Copenhagen Airports

Annual Report 2021

Let's travel again

2019

2021

1970s

2020

Københavns Lufthavne A/S Lufthavnsboulevarden 6, 2770 Kastrup, Denmark Company reg. (CVR) no.: 14 70 72 04

Annual Report 2021

Annual General Meeting

The Annual General Meeting will be held on 7 April 2022 at Vilhelm Lauritzens Alle 1, 2770 Kastrup, starting at 3:00 p.m. The meeting will also be accessible via webcast.

Report on corporate responsibility

The statutory reports on corporate respon- sibility, the under-represented gender and board diversity prepared in accordance with sections 99a, 99b, 99d and 107d of the Danish Financial Statements Act are provided in the Management's report in the sections Business model & environment, Performance, Corporate responsibility and Risk manage- ment, risks & internal controls.

In these sections, Copenhagen Airports A/S (CPH) explains how we worked with non-financial business targets in 2021 and outlines the results achieved during the year. For a more detailed, quantified description of corporate responsibility (CR) results achieved in 2021, see the non-financial statements.

The above-mentioned sections also represent­ CPH's yearly Communication on Progress (COP) to the UN Global Compact, of which CPH has been a member since 2011.

Thus, this report serves as a declaration of our continued support for the UN Global Compact and its ten principles. These topics are covered on pages 34-46.

Forward-looking statements

- risks and uncertainties

This Annual Report includes forward-looking statements as described in the US Private Securities Litigation Reform Act of 1995 and similar acts of other jurisdictions on forward-looking statements, including in particular statements concerning future revenues, operating profits, business expansion and investments.

Such statements are subject to risks and uncertainties, as various factors, many of which are beyond CPH's control, may cause actual results to differ materially from the guidance expressed in the Annual Report. Such factors include general economic and business conditions, changes in exchange rates, the demand for CPH's services, competitive factors within the aviation industry, operational problems in one or more of the Group's businesses, and uncertainties relating to acquisitions and divestments. See also Risk management, risks & internal controls on pages 52-53.

Copenhagen Airports A/S

Lufthavnsboulevarden 6

2770 Kastrup

Denmark

Tel.

+45 3231 3231

E-mail

cphweb@cph.dk

Web

www.cph.dk

Company reg. (CVR) no.

14

70 72 04

Established

19

September 1990

Municipality of registered office

Taarnby

Designations

Copenhagen Airports, CPH, the Group and the company are used synonymously to refer to Copenhagen Airports A/S consolidated with its subsidiaries and associates.

Copenhagen Airport

The airport at Kastrup, Copenhagen, owned by Copenhagen Airports A/S.

Roskilde Airport

The airport at Roskilde owned by

Copenhagen Airports A/S.

Published by Copenhagen Airports A/S

Design and layout

Kontrapunkt

Translation and proofreading

Borella projects

ISSN: 1904-25585

2 ANNUAL REPORT 2021

Contents

Management's report

Consolidated financial

& non-financial statements

The big picture

From Board & Management...................

5

The Annual Report in five minutes.........

8

Business model & environment..............

13

Business strategy...................................

15

Corporate responsibility.........................

17

Outlook.................................................

19

Performance

Passengers & terminals...........................

21

Aeronautical business............................

25

Non-aeronautical business.....................

30

Investments...........................................

32

Safety, security & risk management

Safety....................................................

50

Security Services & Crisis Response ........

51

Risk management, risks &

internal controls.....................................

52

Governance, leadership & shares

Shareholder information........................

55

Corporate governance...........................

56

Board of Directors &

Executive Management.........................

58

Aeronautical business

Page 25

Consolidated financial

performance & statements

Financial performance.............................

62

Income statement..................................

63

Group balance sheet..............................

64

Balance sheet........................................

65

Equity & dividend ...................................

66

Statement of changes in equity..............

67

Cash flow statement.............................

68

Notes to the financial statements...........

70

Consolidated non-financial

statements (unaudited)

CPH Taxonomy-eligible activities ...........

107

ESG & KPI overview...............................

108

Corporate responsibility

35

Climate &

Climate & energy..................................

energy

Local community ..................................

38

Environment & resources .......................

39

Page 35

Circular economy & resources ...............

42

Attractive workplace..............................

43

Working environment............................

45

Business ethics & human rights..............

46

Taxation

Taxation.................................................

48

Passengers & terminals

Page 21

Notes to the non-financial statements....

109

Management's statement

& auditor's reports

Management's statement......................

122

Independent auditor's reports...............

123

Independent auditor's

limited assurance report........................

127

Financial statements of

the Parent Company

Financial statements of

the Parent Company..............................

130

3 CONTENTS

The big picture

Passengers

2021

9,179,654

2020

7,525,441

2019

30,256,703

FROM BOARD & MANAGEMENT

We're ready - let's travel again!

After 17 months of free fall in the aviation industry, passengers slowly began returning during summer 2021. CPH is ready to invest in the future, although the year saw a pre-tax loss of DKK 666.5 million. The company's debt is growing. That is a challenge for the ambition and pace of the green transition.

The total number of passengers for the year was 9.2 million, and growth in the second half promises well for the future. Although the crisis is not over, it is vital that we continue to invest in developing Copenhagen Airport so we remain attractive for airlines and passengers. Otherwise, Denmark will lose ground to the countries around us.

The development of CPH continues

In autumn 2021, the Board decided to continue with the biggest investment of recent times - the planned development of Terminal 3 airside with better facilities and more space for airlines, customers and passengers.

ened and moved a little closer to Øresund

- a plan that has airlines' support.

The green transition

Denmark is a relatively small country in northern Europe. Air transport is crucial to our commerce and prosperity, and vital for us to evolve and experience the world - as companies and individuals. We do not need to fly less. We need to fly greener and more sustainably.

This was addressed by both Her Majesty Queen Margrethe II and Prime Minister Mette Frederiksen in their New Year speeches. In January 2022, the Danish PM visited CPH to

2021 was a year of two very different halves. The first six months saw parked aircraft, empty terminals and just 5,000 daily passen- gers, equivalent to an ordinary day in 1962.

Then came the summer. Vaccinations, the corona passport and the lifting of restrictions released a pent-up desire to travel and restored life to the terminals, with up to 40- 50,000 daily passengers, the gradual reopening of shops and food outlets, busy runways and the restart of around 120 routes.

In the second half of the year, activity was at 49% compared to 2019, the year before the COVID-19 pandemic. In December, however, the terminals lacked some of the traditional Christmas bustle as the Omicron variant created uncertainty and many countries once again toughened up on testing and quarantine requirements.

49%

activity in the second

half of the year

compared to 2019

After three years of preparatory work, an agreement­ was signed for the main contract, which is worth DKK 2.1 billion over the next seven years. When fully completed, the total investment will exceed DKK 4 billion.

On 20 December, the government and a majority in parliament entered into a political agreement to strengthen the framework for developing the airport by amending the Expansion Act. The agreement is crucial for the further development of an efficient and sustainable airport that can provide a modern venue for airlines and passengers.

The airport will be developed within the existing footprint and within the applicable noise and environmental requirements. To provide space for future technology and modern aircraft types, the third runway, known as the "cross-wind runway", will be slightly short-

discuss the plans for sustainable aviation and the government's new milestone ambition that all domestic flights should be powered by sustainable fuel by 2030.

In the Green Fuels for Denmark partnership with some of the biggest companies in the country, we are already working to create a new green business venture for Denmark involving the production of climate-neutralfuels for aircraft and other modes of transport.

In line with the recommendations of the Climate Partnership for Aviation, CPH and the industry is pressing for the establishment of a climate fund with a contribution from all local departing passengers from Danish airports. The revenue from this fund should be used to create demand for new sustainable fuels, ensure research and promote production of greater quantities at a competitive price.

5 THE PIG PICTURE / FROM BOARD & MANAGEMENT

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Københavns Lufhavnes A/S published this content on 04 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2022 10:18:03 UTC.