GROUP ANNUAL REPORT 2015 FACTS & FIGURES 2015 COPENHAGEN AIRPORTSCVR no. 14 70 72 04 2 COPENHAGEN AIRPORTS - ANNUAL REPORT 2015 COPENHAGEN AIRPORTS A/S Pursuant to section 149(2) of the Danish Fi- CORPORATE SOCIAL FORWARD-LOOKING STATEMENTS Lufthavnsboulevarden 6 nancial Statements Act, the Group Annual RESPONSIBILITY STATEMENT – RISKS AND UNCERTAINTIES 2770 Kastrup Report is an extract of Copenhagen Airports’ The section “Segmental and Non-financial This Annual Report includes forward-looking Denmark Tel.: +45 3231 3231 complete Annual Report. The complete performance” on pages 25-47 present statements as described in the US Private Fax: +45 3231 3132 Annual Report, including the financial state- how Copenhagen Airports A/S (CPH) Securities Litigation Reform Act of 1995 and E-mail: [email protected] ments of the Parent Company, Copenhagen worked towards its non-financial business similar acts of other jurisdictions on forward- Web: www.cph.dk/en Company reg. (CVR) no.: 14 70 72 04 Airports A/S, (pages 142-153) and the statu- targets in 2015 and the results it achieved. looking statements, including in particular Established: 19 September 1990 tory corporate governance statement can be Together with the non-financial statements, statements concerning future revenues, Municipality of registered office: Taarnby downloaded at www.cph.dk/en. Following these pages make up CPH’s corporate social operating profits, business expansion and TERMS USED adoption at the Annual General Meeting, responsibility statement as required by sec- investments. Such statements are subject to Copenhagen Airports, CPH, the Group and the complete Annual Report will also be tions 99a and 99b of the Danish Financial risks and uncertainties, as various factors, the Company are used synonymously about available from the Danish Business Authority Statements Act. many of which are beyond CPH’s control, Copenhagen Airports A/S consolidated with (Erhvervsstyrelsen). may cause actual results and performance its subsidiaries and associates. to differ materially from the forecasts made COPENHAGEN AIRPORT The allocation of the profit for the year, in this Annual Report. Such factors include The airport at Kastrup, Copenhagen, including the proposed dividend, is described general economic and business conditions, owned by Copenhagen Airports A/S. on page 63. changes in exchange rates, the demand for ROSKILDE AIRPORT CPH’s services, competitive factors within The airport at Roskilde owned by ANNUAL GENERAL MEETING the aviation industry, operational problems Copenhagen Airports A/S. The Annual General Meeting will be held in one or more of the Group’s businesses, PUBLISHED BY COPENHAGEN AIRPORTS A/S on 12 April 2016 at 3 pm at the Vilhelm and uncertainties relating to acquisitions Lauritzen Terminal. and divestments. See also “Risk manage- DESIGN AND LAYOUT ment and risks” on pages 48-51. kindly.dk TRANSLATION Borella projects ISSN: 1904-2558 3 CONTENTS MANAGEMENT’S REVIEW Letter from the Board of Directors ...................................... 4 CPH Express ....................................................... 7 Letter from the Executive Management .................................. 16 Financial review .................................................... 20 Segmental performance. 25 Non-financial performance ........................................... 35 Risk management and risks ........................................... 48 Shareholder information ............................................. 52 Reference to Statement on Corporate Governance ......................... 54 Board of Directors and Executive Management ............................ 56 CONSOLIDATED FINANCIAL AND NON-FINANCIAL STATEMENTS 59 Consolidated financial statements ...................................... 61 Consolidated non-financial statements .................................. 101 MANAGEMENT’S STATEMENT AND AUDITORS’ REPORTS 135 Management’s statement ............................................ 136 Independent auditors’ report .......................................... 138 Independent auditors' limited assurance report on non-financial information ..... 140 The management’s review, as defined by the Danish Financial Statements Act, is included on pages 4-58. This Annual Report is published both in English and Danish. In the event of any discrepancies, the Danish version shall prevail. 4 MANAGEMENT’S REVIEW Copenhagen Airport plays an important role for growth and employment LETTER FROM THE BOARD OF DIRECTORS 5 MANAGEMENT’S REVIEW > LETTER FROM THE BOARD OF DIRECTORS LETTER FROM THE BOARD OF DIRECTORS Copenhagen Airport plays an import- A GROWTH STRATEGY FOR We have now achieved four years of growth non-aeronautical revenue while maintaining ant role for growth and employment AVIATION on the back of our World Class Hub strategy very high passenger satisfaction. in Denmark and southern Sweden. The Our ambition of adding more destinations which supports both our aeronautical and airport is a vital part of Denmark’s in- and growing towards 40 million passengers our non-aeronautical business. Copenha- Work on expanding the airport towards 40 frastructure, bringing all regions of the can only be achieved through close and gen Airport set another passenger record million passengers a year is in progress, and country together and connecting them productive collaboration between the air- in 2015, with passenger numbers up 3.8% 2015 once again saw substantial investment to the world. port, its customers and all key stakeholders to 26.6 million. in the airport’s capacity and growth poten- – from politicians and authorities to NGOs, tial. This included extending Pier C, renovat- businesses and the broader tourist industry. The aeronautical business delivered good ing and expanding Terminal 2, adding two The overall goal for Copenhagen Airports results in 2015. A sustained focus on effi- extra lanes in the central security check, A/S (CPH) is to create connectivity and We therefore warmly welcome the Danish cient processes and facilities, combined with enlarging the Central Security Restricted growth to the benefit of both CPH and the government’s work on a national aviation close collaboration with the airlines, paved Area (CSRA) to reduce airlines’ costs, and community as a whole across Denmark and strategy to support growth in the sector for the way for substantial growth in both in- renovating and widening one of the main southern Sweden. the good of the whole country. We look for- tercontinental routes and European traffic. runways to accommodate the Airbus 380, ward to liaising closely with the government which began operating daily to Dubai from In a global economy, good connectivity is and other companies in the aviation sector Our domestic offering was also improved 1 December 2015. crucial for attracting and retaining businesses on the specifics of the strategy, which aims and better coordinated with both interna- and jobs. We aim to strengthen the airport’s to bolster Denmark and Copenhagen Airport tional traffic and public transport to and RESPONSIBLE GROWTH position as the Gateway of Northern Europe, in the face of strong competition from other from the airport. This gives all Danes and It is very important that Copenhagen Airport since competitiveness throughout the region regions and hubs in Europe. In this context, southern Swedes opportunities to travel is developed and expanded with respect for is highly dependent on the development and we are keenly aware that Copenhagen quickly and efficiently to worldwide desti- the environment and a focus on the safety expansion of the airport and its route net- Airport plays a key role for businesses and nations via Copenhagen Airport. of passengers and all those who work at work. This underpins our long-term plans to citizens throughout Denmark and southern the airport. Key areas of our corporate re- expand the airport to handle up to 40 million Sweden, not just in the Copenhagen area. The non-aeronautical business remained sponsibility work include energy savings and passengers a year. adept at meeting demand from passen- employee well-being. In 2015, CPH achieved gers in 2015. New brands in the shopping substantial energy savings of 5.28 GWh, centre and improved online solutions for helping us towards our target of CO2-neutral both parking and shopping helped increase growth. The year’s employee engagement 6 MANAGEMENT’S REVIEW > LETTER FROM THE BOARD OF DIRECTORS LETTER FROM THE BOARD OF DIRECTORS survey again revealed high levels of satisfac- tion, and there was a noticeable decrease in the number of occupational injuries. In Denmark, as in the rest of Europe, 2015 brought a sharp focus on terrorism and se- curity. Working closely with the authorities, CPH has competently addressed new devel- opments and new requirements to ensure that all passengers can continue to feel safe when using the airport. The Board of Directors would like to thank CPH’s diligent employees and management for the excellent results achieved in 2015. These results confirm that Copenhagen Airport is on the right track in its efforts to bring about connectivity and growth as we head towards 40 million passengers a year. The Board of Directors of Copenhagen Airports A/S 7 MANAGEMENT’S REVIEW We create international connectivity CPH EXPRESSTHE ANNUAL REPORT IN 5 MINUTES 8 MANAGEMENT’S REVIEW > CPH EXPRESS WE STRIVE TO BE THE BEST PART OF YOUR JOURNEY CHECK-IN SHOPPING & DINING DEPARTURES ARRIVALS Parking facilities Development of store and service Gate facilities Shuttle