Københavns Lufthavne

Report Publication Announcement • Mar 1, 2012

Stock Exchange Announcement number 1/2012

Copenhagen, 1 March 2012

Group Annual Report 2011 announcement

-- Passenger growth of 5.7% secured Copenhagen Airports A/S (CPH) strong
performance in 2011. Revenue grew as a result of the growth in passenger
numbers and increased spend per passenger at the shopping centre. Excluding
one-off items, profit after tax rose 1.6%. The continuing growth on
intercontinental routes strengthened Copenhagen airport's position as the
hub of Northern Europe. CPH expects passenger numbers to continue to grow
in 2012.
-- The total number of passengers at Copenhagen Airport increased to 22.7
million in 2011, representing a year-on-year growth of 5.7%. The passenger
number was the highest in the history of the airport. The performance was
at the high end of expectations as reported revenue increased by 3.2% to
DKK 3,343.8 million, primarily due to the increase in passenger numbers. By
comparison, performance in 2010 was affected by higher income from the
divested operation in Mexico and by the termination of a long-term rental
contract with SAS Cargo. Moreover, the ash cloud reduced revenue in 2010.
Adjusted for this and one-off items, the underlying revenue was up 7.1%.
When excluding one-off items, profit after tax rose 1.6% to DKK 775.8
million.

Intercontinental growth

-- Aeronautical revenue increased by 8.5% to DKK 1,835.9 million, primarily
because of the rise in passenger numbers and the price index adjustment of
traffic charges made on 1 April 2011. Thanks to the strengthening of
intercontinental traffic through new routes to Bahrain, Dubai and Phuket
and upgrades of a number of other overseas routes, the number of
intercontinental passengers was up by 8.5% in 2011, and intercontinental
passengers accounted for 8.4% of the total number of passengers.

Low-cost growth and CPH Go behind international award

-- The total number of low-cost passengers at Copenhagen Airport was 6.2%
higher than in 2010. Low-cost carriers had a market share of 17.9% at the
end of 2011, equivalent to the market share held in 2010.
-- Exactly 13 months after the opening of Copenhagen Airport's low-cost pier,
CPH Go, the number of passengers to have used the pier reached 1 million.
CPH Go was also the main reason that Copenhagen Airport was rated the
world's best low-cost airport in September 2011 at the World Low Cost
Airline Congress. easyJet has announced new routes to Lisbon and Madrid,
respectively, so the growth at CPH Go is set to continue in 2012.

Shopping centre growth

-- Non-aeronautical revenue was down by 1.8% to DKK 1,484.3 million, primarily
due to the termination of a rental contract with SAS Cargo in 2010. This
was partly offset by an increase in shopping centre and parking revenues,
mainly attributable to higher passenger numbers and a rise in the spend per
passenger.

New strategy and large investments

-- CPH now launches its new strategy for the next five years: World Class Hub.
It is an ambitious growth strategy designed to enhance Copenhagen Airport's
position as the main gateway to northern Europe. In the new strategy CPH
focuses on its customers and their needs – both airlines and passengers –
because good operational conditions for the airlines and high passenger
satisfaction are two of the main drivers for continued growth. In close
cooperation with the airlines, CPH works to become a world class hub, where
facilities, logistics and total cost of operations make it easy to operate
effectively and where it is attractive to concentrate one's activities.
-- In the coming years, CPH will invest significant sums in new capacity and
even better facilities for passengers and airlines, providing optimal
conditions for the ever increasing number of passengers.

Outlook for 2012

-- Based on the expected traffic programme for 2012, the total number of
passengers is expected to increase. The full-year effect of the new routes
added in 2011 will have a positive impact on performance in 2012 together
with expected new routes. Traffic, however, could be adversely impacted by
the continuing economic uncertainty in the Eurozone and any closure of
routes due to airline reductions.
-- The increase in passenger numbers is expected to have a positive impact on
total revenue. Operating costs are also expected to be higher than in 2011,
primarily due to the expected increase in passenger numbers and cost
inflation. Under the charges agreement, CPH must invest an average of DKK
500 million annually, but expects to invest significantly more in 2012. CPH
will also be investing in other commercial projects for the benefit of
airlines and passengers, which will lead to a corresponding increase in
depreciation charges. In addition, financial costs are expected to be lower
in 2012 than in 2011. Overall, a higher total profit before tax, when
excluding one-off items, is expected for 2012.

The Group Annual Report is enclosed in Pdf-format

COPENHAGEN AIRPORTS A/S

P.O. Box 74
Lufthavnsboulevarden 6
DK-2770 Kastrup
Contact:
Per Madsen
CFO
Telephone: +45 3231 3231
Fax: +45 3231 3132
E-mail: cphweb@cph.dk
www.cph.dk
CVR no. 14 70 72 04