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Interim / Quarterly Report • Aug 11, 2015

Stock Exchange Announcement 2015

Copenhagen, 11 August 2015

INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE SIX MONTHS TO 30 JUNE
2015

The Board of Directors today approved the interim report for the period 1
January – 30 June 2015.

Summary for the first six months of 2015

Copenhagen Airports A/S (CPH) had a good first half year of 2015 with revenue
growth at 2.5%, primarily driven by growth in the non-aeronautical business,
which meant that profit before tax grew by 4.4% to DKK 619.3 million. The
non-aeronautical business generated strong growth, partly driven by a stronger
offering at the shopping centre. CPH retains its guidance for the full year.

The passenger number at Copenhagen Airport for the first six months of 2015 was
12,345,829, which was on a level with the first six months of 2014. Traffic
growth in H1 deviated from normal as the number of locally departing passengers
showed a high growth of 4.0%, while transfer passengers were down by 12.2%.
However, the decline slowed significantly in the course of Q2. SAS accounts for
the vast majority of transfer passengers at Copenhagen Airport, and a
significant drop in volume was seen as a result of the airline's price
optimisation. Long-haul traffic was up by 0.9%, while domestic traffic was down
by 6.0% due to reduced capacity on the domestic routes. The total number of
passengers decreased by 0.1% in the first six months of 2015.

In the second quarter of the year, domestic and Schengen traffic was merged,
and passenger numbers have increased on several domestic routes since the
change. Passenger surveys have shown general satisfaction with the change among
domestic passengers.

The increase in locally departing passengers was partly due to Ryanair's entry
on the market. Despite the airline's closure of its base at Copenhagen, we
expect the number of Ryanair passengers to remain largely the same, assuming
the number of routes remains unchanged.

Increase in the non-aeronautical business

Revenue at the shopping centre was up by 6.9%, and the spend per passenger was
higher than in the same period of last year, driven by a continued improvement
of the shop and brand mix, not least in the food & beverage field which
included the opening of Aamanns, Gorm’s and YO! Sushi.

Parking revenue was up by 3.0% driven by the increase in the number of locally
departing passengers, and revenue from the hotel business increased by 4.4% as
a result of a continuing high occupancy rate at the Hilton Hotel Copenhagen
Airport.

2015 started out with a high investment level

The level of capital expenditure in H1 was above the level of the same period
last year. Total capital expenditure of DKK 450.5 million was spent on
expanding and renovating the passenger areas of Terminal 2, adding an
additional 700 square metres for the benefit of passengers; two lanes have been
added at the central security checkpoint in order to better serve the growing
number of passengers; Pier C and one of the runways are being expanded to
accommodate the growing number of long-haul flights, including the Airbus A380;
and the special critical security restricted area (CSRA) is being expanded to
improve efficiency for airlines and their employees.

The expansion of the CSRA primarily benefits the airlines and handling
companies, as the employees will need fewer time-consuming security checks,
which will increase efficiency and thereby reduce costs.

Efficiency improvements despite stricter security requirements

Despite the focus on efficiency improvements, CPH's staff costs increased in
the first six months of the year, which was significantly affected by stricter
requirements to security, including the ongoing implementation of the new EU
rules on ETD (Explosive Trace Detection). However, CPH continues to focus on
efficiency and was again this year able to reduce external costs.

Refinancing

As a USD 100 million loan of CPH's US Private Placement (USPP) from 2003
matures in August 2015, the Company decided to take advantage of the positive
loan market by raising similar financing in the United States on better terms.
The amount issued was set at DKK 1,055 million with a term of ten years. The
new loan amounts to approximately DKK 395 million higher than the loan that
matured as CPH found it prudent to take advantage of the strong market
conditions to cover its future refinancing requirements. It was the first time
CPH was able to borrow directly in Danish kroner on the USPP market.

The issue was significantly oversubscribed, affirming CPH's position as an
internationally recognised and reliable infrastructure asset. The agreements
ensure CPH stable, long-term financing on satisfactory terms.

Advisory services in Istanbul

Over the next five years, Copenhagen Airport International (CAI), CPH's
international consulting business, and Seoul's Incheon Airport will be
providing advisory services to the company IGA (Istanbul Grand Airport) in
Turkey, which is responsible for building and operating a new major airport in
Istanbul with capacity for handling up to 120 million passengers annually.

The consulting services will include strategic development, establishment of
the company's organisation and, not least, operation of the airport, both
during the construction phase and during the first three years of operation
after the opening of the airport in 2017.

International recognition

The world's leading academic company within aviation, the independent Air
Transport Research Society (ATRS) identifies the most efficient airports in the
world. ATRS assesses productivity, costs, quality and efficiency at more than
200 airports worldwide, and for the tenth time in 12 years, Copenhagen Airport
was rated "Europe's most efficient airport".

Interim dividend

As in previous years, the Company has adopted an interim dividend based on the
interim profit. The dividend

amounts to DKK 470.8 million or DKK 60.00 per share.

Highlights of results

-- Passenger numbers at Copenhagen Airport decreased by 0.1% during the first
six months of 2015. The number of locally departing passengers increased by
4.0%, and the number of transfer passengers decreased by 12.2%

-- Revenue increased by 2.5% to DKK 1,915.3 million (2014: DKK 1,869.0
million), primarily driven by the increase in international locally
departing passengers and high concession revenue due to a continuously
improved shop and brand mix

-- EBITDA excluding one-off items grew by 1.1% to DKK 1,039.2 million (2014:
DKK 1,028.3 million). Reported EBITDA including one-off items increased by
1.3% to DKK 1,033.7 million (2014: DKK 1,020.1 million)

-- EBIT excluding one-off items increased by 1.3% to DKK 720.9 million (2014:
DKK 711.3 million). Reported EBIT including one-off items increased by 1.7%
to DKK 715.4 million (2014: DKK 703.1 million)

-- Net financing costs decreased by DKK 13.7 million compared with 2014

-- Profit before tax excluding one-off items increased by 3.9% to DKK 624.8
million (2014: DKK 601.5 million). Reported profit before tax including
one-off items increased by 4.4% to DKK 619.3 million (2014: DKK 593.3
million)

-- Capital expenditure amounted to DKK 450.5 million in the first six months
of 2015 (2014: DKK 306.6 million). The first six months of the year were
impacted by the extension of Pier C, the expansion of Terminal 2 and
centralised security.

-- The dividend of DKK 470.8 million will be distributed on 14 August 2015.
The dividend will be distributed through VP Securities Services on 13
August 2015 on holdings of record in VP accounts at the end of the business
day. Consequently, shares purchased for settlement on or before 13 August
2015 will carry dividend, whereas shares sold for settlement on or before
13 August 2015 will lose the right to dividend. This means that
transactions up to and including 11 August 2015 will be settled cum
dividend, and transactions from and including 12 August 2015 will be
settled ex dividend when traded at normal two-day settlement.

Outlook for 2015

The outlook for traffic growth, profit before tax and capital expenditure is
unchanged from the announcement of 8 May 2015.

Forecast of profit before tax

Based on the expected traffic programme for 2015, an increase in the total
number of passengers is expected. However, unexpected fluctuations in the
offering of routes or the general economy may affect developments and profit.

The growth in the number of passengers and the changed structure of charges
from 1 April 2015 are expected to have a positive impact on revenue.

Operating costs are expected to be higher than in 2014, primarily due to the
expected rise in passenger numbers, stricter requirements to security, and wage
inflation, but this will be partly offset by a continuing focus on operating
cost efficiencies.

Overall, depreciation charges and financial costs are expected to be at a
slightly lower level than in 2014, primarily as a result of long-term financing
raised on satisfactory market terms and the timing of depreciation on new
investments.

Profit before tax for 2015 is expected to be in the range of DKK 1,300.0
million to DKK 1,400.0 million, excluding one-off items. Operating profit
before depreciation is projected to be higher in 2015 than in 2014, excluding
one-off items.

Forecast of capital investment

CPH expects to continue to invest for growth. As in recent years, CPH still
expects to invest at a high level in 2015. Planned investments include
expansion of the critical security restricted area (CSRA) at the airport and
the merger of the terminal areas, which is part of the charges agreement that
came into force on 1 April 2015. CPH will also be investing in non-aeronautical
projects for the benefit of airlines and passengers.