................................................... 3
Outlook for 2023 ............................................................................................................................................. 4
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS ................................................................................... 5
MANAGEMENT’S FINANCIAL REVIEW ........................................................................................................... 6
Performance – Q3 2023 ................................................................................................................................. 6
Other items in the income statement ............................................................................................................. 7
Cash flow statement....................................................................................................................................... 7
Reporting on business areas ......................................................................................................................... 8
Aeronautical business area ............................................................................................................................ 9
Non-aeronautical business area .................................................................................................................. 10
Other events ................................................................................................................................................. 11
Risks and uncertainties ................................................................................................................................ 11
CONSOLIDATED FINANCIAL STATEMENTS ............................................................................................... 12
Income statement ......................................................................................................................................... 12
Statement of comprehensive income ........................................................................................................... 13
Balance sheet .............................................................................................................................................. 14
Cash flow statement..................................................................................................................................... 16
Statement of changes in equity .................................................................................................................... 17
Notes to the financial statements ................................................................................................................. 18
MANAGEMENT’S STATEMENT ON THE INTERIM REPORT ...................................................................... 20
The terms “CPH”, “the Group” and “the Company” are used synonymously for Copenhagen Airports A/S consolidated with its subsidiaries
and associates.
The term “Copenhagen Airport” is used to refer to the airport at Copenhagen, Kastrup, which is owned by Copenhagen Airports A/S.
The term “YTD” is used to refer to year-to-date figures, and the term “FY” is used to refer to full-year figures.
The term “Q3” is used to refer to the period 1 July – 30 September.
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 3 of 20
INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD
1 JANUARY – 30 SEPTEMBER 2023
The Board of Directors has today approved the interim report for the period 1 January – 30 September 2023.
HIGHLIGHTS
The total number of passengers at Copenhagen Airports was 20.3 million in the first nine months of
2023, an increase of 3.9 million compared with the first nine months of 2022. The number of locally
departing passengers was 8.3 million (up 20% from last year), 10.2 million were arriving passengers
(up 24% from last year), and 1.8 million were departing transfer passengers (up 44% from last year).
Revenue amounted to DKK 3,064 million (YTD 2022: DKK 2,621 million), an increase of 17%
compared with the first nine months of 2022 driven by higher passenger numbers.
EBITDA amounted to DKK 1,370 million (YTD 2022: DKK 1,071 million), up by DKK 299 million
compared with last year.
EBIT was DKK 615 million (YTD 2022: DKK 338 million), an improvement of DKK 277 million.
Net financing costs amounted to DKK 200 million, which was DKK 86 million higher than for the same
period of 2022 mainly due to higher interest rates.
Profit before tax amounted to DKK 408 million (YTD 2022: DKK 221 million), an increase of DKK 187
million.
Capital investments amounted to DKK 907 million in the first nine months of 2023 (YTD 2022: DKK
700 million). Investments included the ongoing expansion of Terminal 3, improvements to runways
and stands, security facilities, various IT systems, as well as miscellaneous reinvestments.
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 4 of 20
OUTLOOK FOR 2023
Management has updated its expectations for the remainder of 2023, as a result of the continued growth and
expectation for passenger numbers for the remaining part of the year.
Outlook for revenue growth
Based on current trajectories for passenger growth, management expects passenger levels at approximately
26.5 million for the full year 2023 (previous expectation: 26 million). Expectations for growth in traffic revenue
has thus been updated to 16% (previously 13%) for the full year 2023.
The updated outlook remains uncertain in respect of the current geopolitical landscape and macroeconomic
factors such as the higher interest rate levels, potential volatile energy prices, and effects from the period of
high inflation. A worsening of these factors could affect travel sentiment and CPH’s financial outlook negatively.
Outlook for profit before tax
Based on passenger level expectations, a profit before tax of DKK 350 million to DKK 400 million is expected
(previously DKK 300-350 million). The costs of passenger related activities and regulatory requirements are
as expected in previous outlooks higher in 2023 than in 2022.
Outlook for capital investments
Investment level including capitalized interest is updated to be around DKK 1.3 billion (previously DKK 1.6
billion). The expansion of Terminal 3 is expected to account for about half of the investment level for 2023
whilst the remaining part constitutes projects in relation to capacity, safety, security, and compliance.
Dividend
There will be no dividend payment in 2023 as a consequence of commitment towards lenders in waiver
agreements.
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 5 of 20
GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS
Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY 2022
Income statement (DKKm)
Revenue 1,166 1,071 3,064 2,621 3,532
Aeronautical revenue 639 572 1,659 1,381 1,861
Non-aeronautical revenue 526 499 1,405 1,240 1,671
EBITDA 623 521 1,370 1,071 1,398
Aeronautical EBITDA 220 119 341 97 125
Non-aeronautical EBITDA 404 402 1,029 974 1,273
EBIT 373 276 615 338 414
Aeronautical EBIT 41 (66) (197) (458) (577)
Non-aeronautical EBIT 331 342 812 796 991
Net financing costs 70 41 200 114 160
Profit before tax 300 234 408 221 257
Net profit 234 182 317 172 207
Statement of comprehensive income (DKKm)
Other comprehensive income 10 0 15 (15) (9)
Comprehensive income 244 182 332 157 198
Balance sheet (DKKm)
Property, plant and equipment 14,343 14,192 14,343 14,192 14,200
Financial investments 135 419 135 419 129
Total as s ets 15,333 15,589 15,333 15,589 15,271
Equity 3,615 3,319 3,615 3,319 3,337
Non-controlling interests of equity 657 698 657 698 640
Interest-bearing debt 9,525 10,357 9,525 10,357 9,914
Investment in property, plant and equipment 286 194 850 658 903
Investment in intangible assets 22 10 57 42 67
Cash flow statement (DKKm)
Cash flow from operating activities 556 656 1,011 1,083 1,652
Cash flow from inves ting activities (340) (194) (842) (603) (944)
Cash flow from financing activities (232) (305) (190) (327) (689)
Cash at the end of the period 75 231
75 231 97
Key ratios
EBITDA margin 53.5% 48.6% 44.7% 40.9% 39.6%
EBIT margin 32.0% 25.8% 20.1% 12.9% 11.7%
As s et turnover rate 0.31 0.29 0.27 0.23 0.24
Return on assets 9.9% 7.4% 5.4% 3.0% 2.8%
Return on equity 26.8% 22.5% 12.2% 7.0% 6.3%
Equity ratio 23.6% 21.3% 23.6% 21.3% 21.8%
Earnings per DKK 100 share 29.8 23.1 40.4 21.9 26.4
Cash earnings per DKK 100 share 61.7 54.3 136.6 115.3 151.8
Net asset value per DKK 100 share 460.7 422.9 460.7 422.9 425.2
NOPAT margin 24.8% 19.7% 15.4% 9.9% 9.5%
Turnover rate of capital employed 0.08 0.07 0.07 0.06 0.06
ROCE* 4.9% 3.4% 4.9% 3.4% 2.9%
* ROCE is calculated based on reported EBIT for the last four quarters.
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 6 of 20
MANAGEMENT’S FINANCIAL REVIEW
PERFORMANCE – Q3 2023
Passenger numbers for the first nine months of
2023 reached a total of 20.3 million, which was an
increase of 3.9 million (24%) on the same period of
2022. Appetite for travel is expected to continue
throughout the year.
Revenue for the first nine months of 2023
amounted to DKK 3,064 million, a 17% increase
compared with the same period of 2022.
Aeronautical revenue amounted to DKK 1,659
million, an increase of DKK 278 million compared
with the first nine months of 2022. This was mainly
due to the increase in passenger numbers realised
over the summer period.
Non-aeronautical revenue increased by DKK 165
million to DKK 1,405 million, a 13% improvement
on the same period of 2022.
Operating costs including depreciation and
amortisation amounted to DKK 2,449 million, an
increase of DKK 166 million compared with last
year that was mainly due to higher activity levels.
Staff costs increased by DKK 162 million primarily
due to salary adjustments in Q1 as well as an
increase in staff headcount. External costs were
down by DKK 22 million compared to the same
period last year, due to a combination of lower
energy costs and increased operating and
maintenance costs resulting from the increased
activity levels. Depreciation and amortisation
charges were up by DKK 21 million.
EBITDA was a profit of DKK 1,370 million, an
increase of DKK 299 million compared with the first
nine months of 2022. The improvement was mainly
driven by the higher level of activity.
Net financing costs amounted to DKK 200 million,
an increase of DKK 86 million, which was primarily
due to the higher level of interest rates relative to
last year.
Profit before tax amounted to DKK 408 million, an
improvement of DKK 187 million compared to the
first nine months of 2022.
DKKm 2023 2022 Ch. Ch. % 2023 2022 Ch. Ch. %
Revenue 1,166 1,071 95 9% 3,064 2,621 443 17%
EBITDA 623 521 102 20% 1,370 1,071 299 28%
EBIT 373 276 97 35% 615 338 277 82%
Other financial items (2) (1) (1) 100% (7) (3) (4) 133%
Net financing costs 70 41 29 71% 200 114 86 75%
Profit/(loss) before tax 300 234 67 28% 408 221 187 85%
Q3 Year to date
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 7 of 20
OTHER ITEMS IN THE INCOME
STATEMENT
Net financing costs
Net financing costs were DKK 86 million higher
than in the same period of 2022. The main reason
was the higher level of interest rates compared with
last year.
Capitalised interest on assets under construction
increased by DKK 21 million due to the higher
investment level and the higher level of interest
rates.
Tax on profit for the period
Tax on profit/(loss) for the period is recognised
based on a current estimate of actual taxes for the
period.
CASH FLOW STATEMENT
Cash flow from operating activities
The cash flow from operating activities decreased
by DKK 72 million relative to the same period last
year.
The change was due to a combination of higher
cash outflows in respect of net interest expenses
including refinancing costs (DKK 169 million), and
higher net cash inflows from the increased
revenue.
Cash flow from investing activities
Cash flow from investing activities primarily related
to investments in property, plant and equipment
and intangible assets.
Major investments made during the first nine
months of 2023 included the expansion of Terminal
3, improvements to runways and stands,
improvements of security facilities, various IT
systems, as well as miscellaneous improvements
and asset investments.
Cash flow from financing activities
Cash flow from financing activities related to net
drawings on credit facilities and amortisation of
loans.
Cash and cash equivalents
CPH had cash and cash equivalents of DKK 75
million at 30 September 2023 (30 September 2022:
DKK 231 million).
DKKm 2023 2022 Ch.
Interest 231 121 110
Capitalised interest on
assets under
cons truction (41) (20) (21)
Market value adjustments (5) (1) (4)
Other financial
costs 15 14 1
Total
200 114 86
Year to date
DKKm 2023 2022 Ch.
Cash flow from:
Operating activities 1,011 1,083 (72)
Investing activities (842) (603) (239)
Financing activities (190) (327) 137
Net cash flow for the period (22) 153 (175)
Cash at the beginning
of the year 97 78 19
Cash at the end of
the period 75 231 (156)
Year to date
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 8 of 20
REPORTING ON BUSINESS AREAS
CPH presents its operating and financial
performance for the period based on business
areas.
CPH’s income statement, statement of
comprehensive income, balance sheet, cash flow
statement, statement of changes in equity and
notes to the financial statements for the period 1
January – 30 September 2023 are provided on
pages 12-19.
Revenue and EBIT split by business area (YTD)
DKKm 2023 2022 Ch. Ch. % 2023 2022 Ch. Ch. %
Aeronautical 1,659 1,381 278 20% (197) (458) 261 (57%)
Non-aeronautical 1,405 1,240 165 13% 812 796 16 2%
Total 3,064 2,621 443 17% 615 338 277 82%
Revenue EBIT
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 9 of 20
AERONAUTICAL BUSINESS AREA
Passengers (pax)
The total number of passengers travelling through
Copenhagen Airports during the first nine months of
2023 was 20.3 million, equivalent to an increase of
3.9 million or 24% compared with the same period of
2022. European countries accounted for the highest
number of travellers (17.3 million passengers), an
increase of 3.3 million.
Total departing passengers amounted to 10.1 million
(up 24% compared with the same period last year),
of which 8.3 million were locally departing
passengers (up 20% on last year), and 1.8 million
were departing transfer and transit passengers (up
44% on the same period last year).
Locally departing passengers accounted for 82% of
all departing passengers, while transfer and transit
passengers accounted for 18%. The total number of
arriving passengers was 10.2 million (up 24% on last
year).
Compared with 2022, total seat capacity increased
by 18% in the first nine months of 2023, the number
of passenger-related operations increased by 16%,
and the average cabin factor (occupancy) increased
by 5% to 76%.
Revenue
Due to the increase in passenger numbers, total
aeronautical revenue for the first nine months of
2023 increased by DKK 278 million or 20%
compared with the same period last year, reaching a
total of DKK 1,659 million.
Compared with YTD 2022, passenger charges YTD
2023 increased by DKK 143 million to DKK 768
million. Security, handling, and CUTE (Common
User Terminal Equipment) charges increased by
DKK 103 million compared with the same period last
year, ending at DKK 576 million.
Take-off charges amounted to DKK 286 million, an
increase of 14% compared with the same period last
year, driven by the increased number of flight
operations. Passenger-related operations increased
by 16%, while cargo operations decreased by 16%.
Profit/(loss) before interest and tax
(Aeronautical EBIT)
Aeronautical EBIT YTD improved by DKK 261 million
compared with the same period of 2022, primarily
due to higher revenue from the increase in
passenger numbers. However, the costs of
operating the airport have also increased mainly due
to the higher activity levels.
FY
DKKm 2023 2022 Ch. Ch. % 2023 2022 Ch. Ch. % 2022
Revenue 639 572 67 12% 1,659 1,381 278 20% 1,861
EBIT 41 (66) 107 (162%) (197) (458) 261 (57%) (577)
Segment assets 9,736 9,750 (14) (0%) 9,571
Q3 Year to date
Pax (thousand) 2023 2022 Ch. Ch. %
Denmark 897 912 (15) (2%)
Europe 17,282 14,028 3,254 23%
Interkontinental 2,134 1,487 647 44%
Total pax 20,313 16,427 3,886 24%
Locally departing pax
8,301 6,928 1,373 20%
Transfer departing pax
1,806 1,254 552 44%
Total departing pax
10,107 8,182 1,925 24%
Year to date
DKKm 2023 2022 Ch. Ch. %
Passenger charges 768 625 143 23%
Security charges 422 347 75 22%
Handling 136 111 25 23%
CUTE charges 18 15 3 20%
Take-off charges 286 251 35 14%
Aircraft parking, etc. 29 32 (3) (9%)
Total 1,659 1,381 278 20%
Year to date
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 10 of 20
NON-AERONAUTICAL BUSINESS AREA
Revenue
Concession revenue
Concession revenue from the shopping centre
amounted to DKK 609 million for the first nine
months of 2023, an increase of DKK 122 million
compared with the same period of last year and
driven primarily by the increase in passenger
numbers.
The increase in passenger numbers was the
primary driver for the increase in parking revenue.
Parking revenue for the first nine months of 2023
was DKK 41 million over last year.
Other revenue amounted to DKK 50 million, an
increase of DKK 5 million compared with last year,
mainly due to an increase in revenue from
advertising.
Rent
Total rent amounted to DKK 149 million, a 10%
increase compared with last year.
Sales of services, etc.
Revenue from the hotel operation increased by
DKK 2 million.
The category Other includes PRM (Persons with
Reduced Mobility), TMS (Taxa Management
System) and CPH’s leaseholders’ share of energy
costs. Other revenue decreased by DKK 18 million
compared to last year. The decrease is primarily a
result of lower energy costs resulting in lower
reinvoicing to CPH’s leaseholders. This was partly
offset by a higher number of PRM handlings. The
costs of these activities are carried by CPH and re-
invoiced to customers. These activities are all non-
profit for CPH.
Profit/(loss) before interest and tax (Non-
aeronautical EBIT)
Non-aeronautical EBIT improved by DKK 16 million
compared with the same period of last year. The
increase was primarily due to the higher activity
levels in 2023.
FY
DKKm 2023 2022 Ch. Ch. % 2023 2022 Ch. Ch. % 2022
Revenue 526 499 27 5% 1,405 1,240 165 13% 1,671
EBIT 331 342 (11) (3%) 812 796 16 2% 991
Segment assets 5,329 5,189 140 3% 5,218
Investments in
associates 122 123 (1) (1%) 129
Q3 Year to date
DKKm 2023 2022 Ch. Ch. %
Shopping centre 609 487 122 25%
Parking 276 235 41 17%
Other revenue 50 45 5 11%
Total 935 767 168 22%
Year to date
DKKm 2023 2022 Ch. Ch. %
Rent from premises 103 91 12 13%
Rent from land 42 41 1 2%
Other rent 4 4 # # 0%
Total 149 136 13 10%
Year to date
DKKm 2023 2022 Ch. Ch. %
Hotel operation 84 82 2 2%
Other 237 255 (18) (7%)
Total 321 337 (16) (5%)
Ye a r to date
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 11 of 20
OTHER EVENTS
As stated in the company announcement of 30
June 2023, Thomas Woldbye had resigned his
position as CEO of Copenhagen Airports A/S
effective 30 September 2023 after 12 years of
service.
Thomas Woldbye stepped down on 30 September
2023 and was replaced by Christian Poulsen, who
will be acting CEO until a permanent replacement
have been identified.
The Board of Directors is in process to identify a
new CEO for CPH.
RISKS AND UNCERTAINTIES
Other than as stated elsewhere in this interim
report, no material changes have occurred in the
short-term risks and uncertainties to which CPH is
subject, compared with the information provided in
the 2022 Annual Report.
Forward-looking statements – risks and
uncertainties
This interim report contains forward-looking
statements as described in the US Private
Securities Litigation Act of 1995 and similar acts of
other jurisdictions. In particular, this includes
statements concerning future revenue, operating
profit, business expansion and capital investments.
Such statements are subject to risks and
uncertainties, as various factors, many of which are
beyond CPH’s control, may cause actual results
and performance to differ materially from the
forecasts provided elsewhere in this interim report.
Such factors include general economic and
business conditions, changes in exchange rates,
demand for CPH’s services, competitive factors
within the aviation industry and operational matters
in one or more of the Group’s businesses. See Risk
Management on pages 65-67 of the 2022 Annual
Report.
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 12 of 20
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
DKKm 2023 2022 2023 2022
Traffic revenue
Concession revenue
Rent
Sale of services, etc.
Revenue 1,166
Other income
External costs
Staff costs
Amortisation and depreciation
Operating profit/(loss) 373
Profit/(loss) from investments in associates after tax
(2 )
(1 )
(7 )
(3 )
Financial income
Financial expenses
Profit/(loss) before tax 300
Tax on profit/(loss) for the period
Net profit/(loss) for the period 234
Net profit attributable to:
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Net profit 234
Earnings per DKK 100 share (basic and diluted)
EPS is stated in Danish kroner
Q3 Year to date
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 13 of 20
STATEMENT OF COMPREHENSIVE INCOME
DKKm 2023202220232022
Net profit/(loss) for the period 234
Items that are reclassified to the income statement
Currency translation of equity in foreign branch
(0 )
(0 )
(2 )
(2 )
Value adjustments of hedging instruments
(2 )
(11 )
Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement
(75 )
(171 )
Tax on other comprehensive income
(3 )
(0 )
(5 )
Other comprehensive income for the period 10
(15 )
Total comprehensive income for the period 244
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S 238 177 316 142
Non-controlling interests 5 5 16 15
Total comprehensive income for the period 244
Year to date Q3
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 14 of 20
BALANCE SHEET
Assets
30 Sep 31 Dec 30 Sep
Note
DKKm 2023 2022 2022
NON-CURRENT ASSETS
Total intangible assets 231
Property, plant and equipment
Land and buildings
Investment properties
Plant and machinery
Other fixtures and fittings, tools and equipment
2
Property, plant and equipment under construction
Total property, plant and equipment 14,343
Financial assets
Investments in associates
3
Other financial assets
Total financial assets 135
Total non-current assets 14,709
CURRENT ASSETS
Other financial assets
Trade receivables
Other receivables
Tax receivables
Prepayments
Cash
Total current assets 625
Total assets 15,333
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 15 of 20
BALANCE SHEET
Equity and liabilities
30 Sep 31 Dec 30 Sep
Note
DKKm 2023 2022 2022
EQUITY
Share capital
Reserve for hedging
(8 ) (14 )
Retained earnings
Shareholders of Copenhagen Airports A/S
Non-controlling interests
Total equity 3,615
NON-CURRENT LIABILITIES
Deferred tax
3
Financial institutions and other loans
4
Other payables
Total non-current liabilities 10,171
CURRENT LIABILITIES
3
Financial institutions and other loans
Prepayments from customers
Trade payables
Incom e tax
4
Other payables
Deferred incom e
Total current liabilities 1,547
Total liabilities 11,718
Total equity and liabilities 15,333
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 16 of 20
CASH FLOW STATEMENT
DKKm 2023 2022 2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Received from customers
Paid to staff, suppliers , etc.
(391 )
(478 )
(1,659 )
(1,455 )
Cash flow from operating activities before financial items and tax 710
Interest received, etc.
Interest paid, etc.
(159 )
(60 )
(327 )
(157 )
Cash flow from operating activities before tax 556
Income taxes paid
(0 )
(0 )
(1 )
Cash flow from operating activities 556
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment
(318 )
(185 )
(788 )
(564 )
Payments for intangible assets
(22 )
(10 )
(57 )
(42 )
Sale of property, plant and equipment
Cash flow from investing activities (340 )
(194 )
(842 )
(603 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayments of long-term loans
(267 )
(341 )
(615 )
Proceeds from long-term loans
Repayments of short-term loans
(5,853 )
(106 )
(6,095 )
(266 )
Proceeds from short-term loans
Dividends paid to non-controlling interests
(54 )
(35 )
Cash flow from financing activities (232 )
(305 )
(190 )
(327 )
Net cash flow for the period (16 )
(22 )
Cash at the beginning of the period
Cash at the end of the period 75
Q3 Year to date
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 17 of 20
STATEMENT OF CHANGES IN EQUITY
DKKm
Share
capital
Reserve for
hedging
Retained
earnings Total
Non-
controlling
interests Total
Equity at 1 January 2023 785 (8 ) 1,920 2,696 640 3,337
Comprehensive income for the period
Net profit for the period - - 301 301 16 317
Other comprehensive income
Currency translation of equity in foreign branch - - (2 ) (2 ) - (2 )
Value adjustments of hedging instruments - (9 ) - (9 ) - (9 )
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement - 26 - 26 - 26
Total other comprehensive income - 17 (2 ) 15 - 15
Total comprehensive income for the period - 17 299 316 16 332
Transactions with owners
Transactions with non-controlling interests - - (54 ) (54 ) - (54 )
Total transactions with owners - - (54 ) (54 ) - (54 )
Equity at 30 September 2023 785 9 2,164 2,958 657 3,615
Equity at 1 January 2022 785 (1 ) 1,731 2,515 683 3,198
Comprehensive income for the period
Net profit for the period - - 157 157 15 172
Other comprehensive income
Currency translation of equity in foreign branch - - (2 ) (2 ) - (2 )
Value adjustments of hedging instruments - 120 - 120 - 120
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement - (133 ) - (133 ) - (133 )
Total other comprehensive income - (13 ) (2 ) (15 ) - (15 )
Total comprehensive income for the period - (13 ) 155 142 15 157
Transactions with owners
Transactions with non-controlling interests - - (35 ) (35 ) - (35 )
Total transactions with owners - - (35 ) (35 ) - (35 )
-
Equity at 30 September 2022 785 (14 ) 1,850 2,621 698 3,319
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 18 of 20
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1: Basis of preparation
CPH is a public limited company domiciled in Denmark and listed on Nasdaq Copenhagen.
The interim report comprises the condensed consolidated financial statements of Copenhagen Airports A/S.
The interim report is presented in accordance with international accounting standard IAS 34 Interim Financial
Reporting and additional Danish disclosure requirements applying to interim reports of listed companies.
Significant accounting estimates
In preparing the consolidated financial statements, management makes various accounting estimates and
assumptions that form the basis of the presentation, recognition, and measurement of CPH’s assets and
liabilities.
The estimates made by CPH in determining the carrying amounts of assets and liabilities are based on
estimates and assumptions that are subject to future events. These include estimates of the useful lives of
property, plant and equipment, and their residual values. Estimates and underlying assumptions are based on
historical data and factors that management considers relevant under the given circumstances. These
assumptions may have to be revised, and unexpected events or circumstances may occur. For a description
of risks and accounting estimates, and for a list of the notes that contain significant estimates and judgments,
see page 65-67 and 84 respectively of the 2022 Annual Report.
Accounting policies
The accounting policies applied in the interim report are unchanged from those applied in the 2022 Annual
Report except as set out below. The 2022 Annual Report was prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU. For further information, see page 84 of the 2022
Annual Report, which indicates which notes contain accounting policies, and the summary of significant
accounting policies on pages 85-86.
Change in accounting policies
As of 1 January 2023, CPH adopted all relevant new or revised International Financial Reporting Standards
and IFRIC Interpretations with effective date 1 January 2023 or earlier. The new or revised standards and
interpretations did not materially affect recognition and measurement, nor did they result in any material
changes to disclosures in the notes.
NOTE 2: Property, plant and equipment
Investment in and sale of property, plant and equipment
In the first nine months of 2023, CPH invested DKK 907 million in intangible assets and property, plant and
equipment. Major investments made during the first nine months of 2023 include the expansion of Terminal 3,
improvements of runways and stands, improvements of security facilities, various IT systems as well as
miscellaneous improvements and asset investments.
Contracts and other commitments
As of 30 September 2023, CPH had entered into contracts to build and maintain facilities at a total value of
DKK 1,540 million (31 December 2022: DKK 1,857 million) and other commitments amounting to DKK 96
million (31 December 2022: DKK 82 million). Major commitments include contracts for the development of
Terminal 3 and asset systems.
NOTE 3: Financial institutions
Refinancing
In August, new credit facilities consisting of DKK 4.6 billion in bank facilities and DKK 2.4 billion in secured
mortgage loans replaced the maturing USPP bond loan of USD 160 million and bank facilities of DKK 6 billion.
As of end of September 2023, CPH had undrawn committed long-term credit facilities of DKK 3,681 million
(2022: DKK 3,832 million).
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 19 of 20
Value of the derivative financial instruments
NOTE 4: Other payables
NOTE 5: Related parties
CPH’s related parties are the Danish Labour Market Supplementary Pension (ATP) and the Ontario Teachers’
Pension Plan (OTPP), given their controlling ownership interests in CPH, the Board of Directors and Executive
Management, and associated companies. See also notes 2.5, 3.4 and 5.5 of the 2022 Annual Report.
With the exception of the tax receivable of DKK 10 million under the joint taxation scheme with Kastrup Airports
Parent ApS (KAP), which is the administrative company for the jointly taxed companies, there are no
outstanding balances with related parties.
NOTE 6: Subsequent events
No material events have occurred after the balance sheet date.
Derivative financial instruments
30 Sep
2023
31 Dec
2022
30 Sep
2023
31 Dec
2022
Recognised under other financial assets (non-current assets)
13
-
13
-
Recognised under other financial assets (current assets)
-
199
-
199
Recognised under other payables
1
-
1
-
* The fair value of CPH's interest rate swaps are considered a level 2 fair value measurement as the fair value is
primarily determined, directly based on the published quoted swap rates on the balance sheet date.
Carrying amount Fair value*
30 Sep 31 Dec
2023 2022
Other payables - non-current
Holiday pay, frozen due to new Holiday Act
160
156
Interes t rate swaps
1
-
Balance end of period 161
156
Other payables - current
Holiday pay and other payroll items
222
156
Interest payable
23
56
Other costs payable
82
62
Total 327
274
Total 488
430
Interim report – 1 January – 30 September 2023
Copenhagen Airports A/S Page 20 of 20
Executive Management
Board of Directors