Københavns Lufthavne — Earnings Release 2015

Mar 1, 2016

Copenhagen Airports A/S (CPH) set a new passenger record for a fifth successive
year in 2015. More than 26 million used the airport and bringing both revenue
growth and solid earnings.

Passenger numbers at Copenhagen Airport increased by 3.8%, or just over 1
million, to 26.6 million in 2015, helping revenue to grow 5.0% to DKK 4,061.9
million. Profit before tax climbed to DKK 1,403.9 million including one-off
items and DKK 1,418.0 million excluding one-off items, in line with the
guidance set out in the stock exchange release of 3 November 2015.

Growth was driven primarily by a higher number of international passengers,
reaffirming Copenhagen Airport’s strong competitive position as a Northern
European hub. There was also increased revenue from the shopping centre,
parking and the hotel operation.

International traffic increased by 4.3%, while domestic passengers decreased by
3.1% over the year as a whole but picked up in Q4 with growth of 4.0%. Transfer
traffic has been rising over the past five years despite a fall of 5.6% in
2015.

CPH is working actively to reduce waiting times in the central security check
so that the majority of passengers clear security in under five minutes and can
expect to wait less than 15 minutes even in peak periods. In 2015, 98.38% of
passengers cleared security within 15 minutes in peak periods.

CPH investing in the airport

CPH has made a number of major investments in both intangible assets and
property, plant and equipment. In 2015, investments totalled DKK 1,148.4
million. Pier C was extended by 6,000 square metres and one of the main runways
widened to handle more long-haul flights and larger aircraft, and the terminal
areas and security check were enlarged.

Non-aeronautical growth

Revenue from the shopping centre increased by 7.7%, due mainly to a higher
spend per passenger, a strong performance by the TAX FREE shops, and a new and
improved range of food and beverage and specialty store concepts. Revenue was
also boosted by the increase in outbound international passengers.

Parking revenue grew by 3.8%, mainly in the online segment where CPH increased
the average transaction size through a stronger campaign strategy and improved
online products. Hotel revenue rose by DKK 6.6 million, due mainly to a higher
average room rate. The Hilton also saw a higher level of meeting, conference
and banquet activity. This underlines the strength of demand for the hotel.

Refinancing

CPH issued bonds in the USPP market for the fourth time in 2015, and for the
first time denominated in DKK. The new loan has a nominal value of DKK 1,055
million and a term of ten years. CPH also redeemed a loan of DKK 656 million
(USD 100 million). The new loan is DKK 399 million larger than its predecessor,
as CPH took advantage of the favourable market conditions for the transaction.
In addition, a DKK 58.3 million mortgage loan was switched to a lower interest
rate and a longer term.

More international awards

CPH won a number of awards in 2015, including the world’s best route
development (World Routes 2015), the world’s most punctual medium-sized airport
(OAG League 2015), Europe’s most efficient airport (Air Transport Research
Society), Europe’s best baggage delivery (Skytrax) and Northern Europe’s best
airport (Skytrax). In addition, Roskilde Airport was crowned the best business
airport in Europe, the Middle East, Russia and Africa (European Business Air
News), and CPH Security was named the second-best in the world (Skytrax).

Outlook for 2016

Based on the expected traffic programme for 2016, the number of passengers is
expected to increase. The continued strong competition between airlines and
optimisation of routes due to airline cutbacks or a slowdown in the global
economy could, however, affect traffic growth negatively. The increase in
passenger numbers is expected to have a positive impact on revenue.

Operating costs are expected to be higher than in 2015, primarily due to the
expected rise in passenger numbers, stricter requirements for security and cost
inflation, but this will be partly offset by the continued focus on operating
cost efficiencies.

Overall, depreciation charges and financial costs are expected to be in line
with 2015, primarily as a result of a continued high investment level, partly
offset by lower borrowing costs.

Profit before tax for 2016 is expected to be in the range of DKK 1,450-1,550
million, excluding one-off items. EBITDA is projected to be higher in 2016 than
in 2015, excluding one-off items.

Investment outlook

In terms of capital investments, CPH expects to continue to invest for growth.
As in recent years, CPH expects capital investments to remain at a high level
in 2016. Planned investments include two additional security lanes at the
central security check, the expansion of passport control in Pier C with
self-service passport control for EU citizens, Pier C bus gates, an upgrade of
the baggage reclaim area, and a redesigned passenger drop-off zone in P4. CPH
will also be investing in non-aeronautical projects for the benefit of airlines
and passengers.

P.O. Box 74
Lufthavnsboulevarden 6
2770 Kastrup
Denmark
Contact:
Lars Jønstrup Dollerup
CFO
Tel.: +45 3231 3231
Fax: +45 3231 3132
E-mail: cphweb@cph.dk
www.cph.dk
CVR no. 14 70 72 04