HIGHLIGHTS OF THE RESULTS
Med venlig hilsen
Passenger numbers at Copenhagen Airport increased by 8.2% during the first nine months of 2010. The number of locally departing passengers increased by 8.4%, and transfer traffic increased by 7.6%
Revenue increased by 11.0% to DKK 2,459.5 million (2009: DKK 2,216.5 million) primarily due to the increase in passenger numbers and an agreement to terminate a long term rent contract with SAS Cargo, partly offset by the impact of the Icelandic ash cloud in the second quarter 2010
EBITDA increased by 14.5% to DKK 1,336.8 million (2009: DKK 1,167.1 million). EBITDA totalled DKK 1,383.7 million excluding one-off items (2009: DKK 1,202.3 million). 2009 was also impacted by restructuring expenses
EBIT increased by 16.7% to DKK 980.0 million (2009: DKK 839.7 million). When excluding one-off items, EBIT amounted to DKK 1,026.9 million (2009: DKK 874.9 million)
Results of international investments were a profit of DKK 27.1 million, which was an increase of DKK 17.9 million (2009: a profit of DKK 9.2 million)
Net financial costs increased by DKK 33.7 million mainly due to loss on interest rate swaps in connection with the repayment of bank debt and extraordinary amortisation of loan costs in connection with repayment and cancellation of bank facilities in June 2010 due to their replacement by the US Private Placement (USPP)
Profit before tax increased to DKK 792.1 million (2009: DKK 667.6 million). Profit before tax amounted to DKK 839.0 million when excluding one-off items (2009: DKK 702.8 million)
Capital expenditure amounted to DKK 519.0 million in the first nine months of 2010, primarily due to CHP Go (2009: DKK 377.8 million)
In June 2010, bank facilities of DKK 1,043.0 million and EUR 83.8 million were repaid/cancelled. CPH obtained new fundings of USD 247.0 million and GBP 23.0 million in June with an eight and ten year maturity via a USPP. The new facilities are equivalent to DKK 1,704.2 million
Based on the anticipated traffic programme for Q4 2010 and the growth in the first nine months of 2010, passenger numbers are revised to increase significantly compared to 2009.
Based on the strong traffic performance and despite the impact of the Icelandic ash cloud, the final outlook for 2010 is revised. Profit before tax is now expected to be more than 15 percent higher than in 2009, when excluding one-off items. The revised outlook is based on a continued recovery in the world economy.
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 Go and other commercial investments.