Copenhagen Airports A/S

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Copenhagen Airports A/S

• Annual presentation 2003

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Annual presentation 2003 Copenhagen Airports
A/S

• Copenhagen Airports A/S owns and operates the
  airports at Copenhagen and Roskilde in Denmark
• Copenhagen Airport is the largest airport in
  Scandinavia 17.7 million passengers in 2003
• The Scandinavian hub the main hub for SAS and
  Star Alliance and the northern European hub for
  DHL
• 119 scheduled destinations 10 domestic (incl,
  Greenland Faroe Islands), 20 Other Nordic, 69
  Other European, 20 Intercontinental)

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Annual presentation 2003 Ratios
Annual presentation 2003 Ratios
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Annual presentation 2003 Segments

• Traffic
• Operations and functions
• Facilities for the movement of passengers
• Revenues include traffic charges, take-off
  charges and aircraft parking charges
• Commercial
• Facilities and services provided to passengers
  (parking facilities, shops, restaurants, resting
  areas and lounges, the Hilton Copenhagen Airport)
• Revenues earned from private operators and
  leasing of buildings, premises and land
• International
• Investments in foreign airports
• Revenues earned from consultancy services

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Annual presentation 2003 Financial overview
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Annual presentation 2003 Revenue breakdown
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Annual presentation 2003 Breakdown of
operating costs
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Annual presentation 2003 Revenue by business
area Traffic
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Annual presentation 2003 Traffic 2003
Monthly breakdown 2003
Monthly breakdown 2003 (total no. of pass.)
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Annual presentation 2003 Traffic 2003
Markets 2003

• Incl. Greenland and Faroe Islands

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Annual presentation 2003 Traffic 2003 Top
10 markets 2003
Top 10 markets 2003
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Annual presentation 2003 Traffic 2003
Aircraft movements
Aircraft movements
Overall decrease 3.0
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Annual presentation 2003 Traffic 2003
Maximum take-off weight
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Annual presentation 2003 Traffic 2003
Airlines top 10
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61 airlines 119 scheduled destinations
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Annual presentation 2003 Traffic 2003 Low
cost traffic
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• easyJet
• Iceland Express
• Nordic Airlink
• Snowflake
• Sterling
• V Bird
• Virgin Express

Low cost airlines at Copenhagen Airport in 2003

• 1.15 million low cost passengers in 2003
  corresponding to 6.3 of total traffic (2002
  2.9)
• 4 new low cost airlines in 2003
• Iceland Express (February), Snowflake (March),
  Nordic Airlink (November) and V Bird (December)
  creating a net total of 11 new low cost services
  out of Copenhagen Airport

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Annual presentation 2003 Revenue by business
area Commercial
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Annual presentation 2003 Revenue by business
area Sale of Services
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Annual presentation 2003 Airport capacity
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• Runways 83 mixed movements/hour
• Terminal 25 million passengers
• A one terminal concept has led to capacity
  optimisation and flexible capacity management
  (including flexible assignment of aircraft to
  gates)
• If needed, Copenhagen Airports can increase
  capacity gradually without a need for drastic
  capacity extension

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Annual presentation 2003 Investments
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Annual presentation 2003 Cashflow and payout
ratio 1999-2003
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Annual presentation 2003 Platform for
international expansion
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• Active ownership
• Transfer of know-how
• Focus on investments in existing airport
  infrastructure
• Secure a balanced risk/return profile
• Secure direct influence on future operations by
• Acquiring equity stakes
• Controlling influence on business strategy and
  commercial issues
• Direct influence at Board level

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Annual presentation 2003 TSA fee and profit
from interests in associates before tax
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Profit from interests in associates before tax
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Annual presentation 2003 Hainan Meilan
Airport Company Ltd,

• Copenhagen Airports owns 20 of the shares in
  Hainan Meilan Airport Company Ltd.
• Hainan Meilan Airport Company Ltd. is listed on
  the Main Board of the Hong Kong Stock Exchange
• A strategic investment agreement, a shareholders
  agreement and a technical services agreement
  secure Copenhagen Airports management influence
  over Hainan Meilan Airport
• Hainan Meilan Airport is located on Hainan in the
  southernmost part of China, which is known as the
  Hawaii of China due to its exotic beaches and
  tropical climate
• 6.0 million passengers in 2003 corresponding to
  an increase of 7.7 despite the outbreak of SARS
  in the second quarter of the year
• Achieved international airport status in 2003
  opening up the possibility of international
  services
• Prospects for improvements, e.g. in commercial
  operations and efficiency in future capex

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Annual presentation 2003 Traffic Hainan
Meilan Airport 2003
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6.0 million passengers in 2003 (7.7)
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Annual presentation 2003 Newcastle
International Airport Ltd,

• Copenhagen Airports owns 49 of NIAL Holdings
  Plc. which owns 100 of the operating company
  Newcastle International Airport Ltd.
• 15-year TSA agreement between NIAL and Copenhagen
  Airports covering consultancy services on a
  strategic and operational level as well as a
  performance related fee
• Newcastle International Airport dominates the
  region as the main airport for the North East and
  has further consolidated that position in 2003
  with a passenger growth of 15.3 corresponding to
  3.9 million passengers
• On top of a well-balanced passenger mix, NIAL
  introduced an easyJet low cost base operation
• Major investments already in place
• Re-focus on the commercial opportunities
  including remodelling of the terminal

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Annual presentation 2003 Traffic Newcastle
Airport 2003
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3.9 million passengers in 2003 (15.3)
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Annual presentation 2003 Newcastle
International Airport
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Annual presentation 2003 ASUR

• Copenhagen Airports owns, directly and
  indirectly, 6.3 of the shares in Grupo
  Aeroportuario del Sureste, S.A. de C.V. (ASUR)
• ASUR is a 100 privatised airport company listed
  on the NYSE and the Mexican Stock Exchange
• ASUR has the right to operate and develop nine
  airports in the south-eastern part of Mexico
  during a 50-year concession period
• Copenhagen Airports has a 25.5 share in ITA,
  which has a 15-year technical services agreement
  with ASUR
• 12.2 million passengers in 2003 corresponding to
  an increase of 10.8 compared with 2002
• New master development programmes, investment
  plans and airport charges for 2004-2008 were
  approved by the Mexican authorities in 2003
• Strong growth potential in small and medium-sized
  regional airports with limited capex requirements
  
• Further growth potential in the non-aeronautical
  business areas (duty-free, retail, FB, etc.)
• High EBITDA margin and strong cash flow

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Annual presentation 2003 Traffic nine Mexican
airports 2003
12.2 million passengers in 2003 (10.9)
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Annual presentation 2003 Appendices
Appendices
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Annual presentation 2003 Appendices Income
statement and balance sheet
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Annual presentation 2003 Appendices Airport
charges index 2003
Based on total tariffs terminal navigation
charge, landing fee, parking charges and
passenger charges. The higher rating, the more
expensive. The benchmark comprises a total of 50
airports.
Airport charges index 2003
Source Transport Research Laboratory 2003
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Annual presentation 2003 Appendices Runways
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Annual presentation 2003 Appendices Denmark
and the Oresund region
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Annual presentation 2003 Appendices
Copenhagen Airport facilities 2003
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• Shopping centre area
• - Airside 6,462,1 sqm
• - Landside 298,1 sqm
• - 9 duty-free stores
• - 38 specialty stores
• - 18 food and beverage outlets
• Total area
• - 11,8 sqkm

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Annual presentation 2003 Appendices
Financial calendar 2004
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Annual presentation 2003 Appendices Contacts
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• Copenhagen Airports A/SP.O. Box
  74Lufthavnsboulevarden 6DK-2770
  KastrupTelephone 0045 32 31 32 31Telefax
  0045 32 31 31 32CVR-no 14 70 72 04Website
  www.cph.dk
• Senior Vice President, CFOTorben
  ThyregodTelephone 0045 32 31 22 31E-mail
  torben.thyregod_at_cph.dk
• Vice President, Head of IRFlemming
  PetersenTelephone 0045 32 31 22 12E-mail
  f.petersen_at_cph.dk