Brief: Copenhagen Airports Launches Cost-Cutting Programme And Postpones Investments

Copenhagen Airports A/S

17/03/2020 06:02

March 17 (Reuters) - Copenhagen Airports A/S  KBHL.CO :
    * REG-COPENHAGEN AIRPORTS LAUNCHES COST-CUTTING PROGRAMME
AND
POSTPONES INVESTMENTS
    * EXPECTS TO TEMPORARILY SEND HOME UPWARDS OF 1,500
EMPLOYEES OVER
COMING WEEKS.
    * THIS WILL BE A GRADUAL PROCESS IN STEP WITH CUTBACK IN
OPERATIONS.
    * CPH EXPECTS TO TEMPORARILY SEND HOME UPWARDS OF 1,500
EMPLOYEES
OVER COMING WEEKS
    * IDENTIFIED POTENTIAL SAVINGS IN REMAINDER OF YEAR OF DKK
250-350
MILLION IN CURRENT OPERATING COSTS,
    * IT IS NOT POSSIBLE TO FORECAST REVENUE, PROFIT BEFORE TAX
OR
TOTAL INVESTMENTS
    * CAPEX SAVINGS IN AIRPORT'S INVESTMENT PROGRAMME OF DKK
400-700
MILLION FOR REMAINDER OF YEAR
    * IT IS STILL NOT POSSIBLE TO PROVIDE A REALISTIC ASSESSMENT
OF
FINANCIAL IMPACT OF CORONAVIRUS. AS A RESULT, IT IS ALSO NOT
POSSIBLE TO FORECAST REVENUE, PROFIT BEFORE TAX OR TOTAL
INVESTMENTS
    * WILL CONTINUE TO ASSESS AND ADJUST OPERATING COSTS AND
LEVEL OF
INVESTMENTS ON AN ONGOING BASIS
    * PASSENGER TRAFFIC HAS ALREADY BEEN REDUCED BY UP TO 70 PER
CENT,
AND IT IS EXPECTED TO DROP FURTHER OVER NEXT FEW DAYS
    * THAT TWO OF THREE RUNWAYS AT AIRPORT HAVE TEMPORARILY BEEN
DECOMMISSIONED AND WILL BE USED TO PARK AIRCRAFT
    * EXPECTED A HIGH DOUBLE-DIGIT NUMBER OF AIRCRAFT TO BE
PARKED AT
COPENHAGEN AIRPORT BEFORE LONG
    * IDENTIFIED COST CUTS AND POSTPONED INVESTMENTS WILL NOT
IMPACT
AIRPORT'S ABILITY TO STAY FOCUSED ON OPERATING A SAFE AND
EFFICIENT AIRPORT

Source text for Eikon:  ID:nGNE573jcc 
Further company coverage:  KBHL.CO 

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