Koebenhavns Lufthavne A/S : INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD 1 JANUARY – 31 MARCH 2017

Interim report - 1 January - 30 June 2010

Interim report of Copenhagen Airports A/S (CPH) for the period 1 January - 31 March 2017 Stock Exchange Announcement 2017 Copenhagen, 16 May 2017 Contents Contents

Copenhagen Airports A/S

P.O. Box 74 Lufthavnsboulevarden 6 2770 Kastrup, Denmark

Contact:

Lars Jønstrup Dollerup CFO

Tel.: [phone]

Fax: [phone]

Page 1 of 22

E-mail:[e-mail]

CVR no. 14 70 72 04

Contents

INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD

1 JANUARY - 31 MARCH 2017 3

Summary for the first Three months of 2017 3

Highlights of results 3

Outlook for 2017 4

GROUP FINANCIAL HIGHLIGHTS AND KEY RATIOS 5

MANAGEMENT'S FINANCIAL REVIEW 6

Other items in the income statement 7

Cash flow statement 7

Income statement 8

Aeronautical segment 9

Non-aeronautical segment 10

Other events 11

Risks and uncertainties 11

CONSOLIDATED FINANCIAL STATEMENTS 12

Income statement 12

Statement of comprehensive income 13

Balance sheet 14

Cash flow statement 16

Statement of changes in equity 17

Notes to the financial statements 18

MANAGEMENT'S STATEMENT AND AUDITOR'S REPORT 21

Management's statement on the interim report 21

The Independent auditors' review report on the interim financial statements 22

The terms "Copenhagen Airports", "CPH", "the Group" and "the Company" are used synonymously for Copenhagen Airports A/S consol- idated with its subsidiaries and associates.

The term "Copenhagen Airport" is used about the airport at Copenhagen, Kastrup, owned by Copenhagen Airports A/S. The term "YTD" is used about year-to-date figures, and the term "FY" is used about full-year figures.

INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR THE PERIOD 1 JANUARY - 31 MARCH 2017

The Board of Directors has today approved the interim report for the period 1 January - 31 March 2017.

SUMMARY FOR THE FIRST THREE MONTHS OF 2017

In the first quarter of the year, 6,243,782 passengers passed through Copenhagen Airport, 2.3% more than in the same quarter of 2016. Growth was mainly driven by an increase in the number of international pas- sengers, with 4.0% more passengers on long-haul intercontinental routes, but also an increase of 3.5% on domestic routes.

A major factor in the passenger growth in the first quarter was the continued increase in tourists visiting Denmark. More than 30% more tourists flew here during the first quarter, particularly young people on week- end trips, which is a growing segment. In recent years, CPH's intercontinental route has been expanded with even more destinations outside Europe, and recently, in March, Norwegian opened its route from CPH to Oakland, San Francisco on the American west coast.

High investment level maintained

The major expansion of capacity in the central security checkpoint was initiated in 2016 and will be complet- ed in 2017. Furthermore, at the start of the year, the airport launched two new major expansion projects: the start of a new Pier E especially for large aircraft on long intercontinental routes and expansion of the area of the airport after the central security checkpoint between Pier A and Pier B.

The projects are part of Expanding CPH, the airport's DKK 20 billion investment plan to expand the airport to be able to accommodate 40 million passengers a year. In 2016, CPH invested approx. DKK 1.1 billion in the airport, and in March the Company announced that this level would increase by approx. 20% to DKK 1.3 billion per year as part of a targeted investment package. CPH is investing in expanding capacity by creating more space for aircraft and passengers, but also in making it more attractive for airlines to fly here. CPH has therefore increased the investment in optimisation initiatives to reduce the airlines' costs of doing business at CPH.

Growth in non-aeronautical activities

The interim financial statements for the first quarter were affected positively by growth in non-aeronautical business, with the airport's car parking and food & beverage outlets making a particularly positive contribu- tion.

The airport has also entered into a new agreement with Nordic Choice Hotels, which as of 1 April took over the running of the hotel, now renamed Clarion Hotel Copenhagen Airport. Under this agreement, a new 500- room hotel is also being built as well as a large meeting and conference centre immediately adjacent to the Clarion hotel.

HIGHLIGHTS OF RESULTS

• Passenger numbers at Copenhagen Airport increased by 2.3% in the first three months of 2017. The number of local departing passengers grew by 3.4% and the number of transfer passengers de- creased by 1.6%.

• Revenue grew by 3.1% to DKK 996.0 million (2016: DKK 965.7 million), primarily driven by the 2.2% increase in departing international passengers.

• Thanks to sustained focus on cost efficiency, operating costs per passenger fell by 2.5%, despite in- creased regulatory requirements and a major focus on investments in the central security check- point.

• EBITDA, excluding one-off items, increased by 6.2% to DKK 543.6 million (2016: DKK 511.7 million). Reported EBITDA rose by 6.3% to DKK 539.5 million (2016: DKK 507.3 million).

• EBIT, excluding one-off items, increased by 0.7% to DKK 350.6 million (2016: DKK 348.0 million). Reported EBIT rose by 0.8% to DKK 346.5 million (2016: DKK 343.6 million).

• Net financing costs increased by DKK 4.0 million year on year, which is partly due to a higher in- vestment level, partly offset by improved loan terms.

• Profit before tax, excluding one-off items, was in line with last year and amounted to DKK 302.8 mil- lion (2016: DKK 304.2 million). Reported profit before tax was also in line with last year and amount- ed to DKK 298.7 million (2016: DKK 299.8 million).

• Capital expenditure was DKK 266.8 million in the first three months of 2017 (2016: DKK 165.0 mil- lion). This relates to expansion of capacity at the central security checkpoint, improvement of wide- body facilities, expansion of Terminal 2 airside, establishment of Pier E, and various maintenance in- vestments.

OUTLOOK FOR 2017

The outlook for traffic growth, profit before tax and capital expenditure is unchanged from the announcement of 1 March 2017.

Outlook for profit before tax

Based on the expected traffic programme for 2017, an increase in the total number of passengers is ex- pected.

The development in passenger numbers is a dynamic factor that is subject to both positive and negative influence from general economic developments, decisions by airlines relating to routes and capacity, and isolated events in the aviation industry. The increase in passenger numbers is expected to have a favourable impact on revenue.

Operating costs are expected to be higher than in 2016, primarily due to the expected rise in passenger numbers, stricter security requirements and cost inflation, although this will be partly offset by a continuing focus on operating cost efficiencies. Overall, depreciation charges and financing costs are expected to be higher than in 2016, primarily as a result of a continued high investment level.

Profit before tax in 2017 is expected to be in the range of DKK 1,600-1,700 million, excluding one-off items. EBITDA is projected to be higher in 2017 than in 2016, excluding one-off items.

Outlook for capital investments

CPH expects to continue to invest in growth for the benefit of passengers and airlines, and is therefore con- tinuing with Expanding CPH, the plan to expand and develop the airport as passenger numbers increase. CPH expects capital investments to increase in 2017 from an already high level in 2016 in order to accom- modate the high passenger growth, particularly during the past year. Planned investments include expansion of the central security checkpoint,expansion of wide-body facilities, a new walkway in Terminal 3 and ex- pansion of Terminal 2 airside. CPH will also be investing in non-aeronautical projects for the benefit of air- lines and passengers.