Brief: Copenhagen Airports Q3 EBIT Ex-Items Down At DKK 481 Million

Copenhagen Airports A/S

12/11/2019 10:48

Nov 12 (Reuters) - Copenhagen Airports A/S  KBHL.CO :
    * REG-INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR
THE
PERIOD 1 JANUARY - 30 SEPTEMBER 2019
    * REG-INTERIM REPORT OF COPENHAGEN AIRPORTS A/S (CPH) FOR
THE
PERIOD 1 JANUARY - 30 SEPTEMBER 2019
    * CPH RETAINS FULL-YEAR OUTLOOK FOR REVENUE GROWTH, PROFIT
BEFORE
TAX EXCLUDING ONE-OFF ITEMS, GIVEN IN ANNOUNCEMENT OF 8 AUGUST
2019.
    * IN FIRST NINE MONTHS OF YEAR, 23.3 MILLION PASSENGERS
TRAVELLED
THROUGH COPENHAGEN AIRPORTS
    * CPH HAS ADAPTED RANGE OF CAPITAL INVESTMENTS TO DKK
2.0-2.1
BILLION.
    * BASED ON EXPECTED TRAFFIC PROGRAMME FOR 2019, TOTAL NUMBER
OF
PASSENGERS IS EXPECTED TO BE IN LINE WITH 2018
    * TREND IN PASSENGER NUMBERS IS A DYNAMIC FACTOR THAT IS
SUBJECT
TO BOTH POSITIVE AND NEGATIVE INFLUENCE FROM GENERAL ECONOMIC
DEVELOPMENTS, DECISIONS ON ROUTES AND CAPACITY CHANGES MADE BY
AIRLINES, AND ISOLATED EVENTS IN AVIATION INDUSTRY
    * RECORDED A PROFIT BEFORE TAX, EXCLUDING ONE-OFF ITEMS, OF
DKK
1,074.1 MILLION FOR FIRST NINE MONTHS OF 2019, DOWN 10.0% ON
SAME PERIOD OF 2018
    * ALTHOUGH PASSENGER NUMBERS ARE EXPECTED TO BE IN LINE WITH
2018,
A DECREASE IN REVENUE IS EXPECTED
    * REVENUE PERFORMANCE IS EXPECTED TO BE NEGATIVE IN RANGE OF
2-3%,
PRIMARILY DUE TO REDUCTION OF CHARGES IN 2018 AND NEW CHARGES
AGREEMENT WITH AIRLINES
    * Q3 REVENUE DKK 1.20  BILLION VERSUS DKK 1.24 BILLION YEAR
AGO
    * CPH EXPECTS TO MAINTAIN INVESTMENT LEVEL IN 2019, AT AN
ESTIMATED DKK 2.0 - 2.1 BILLION, IN ORDER TO ACCOMMODATE GROWTH
PLAN
    * OPERATING COSTS ARE EXPECTED TO BE HIGHER THAN IN 2018,
PRIMARILY DUE TO AN INCREASE IN NUMBER OF EMPLOYEES BECAUSE OF
CAPACITY EXPANSIONS, ADDITIONAL REGULATORY REQUIREMENTS FOR
SECURITY, AND COST INFLATION
    * DEPRECIATION IS EXPECTED TO BE AT 2018 LEVEL AND FINANCING
COSTS
ARE EXPECTED TO BE LOWER THAN IN 2018.
    * PROFIT BEFORE TAX IN 2019 IS EXPECTED TO BE IN RANGE OF
DKK
1,250-1,350 MILLION, EXCLUDING ONE-OFF ITEMS.
    * Q3 REVENUE DKK 1.20 BILLION VERSUS DKK 1.24 BILLION YEAR
AGO
    * CPH EXPECTS TO CONTINUE TO INVEST FOR BENEFIT OF
PASSENGERS AND
AIRLINES AND IS MAINTAINING ITS GROWTH PLAN
    * CPH EXPECTS TO MAINTAIN INVESTMENT LEVEL IN 2019, AT AN
ESTIMATED DKK 2.0 - 2.1 BILLION, IN ORDER TO ACCOMMODATE GROWTH
PLAN
    * REVENUE PERFORMANCE IS EXPECTED TO BE NEGATIVE IN RANGE OF
2-3%
    * WILL ALSO BE INVESTING IN NON-AERONAUTICAL PROJECTS
    * RESULTS ARE AFFECTED BY REDUCTION OF CHARGES IN 2018 AND
NEW
CHARGES AGREEMENT CONCLUDED WITH AIRLINES AS WELL AS SAS PILOT
STRIKE AND ADJUSTMENTS IN AIRLINES' TRAFFIC PROGRAMMES.
    * Q3 EBIT EX-ITEMS DKK 481 MILLION VERSUS DKK 513 MILLION
YEAR AGO

Source text for Eikon:  ID:nGNE6wsdKN 
Further company coverage:  KBHL.CO 

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