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Interim / Quarterly Report • Aug 14, 2012

Stock Exchange Announcement number 8/2012

Copenhagen, 14 August 2012

INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE SIX MONTHS TO 30 JUNE
2012

The Board of Directors today approved the interim report for the period 1
January – 30 June 2012.

Summary for the first six months of 2012

Passenger numbers rose by 4.2% despite the bankruptcy of CPH's third largest
customer and challenging market conditions. The number of transfer passengers
at Copenhagen Airports continued to increase, supporting CPH's strategy of
strengthening its position as the preferred Northern European transport hub.
CPH retains its overall full-year forecast regardless of the bankruptcy of
Cimber Sterling in May 2012.

Passenger numbers at Copenhagen Airport were up by 4.2% in the first six months
of 2012 to 11.3 million passengers, contributing to a 6.1% increase in revenue
for the period. Profit before tax increased by 22.3% to DKK 533.9 million,
primarily due to higher traffic revenue and growing sales at the shopping
centre as well as lower financing costs, partly offset by the effect of the
loss caused by the above mentioned bankrupty.

Partly due to the strong efforts made by CPH relating to route development, a
number of airlines have announced new routes and frequencies in the period
since the Cimber Sterling bankruptcy. CPH has already regained 81% of the seat
capacity lost in connection with the bankruptcy; part of this new capacity will
not be added until later in the year. CPH had minimised its risk of loss on
outstanding receivables and therefore only suffered an immaterial direct loss
on the Cimber Sterling bankruptcy.

The number of transfer passengers at Copenhagen Airport rose in H1 2012. The
increase was primarily driven by increased transfer traffic from Norway,
Poland, Germany, the Baltic States and Finland, which supports CPH's World
Class Hub strategy.

Aeronautical revenue rose by 6.1% in H1 2012, thanks to increased traffic
revenue generated by the rising traffic volume and index adjustment of charges
under the long-term charges agreement which CPH signed with the airlines in
2009.

Sales at Copenhagen Airport's shopping centre rose by 13.0% due to higher spend
per passenger and the full-year effect of the full occupancy of all space at
the shopping centre. At the end of Q2, CPH signed a five-year agreement with
Gebr. Heinemann to continue to operate the duty- and tax-free shops at
Copenhagen Airport. Two new food & beverage units were also opened in Q2: a
MASH steakhouse in Terminal 2 and a Foodmarket deli in Terminal 1 and Terminal
2.

The new contracts will contribute to creating travel experiences in line with
CPH's customers’ expectations and will ensure that CPH continues to develop the
shopping centre in order to retain Copenhagen Airport's top rankings in the
retail field.

In H1, CPH signed a contract with Siemens for a major expansion and upgrade of
Copenhagen Airport's baggage system. The project will prepare the baggage
system for the future passenger flows through a capacity expansion that will
enable Copenhagen Airport to handle up to 30 million passengers and will
further enhance the operational reliability of the system. The project is
scheduled for completion by the summer of 2013 and is part of the new strategy
through which CPH is making significant investments to develop Copenhagen
Airport into the future.

CPH has concurrently started a major project to renovate and expand Terminal 2
and the Arcade connecting Terminals 2 and 3 designed to create more space for
passengers and better conditions for airlines and other tenants in the
terminals. In addition, the number of check-in desks will be increased in order
to match capacity to the expected increase in passenger numbers in the years
ahead.

Highlights of results

-- Passenger numbers at Copenhagen Airport increased by 4.2% during the first
six months of 2012. The number of locally departing passengers increased by
1.9%, and transfer traffic increased by 10.9%
-- Revenue increased by 6.1% to DKK 1,683.2 million (2011: DKK 1,586.9
million), primarily due to the increase in passenger numbers
-- When excluding one-off items, EBITDA grew by 10.1%. Reported EBITDA
increased by 11.7% to DKK 898.6 million (2011: DKK 804.4 million)
-- When excluding one-off items, EBIT increased by 13.1% to DKK 637.0 million
(2011: DKK 563.2 million). Reported EBIT grew by 15.5% to DKK 631.6 million
-- Net financial expenses decreased by DKK 12.1 million, primarily caused by
extraordinary amortisation of loan costs in connection with a cancellation
of bank facilities in 2011
-- Profit before tax increased to DKK 533.9 million (2011: DKK 436.9 million).
Profit before tax amounted to DKK 539.3 million when excluding one-off
items (2011: DKK 453.4 million)
-- Capital expenditure amounted to DKK 403.6 million in the first six months
of 2012 (2011: DKK 333.0 million)

Outlook for 2012

Based on the expected traffic programme for 2012, the total number of
passengers is expected to increase. Traffic, however, could be adversely
impacted by the continuing economic uncertainty in the Eurozone and any closure
of routes due to airline reductions. The forecast is retained despite recent
airline bankruptcies.

The increase in passenger numbers is expected to have a positive impact on
total revenue. Operating costs are expected to be higher than in 2011,
primarily due to the expected increase in passenger numbers, cost inflation and
increased depreciation charges as a result of the higher level of investment
with a focus on continuing growth. Overall, profit before tax is expected to be
higher than in 2011, when excluding one-off items.

Under the charges agreement, CPH must invest an average of DKK 500 million
annually, but CPH expects to invest significantly more than this in 2012. CPH
will also be investing in other commercial projects for the benefit of airlines
and passengers.