Stock Exchange Announcement
The Board of Directors has today approved the interim report for the period 1 January –
SUMMARY OF THE FIRST THREE MONTHS OF 2021
Only 430,000 passengers passed through
CPH is thus still in the midst of the worst crisis in recent history. Operating at less than 10% of normal capacity, CPH is still relying on borrowed funds to keep the airport running from month to month. The necessary costs of maintaining operations far exceed CPH’s income. In the first quarter of the year, CPH had to draw down a further
Cash funds available – investments on hold
CPH is in the process of negotiating an extension of the
CPH has executed a significant cost-cutting programme for its operating costs, including job sharing and redundancies. As announced in the 2020 Annual Report, this has resulted in an annual saving of approximately
The road to a healthy business
The aviation industry is still on its knees, and as many as 10,000 jobs have been lost in and around
It is crucial that traffic and passengers begin to return soon if CPH is to stay competitive, remain able to invest in the airport’s green transition, facilitate access to
Battle for the hub
CPH’s ambition to be Northern Europe’s leading international aviation hub remains intact. However, competition for that position has intensified significantly during the COVID-19 crisis. CPH’s closest competitors, for example in Scandinavia and
In 2020, CPH received a total of
SAS is by far the largest airline at
HIGHLIGHTS
- The number of passengers at
Copenhagen Airport was 0.4 million in the first quarter of 2021, a 91.0% drop from the same period last year due to the effect of the COVID-19 pandemic. The number of locally departing passengers was 0.2 million (89.9% fewer than last year), while transfer and transit passengers numbered 28 thousand (94.1% fewer than last year). - Revenue amounted to
DKK 189.3 million (2020:DKK 764.3 million ), a 75.2% decline from last year. - EBITDA was similarly affected and amounted to a loss of
DKK 152.9 million (2020: profit ofDKK 313.0 million ), downDKK 465.9 million from last year. - EBIT was a loss of
DKK 405.0 million (2020: profit ofDKK 103.6 million ), corresponding to a decrease ofDKK 508.6 million . - Net financing costs amounted to
DKK 30.5 million , which was in line with the same period in 2020. - Profit before tax fell by
DKK 507.7 million to a loss ofDKK 435.5 million (2020: profit ofDKK 72.2 million ). - Capital investments were
DKK 138.2 million in the first quarter of 2021 (2020:DKK 489.1 million ). Investments included the expansion of Terminal 3, construction of a multi-storey car park, new baggage facilities, various IT systems, as well as miscellaneous improvement and maintenance work.
OUTLOOK FOR 2021
Global aviation continues to face significant uncertainty from the ongoing COVID-19 pandemic as well as other factors such as economic uncertainty and climate change.
The pandemic will continue to affect the number of flights and passengers in 2021, in terms of both leisure and business travel. Airlines have announced that they will continue to operate with reduced capacity and will scale their business based on demand.
Due to the structural unpredictability that COVID-19 has created for air travel in
As a consequence, CPH will continuously assess and adjust the level of operating costs and investments, and will advise the market as and when a meaningful outlook can be provided.
P.O. Box 74
Lufthavnsboulevarden 6
2770 Kastrup,
Contact:
CFO
Tel.: +45 3231 3231
E-mail: cphweb@cph.dk
www.cph.dk
CVR no. 14 70 72 04
Attachment
- Q1 2021 Announcement to the
Copenhagen Stock Exchange
© OMX, source