Company reg. (CVR) no.: 14 70 72 04
Annual Report 2021
Copenhagen Airports
2019
2020
2021
1970s
Let's travel
again
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 T aarnby
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
Annual Report 2021
Annual General Meeting
The Annual General Meeting will be held on
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
boar
d 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 r
esults 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 repre sent
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 ar
e 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, com
-
petitive factors within the aviation industry,
operational pr
oblems 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.
2 2
ANNUAL REPORT 2021
Contents
Climate &
energy
Page 35
Aeronautical
business
Page 25
Consolidated financial
& non-financial statements
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
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
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
Passengers &
terminals
Page 21
Management’s report
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
Corporate responsibility
Climate & energy .................................. 35
Local community .................................. 38
Environment & resources ...................... 39
Circular economy & resources ............... 42
Attractive workplace ............................. 43
Working environment ........................... 45
Business ethics & human rights .............. 46
Taxation
Taxation ................................................ 48
3 3
CONTENTS
The big picture
Passengers
2021
9,179,654
2020
7,525,441
2019
30,256,703
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 con-
tinue 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.
After three years of preparatory work, an
agree ment 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 exist
-
ing 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
-
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 reopen
-
ing 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 quaran
-
tine requirements.
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.
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
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-neutral fuels 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.
activity in the second
half of the year
compared to 2019
49%
5 5
THE PIG PICTURE / FROM BOARD & MANAGEMENT
At the end of the year, the level of activity
was sufficient to finance the operation of the
airport as well as maintenance and essential
investments – without having to draw further
on our credit facilities. This was a milestone
on the pathway out of the crisis.
Although the desire for travel in the summer
and autumn arrested the crisis, the financial
statements for 2021 are still heavily affected
by the first six months. CPH ended 2021 with
a pre-tax loss of DKK 666.5 million (2020:
DKK 828.2 million).
Revenue for the year was DKK 1,760 billion –
a fall of 60% compared to 2019, but a small
increase of 12% compared to 2020.
The financial statements include DKK 260
million that the EU Commission allowed the
Danish government to pay in compensation
In terms of the green transition, the crisis
meant that in 2021 CPH had to put on hold
a number of planned investments in, for
example, renewable energy facilities and
development projects.
Nevertheless, our strong support for the
principles outlined in the UN Global Compact
and our desire to contribute to the UN
sustainable development agenda remain un
-
changed. We are unwavering in our objective
for the airport’s operations to be CO
2
- and
emission-free by 2030.
Financial break-even on operations
Since March 2020, CPH has reduced its costs
and planned investments by some DKK 2
billion to get through the crisis as well as
possible. At the same time, we have worked
to simplify and optimise our processes, so
CPH is ready to build back better.
for fixed costs in light of the coronavirus
restrictions in 2021. We would like to express
our gratitude to the Danish Government.
Regulatory model should address debt
On 31 December 2023, the agreement
between CPH and the airlines on the charges
airlines pay to use the airport will expire.
CPH aims for the regulatory model behind
the charges agreement to be adjusted and
balanced in terms of addressing extraordinary
situations such as the COVID-19 pandemic.
It is also desirable that the regulatory model
should addr
ess the significantly increased debt
CPH has accumulated in keeping the airport
running. By the end of 2021, CPH had drawn
DKK 2.1 billion from its credit facilities.
In May 2021, CPH negotiated an exten
-
sion to the agreement with our lenders
concerning credit facilities of DKK 6 billion
up to August 2023. At the same time, an
extension of the current waiver agreement
for certain covenants up to the end of 2022
was agreed.
When the crisis ends, CPH will need to repay
the debt while retaining the financial muscle
to invest in capacity, digitalisation, safety and
the green transition so that we can retain our
position as northern Europe’s leading hub.
The "airport of the future" strategy
In 2020, the Architects of the Future Airport
strategy was partially put on hold and we
turned our focus onto five simple must-win
battles: ensuring safety for passengers, safe
-
guarding employee motivation, simplifying
processes, minimising costs and protecting
revenue.
Guided by our purpose of “Let’s travel
together to a better tomorrow”, in 2022
we will continue our strategy and create
the airport of the future. This will build on
a foundation of efficiency, innovation and
safe operations to enhance the passenger
experience, strengthen our role as a northern
European hub for international air transport
and promote sustainable aviation.
The battle in aviation to recove
r routes and air
-
lines lost as a result of the COVID-19 pandemic
has intensified the already fierce competition in
Europe among both airlines and airports.
CPH remains attractive, and the airlines are
in the process of rebuilding routes. In the
second half of 2021, we had 120 destina
-
6 6
THE PIG PICTURE / FROM BOARD & MANAGEMENT
tions back on the route map – albeit with less
frequent services. In 2019, the airlines served
188 destinations.
Security in the terminals
Security and safety was the key focus in
2021, when ever-changing travel restric
-
tions and rules in Denmark and the rest of
the world presented a challenge both for
passengers and staff.
The key to meeting the challenge has been
close, positive cooperation with authorities,
airlines and companies at CPH and, not least, a
significant ramping-up of communications to
passengers on all platforms – from the terminals
to the website and social media.
Despite all the rule changes throughout the
year, we helped 9.2 million passengers to pass
safely through the airport.
According to our passenger surveys, which
resumed in the second half of the year, 84%
of passengers were satisfied with CPH. This is
on a par with the satisfaction ratings in 2019
before the COVID-19 pandemic started.
Furthermore, eight out of ten passengers
indicated that in relation to COVID-19 they
felt safe when passing through the airport.
Thank you to our employees
In 2021, employees returned from home-
working, worksharing and training. The
crisis allowed for additional education and
upskilling. For example, more than 100
unskilled employees completed a series of
skilled courses, which is great news for both
the employees and CPH.
When the crisis hit in March 2020, there
were more than 22,000 employees in the
approx. 1,000 companies in and around the
airport. In spring 2021, there were 13,000.
Now many companies have started recruiting
again, including the shops in the terminals,
suppliers, airlines and ground handlers,
who work on behalf of the airlines to check
in passengers, process baggage, handle
aircraft etc.
At CPH, 800 positions were disbanded
in 2020. We are now rehiring, however
uncertainty remains about the pace of the
restart and thus how many people CPH will
re-employ and how quickly.
In the midst of the crisis, passengers chose
CPH as number 1 in the category “Best
Airport Staff in Europe 2021” in Skytrax’s
international survey. The Board and manage
-
ment also decided to recognise and – despite
the economic crisis – reward the employees.
We are confident about the future and
believe in our employees, who since March
2020 have made an absolutely extraordinary
effort during the COVID-19 pandemic. The
Board and management want to acknowl
-
edge this effort with an extraordinary bonus
of DKK 10,000, which will be paid to all
permanent employees as of 31 March 2022.
Best regards
Lars Nørby Johansen, ChairmanThomas Woldbye, CEO
All things considered, management and
employees have come through the crisis
reasonably well. Despite headwind and great
uncertainty, we believe we have succeeded in
making the right decisions at the right times.
So although the COVID-19 pandemic has
challenged us all and catapulted aviation into
the worst crisis in living memory, we are ready
and our task remains the same: CPH must
provide Denmark with the best possible global
connectivity and adapt to a sustainable future.
We do not need to fly less. We need to fly
greener.
7 7
THE PIG PICTURE / FROM BOARD & MANAGEMENT
9
The Annual Report
in five minutes
passengers
67,253
Busiest day
15
2021
OCTOBER
2020 26,048
2019 109,408
2019
2020*
* The corona year from 15 March.
Avg. passengers per day
84%
Shops and food & beverage units
301610 167
20212019 2020
Avg. daily landings and take-offs in December
25,149
69
2021
82,895
9,749
December
2021
January
2021
of passengers were satis fied. This is
on par with the satis faction ratings
before the COVID-19 pandemic.
8 8
THE BIG PICTURE / THE ANNUAL REPORT IN FIVE MINUTES
Social & climate-related results
Local production of power via solar cells
installed in 2020 achieved full effect
in 2021. In addition, new solar panel
systems installed at car park P4 in 2021
led to a combined increase in renewable
energy from solar cells of 222%.
In 2021, after many years of targeted
work on energy management and
savings, we achieved ISO 50001
certification in energy management.
This means CPH can now work even
more effectively and cross-organisa
-
tionally to optimise and reduce energy
consumption in our numerous buildings.
Since September 2020, 1,105 CPH em
-
ployees have attended 7,084 study days,
averaging around 6.5 days each. They
have benefited from 131 different types
of course. In particular, we are proud
that more than 100 unskilled employees
took advantage of the upskilling initia
-
tive to transition from unskilled to
skilled.
Since 2010, CPH’s energy management
efforts have generated energy savings
equivalent to the annual energy consump
-
tion of 12,500 households.
+222% 12,500ISO100+
increase in share of
renewable energy
to 2.9%
employees
transitioned from
unskilled to skilled
50001 certification
achieved
households' worth
of energy savings
since 2010
9 9
THE BIG PICTURE / THE ANNUAL REPORT IN FIVE MINUTES
Revenue increased by 11.8% to DKK 1,760.9 million (2020:
DKK 1,575.7 million), primarily due to higher revenue from
the aeronautical business area driven by an increase in the
passenger numbers of 22.0%. This was partially offset by a
decrease in concession revenue from the shopping centre
and lower rent.
Financial performance
Revenue, DKK
1,760.9m
1,575.7m in 2020
4,345.7m in 2019
In 2021, investments totalled DKK 570.2 million, which
was in line with the guidance in the Q3 2021 report. The
investment level was significantly lower than 2020, which
is in line with the strategic decision to reduce investments
as much as possible during the pandemic. In 2021, CPH
invested in projects supporting safety, security, compliance
and maintenance. Several capacity and sustainability
projects were postponed, while a few large projects are
proceeding with revised timeframes.
* Total investments exclude the Comfort hotel, which was con -
tributed as part of the deal closed between Strawberry Group
and CPH at the end of May 2021.
lnvestments, DKK
570.2m
1,435.4m in 2020
2,142.1m in 2019
The pre-tax result for the year is a loss of DKK 666.5
million, an increase of DKK 161.7 million compared to
2020. This is an improvement compared to the guidance
in the Q3 2021 report. This was mainly due to an increase
in passenger numbers and a decrease in operating costs
as a result of reduced headcount, worksharing activities
and cost-saving initiatives.
Pre-tax loss, DKK
666.5m
Pre-tax loss of 828.2m in 2020
Pre-tax gain of 1,293.3m in 2019
10 10
THE BIG PICTURE / THE ANNUAL REPORT IN FIVE MINUTES
Key figures & financial highlights
PAX
(Passengers)
Passengers
Transfer
OPEX
(Operating costs net
of one-off items)
OPEX/P
AX (DKK/PAX)
OPEX (DKKm)
CAPEX
(Investments in
non-current assets)
CAPEX/P
AX (DKK/PAX)
CAPEX (DKKm)
Revenue
Revenue/PAX (DKK/PAX)
Revenue (DKKm)
EBITDA
(Net of one-off items)
EBITDA/PAX (DKK/PAX)
EBITDA (DKKm
)
FCF
(Free cash flow)
FCF/PAX (DKK/PAX)
FCF (DKKm)
2018 2019 2020 202120172018 2019 2020 20212017
1,516.6
52.0
68.6
2,078.8
2,142.1
1,435.4
570.2
70.8
190.7
62.1
1,960.3
64.8
1,580.8
1,520.6
61.9
1,805.2
62.7
1,900.4
210.1
165.7
5,702,201
30,298,531
5,801,961
29,177,833
30,256,703
1,369,058
1,194,414
7,525,4 41
9,179,654
5,943,548
25.0
730.2
13.3
403.2
(9.8)
(167.4)
(70.2)
(297.0)
(1,259.8)
(644.5)
2,637.1
90.4
84.1
2,546.6
78.9
46.8
55.1
2,3 87. 2
352.5
506.1
152.1
4,439.4
146.7
4,444.8
143.6
209.4
191.8
4,345.7
1,575.7
1,760.9
11 11 11
THE BIG PICTURE / THE ANNUAL REPORT IN FIVE MINUTES
DKKm 2021 2020 2019 2018 2017
Income statement
Revenue 1,761 1,576 4,346 4,445 4,439
aeronautical revenue 866 696 2,415 2,575 2,667
non-aeronautical revenue 895 880 1,931 1,870 1,772
EBITDA 506 201 2,370 2,512 2,611
aeronautical EBITDA (184) (478) 879 1,078 1,231
non-aeronautical EBITDA 690 679 1,491 1,434 1,380
EBIT (510) (715) 1,432 1,584 1,823
aeronautical EBIT (950) (1,175) 147 353 615
non-aeronautical EBIT 440 460 1,285 1,231 1,208
Net financing costs 157 113 139 167 187
Profit/(loss) before tax (667) (828) 1,293 1,417 1,636
Net profit/(loss) (517) (638) 1,020 1,105 1,286
Statement of comprehensive income
Other comprehensive income (3) 39 68 42 23
Total comprehensive income (520) (600) 1,088 1,147 1,308
Balance sheet
Property, plant and equipment 14,213 13,556 12,995 11,726 10,584
Financial investments 269 137 196 86 7
Total assets 15,368 14,278 14,147 12,968 11,590
Equity 3,198 2,659 3,259 3,086 3,152
Interest-bearing debt 10,475 9,587 8,388 7,185 5,934
Capital investments 560* 1,360 2,051 1,938 1,442
Investment in intangible assets 10 75 91 141 75
DKKm 2021 2020 2019 2018 2017
Cash flow statement
Cash flow from operating activities (155) 183 1,774 1,980 2,031
Cash flow from investing activities (608) (1,549) (2,139) (1,759) (1,473)
Cash flow from financing activities 799 1,389 226 (74) (623)
Cash at end of period 78 42 19 159 13
Key ratios
EBITDA margin 28.7% 12.8% 54.5% 56.5% 58.8%
EBIT margin (29.0%) (45.4%) 33.0% 35.6% 41.1%
Asset turnover rate 0.12 0.11 0.33 0.37 0.40
Return on assets (3.5%) (5.1%) 10.7% 13.0% 16.3%
Return on equity (17.9%) (21.6%) 32.2% 35.4% 41.5%
Equity ratio 20.8% 18.6% 23.0% 23.8% 27.2%
Earnings per DKK 100 share (66.7) (81.3) 130.0 140.8 163.8
Cash earnings per DKK 100 share* 62.8 35.4 249.5 259.1 264.2
Net asset value per DKK 100 share 406.7 338.8 415.2 393.3 401.7
Dividend per DKK 100 share - - 30.3 140.8 163.8
NOPAT margin* (47.8%) (35.0%) 26.0% 27.8% 32.3%
Turnover rate of capital employed* 0.13 0.12 0.36 0.41 0.44
ROCE* (3.7%) (5.5%) 11.9% 14.7% 18.1%
Key figures & financial highlights
Ratios are defined and calculated in accordance with the Danish Finance Society’s online version of ”Recommendations &
Financial ratios” except for those marked with *, which are not defined in the recommendations.Definitions of ratios are
given in note 5.10.
* Capital investments exclude the Comfort Hotel, which was contributed as part of the deal closed between Strawberry Group
and CPH in May 2021.
12 12
THE BIG PICTURE / THE ANNUAL REPORT IN FIVE MINUTES
CPH’s purpose – “Let’s travel together to a
better tomorrow” – is a call to join forces to
create the sustainable travel of the future.
This ambition is under pressure.
In March 2020, the COVID-19 pandemic
triggered the worst crisis in living memory for
the aviation industry and CPH. The impact is
still being felt across the entire operation and
the crisis is not yet over.
The aeronautical business comprises
infrastructure and air traffic-related services –
everything from route development, baggage
systems and security checks to operation and
development of technology, terminals, IT,
shuttle buses, aircraft stands and runways.
The non-aeronautical business covers
activities such as parking, restaurants and
stores in the terminals, hotel operation and
leasing of premises in the airport area.
CPH represents one of Denmark’s largest eco
-
nomic ecosystems. About 1,000 companies
operate in and around the airport, including
the groundhandling companies, which, on
behalf of the airlines, handle everything
from check-in and boarding to baggage
and aircraft handling.
By the time the COVID-19 crisis had peaked
at the start of 2021, the number of employ
-
ees in those companies had plummeted from
22,000 to 13,000.
BUSINESS MODEL & ENVIRONMENT
Need to build back
an even better CPH
COVID-19 pandemic, uncertainty and a growing debt burden have
presented a challenge to some of CPH’s most important mandates:
to strengthen Denmark’s connectivity to the world, enhance our hub
status and promote sustainable travel.
Non-aeronautical
business
Core business /
value creation
Aeronautical
business
Investments & expansion
Dividend
0.57bn
865.5m 895.4m
0m
DKK paid in dividend to
the Danish State in 2021
0m in 2020
359m in 2019
DKK revenue in 2021
880.3m in 2020
1.9bn in 2019
DKK in 2021
1.44bn in 2020
2.1bn in 2019
DKK revenue in 2021
695.4m in 2020
2.4bn in 2019
For Copenhagen Airport, the total value
created by CPH’s aeronautical and non-aero
-
nautical businesses is essential to our ability to
invest in developing the airport, strengthen
-
ing Denmark’s connectivity and safeguarding
reasonable long-term returns for CPH’s
shareholders, including the Danish State.
But for a second year the coronavirus
pandemic turned profit to loss, and it will
continue to challenge value creation in the
years to come.
13 13
THE BIG PICTURE / BUSINESS MODEL & ENVIRONMENT
Business framework
CPH is regulated in accordance with Danish
and EU law. Where the aeronautical business
is concerned, the airlines pay to use the
aeronautical facilities and services based on a
commercially negotiated multi-year charges
agreement. The negotiated charges are sub
-
ject to approval by the Danish Civil Aviation
and Railway Authority.
The current charges agreement, which was
entered into in 2018 and runs until the end
of 2023, could obviously not have envisaged
that in 2020 the aviation industry would be
hit by a huge crisis, and that the assumptions
on which the charges are based, relating to
factors such as costs, growth and routes,
would essentially be rendered invalid.
In March 2021, the agreement with the
airlines was therefore adjusted to create
the commercial framework necessary for a
restart of traffic and the route network. The
agreement determines prices and incentives
for flying up to the end of 2023.
In the period after 2023, CPH aims for the
regulatory model to be made more robust
and balanced in terms of addressing extra-
ordinary situations. This will create greater
balance around the future negotiations
between CPH and the airlines on a new
charges agreement.
As well as reducing uncertainty and creating
balance, the regulatory model should also
address the extraordinary debt CPH has
accumulated in keeping the airport running
even when traffic did not support it. Going
forward, CPH needs to be able to pay off the
debt while retaining the financial strength
to invest in capacity, safety and the green
transition.
The non-aeronautical business area, including
the shopping centre, parking and leasing, is
also vital as the main contributor to our cash
flow and investment capability.
A fiercely competitive environment
The aeronautical business environment is
fiercely competitive. The battle to recover
routes and airlines lost due to the COVID-19
pandemic has only intensified the already
tough competition in the aviation industry
– between both airlines and airports. CPH is
competing against European hub airports,
such as Amsterdam, Brussels, Frankfurt,
Zurich and Stockholm, to attract routes and
airlines and win back those routes it has lost.
For many years, we have worked closely with
airlines and other parties to develop a sub
-
stantial route network at CPH. We are making
good progress in rebuilding that network.
In relation to route development, it is essential
for us to maintain the financial strength to
continue investing in the sustainable airport
of the future by offering green fuels and
emission-free operations. We must continue
to offer the airlines efficient operations and
close cooperation. CPH needs to be attractive
for both network carriers, long-haul operators
to the US, Asia and Africa, and low-cost
airlines serving destinations in Europe.
We will build back an even better CPH to
strengthen Denmark’s connectivity to the
world, enhance our hub status and promote
sustainable travel.
14 14
THE BIG PICTURE / BUSINESS MODEL & ENVIRONMENT
The Architects of the Future Airport strategy
supports CPH’s most important social man
-
date: to bring the world closer to Denmark
with direct routes and drive the sustainable
transformation of aviation. The COVID-19
pandemic has not changed this.
When the world closed and Denmark went
into lockdown in March 2020, however, CPH
had to respond quickly and adjust its entire
business to the new reality. This entailed
putting elements of the strategy-related
work on hold.
CPH had very limited visibility and had to act
quickly in a new and wholly unpredictable
reality of changing restrictions, rules and
testing regimes. We therefore introduced five
must-win battles, which guided our opera-
tion up to the end of 2021.
To ensure a safe, comfortable and positive
travel experience for passengers: In an
uncertain world of constant changes in
travel restrictions and rules, one of the most
important tasks of the airport and the airlines
has been to ensure that passengers feel safe
and well-informed.
To safeguard teamwork and motivation
in the organisation: Aviation was one of
the first sectors to be severely hit by the crisis
and will be one of the last to recover. The
uncertainty and the necessary shedding of
BUSINESS STRATEGY
Maintaining our
purpose and strategy
more than 800 FTEs in 2020 has increased the
need for cooperation, motivation and clear
communication with employees and cus
-
tomers. This is especially the case during the
restart of aviation, CPH and all the companies
at the airport.
To simplify working processes and
increase agility: During the crisis, there has
been extra focus on optimisation, simplifying
working processes and increasing agility.
We need to get more out of less and hence
need to work smarter and navigate with
much less visibility and certainty.
To preserve cash and limit additional
debt: A large number of planned investments
have been put on hold or had their timelines
revised, the number of employees has been
reduced by a third and spending has been
reduced to a bare minimum.
To protect and develop our revenue
streams: The focus has been on preparing the
company to rebuild and develop. At the same
time, we are helping customers and partners
to get through the crisis in the best possible
shape in order to protect both our business
and theirs.
Although the five must-win battles were the
focal point in 2021, the long-term ambitions
and priorities of our Architects of the Future
Airport strategy remain largely the same.
The strategy supports our purpose – “Let’s
travel together to a better tomorrow” – which
is essentially about generating the greatest
possible value for Denmark, our customers,
partners and all other stakeholders, while
creating the sustainable airport of the future.
Our four values – hospitality, partnership,
respect and pride in what we do – are the
cornerstones of our behaviour and approach
to safety, security and compliance.
The strategy has six priorities – take-offs –
which follow the three main principles we
observe in everything we do: customer focus,
innovation and simplification.
In 2021, elements of the strategy were put on hold and temporarily
replaced with five must-win battles focused on the fight to get us
through the crisis. In 2022, CPH is ready to continue the work of
developing the airport of the future.
15 15
THE BIG PICTURE / BUSINESS STRATEGY
Take-off 1
Expand our positive role in
society and contribute to
sustainable travel
As the international airport for all
of Denmark, CPH aims to continue
being a valuable neighbour and to
rise to the challenge of decarboni
-
sation in the aviation sector.
Our ambition is to create prosperity
by providing jobs and both national
and international connectivity for
Denmark – while making an extra
effort to limit noise and ensure
high air quality.
By 2030 we aim to run CO
2
emis-
sion-free airport operations at CPH.
We are working towards achieving
a net-zero future for CPH and the
aviation industry in Denmark by no
later than 2050.
In partnership with some of
Denmark’s biggest companies, we
aim to support a new green busi
-
ness venture for Denmark involving
the production of sustainable fuels
for aircraft and other modes of
transport.
The focus in 2021 was on the
ongoing collaboration in the EU-
funded ALIGHT project to develop
scalable solutions that will enable
emission-free airport operations.
We also continued to push for
the establishment of an Aviation
Climate Foundation, that will
finance the transition to sustainable
aviation fuels via a passenger
climate contribution.
Take-off 2
Take the passenger journey
and retail experience to the
next level
The ambition is to ensure that pas
-
sengers have an optimal, safe and
exciting experience on their journey
through Copenhagen Airport. In
2021, CPH raised the bar for its
digital ambitions even higher with
increased focus on creating new
and innovative digital solutions for
passengers.
We will use the crisis to “build
back better” as passenger growth
allows us to reopen and rethink the
many offerings and services in the
terminals. Passenger satisfaction
surveys show that what the passen
-
gers have missed most during the
shutdowns is the activity and the
many offerings in the terminals.
Take-off 3
Build CPH for the
next generation
The ambition is to develop a
sustainable airport for future
generations. Although the
COVID-19 crisis has put many
projects on hold or slowed their
progress, we still aim to be one
of the world’s most efficient and
service-oriented airports with
user-friendly technology and all
facilities under one roof, meaning
short walking distances, easy access
to public transport, rapid transfers
and efficient baggage handling.
By moving the airport’s third
runway – the “cross-wind” runway
– closer to Øresund, we will create
space to develop the terminals and
new stands for the more climate-
friendly aircraft of the future.
This requires a change in the law
– a process that is under way.
Take-off 4
Develop the skills and
organisation of the future
2021 was challenging for the
company and the employees
following the shedding of one
in three positions in 2020. In
close collaboration with the
unions, we made extensive use
of further training and upskilling
of employees.
The ambition remains to ensure
that CPH works with our many
partners at the airport to develop
both the organisation and the
employees’ skills for future jobs
and technology, in particular
digitalisation.
Take-off 5
Create a digital and
data-driven airport
The ambition to create a digital
and data-driven airport has been
strengthened during the COVID-19
pandemic. Intelligent use of data
and digital solutions is essential if
we are to enhance the passenger
experience, optimise operations
and develop new relevant services
for our passengers, partners and
customers.
Delivering on the growing and
changing business needs for data
and digital solutions will require a
strong technological platform that
is efficient, scalable and secure.
In 2021, the focus was on
developing a solid data platform to
empower employees through tech
-
nology and to pursue new ideas/
opportunities to unlock the value of
digitalisation and use of data.
Take-off 6
Build new revenue streams
based on our core strengths
In 2020, after a decade of
collaboration, Netcompany and
Copenhagen Airports founded
a new joint venture – Smarter
Airports – with the vision and
purpose of developing a new
market-leading digital platform for
efficient and sustainable operation
of the airports of the future.
The future digital platform is called
AIRHART and will provide a state-
of-the-art foundation for smart
data-driven airport operations and
enhanced passenger experience.
The platform is expected to be
operational in 2022, and once
fully implemented at CPH it will
be offered to airports all over
the world.
16 16
THE BIG PICTURE / BUSINESS STRATEGY
In 2021, the focus on ensuring a healthy and
safe journey for passengers remained central to
our CR work. With a great effort from everyone
involved, we succeeded in preventing chains of
infection among employees and ensuring that
the pandemic did not impact on operations.
Innovative thinking bodes well for 2022
The focal point of our work in 2021 was the
development of a new strategic framework
CORPORATE RESPONSIBILITY
Corporate
responsibility
in a time of crisis
required focus
and prioritisation
and goals for CPH’s work with CR. As a result,
we are entering 2022 with new, specific stra
-
tegic focus areas and goals that will guide our
work with sustainability in the coming years.
Among other things, we designed a new
strategy for our work with the local environ
-
ment and obtained an ISO 50001 certification
(energy management) following many years
of systematic work with energy management
and optimisation. Read more on page 35.
New strategic initiatives and partnerships are paving the way for further work
with sustainability and corporate responsibility (CR) in 2022 and beyond,
but in 2021 the economic crisis triggered by the COVID-19 pandemic meant
that a number of planned CR initiatives had to be postponed.
17 17
THE BIG PICTURE / CORPORATE RESPONSIBILITY
In a time of major restrictions on our
ability to invest, innovative thinking and new
partnerships brought about concrete results
and opportunities to strengthen our CR
work despite the constraints imposed by the
COVID-19 crisis. Read more about our new
partnerships within climate, circular economy
and education on pages 34-46.
The significant reduction in investments,
which was a necessity for CPH’s safe economic
navigation through the COVID-19 crisis, has
meant that a number of planned projects,
for example in energy savings, had to be
postponed. This is reflected in our results
in 2021.
As air traf
fic and activity at CPH return, we
can implement the more investment-inten-
sive elements of the CR effort, including in
particular the transition to carbon-neutral
airport operations. The goal for CPH to be
emission-free by 2030 for all activities, not
including aircraft emissions, remains in place.
The road to achieving that goal will look
different to how it did before the COVID-19
crisis, but the ambitions have not changed.
New CR policy and strong ESG focus
CPH's work with CR is deeply embedded in
the Architects of the Future Airport business
strategy. To reflect this strong focus at Group
and Board level, we updated our CR policy.
The policy details how CPH perceives the
company’s CR and our approach to sustain
-
ability, business ethics, community engage-
ment, etc. This ensures an even stronger
connection between the operation of the
airport, compliance with the principles of
the UN Global Compact and contribution to
the UN Sustainable Development Goals with
which CPH is especially concerned. You can
find our updated policy on cph.dk.
In accordance with new Danish and EU legisla
-
tion, we also drew up a new data ethics policy
and updated our whistle-blower scheme.
Read mor
e in the Business ethics & human
rights section.
Furthermore, pursuant to the EU's Taxonomy
for Sustainable Finance we assessed our
activities to determine their potential eligi
-
bility towards the EU Taxonomy. In 2021,
we report on the proportion of turnover,
CAPEX
and OPEX related to these activities.
In 2022, the reporting will include a state
-
ment on how CPH’s activities help to mitigate
and adapt to climate change. Y
ou can find
the statement in the non-financial notes to
the Management’s report on page 107.
2021 has thus been a year where we
fortified the governance structures around all
CR-related work and leveraged the crisis to
strengthen our business strategy and allow
us to build back better.
Goal 8
We promote sustained, inclusive and sustainable
economic growth, full and productive
employment, and decent work for all.
Goal 13
We take urgent action to com bat climate
change and its impacts.
Goal 12
We ensure sustainable consumption and
production patterns.
Goal 9
We build resilient infrastructure, promote inclusive
and sustainable industrialisation, and foster
innovation.
Read about:
Environment
Climate and energy 35-37
Environment 39-41
Circular economy 42
Social
Local community 38
Attractive workplace 43-44
Working environment 45
Governance
Business ethics & human rights 46
Although CPH contributes significantly to many UN Sustainable Development Goals,
our main contribution is towards the achievement of the four goals listed below.
18 18
THE BIG PICTURE / CORPORATE RESPONSIBILITY
OUTLOOK
Outlook
for 2022
Whilst 2022 has started better than 2021 in
terms of passenger levels, the global aviation
industry continues to face uncertainty from
the ongoing COVID-19 pandemic. This
makes it difficult to provide detailed guidance
on the financial performance for the coming
fiscal year.
European air traffic is anticipated to improve
in 2022 versus 2021. However, the long-haul
international routes continue to be severely
affected by restrictions and passenger
hesitation even though countries are slowly
reopening. Despite the current restrictions,
an improvement in year-on-year results is
expected for CPH, as passengers are the
prime conduit for our revenue.
CPH expects that the pandemic will continue
to affect the number of flights and passen
-
gers, both leisure and business, throughout
2022, and that volatility and continued
waves of infection may result in renewed
disruption of travel patterns.
Additionally, the crisis in Ukraine combined
with increasing fuel and energy prices has
increased uncertainty.
Due to the continued uncertainty, CPH will
monitor the situation closely and continue to
assess and adjust the level of operating costs
and investments on an ongoing basis.
CPH will advise the financial market as and
when a meaningful financial outlook can
be provided.
19 19
THE BIG PICTURE / OUTLOOK
in Skytrax's international
passenger satisfaction survey
CPH awarded
Best airport
staff in Europe
Performance
In 2021, ever-changing travel restrictions and
rules in Denmark and the rest of the world
presented a challenge for passengers, airlines
and the airport.
The key to meeting the challenge was close
cooperation with authorities, airlines and
ground handlers, extra service in the termi
-
nals and a significant ramping-up of com-
munications to passengers on all platforms
– from the terminals to the CPH website and
social media for both departing and arriving
passengers. We managed to help 9.2 million
passengers pass smoothly through the airport
despite the ever-changing rules.
Following a historically quiet winter and spring,
with just 5-10% of normal traffic levels,
passengers returned in July, when the travel
restrictions were lifted. From July the number
of passengers grew from 40% of the 2019
activity levels to a peak of 60% in November.
Travel in COVID-19 times
During the busy summer, passengers encoun-
tered a new reality of requirements from the
various destinations concerning documenta
-
tion, such as a corona passport, testing and, in
many cases, extra forms, such as the Passenger
Locator Form. This meant extra work for the
passengers and staff at the airport.
PASSENGERS & TERMINALS
Travellers returned
after extraordinarily
quiet winter
The return of travel during the summer of 2021 after an extraordinarily
quiet winter restored the positive mood in the terminals, but also
brought challenges for passengers and employees alike. These days
travel requires patience and a big communication effort. Passenger
satisfaction was high and CPH’s employees were acclaimed the
“best airport staff” in Europe.
21 21
PERFORMANCE / PASSENGERS & TERMINALS
It was no longer possible to check in from
home and go directly to security with hand
baggage or a baggage tag from the self-service
bag-drop. All documents had to be examined
at check-in, including the 50% of passengers
who only travel with hand baggage. This
resulted in pressure at the check-in counters.
COVID-19 set back by many years the efforts
to make flying as easy as possible. But we
were able to get everyone on their way. From
late summer onwards, things got easier as
more airlines geared up to check the required
documents online. This relieved the pressure
and simplified travel.
In the weeks around the Danish school
autumn holiday in October, terminals were
once again busy and lively. The year’s biggest
travel day was 15 October, when 67,253
passengers passed through the terminals.
On the same Friday in 2019, we recorded
107,200 passengers.
In December, many countries reintroduced
travel restrictions due to the Omicron variant,
and we saw passenger numbers fall to half
of the 2019 level.
Easier for arriving passengers
Up to the summer, arriving passengers faced
ever-changing rules on presenting a negative
test, antigen testing on arrival and providing
a credible purpose for entering Denmark.
This was a big challenge for the airport, the
authorities and, especially, the passengers,
who often experienced waiting time to get
to passport control and baggage reclaim.
However, the restrictions were mostly lifted
during the summer, which made arriving in
Denmark much easier.
In December, the unwelcome Omicron variant
meant a gradual reintroduction of testing for
certain arrivals and more stringent rules for pas
-
sengers arriving from a number of countries.
Following the experiences of winter 2020/21,
both the airport and the authorities were
geared to handle the situation according to
how the pandemic developed.
Busy in security
Passengers had become somewhat unused to
travelling. This was especially evident at the
security checkpoints, where a lot of people
had to be reminded, for example, of the
rules on liquids. As well as slowing down the
passenger flow, this presented a challenge in
collecting discarded items.
Every day, almost a tonne of waste was
removed, mainly in the form of bottles and
other containers thrown into the rubbish bins
before security.
More passengers than usual also forgot that
they are not permitted to carry items such
as knives, scissors, tools and fireworks in
their hand baggage. In 2021, around 8,500
such items had to be handed over. That is
more than normal when taking into account
the number of passengers. During the year,
the average waiting time for passengers in
security was 2 minutes 48 seconds. Over the
summer holiday, it was a little higher at 3
minutes 41 seconds.
Refresher training and development
Security is CPH’s largest employee group
with 730 employees. Many had been away
from day-to-day operations during the worst
part of the corona crisis, as were many other
Safe journey measures
at Copenhagen Airport
AlI persons aged six
and older must wear
a face covering while
inside the terminal
buildings. All CPH
employees wear visors
500
hand sanitiser dispensers
at key points in the
terminal buildings
daily health advice reminders
on digital screens
Speaker announce
-
ments in terminals
every 10 minutes
Test options,
including quick tests,
for arriving and
departing passengers
Service team available
and ready to help
24-7
250
22 22
PERFORMANCE / PASSENGERS & TERMINALS
employees of the 1,000 or so companies
in and around CPH. Ahead of the summer,
we therefore launched a series of aware
-
ness campaigns, under the tagline “Your
behaviour – everyone’
s safety”, aimed at the
13,000 CPH ID cardholders.
It was important to refresh everyone on the
rules and routines relating to airport- and
aircraft-related safety and security.
Best airport staff in Europe
We succeeded in making the journey through
the airport a positive experience, despite the
challenges for staff and passengers.
According to the resumed passenger surveys,
84% of passengers were satisfied. This
is on par with the satisfaction ratings in
2019 before the COVID-19 pandemic hit.
Furthermore, eight out of ten passengers
indicated that in relation to COVID-19 they
felt safe when passing through the airport.
The efforts of the staff were rewarded;
Copenhagen Airport was honoured with the
“Best Airport Staff in Europe” award from
Skytrax, which measures passenger satisfac
-
tion all over the world.
“The A
ward recognises the combined Quality
of Staff service (attitude, friendliness, effi-
ciency) delivered across front-line positions.
It includes staff working for Customer Help /
Info counters, Immigration and Security staff,
shops, food & beverage outlets – all custom
-
er facing staff.” (Skytrax)
CPH was also one of the winners of the
COVID-19 Airport Excellence A
wards, which
recognise those airports selected by custom-
ers for providing the highest health, hygiene
and safety pr
otocols during the pandemic.
The journey in 2022
Today’s passengers have growing expecta-
tions for a seamless experience, safe travel,
personalised communication and new digital
and technological opportunities.
W
e wish to meet those expectations. In
2022, we are working on developing a
brand-new digital guide that will make the
journey through the airport even simpler.
We are also testing out a number of new
services, such as online food and merchan
-
dise ordering prior to travelling to the airport.
23 23
PERFORMANCE / PASSENGERS & TERMINALS
CPH as a venue
In addition to providing a high-class service
to passengers and airlines, Copenhagen
Airport also serves as a unique venue for
major events and moments: from visits by
heads of state to sporting celebrations.
There were many such events in 2021.
On 28 May, the new digital corona
passport was launched on the airport
plaza by the ministers for finance, health
and transport and the CEOs of the
Confederation of Danish Industry (DI) and
the Danish Chamber of Commerce.
In the summer, football came to the fore.
Ahead of the rescheduled EURO 2020,
CPH and the Danish Football Association
hosted a major event on the airport plaza,
and after the semi-final in London the
old Vilhelm Lauritzen terminal was the
setting for a big reception for the Danish
national team with several hours of live TV
broadcasting.
Later, the homecomings of Denmark’s
numerous Olympic heroes culminated in
the triumphal reception for gold-medallists
Victor Axelsen and Anne-Marie Rindom at
CPH on Friday 6 August.
In the days leading up to Tuesday 17
August, the task at hand was altogether
different. In collaboration with the Ministry
of Foreign Affairs, the Danish Red Cross
and the police, CPH successfully turned
Hangar 145 into a safe reception centre
for evacuees from Kabul, Afghanistan.
Areas for COVID-19 testing, rest, play and
eating were all established, and around
900 evacuees received a warm welcome.
24 24
PERFORMANCE / PASSENGERS & TERMINALS
The disastrous first six months, with just
5-10% of normal traffic levels, was the main
reason why Copenhagen Airports A/S ended
2021 with an overall post-tax loss of DKK
517.3 million.
In normal years, there are approximately 720
take-offs and landings (operations) every day
at CPH. In the first three months of 2021, the
daily average was 155 operations with just
5,000-6,000 passengers. This was on a par
with the activity in 1962.
With far fewer international passengers,
domestic traffic was more prominent in
2021. When the world was almost fully shut
down at the start of the year, Bornholm
Airport moved up to number three on the
list of destinations, ahead of e.g. London,
Frankfurt and Paris. Domestic traffic’s overall
share doubled from 5 to 10% in 2021.
More leisure than business
The situation of empty runways and terminals
was transformed during the summer with the
easing of travel restrictions. The proportion
of passengers relative to 2019 passed 40% in
July and peaked at 60% in November.
In late summer and autumn, the number
of destinations on the route map stabilised
at 100-120, primarily encompassing ser
-
vices in Europe. In 2019, there were 188
destinations.
AERONAUTICAL BUSINESS
Welcome back
– we are ready
for business
2021 was a year of two very different halves. The first six months were
void of traffic and passengers, while the last six months saw passenger
numbers rise to 49% of 2019 levels. The total number of passengers
was 9.2 million, 22% more than in 2020. The work of rebuilding
the route network is under way.
25 25
PERFORMANCE / AERONAUTICAL BUSINESS
1925
It all begins in
Amager with
a wooden
building, a
lawn and 2,100
passengers.
70,000
6,800,000
16,800,000
7,500,000
9,200,000
30,300,000
1939-46
70,000
passengers in
1939. After
the war, CPH is
intact. 233,000
passengers
in 1946.
1960
The jet age
begins and
King Frederik
opens Terminal 2.
1.8 million
passengers.
1970s
Charter flights
mean travel
for all.
6.8 million
passengers
in 1970.
1998
16.8 million
passengers after
the opening
of Terminal 3.
Low-cost
operators enter
the market.
2000s
The 9/11 terror
attacks and
the financial
crisis only bring
a temporary
halt to growth.
20 million
passengers.
2019
30.3 million
passengers
on 188 direct
routes to and
from CPH.
2020
Traffic at 1970
levels with 7.5
million passengers
in the first year of
corona, a fall of
22.8 million.
2021
Year starts with
traffic at 1962
levels. From
summer onwards,
passenger
numbers increase
to 49% of 2019
levels.
A year of two halves
Year starts with traffic at
1962 levels. From summer
onwards, passenger numbers
increase to 49% of 2019
levels.
26 26
PERFORMANCE / AERONAUTICAL BUSINESS
The growth in the second half of the year
was driven in particular by leisure, placing
sunny destinations such as Malaga and Palma
on the top 10 list, while the passenger num
-
bers to the traditional top scorer, London,
fell by 84.4% relative to 2019.
Thus, Spain was the most popular country
with 1.1 million passengers from CPH.
As for business travellers, it is too early to
say what the future will bring. Normally they
account for a third of all passengers and
around half are classic business travellers
on their way to and from meetings. The
remainder include seafarers, conference
attendees and engineers on site visits. Here,
online meetings via Teams and Zoom are
rarely a solution.
The aeronautical focus for 2022
The aviation crisis is not capacity-driven;
there are plenty of aircraft. The crisis is due
to lack of demand, which in turn is due
to the pandemic, travel restrictions, and
vaccination and testing requirements.
DKKm
2021 2020
Change
2021 vs.
2020 2019
Change
2021 vs.
2019
Financial performance
Revenue 865.5 695.4 24.5% 2,415.2 (64.2%)
Operating profit/(loss) (EBIT) (950.0) (1,174.8) (19.1%) 146.8 (747.2%)
Business area assets 9,793.3 10,065.0 (2.7%) 9,971.9 (1.8%)
Revenue
Passenger charges 359.0 282.4 27.1% 1,113.6 (67.8%)
Security charges 196.2 151.5 29.5% 613.2 (68.0%)
Handling 64.3 50.7 26.9% 191.8 (66.5%)
CUTE charges 7.9 6.0 31.6% 25.5 (69.1%)
Take-off charges 195.7 170.8 14.6% 432.0 (54.7%)
Aircraft parking, etc. 42.4 34.0 24.7% 39.1 8.4%
Total 865.5 695.4 24.5% 2,415.2 (64.2%)
The goal for 2022 is to develop an attractive
airport and re-establish as much traffic as
possible, especially by helping the airlines to
match their capacity as closely as possible
to demand. To do so, it is crucial for CPH to
maintain the financial muscle to continue
investing in the sustainable, attractive and
efficient airport of the future.
CPH needs to be attractive for traditional
network carriers, long-haul operators to the
US, Asia and Africa, and low-cost airlines
mainly serving destinations in Europe.
The aeronautical strategy has three workstreams:
1. Sustain the hub: rebuild the primary route
network and long-haul routes with CPH
as an attractive transfer airport.
2. Point-2-point connectivity: restore direct
routes with European airlines.
3. Preferred cargo hub in northern Europe:
create growth and opportunities for air
cargo to and from Denmark.
Rebuilding the network
The rebuilding of the route network started
in the Nordic region and Europe, with traffic
in December reaching 50% of the 2019
level, albeit the catastrophic start to the year
meant a total decline in European traffic in
2021 of 69.4%. Relative to 2020, however,
this was an increase of 26.8%.
The long-haul routes had a harder time.
Although the US opened in November, a large
part of Asia was still closed at the end of the
year. Long-haul traffic fell by 82.3% relative to
2019, and is still far from normalised.
increase in
European traffic
26.8%
Throughout the crisis, CPH has maintained
dialogue with the airlines on rebuilding routes
once the passengers and demand return.
In 2021, SAS, Norwegian and Ryanair re
-
mained the three largest operators at CPH.
Relative to 2019, SAS’s share of total traffic
fell from 34 to 28% and Norwegian’s
from 17 to 13%, while Ryanair’s increased
from 7 to 9%. As domestic traffic is least
affected by the crisis, Danish operator DAT,
with routes to Midtjylland, Bornholm and
Aalborg airports, came in at number 5 on
the list of airlines at CPH.
At the same time, traditional network
carriers such as KLM, Lufthansa and Air
France increased their share of traffic,
partly because passengers have used
these operators' hubs in Amsterdam,
Frankfurt and Paris. CPH is also maintaining
its close collaboration with VisitDenmark and
the public–private airline route development
programme Greater Copenhagen Connected,
which is administered by the destination man
-
agement company Wonderful Copenhagen.
As the various markets have been opened
and served with direct routes, campaigns
have been run to promote Denmark to
international tourists.
However, the emergence of the Omicron
variant in Deccember created renewed
uncertainty about the pace of rebuilding the
route network in CPH. The year ended with
revenue in the aeronautical business area
totalling DKK 865.5 million, representing a
decrease of 64.2% compared to 2019 but a
slight increase of 24.5% compared to 2020.
27 27
PERFORMANCE / AERONAUTICAL BUSINESS
Air freight crucial for the Danish
supply chain
Around the world, supply chains are suffering
under the weight of pandemic disruptions,
shortages of materials and lack of key workers.
Throughout 2021, the access to fast and
efficient air freight to and from Denmark
has proved to be extremely important.
The global air
-freight market has been
characterised by very high demand. At CPH,
we recorded an increase in total air freight in
and out of Denmark of more than 28%
compared to 2020.
The air-freight (integrator) segment grew
by 20% through 2021, driven by rising
e-commer
ce volumes. Despite reduced
long-haul traffic, the belly-cargo segment
(commercial passenger flights with cargo in
the belly) managed to increase from the
2020 level by 39%. Overall, the CPH cargo
index compared to 2020 and 2019 reached
128% and 83% respectively.
Throughout 2021, several airlines chose to
operate passenger aircraft exclusively loaded
with cargo in the hold, which meant there
was reasonable preighter (a combination of
passenger aircraft and freighter) capacity
throughout the year.
With a capacity of over 26,000 square
metres, the construction of DHL’s new
northern European hub reached a milestone
in 2021. When it is completed, by mid-2023,
DHL will be able to handle up to 30,000
packages at the terminal every hour.
The world’s largest air-freight operator, WHF,
is also increasing its cappacity at CPH. The
growth means that plans are being made to
expand the cargo tarmac area and add new
facilities for the staff.
A busy year for
Roskilde Airport
Roskilde Airport (RKE) is a small,
exclusive “general aviation” airport
with an attractive location near
Copenhagen.
Despite the pandemic, 2021 was a busy year
at RKE. The number of operations decreased
by only 8% and RKE maintained its position as
Denmark’s preferred training venue for pilots,
with around 35,000 flights per year.
Around 2,000 private business jets use RKE
every year. The business aviation segment/
international operations increased by 30%
in 2021, mainly because the normal route
network with fr
equent services from CPH has
not yet fully recovered.
Once again, the airport was recognised for
its handling of business aviation by European
Business Air News in its r
eader survey covering
more than 400 fixed-base operators in
Europe, Africa, the Middle East and Russia.
RKE also offers conference facilities and has
been the venue for various events, including
film shoots.
Denmark’s preferred
training venue for pilots with
35,000
flights in 2021
28 28
PERFORMANCE / AERONAUTICAL BUSINESS
Destination Passengers
% change
from 2020
% change
from 2019
Direct flights to 120+ destinations
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Aalborg 566,393 58.3 (27.7)
Oslo 412,603 (31.8) (73.4)
Amsterdam 399,135 (0.3) (64.1)
Stockholm 394,366 67.8 (71.8)
Paris 358,560 7.2 (59.6)
London 348,948 12.9 (84.4)
Malaga 308,724 48.6 (41.0)
Frankfurt 272,614 33.8 (54.9)
Istanbul 254,423 22.9 (52.0)
Palma 224,841 24.1 (29.2)
29 29
PERFORMANCE / AERONAUTICAL BUSINESS
In January 2021, there were only nine shops
and food outlets open in the terminals,
compared to 125 before the coronavirus hit
– and just 5,000 daily passengers, compared
to 83,000 before the pandemic. In short, the
terminals were largely empty, and almost all
the blinds and shutters were down.
That is no longer the case. In July, passengers
began to return in numbers, kick-starting
activity in the terminals and the non-aero-
NON-AERONAUTICAL BUSINESS
Shops, parking
and hotels make
a comeback
nautical business. By the end of the year,
65% of units were open. And that is
important.
Revenue from the non-aeronautical business
area, comprising the shopping centre,
parking and leasing of premises, is vital to
Copenhagen Airport’s finances and ability
to invest and develop the sustainable airport
of the future.
9,000
cars parked at CPH in the autumn
holiday was the year’s best week,
with occupancy topping at 90%
The charges that the airlines pay for using
the airport make up around 60% of total
revenue, but only around 20% of earnings
(at EBIT level). Thus, the non-aeronautical
business area accounts for around 80% of
profits in normal times.
Shopping needs to be reimagined
CPH and its partners in the shopping centre
have leveraged the crisis to reimagine a
number of concepts in order to build back
better. Among passengers, for example, there
is growing demand for more sustainability
and healthy offerings. In parallel with this, we
are working on numerous digital solutions,
such as pre-travel online ordering, home
delivery and self-service.
The strategy is to open the shops as passen
-
gers return. We have helped the retail units
and partners through the crisis with individ-
ual solutions, such as reducing opening
Excellent cooperation has ensured the survival of more than
eight out of ten shops and food outlets now reopening as
passengers return. Parking, hotels and leasing of premises are
also making a comeback. But compared to 2019, there was a
fall of 53.6% in non-aeronautical revenue, which is crucial to
our ability to invest and develop the airport.
30 30
PERFORMANCE / NON-AERONAUTICAL BUSINESS
DKKm 2021 2020
Change
2021 vs.
2020 2019
Change
2021 vs.
2019
Financial performance
Revenue 895.4 880.3 1.7% 1,930.5 (53.6%)
Operating profit (EBIT) 440.1 460.1 (4.4%) 1,285.2 (65.8%)
Business area assets 5,228.1 4,034.7 29.6% 3,958.1 32.1%
Investments in associates 125.9 75.0 167.4% 0.4 -
1
Other revenue primarily includes revenue from persons with reduced mobility (PRM), revenue from taxi manage-
ment services (TMS) and energy. PRM, TMS and energy are non-profit sources of revenue for CPH.
hours, temporarily suspending contracts,
amending billing periods and adjusting
rents, for example according to how many
passengers pass through the terminals.
This excellent cooperation enabled us to
secure the survival of eight out of ten shops
and food outlets at the airport. At the end of
the year, 69 units were open, corresponding
to 57% of the number in 2019.
Parking, hotel operation and leasing
In addition to the shopping centre, non-aero-
nautical revenue includes parking, leasing of
premises and hotel operation. This business
suffered great losses in the first part of 2021.
Over the summer, the situation eased as
passengers began returning. Occupancy of
the 10,000 plus airport car parking spaces
increased from the summer holiday onwards.
The autumn holiday was the year’s best
week, with occupancy topping 90% and
more than 9,000 cars parked at CPH.
Online sales for the second half of the year
are back at index 64 relative to 2019, while
total revenue in the period reached index 62.
As many partners operating at Copenhagen
Airport experienced dwindling business,
fewer employees and the need for a strong
focus on cost reductions, we assisted
Rental income
Rent from premises 111.6 124.5 (10.4%) 125.8 (11.3%)
Rent from land 52.7 51.4 2.5% 50.3 4.8%
Other rent 4.5 5.4 (16.8%) 5.4 (16.8%)
Total
168.8 181.3 (6.9%) 125.8 (34.2%)
Concession revenue
Shopping centre 258.9 341.5 (24.2%) 917.3 (71.8%)
Parking 155.1 132.6 17.0% 403.9 (61.6%)
Other revenue 51.9 33.7 54.0% 71.2 (27.1%)
Total
466.0 507.8 (8.2%) 1,392.4 (66.5%)
Sale of services, etc.
Hotel operation 85.1 58.1 46.5% 66.4 28.1%
Other
¹ 175.6 133.1 31.9% 290.2 (39.5%)
Total
260.7 191.2 36.3% 356.6 (26.9%)
them, where possible, in moving to smaller
premises. However, many contracts had to be
terminated. Rental income decreased to DKK
168.8 million.
The pandemic and fewer international
travellers still pose a challenge for the hotel
business, though we did see an uptick over
the summer. In 2017, CPH joined with
Strawberry Fields A/S to develop a new
Comfort Hotel and a conference centre shared
with the neighbouring Clarion Hotel.
Comfort Hotel Copenhagen Airport opened
in May 2021 and offers 605 new rooms
and a 3,900 m
2
conference centre including
The Hangar – a 2,500 m
2
hall with room for
2,150 guests.
Decline in total revenue
Although passenger numbers in the second
half of the year reached 50% of the 2019
level, the figure for the year as a whole was
disproportionately impacted by the first six
months, when several months saw activity
down to just 5-10% of pre-pandemic levels.
Non-aeronautical revenue for the year
ended at DKK 895.4 million, a fall of 53.6%
compared to 2019 and a small increase of
1.7% compared to 2020.
31 31
PERFORMANCE / NON-AERONAUTICAL BUSINESS
INVESTMENTS
CPH still investing
in the future
The investments in 2021 primarily consisted
of DKK 570 million allocated to projects
supporting safety, security, compliance and
maintenance. Several sustainability and
capacity projects were postponed, while
a few large projects are proceeding with
revised timeframes.
Even though the COVID-19 pandemic has
left the aviation industry in its worst crisis in
living memory, two things have not changed:
CPH is still confident about the future, and
our main responsibility is still to ensure that
Denmark has the best possible connectivity
to the world.
In late autumn 2021, CPH resolved to continue
with the biggest investment of recent times
– the DKK 4 billion development of Terminal
3 airside with better facilities and more
space for airlines, customers and passengers,
including a far larger baggage reclaim area
and a larger passport control area. A total
of 65,000 extra m² is scheduled for com-
pletion is 2028.
This is important. The tough competition
between European airports to rebuild business
and attract routes means that CPH must con
-
tinue to develop the airport in order to remain
attractive to both airlines and passengers.
Apart from projects supporting safety and reinvestments, many planned
investments are still on hold or have revised timeframes. Before the
COVID-19 crisis, CPH was investing more than DKK 2 billion annually.
In 2021, this fell to DKK 570 million. The aim is still to be one of the
world’s most efficient, sustainable and service-oriented airports,
and we are investing in the future.
Visualisation of the
future terminal area.
32 32
PERFORMANCE / INVESTMENTS
New baggage
facility now open
4
3
2
1
1
Expansion of terminal
In 2028, the 65,000 m² expansion of
Terminal 3 will be completed, providing
a larger baggage reclaim area, a new
Border Control, and considerably more
space and facilities for passengers
and partners.
2
New hotel
The new Comfort Hotel next to the
Clarion Hotel opened in May 2021 and
the new complex now offers 1,000 rooms
and a conference centre.
3
New baggage facility open
The new baggage-handling facility
opened in May 2021 to handle future
baggage volumes and provide new
office facilities.
4
Car park ready in 2022
The postponed new car park will be
ready for summer 2022 and provide
more than 2,300 new parking spaces.
New
car park
New hotel
opened in May
Expansion
of terminal
area
Through our investments and partnerships,
CPH contributes to Sustainable Development
Goal 9: Build resilient infrastructure, promote
inclusive and sustainable industrialization and
foster innovation.
AIRHART about to take off
With our eyes fixed on the future, we con-
tinued our work as part of the joint venture
Smarter Airports A/S to develop a new and
market-leading operational digital platform
for CPH and airports around the world.
Together with our partner, Netcompany,
we invested DKK 260 million in Smarter
Airports during 2021. The new platform for
efficient airport operations, called AIRHART,
is well under way and is expected to go live
in Copenhagen in 2022.
Once implemented, AIRHART will bring
significant benefits to CPH and the airport
community, and in the longer term provide
new revenue if implemented in other airports.
Major projects in 2021
Airport of the future
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 current
noise requirements. To provide space for
future technology and modern aircraft types,
the third runway, known as the “cross-wind
runway”, will be slightly shortened and
moved a little closer to Øresund – a plan
that has the backing of the airlines.
33 33
PERFORMANCE / INVESTMENTS
CLIMATE & ENERGY
35 35
PERFORMANCE / CORPORATE RESPONSIBILITY / CLIMATE & ENERGY
Our ambition is an
emission-free airport
90% low-emission equipment
90% of all equipment and vehicles
airside are electric, plug-in hybrid,
low-emission fuel or other low-
emission technogies.
Minimal impact on local air quality
from total airport operations
Total airport operations have no or
minimal impact on local air quality
due to improved operations, new
technology and sustainable fuels.
Emission-free ground transport
All local emissions from airside
ground transport and surface
access traffic.
This project has received
funding from the European
Union’s Horizon 2020
research and innovation programme under
grant agreement no. 957824.
2023:
2030:
2050:
Milestones for achieving this:
36 36
PERFORMANCE / CORPORATE RESPONSIBILITY / CLIMATE & ENERGY
Through our focus on mitigating
climate change via partnerships,
CPH contributes to Sustainable
Development Goal 13: Take urgent
action to combat climate change
and its impacts.
Indirect emissions from airport activities
that are not owned or controlled by CPH
Direct carbon emissions (scope 1) and indirect
carbon emissions from CPH's activities (scope 2)
Aircraft fuel consumption for engine
run-ups, APUs and main engines
(up to 3,000 ft)
Scope 1 + 2 22,011 tonnes in total
Scope 3 143,639 tonnes in total
Energy and fuel consumption for partners’
buildings, equipment and vehicles
CPH’s energy and fuel consumption from
our buildings, runway system and vehicles
Passenger and airport employee transport
to and from the airport
165,650 tonnes
of total carbon emissions in 2021
148,535 tonnes in 2020
Carbon emissions at Copenhagen Airport
14%
7%
13%
66%
37 37
PERFORMANCE / CORPORATE RESPONSIBILITY / CLIMATE & ENERGY
Royal visit for planting “CPH trees” at nature
kindergarten in Tårnby Municipality.
The impact of the COVID-19 crisis on aviation
and the knock-on effects for the tourism and
service sectors have been felt most intensely
in the communities around the airport. The
beginnings of an increase in air traffic and
the resulting need for the companies at
Copenhagen Airport to recruit are therefore
of major local importance.
Expansion of DHL's freight
terminal means more local jobs
In October 2021, a topping-out ceremony
was held for DHL’s new freight terminal,
which is the company’s biggest investment in
the Nordic region and is expected to create
hundreds of new jobs at the airport when
it is completed in 2023. The ceremony was
attended by T
årnby’s mayor, Allan S. Andersen,
and CPH’s CEO, Thomas Woldbye, who
LOCAL COMMUNITY
Local communities
still affected by
aviation crisis
stressed the excellent cooperation be tween
CPH A/S and DHL, and praised DHL for its
ambitious climate goals, which are helping
to support the green transition of the
entire airport.
Online dialogue and neighbour
meeting focused on the airport’s
development plans
With 900+ new members, in 2021 our
Facebook group “Dear Neighbour” reached
2,200 members. There was a healthy and
welcome appetite for discussion and lots of
comments, especially on posts relating to
changes in the airport’s runway usage and
operations – something that can clearly be
seen and felt by our neighbours. CPH’s de
-
velopment plans also attracted great interest,
and some concer
n, especially in relation to
the event proceeded with fighting spirit and
fair play from all involved.
Plant a Tree with HRH
Crown Prince Frederik
Members of the CPH Advantage benefits
pr
ogramme, which was closed in 2020, have
donated their points, equivalent to DKK
392,414, to the nationwide organisation Plant
a Tree. The donation is now being converted
into around 40 orchards in Tårnby and Dragør
Municipalities for the benefit of children,
nature and many generations to come. In May
2021, HRH Crown Prince Frederik assisted the
children of the Eskebøll Allé Nature Kinder
-
garten in Tårnby Municipality with planting
fruit tr
ees at the kindergarten site. The Crown
Prince attended the event in his role as patron
of the Plant a Tree organisation.
the potential resulting noise impact on the
surrounding residential areas. CPH therefore
invited neighbours and other stakeholders to
a meeting to discuss the development plans.
The approx. 60 attendees had the opportun-
ity to ask questions and make suggestions
to CPH’
s experts on operations, environment
and planning.
Football tournament for
Amager’s youngsters
In June, CPH teamed up with the Danish
Football Association, the organisers of
EURO 2020 and Kastrup Football Club to
host the CPH Cup at Ofelia Plads in the
centr
e of Copenhagen for around 150
under-10 footballers, both girls and boys,
from Amager. Despite pouring rain and
thunder, which briefly interrupted the games,
Increasing traffic stimulates recruitment and encourages employment
in the communities around CPH, which were still affected by lay-offs
and unemployment resulting from the COVID-19 crisis.
38 38
PERFORMANCE / CORPORATE RESPONSIBILITY / LOCAL COMMUNITY
Number of households exposed to >55 dB: 18,213. Number of households exposed to >55 dB: 2,126.
ENVIRONMENT & RESOURCES
Development in the number of households
exposed to air traffic noise from 1994 to 2018
39 39
PERFORMANCE / CORPORATE RESPONSIBILITY / ENVIRONMENT & RESOURCES
Runway usage in 2021
Runway 04R
Runway 22R
Runway 12
Runway 22L
Runway 04L
Runway 30
(Runway usage in 2020)
Runway Take-off Landing
04L 0.0% (0.3%) 29.1% (9.0%)
04R 31.2% (13.8%) 3.7% (7.7%)
12 0.5% (0.0%) 1.1% (0.0%)
22L 8.7% (23.3%) 59.1% (77.7%)
22R 59,5% (62.4%) 1.0% (3.9%)
30 0.1% (0.1%) 6.0% (1.8%)
40 40
PERFORMANCE / CORPORATE RESPONSIBILITY / ENVIRONMENT & RESOURCES
Through our focus to reduce waste
released to air, water and soil, we
contribute to Sustainable Development
Goal 12: Responsible consumption
and production.
Did you know?
CPH has been working with air quality in and around
the airport since 2000 and with ultrafine particles since
2010 – in close collaboration with researchers, unions and
companies at the airport. The air quality programme has
led to a number of initiatives such as:
• Stricter control of the aircraft's APU – a small jet
engine that, notably, can be used as a generator
when the planes are parked
• Use of a pushback tractor to push planes
away from the terminal buildings before they
start their engines
• Call for airlines to use only one engine when
driving around the airport
• Requirement for aircraft to switch off the main
engine as soon as the aircraft is parked
• Continuous replacement of diesel-powered
machines and cars with emission-free technologies
• Provision of filter masks for all employees who
work close to aircraft
41 41
PERFORMANCE / CORPORATE RESPONSIBILITY / ENVIRONMENT & RESOURCES
CIRCULAR ECONOMY & RESOURCES
What is circular economy?
For many years, our economy has been linear,
characterised by extraction of raw materials,
manufacturing of products, consumption and
disposal. This results in the loss of a huge
amount of resources.
Circular economy is the answer to the
challenge. In the circular economy, products
and their components are part of a continu
-
ous cycle. This means the products are used
multiple times or the materials used in new
products – again and again. In a full circular
economy, no resources are lost and the
materials keep their value.
42 42
PERFORMANCE / CORPORATE RESPONSIBILITY / CIRCULAR ECONOMY & RESOURCES
ATTRACTIVE WORKPLACE
Upskilling, remote work
and the return of recruiting
2021 was another year in which there were many important new tasks for
CPH’s Training Academy. Effective crisis management and astute prioritisation
produced excellent results in relation to boosting education and skills.
The start of 2021 saw continuing low levels
of air traffic and largely empty terminals.
Many of CPH’s office staff worked exclusively
from home in the first months of the year.
The vaccine roll-out enabled these employees
to make a full return to the office after the
summer holiday.
In our operational departments, up to 1 June
2021 many employees were covered by the
solidarity-based worksharing scheme. This
scheme allows companies continuing to face
challenges as a result of COVID-19 to adopt
worksharing. Employees share any available
work and, when not working, either engage
in education/study or stay at home on bene
-
fits. The willingness on the part of CPH’s
unions and employees under a collective
agreement to participate in the scheme, even
though it meant reduced wages and changes
in working routines, was crucial in enabling
CPH to steer through the crisis. It helped CPH
retain good employees and key skills until air
traffic picked up again in summer 2021.
Making a virtue of necessity: massive
education effort with excellent results
There was a shared aspiration on the part of
CPH’s management and the unions that the
period of low activity in the terminals and the
implementation of the worksharing scheme
should be leveraged to strengthen and
future-proof employees’ skills. In close collab-
oration with the Danish Agency for Labour
Market and Recruitment, Tårnby Municipality
(Job and Advice Centre CPH) and three adult
education establishments – the Workers’
Educational Association, Zealand Business
College and Technical Education Copenhagen
– CPH’s Training Academy developed a cata
-
logue of courses targeting the needs for skills
development identified by CPH’s management
and the unions.
Since September 2020, 1,105 CPH employees
have attended 7,084 study days at these es
-
tablishments, averaging around 6.5 days each.
They have benefited from 131 different types
of course. This is an effort of which everyone
involved with the scheme – not least the par
-
ticipating employees – can be extremely
proud.
In particular, we are proud that more than
100 unskilled employees took advantage of
the upskilling initiative to transition from un
-
skilled to skilled. And we recognise the cour-
age shown by employees who struggle with
reading and dyslexia in taking up the offer to
attend the “Confident reading” programme.
So COVID-19 actually gave CPH a unique
opportunity to implement an extensive and
wide-ranging skills boost. This is an invest
-
ment in our employees and in the future we
want to create with our Architects of the
Future Airport business strategy.
In 2021, we initiated a collaboration across
the companies at the airport with the aim of
sharing knowledge and experiences on edu
-
cation and relevant training. This initiative
and the collaboration with the local educa
-
tional establishments is continuing as a key
element of CPH’s Training Academy.
Remote work is here to stay
In accordance with the health authorities’
recommendations, 2021 began with a large
number of CPH’s administrative employees
working exclusively from home. Many found
that working from home was well suited to
certain types of work, and CPH therefore de
-
cided it should remain an option as we re-
turned to the office. In accordance with our
new guidelines, the individual employee may,
by agreement with their manager, work from
home a maximum of two days a week.
In order to support more flexible working
arrangements, all meetings generally have
the option of online participation. We will
regularly evaluate experiences with remote
working options and consider whether the
current guidelines need to be revised.
43 43
PERFORMANCE / CORPORATE RESPONSIBILITY / ATTRACTIVE WORKPLACE
With our efforts in the areas of
e.g. working environment, diversity
and inclusion, CPH contributes to
Sustainable Development Goal 8:
Promote sustained, inclusive and
sustainable economic growth, full
and productive employment and
decent work for all.
CPH starts recruiting again
– and recognises the outstanding
effort of employees
Over the summer, activity in our terminals
thankfully began to pick up. As passenger
numbers increased, we started recruiting
again in order to ensure good service, a
smooth journey through the terminals, con
-
tinued focus on more rigorous cleaning and
guidance for our passengers on how we can
best look out for one another at the airport.
In 2021, CPH had 1,852 full-time employees.
During a period of unprecedented challenges
in 2021, everyone at CPH – both managers
and employees – has put in an outstanding
effort and worked together to steer CPH
through the crisis. In recognition of this
effort, CPH’s Executive Management and
Board of Directors have decided extraordi-
narily to award a bonus of DKK 10,000 to
all employees in April 2022.
Performance unchanged in 2021
In light of COVID-19, we were unfortunately
not able to translate our updated policy for
diversity and inclusion into an action plan
containing specific initiatives and supporting
analyses as planned in 2021. Our ambition
is to resume this work in 2022 and define
more precisely which focus areas CPH needs
to work on to achieve our targets and KPIs
for diversity.
Read our policy for diversity and inclusion at
www.cph.dk/en/about-cph/organisation. For
further information on corporate gov ernance
and the Board of Directors, see pages 56-59.
We’re extremely impressed
with the great work that
has been done and the way
we’ve come together to
steer CPH through a time of
unprecedented challenges.
It warms my heart and makes
me proud, and I look forward
to us tackling future
challenges together.”
– Thomas Woldbye
“
Flexible working
options implemented
100+
employees upskilled
50/50
split between Danish and
other nationalities on the
Board of Directors
Social
highlights 2021
44 44
PERFORMANCE / CORPORATE RESPONSIBILITY / ATTRACTIVE WORKPLACE
CPH is reliant on a large number of employ-
ees with a high level of specialist knowledge
and skills to keep the company operational.
In 2021, it was therefore crucial to prevent
infection and chains of infection in our
employees. By means of a strong shared
focus and effort, we succeeded in maintain
-
ing operations throughout another year of
the COVID-19 pandemic.
Absence due to illness
at pre-COVID-19 level
Despite the lay-offs of good colleagues in
2020, months of lockdown, remote working,
worksharing and uncertainty about air traffic
developments at the start of 2021, as well
as various reorganisations in both 2020 and
2021, the rate of absence due to illness in
2021 was 5.5, only slightly above the 2019
level – i.e. before the COVID-19 crisis.
Keeping our employees healthy and safe at
WORKING ENVIRONMENT
A safe working environment is
crucial to keeping the airport
operational through COVID-19
work is a high priority, therefore we maintain
a sharp focus on the causes of absence. In
2021, in addition to COVID-19 infection,
flu, colds and similar illnesses, a number of
colleagues were affected by short- or long-
term stress, in part due to the challenges of
COVID-19 for CPH, the aviation sector and
our daily lives.
All managers have either already attended,
or will do so in 2022, a course focusing on
the psychosocial working environment.
This course gives them the tools to manage,
advise and guide employees who are
struggling. Additionally, through our health
centre we offer advice and guidance to all
employees on health-related questions.
In 2021, lack of resources prevented us from
conducting a full employee engagement
survey for all employees. In Q1 and Q4, we
took a “temperature reading” in all depart
-
ments to ensure a shared focus on wellbeing
during this difficult period. The temperature
reading is a dialogue tool for the managers
of the individual departments. In 2022, we
will launch an employee engagement survey/
psychosocial workplace assessment.
Safely back in the office
– with a focus on wellbeing
As the vaccination process was rolled out,
the COVID-19 guidelines allowed more
people to return to the airport. All managers
received a “welcome back” mail aimed at
ensuring focus on wellbeing and a positive
return to work for all employees. Among
other things, we are focused on getting
everyone to talk through their experiences of
the COVID-19 period and remote working –
and ensuring that the positive learnings
about e.g. better concentration, focus and
holding online meetings are brought back
into the departments.
Few building activities and
few occupational injuries
The vast majority of our building activities were
on hold throughout 2021. In those activities
that did take place, we maintained our usual
focus on ensuring a safe building site and
carried out our regular supervision. On CPH
building sites, there were 9.5 occupational
injuries per million working hours in 2021.
At CPH, there were also few occupational
injuries in 2021: a total of 7.4 per million
working hours. This is higher than in 2020,
largly due to the ramping-up of activities at
CPH as traffic grew and more colleagues
resumed daily work at CPH.
With a strong shared focus on compliance with the COVID-19 guidelines, we succeeded in limiting
chains of infection at CPH. This contributed to safe, efficient and stable operations in 2021.
45
PERFORMANCE / CORPORATE RESPONSIBILITY / WORKING ENVIRONMENT
At CPH, we respect and support the
protection of international human rights. We
do not tolerate discrimination of any kind. All
employees are encouraged to speak openly
about challenging or abusive behaviour.
Managers are obliged to take all reports from
employees seriously and foster an inclusive
working environment in their own depart
-
ment and across CPH.
CPH continues to monitor and evaluate
material human and labour rights risks, and
we will continue to mitigate any potential
violations of these rights. CPH is especially
concerned with ensuring that the airport is
accessible to all, regardless of nationality,
gender or disability. We have therefore intro
-
duced mandatory training of all employees to
raise awareness about how to interact with
people with hidden or visible disabilities. In
addition, mandatory training is available for
BUSINESS ETHICS & HUMAN RIGHTS
New and updated
policies to support our
human rights focus
employees in our airport security division.
This training covers understanding of and
respect for passengers’ different backgrounds
and values.
Our approach to ethical business operation
follows, i.a., the principles of the UN Global
Compact. We have a zero-tolerance ap
-
proach to all forms of corruption, including
bribery and extortion. Our Supplier Code of
Conduct sets the standards we expect from
our suppliers regarding, among other things,
human and labour rights.
Updated whistle-blower scheme
and employee code of conduct
Being a responsible workplace requires us
to have clear rules regarding ethical conduct
for employees and the company. CPH has
therefore introduced various safeguards to
minimise risk.
Internal control systems monitor areas such
as exposure to potential bribery, breach of
ethical policies and other risks. The overall risk
exposure is assessed to ensure that any weak
-
nesses are identified and addressed as quickly
as possible. To enhance the effectiveness of
risk management and internal controls, CPH
is organised according to the “Three Lines of
Defence” model. In 2021, we maintained
our procedures and our ongoing controls did
not give rise to any observations or changes.
We will continue our efforts in 2022.
Pursuant to new EU regulations, in 2021
we updated our whistle-blower scheme,
which since 2013 has allowed employees
and external partners to report concerns or
information about illegal activity or other
serious matters. The scheme is operated by
an external partner. In connection with the
updating of the whistle-blower scheme, we
also updated our employee code of conduct.
In 2022, we will continue our human rights
focus with a reassessment of our human
rights due diligence efforts.
Introduction of a new data ethics policy will ensure that our strategic
digital development goes hand in hand with human rights awareness.
46 46
PERFORMANCE / CORPORATE RESPONSIBILITY / BUSINESS ETHICS & HUMAN RIGHTS
Taxation
1,990
CPH is an important
contributor of taxes to
the Danish State from
employing around
employees
Group structure, ownership
and tax strategy
Together with its subsidiaries, Copenhagen
Airports A/S operates two airports and hotels
in Denmark, making it primarily liable to payroll
and corporate taxes. 59.4% of the shares are
held by Copenhagen Airports Denmark ApS
(CAD). CAD is indirectly controlled by Kastrup
Airports Parent ApS (KAP), the highest-level
Danish holding company, with which CPH is
jointly taxed. As the administrative company in
the joint taxation scheme, KAP is respons ible
for submitting tax returns and communicating
with Danish tax authorities regarding corporate
tax. For these purposes, CPH reports to KAP.
TAXATION
CPH is an
important
contributor
With around 1,990 employees, CPH is an important contributor
of taxes to the Danish State. This applies both to taxes expensed
by CPH and taxes collected (in transit) by CPH on behalf of the
government. The coronavirus pandemic has resulted in reduced/lost
taxes for society. CPH's tax contribution totalled DKK 633 million in
2021, including corporation tax, environmental and energy taxes,
payroll tax, etc., VAT and property taxes.
Tax compliance
CPH has a clear compliance strategy with
the objective that both corporation tax and
other taxes are paid on time and reported in
accordance with legislation. This also applies
to taxes collected (in transit). CPH's corpor-
ate tax policy applies only to Copenhagen
Airports A/S and its subsidiaries, not to
holding companies.
Total tax contribution
In 2021, CPH contributed DKK 633 million (2020:
DKK 570 million) in taxes to the Danish State.
This amount includes DKK 38 million in indirect
taxes expensed by the CPH Group.
Tax on the result for the year was due to the
loss for the year and was thus an income of
DKK 149 million (2020: DKK 152 million).
CPH collected DKK 744 million (2020: DKK
722 million) in taxes (in transit) such as VAT,
payroll tax, and environment and energy taxes.
Other taxes expensed comprise environmental
and energy taxes, social contributions (payroll
tax, etc.), VAT and property taxes. Payroll tax
is primarily paid by CPH’s employees. Public
airports in Denmark are generally exempt from
property taxes.
Corporation tax
The corporation tax rate in Denmark is 22%.
CPH’s effective tax rate for 2021 was 22.4%
(2020: 23%). CPH makes maximum capital
allowance for non-current assets, which
reduces corporation tax while increasing
deferred tax correspondingly.
48 48
TAXATION
Safety, security &
risk management
Take-offs and landings
2021
109,925
2020
98,239
2019
263,418
After six months of minimal operations and
aircraft parked on the runways, things got
busy again around the 2021 summer holiday.
This meant extra focus on brushing up rules
and routines to strengthen our general
understanding of safety and procedures in
the airside areas that are extremely busy
with equipment, vehicles, aircraft, staff and
passengers.
In addition to carrying out training, we also
produced films, posters and flyers for the
staff on the safety work and culture. A similar
brush-up was also carried out in security.
In 2021, we worked in particular on “human
factors” in safety work, such as communica
-
tion, fatigue, attention, situational under-
standing, the effects of stress and distraction.
The goal is to keep human errors to an
absolute minimum.
Around 200 safety-critical staff have been
trained in the airport’s Safety Management
SAFETY
Focus on training in 2021
System (SMS). It is important that every-
one shares the same approach and has a
common understanding of systematic man
-
agement of risks and aviation safety work.
When it comes to safety in the airport’s
aircraft manoeuvring area, everything has to
be in order. Runway inspections are therefore
conducted five times every 24 hours.
During the crisis, we also developed a Power
app to systematically and precisely manage
and record foreign object debris (FOD) on
runways and taxiways.
A shared responsibility
Maintaining and developing the best possible
safety culture at Copenhagen Airport is a
shared responsibility.
In 2021, we strengthened our collaboration
with Naviair’s air traffic controllers, pilots,
ground handlers and others in a number of
statutory working groups and forums such
as LRST (the Local Runway Safety Team) and
ASOTC (the Aerodrome Safety Operational
Technical Committee).
Another bird radar on the way
The corona crisis has shown that aircraft are
the most effective of all methods for frighten
-
ing off birds. Fewer aircraft has meant more
birds around the airport – especially in the first
half of the year, when there was little traffic.
Our 12 wildlife controllers were extra busy
observing, recording and scaring birds away
from the area to prevent bird strikes.
In 2021, it was also decided to invest in
another 3D bird radar, which will improve
the collection of data on the birds and their
behaviour.
Our goal is that aviation safety at CPH should be first-class, so
passengers and staff can feel safe. In the first half of 2021, the
corona crisis meant significantly less traffic and an opportunity to
brush up routines, training and procedures as operations restarted.
50 50
SAFETY & RISK MANAGEMENT / SAFETY
Security has diverse working tasks, including
preventing unauthorised persons accessing
the airport’s secure areas and stopping crimi
-
nal acts against aviation. This is done through
security checks, patrols and monitoring of
the airport and terminals.
An additional task is crisis response in the
event of aircraft accidents, fire, injuries and
sea rescue in Øresund. During the COVID-
19 pandemic, the responsibilities have also
included working with the authorities on
managing incoming travel restrictions and
enforcing COVID-19 restrictions.
In 2021, we also focused on training and
exercises relating to everyday activities in
order to further strengthen competences and
increase security awareness among other
SECURITY SERVICES & CRISIS RESPONSE
Security for passengers
and employees
airport workers. Security is a shared respon-
sibility in which all employees at the airport
must play an active part.
Continued high level of preparedness
The threat level in Denmark is still rated as
“serious” by the Center for Terror Analysis
(CTA). We are therefore maintaining a high
level of preparedness at the airport, regard
-
less of the number of passengers.
In 2021, the airport’s management and
Security rolled out new guidelines for CPH’s
crisis organisation and provided the related
training. The guidelines on crisis manage
-
ment at CPH are rooted in the national crisis
management system and ensure that the
right management and actions are initiated
and coordinated with the authorities.
In 2021, Security Services & Crisis Response
carried out a number of crisis response exer
-
cises together with relevant players, including
the police and the rescue services.
Drones and aviation safety
Drone flights represent an increasing challenge
for airports because the illegal use of drones
can pose a risk to aircraft safety and a major
nuisance to the operation of an airport.
Our task is to ensure the security and safety of passengers and the
airport’s many employees. In this regard, Security Services & Crisis
Response is responsible for all aspects of the airport’s crisis response,
both preventive and when an incident occurs.
Tracking drone flights in the vicinity of the
airport has also become a crisis response
task. CPH has implemented a system for
drone detection that can identify both the
drone and the pilot. The airport’s drone
preparedness is implemented in close collab
-
oration with the police and Naviair.
51 51
SAFETY & RISK MANAGEMENT / SECURITY SERVICES & CRISIS RESPONSE
Risk management method
and approach at CPH
The corollary of CPH being designated as
critical infrastructure, as well as the fact that
we have to present ourselves as a solid and
financially robust company, means we are
exposed to various risks of strategic, oper-
ational, financial and compliance nature.
Risk management at CPH is aimed at prevent
-
ing and preparing for incidents, reducing uncer-
tainty, leveraging opportunities and facilitating
the fulfilment of CPH’s strategic goals.
Embedding current risk scenarios in our deci
-
sion-making processes across the organisation
ensures that decisions that are susceptible
to one or more risks are made in accordance
with the defined level of risk tolerance.
Internal controls
In order to ensure a strong internal control
platform, CPH actively works to maintain its
RISK MANAGEMENT, RISKS & INTERNAL CONTROLS
Risk management method
and approach at CPH
CPH’s risk profile is determined in accordance with our role as the owner
and operator of the airports at Kastrup and Roskilde. The national interest and
expectations of safe, reliable and accessible travel remained our focus, especially
in a year once again dominated by COVID-19.
internal controls, anchoring them firmly in
the organisation and engaging employees in
their execution.
Financial risks
The Finance Department is responsible for
addressing the company’s financial risks. The
Board of Directors approves the principles
and framework governing CPH's financial
risk management at least once a year. For
further information about how financial risks
are managed, see note 4.3 to the financial
statements, pages 95-99.
Governance structure, organisation
of risk management and internal
risk control
Responsibility for and monitoring of risk
management and internal controls lies with
the Executive Management. The Board
monitors risk management through the
Audit and Risk Management Committee.
The Board also determines the overall risk
tolerance, which forms the basis for ongoing
evaluation and prioritisation of risks. The
Group Risk Manager monitors and facilitates
the practical execution of risk management.
The activities are closely coordinated to
ensure that the internal control systems and
risk management processes always function
as intended. In order to increase the effec
-
tiveness of risk management and internal
controls, CPH applies the “Three Lines of
Defence” model.
This model supports effective communica
-
tion on risk management, compliance and
internal control by specifying the distribution
of roles and responsibilities.
Responsibility for individual risks is embedded
throughout the organisation and handled
by designated risk owners in the various
business units.
Their responsibilities include identifying,
evaluating, managing, controlling and report
-
ing risks, as well as providing an informed
decision-making basis consistent with CPH’s
risk tolerance. All risks are carefully discussed
and balanced at individual meetings with risk
owners and at management group meetings
in the respective business units in advance of
the semi-annual risk reporting to the Audit
and Risk Management Committee.
Material risks
CPH is exposed to risks of a strategic, finan-
cial, operational and compliance nature.
52 52
SAFETY & RISK MANAGEMENT / RISK MANAGEMENT, RISKS & INTERNAL CONTROLS
Description Impact Mitigation
Safety and
security
It is fundamental for CPH to ensure a positive, safe journey for our
passengers. This is why the safety of employees, business partners
and passengers is at the heart of our risk management. In line with
CPH’s risk tolerance, safety has top priority and is a special focus of
day-to-day activities.
Accidents or breaches of safety rules can have very serious con-
sequences for an airport such as CPH. As an airport, we focus on
delivering punctual and reliable operations within the current rules,
while keeping employee and passenger safety needs in focus.
During the COVID-19 crisis, safety remains paramount at CPH. To
reassure passengers, dating back to June 2020 and still in force,
we introduced joint European guidelines on wearing face masks,
practising good hygiene, and keeping a safe distance in airports to
mitigate the effects of the pandemic.
CPH goes to great lengths to monitor, prevent and respond to
safety incidents. In this respect, we have developed targeted
emergency response plans in close dialogue with our business
partners. These plans enable us to react to any incidents at short
notice. In addition, CPH is subject to a large number of regulatory
safety and security requirements. The Danish Civil Aviation and
Railway Authority monitors and checks compliance with these on
an ongoing basis.
Environ-
ment and
climate
CPH takes its environmental responsibility seriously and adopts a
long-term, systematic approach to minimising its environmental
impact and ensuring environmental responsibility in both operation
and development of the airport.
The challenges of climate change are attracting a lot of attention
both nationally and internationally.
In parallel with this, there is a growing need to take responsibility,
identify opportunities and solve challenges.
Airport operations can impact the environment in many ways, for
example in terms of noise, air quality, surface water, wastewater,
groundwater, etc. Our approach to building, including how
we handle and transport building materials, waste, resource
consumption and recycling, plays a big role in our impact on the
environment and climate.
CPH works with innovative methods and solutions to environmen-
tal challenges – often in partnerships, and always in compliance
with the relevant environmental regulations. We work system-
atically to ensure that both operation and development of the
airport are carried out responsibly with respect to the environment
and climate. This approach is embedded in CPH’s activities and
decision-making processes. Moreover, identifying and reducing
potential environmental risks is a statutory requirement of major
projects. Read more about the environment on pages 39-41.
Breaches of
IT security
Digitalisation is one of CPH’s strategic focus areas. Among other
things, this requires us to be innovative and exploit the digitalisa-
tion wave as a lever for growth. This is why there is a particular
focus on ensuring that CPH’s IT strategy supports the goal.
CPH is particularly dependent on well-functioning and reliable IT
systems that support its ability to operate the airport efficiently and
ensure passenger safety. Cybercrime is a very real threat, as hackers
can cause disruptions that extend far beyond the actual incident.
At CPH we are highly focused on protecting our IT systems against
hacking, cybercrime and viruses by mitigating daily cyberattacks. To
this end, we have adopted an IT security strategy to reduce the risk
of CPH’s IT systems being compromised or damaged.
Revenue
risks
The aviation crisis in the wake of COVID-19 remains serious. The
crisis continues to significantly affect Copenhagen Airport, the
airlines, the companies around the airport and the independent
sectors, and revenue is still not back to the pre-crisis level.
Travel restrictions, especially in the first half of 2021, have placed
constraints on thousands of people and on corporate mobility.
The occurrence of new COVID-19 variants in Q4 only reconfirmed the
uncertainty and negative impact on revenue. In the long term, the
reduced traffic may impact on Denmark’s ability to maintain its
position as northern Europe’s most important hub for global air
traffic and freight.
Although passengers returned in reasonable numbers in the second
half of 2021, with a drop in Q4 due to Omicron, the future is uncer-
tain, and we do not know when air traffic will return to 2019 levels.
Since the corona crisis hit and the number of passengers fell
dramatically, CPH’s business model has come under pressure. This
is why steps have been taken to develop and protect the revenue
sources, including by protecting CPH’s business partners, while
simultaneously seeking to minimise costs and spending.
COVID-19
COVID-19 once again in 2021 had a significant impact on CPH,
n respect of both passengers and employees.
Health and safety were the watchwords for our work in 2021,
when ever-changing travel restrictions and rules in Denmark and
the rest of the world presented a challenge for both passengers
and staff.
The key to meeting the challenge has been close, positive cooper-
ation with authorities, airlines and companies at CPH and, not
least, a significant ramping-up of communications to passengers
on all platforms – from the terminals to the website and SoMe.
Despite all the rule changes throughout the year, we helped 9.2
million passengers pass safely through the airport.
53 53
SAFETY & RISK MANAGEMENT / RISK MANAGEMENT, RISKS & INTERNAL CONTROLS
The Danish State owns
39.2%
Governance,
leadership & shares
of the shares
Investor relations policy
CPH’s investor relations policy is to offer a
consistently high level of information on
CPH’s goals, performance and guidance
through active and open dialogue with share
-
holders, other investors and stakeholders.
IR activities in 2021
In 2021, updated information on CPH’s
financial performance was made available to
shareholders and other stakeholders at
www.cph.dk/en.
Analyst coverage
CPH’s ownership structure means it is not
covered by any equity analysts.
The CPH share
On 31 December 2021, CPH had share
capital of DKK 784,807,000 divided into
SHAREHOLDER INFORMATION
Shareholder
information
Throughout 2021, CPH’s shares formed part of Nasdaq
Copenhagen’s Nordic Large Cap segment, which consists
of companies (outside the C25 index) with a market
capitalisation of EUR 1 billion or more.
7,848,070 shares, each with a nominal value
of DKK 100.
CPH has a single share class, and no
shares carry special rights. The shares are
listed on Nasdaq Copenhagen under ISIN
DK0010201102.
A total of 34,005 shares were traded during
the year, equivalent to 0.43% of the share
capital and an average of 134 shares per
trading day. The total value of the shares
traded was DKK 217 million. CPH’s market
capitalisation at year-end was DKK 46.0
billion (2020: DKK 42.2 billion).
Shareholders
CPH had 5,432 registered shareholders at
31 December 2021.
Treasury shares
CPH did not buy or sell treasury shares
in 2021 and held no treasury shares at
year-end.
Dividend policy
The purpose of CPH’s dividend policy is to
create shareholder value. A key element of
this is maintaining an efficient and prudent
capital structure that provides funding for
business and investment requirements.
Dividends were suspended for 2020 and
2021 in compliance with the guidelines for
companies receiving compensation from the
Danish government's support packages as a
consequence of COVID-19.
Credit rating
CPH is rated by the rating agency Moody’s
(Baa2).
Management shareholders at
31 December 2021
Board of Directors: John Flyttov: 1 share
(2020: 1 share).
No options or warrants have been issued to
members of the Board of Directors or the
Executive Management. For information on
remuneration to the Executive Management,
see note 2.5 to the financial statements.
Shareholdings of more than 5%
The following shareholders held more than
5% of the share capital at 1 March 2022:
Copenhagen Airports Denmark ApS (CAD)
The Danish State
Shareholder structure
Copenhagen Airports Denmark ApS (CAD)*
• Ontario Teachers’ Pension Plan (OTPP)
• Danish Labour Market Supplementary
Pension Fund (ATP)
Danish State
Danish private and institutional investors
International private and institutional investors
at 31 December 2021
*
For a further description of OTPP's and ATP's
shareholdings in CPH, see note 5.5 to the
financial statements on related parties.
0.1%
1.3 %
39.2%
59.4%
55 55
GOVERNANCE, LEADERSHIP & SHARES / SHAREHOLDER INFORMATION
Annual General Meeting
The Annual General Meeting (AGM) has the
highest authority in all company matters.
CPH’s AGM is held each year before the end
of April.
Board of Directors
CPH’s Board consists of nine members: six are
elected by the shareholders at the AGM and
three by the employees. The Board oversees
the general and strategic management of
CPH. The Board’s roles and responsibilities are
defined in its rules of procedure, according to
which the Board must:
ensure proper organisation of CPH’s
activities and that the Executive
Management performs its duties in
an appropriate manner
CORPORATE GOVERNANCE
Corporate
governance
The purpose of corporate governance at CPH is to
support value creation and accountable management,
thereby driving long-term success.
ensure that bookkeeping and financial
reporting are carried out in a satisfactory
manner and that the necessary risk man
-
agement and internal control procedures
are in place
ensure sound capital resources
define CPH’s general goals, strategies,
action plans and investment policies.
The Board held eight meetings in 2021. The
agenda is set out in an annual plan, ensuring
that the principal tasks are performed in a
timely manner and are distributed sensibly
over the year.
CPH’s employees elect three members to
serve on the Board for four-year terms. The
most recent employee elections took place in
March 2019. Pursuant to Danish legislation,
employee-elected board members have the
same rights, duties and responsibilities as
board members elected by the shareholders
at the AGM.
The Board has drawn up a specification of
the competences required of members of
CPH’s Board. Board member nominations
must take this specification into account.
The specification states that members must
have a relevant professional background with
particular focus on airports or other relevant
sectors. The qualifications must include
corporate advisory experience primarily on
business and financial advisory, commercial
operations and aviation development.
The Board has laid down an evaluation
procedure in accordance with the recommen
-
dations on corporate governance. In autumn
2021, an evaluation was carried out of the
Board as a whole and its collaboration with
the Executive Management and other senior
management. Given that a very thorough
evaluation was carried out in 2019 with the
assistance of an external consultant, the
2021 evaluation was conducted internally by
means of a questionnaire. The conclusions
of the evaluation as well as the board work
as such were subsequently discussed by
the Board in light of the recommendations
of corporate governance, with a particular
focus on the company’s purpose as well as
the board’s composition and competencies.
The overall conclusion was that the Board is
generally well-functioning. Dialogue on the
individual sub-elements of the evaluation
identified a few areas where the Board will
intensify its focus going forward.
56 56
GOVERNANCE, LEADERSHIP & SHARES / CORPORATE GOVERNANCE
Chairmanship
The Board has elected a chairmanship
consisting of the Chairman, Lars Nørby
Johansen, and two Deputy Chairmen,
David Stanton and Martin Præstegaard. In
accordance with the Recommendations for
Corporate Governance, the Chairman is
regarded as being independent.
The Chairmanship prepares and organises the
work of the Board with a view to assisting
the Board in executing its tasks, duties and
responsibilities efficiently and responsibly.
The Chairmanship also performs the role of
a nomination and remuneration committee.
The Chairmanship held 12 meetings in 2021,
at which it considered several issues in ac
-
cordance with the annual plan for the various
activities for which it is responsible, including
business strategy, business development,
major projects, nomination and remuneration
tasks and CPH’s relationship with sharehold
-
ers and the general public.
Audit and Risk Management Committee
The Board of CPH has set up an Audit and
Risk Management Committee (ARMC).
The committee comprises the following
persons, all of whom have the specific
qualifications required to serve on an audit
committee: David Stanton (chairman); Martin
Præstegaard and Janis Kong (members).
In accordance with the Recommendations
for Corporate Governance, Janis Kong is
regarded as being independent.
8
Board meetings
held in 2021
The primary objective of the Committee is to
assist the Board in discharging its accounting,
reporting and auditing responsibilities, and
in carrying out internal control and risk
management at CPH.
The ARMC held four meetings in 2021, at
which it considered several issues in accord
-
ance with the annual plan for the various
activities set out in the Committee’s terms
of reference.
Executive Management
Executive Management oversees the day-
to-day management of CPH. In performing
this task, Executive Management complies
with the guidelines and directions laid down
by the Board in its instructions to Executive
Management. Executive Management makes
recommendations to the Board with respect
to the definition and implementation of
CPH’s strategies, goals, action plans and in
-
vestment policies as well as capital resources,
organisation and insurance matters. Lastly,
Executive Management provides the Board
with timely reporting and information about
day-to-day operations and financial matters.
Reference to statement on
corporate governance
CPH prepares a detailed statement on corpo-
rate governance describing whether and how
CPH is compliant with the recommendations
of the Danish Committee on Corporate
Governance. The statement also presents the
main elements of CPH’s internal control and
risk management systems in connection with
the financial reporting process. The statutory
statement on corporate governance, see sec
-
tion 107b of the Danish Financial Statements
Act, is available on CPH’s website at
57 57
GOVERNANCE, LEADERSHIP & SHARES / CORPORATE GOVERNANCE
BOARD OF DIRECTORS & EXECUTIVE MANAGEMENT
Board of Directors
Lars Nørby Johansen
Danish citizen, born 1949.
Chairman of the Board of Directors
since 2014. Elected for a term of one
year. Independent board member.
Directorships
Chairman
· Codan A/S and
Codan Forsikring A/S
· Dansk Vækstkapital
· Montana
· Trapholt, Museum of
Modern Art and Design
· William Demant Foundation
· William Demant Invest
Deputy Chairman
Arp-Hansen Hotel Group
Relevant expertise
Previously chairman of the
Copenhagen Stock Exchange
Committee on Corporate
Gover nance.
Meetings attended
Board meetings: 8
Chairmanship meetings: 12
David Stanton
British citizen, born 1969.
Managing Director, Ontario
Airports Investments Ltd.
Member and Deputy Chairman
of the Board of Directors
since 2011. Chairman of the
Audit and Risk Management
Committee (ARMC). Elected
for a term of one year.
Directorships
Member
· Birmingham Airport
· London City Airport
Relevant expertise
Expertise in finance, accounting,
business development and com
-
mercial operations with in-depth
knowledge of the aviation sector.
Meetings attended
Board meetings: 8
ARMC meetings: 4
Chairmanship meetings: 12
Martin Præstegaard
Danish citizen, born 1976.
Deputy Chairman of the Board
of Directors. Joined ATP as
CFO and Deputy CEO in 2019.
Worked prior to that for five
years as Permanent Secretary of
the Ministry of Finance and four
years in Danmarks Radio as di
-
rector of DR Finance. Started his
career in the Ministry of Finance
as Departmental Manager,
Ministerial Secretary and Head of
Section. Private Secretary, later
as Head of Secretariat and Head
of Department, in the State
Procurement Center. Elected for
a term of one year.
Directorships
Member
· TDC A/S
· ATP Real Estate
· ATP Private Equity Partners
Meetings attended
Board meetings: 8
ARMC meetings: 3
Chairmanship meetings: 6
Charles Thomazi
Canadian citizen, born 1963.
Managing Director, EMEA of
OTPP’s Infrastructure and Natural
Resources portfolio. Member
of the Board of Directors since
2015. Elected for a term of
one year.
Directorships
Member
· Brussels Airport
· Maple Co
· Ontario Airports Investments
Limited
· Scotia Gas Networks
Relevant expertise
More than 20 years' experience
in the financial sector and more
than 18 years' infrastructure
experience. Has worked within
several sectors with primary
focus on transport infrastructure.
Meetings attended
Board meetings: 8
Janis Kong
British citizen, born 1951.
Member of the Board of
Directors since 2012.
Member of the Audit and
Risk Management Committee
(ARMC). Elected for a term of
one year. Independent board
member.
Directorships
Chairman
Bristol Airport
Member
· Roadis
Relevant expertise
In-depth knowledge of the
airport sector achieved through
a 33-year career with British
Airports Authority plc, where she
has held a number of positions,
including that of chairman of
Heathrow Airport Ltd.
Meetings attended
Board meetings: 8
ARMC meetings: 4
Lars Sandahl Sørensen
Danish citizen, born 1963
Member of the Board of Directors
since 2021. CEO of the
Confederation of Danish Industry
(DI). Former Group Deputy Chief
Executive Officer & Chief
Operating Officer of SAS
– Scandinavian Airlines,
Chair SAS Cargo and other
SAS Group entities. Elected for a
term of one year. Independent
board member.
Directorships
Chairman
A/S af 3. juni 1986
Deputy Chairman
PensionDanmark
Member
ATP
Relevant expertise
Internationally experienced CEO,
senior executive, and board
member, with substantial
under standing and results in
leading strategic growth and
transformation in highly
competitive environments
and businesses.
Meetings attended
Board meetings: 4
58 58
GOVERNANCE, LEADERSHIP & SHARES / BOARD OF DIRECTORS & EXECUTIVE MANAGEMENT
Employee representatives
Betina Hvolbøl Thomsen
Danish citizen, born 1963.
Project coordinator.
Employee representative
Member of the Board of Directors
since 2019. Elected for a term of
four years.
Meetings attended
Board meetings: 8
John Flyttov
Danish citizen, born 1956.
Security officer.
Employee representative
Member of the Board of Directors
from 2015 until 31 January 2022.
Elected for a term of four years.
Meetings attended
Board meetings: 8
Michael Marott Bock
Danish citizen, born 1965.
Security officer.
Employee representative
Member of the Board of Directors
since 1 February 2022, replacing
John Flyttov.
Meetings attended
N/A
Dan Hansen
Danish citizen, born 1978.
Semi-skilled worker.
Employee representative
Member of the Board of Directors
since 2015. Elected for a term of
four years.
Meetings attended
Board meetings: 8
Thomas Woldbye
CEO
Danish citizen, born 1964.
Appointed CEO of Copenhagen
Airports A/S on 1 May 2011, prior
to which he worked for A.P. Møller -
Mærsk for 27 years, including some
20 years in international postings.
Directorships
Chairman
· Copenhagen Airport Hotels A/S
· Copenhagen Airports
International A/S
· Welcome Home (veterans
organisation)
Vice chair
· Smarter Airports A/S
Member
· ACI Europe
· Centre for Leadership, CfL
· Confederation of Danish Industry's
Business Policy Committee
· SITA N.V.
· Wonderful Copenhagen
Executive
Management
59 59
GOVERNANCE, LEADERSHIP & SHARES / BOARD OF DIRECTORS & EXECUTIVE MANAGEMENT
Consolidated financial
& non-financial statements
Loss before tax, DKK
666.5 million
Consolidated financial
performance &
statements
2020
2021
Financial performance
Revenue and other income
Revenue for the year amounts to DKK 1,760.9
million and comprises aeronautical revenue of
DKK 865.5 million and non-aeronautical
revenue of DKK 895.4 million. Consolidated
revenue increased by DKK 185.2 million or
11.8% compared to 2020.
The higher revenue was driven by both an
increased appetite for travelling and the easing
of travel restrictions imposed by various govern
-
ments across the world to curb the spread of
the COVID-19 pandemic. Aeronautical revenue
is up compared to 2020, albeit still significantly
lower than 2019 levels, with an overall decline
of DKK 1,549.7 million from 2019 to 2021.
Non-aeronautical revenue also continues to be
severely affected by the low passenger numbers.
Many concessionaires in the restaurant and
convenience segment, banks and specialty shops
were closed for parts of 2021. Sale of services
increases by DKK 69.5 million, primarily as a
result of the opening of the new Comfort
Hotel in May 2021 and rising energy prices.
Other income of DKK 265.8 million primarily
relates to compensation received from the Danish
government’s support packages for fixed costs.
Operating costs
Operating costs including depreciation and
amortisation decreased by a total of DKK 115.4
million relative to 2020 to DKK 2,532.6 million.
Staff costs decreased by DKK 284.1 million,
mainly due to a reduced headcount, work-
sharing activities and cost-saving initiatives.
operate the airports are also increasing. Depreci
-
ation and amortisation were up by DKK 96.1
million, mainly due to higher write-offs of assets
in 2021 compared to 2020 and the depreciation
related to the Comfort Hotel building.
EBITDA
Reported EBITDA increased by 151.5% to DKK
506.1 million. Excluding one-off items, EBITDA
increased by 43.6%.
EBIT
Reported EBIT increased by DKK 205.1 million to
a loss of DKK 510.0 million. Excluding one-off
items, EBIT increased by DKK 53.8 million.
Net financing costs
Net financing costs increased by DKK 43.4
million compared to 2020, mainly due to a
decrease in capitalised interest on assets under
construction and an increase in other financial
costs due to an increase in committed credit
facilities and recycling of amortised financial
costs in 2021. This was partly offset by a lower
average interest rate after two USPP loans
were repaid in June 2020.
Tax on profit/(loss) for the year
Tax on profit/(loss) for the year was a tax
income of DKK 149.2 million, giving an effec
-
tive tax rate of 22.4%. The tax rate in 2021
was 22.0% (2020: 22.0%).
Net profit/(loss)
CPH’s profit/(loss) after tax increased by DKK
120.8 million to a loss of DKK 517.3 million
primarily due to an increase in passenger
numbers as well as the strong focus on cost
savings and the compensation packages
received from the Danish government.
Income statement Income statement excluding one-off items
DKKm 2021 2020 Ch. Ch. % 2021 2020 Ch. Ch. %
Revenue 1,760.9 1,575.7 185.2 11.8% 1,760.9 1,575.7 185.2 11.8%
Other income 265.8 357.6 (91.8) (25.7%) 265.8 357.6 (91.8) (25.7%)
External costs 423.6 351.0 72.6 20.7% 423.6 350.1 73.5 21.0%
Staff costs 1,097.0 1,381.1 (284.1) (20.6%) 1,097.0 1,230.7 (133.7) (10.9)
EBITDA 506.1 201.2 304.9 151.5% 506.1 352.5 153.6 43.6%
EBIT (510.0) (715.1) 205.1 (28.7%) (510.0) (563.8) 53.8 (9.5%)
Profit/(loss)
before tax (666.5) (828.2) 161.7 (19.5%) (666.5) (676.9) 10.4 (1.5%)
Net profit/(loss)
for the year (517.3) (638.1) 120.8 (18.9%) (517.3) (520.1) 2.8 (0.5%)
Traffic revenue
Concession revenue
Rent
Hotel operation
Other sale of services, etc.
Revenue in 2021
DKK
1,760.9
million
External costs increased by DKK 72.6 million.
This increase should be seen in conjunction with
the significant cost cuts made in 2020 as the
COVID-19 pandemic forced CPH to adjust its
activity to the lower passenger levels. As passen
-
gers are once again returning, the costs to
49.1%26.5%
9.6%
4.8% 10%
44.1%32.2%
11.5%
3.7% 8.5%
62
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
NOTE DKKm 2021 2020
Income statement
Traffic revenue 865.5 695.4
Concession revenue 465.9 507.8
Rent 168.8 181.3
Sale of services, etc. 260.7 191.2
2.1, 2.2 Revenue 1,760.9 1,575.7
2.3 Other income 265.8 357.6
2.4 External costs 423.6 351.0
2.5 Staff costs 1,097.0 1,381.1
3.1 Amortisation and depreciation 1,012.0 915.9
Operating profit/(loss) (505.9 ) (714.7 )
3.4 Share of profit/(loss) after tax in associates (4.1 ) (0.4 )
4.1 Financial income 4.2 10.7
4.1 Financial expenses 160.7 123.8
Profit/(loss) before tax (666.5 ) (828.2 )
2.6 Tax on profit/(loss) for the year (149.2 ) (190.1 )
Net profit/(loss) for the year (517.3 ) (638.1 )
Net profit/(loss) attributable to:
Shareholders of Copenhagen Airports A/S (526.9 ) (638.1 )
Non-controlling interests 9.6 -
Net profit (517.3 ) (638.1 )
5.9 Earnings per DKK 100 share (basic and diluted) DKK (65.9 ) (81.3 )
NOTE DKKm 2021 2020
Statement of comprehensive income
Net profit/(loss) for the year
(517.3 ) (638.1 )
Items that will be reclassified to the income statement
Currency translation of equity in a foreign branch (3.1 ) (2.5 )
Value adjustments of hedging instruments 81.0 (133.5 )
4.1 Value adjustments of hedging instruments transferred to
financial income and expenses in the income statement (80.6 ) 186.0
2.6 Tax on other comprehensive income (0.1 ) (11.5 )
Other comprehensive income for the year (2.8 ) 38.5
Total comprehensive income for the year (520.1 ) (599.6 )
Total comprehensive income attributable to:
Shareholders of Copenhagen Airports A/S (529.7 ) (599.6 )
Non-controlling interests 9.6 -
Total comprehensive income for the period (520.1 ) (599.6 )
Consolidated income statement, 1 January – 31 December
63
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
2017 2021
2,500
2,000
1,500
1,000
500
0
2018 2020
DKKm
2019
Breakdown of investments in the aeronautical
and non-aeronautical business areas
At 31 December 2021, the Group has assets of DKK 15,368.2 million (2020: DKK
14,278.2 million). The increase of DKK 1,090.0 million is mainly due to the increase in
fixed and financial assets as well as an increase in trade receivables.
In May 2021, CPH and Strawberry Group closed the deal on the new Comfort Hotel,
establishing co-ownership of CPH’s hotel activities with Strawberry Group contributing KL
Hotel A/S (the Comfort Hotel) in return for an ownership share in Copenhagen Airport
Hotels A/S. The transaction resulted in a contribution of DKK 1,011.1 million in property,
plant and equipment and a non-controlling interest ownership share of equity. CPH
maintains control over the co-ownership and therefore fully consolidates the hotel
business in the Group Financial Statements.
Non-current assets
Non-current assets totalled DKK 14,703.3 million (2020: DKK 14,002.0 million), or
95.7% of total assets (2020: 98.1%). The largest investments in 2021 comprised the
Comfort Hotel, expansion of Terminal 3, construction of a multi-storey car park, runway
renovations and new baggage facilities.
Current assets
Current assets totalled DKK 664.9 million (2020: DKK 276.2 million). The increase comes
as a result of the increased activity in 2021, as well as significant reductions in activity at
year-end 2020. The financial statement line primarily comprises prepayments, trade
receivables and receivable government support packages for fixed costs allocated to CPH
by the Danish government.
Liabilities
Liabilities amount to DKK 12,170.4 million at 31 December 2021 (2020: DKK 11,619.2
million). The increase of DKK 551.2 million primarily relates to higher loan volumes.
Non-current liabilities increased by DKK 668.7 million compared to 31 December 2020
(2020: increased by DKK 3,233.1 million), primarily due to higher loan volumes in 2021
as a result of the lower performance. The pandemic meant CPH needed to draw on its
facilities to finance the operations. Current liabilities excluding the current portion of
financial institutions and other loans amount to DKK 836.4 million (2020: DKK 1,024.2
million), a decrease of DKK 187.8 million. The decrease is mainly due to lower other
payables, lower trade payables and lower prepayments from customers.
Group balance sheet
Aeronautical investments
Non-aeronautical investments
1,115.4
1,554.6
401.7
524.2
1,630.4
1,023.6
326.4
511.7
411.8
243.8*
* Capital investments exclude the Comfort Hotel, which was contributed as part of the deal closed
between Strawberry Group and CPH in May 2021.
64
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
Balance sheet, 31 December
NOTE DKKm 2021 2020
Assets
Non-current assets
3.2 Total intangible assets 222.0 309.4
3.3 Property, plant and equipment
Land and buildings 6,284.5 5,603.2
Investment properties 874.6 217.5
Plant and machinery 4,971.7 4,671.3
Other fixtures and fittings, tools and equipment 766.0 807.1
Property, plant and equipment under construction 1,315.9 2,256.8
Total property, plant and equipment 14,212.7 13,555.9
Financial investments
3.4 Investments in associates 125.9 75.0
4.3 Other financial assets 142.7 61.7
Total financial investments 268.6 136.7
Total non-current assets 14,703.3 14,002.0
Current assets
Receivables
5.1 Trade receivables 448.6 156.5
Other receivables 32.2 35.1
Prepayments 106.0 42.8
Total receivables 586.8 234.4
Cash 78.1 41.8
Total current assets 664.9 276.2
Total assets 15,368.2 14,278.2
NOTE DKKm 2021 2020
Equity and liabilities
Equity
Share capital 784.8 784.8
Reserve for hedging 2.9 6.8
Cost of hedging (3.7 ) (7.9 )
Retained earnings 1,730.6 1,875.3
Shareholders of Copenhagen Airports A/S 2,514.6 2,659.0
Non-controlling interests 683.2 -
Total equity 3,197.8 2,659.0
Non-current liabilities
2.6 Deferred tax 703.8 856.3
4.2 Financial institutions and other loans 10,257.6 9,439.5
4.3, 5.2 Other payables 154.8 151.7
Total non-current liabilities 11,116.2 10,447.5
Current liabilities
4.2 Financial institutions and other loans 217.8 147.5
Prepayments from customers 170.3 234.1
Trade payables 339.2 407.2
2.6 Income tax 0.5 -
4.3, 5.2 Other payables 282.9 379.5
Deferred income 43.5 3.4
Total current liabilities 1,054.2 1,171.7
Total liabilities 12,170.4 11,619.2
Total equity and liabilities 15,368.2 14,278.2
For more information, see list of notes on page 70.
65
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
Equity & dividend
50
40
30
20
10
0
(10)
(20)
(30)
4,000
3,000
2,000
1,000
0
(1,000)
DKKm
%
2019 2020 202120182017
Equity
Equity totalled DKK 3,197.8 million at 31 December 2021 (2020: DKK 2,659.0 million).
The increase of DKK 538.8 million reflects the contribution of the Comfort Hotel in 2021,
offset by the loss for the year.
Change in equity
Equity decreased by the loss for the year of DKK 517.3 million (2020: decreased by a loss
of DKK 638.1 million), partly offset by a contribution of DKK 1,058.9 million related to the
Comfort Hotel and a positive impact of DKK 0.3 million (2020: DKK 41.0 million) from
value adjustments of hedging transactions and the associated tax effect. These adjustments
related to currency swaps to hedge USD. There were also exchange rate adjustments of
equity in a foreign branch, resulting in a negative impact of DKK 3.1 million (2020:
negative impact of DKK 2.5 million).
Gain from transactions with owners recognised directly into equity is related to a capital
increase in Copenhagen Airport Hotels A/S (“CAH”) of total DKK 1,050 million through
an in-kind contribution of the Comfort Hotel in exchange of 47% of the shares in CAH.
Equity ratio and return on equity
Equity movements in 2021
After this contribution total equity in CAH amounted to DKK 1,414 million end of May 2021
of which 47% covers non-controlling interests. In addition an amount of DKK 8,9 million
was contributed in cash bringing the non-controlling interests to total DKK 673 million.
Dividend
The Board of Directors proposes for adoption at the Annual General Meeting that
no dividend be paid in respect of 2021. Dividends to shareholders in 2021 have been
suspended because of the financial situation and compensation received from the
Danish government’s support packages.
Equity ratio
The equity ratio amounts to 20.8% (2020: 18.6%) of the balance sheet total, an increase of 2.2
percentage points compared to 2020 due to the contribution of the Comfort Hotel in 2021.
Return on equity
The return on equity is negative at 17.7% in 2021 (2020: negative at 21.6%) because
of the contribution of the Comfort Hotel.
Equity,
beginning
of year
Net loss
for the
year
Value
adjust ments
of hedging
instruments, etc.
Equity,
end of year
Contribution
during the
year
Return on equity
Equity ratio
2,659.0
(517.3)
(2.8)
3,197.8
1,058.9
41.5
35.4
(17.7)
27.2
23.8
23.0
18.6
(21.6)
20.8
32.2
66
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
2021 2020
DKKm
Share
capital
Reserve for
hedging
Cost of
hedging
Retained
earnings Total
Non-control-
ling interests Total
Share
capital
Reserve for
hedging
Cost of
hedging
Retained
earnings Total
Equity at 1 January 784.8 6.8 (7.9 ) 1,875.3 2,659.0 2,659.0 784.8 (32.0 ) (10.1 ) 2,515.9 3,258.6
Comprehensive income for the year
Net profit/(loss) for the year - - - (526.9 ) (526.9 ) 9.6 (517.3 ) - - - (638.1 ) (638.1 )
Other comprehensive income
Currency translation of equity in a
foreign branch - - - (3.1 ) (3.1 ) (3.1 ) - - - (2.5 ) (2.5 )
Value adjustments of hedging instruments - 59.0 4.2 - 63.2 63.2 - (106.3 ) 2.2 - (104.1 )
Value adjustments of hedging instruments
transferred to financial income and expenses
in the income statement - (62.9 ) - - (62.9 ) (62.9 ) - 145.1 - - 145.1
Total other comprehensive income - (3.9 ) 4.2 (3.1 ) (2.8 ) (2.8 ) - 38.8 2.2 (2.5 ) 38.5
Total comprehensive income for the year - (3.9 ) 4.2 (530.0 ) (529.7 ) 9.6 (520.1 ) - 38.8 2.2 (640.6 ) (599.6 )
Transactions with owners
Transactions with owners - - - 385.3 385.3 673.6 1,058.9 - - - - -
Total transactions with owners - - - 385.3 385.3 673.6 1,058.9 - - - - -
Equity at 31 December 784.8 2.9 (3.7 )
Statement of changes in equity, 1 January – 31 December
67
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
12,000
10,000
8,000
6,000
4,000
2,000
0
30
25
20
15
10
5
0
2018 2019 2020 2021
2018 2019 2020 2021
2017
2017
DKKm
DKKm
3,000
2,500
2,000
1,500
1,000
500
0
250
200
150
100
50
0
Cash flow from operating activities
Cash flow from operating activities is negative and amounts to DKK 129.7 million, a
decrease of DKK 312.8 million compared to 2020. The decrease primarily relates to the
fall in revenue, which is partly offset by lower costs as a result of the reduced activity level
and cost savings, the Danish government’s support packages and lower tax payments.
Cash flow from investing activities
Cash flow from investing activities primarily comprises payments for intangible assets and
property, plant and equipment totalling DKK 580.6 million (2020: DKK 1,517.2 million)
and capital contribution in associates of DKK 55.0 million.
Cash flow from financing activities
Cash flow from financing activities is positively affected by proceeds from new loans
raised and net draws on credit facilities, totalling DKK 930.0 million. This effect is partly
offset by amortisation and repayment of loans. In 2021, the leverage ratio was negatively
affected by COVID-19, resulting in higher loan volumes.
Cash and cash equivalents
At 31 December 2021, CPH has cash and cash equivalents of DKK 78.1 million (2020:
DKK 41.8 million) and committed undrawn credit facilities of DKK 3,504.0 million (2020:
DKK 4,450.0 million).
Financing
At 31 December 2021, CPH has interest-bearing debt of DKK 10,475.4 million (2020:
DKK 9,587.0 million) and net interest-bearing debt of DKK 10,397.3 million (2020: DKK
9,545.2 million). The difference of DKK 78.1 million (2020: DKK 41.8 million) consists of
cash and cash equivalents. In total, 97.9% of the interest-bearing debt (2020: 98.5%) is
non-current, i.e. with a maturity of more than one year from 31 December 2021,
comprising facilities in USD and DKK.
In May 2021, CPH prolonged the DKK 6.0 billion facility agreement with a club of banks
ob tained in 2020, ensuring adequate liquidity until August 2023. Further waiver agree
-
ments with existing lenders were granted, relieving CPH of certain loan covenants up to
and including Q3 2022. The new facility is a combination of a term loan of DKK 2.0
billion and a credit facility of DKK 4.0 billion.
Cash flow
Financing
Cash flow statement
Cash flow from operating activities before financial items and tax
EBITDA index
Interest-bearing debt
Leverage ratio
2,549.8
2,559.0
97.7
101.9
5,934.2
7,184.5
2,320.5
478.8
97.9
238.0
8,388.3
9,587.0
10,475.4
2.27
2.70
3.42
28.28
20.54
5.4
27.2
68
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
NOTE DKKm 2021 2020
Cash flow from operating activities
5.3 Received from customers 1,399.6 1,773.1
5.3 Paid to staff, suppliers, etc. (1,347.4 ) (1,294.3 )
Cash flow from operating activities before
financial items and tax 52.2 478.8
5.3 Interest received, etc. 5.0 5.1
5.3 Interest paid, etc. (186.5 ) (184.1 )
Cash flow from operating activities before tax (129.3 ) 299.8
2.6 Income taxes paid (0.4 ) (116.7 )
Cash flow from operating activities (129.7 ) 183.1
Cash flow from investing activities
Payments for property, plant and equipment (571.0 ) (1,441.8 )
Payments for intangible assets (9.6 ) (75.4 )
Sale of property, plant and equipment 2.8 42.7
Payments related to investments in associates (55.0 ) (74.6 )
Cash flow from investing activities (632.8 ) (1,549.1 )
NOTE DKKm 2021 2020
Cash flow from financing activities
4.2 Repayments of long-term loans (3,746.2 ) (2,147.2 )
4.2 Proceeds from long-term loans 4,529.0 5,550.0
4.2 Repayments of short-term loans (160.4 ) (2,387.8 )
4.2 Proceeds from short-term loans 176.4 373.6
Cash flow from financing activities 798.8 1,388.6
Net cash flow for the year 36.3 22.6
Cash at beginning of year 41.8 19.2
Cash at end of year 78.1 41.8
Cash flow statement, 1 January – 31 December
69
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL PERFORMANCE
NOTE
NOTE
■
■
■
■
■
■
■
■
■
■ ■
■ ■
■
■
■
■
■ ■
■
■ Contains accounting policies
■ Contains significant estimates and judgements
■ Contains estimates and judgements
General
Significant accounting policies ........................................................................ 71
Recently adopted accounting standards
and interpretations for implementation .......................................................... 73
Going concern ................................................................................................ 74
One-off items ................................................................................................. 75
Results for the year
Information on business areas......................................................................... 76
Revenue ......................................................................................................... 78
Other income ................................................................................................. 80
External costs .................................................................................................. 81
Staff costs ....................................................................................................... 81
Tax .................................................................................................................. 83
Investments
Amortisation and depreciation ........................................................................ 85
Intangible assets ............................................................................................. 85
Property, plant and equipment ........................................................................ 87
Subsidiaries and associates.............................................................................. 91
Financing & financial risks
Financial income and expenses .................................................................... 92
Financial institutions and other loans ............................................................ 93
Financial risks ................................................................................................ 95
Other notes
Trade receivables ......................................................................................... 100
Other payables ........................................................................................... 101
Notes to the cash flow statement ............................................................... 101
Financial commitments ............................................................................... 102
Related parties ............................................................................................ 102
Concession for airport operations and charges regulation ........................... 103
Fees to the auditors appointed
at the Annual General Meeting .................................................................. 104
Post-balance sheet events ........................................................................... 104
Capital and EPS .......................................................................................... 104
Definitions of key financial figures .............................................................. 105
Notes Financial statements
1.1
1.2
1.3
1.4
2.1
2.2
2.3
2.4
2.5
2.6
4.1
4.2
4.3
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
5.9
5.10
3.1
3.2
3.3
3.4
70
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
1.1
To make the report more manageable and readable, the accounting policies, estimates
and judgements for specific items are placed together with the appropriate note, keeping
all the information related to the item in one place.
Basis of preparation of the financial statements
CPH is a limited company domiciled in Denmark and listed on Nasdaq Copenhagen.
The consolidated financial statements of CPH are prepared in accordance with Interna
-
tional Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and
further requirements applicable in Denmark.
The financial statements of the Parent Company, Copenhagen Airports A/S, are prepared
in accordance with the Danish Financial Statements Act.
Significant accounting estimates
In preparing the consolidated financial statements, management makes various
accounting estimates and assumptions that form the basis of the presentation, recogni
-
tion and measurement of CPH’s assets and liabilities.
The estimates made by CPH in determining the carrying amounts of assets and liabilities
are based on estimates and assumptions that are subject to future events. These include
estimates of the useful lives of property, plant and equipment, and their residual values.
Estimates and underlying assumptions are based on historical data and factors that
management considers relevant under the given circumstances. These assumptions may
have to be revised, and unexpected events or circumstances may occur.
There are no changes to the estimates made by CPH in determining the carrying amounts
compared to 2020. The carrying amounts of these items are disclosed in notes 3.2 and 3.3.
For a description of CPH’s risks, see note 4.3 on financial risks.
General information
The Annual Report is prepared under the historical cost principle. Assets and liabilities are
subsequently measured as described below. This is unchanged from 2020.
Basis of consolidation
The Annual Report comprises the Parent Company, Copenhagen Airports A/S, and
companies where the Parent Company directly or indirectly controls the majority of the
votes or otherwise controls the companies (subsidiaries). Companies where CPH controls
50% or less of the votes and does not have control but exercises significant influence are
considered associates.
In the consolidation, intercompany income and expenses, shareholdings, dividends and
balances, and realised and unrealised intercompany gains and losses on transactions
between the consolidated companies are eliminated.
CPH’s Annual Report is prepared on the basis of the financial statements of the Parent
Company and the subsidiaries. The financial statements used in the consolidation are
prepared in accordance with CPH’s accounting policies.
Other income
Other income contains items of a secondary nature relative to CPH’s primary activities,
including gains and losses on the sale of assets and compensation from the Danish
government’s support packages for wages and salaries and fixed costs.
Foreign currency translation
CPH’s functional currency is the Danish krone, which is used as the measurement and
presentation currency in the preparation of the Annual Report. Therefore, currencies
other than DKK are considered foreign currencies.
Transactions denominated in foreign currencies are translated at the exchange rate ruling
at the transaction date. Gains and losses arising as a result of differences between the
exchange rate at the transaction date and the exchange rate at the date of payment are
recognised in the income statement as Financial income or Financial expenses.
Receivables, payables and other monetary items denominated in foreign currencies that
have not been settled on the balance sheet date are translated at the exchange rates
ruling at the balance sheet date.
Significant accounting policies
Notes General
71
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
1.1
Statement of comprehensive income
CPH presents comprehensive income in two statements: an income statement and a
statement of comprehensive income, showing the results of operations for the year
and income included in other comprehensive income. Other comprehensive income
comprises hedging transactions. Tax related to other comprehensive income for the
individual items is disclosed in the relevant notes.
Equity
Dividends
Dividends expected to be declared in respect of the year are stated under equity.
Dividends are recognised as a liability at the time of adoption by the shareholders at
the Annual General Meeting.
Reserve for hedging
The reserve for hedging transactions contains the accumulated net change in the fair
value of hedging transactions that meet the criteria for hedging future cash flows and
where the hedged transaction has not yet been realised.
The reserve is dissolved when the hedged transaction is realised, if the hedged cash flows
are no longer expected to be realised or the hedging relationship is no longer effective.
Cost of hedging
Cost of hedging is the total cost of hedging for hedge transactions. Expenses are
dissolved when the hedged transaction is realised.
Prepayments and deferred income
Prepayments recognised under assets comprise costs incurred relating to the following
financial year and are measured at nominal value.
Deferred income recognised under liabilities comprises payments received relating to
income in subsequent financial years and is measured at nominal value.
Cash flow statement
The cash flow statement shows CPH’s cash flows for the year distributed between
ope rating, investing and financing activities as well as the net changes in cash for the
year and CPH’s cash at the beginning and end of the year.
Cash and cash equivalents
Cash includes cash and balances on accounts available at no or short notice.
Cash flow from operating activities
The cash flow from operating activities comprises payments from customers less
payments to employees, suppliers, etc., adjusted for financial items paid/received and
income taxes paid.
Cash flow from investing activities
The cash flow from investing activities comprises cash flows from the purchase and sale
of intangible assets, property, plant and equipment and investments.
Cash flow from financing activities
The cash flow from financing activities comprises cash flows from the raising and repay
-
ment of long-term and short-term debt to financial institutions as well as dividends paid
to shareholders.
Significant accounting policies (continued)
Notes General
72
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
1.2
A number of new standards, amendments to standards and interpretations are effective
for annual periods beginning after 1 January, 2021 and have not been applied in
preparing this annual report. None of these new standards, amendments to standards
and interpretations are expected to have a significant impact on the financial statements
of Københavns Lufthavne A/S.
Københavns Lufthavne A/S will adopt the new standards and interpretations as of the
effective dates.
New standards, amendments and interpretations adopted
but not yet effective
As of 1 January, 2021, CPH adopted all relevant new or revised International Financial
Reporting Standards and IFRIC Interpretations with effective date 1 January, 2021 or
earlier. The new or revised standards and interpretations did not affect recognition and
measurement materially nor did they result in any material changes to disclosures in the
notes. Apart from this, the annual report is presented in accordance with the accounting
policies applied in previous years’ annual reports.
Recently adopted accounting standards and interpretations for implementation
Notes General
73
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
1.3
Management has adopted the going concern basis for preparing these financial state-
ments and has considered the ongoing COVID-19 pandemic and the impact on cash flow
and liquidity position together with factors likely to affect development and performance.
In May 2021, CPH prolonged the credit agreements entered in 2020: a DKK 6.0 billion
facility agreement with a club of banks that ensures adequate liquidity until August
2023. Further the waiver agreements with existing lenders, providing CPH relief from
certain loan covenants, was prolonged up to Q3 2022. This ensures that CPH will be able
to continue to meet its financial and investment commitments. The waiver agreements
require CPH to meet a liquidity covenant* with which CPH has complied during 2021.
2021 was significantly impacted by the continued pandemic, but the second half of the
year showed activity of up to 60% of the 2019 activity. This was due to vaccinations,
corona passports and the lifting of restrictions. In December 2021 and into the first
months of 2022, the Omicron variant has created renewed uncertainty and many coun
-
tries once again toughened up restrictions. It is though the expectation that the activity
will improve compared to 2021. CPH will continue operate with a lowered cost level
dependent on, the shape and timing of the recovery.
In 2020, CPH took significant actions with a positive effect on performance, including
substantial cost reductions. These actions continued in 2021 and included a significant
reduction of CAPEX.
Going concern
Notes General
Despite the actions taken, it is highly likely that CPH risks being in breach of EBITDA-
based covenants once these are tested in December 2022 in line with current agree
-
ments. CPH will during the summer of 2022 prepare a funding plan. Should a need for
extension exists, management believe that the activity level has returned to CPH and that
lenders will be supportive towards a further extension of waivers. In the unlikely event
that waivers are not granted by lenders, management is confident that the debt market
remains available, and credit institutions are expected to be willing to assist CPH with
the funds necessary.
Management assess that CPH will maintain adequate liquidity over the next 12 months
and given the underlying credit quality of the business, will be able to secure the neces
-
sary and timely support of its lenders.
After reviewing the current liquidity position, financial forecasts and potential risks
considering the committed funding facilities, it is management’s assessment that it is
appropriate to adopt a going concern basis of preparation of the financial statements
and hence the financial statements have been prepared on a going concern basis.
* The liquidity covenant requires CPH to have liquidity in the form of cash, undrawn and available credit lines at least equal to the following 180 days
of operating costs (excluding taxes), capital expenditure and debt services.
74
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
1.4
Accounting policies
One-off items comprise revenue and expenses of a non-recurring and an exceptional
nature relative to CPH’s operating activities, such as costs incurred for structuring of
processes and structural adjustments as well as any gains and losses on related divest
-
ments that are materially important over time. Other amounts of a one-off nature are
also included in this line item, including gains on the divestment of operations.
One-off items
2021 2020
NOTE DKKm
Including
one-off items One-off items
Excluding
one-off items
Including
one-off items One-off items
Excluding
one-off items
2.1, 2.2 Revenue 1,760.9 - 1,760.9 1,575.7 - 1,575.7
2.3 Other income 265.8 - 265.8 357.6 - 357.6
2.4 External costs 423.6 - 423.6 351.0 (0.9) 350.1
2.5 Staff costs 1,0 97.0 - 1,0 97.0 1,381.1 (150.4) 1,230.7
EBITDA 506.1 - 506.1 201.2 151.3 352.5
3.1 Amortisation and depreciation 1,012.0 - 1,012.0 915.9 - 915.9
Operating profit/(loss) (505.9) - (505.9) (714.7) 151.3 (563.4)
3.4 Profit/(loss) from investments in associates after tax (4.1) - (4.1) (0.4) - (0.4)
Profit/(loss) before interest and tax (510.0) - (510,0) (715.1) 151.3 (563.8)
4.1 Net financing costs 156.5 - 156.5 113.1 - 113.1
Profit before tax (666.5) - (666.5) (828.2) 151.3 (676.9)
2.6 Tax on profit/(loss) for the year (149.2) - (149.2) (19 0.1) 33.3 (156.8)
Profit/(loss) after tax (517.3) - (517.3) (638.1) 118.0 (520.1)
Notes General
75
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.1
Notes Results for the year
Information on business areas
Accounting policies
The accounting policies for recognition and measurement of business areas are the same
as for the income statement and balance sheet. The accounting policies are unchanged
from 2020. CPH does not have operating segments in accordance with IFRS 8.
The operating results for the business areas comprise directly attributable revenue less
related operating costs. Operating costs comprise external costs, staff costs and amortisa
-
tion and depreciation.
Business area assets comprise non-current assets used directly in the operating activities
of each business area and current assets directly attributable to the operating activities
of each business area, including trade receivables, other receivables, prepayments and
deferred income. Jointly used properties are allocated to the business areas on the basis
of an overall estimate of the amount of space used.
Business area liabilities comprise liabilities that have arisen out of the business area’s
operations, including prepayments received from customers, trade payables and other
payables.
Business areas
CPH has two business areas: aeronautical and non-aeronautical.
The business are classification follows the legal and organisational classification of
the Group’s activities. The aeronautical business area comprises the regulated part of
Copenhagen Airports (traffic charges) and the non-aeronautical business area comprises
all other activities. This classification is appropriate, as the aeronautical business area
reporting also con stitutes the reporting of regulatory activities under BL 9-15 (traffic
charges). BL 9-15 is described in note 5.6.
Aeronautical
This business area comprises the operations and functions that the airports at Kastrup
and Roskilde make available so that airlines can operate their flights, including facilities
required for passengers to pass through these airports. Revenue in the aeronautical
business area comprises passenger, security, take-off and aircraft-parking charges and
other income, including handling and CUTE charges (IT technology used in connection
with check-in).
Non-aeronautical
This business area comprises the other facilities and services provided at the airports for
passengers and others, including car-parking facilities, shops, restaurants, rest areas,
lounges and hotels. The vast majority of the operations are operated by concessionaires.
The business area also includes the leasing of CPH’s buildings, premises and land to
non-Group lessees. Revenue in the non-aeronautical business area comprises concession
revenue; rent from buildings, premises and land; revenue from parking; the hotel oper-
ation; services for persons with reduced mobility (PRM); taxi management services (TMS);
sale of consulting services concerning airport operation; and other services.
Revenue related to CPH’s largest customer amounted to DKK 322.5 million in 2021 (2020:
DKK 318.5 million), representing 18.3% of revenue (2020: 20.2%). This revenue relates to
both the aeronautical and non-aeronautical business areas. Revenue related to the second-
largest customer amounted to DKK 137.3 million in 2021 (2020: DKK 122.6 million),
representing 7.8% of revenue (2020: 7.8%). This revenue relates solely to the non-aero
-
nautical business area. Revenue related to the third-largest customer amounted to DKK
104.3 million in 2021 (2020: DKK 83.5 million), representing 5.9% of revenue (2020:
5.3%). This revenue relates to both the aeronautical and non-aeronautical business areas.
76
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.1
Information on business areas (continued)
2021 2020
Business areas Business areas
DKKm Aeronautical
Non-
aeronautical Total Aeronautical
Non-
aeronautical Total
Revenue 865.5 895.4 1,760.9 695.4 880.3 1,575.7
Operating profit/(loss) (950.0) 444.1 (505.9) (1,174.8) 460.1 (714.7)
Non-current assets 9,534.3 4,900.4 14,434.7 9,961.5 3,903.8 13,865.3
Other assets 259.0 327.8 586.8 103.5 130.9 234.4
Investments in associates 125.9 125.9 75.0 75.0
Unallocated assets* 220.8 103.5
Total assets 9,793.3 5,354.1 15,368.2 10,065.0 4,109.7 14,278.2
Liabilities 695.0 295.6 990.6 798.0 377.9 1,175.9
Unallocated liabilities** 11,179.8 10,443.3
Total liabilities 695.0 295.6 12,170.4 798.0 377.9 11,619.2
Investments in fixed assets (including capitalised interest) 326.4 1,254.9 1,581.3 1,023.6 411.8 1,435.4
Amortisation and depreciation 765.8 246.2 1,012.0 697.2 218.7 915.9
Notes Results for the year
* Unallocated assets include cash and financial assets.
** Unallocated liabilities include deferred taxes, borrowings from financial institutions and other loans, other long-term liabilities and income tax payable.
77
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.2
Accounting policies
Revenue comprises the year’s traffic revenue, rent, concession revenue and the sale
of services, net of value added tax and price reductions directly related to sales, cf.
the segment information in note 2.1.
Traffic revenue
Traffic revenue comprises passenger, security, take-off and aircraft-parking charges,
handling and CUTE charges (IT technology used in connection with check-in), and is
recognised at the time of departure of the aircraft to which the services relate. Start-up
discounts for previously unserved routes, transfer/transit discounts based on the
preceding 12 months of traffic, and incentive schemes for high-frequency feeder
routes and to maintain passenger growth are deducted from traffic revenue.
The NO
X
charge is included in take-off charges.
Concession revenue
Concession revenue comprises sales-related revenue from Copenhagen Airport’s
shopping centre, which is recognised in line with the revenue generated by the
con cessionaires. Revenue from car-parking facilities is recognised when a car exits
the car-parking facilities.
Rent
Rent comprises rent for buildings and land and is recognised over the terms of
the contracts.
Revenue from the sale of services, etc.
Revenue from the sale of services, etc. comprises revenue from the hotel operation
and other activities, including services for persons with reduced mobility (PRM), which
are recognised when the services are provided, and taxi management services (TMS),
which are recognised on arrival at the taxi stand. Other services typically include a
perform ance obligation that is recognised either on a straight-line basis over a period
or at a particular time when the services are provided.
Revenue
DKKm 2021 2020
Traffic revenue
Passenger charges 359.0 282.4
Security charges 196.2 151.5
Handling 64.3 50.7
CUTE charges 7.9 6.0
Take-off charges 195.7 170.8
Aircraft parking, etc. 42.4 34.0
Total traffic revenue 865.5 695.4
Concession revenue
Shopping centre 258.9 341.5
Car parking 155.1 132.6
Other concession revenue 51.9 33.7
Total concession revenue 465.9 507.8
Rent
Rent from premises 111.6 124.5
Rent from land 52.7 51.4
Other rent 4.5 5.4
Total rent 168.8 181.3
Sale of services, etc.
Hotel operation 85.1 58.1
Other sale of services, etc. 175.6 133.1
Total sale of services, etc. 260.7 191.2
Total revenue 1,760.9 1,575.7
Notes Results for the year
78
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.2
2021
Aeronautical
business area Non-aeronautical business area
DKKm
Traffic
revenue
Concession
revenue*
Car
parking Rent*
Other
services Total
Total for
business areas 865.5 310.8 155.1 168.8 260.7 1,760.9
Time of
recognition
- At a certain time 865.5 - 155.1 - - 1,020.6
- Over time - 310.8 - 168.8 260.7 740.3
Total 865.5 310.8 155.1 168.8 260.7 1,760.9
Type of contract
- Fixed-price 865.5 75.6 155.1 167.1 260.7 1,524.0
- Variable - 235.2 - 1.7 - 236.9
Total 865.5 310.8 155.1 168.8 260.7 1,760.9
Revenue (continued)
Composition of revenue
CPH’s revenue consists only of services in the aeronautical and non-aeronautical business areas.
Concession charges (except concessionaires that are subject to a minimum charge) related to the shopping centre and other concessions depend on the level of activity.
There is no financing element, as payment terms follow cash payment on delivery or 14 days’ credit.
Notes Results for the year
2020
Aeronautical
business area Non-aeronautical business area
DKKm
Traffic
revenue
Concession
revenue*
Car
parking Rent*
Other
services Total
Total for
business areas 695.4 375.2 132.6 181.3 191.2 1,575.7
Time of
recognition
- At a certain time 695.4 - 132.6 - - 828.0
- Over time - 375.2 - 181.3 191.2 747.7
Total 695.4 375.2 132.6 181.3 191.2 1,575.7
Type of contract
- Fixed-price 695.4 56.3 132.6 181.3 191.2 1,256.8
- Variable - 318.9 - - - 318.9
Total 695.4 375.2 132.6 181.3 191.2 1,575.7
* Concession revenue and rent are recognised in accordance with IFRS 16 Leases.
79
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.2
NOTE
2.3
DKKm 2021 2020
Maturity analysis of concession and rent (IFRS 16)
Within 1 year 315.9 292.0
Between 1 and 2 years 504.7 305.9
Between 2 and 3 years 455.1 486.7
Between 3 and 4 years 394.2 428.2
Between 4 and 5 years 355.4 357.9
After 5 years 3,368.6 3,497.9
Total 5,393.9 5,368.6
Notes Results for the year
Revenue (continued)
Other income primarily relates to compensation from the Danish government’s
support packages for fixed costs.
Other income contains items of a secondary nature relative to CPH’s primary activities,
including compensation from the Danish government’s support packages and gains
and losses on sale of assets.
DKKm 2021 2020
Compensation packages 260.0 348.0
Other 5.8 9.6
Total other income 265.8 357.6
Other income
80
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.4
NOTE
2.5
Accounting policies
Staff costs comprise salaries, wages and pension contributions for CPH staff, including
the Executive Management, fees to the Board of Directors and other staff costs.
Regular pension contributions under defined contribution plans are recognised in the
income statement for the period in which they arise. For civil servants seconded by the
Danish State, CPH recognises a pension contribution in the income statement, which is
fixed each year by the State and paid to the State on a regular basis.
Staff costs decreased by DKK 284.1 million compared to 2020. The decrease is due to
the reduction in headcount of 623 FTEs. CPH laid off 772 full-time positions in the
second half of 2020 as a consequence of the COVID-19 crisis.
DKKm 2021 2020
Operation and maintenance 273.1 228.2
Energy 102.7 70.7
Administrative expenses 22.9 23.8
Other 24.9 28.3
Total external costs 423.6 351.0
DKKm 2021 2020
Salaries and wages 1,033.4 1,347.2
Pension contributions 94.0 115.0
Other social security costs 8.2 10.5
Other staff costs 28.2 24.3
1,163.8 1,497.0
Less work performed on own account 66.8 115.9
Total staff costs 1,097.0 1,381.1
External costs
Staff costs
External costs increased by DKK 72.6 million compared to 2020. The increase should be
seen in conjunction with the significant cost cuts made in 2020 as the COVID-19
pandemic forced CPH to adjust its activity to the lower passenger levels. As passengers
are once again returning, the costs to operate the Airport is also increasing. In 2020
external costs were cut by DKK 181.9 million compared to 2019, and as such the cost
level is still significantly below normal levels.
CPH did not incur one-off costs related to external costs in 2021 (2020: DKK 0.9 million).
See note 1.4 for an overview of one-off items.
Accounting policies
External costs comprise administrative expenses, sales and marketing expenses, and other
operating and maintenance costs.
Notes Results for the year
81
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.5
* The rest of the Board members decided to renounce their remuneration.
** Marlene Haugaard resigned from the Board in 2020.
Employer-administered pension contributions accounted for DKK 1.1 million (2020: DKK
1.1 million) of the salaries paid to members of the Executive Management.
The remuneration to the Executive Management consists of a fixed basic salary (including
pension contributions), certain benefits (free company car, etc.) and an incentive plan, which
is described below. In the event of termination of employment by CPH, members of the
Executive Management are entitled to a maximum of two years’ remuneration.
In order to promote a sound long-term approach, a rolling three-year incentive plan has
been introduced for the Executive Management. For 2021, the total costs expensed for
the long-term incentive plan were DKK 0.9 million (2020: DKK 0.7 million). Payments
from the three-year incentive plan have a target level of four months’ and a maximum of
six months’ salary per annum. The short-term incentive plan has terms of up to one year.
The short-term incentive plan has a target level of six months’ salary, if all stretched
objectives are met, and a maximum of nine months’ salary. For 2021, the total accrued
costs for the short-term incentive plan were DKK 3.5 million (2020: DKK 2.3 million).
The total remuneration to members of the Executive Management in 2021 was DKK 11.4
million (2020: DKK 9.9 million), including a provision of DKK 0.9 million for a potential
payout under the long-term incentive plan (2020: DKK 0.7 million) and a provision of
DKK 3.5 million for the short-term incentive plan (2020: DKK 2.3 million). Pension contri
-
butions for members of the Executive Management are paid regularly to private pension
companies. CPH has no liabilities in this respect.
Remuneration to the Board of Directors and Executive Management in 2021 was paid in
accordance with the “General guidelines for remuneration to the Board of Directors and
the Executive Management of Copenhagen Airports A/S”. Key management consists of
the Executive Management.
CPH makes annual pension contributions to the Danish State. These contributions are
paid for those employees who, under their contracts of employment, are entitled to a
pension from the Danish State. The rate of pension contributions is fixed by the Minister
for Finance and was 21.2% in 2021 (2020: 21.2%). In 2021, these pension contributions
amounted to DKK 0.6 million (2020: DKK 0.7 million).
CPH did not incur one-off costs related to staff costs in 2021 (2020: DKK 150.4 million).
See note 1.4 for an overview of one-off items.
DKKm 2021 2020
Remuneration to the Executive Management
Cash remuneration to the Executive Management,
including pension contributions, company car, etc. 7.1 6.9
Provision for short-term incentive plan, see below 3.5 2.3
Provision for long-term incentive plan, see below 0.9 0.7
Total 11.4 9.9
Remuneration to the Board of Directors*
Lars Nørby Johansen 1.0 1.0
Marlene Haugaard** - 0.1
Lars Sandahl Sørensen 0.2 -
Janis Kong 0.3 0.3
Betina Hvolbøl Thomsen 0.3 0.3
John Flyttov 0.3 0.3
Dan Hansen 0.3 0.3
Total 2.4 2.3
Remuneration to the Audit and
Risk Management Committee*
Janis Kong 0.2 0.2
Total remuneration to the Board of Directors 2.6 2.5
Total remuneration to the Board of Directors
and the Executive Management 14.0 12.4
Number of people employed by CPH
Average number of full-time employees 1,821 2,444
Of which civil servants who, pursuant to the Copenhagen
Airports Act, retain their status as State employees 11 12
Staff costs (continued)
Notes Results for the year
82
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.6
Accounting policies
Copenhagen Airports A/S is taxed jointly with Kastrup Airports Parent ApS (KAP), Copen
-
hagen Airports Denmark Holding ApS (CADH) and Copenhagen Airports Denmark ApS
(CAD), and the two subsidiaries Copenhagen Airports International A/S (CAI) and Copen
-
hagen Airport Hotels A/S (CAH). KAP is the administrative company for the jointly taxed
companies and settles corporation taxes due to the tax authorities. CPH, CAI and CAH
pay tax on account to KAP and settle tax underpaid/overpaid with KAP.
Income tax for the year, consisting of the year’s current tax and the year’s change in
deferred tax, is recognised in the income statement at the amount that can be attributed
to the profit/(loss) for the year, and posted directly in other comprehensive income at the
amount that can be attributed to movements therein.
Current tax liabilities are carried in the balance sheet as Current liabilities to the extent
such items have not been paid. Tax overpaid on account is included as a separate line
item under Receivables. Interest and allowances regarding tax payments are recognised
under Financial income and Financial expenses.
Deferred tax is calculated according to the balance sheet liability method on all temporary
differences between the carrying amount and tax base of assets and liabilities.
Deferred tax is calculated on the basis of the tax rules and tax rates that will apply under
the legislation in force at the balance sheet date when the deferred tax item is expected
to crystallise as current tax. Changes in deferred tax resulting from changes in tax rates
are recognised in the income statement.
Deferred tax assets are recognised in the balance sheet at the value at which they are
expected to be realisable.
DKKm 2021 2020
Tax expense
Current income tax 3.4 0.4
Change in deferred tax (152.5) (178.9)
Total (149.1) (178.5)
Tax is allocated as follows:
Tax on profit/(loss) for the year (149.2) (190.1)
Tax on other comprehensive income related to hedging instruments 0.1 11.6
Total (149.1) (178.5)
Tax on profit/(loss) for the year
Notes Results for the year
83
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
2.6
DKKm 2021 2020
Breakdown of tax on profit/(loss) for the year
Tax calculated at 22.0% of profit/(loss) before tax (146.6) (182.2)
Tax effect of:
Non-deductible costs, including effect of interest limitation, etc. (2.6) (7.9)
Total (149.2) (190.1)
Provisions for deferred tax
Balance at 1 January 856.3 1,035.2
Change in deferred tax (152.5) (178.9)
Balance at 31 December 703.8 856.3
Breakdown of deferred tax provisions
Property, plant and equipment 1,035.7 1,029.1
Other receivables (1.5) (3.9)
Other payables 8.6 17.3
Tax loss carried forward (339.0) (186.2)
Total 703.8 856.3
DKKm 2021 2020
Income tax payable
Balance at 1 January - 116.3
Tax paid on account in current year - (0.4)
Payment of tax underpaid in previous year (0.2) (116.3)
Current income tax 0.7 0.4
Balance at 31 December 0.5 -
Tax on profit/(loss) for the year (continued)
Since 1 July 2012, Copenhagen Airports A/S has had a secondary liability for the tax liabili-
ties of the Danish holding companies, which hold 59.4% of the shares in the Company.
This liability is limited to 59.4% of the tax liabilities payable on or after 1 July 2012.
CPH did not incur one-off tax items in 2021 (2020: DKK 33.3 million). See note 1.4 for
an overview of one-off items.
Notes Results for the year
84
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
3.1
NOTE
3.2
Notes Investments
Accounting policies
Amortisation and depreciation comprise the year’s charges for this purpose on CPH’s
intangible assets and property, plant and equipment.
DKKm 2021 2020
Software 97.0 117.0
Land and buildings 290.0 270.0
Investment properties 7.6 0.6
Plant and machinery 424.2 340.3
Other fixtures and fittings, tools and equipment 193.2 188.0
Total amortisation and depreciation 1,012.0 915.9
Amortisation and depreciation
Depreciation and amortisation were up by DKK 96.1 million, mainly due to higher
write-offs of assets in 2021 compared to 2020 and the depreciation relating to the
Comfort Hotel building.
Accounting policies
Software is measured at cost less accumulated depreciation.
Major projects in which software is the principal element are recognised as assets if there
is sufficient certainty that the capitalised value of future earnings will cover the related
costs.
Software costs comprise salaries, amortisation and other costs that can be attributed
directly or indirectly to the software. Costs also include interest expenses incurred during
development of the software.
Software projects that are clearly defined and identifiable, where the technical rate of
utilisation, adequate resources and potential scope for development in the Group can be
demonstrated, and where the intention is to produce and use the project, are recognised
as non-current intangible assets, provided there is sufficient assurance that the value in
use from future earnings will cover development costs.
Amortisation is charged on a straight-line basis commencing when the project is ready
for use. The amortisation period is 3-5 years.
Impairments
The carrying amount of software and software under development is tested at least
annually for any impairment beyond that expressed in amortisation charges. Where there
are such indications, an impairment charge is made against the lower of the recoverable
amount of the asset and the carrying amount.
The recoverable amount of the asset is determined as the higher of the net selling price
and the value in use. The recoverable amount of software is assessed together with other
assets in the smallest group of assets for which a reliable recoverable amount can be
determined in an overall assessment.
Estimates and judgements
The estimated useful lives are determined based on historical experience and expectations
of future use of the assets. These may prove to be unachievable, which could lead to
future reassessment of their useful lives and a need for impairment.
Intangible assets
85
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
3.2
2021 2020
DKKm Software
Software
under
development Total Software
Software
under
development Total
Cost
Accumulated cost at 1 January 1,153.1 85.4 1,238.5 1,101.6 129.4 1,231.0
Additions - 9.6 9.6 - 75.4 75.4
Disposals (18.4) - (18.4) (79.8) 11.9 (67.9)
Transferred 29.2 (29.2) - 131.3 (131.3) -
Accumulated cost at 31 December 1,163.9 65.8 1,229.7 1,153.1 85.4 1,238.5
Amortisation
Accumulated amortisation at 1 January 929.1 - 929.1 839.8 - 839.8
Amortisation 97.0 - 97.0 117.0 - 117.0
Amortisation on disposals (18.4) - (18.4) (27.7) - (27.7)
Accumulated amortisation at 31 December 1,007.7 - 1,007.7 929.1 - 929.1
Carrying amount at 31 December 156.2 65.8 222.0 224.0 85.4 309.4
Of which intangible assets for operational leasing 31.7 31.7 52.1 52.1
Intangible assets (continued)
Major investments in intangible assets include general renewal and maintenance of
existing IT systems and development of other minor IT systems.
Notes Investments
86
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
3.3
Accounting policies
Property, plant and equipment are measured at cost less accumulated depreciation.
Cost comprises the cost of acquisition and costs directly related to the acquisition up
until the time when the asset is ready for use. In the case of self-constructed assets, cost
comprises direct costs attributable to the asset, including salaries and wages, materials,
components, and work performed by subcontractors. Cost also includes interest expenses
during construction.
The depreciation base is determined as cost less any residual value. Depreciation is
charged on a straight-line basis over the estimated useful lives of the assets and begins
when the assets are ready for use.
Land is not depreciated.
Property, plant and equipment
Useful lives of property, plant and equipment
Land and buildings
Land improvements (sewers, etc.)
40 years
Buildings (terminals, offices, etc.) 80 -100 years
Buildings (other) 40 years
Fitting out 5 -10 years
Investment properties 100 years
Plant and machinery
Runways, roads, etc. (foundations)
80 -100 years
Surface of new runways, roads, etc. 10 years
Technical installations on runways 15 years
Technical installations (lifts, etc.) 20 years
Technical installations in buildings 25 years
Other fixtures and fittings, tools and equipment
IT equipment
3-5 years
Energy plant 15 years
Vehicles, etc. 4 -15 years
Furniture and fittings 10 years
Hotel equipment 15 -20 years
Security equipment 10 years
Technical equipment 10 years
Other equipment 5 years
Gains and losses on the sale of non-current assets are recognised under Other income.
Notes Investments
87
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
3.3
Significant estimates and judgements
Property, plant and equipment are depreciated to the estimated residual value over their
expected useful lives, which CPH has estimated above. These estimates are based on the
Company’s business plans and expected useful lives of the assets, the technical and main
-
tenance state of the assets, and regulatory requirements. The residual value was esti-
mated at DKK 603.5 million (2020: DKK 184.7 million) at the balance sheet date. The
useful lives and residual values of property, plant and equipment are reviewed at least at
every year-end based on these factors. CPH evaluates the carrying amounts in order to
assess whether events have occurred that require an adjustment of these amounts
because they are not expected to be recoverable.
Investment properties owned by the Group are carried at cost less accumulated
depreciation. The fair value of the investment properties at 31 December 2021
is DKK 2,314.0 million.
In estimating the runways’ useful lives, CPH has divided the system into three elements:
foundations, surfaces and technical installations. CPH’s assessment is that each element
has a different useful life. The runway surfaces have shorter lives than the foundations
due to immediate wear; their useful life expectancy is 10 years. This assessment is
supported by historical replacement of runway surfaces and planning for future replace
-
ment. Technical installations related to the runways are estimated to have a useful life of
15 years. These technical installations related to the runways are not assessed to have the
same useful life as other technical installations, taking into account safety measures.
Impairment
The carrying amount of property, plant and equipment is tested at least annually for indi
-
cations of impairment beyond that expressed in the depreciation charges. Where there
are such indications, an impairment charge is made against the lower of the recoverable
amount of the asset and the carrying amount.
In assessing the recoverable amount, CPH takes into account significant indicators of
potential impairment such as purchase and selling prices, and general market conditions.
Property, plant and equipment (continued)
Notes Investments
88
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
3.3
2021
DKKm
Land and
buildings*
Investment
properties
Plant and
machinery
Other fixtures
and fittings, tools
and equipment
Property, plant
and equipment
under construction Total
Cost
Accumulated cost at 1 January 9,240.6 254.0 9,224.2 2.397.8 2,256.8 23,373.4
Additions 17.0 664.6 267.9 61.6 560.6 1,571.7
Disposals (37.7) - (187.8) (23.4) - (248.9)
Transferred 954.3 - 456.7 90.5 (1,501.5) -
Accumulated cost at 31 December 10,174.2 918.6 9,761.0 2,526.5 1,315.9 24,696.2
Depreciation
Accumulated depreciation at 1 January 3,637.4 36.5 4,552.9 1,590.7 - 9,817.5
Depreciation 290.0 7.6 424.2 193.2 - 915.0
Depreciation on disposals (37.7) - (187.8) (23.4) - (248.9)
Accumulated depreciation at 31 December 3,889.7 44.1 4,789.3 1,760.5 - 10,483.6
Carrying amount at 31 December 6,284.5 874.6 4,971.7 766.0 1,315.9 14.212.7
Of which fixed assets for operational leasing 1,666.9 874.6 993.3 198.7 - 3,733.5
Property, plant and equipment (continued)
* At 31 December 2021, CPH’s properties were mortgaged for a total of DKK 514.9 million (2020:
DKK 514.9 million).
Major additions in 2021 included expansion of Terminal 3 airside, construction of
a multi-storey car park, the Comfort Hotel, and new baggage facilities.
Notes Investments
89
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
3.3
Property, plant and equipment (continued)
2020
DKKm
Land and
buildings*
Investment
properties
Plant and
machinery
Other fixtures
and fittings, tools
and equipment
Property, plant
and equipment
under construction Total
Cost
Accumulated cost at 1 January 8,943.9 254.0 8,589.5 2,224.2 2,230.2 22,241.8
Additions - - - - 1,360.0 1,360.0
Disposals (29.8) - (127.3) (71.3) - (228.4)
Transferred 326.5 - 762.0 244.9 (1,333.4) -
Accumulated cost at 31 December 9,240.6 254.0 9,224.2 2,397.8 2,256.8 23,373.4
Depreciation
Accumulated depreciation at 1 January 3,397.2 35.9 4,339.9 1,474.0 - 9,247.0
Depreciation 270.0 0.6 340.3 188.0 - 798.9
Depreciation on disposals (29.8) - (127.3) (71.3) - (228.4)
Accumulated depreciation at 31 December 3,637.4 36.5 4,552.9 1,590.7 - 9,817.5
Carrying amount at 31 December 5,603.2 217.5 4,671.3 807.1 2,256.8 13,555.9
Of which fixed assets for operational leasing 1,483.5 217.5 721.1 157.0 - 2,579.1
* See previous page.
Notes Investments
90
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
3.4
Accounting policies
For a definition of subsidiaries and associates, see note 1.1 Significant accounting policies
under Basis of consolidation.
Subsidiaries
• Copenhagen Airport Hotels A/S, Tårnby, Denmark
– 53% owned by CPH
• Copenhagen Airports International A/S, Tårnby, Denmark
– 100% owned by CPH
• Ejendomsselskabet KL Hotel A/S, Tårnby, Denmark
– 100% owned by Copenhagen Airport Hotels A/S
Associates
• Airport Coordination Denmark A/S, Tårnby, Denmark
– 50% owned by CPH
• Smarter Airports A/S, Tårnby, Denmark
– 50% owned by CPH
Subsidiaries and associates
Notes Investments
91
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.1
Financial income and expenses
Accounting policies
Financial income and expenses include interest, realised and unrealised exchange differ
-
ences, recycled accumulated gains and losses on swaps related to terminated hedges,
amortisation of mortgage loans and other loans, including reversal of fair value adjust
-
ments of effective hedges of loans, supplements and allowances under the on-account
tax scheme. Fair value adjustment of interest elements of swaps classified as a cash flow
hedge for accounting purposes is recognised in comprehensive income.
Financial expenses increase by DKK 36.9 million, primarily due to lower capitalised interest
expenses regarding assets under construction as a result of lower average interest after two
USPP loans were repaid in June 2020 and reduced investments. In addition, amortisation
of loan costs increased due to recycling of amortised financial costs in 2021.
An effective interest rate of 1.8% was applied to calculate loan costs for the cost of
assets in 2021 (2020: 2.2%), corresponding to CPH’s weighted average cost of capital for
borrowings for purchases of property, plant and equipment.
As stated under Currency swaps and Hedging transactions in note 4.3 on financial risks,
CPH uses currency swaps to hedge foreign currency loans (in this case USD only) so that
the exchange rate exposure on interest as well as the principal is converted from the
foreign currency into fixed payments in DKK over the terms of the respective loans. The
loans in question have been fully hedged.
Exchange rate adjustments of loans as well as currency swaps (for loan principals) are
recognised in Financial income/expenses in the income statement at a net amount of
zero, as the exchange rate adjustment of the loans is fully offset by an opposite exchange
rate adjustment of the currency swaps.
The net value of the exchange loss recognised in 2021 included an unrealised exchange
loss of DKK 80.6 million (2020: unrealised exchange gain of DKK 186.0 million) related to
long-term loans denominated in USD, offset by an unrealised exchange gain of DKK 80.6
million on currency swaps (2020: unrealised exchange loss of DKK 186.0 million) relating
to the same loans.
Amortisation of loan costs relates to costs in connection with the establishment of bank
loans and credit facilities and recycling of amortised cost related to loan renewal.
DKKm 2021 2020
Financial income
Interest on other receivables (0.4) 4.1
Exchange gains 4.6 5.9
Gain on sale of securities - 0.7
Total financial income 4.2 10.7
DKKm 2021 2020
Financial expenses
Interest on debt to financial institutions and other loans, etc. 155.1 158.4
Capitalised interest expenses regarding assets under construction (32.3) (61.5)
Exchange losses 1.7 3.9
Other financing costs 18.1 15.8
Amortisation of loan costs 18.1 7.2
Total financial expenses 160.7 123.8
Financial income decreased by DKK 6.5 million, primarily due to reversal of interest on
other receivables.
Notes Financing & financial risks
92
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.2
Accounting policies
Mortgage loans, loans from financial institutions and other loans are recognised when
taken out at the amount received. In subsequent periods, the loans are measured at
amortised cost so that the effective interest rate is recognised in the income statement
over the term of the loan.
DKKm 2021 2020
Financial institutions and other loans
are recognised in the balance sheet as follows:
Non-current liabilities 10,257.6 9,439.5
Current liabilities 217.8 147.5
Total 10,475.4 9,587.0
Non-cash changes
DKKm
1 January Cash flow
Reclassifi-
cation and
loan costs
Foreign
exchange
movements
31
December
2020
Liabilities arising
from financing
activities
Long-term loans 6,139.6 3,402.8 (3.9) (99.0) 9,439.5
Short-term loans 2,248.7 (2,014.2) - (87.0) 147.5
Total 8,388.3 1,388.6 (3.9) (186.0) 9,587.0
Non-cash changes
DKKm 1 January Cash flow
Reclassifi-
cation and
loan costs
Foreign
exchange
movements
31
December
2021
Liabilities arising
from financing
activities
Long-term loans 9,439.5 728.4 9.1 80.6 10,257.6
Short-term loans 147.5 70.3 - - 217.8
Total 9,587.0 798.7 9.1 80.6 10,475.4
Financial institutions and other loans
Notes Financing & financial risks
93
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.2
DKKm Carrying amount Fair value*
Loan Currency Fixed/floating Maturity date 2021 2020 2021 2020
Overdraft DKK Floating - 16.0 - 16.0 -
Bank club DKK Floating 22 Aug 2023 2,680.0 1,750.0 2,680.0 1,750.0
Term loan DKK Floating 22 Aug 2023 2,000.0 2,000.0 2,000.0 2,000.0
RD (DKK 64 million)** DKK Fixed 23 Dec 2032 38.5 41.6 41.7 43.3
Nordea Kredit** DKK Floating 30 Dec 2039 404.9 427.9 404.9 427.9
Nordic Investment Bank (NIB)*** DKK Fixed 12 Feb 2026 68.8 84.1 70.1 88.6
Nordic Investment Bank (NIB)**** DKK Fixed 19 Dec 2027 635.3 741.2 593.3 863.7
European Investment Bank (EIB)**** DKK Fixed 15 Dec 2026 250.0 250.0 255.0 262.9
European Investment Bank (EIB)**** DKK Fixed 7 Apr 2032 600.0 600.0 622.7 594.6
European Investment Bank (EIB)**** DKK Fixed 26 Jan 2033 400.0 400.0 416.9 435.8
European Investment Bank (EIB)**** DKK Fixed 14 Aug 2033 600.0 600.0 617.6 640.4
European Investment Bank (EIB)**** DKK Fixed 12 Apr 2034 700.0 700.0 696.6 729.1
USPP bond loan DKK Fixed 27 Aug 2025 1,055.0 1,055.0 1,159.7 1,202.3
USPP bond loan USD Fixed 22 Aug 2023 1,049.8 969.2 1,118.3 1,083.0
Total 10,498.3 9,619.0 10,692.8 10,121.6
Loan costs for future amortisation (22.9) (32.0) (22.9) (32.0)
Total (22.9) (32.0) (22.9) (32.0)
Total 10,475.4 9,587.0 10,669.9 10,089.6
The fixed-rate USPP bond loan of USD 160 million (2020: USD 160 million) was swapped
to DKK on close of contract, both in terms of principal and interest payments, using
currency swaps.
Financial institutions and other loans (continued)
* See note 4.3 for a description of the method for determining the fair value of financial liabilities.
** At 31 December 2021, CPH’s properties were mortgaged for a total value of DKK 514.9 million
(2020: DKK 514.9 million).
*** Funding for the expansion of Pier C.
**** Funding for the expansion of Copenhagen Airport, which is expected to be completed by the
end of 2028.
CPH had the following loans at 31 December:
Notes Financing & financial risks
94
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.3
Accounting policies
In connection with CPH’s hedging of future financial transactions and cash flows, deriva
-
tive financial instruments are used as part of CPH’s risk management.
Derivative financial instruments are initially recognised in the balance sheet at fair value
on the transaction date under Other receivables and Other payables respectively.
Changes in the fair value of derivative financial instruments that are designated as fair
value hedges of a recognised asset or liability are recognised in the income statement
together with any changes in the fair value of the hedged asset or hedged liability.
Changes in the fair value of derivative financial instruments designated as hedges of
expected future cash flows are recognised in Other comprehensive income and accumu
-
lated under Reserve for hedging. If the expected future transaction results in the recogni-
tion of non-financial assets or liabilities, amounts previously deferred in Other compre-
hensive income are transferred via Other comprehensive income from Equity and
included in the initial measurement of the cost of the asset or liability respectively. Other
amounts deferred in Other comprehensive income as part of equity are transferred to the
income statement in the period in which the hedged transaction affects the income
statement.
The fair value of interest rate and currency swaps is determined as the present value of
expected future cash flows. The fair value of forward exchange contracts and other deriv
-
ative financial instruments is determined based on observable exchange rates and the
swap and forward rates at the balance sheet date. An evaluation of own and counter
-
party credit risks is also included.
CPH’s risk management policy
CPH’s financial risks are managed from its head office by the Treasury department. The
principles and framework governing CPH’s financial management are laid down once a
year by the Board of Directors. The financial risks occur primarily as a result of operating
and investing activities and are hedged to the greatest extent possible.
Credit risks
CPH’s credit risks primarily relate to receivables, bank deposits, securities and derivative
financial instruments.
Credit risk regarding receivables arises when CPH’s revenue in the form of traffic charges,
concession charges, rent, etc. is not prepaid, or when customer solvency is not covered
by guarantees, etc.
CPH’s revenue comprises aeronautical revenue from national and international airlines,
and non-aeronautical revenue from national and international companies within and
outside the aviation industry. As part of CPH’s internal procedures regarding risk manage
-
ment, the credit risk relating to customers is monitored on a monthly basis. This is done
by reviewing any failure to pay amounts due and assessing whether the customer has
financial problems.
CPH’s trading partners SAS, Norwegian and Gebr. Heinemann (the largest concessionaire)
constitute the most significant concentration of credit risk. Gross receivables from the
sale of services to these customers amounted to approximately 57.9% of the total in
2021 (2020: 30.0%). SAS’s credit rating from Standard & Poor’s is CCC (2020: B-).
Norwegian does not have a published credit rating but has provided a deposit for rent.
Gebr. Heinemann does not have a published credit rating but has given CPH a banker’s
guarantee equiv alent to four months’ revenue (2020: four months’ revenue). The
remaining credit risk is distributed among CPH’s other customers. See note 5.1 on trade
receivables for further information.
Credit risks related to bank deposits, securities and derivative financial instruments arise
as a result of uncertainty regarding the counterparty’s ability to meet liabilities when due.
CPH seeks to limit the credit risk regarding bank deposits and derivative financial instru
-
ments by diversifying financial contracts and by entering into contracts only with financial
counterparties with satisfactory credit ratings. The credit risk is calculated per counter
-
party based on the actual market value of the contracts entered into. At the balance
sheet date, CPH had no credit risk on derivative financial instruments.
Credit exposure to financial counterparties at 31 December 2021 totalled DKK 78.1 million
(2020: DKK 41.8 million), corresponding to the value of bank deposits and money market
deposits, including accrued interest.
Financial risks
Notes Financing & financial risks
95
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.3
Capital management
CPH’s policy concerning borrowings is, as far as possible, to ensure a certain flexibility by
diversifying funding by maturity date and counterparties. Furthermore, it is CPH’s policy
to comply with the loan covenants in its loan agreements. The Board of Directors and
management ensure that the Company has a sound capital structure and, based on this,
the financing policy is approved on an annual basis.
CPH, individually and on behalf of its subsidiaries, has undertaken not to create or
permit to subsist any charge over its assets or those of its subsidiaries, subject to a
maximum permitted amount. Furthermore, CPH has made a commitment to its lenders
to comply with a number of other terms and conditions, including financial covenants.
A number of CPH’s agreements on loans and credit facilities may be terminated in the
event of failure to comply with these terms and conditions. In May 2021, CPH obtained
waivers for financial covenants covering the period up to and including Q3 2022. CPH
complied with all applicable terms and conditions related to the waivers during 2021
and as at 31 December 2021. For information about dividend policy, see page 55.
Liquidity risk
In May 2021, CPH prolonged the facility agreement obtained in 2020 totalling DKK 6.0
billion with a club of banks ensuring enough liquidity until August 2023. Further waiver
agreements with existing lenders, relieving CPH of certain loan covenants up to Q3 2022
were granted. This was done to ensure that CPH has adequate liquidity during the
COVID-19 crisis. A rolling six-month forward liquidity covenant was granted.
At 31 December 2021, CPH’s liquid assets consist of cash totalling DKK 78.1 million
(2020: DKK 41.8 million) and undrawn committed long-term credit facilities totalling
DKK 3,504.0 million (2020: DKK 4,250.0 million). CPH also has overdraft facilities
available of DKK 184.0 million (2020: DKK 200.0 million).
CPH complied with the liquidity covenant throughout 2021. From Q4 2022, CPH shall
resume performance of the financial covenant obligations that have been waived by
lenders. During 2022, CPH will decide on the future funding strategy for CPH.
A complete overview of payment commitments is disclosed on the following pages.
All cash flows are undiscounted and include all liabilities under the contracts. Interest
payments on floating-rate debt not yet hedged are recognised at the fixed forward rate
from the day the loans are expected to be swapped, based on the yield curve applicable at
the balance sheet date. The DKK value of future interest and principal payments on loans
in foreign currency is calculated based on the exchange rate at the balance sheet date.
Financial risks (continued)
Notes Financing & financial risks
96
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.3
2021
Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years Total
Fair value
Level 2* Carrying amount
Recognised at amortised cost
Financial institutions and other loans 405.6 8,732.0 2,026.9 11,164.5 10,692.8 10,498.3
Trade payables 339.2 - - 339.2 339.2 339.2
Other payables 282.9 - - 282.9 282.9 282.9
Total 1,027.7 8,732.0 2,026.9 11,786.6 11,314.9 11,120.4
Total financial liabilities 1,027.7 8,732.0 2,026.9 11,786.6 11,314.9 11,120.4
Recognised at amortised cost
Cash 78.1 - - 78.1 78.1 78.1
Trade receivables 448.6 - - 448.6 448.6 448.6
Other receivables 32.2 - - 32.2 32.2 32.2
Total 558.9 - - 558.9 558.9 558.9
Recognised at fair value
Derivative financial instruments - 142.7 - 142.7 142.7 142.7
Total - 142.7 - 142.7 142.7 142.7
Total financial assets 558.9 142.7 - 701.6 701.6 701.6
Financial risks (continued)
* The fair value of financial liabilities is the present value of the expected future instalments and interest
payments, except for trade payables, other payables and receivables, which are stated at the net
carrying amount at year-end. A zero-coupon interest rate for similar maturities plus estimated credit
cost based upon the present rating of the Company is used as the discount rate. The fair value of
derivative financial instruments is determined based on published exchange rates, swap and forward
rates, etc. An evaluation of own and counterparty credit risk is also included. The fair value measure-
ment of financial instruments is divided into the following measurement hierarchy:
Level 1: Observable market prices of identical instruments
Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments
Level 3: Valuation models primarily based on non-observable prices
The fair value of CPH’s forward exchange contracts and other derivative financial instruments (interest rate
and currency swaps) is considered a Level 2 fair value measurement, as the fair value is primarily determined
directly based on published exchange rates and quoted swap and forward rates at the balance sheet date.
Notes Financing & financial risks
97
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.3
Financial risks (continued)
* See previous page.
Notes Financing & financial risks
2020
Maturity at 31 December, DKKm 0-1 year 1-5 years After 5 years Total
Fair value
Level 2* Carrying amount
Recognised at amortised cost
Financial institutions and other loans 316.0 7,394.2 2,659.9 10,370.1 10,121.6 9,619.0
Trade payables 407.2 - - 407.2 407.2 407.2
Other payables 379.5 - - 379.5 379.5 379.5
Total 1,102.7 7,394.2 2,659.9 11,156.8 10,908.3 10,405.7
Total financial liabilities 1,102.7 7,394.2 2,659.9 11,156.8 10,908.3 10,405.7
Recognised at amortised cost
Cash 41.8 - - 41.8 41.8 41.8
Trade receivables 156.5 - - 156.5 156.5 156.5
Other receivables 35.1 - - 35.1 35.1 35.1
Total 233.4 - - 233.4 233.4 233.4
Recognised at fair value
Derivative financial instruments - 61.7 - 61.7 61.7 61.7
Total - 61.7 - 61.7 61.7 61.7
Total financial assets 233.4 61.7 - 295.1 295.1 295.1
98
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
4.3
Market risks
Interest rate risks
It is CPH’s policy to hedge interest rate risks on most of its loans whenever it is considered
that the interest payments can be hedged at a satisfactory level. Hedging is normally by
means of entering into interest rate swaps under which floating-rate loans are swapped
to a fixed interest rate.
In order to reduce its overall interest rate sensitivity, CPH seeks to ensure that its debt
has a duration that to a certain extent takes into account the useful lives of its assets.
The duration of CPH’s loans at 31 December 2021 was determined to be approximately
5.4 years (2020: approximately 6.0 years).
51% of CPH’s DKK loan portfolio is at a fixed rate (i.e. variable rate at 49%). Fluctuations
in the interest rate level would therefore have only a relatively limited impact on CPH’s
income statement, given the outlook for future interest rate changes.
As the exchange rate and interest rate risk on debt denominated in USD is hedged by
USD/DKK interest rate swaps, accounted for as a cash flow hedge, a change in interest
rate levels would affect equity.
Sensitivity analysis of the current portfolio of swap contracts
DKKm 2021 2020
Effect on equity of:
An increase in the DKK interest rate of 1 %-point 15.3 8.9
A decrease in the DKK interest rate of 1 %-point (15.7) (10.4)
An increase in the USD interest rate of 1 %-point (17.3) 3.5
A decrease in the USD interest rate of 1 %-point 17.8 (3.9)
Exchange rate risks
Exchange rate fluctuations would have only a minor impact on CPH’s operating results
because most of its revenues and costs are settled in DKK.
Currency swaps
Currency swaps have been used to hedge fixed-rate bond loans denominated in USD by
swapping the exchange rate exposure on both interest and principal from fixed payments
in USD to fixed payments in DKK throughout the terms of the respective loans. The total
notional amount of these outstanding cross-currency swaps at 31 December 2021 was
USD 160 million (2020: USD 160 million). The carrying amount of the currency swap
contracts was DKK 142.7 million (2020: DKK 61.7 million).
Hedging transactions
The net fair value stated will be transferred from Reserve for hedging to the income state
-
ment as and when the hedged interest payments are made. The terms to maturity of the
cross-currency swaps match the terms to maturity of the related loans.
Financial risks (continued)
Notes Financing & financial risks
99
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
5.1
Accounting policies
Receivables are measured at amortised cost. Write-downs to offset losses are made in
accordance with the simplified expected credit loss model, whereby the total loss is recog
-
nised immediately in the income statement at the same time as the receivable is recog-
nised in the balance sheet, based on the expected loss over the total life of the receivable.
Estimates and judgements
Using the simplified expected credit loss model, the expected loss on receivables from
sales and services is recognised immediately in the income statement. Receivables are
monitored on an ongoing basis in accordance with the Group’s risk management until
realisation. The write-down is calculated based on the expected loss ratio. The loss ratio is
calculated on the basis of historical data adjusted for estimates of the effect of expected
changes in relevant parameters, such as economic development, political risks, etc., on
the market. For receivables where there is no objective indication of impairment at indi
-
vidual level, the remaining receivables are assessed for objective indications of impairment.
The objective indications are based on historical loss experiences.
DKKm 2021 2020
Gross
carrying
amount
Impaired
amount
Net trade
receivables
Gross
carrying
amount
Impaired
amount
Net trade
receivables
Not due 280.0 - 280.0 41.7 - 41.7
Less than 30 days 175.2 (6.8) 168.4 88.1 (2.0) 86.1
30 to 90 days - - - - - -
More than 90 days 30.4 (30.2) 0.2 75.3 (46.6) 28.7
Total 485.6 (37.0) 448.6 205.1 (48.6) 156.5
If there is an objective indication that an individual receivable is impaired, such as non-
payment of amounts due or the debtor having financial difficulties in the form of payment
suspension, bankruptcy, expected bankruptcy or the like, a write-down is made on the
receivable in question.
In a number of cases, CPH receives collateral security for sales on credit, mainly regarding
non-aeronautical activities, and such collateral is included in the assessment of the write-
down required for bad and doubtful debts. The collateral may be in the form of financial
guarantees. Of the trade receivables of DKK 448.6 million at 31 December 2021 (2020:
DKK 156.5 million), DKK 89.7 million (2020: DKK 57.9 million) was covered by collateral
security. The maximum credit risk is reflected in the carrying amount of the financial
assets in the balance sheet.
Trade receivables
DKKm 2021 2020
Trade receivables 485.6 205.1
Write-down 37.0 48.6
Net trade receivables 448.6 156.5
Write-down for bad and doubtful debts
Accumulated write-down at 1 January 48.6 40.2
Change in write-down for the year (11.0) 7.6
Realised loss for the year 18.4 2.5
Reversal (19.0) (1.7)
Accumulated write-down at 31 December 37.0 48.6
Notes Other notes
100
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
5.2
Accounting policies
Other payables are recognised when, as a result of events occurring on or before the
balance sheet date, the Group has a legal or constructive obligation and it is probable
that an outflow of economic benefits will be required to settle the obligation.
Other payables primarily comprise holiday pay liabilities, payroll taxes, VAT and interest
payable and are measured at nominal value.
Other payables decreased by DKK 93.5 million, primarily due to the decrease in head
-
count of 623 FTEs.
DKKm 2021 2020
Other payables – non-current
Holiday pay, frozen due to the new Holiday Act 154.8 151.7
Balance at 31 December 154.8 151.7
Other payables – current
Holiday pay and other payroll items 166.7 279.8
Interest payable 51.2 49.9
Other costs payable 65.0 49.8
Balance at 31 December 282.9 379.5
Total balance at 31 December 437.7 531.2
DKKm 2021 2020
Received from customers
Revenue 1,760.9 1,575.7
Change in trade receivables and prepayments from customers (361.3) 197.4
Total 1,399.6 1,773.1
Paid to staff, suppliers, etc.
Operating costs (1,520.6) (1,732.1)
Change in other receivables, etc. 238.1 713.2
Change in cost-related trade payables, etc. (64.9) (275.4)
Total (1,347.4) (1,294.3)
Interest received, etc.
Realised exchange gains 5.0 5.1
Total 5.0 5.1
Interest paid, etc.
Interest paid, etc. (168.2) (167.9)
Realised exchange losses (0.2) (0.4)
Other financial costs (18.0) (14.8)
Other interest expenses (0.1) (1.0)
Total (186.5) (184.1)
NOTE
5.3
Other payables Notes to the cash flow statement
Notes Other notes
101
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
5.4
NOTE
5.5
At 31 December 2021, CPH had entered into contracts to build facilities totalling DKK
2,067.1 million (2020: DKK 210.6 million), primarily relating to the expansion of airside
facilities, expansion of Terminal 3, expansion of the multi-storey car park, and IT. Other
commitments total DKK 61.1 million (2020: DKK 50.9 million).
Furthermore, CPH is committed to providing redundancy pay to civil servants pursuant to
the provisions of the Danish Civil Servants Act, cf. note 2.5.
Under the agreement with Naviair for the provision of air traffic services, CPH has
accepted liability for any terminal navigation charges (TNC) that Naviair users may fail to
pay. This liability takes effect when the claim has been ascertained and documented as
irrecoverable, and when other specifically agreed terms and conditions have been met.
Debt to financial institutions is secured by mortgages on CPH’s properties as described
in note 3.3.
CPH has a secondary liability for the tax liabilities of the Danish holding companies, which
hold 59.4% of the shares in the Company. See note 2.6 for additional information.
CPH is subject to certain change of control restrictions in relation to the DKK 6 billion
credit facility and the waiver agreements obtained in May 2021.
Financial commitments
Notes Other notes
CPH’s related parties are the Danish Labour Market Supplementary Pension (ATP) and the
Ontario Teachers’ Pension Plan (OTPP), given their controlling ownership interests in CPH,
the Board of Directors and Executive Management, and associated companies (see note
3.4). See also note 2.5 regarding remuneration to the Board of Directors and Executive
Management.
ATP and OTPP (via their respective underlying holding companies) jointly own and control
indirectly controlled by Kastrup Airports Parent ApS (KAP), company reg. (CVR) no.
33781903, which is owned by ATP and OTPP.
KAP is thereby the ultimate holding company of CPH. The consolidated annual report of
KAP, in which CPH is included as a subsidiary, may be obtained from KAP through Private
Equity Administration ApS, Frederiksborgvej 171, 3450 Allerød, Denmark.
CAD holds 59.4% of both the shares and voting rights in CPH.
ATP and OTPP (through an underlying holding company) have signed a shareholders’
agreement providing for agreement between the two parties on all material resolutions.
The agreement also stipulates rules for the nomination of members to the Board of
Directors of CPH.
For additional information on ATP and OTPP, see www.atp.dk and www.otpp.com.
Related parties
102
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
Pursuant to section 55 of the Danish Air Navigation Act, special permission from the
Minister of Transport is required for aerodrome operations. The permissions for the aero
-
dromes in Kastrup and Roskilde, which are issued by the Danish Transport Authority
(DTA), are valid until 1 March 2025, at which time they must be renewed.
Also, Commission Regulation (EU) No 139/2014 establishes requirements and administra
-
tive procedures related to aerodromes and aerodrome operators. On 22 December 2016,
CPH received aerodrome certificates for Copenhagen Airport and Roskilde Airport and
common operator certificates from the DTA according to EU regulations. The certificates
are valid indefinitely.
The Minister of Transport may lay down regulations concerning the charges that may
be levied on the use of an aerodrome (“charges regulation”).
The charges regulation for CPH is set out by the DTCA in BL 9-15, 4th edition, of
16 November 2017: “Regulation on payment for use of airports (airport charges)”.
According to BL 9-15, the airlines and the airport are first requested to seek consensus on
future airport charges in the coming regulatory period. If this is not possible, the DTCA
will set annual revenue caps, which comprise the maximum total amount the airport can
apply for each of the years as a basis for setting the charges for the use of the aeronau
-
tical facilities and services (fall-back). If the charges are negotiated by the parties, the
parties must also agree on the length of the coming regulatory period. The regulatory
period is two years if the charges are not agreed between the parties. The parties can
agree amongst themselves on the charges for a period of up to six years.
NOTE
5.6
Concession for airport operations and charges regulation
Notes Other notes
BL 9-15 includes various rules on determining charges by negotiation and in the event of
a fall-back situation. In a fall-back situation, the revenue caps will be determined to cover
operating costs, depreciation and cost of capital for efficient operation of the airport.
Based on the revenue caps, CPH is then required to prepare a proposal for charges during
the regulatory period, for approval by the DTCA. BL 9-15 includes various rules on how
to calculate these revenue caps.
In 2018, CPH and the airlines entered into a charges agreement that was approved by
DTCA in January 2019 and which sets out the charges applicable for the period 1 April
2019 – 31 December 2023. Under the charges agreement, the price for using the airport
is fixed for each of the years in the regulatory period.
103
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
5.8
NOTE
5.9
NOTE
5.7
Fees to the auditors appointed at the Annual General Meeting
DKKm 2021 2020
Audit fee to PwC 1.5 1.4
Fees for assurance engagements other than audit 0.7 0.5
Tax advice 0.2 0.3
Non-audit services 0.1 0.1
Total audit fee 2.5 2.3
Fees for services other than statutory audit of the consolidated financial statements and
the financial statements of the Parent Company provided to CPH by Pricewaterhouse
-
Coopers Statsautoriseret Revisionspartnerselskab amounted to DKK 1.0 million (2020:
DKK 0.9 million) relating to audit and review of non-financial statements, various tax
advisory services, valuation report and other advisory services.
Notes Other notes
At the date of the Annual Report it is uncertain how the current crisis in Ukraine will
develop and how this will influence the business of Copenhagen Airports A/S. Otherwise,
no material events have occurred subsequent to the balance sheet date.
DKKm 2021 2020
EPS =
Net profit/(loss) for the year (517.3) (638.1)
Number of outstanding shares (thousands)
7,848.0 7,848.0
EPS (diluted) =
Net profit/(loss) for the year (517.3) (638.1)
Average number of outstanding shares,
fully diluted (thousands)
7,848.0 7,848.0
Post-balance sheet events
Capital and EPS
104
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
NOTE
5.10
Asset turnover rate Revenue divided by average operating assets
Cash earnings per share
(CEPS)*
Net profit/(loss) for the year plus amortisation and depreciation
divided by average number of shares
Earnings per share (EPS) Net profit/(loss) for the year divided by average number of shares
Equity ratio Equity at year-end as a percentage of total assets at year-end
EBITDA index Cash flow from operating activities before financial items and tax
divided by EBITDA
EBITDA margin Operating profit/(loss) adjusted for amortisation and depreciation
as a percentage of revenue
EBIT margin Operating profit/(loss) as a percentage of revenue
Leverage ratio Net interest-bearing debt divided by EBITDA
Net asset value
per share
Equity at year-end divided by number of shares at year-end
NOPAT margin* Net profit/(loss) for the year adjusted for net financial expenses
after tax and changes in deferred tax for the year divided by revenue
Payout ratio Dividend divided by net profit/(loss) for the year
Return on assets Operating profit/(loss) as a percentage of average operating assets
Return on equity Net profit/(loss) for the year divided by average equity
ROCE* EBIT divided by average equity plus non-current
liabilities and current interest-bearing debt
Turnover rate of
capital employed*
Revenue divided by average assets plus average
non-current liabilities and current interest-bearing debt
Definitions of key financial figures
Notes Other notes
The definitions of key financial figures are listed and calculated in accordance with the
Danish Finance Society’s online version of ”Recommendations & Financial ratios”, except
those marked *, which it does not include.
105
CONSOLIDATED FINANCIAL PERFORMANCE & STATEMENTS / FINANCIAL STATEMENTS
Consolidated
non-financial
statements
(unaudited)
CPH Taxonomy-eligible activities
2021 2020 2019
Annex 2: Adaptation Unit Turnover OpEx CapEx Turnover OpEx CapEx Turnover OpEx CapEx
Percentage of taxonomy-eligible activities
6.17 Low carbon airport infrastructure
Aeronautical business area % 49 83 21 44 85 71 56 78 76
Percentage of taxonomy non-eligible activities % 51 17 79 56 15 29 44 22 24
Total % 100 100 100 100 100 100 100 100 100
Copenhagen Airports A/S (CPH) plays a vital role in connecting Denmark to the rest of the world.
Although this international mobility contributes significantly to Denmark’s GDP, the industry has a
responsibility to address its significant impact on climate and contribute to the EU’s ambitious objective
of becoming the first climate-neutral continent by 2050.
To come up with a science-based definition of sustainable activities the European Commission has
developed the EU Taxonomy, which outlines economic activities and connected criteria that substan-
tially contribute towards a sustainable economy.
In 2021, CPH assessed its activities to determine their potential eligibility for the EU Taxonomy.
Subsequently, CPH calculated the proportion of turnover, OpEx and CapEx related to these activities.
In the 2022 Annual Report, CPH will disclose additional details regarding "do no significant harm"
criteria and minimum social safeguards.
CPH creates value to society via two business areas – the aeronautical and the non-aeronautical (read
more about the business model on pages 13-14). CPH has determined that only the aeronautical
activities are in scope for the EU Taxonomy. The adaptation table has been prepared based on the
same accounting principles as the financial statements. For a detailed description hereof, please refer
to page 71 ff.
107
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
ESG & KPI overview
NOTE Unit Target 2023 2021 2020 2019 2018 2017
Environment
Copenhagen Airport, Kastrup:
2 Carbon emissions, scope 1 tonnes 2,205 2,021 2,876 3,131 3,004
2 Carbon emissions, scope 2 tonnes 19,806 19,681 24,137 25,839 24,885
2 Carbon emissions, scope 3 tonnes 143,639 127,747 347,882 357,604 368,166
3 Total energy consumption*** GJ 566,066 503,904 638,493 656,882 625,427
3 Total water consumption*** m³ 207,941 199,743 398,628 386,796 364,504
4 Carbon emissions per passenger kg CO
2
per passenger Max. 0.75 2.40 2.88 0.89 0.96 0.96
4 Share of renewable energy % At least 10 2.9 0.9 0.2 0.3 0.2
4 Share of UGG airport vehicles % At least 90 78 75 70 59 57
4 Energy consumption per m
2
kWh/m² Max. 90 kWh/m² 72 68 80 89 84
5 Waste recycling rate (for waste from daily operations in
terminal areas, service areas and administration at CPH) % At least 60 27 25 27 21 28
Copenhagen Airport, Roskilde:
6 Carbon emissions, scope 1 tonnes 187 151 189 177 178
6 Carbon emissions, scope 2 tonnes 293 297 322 343 332
7 Total energy consumption*** GJ 5,462 4,870 5,520 5,373 5,327
7 Total water consumption*** m³ 6,643 6,190 5,062 4,819 5,049
Social
8 Average number of full-time employees FTE N/A 1,852 2,462 2,606 2,533 2,502
8 Average age years N/A* 47.3 47.3 46.1 45.7 45.2
9 Gender diversity % women / % men 30/70** 32/68 34/66 35/65 35/65 35/65
10 Employee satisfaction scale 0-100 82 N/A N/A 81 81 83
10 Employee turnover rate*** % 33.6 16.0 8.0 8.1 9.3
10 Rate of absence due to illness % 4.4 5.5 4.2 5.3 5.0 4.6
10 Occupational injuries per one million working hours at CPH number 5.0 7.4 5.4 7.9 7.9 7.6
10 Occupational injuries per one million working hours for contractors at CPH number 5.0 9.5 13.6 9.1 21.5 18.3
Governance
11 Gender diversity, Board (elected by AGM) % women / % men 33/67 17/83 17/83 33/67 33/67 33/67
* A target is set across four age groups. See note 8 for further details.
** The target is set for 2025.
*** For employee turnover, total energy and water consumption, limited assurance is only provided for 2021.
108
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
Summary of significant accounting policies ..............................................110
Environment - Carbon emissions, scope 1, 2 & 3 (Kastrup Airport) ............................111
Environment - Total energy consumption (Kastrup Airport) ..................................112
Environment - Total water consumption (Kastrup Airport) ................................... 112
Environment - Carbon emissions per passenger ..........................................113
Environment - Share of renewable energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
Environment - Share of UGG airport vehicles ............................................113
Environment - Energy consumption per m
² ..............................................113
Environment - Waste recycling rate ....................................................114
Environment - Carbon emissions, scope 1 & 2 (Roskilde Airport) .............................. 115
Environment - Total energy consumption (Roskilde Airport) .................................116
Environment - Total water consumption (Roskilde Airport) ..................................116
Social - Average number of full-time employees ..........................................117
Social - Average age ...............................................................117
Social - Gender diversity ............................................................118
Social - Employee satisfaction ........................................................119
Social - Employee turnover rate ......................................................119
Social - Rate of absence due to illness .................................................. 119
Social - Occupational injuries per one million working hours at CPH ...........................119
Social - Occupational injuries per one million working hours for contractors at CPH ...............119
Governance - Gender diversity, Board (Elected by AGM) ....................................120
Notes Non-financial statements
1
2
3
3
4
4
4
4
5
6
7
7
8
8
9
10
10
10
10
10
11
109
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
1
Summary of significant accounting policies
Basis of preparation of the non-financial statements
The non-financial statements are prepared in accordance with the statutory statements
on corporate responsibility, the under-represented gender and board diversity pursuant to
sections 99a, 99b, 99d and 107d of the Danish Financial Statements Act and constitute a
detailed description of our corporate social responsibility results achieved in 2021.
You can find a description of the main CSR results for the year on pages 34-46 and
the notes on the following pages, which provide a status on relevant KPI figures and
indicators.
CPH has supported the Ten Principles of the UN Global Compact regarding human rights,
workers’ rights, environment and anti-corruption since 2011. As a Global Compact
signatory, CPH reports on activities undertaken to incorporate the ten principles in its
strategy, operations and corporate culture. As part of these efforts, CPH also works to
communicate the ten principles to its suppliers and business partners. Since 2017, CPH has
chosen to use UN’s Sustainable Development Goals (SDGs) as part of the framework for
the corporate responsibility efforts. CPH introduced the ESG reporting structure in 2019.
Materiality
It is CPH’s responsibility to ensure that issues reported on are relevant to CPH's
stakeholders and are of material importance to CPH's business both now and in the
future. Corporate responsibility is embedded centrally in the day-to-day work and
strategic initiatives. CPH's CSR policy defines the most material issues and approaches
to CPH's Corporate Responsibility and ESG reporting. The policy was updated in 2021
and is accessible on www.cph.dk
CPH monitor its performance in relation to the material topics based on ESG key figures
from Nasdaq et al. in the non-financial statements, including additional KPIs from other
internationally recognised standards and frameworks.
The selection of the data included in the non-financial reporting was made based on
statutory requirements and management’s annual assessment of what is considered to
be material to report to CPH’s stakeholders. Both short-term and long-term value creation
are taken into account. Management's assessment is based on an evaluation of data
disclosed in the Annual Report 2021, an assessment of compliance and materiality, and
input and comments from relevant stakeholders and the consortium of owners.
All CPH reporting sites and companies apply identical measurement and calculation
methods. Data and disclosures are recorded continuously based on reporting from the
individual areas and functions at the airports and are essentially based on externally
documented records, internal records, calculations and, to a lesser extent, estimations.
The specific method of calculation used for each KPI is stated in the related accounting
policies note. Historical data are adjusted only if a change accounts for more than 2% of
the consolidated figure, in which case the reason is disclosed in a note.
Changes relative to 2020
To further integrate the ESG recommendations and align with new reporting requirements,
we have implemented the following KPIs and indicators in the 2021 non-financial
statements:
• Total energy consumption
• Total water consumption
• Employee turnover rate
Delimitation
The Group Financial Statement 2021 constitutes CPH’s statutory annual reporting.
For additional information regarding corporate responsibility work at CPH, please visit
the website www.cph.dk/en. The Group Financial Statement 2021 represents CPH's
Communication on Progress (COP report) to the UN Global Compact.
Basis of consolidation
The Annual Report includes reporting for the entire Group with respect to non-financial
data and disclosures. Companies are consolidated in or eliminated from the reporting with
effect from the date when they are controlled by or no longer controlled by CPH, as the
case may be.
Notes Non-financial statements
110
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
2
Environment
Accounting policy
The volume of carbon emissions (scope 1) is calculated based on the consumption
of natural gas, fuel for vehicles and diesel generators, and emission factors for the
individual sources of carbon. Emission factors for sources of carbon are provided by the
Danish Energy Authority. For natural gas, a rolling average for the five calendar years
immediately preceding the reporting year is used.
The volume of carbon emissions (scope 2) is calculated based on the consumption of
power and district heating, and emission factors for the individual sources of carbon.
Emission factors are provided by the utility companies CTR (Centralkommunernes
Transmissionsselskab I/S) for district heating and Energinet for power. A rolling average
for the five calendar years immediately preceding the reporting year is used.
KPI, Environment Unit Target 2023 2021 2020 2019 2018 2017
Carbon emissions, scope 1 tonnes 2,205 2,021 2,876 3,131 3,004
Carbon emissions, scope 2 tonnes 19,806 19,681 24,137 25,839 24,885
Carbon emissions, scope 3 tonnes 143,639 127,747 347,882 357,604 368,166
Indicators
Energy savings MWh 0 11,611 5,023 7,164 6,850
Energy consumption, Copenhagen Airport, Kastrup MWh 76,514 67,169 85,667 89,202 82,310
The calculation of indirect carbon emissions (scope 3) is based on the number of
aircraft operations, tenants' energy consumption, distribution of passengers by means
of transport (car, taxi, bus, train and metro) as well as vehicles used for the transport
of goods. Based on materiality, figures for the smallest sources are primarily based on
assumptions. The determination is limited to the island of Amager and, with respect
to flights, to operations below an altitude of 3,000 feet. It is also limited by source to
utilities and transportation.
The annual energy savings are calculated in MWh. The savings are calculated/certified by
an external firm that complies with the Danish Energy Agency’s Code of Conduct.
The energy consumption is calculated based on the consumption of power, district
heating, natural gas, and fuel for vehicles and diesel generators at Copenhagen Airport,
Kastrup. The consumption is based on meter readings and invoices.
Notes Non-financial statements
Natural gas consumption in 2021 totalled 292,588 m³, down 7% from 315,695 m³ in 2020. The
decrease can mainly be attributed to the final installation of a heat pump at Varmecentral Vest, which
is why heating is now being generated by electricity instead of natural gas. The heat pump was only
commissioned at the end of 2021, otherwise the change would have been higher. There were 2,878
degree days in 2021 compared to 2,474 in 2020, which had a significant impact on the energy
consumption. Degree days are indicators used to measure how cold the outdoor temperature was on
a given day. The colder it is outside the more energy is needed to heat the building up to 17 degrees.
Each degree needed to raise the temperature counts as a degree day. Source: https://www.dmi.dk
Total power consumption for the airport increased by 12% in 2021, with CPH’s power consumption for
its own operations 16% higher than in 2020. The basic reason for this is the particularly small increase
in passenger numbers in 2021, and the reopening of the buildings and areas that were shut down due
to COVID-19. The ATES groundwater-cooling system and the heat pump facility on the coastal road
helped to limit power consumption for cooling facilities elsewhere. The increase in use of second-quality
water for cooling also had a positive impact on power consumption.
Total district heating purchased for the airport in 2021 increased by 26%, with CPH’s district-heating
consumption 12% higher than in 2020. The increase in heat consumption is mainly due to the
reopening of buildings and common areas. The weather conditions described in the section for natural
gas also apply to district heating.
The strict priority given to CPH's financial situation meant no energy-saving projects were implemented
in 2021.
For total energy consumption, limited assurance is only provided for 2021.
111
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
3
Environment
Accounting policy
The total energy consumption is a consolidation of the energy consumption at the
airport, including energy consumption by tenants.
It is a consolidation of:
Electricity, district/remote heating, natural gas, petrol, diesel and natural gas for cars, for
Copenhagen Airport, Kastrup, and electricity, district/remote heating and natural gas
consumed by tenants.
The indicator is reported in both GigaJoule and MegaWatt hours.
The total water consumption is a consolidation of readings from the main water meters
used for billing the airport, and includes water consumed by tenants.
Notes Non-financial statements
KPI, Environment Unit Target 2023 2021 2020 2019 2018 2017
Total energy consumption GJ 566,066 503,904 638,493 656,882 625,427
Total energy consumption MWh 157,241 139,973 177,359 182,467 173,730
Total water consumption m³ 207,941 199,743 398,628 386,796 364,504
Total power consumption for the airport increased by 12% in 2021, with CPH’s power consumption for
its own operations 16% higher than in 2020. The basic reason for this is the particularly small increase
in passenger numbers in 2021, and the reopening of the buildings and areas that were shut down due
to COVID-19.
There were 2,878 degree days in 2021 compared to 2,474 in 2020, which had a significant impact on
the energy consumption.
Total water consumption for the airport in 2021 was 207,941 m³, up 4% from 199,743 m³ in 2020.
This is mainly due to the increase in passenger numbers in 2021.
For total energy and water consumption, limited assurance is only provided for 2021.
112
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
4
Environment
Accounting policy
Carbon emissions per passenger are calculated based on scope 1 and scope 2 emissions
of carbon divided by the total number of passengers at Copenhagen Airport, Kastrup
(arriving and departing).
The share of renewable energy is calculated as the share of power produced by solar
panel systems located at Copenhagen Airport as a percentage of CPH’s total power
consumption in the relevant year.
UGG (very low-emission equipment): All companies with vehicles in the airport area
are asked to self-report once a year, with the turn of the year as the cut-off date. This
involves preparing lists of their vehicles stating type of equipment, make, year, propellant
(and indication of whether diesel vehicles have a particle filter) and the company’s own
assessment of whether the vehicle meets the UGG definition. This definition covers
vehicles powered by electricity, by hybrid technology (in which combustion engines are
KPI, Environment Unit Target 2023 2021 2020 2019 2018 2017
Carbon emissions per passenger kg CO
2
per passenger Max. 0.75 2.40 2.88 0.89 0.96 0.96
Share of renewable energy % At least 10 2.9 0.9 0.2 0.3 0.2
Share of UGG airport vehicles % At least 90 78 75 70 59 57
Energy consumption per m² kWh/m² Max. 90 kWh/m² 72 68 80 89 84
used only as generators for electric motors (plug-in hybrid)), by diesel with a closed
particle filter (approved by the Danish Transport Authority) or by a new technology that
can document a clean exhaust, e.g. fuel cells or gas. In addition, random checks are
made on new vehicles or in the event of suspected defects. The individual lists filed by
the companies as well as the overall statements are confidential and kept on file by CPH.
Based on the overall statement, a non-confidential “Green Equipment %” is calculated
covering all self-reported vehicles.
Energy consumption per m² is stated as total CPH consumption per m². Energy
consumption comprises power, natural gas and district heating.
The area of CPH's buildings in square metres is calculated using CPH’s space
management system.
CO
2
per passenger decreased from 2.88 kg to 2.40 kg, still well above the 2023 target. This is due
to the ongoing impact of the COVID-19 pandemic on CPH’s traffic volumes and passenger numbers.
Production of power via solar cells installed at the airport in 2020 achieved full effect in 2021. In
addition, new solar panel systems installed at car park P4 in 2021 led to a 222% increase in renewable
energy from solar cells.
The fluctuations are explained by the level of activity regarding energy-saving measures, extreme
weather conditions and access to areas in connection with the expansion of CPH.
We are still seeing a positive development in the share of very low-emission equipment. This is a result
of efforts under the air quality programme, in which vehicle criteria are set jointly with all key players at
the airport.
Notes Non-financial statements
113
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
5
Environment
Accounting policy
The amount of waste is calculated based on annual statements from the waste recipients
used: Amager Ressourcecenter, AV Miljø, Avista Oil, Biotrans-Nordic, Daka
ReFood, Dansk Sikkerhedsmakulering, Marius Pedersen, RGS NORDIC, Ragn-Sells,
SMOKA I/S and STENA Recycling.
The waste recipients must be approved by the municipality.
KPI, Waste & recycling Unit Target 2023 2021 2020 2019 2018 2017
Waste recycling rate (for waste from daily operations
in terminal areas, service areas and administration at CPH) % Min. 60 27 25 27 21 28
Indicators
Recycling tonnes 541 515 1,440 1,134 1,354
Other recovery tonnes 1,162 1,309 3,594 3,931 3,225
Disposal tonnes 314 265 350 301 308
Total waste tonnes 2,017 2,089 5,384 5,366 4,887
Due to the number of passengers remaining low, the total amount of waste collected in 2021
ended at 2020 level. The proportion of waste delivered for recycling increased by 2 percentage
points compared to 2020. The increase is primarily due to food waste being collected again for
recycling due to the reopening of several F&B units in the CPH shopping centre. Furthermore,
airside sweepings have been sent for recycling since Q4 2021. This type of waste was previously
sent to landfill. The monthly recycling rate for the last four months of 2021 reached a level of
31-35%, which is expected to continue in 2022.
Notes Non-financial statements
114
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
6
Environment (Roskilde Airport)
Accounting policy
The volume of carbon emissions (scope 1) is calculated based on the consumption
of natural gas, fuel for vehicles and diesel generators, and emission factors for the
individual sources of carbon. Emission factors for sources of carbon are provided by the
Danish Energy Authority. For natural gas, a rolling average for the five calendar years
immediately preceding the reporting year is used.
The volume of carbon emissions (scope 2) is calculated based on the consumption of
power and district heating and emission factors for the individual sources of carbon.
Emission factors are provided by the utility companies CTR (Centralkommunernes
KPI, Environment (Roskilde Airport) Unit Target 2023 2021 2020 2019 2018 2017
Carbon emissions, scope 1 tonnes 187 151 189 177 178
Carbon emissions, scope 2 tonnes 293 297 322 343 332
Indicators
Energy savings MWh 0 0 0 0 27
Energy consumption, Roskilde Airport MWh 1,517 1,353 1,533 1,493 1,480
Transmissionsselskab I/S) for district heating and Energinet for power. A rolling average
for the five calendar years immediately preceding the reporting year is used.
The annual energy savings are calculated in MWh. The savings are calculated/certified
by an external firm that complies with the Danish Energy Agency’s Code of Conduct.
The energy consumption is a consolidation of the energy consumption at
Roskilde Airport (electricity, natural gas, petrol, diesel and natural gas for cars).
Notes Non-financial statements
There were 3,101 degree days in 2021 compared to 2,700 in 2020, which had a significant impact on
the energy consumption. Degree days are indicators used to measure how cold the outdoor tempe-
rature was on a given day. The colder it is outside the more energy is needed to heat the building up
to 17 degrees. Each degree needed to raise the temperature counts as a degree day. Source: https://
www.dmi.dk
The increase in energy consumption is directly influenced by the increase in degree days, which has
meant that more natural gas was needed for heating.
Roskilde Airport's CO
2
emissions were on par with 2020.
115
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
7
Environment (Roskilde Airport)
Accounting policy
The energy consumption is a consolidation of the energy consumption at
Roskilde Airport (electricity, natural gas, petrol, diesel and natural gas for cars).
The indicator is reported in both GigaJoule and MegaWatt hours.
KPI, Environment (Roskilde Airport) Unit Target 2023 2021 2020 2019 2018 2017
Total energy consumption GJ 5,462 4,870 5,520 5,373 5,327
Total energy consumption MWh 1,517 1,353 1,533 1,493 1,480
Total water consumption m³ 6,643 6,190 5,062 4,819 5,049
The total water consumption is a consolidation of readings from the main water meters
used for billing the airport.
Notes Non-financial statements
There were 3,101 degree days in 2021 compared to 2,700 in 2020, which had a significant impact on
the energy consumption. Source: https://www.dmi.dk
The increase in energy consumption is directly influenced by the increase in degree days, which has
meant that more natural gas was needed for heating.
Total water consumption for the airport in 2021 was 6,643 m³, up 7% from 6,190 m
3
in 2020. The
basic reason for this was the particularly small increase in fire-fighting training and an increase in
consumption by tenants.
116
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
8
Social
Accounting policy
Performance according to this KPI is determined based on number of full-time employees
from all departments and average age.
Information about employees, such as age and gender, is generally based on CPH’s HR
system records, in which an employee’s data are recorded from the date the employment
contract comes into force until the employee is no longer on the payroll.
KPI, Social Unit Target 2023 2021 2020 2019 2018 2017
Average number of full-time employees FTE N/A 1,852 2,462 2,606 2,533 2,502
Average age years N/A 47.3 47.3 46.1 45.7 45.2
Indicators
Total share, 0-25 years % 5 2.3 2.1 3.9 4.1 3.8
Total share, 26-35 years % 15 13.0 12.5 13.5 13.3 14.2
Total share, 36-49 years % 40 38.9 40.0 41.6 43.6 45.7
Total share, 50-99 years % 40 45.8 45.4 41.0 39.0 36.3
Average seniority years - 9.8 10.3 9.2 9.0 8.8
The following age groups are used:
– 0-25
– 26-35
– 36-49
– 50-99
The average number of full-time employees declined to 1,852 in 2021 as a direct result of the
measures taken by the company to counter the financial impact of the coronavirus pandemic.
This is also reflected in average seniority.
The age diversity remains largely unchanged from 2020, with a slightly higher representation
among the youngest age groups.
Notes Non-financial statements
117
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
9
Social
Performance against this KPI is determined using gender diversity percentages for all
full-time employees in all departments.
Information about employees, such as age and gender, is generally based on CPH’s HR
system records, in which an employee’s data are recorded from the date the employment
contract comes into force until the employee is no longer on the payroll.
The number of employees is divided into men and women and calculated as a
percentage. The same procedure is used for management.
The gender diversity indicators show a small decrease in female employees in 2021. This reflects
the impact of the lay-offs in 2020, which affected the passenger-oriented divisions of CPH, where
female employees were relatively over-represented in the workforce. The share of female managers
increased slightly in 2021.
Notes Non-financial statements
KPI, Social Unit Target 2025 2021 2020 2019 2018 2017
Gender diversity % women / % men 30/70 32/68 34/66 35/65 35/65 35/65
Indicators
Gender diversity, % women (employees) % Min. 30 33 35 36 36 36
Gender diversity, % men (employees) % Min. 30 67 65 64 64 64
Gender diversity, % women (management) % Min. 30 26 25 27 28 30
Gender diversity, % men (management) % Min. 30 74 75 73 72 70
118
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
10
Social
Accounting policy
CPH’s annual employee engagement survey encourages all employees to respond to
a number of statements regarding development, communication and collaboration,
culture and values, psychological working environment and strategy. The engagement
index score is the average for a number of statements that relate directly to employee
satisfaction, motivation, individual wellbeing and teamwork.
The employee turnover rate is calculated as the number of voluntary and involuntary
leavers divided by total FTEs. The FTE figure includes compensated overtime, temporary
workers and hourly salaried employees.
An employee’s information is included in the consolidated figures from the date the
employment contract is signed and until the employee is no longer on the payroll.
Absence due to illness is determined on the basis of CPH's HR system records.
KPI, Working environment Unit Target 2023 2021 2020 2019 2018 2017
Employee satisfaction scale 0-100 82 *N/A *N/A 81 81 83
Employee turnover rate % - 33.6 16.0 8.0 8.1 9.3
Rate of absence due to illness % 4.4 5.5 4.2 5.3 5.0 4.6
Occupational injuries per one million working hours at CPH number 5.0 7.4 5.4 7.9 7.9 7.6
Occupational injuries per one million working hours for contractors at CPH number 5.0 9.5 13.6 9.1 21.5 18.3
The number of occupational injuries at CPH is determined as the number of occupational
injuries during the year leading to one or more days of absence in addition to the day
on which the incident occurred. The occupational injury frequency is determined as the
number of occupational injuries with absence per million working hours.
The number of occupational injuries for contractors at CPH construction sites subject to a
requirement for client coordination of the working environment measures is determined
as the number of occupational injuries during the year leading to one or more days of
absence in addition to the day on which the incident occurred. Client coordination refers
to the Danish Executive Order no. 117 of 5 February 2013 on client obligations. The
occupational injury frequency is determined as the number of occupational injuries per
million working hours. The number of working hours for large projects is reported by the
contractors and for small projects is based on contractor headcount at the site.
* The 2021 employee satisfaction survey was replaced due to the coronavirus pandemic. In 2021,
lack of resources prevented us from conducting a proper employee engagement survey for all
employees. In Q1 and Q4, we took a “temperature reading” in all departments to ensure a
shared focus on wellbeing during this difficult period.
Employee turnover rate reflects the impact of the two rounds of lay-offs due to COVID-19 in 2020.
Limited assurance is provided for turnover rate only for 2021 data.
Notes Non-financial statements
The rate of sickness absence rose in 2021 primarily due to COVID-19 infections, particularly towards the
end of the year.
The number of occupational injuries per million working hours increased to levels similar to pre-COVID
levels. This was due to an increased level of activity relative to 2020.
119
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
NOTE
11
Governance
Accounting policy
The KPI measures the share of women and men on the Board of Directors
(elected by AGM).
KPI, Governance Unit Target 2023 2021 2020 2019 2018 2017
Indicators
Gender diversity, Board (elected by AGM) % women / % men 33/67 17/83 17/83 33/67 33/67 33/67
Notes Non-financial statements
The gender balance on CPH’s Board of Directors remained unchanged in 2021 with one woman out of
the six shareholder-elected board members.
12 0
CONSOLIDATED NON-FINANCIAL STATEMENTS (UNAUDITED)
Management's
statement &
auditor’s reports
Management's statement
Board of Directors
Executive Management
12 2
MANAGEMENT’S STATEMENT & AUDITOR'S REPORTS
Independent Auditor's Reports
Report on the audit of the
Financial Statements
123
MANAGEMENT’S STATEMENT & AUDITOR'S REPORTS
Independent Auditor's Reports (continued)
12 4
MANAGEMENT’S STATEMENT & AUDITOR'S REPORTS
Independent Auditor's Reports (continued)
125
MANAGEMENT’S STATEMENT & AUDITOR'S REPORTS
CVR no 3377 1231
Independent Auditor's Reports (continued)
126
MANAGEMENT’S STATEMENT & AUDITOR'S REPORTS
Independent limited assurance report on the consolidated
non-financial statements
To the Stakeholders of
Københavns Lufthavne A/S
The Management of Københavns Lufthavne
A/S engaged us to provide limited assurance on
the consolidated non-financial statements
stated in the Annual Report on pages 106-120
for the period 1 January to 31 December 2021.
Our conclusion
Based on the procedures we performed and
the evidence we obtained, nothing has come
to our attention that causes us to believe that
the consolidated non-financial statements for
the period 1 January to 31 December 2021
as stated on pages 106-120 are not prepared,
in all material respects, in accordance with
the accounting policies as stated on pages
110-120 of the Annual Report 2021.
This conclusion is to be read in the context of
what we state in the remainder of our report.
What we are assuring
The scope of our work was limited to assurance
over data in the consolidated non-financial
statements in the Annual Report 2021.
Professional standards
applied and level of assurance
We performed a limited assurance engage
-
ment in accordance with International
Standard on Assurance Engagements 3000
(Revised) ‘Assurance Engagements other than
Audits and Reviews of Historical Financial Infor
-
mation’, and, in respect of the greenhouse gas
emissions, in accordance with International
Standard on Assurance Engagements 3410
‘Assurance engagements on greenhouse gas
statements’. Greenhouse gas quantification is
subject to inherent uncertainty because of
incomplete scientific knowledge used to deter
-
mine emissions factors and the values needed
to combine emissions of different gasses.
A limited assurance engagement isn substan
-
tially less in scope than a reasonable assurance
engagement in relation to both the risk asses
-
sment procedures, including an understanding
of internal control, and the procedures
performed in response to the assessed risks;
consequently, the level of assurance obtained
in a limited assurance engagement is substan
-
tially lower than the assurance that would
have been obtained had a reasonable
assurance engagement been performed.
Our independence and quality control
We have complied with the independence
requirements and other ethical requirements
in the International Ethics Standards Board for
Accountants’ International Code of Ethics for
Professional Accountants (IESBA Code), which
is founded on fundamental principles of inte
-
grity, objectivity, professional competence and
due care, confidentiality and professional
behaviour and ethical requirements applicable
in Denmark.
PricewaterhouseCoopers applies International
Standard on Quality Control 1 and accordingly
maintains a comprehensive system of quality
control including documented policies and
procedures regarding compliance with ethical
requirements, professional standards, and
applicable legal and regulatory requirements.
Our work was carried out by an independent
multidisciplinary team with experience in
sustainability reporting and assurance.
Understanding reporting
and measurement methodologies
Data and information in the consolidated
non-financial statements need to be read and
understood together with the accounting
policies on pages 110-120, which Manage
-
ment is solely responsible for selecting and
applying. The absence of a significant body
of established practice on which to draw to
evaluate and measure non-financial infor-
mation allows for different, but acceptable,
measurement techniques and can affect
comparability between entities and over time.
Work performed
We are required to plan and perform our work
in order to consider the risk of material missta
-
tement of the data. In doing so and based on
our professional judgement, we:
- Made enquiries regarding methods, proce
-
dures and internal control as well as
conducted selected interviews with data
and reporting responsible personnel and
spot checks to underlying documentation;
- Conducted analytical review of the consoli
-
dated non-financial statements data and
trend explanations submitted for consolida
-
tion at Group level;
- Considered the disclosure and presentation
of the consolidated non-financial state
-
ments; and
- Evaluated the evidence obtained.
Management’s responsibilities
Management of Københavns Lufthavne is
responsible for:
- Designing, implementing and maintaining
internal controls over information relevant
to the preparation of the consolidated
non-financial statements on pages 106-120
that are free from material misstatement,
whether due to fraud or error;
- Establishing objective accounting policies for
preparing data;
- Measuring and reporting the consolidated
non-financial statements based on the
applied accounting policies; and
- The content of the consolidated non-finan
-
cial statements for 2021.
127
MANAGEMENT’S STATEMENT & AUDITOR'S REPORTS
Independent limited assurance report on the consolidated
non-financial statements (continued)
Søren Ørjan Jensen
State Authorised
Public Accountant
Jens Pultz Pedersen
M.Sc. (engineering)
Our responsibility
We are responsible for:
- Planning and performing the engagement
to obtain limited assurance about whether
the consolidated non-financial statements
are free from material misstatement, and
are prepared, in all material respects, in
accordance with the accounting policies;
- Forming an independent conclusion, based
on the procedures we have performed, and
the evidence obtained; and
- Reporting our conclusion to the Stakehol
-
ders of Københavns Lufthavne A/S.
Hellerup, 7 March 2022
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no. 3377 1231
12 8
MANAGEMENT’S STATEMENT & AUDITOR'S REPORTS
Financial Statements
of the Parent Company
Københavns Lufthavne A/S
Contents
Accounting policies ......................................................... 131
Income statement .......................................................... 132
Balance sheet ............................................................. 133
Statement of changes in equity 2021 ........................................... 134
Statement of changes in equity 2020 ........................................... 135
Notes to the financial statements .............................................. 136
Management’s report
The management report of Copenhagen
Airports A/S is incorporated in the management
report for the Group in the Annual Report.
Key figures & financial highlights
Key figures & financial highlights are not stated
separately for the Parent Company. See key figures
& financial highlights in the Annual Report.
13 0
FINANCIAL STATEMENTS OF THE PARENT COMPANY / CONTENTS
Accounting policies
The financial statements of the Parent
Company are presented in accordance with
the Danish Financial Statements Act and other
accounting regulations applicable to compa
-
nies in reporting class D.
With effect from 1 January 2021, the Parent
Company has implemented the following
amended standards and interpretations:
• Amendments to References to the Con -
ceptual Framework in IFRS standards
• Amendments to IAS 1 and IAS 8
regarding the Definition of Material
• Amendments to IFRS 9, IAS 39 and
IFRS 7 regarding the IBOR reform
Implementation of the above standards has
had no effect on the result or financial
position in general.
revaluation according to the equity method
through the profit allocation.
Cash flow statement
No separate cash flow statement has been
prepared for the Parent Company pursuant to
the Danish Financial Statement Act section 86.
See the consolidated cash flow statement in
the Annual Report.
Information on business areas
Separate information on business areas is
not disclosed for the Parent Company. See
note 2.1 to the consolidated financial state
-
ments in the Annual Report for information
in business areas.
The accounting policies of the Parent Company
are the same as those of the Group, but with
the addition of the policies described below.
The Group’s accounting policies are included
in the Annual Report.
Investments
Investments in subsidiaries and associates are
recognised in the Parent Company financial
statements according to the equity method,
i.e. at the proportionate share of the net asset
value of these companies.
Shares of profits of subsidiaries and associates
are recognised in the Parent Company’s
income statement.
In the Parent Company, the aggregate net
revaluation of investments in subsidiaries and
associates is allocated to the Reserve for net
131
FINANCIAL STATEMENTS OF THE PARENT COMPANY / ACCOUNTING POLICIES
Income statement, 1 January – 31 December
NOTE DKKm 2021 2020
Traffic revenue 865.5 695.4
Concession revenue 465.9 507.8
Rent 168.6 180.7
Sale of services, etc. 172.2 128.4
1 Revenue 1,672.2 1,512.3
Work performed on own account 66.8 115.9
2 Other income 265.8 357.6
3 External costs 421.8 349.3
4 Staff costs 1,160.2 1,492.2
5 Amortisation and depreciation 970.8 890.3
Operating profit/(loss) (548.0) (746.0)
6 Profit from investment in subsidiaries after tax 18.5 23.8
7 Financial income 1.8 7.5
8 Financial expenses 160.6 120.4
Profit/(loss) before tax (688.3) (835.1)
9 Tax on profit/(loss) for the year (161.4) (197.0)
Profit/(loss) after tax (526.9) (638.1)
Profit allocation:
Retained earnings (526.9) (638.1)
Total allocation (526.9) (638.1)
132
FINANCIAL STATEMENTS OF THE PARENT COMPANY / INCOME STATEMENT
NOTE DKKm 2021 2020
Non-current assets
10 Total intangible assets 222.0 309.3
11 Property, plant and equipment
Land and buildings 6,171.7 5,509.8
Investment properties 13.6 13.8
Plant and machinery 4,634.9 4,591.2
Other fixtures and fittings, tools and equipment 692.2 788.0
Property, plant and equipment under construction 1,303.2 2,256.8
Total property, plant and equipment 12,815.6 13,159.6
Financial investments
12 Investments in subsidiaries 762.6 292.3
12 Investments in associates and joint venture 125.9 75.0
Other financial assets 142.7 61.7
Total financial investments 1,031.2 429.0
Non-current assets 14,068.8 13,897.9
Current assets
Receivables
13 Trade receivables 424.6 148.4
Receivables from subsidiaries 9.0 73.0
Other receivables 23.5 31.4
Prepayments 105.7 42.6
Total receivables 562.8 295.4
Cash 7.9 24.3
Total current assets 570.7 319.7
Total assets 14,639.5 14,217.6
NOTE DKKm 2021 2020
Equity
Share capital 784.8 784.8
Net revaluation according to the equity method 148.5 133.1
Reserve for development costs 55.1 73.7
Reserve for hedging 2.9 6.8
Cost of hedging (3.7) (7.9)
Retained earnings 1,527.0 1,668.5
Total equity 2,514.6 2,659.0
Non-current liabilities
9 Deferred tax 644.8 799.3
14 Financial institutions 10,257.6 9,439.5
15 Other payables 154.3 151.3
Total non-current liabilities 11,056.7 10,390.1
Current liabilities
14 Financial institutions 217.8 147.5
Prepayments from customers 170.2 234.0
Payables to subsidiaries 21.3 -
Trade payables 334.8 407.0
15 Other payables 280.6 376.6
Deferred income 43.5 3.4
Total current liabilities 1,068.2 1,168.5
Total liabilities 12,124.9 11,558.6
Total equity and liabilities 14,639.5 14,217.6
16 Financial commitments
17 Related parties
18 Concession for airport operations and charges regulation
19 Financial risks, including derivative financial instruments
20 Post-balance sheet events
Balance sheet, 1 January – 31 December
Assets Equity and liabilities
133
FINANCIAL STATEMENTS OF THE PARENT COMPANY / BALANCE SHEET
Statement of changes in Equity
DKKm
Share
capital
Net revalua-
tion according
to the equity
method
Reserve for
development
costs
Reserve for
hedging
Cost of
hedging
Retained
earnings
Total
1 January - 31 December 2021
Equity at 1 January 2021 784.8 133.1 73.7 6.8 (7.9) 1,668.5 2,659.0
Net profit/(loss) for the year - - - - - (526.9) (526.9)
Transferred from retained earnings - 18.5 - - - (18.5) -
Exchange rate adjustments - (3.1) - - - - (3.1)
Value adjustments of hedging instruments - - - 59.0 4.2 - 63.2
Value adjustments of hedging instruments, transferred to Financial income
and expenses in the income statement - - - (62.9) - - (62.9)
Capitalised development costs, net - - (18.6) - - 18.6 -
Effect of business combination - - - - - 385.3 385.3
Balance at 31 December 2021 784.8 148.5 55.1 2.9 (3.7) 1,527.0 2,514.6
The Company’s share capital consists of 7,848,000 shares of DKK 100 each. The Board of Directors proposes for adoption at the Annual General Meeting that no dividend be paid in respect of 2021.
Dividens to shareholders in 2021 have been suspended because of the financial situation and compensation received from the Danish government’s support packages.
Equity 2021
13 4
FINANCIAL STATEMENTS OF THE PARENT COMPANY / CHANGE IN EQUITY
Statement of changes in Equity
DKKm
Share
capital
Net revalua-
tion according
to the equity
method
Reserve for
development
costs
Reserve for
hedging
Cost of
hedging
Retained
earnings
Total
1 January - 31 December 2020
Equity at 1 January 2020 784.8 111.8 102.0 (32.0) (10.1) 2,302.1 3,258.6
Net profit/(loss) for the year - - - - - (638.1) (638.1)
Transferred from retained earnings - 23.8 - - - (23.8) -
Exchange rate adjustments - (2.5) - - - - (2.5)
Value adjustments of hedging instruments - - - (106.3) 2.2 - (104.1)
Value adjustments of hedging instruments, transferred to Financial income
and expenses in the income statement - - - 145.1 - - 145.1
Capitalised development costs, net - - (28.3) - - 28.3 -
Balance at 31 December 2020 784.8 133.1 73.7 6.8 (7.9) 1,668.5 2,659.0
The Company’s share capital consists of 7,848,000 shares of DKK 100 each. A decision was taken in 2020 not to pay a dividend to shareholders in respect of the second half of 2019 or in respect of 2020
(2019: DKK 915.7 million).
Equity 2020
135
FINANCIAL STATEMENTS OF THE PARENT COMPANY / CHANGE IN EQUITY
NOTE
1
NOTE
2
NOTE
3
Notes to the financial statements
Revenue
Other income primarily relates to compensation from the Danish government’s
support packages for fixed costs.
DKKm 2021 2020
Sale of property, plant and equipment 5.8 2.5
Compensation 260.0 355.1
Total other income 265.8 357.6
Other income
External costs
DKKm 2021 2020
Traffic revenue
Take-off charges 195.7 170.9
Passenger charges 359.0 282.4
Security charges 196.2 151.5
Handling 64.3 50.7
Aircraft parking, CUTE, etc. 50.3 39.9
Total traffic revenue 865.5 695.4
Concession revenue
Shopping centre 258.9 341.5
Car parking 155.1 132.6
Other concession revenue 51.9 33.7
Total concession revenue 465.9 507.8
Rent
Rent from premises 111.3 123.8
Rent from land 53.1 51.7
Other rent 4.2 5.2
Total rent 168.6 180.7
Sale of services, etc. 172.2 128.4
Total revenue 1,672.2 1,512.3
DKKm 2021 2020
Operation and maintenance 272.8 227.8
Energy 102.7 70.7
Administrative expenses 22.1 23.0
Other 24.2 27.8
Total external costs 421.8 349.3
Of which audit fees account for
Audit fee to PwC 1.3 1.2
Fees for assurance engagements other than audit 0.7 0.5
Tax advice 0.2 0.2
Non-audit services 0.1 0.1
Total audit fee 2.3 2.0
13 6
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
4
NOTE
5
NOTE
6
NOTE
7
NOTE
8
The average number of people employed in 2021 was 1,821 full-time equivalents (2020:
2,440 full-time equivalents). For information on remuneration to the members of the
Board of Directors and Executive Management, see note 2.5 in the Annual Report.
For further information on financial expenses, see note 4.1 in the Annual Report.
DKKm 2021 2020
Salaries and wages 1,030.6 1,343.2
Pensions 93.7 114.6
Other social security costs 8.2 10.5
Other staff costs 27.7 23.9
Total staff costs 1,160.2 1,492.2
Staff costs
Amortisation and depreciation
Notes to the financial statements
DKKm 2021 2020
Software 96.8 117.0
Land and buildings 278.3 258.5
Investment properties 0.2 0.2
Plant and machinery 409.2 331.5
Other fixtures and fittings. tools and equipment 186.3 183.1
Total amortisation and depreciation 970.8 890.3
Profit from investments in subsidiaries after tax
Financial income
Financial expenses
DKKm 2021 2020
Copenhagen Airport Hotels A/S 21.2 23.7
Copenhagen Airports International A/S 1.4 0.5
Smarter Airports A/S (4.1) (0.4)
Total profit from investments in subsidiaries after tax 18.5 23.8
DKKm 2021 2020
Interest on intercompany accounts with subsidiaries 0.7 2.4
Interest on other receivables 0.8 4.1
Net exchange gains 0.3 0.3
Gain on sale of securities - 0.7
Total financial income 1.8 7.5
DKKm 2021 2020
Interest on debt to financial institutions, etc. 155.1 158.4
Capitalised interest expenses regarding assets under construction (32.3) (61.5)
Exchange losses 0.5 0.4
Other financing costs 19.2 15.9
Amortisation of loan costs 18.1 7.2
Total financial expenses 160.6 120.4
137
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
9
Tax on profit for the year
Notes to the financial statements
DKKm 2021 2020
Tax expense
Current income tax (6.9) (6.6)
Change in deferred tax (154.6) (178.9)
Total (161.5) (185.5)
Tax is allocated as follows:
Tax on profit/(loss) for the year (161.4) (197.0)
Tax on other comprehensive income related to hedging instruments (0.1) 11.5
Total (161.5) (185.5)
Breakdown of tax on profit/(loss) for the year
Tax calculated at 22.0% of profit/(loss) before tax (155.5) (189.0)
Tax effect of:
Non-deductible costs, including effect of interest limitation (5.9) (8.0)
Balance at 31 December (161.4) (197.0)
Provisions for deferred tax
Balance at 1 January 799.4 978.3
Change in deferred tax charge (154.6) (178.9)
Balance at 31 December 644.8 799.4
Breakdown of deferred tax provisions
Property, plant and equipment 976.7 972.1
Trade receivables (1.5) (3.9)
Other payables, etc. 8.6 17.3
Tax loss carried forward (339.0) (186.2)
Total 644.8 799.3
DKKm 2021 2020
Income tax payable
Balance at 1 January - 115.9
Payment of tax underpaid in previous year - (115.9)
Tax paid for subsidiaries 6.9 6.6
Current income tax (6.9) (6.6)
Balance at 31 December - -
Since 1 July 2012, Copenhagen Airports A/S has been both jointly and severally liable for
the tax liabilities of its Danish subsidiaries and had a subsidiary liability for the tax liabili
-
ties of the Danish holding companies, which hold 59.4% of the shares of the Company.
The latter liability is limited to 59.4% of the tax liabilities payable on or after 1 July 2012.
For further information, see note 2.6 in the Annual Report.
13 8
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
10
Notes to the financial statements
2021 2020
DKKm Software
Software under
construction Total Software
Software under
development Total
Cost
Accumulated cost at 1 January 1,149.6 85.4 1,235.0 1,095.9 129.4 1,225.3
Additions - 15.4 15.4 - 45.4 45.4
Disposals (18.4) (5.9) (24.3) (47.7) 12.0 (35.7)
Transferred 29.2 (29.2) - 101.4 (101.4) -
Accumulated cost at 31 December 1,160.4 65.7 1,226.1 1,149.6 85.4 1,235.0
Depreciation
Accumulated depreciation at 1 January 925.7 - 925.7 834.2 - 834.2
Depreciation 96.8 - 96.8 117.0 - 117.0
Depreciation on disposals (18.4) - (18.4) (25.5) - (25.5)
Accumulated depreciation at 31 December 1,004.1 - 1,004.1 925.7 - 925.7
Carrying amount at 31 December 156.3 65.7 222.0 223.9 85.4 309.3
Intangible assets
139
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
11
2021
DKKm
Land and
buildings
Investment
properties
Plant and
machinery
Other fixtures
and fittings, tools
and equipment
Property, plant
and equipment
under construction Total
Cost
Accumulated cost at 1 January 9,049.2 19.5 9,043.3 2,300.0 2,256.8 22,668.8
Additions - - - - 529.9 529.9
Disposals (37.7) - (187.7) (23.3) (248.7)
Transferred 940.1 - 452.9 90.5 (1,483.5) -
Accumulated cost at 31 December 9.951.6 19.5 9,308.5 2,367.2 1,303.2 22,950.0
Depreciation
Accumulated depreciation at 1 January 3,539.4 5.7 4,452.1 1,512.0 - 9,509.2
Depreciation 278.3 0.2 409.2 186.3 - 874.0
Depreciation on disposals (37.8) - (187.7) (23.3) - (248.8)
Accumulated depreciation at 31 December 3,779.9 5.9 4,673.6 1,675.0 - 10,134.4
Carrying amount at 31 December 6,171.7 13.6 4,634.9 692.2 1,303.2 12,815.6
Property, plant and equipment
Notes to the financial statements
14 0
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
11
Property, plant and equipment
2020
DKKm
Land and
buildings
Investment
properties
Plant and
machinery
Other fixtures
and fittings, tools
and equipment
Property, plant
and equipment
under construction Total
Cost
Accumulated cost at 1 January 8,745.0 19.5 8,410.0 2,096.0 2,230.2 21,500.7
Additions - - - - 1,353.2 1,353.2
Disposals (20.1) - (124.1) (40.9) - (185.1)
Transferred 324.3 - 757.4 244.9 (1,326.6) -
Accumulated cost at 31 December 9,049.2 19.5 9,043.3 2,300.0 2,256.8 22,668.8
Depreciation
Accumulated depreciation at 1 January 3,301.1 5.5 4,244.6 1,369.7 - 8,920.9
Depreciation 258.5 0.2 331.5 183.1 - 773.3
Depreciation on disposals (20.2) - (124.0) (40.8) - (185.0)
Accumulated depreciation at 31 December 3,539.4 5.7 4,452.1 1,512.0 - 9,509.2
Carrying amount at 31 December 5,509.8 13.8 4,591.2 788.0 2,256.8 13,159.6
Notes to the financial statements
141
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
12
Investments
Investment in subsidiaries comprises the subsidaries Copenhagen Airports International
A/S (100%) and Copenhagen Airport Hotels A/S (53%). For information regarding invest
-
ments in associates, see note 3.4 in the Annual Report.
Notes to the financial statements
2021 2020
DKKm
Investments
in subsidiaries
Investments
in associates Total
Investments
in subsidiaries
Investments
in associates Total
Cost
Accumulated cost at 1 January 158.1 75.2 233.3 158.1 0.2 158.3
Additions 450.8 55.0 505.8 - 75.0 75.0
Disposals - - - - - -
Accumulated cost at 31 December 608.9 130.2 739.1 158.1 75.2 233.3
Revaluation and impairment
Accumulated revaluation and impairment at 1 January 134.2 (0.2) 134.0 112.5 0.2 112.7
Disposals - - - - -
Revaluation (3.1) - (3.1) (2.5) - (2.5)
Profit/(loss) after tax 22.6 (4.1) 18.5 24.2 (0.4) 23.8
Accumulated revaluation and impairment at 31 December 153.7 (4.3) 149.4 134.2 (0.2) 134.0
Carrying amount at 31 December 762.6 125.9 888.5 292.3 75.0 367.3
14 2
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
13
NOTE
14
Notes to the financial statements
Trade receivables
DKKm 2021 2020
Trade receivables 461.6 197.0
Write-down 37.0 48.6
Net trade receivables 424.6 148.4
Write-down for bad and doubtful debts
Accumulated write-down at 1 January 48.6 40.2
Change in write-down for the year (11.0) 7.6
Realised loss for the year 18.4 2.5
Reversal (19.0) (1.7)
Accumulated write-down at 31 December 37.0 48.6
The year’s movements are recognised in the income statement under External costs.
The carrying amount is equal to fair value.
DKKm 2021 2020
Financial institutions and other loans
are recognised in the balance sheet as follows:
Non-current liabilities
10,257.6
9,439.5
Current liabilities 217.8 147.5
Total 10,475.4 9,587.0
Financial institutions and other loans
14 3
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
14
Notes to the financial statements
Financial institutions and other loans (continued)
DKKm Carrying amount Fair value*
Loan Currency Fixed/floating Maturity date 2021 2020 2021 2020
Overdraft DKK Floating - 16.0 - 16.0 -
Bank club DKK Floating 22 Aug 2023 2,680,0 1,750.0 2,680.0 1,750.0
Term loan DKK Floating 22 Aug 2023 2,000.0 2,000.0 2,000.0 2,000.0
RD (DKK 64 million)** DKK Fixed 23 Dec 2032 38.5 41.6 41.7 43.3
Nordea Kredit** DKK Floating 30 Dec 2039 404.9 427.9 404.9 427.9
Nordic Investment Bank (NIB)*** DKK Fixed 12 Feb 2026 68.8 84.1 70.1 88.6
Nordic Investment Bank (NIB)*** DKK Fixed 19 Dec 2027 635.3 741.2 593.3 863.7
European Investment Bank (EIB)**** DKK Fixed 15 Dec 2026 250.0 250.0 255.0 262.9
European Investment Bank (EIB)**** DKK Fixed 26 Jan 2033 400.0 400.0 416.9 435.8
European Investment Bank (EIB)**** DKK Fixed 7 Apr 2032 600.0 600.0 622.7 594.6
European Investment Bank (EIB)**** DKK Fixed 14 Aug 2033 600.0 600.0 617.6 640.4
European Investment Bank (EIB)**** DKK Fixed 12 Apr 2034 700.0 700.0 696.6 729.1
USPP bond issue DKK Fixed 27 Aug 2025 1,055.0 1,055.0 1,159.7 1,202.3
USPP bond issue USD Fixed 22 Aug 2023 1,049.8 969.2 1,118.3 1,083.0
Total 10.498.3 9,619.0 10,692.8 10,121.6
Loan cost for amortisation (22.9) (32.0) (22.9) (32.0)
Total (22.9) (32.0) (22.9) (32.0)
Total financial institutions and other loans 10,475.4 9,587.0 10,669.9 10,089.6
For further information, see note 4.2 in the Annual Report.
* See note 4.3 for a description of the method for determining the fair value of financial liabilities.
** CPH’s properties have been mortgaged for a total value of DKK 514.9 million
(2020: DKK 514.9 million).
*** Nordic Investment Bank (NIB) - funding for the expansion of Pier C.
**** European Investment Bank (EIB) and Nordic Investment Bank (NIB) - funding for the expansion of
Copenhagen Airport.
14 4
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
NOTE
14
NOTE
15
NOTE
16
NOTE
18
NOTE
19
NOTE
20
NOTE
17
Notes to the financial statements
Financial institutions and other loans (continued)
Other payables
DKKm 2021 2020
Financial institutions and other loans by time to expiry
Due within 1 year 217.8 1,897.3
Financial institutions and other loans
Due within 1-5 years 8,389.6 5,166.7
Financial institutions and other loans
Due after 5 years 1,890.9 2,555.0
Financial institutions and other loans
Total 10,498.3 9,619.0
DKKm 2021 2020
Other payables – non-current
Holiday pay, frozen due to the new Holiday Act 154.3 151.3
Balance at 31 December 154.3 151.3
Other payables – current
Holiday pay and other payroll items
1
66.0 278.3
Interest payable 51.2 49.9
Other costs payable 63.4 48.4
Balance at 31 December 280.6 376.6
Total balance at 31 December 434.9 527.9
DKKm 2021 2020
Rent 0.4 0.4
Interest income (0.8) (2.4)
Sale of services (0.1) (0.2)
For information on financial commitments, see note 5.4 in the Annual Report.
For information on the concession for airport operation, see note 5.6 in the Annual Report.
For information on financial risks, see note 4.3 in the Annual Report.
For information about post-balance sheet event see note 5.8 in the Annual Report.
No other material events have occurred subsequent to the balance sheet date.
Note 3.4 in the Annual Report contains information on subsidanies. For information
on the Parent Company’s related parties, see note 5.5 in the Annual Report.
The companies in the Group are joint taxed; see note 2.6 in the Annual Report for
further information.
T
ransactions between subsidiaries was as follows:
During the year, there was no significant transactions with shareholders or other related
parties.
Financial commitments
Concession for airport operation and charges regulation
Financial risks
Post-balance sheet events
Related parties
14 5
FINANCIAL STATEMENTS OF THE PARENT COMPANY / NOTES TO THE FINANCIAL STATEMENTS
