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frontpageSAS, Norwegian andDAT have togetherclosed the gap in theDanish route networkleft by the CimberSterling bankruptcy.The last gap after Cimberhas been closedWhen flight SK1280 took off from Danish provincial airport Billund at 6:30 on Monday,13 August, SAS had filled the last gap left on the route map after the bankruptcy ofCimber Sterling in the early summer.First, there was a bankruptcy in Maywhich closed down much of the domestictraffic in Denmark. Then, there was asummer with fewer-than-normal domestic flights, and an unfortunate situationwith no flights connecting the two biggest airports in the country. A big partof these concerns was eliminated whenthe first SAS flight from Billund to Copen hagen took off.“This was very good news for commuters,business travellers and leisure travellers.SAS has now expanded its domestic network, so Denmark is again properly connected. This has created greater confidence and increased people’s enthusiasmfor travel,” said Carsten Nørland, VP, Salesand Marketing for Copenhagen Airport.“We must always be prepared for mostscenarios, including a major bankruptcysuch as that of Cimber Sterling. And wewere,” said Carsten Nørland.In the domestic market, Danish Air Transport was first on the field, closelyfollowed by Norwegian and SAS. In theinternational market, Norwegian, easyJetand Spanish-based Vueling took upa number of the vacant routes and frequencies. One of the effects of this expansion has been that Norwegianhas based an additional two aircraftat Copenhagen Airport, increasingthe total number of aircraft at its Danishbase to 11.With the new Billund service launchedin August, 81% of the seats that disappeared in the Cimber Sterling bankruptcyare now back on the market. This goesfor both domestic and international traffic. And that is no coincidence.“With two additional aircraft based atCopenhagen, we can improve our offering to southern European destinations inparticular, thereby increasing our flexibility and offering to our customers,” saidJohan Bisgaard Larsen, head of communications and marketing of Norwegian inDenmark.CPH was prepared for the bankruptcyWhen Cimber Sterling filed for bankruptcy early one Thursday morning in Mayand stopped all its flights, CopenhagenAirport was already in contact with several other airlines with an interest in taking over the many routes.Serving 140 different destinations, 24 ofthem intercontinental, Copenhagen Airport continues to be the biggest transport hub in northern Europe. But a hubis never stronger than its weakest link. Itwas therefore important to get domestictraffic back on track.“It is extremely important that Danishpassengers have fast, convenient and frequent flights to Copenhagen that connect to international flights. Our nextstep is therefore to increase the numberof daily frequencies to the most important domestic destinations as frequency isa key factor in our efforts to strengthenour position as the main transport hub ofnorthern Europe,” said Carsten Nørland.Five bankruptcies in six monthsIn 2012, the crisis and rising fuel costshave hit European air transport very hard.In just six months, CPH has had to handlefive bankruptcies: Spanair, Malev, Windjet, Skyways and Cimber Sterling.But CPH has successfully persuaded existing and new airlines to take over mostof the routes and frequencies hit by thebankruptcies. As a result, CPH recorded anaggregate growth of 4.2% in passengernumbers in the first six months of 2012.This improvement is composed of stronggrowth in international traffic by 6.9%and a 19.8% drop in domestic traffic.“CPH has grown its international trafficby more than the other main Scandinavian airports, and we are very proud of ouraggregate growth rate of 4.2%,” saidCarsten Nørland.CPH NEWS / September 2012 / 5

frontpageCPH: Strong H1 performancePassenger numbers rose by 4.2% despite the bankruptcy of CPH’s third largest customerand challenging market conditions. The number of transfer passengers at CopenhagenAirports continued to increase, supporting CPH’s strategy of strengthening its position asthe preferred Northern European transport hub. CPH retains its overall full-year forecastregardless of the bankruptcy of Cimber Sterling in May 2012.Passenger numbers at Copenhagen Airport were up by 4.2% in the first sixmonths of 2012 to 11.3 million passengers, contributing to a 6.1% increase inrevenue for the period. Profit before taxincreased by 22.3% to DKK 533.9 million, primarily due to higher traffic revenue and growing sales at the shoppingcentre as well as lower financing costs,partly offset by the effect of the losscaused by the above mentioned bankruptcy.“Thanks partly to the strong efforts madeby CPH relating to route development, anumber of airlines have announced newroutes and frequencies in the period sincethe Cimber Sterling bankruptcy. CPH hasalready regained 81% of the seat capacity we lost in connection with the bankruptcy; part of this new capacity will notbe added until later in the year. CPH hadminimised its risk of loss on outstandingreceivables and therefore only suffered animmaterial direct loss on the Cimber Sterling bankruptcy,” said Thomas Woldbye,CEO of Copenhagen Airport.The number of transfer passengers at Copenhagen Airport rose in H1 2012. Theincrease was primarily driven by increasedtransfer traffic from Norway, Poland, Germany, the Baltic States and Finland,which supports CPH’s World Class Hubstrategy.Aeronautical revenue rose by 6.1% in H12012, thanks to increased traffic revenuegenerated by the rising traffic volumeand adjustment of charges under thelong-term charges agreement which CPHsigned with the airlines in 2009.steakhouse in Terminal 2 and a Foodmarket deli in Terminal 1 and Terminal 2.“The new contracts will contribute to creating travel experiences in line withour customers expectations and to ensurethat we continue to develop the shopping centre in order to retain Copenhagen Airport’s top rankings in the retailfield,” said Thomas Woldbye.Major expansion projectsContinued growth atthe shopping centreSales at Copenhagen Airport’s shoppingcentre rose by 13.0% due to higherspend per passenger and the full-year effect of the full occupancy of all spaceat the shopping centre. At the end of Q2,CPH signed a five-year agreement withGebr. Heinemann to continue to operatethe duty- and tax-free shops at Copen hagen Airport. Two new food & beverageunits were also opened in Q2: a MASHIn H1, CPH signed a contract with Siemens for a major expansion and upgradeof Copenhagen Airport’s baggage system. The project will prepare the baggage system for the future passengerflows through a capacity expansion thatwill enable Copenhagen Airport to handle up to 30 million passengers and willfurther enhance the operational reliabilityof the system. The project is scheduledfor completion by the summer of 2013and is part of the new strategy underwhich CPH is making major investmentsto develop Copenhagen Airport into thefuture.Group financial highlights and key ratiosQ2 2012Q2 2011YTD 2012YTD 20112011RevenueIncome statement (DKK 75EBIT3893276325471,263484898110206Profit before tax3412795344371,057Net profit252207395323756Net financing costs6 / CPH NEWS / September 2012

frontpageCPH has concurrently started a major project to renovate and expand Terminal 2and the Arcade connecting Terminals 2and 3 designed to create more space forpassengers and better conditions for airlines and other tenants in the terminals.In addition, the number of check-in deskswill be increased in order to match capacity to the expected increase in passengernumbers in the years ahead.CPH retains its profit forecastfor the full yearBased on the expected traffic programmefor 2012, the total number of passengersis expected to increase. Traffic, however,could be adversely impacted by the continuing economic uncertainty in the Eurozone and any closure of routes due to airline reductions. The forecast is retaineddespite recent airline bankruptcies.The increase in passenger numbers is expected to have a positive impact on totalrevenue. Operating costs are expected tobe higher than in 2011, primarily due tothe expected increase in passenger numbers, cost inflation and increased depreciation charges as a result of the higherlevel of investment with a focus on continuing growth. Overall, a higher totalprofit before tax, when excluding one-offitems, is expected for 2012.Under the charges agreement, CPH mustinvest an average of DKK 500 million annually, but CPH expects to invest significantly more than this in 2012. CPH willalso be investing in other commercialprojects for the benefit of airlines andpassengers.The number of transfer passengers grew in the firstsix months of 2012 thanks to more transfer trafficfrom Norway, Poland, Germany, the Baltic statesand, not least, Finland, which supports CPH’sWorld Class Hub strategy.CPH NEWS / September 2012 / 7

frontpageShare performanceShare turnover and performance relative to the OMX index in the period of 1/1-30/6 ry – June 2012Turnover (DKK mio.)Jan 2012Feb 2012Mar 2012Apr 2012 May 2012Jun 20120You can follow the share price performance at www.cph.dkunder Investor. On the website, you can also compare CPH’sshare price performance with the performance of other airportshares. Share price performance, Copenhagen Airports Relative share price performance, OMX Turnover, Copenhagen AirportsNew RoutesSAS launches new route to SanFrancisco and adds flights to New YorkSAS to open a service to San Francisco on 8 April 2013.From 8 April 2013, SAS will operate six weekly flights directly from Copenhagen to San Francisco on the US WestCoast. At the same time, SAS will expand its Copenhagento New York service by three additional flights per week.Copenhagen and Denmark will once again have a direct link toCalifornia and the US west coast. SAS has decided to strengthen its position in the important, and growing, North Americanmarket, where the airline already operates direct flights fromCopenhagen to Chicago and to New York and Washington onthe East Coast.There has not been a direct route to the West Coast from Copenhagen or Scandinavia, but there will be one now for the particular benefit of the many Nordic and international companies thathave been demanding a fast, direct service to the West Coast.From San Francisco, SAS partner United Airlines offers manyconnecting flights to other destinations on the US West Coastas well as to numerous other Pacific destinations.Along with the new San Francisco route, SAS has also announced an expansion of its route to New York from Copenhagen. From 1 April 2013, SAS will operate two daily flights threedays a week. SAS already services New York with one daily flight.Top of CPH’s listTo Copenhagen Airport, a direct route to San Francisco and theUS West Coast has been an inspiration for several years.“Copenhagen and Northern Europe in general have really lackeda direct route to the US West Coast. So the fact that SAS is introducing a route to San Francisco is in every respect excellentnews”, says Carsten Nørland, VP, Sales & Marketing for Copenhagen Airport.CPH News to be available only electronicallyIn order to strengthen the ties with our stakeholders and makecommunications faster and more efficient, Copenhagen AirportsA/S has decided to use electronic media as the primary form ofcommunicating with our investors. This means that, from thenext issue in March 2013, CPH News will only be available electronically. CPH News is already available in PDF format and canbe downloaded from the CPH ioner/CPH News/Editor-in-chief: Henrik Peter Jørgensen /Editors: Søren Hedegaard Nielsen, Lars Lemche /Photos: Ernst Tobisch, Arne V. Petersen /Design and graphical production: meyer & bukdahl as /Copenhagen Airports A/S,Lufthavnsboulevarden 6, DK-2770 Kastrup,Denmark / Tel.: 32 31 28 00 / E-mail: cphweb@cph.dk /Company reg. (CVR) no. 14 70 72 04If you have questions or comments to this newsletter, please contact cphweb@cph.dk

rope. Dutch airline KLM already operates 11 Scandinavian routes and flies passen-gers directly to Amsterdam by-passing Copenhagen. Helsinki is trying to corner the market for flights to Asia. In such a market, Copenhagen Airport has two options: Do or die. At Copenha-gen Airport, we opt to