33781903 2022-01-01 2022-12-31 33781903 2022-01-01 2022-12-31 0 33781903 2022-01-01 2022-12-31 1 33781903 2022-01-01 2022-12-31 2 33781903 2022-01-01 2022-12-31 3 33781903 2021-01-01 2021-12-31 33781903 2022-12-31 33781903 2021-12-31 33781903 2022-01-01 2022-12-31 0 33781903 2021-01-01 2021-12-31 1 33781903 2022-01-01 2022-12-31 2 33781903 2021-01-01 2021-12-31 3 33781903 2022-01-01 2022-12-31 4 33781903 2021-01-01 2021-12-31 5 33781903 2021-01-01 2021-12-31 0 33781903 2022-01-01 33781903 2021-01-01 33781903 2022-01-01 2022-12-31 0 iso4217:DKK 2022-01-01 2022-12-31 33781903 2023-05-30 Torben Christensen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Executive Board</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board have today considered and adopted the Annual Report of</td></tr><tr><td colspan="1">Kastrup Airports Parent ApS for the financial year 1 January – 31 December 2022.</td></tr><tr><td colspan="1">The Consolidated Financial Statements have been prepared in accordance with International Financial</td></tr><tr><td colspan="1">Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act,</td></tr><tr><td colspan="1">and the Parent Company Financial Statements have been prepared in accordance with the Danish Financial</td></tr><tr><td colspan="1">Statements Act. Management’s Review has been prepared in accordance with the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a</td></tr><tr><td colspan="1">true and fair view of the financial position at 31 December 2022 of the Group and the Parent Company and of</td></tr><tr><td colspan="1">the results of the Group and Parent Company operations and consolidated cash flows for the financial year 1</td></tr><tr><td colspan="1">January - 31 December 2022.</td></tr><tr><td colspan="1">In our opinion, Management’s Review includes a true and fair account of the development in the operations</td></tr><tr><td colspan="1">and financial circumstances of the Group and the Parent Company, of the results for the year and of the</td></tr><tr><td colspan="1">financial position of the Group and the Parent Company as well as a description of the most significant risks</td></tr><tr><td colspan="1">and elements of uncertainty facing the Group and the Parent Company.</td></tr><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2023-05-30 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor's Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Kastrup Airports Parent ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at</td></tr><tr><td colspan="1">31 December 2022 and of the results of the Group’s operations and cash flows for the financial year 1 January to</td></tr><tr><td colspan="1">31 December 2022 in accordance with International Financial Reporting Standards as adopted by the EU and</td></tr><tr><td colspan="1">further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Moreover, in our opinion, the Parent Company’s Financial Statements give a true and fair view of the Parent</td></tr><tr><td colspan="1">Company’s financial position at 31 December 2022 and of the results of the Parent Company’s operations for the</td></tr><tr><td colspan="1">financial year 1 January to 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Kastrup</td></tr><tr><td colspan="1">Airports Parent ApS for the financial year 1 January - 31 December 2022, which comprise income statement,</td></tr><tr><td colspan="1">balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies,</td></tr><tr><td colspan="1">for both the Group and the Parent Company, as well as statement of comprehensive income and cash flow</td></tr><tr><td colspan="1">statement for the Group (collectively the “financial statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark. Our responsibilities under those standards and requirements are further</td></tr><tr><td colspan="1">described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are</td></tr><tr><td colspan="1">independent of the Group in accordance with the International Ethics Standards Board for Accountants’</td></tr><tr><td colspan="1">International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements</td></tr><tr><td colspan="1">applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these</td></tr><tr><td colspan="1">requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of</td></tr><tr><td colspan="1">assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in</td></tr><tr><td colspan="1">doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our</td></tr><tr><td colspan="1">knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required</td></tr><tr><td colspan="1">under the Danish Financials Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated</td></tr><tr><td colspan="1">Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the</td></tr><tr><td colspan="1">requirements of the Danish Financial Statement Act. We did not identify any material misstatement in</td></tr><tr><td colspan="1">Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view</td></tr><tr><td colspan="1">in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in</td></tr><tr><td colspan="1">the Danish Financial Statements Act and for the preparation of Parent Company Financial Statements that give a</td></tr><tr><td colspan="1">true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as</td></tr><tr><td colspan="1">Management determines is necessary to enable the preparation of financial statements that are free from</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent</td></tr><tr><td colspan="1">Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and</td></tr><tr><td colspan="1">using the going concern basis of accounting in preparing the financial statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to</td></tr><tr><td colspan="1">do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free</td></tr><tr><td colspan="2">from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our</td></tr><tr><td colspan="2">opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in</td></tr><tr><td colspan="2">accordance with ISAs and the additional requirements applicable in Denmark will always detect a material</td></tr><tr><td colspan="2">misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,</td></tr><tr><td colspan="2">individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users</td></tr><tr><td colspan="2">taken on the basis of these financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we</td></tr><tr><td colspan="2">exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td>●</td><td>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or</td></tr><tr><td /><td>error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is</td></tr><tr><td /><td>sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement</td></tr><tr><td /><td>resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery,</td></tr><tr><td /><td>intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td>●</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td /><td>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td /><td>Group’s and the Parent Company’s internal control.</td></tr><tr><td>●</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Management.</td></tr><tr><td>●</td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing</td></tr><tr><td /><td>the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists</td></tr><tr><td /><td>related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s</td></tr><tr><td /><td>ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to</td></tr><tr><td /><td>draw attention in our auditor’s report to the related disclosures in the financial statements or, if such</td></tr><tr><td /><td>disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained</td></tr><tr><td /><td>up to the date of our auditor’s report. However, future events or conditions may cause the Group and the</td></tr><tr><td /><td>Parent Company to cease to continue as a going concern.</td></tr><tr><td>●</td><td>Evaluate the overall presentation, structure and contents of the financial statements, including the</td></tr><tr><td /><td>disclosures, and whether the financial statements represent the underlying transactions and events in a</td></tr><tr><td /><td>manner that gives a true and fair view.</td></tr><tr><td colspan="2">●</td></tr><tr><td /><td>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business</td></tr><tr><td /><td>activities within the Group to express an opinion on the Consolidated Financial Statements. We are</td></tr><tr><td /><td>responsible for the direction, supervision and performance of the group audit. We remain solely responsible</td></tr><tr><td /><td>for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope and</td></tr><tr><td colspan="2">timing of the audit and significant audit findings, including any significant deficiencies in internal control that we</td></tr><tr><td colspan="2">identify during our audit.</td></tr></table> Copenhagen 2023-05-30 Hørmarken 2 3520 Farum Kastrup Airports Parent ApS 2011-07-07 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Environmental performance</td></tr><tr><td colspan="2">2022 EU Taxonomy Report</td></tr><tr><td colspan="2">The EU Taxonomy is a classification system for determining sustainable economic activities. Publicly traded</td></tr><tr><td colspan="2">companies, subject to Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013, are</td></tr><tr><td colspan="2">obliged to report on the share of revenue1, CAPEX and OPEX eligible and/or aligned, respectively. CPH interprets</td></tr><tr><td colspan="2">eligible activities as activities described in the Delegated Acts2. Aligned activities3 are economic activities, that in</td></tr><tr><td colspan="2">addition to eligibility, meet the Substantial contribution, Do no significant harm4 and Minimum safeguards5</td></tr><tr><td colspan="2">criteria.</td></tr><tr><td colspan="2">Taxonomy eligibility</td></tr><tr><td colspan="2">CPH conducted an initial screening and interpretation of the criteria in 2021, and in 2022, following refinement of</td></tr><tr><td colspan="2">our interpretation of the Taxonomy Regulation, we included additional activities, such as 7.2 Renovation of</td></tr><tr><td colspan="2">existing buildings and 7.7 Acquisition and ownership of buildings in addition to 6.17 Low carbon airport</td></tr><tr><td colspan="2">infrastructure into our eligible activities. Several activities regarding construction and ownership of infrastructure</td></tr><tr><td colspan="2">were deemed at risk of overlapping and have been consolidated into activity 7.7 to avoid double counting.</td></tr><tr><td colspan="2">Substantial contribution</td></tr><tr><td colspan="2">CPH assessed its substantial contribution towards both climate change mitigation and climate change adaptation,</td></tr><tr><td colspan="2">the delegated acts pursuant to Articles 10(3) and 11(3) of the Taxonomy Regulation. No activities in 2022 are</td></tr><tr><td colspan="2">considered to have contributed substantially to climate change adaptation and, consequently, the bulk of CPH’s</td></tr><tr><td colspan="2">activities is reported under Article 10(3) climate change mitigation.</td></tr><tr><td colspan="2">By supporting the transition to a climate neutral economy, CPH works continuously to provide low-carbon</td></tr><tr><td colspan="2">alternatives that qualify as contributing substantially to climate change mitigation. Examples of this include</td></tr><tr><td colspan="2">providing infrastructure to support electrical charging stations for aircraft that will eventually be electrified, and a</td></tr><tr><td colspan="2">fuelling infrastructure that will eventually support efficient provision of sustainable aviation fuel in line with the</td></tr><tr><td colspan="2">technical screening criteria outlined in activity 6.176.</td></tr><tr><td colspan="2">CPH also owns and operates buildings in connection with the airport. All construction and renovation activities</td></tr><tr><td colspan="2">follow the Executive order on building regulations 2018 (BR18). None of the renovation activities in 2022 met the</td></tr><tr><td colspan="2">criteria for substantial contribution. 33% of CPH’s buildings meet the criteria outlined in activity 7.7 and thus</td></tr><tr><td colspan="2">substantially contribute to climate change mitigation.</td></tr><tr><td colspan="2">1 Revenue will be used instead of turnover throughout our reporting to reflect our financial reporting</td></tr><tr><td colspan="2">2 Annex I and II to Delegated Regulation (EU) 2021/2139</td></tr><tr><td>3 In accordance with Regulation (EU) 2020/852</td><td>Article 17 (EU) 2020/852</td></tr><tr><td colspan="2">4 In accordance with Regulation (EU) 2020/852 4 Article 17 (EU) 2020/852</td></tr><tr><td colspan="2">5 Article 18 (EU) 2020/852</td></tr><tr><td colspan="2">6 Annex I of the Climate Delegated Act (Commission Delegated Regulation (EU) 2021/2139)</td></tr><tr><td colspan="2">Minimum safeguards</td></tr><tr><td colspan="2">CPH is required to meet certain minimum safeguards5 as they pertain to human and labour rights, specified in the</td></tr><tr><td colspan="2">UN Guiding Principles for Business and Human Rights, ILO’s Eight Core Conventions and OECD Guidelines for</td></tr><tr><td colspan="2">Multinational Enterprises, as well as other international standards related to taxation, fair competition and</td></tr><tr><td colspan="2">corruption/bribery.</td></tr><tr><td colspan="2">Do no significant harm</td></tr><tr><td colspan="2">The Do no significant harm (DNSH) criteria have been validated in accordance with the technical screening criteria</td></tr><tr><td colspan="2">for the published environmental objectives. For each eligible economic activity, CPH has assessed whether the</td></tr><tr><td colspan="2">performance of these activities do not significantly harm the other environmental objectives set out in Regulation</td></tr><tr><td colspan="2">(EU) 2020/852.</td></tr><tr><td colspan="2">Climate change adaptation</td></tr><tr><td colspan="2">CPH is close to the sea on the island of Amager, the highest point of which is just eight metres above sea level. For</td></tr><tr><td colspan="2">this reason, climate change and rising sea levels are naturally matters of concern for both local residents and the</td></tr><tr><td colspan="2">authorities. CPH is working with the municipalities on Amager and the state landowners to come up with joint</td></tr><tr><td colspan="2">solutions to protect the entire island from flooding. The state has now taken the lead in a joint pilot study of storm</td></tr><tr><td colspan="2">surge protection in the Copenhagen area.</td></tr><tr><td colspan="2">Sustainable aviation and Climate</td></tr><tr><td colspan="2">The Group is maintaining the goal of emission-free airport operations by 2030 and the commitment to develop</td></tr><tr><td colspan="2">know-how and solutions that can drive the aviation sector towards zero emissions by 2050.</td></tr><tr><td colspan="2">CPH has been enrolled in the global scheme Airport Carbon Accreditation since 2013, and at the very start of 2023,</td></tr><tr><td colspan="2">CPH achieved the highest level of accreditation: 4+ Transition.</td></tr><tr><td colspan="2">In 2022, CPH and the multipurpose utility group EWII entered into an agreement to install 1,350 charging points</td></tr><tr><td colspan="2">over the coming years. This will be Denmark’s largest number of charging points at one company address to date.</td></tr><tr><td colspan="2">This will help CPH to archive their goal of all vehicles used at CPH to be zero-emission by 2030.</td></tr><tr><td colspan="2">CPH is working actively to accelerate the development towards decarbonized aviation. This work continued in</td></tr><tr><td colspan="2">2022 with two flagship projects: Alight and Green Fuels for Denmark.</td></tr><tr><td colspan="2">The EU’s Fit for 55 policy package contains a number of regulatory tools intended to advance the green transition</td></tr><tr><td colspan="2">in aviation and other sectors by reducing their collective emissions by 55% in 2030. An agreement is already in</td></tr><tr><td colspan="2">place to phase out the aviation industry’s free carbon quotas. Furthermore, an agreement on fuel-blending</td></tr><tr><td colspan="2">requirements that will compel all aircraft fuelling at EU airports to use a set percentage of sustainable aviation fuel</td></tr><tr><td colspan="2">(SAF) from 2025 is expected before long. CPH strongly supports ambitious international regulation. With the right</td></tr><tr><td colspan="2">regulatory framework in place, the change may happen faster than most people expect.</td></tr><tr><td colspan="2">In addition to the forthcoming European regulatory measures, in December 2022, Denmark’s new coalition</td></tr><tr><td colspan="2">government proposed an average passenger fee of DKK 100 per passenger.</td></tr><tr><td colspan="2">Green Fuels for Denmark is a partnership between energy provider Ørsted and leading offtakers within heavy road</td></tr><tr><td colspan="2">transport (DSV), shipping (Mærsk and DFDS) and aviation (Copenhagen Airports and SAS) with the aim of</td></tr><tr><td colspan="2">producing large quantities of sustainable fuel for road, maritime and air transport in the Copenhagen area. In</td></tr><tr><td colspan="2">December 2022, the Danish Business Authority awarded Green Fuels for Denmark DKK 600 million as part of</td></tr><tr><td colspan="2">Denmark’s participation in the IPCEI (Important Project of Common European Interest) programme.</td></tr><tr><td colspan="2">CPH is also heading up ALIGHT, an EU-funded project with the aim of paving the way for the sustainable airports of</td></tr><tr><td colspan="2">the future. The project is run by a group of 16 partners across nine European countries, together representing key</td></tr><tr><td colspan="2">parts of the aviation industry.</td></tr><tr><td colspan="2">Increased focus on energy savings at CPH</td></tr><tr><td colspan="2">Energy management and energy savings are key elements of CPH’s climate programme and climate targets. In</td></tr><tr><td colspan="2">2022, the energy supply came under pressure from the European energy crisis triggered by the Russian invasion of</td></tr><tr><td colspan="2">Ukraine. Both the Danish government and the EU encouraged businesses and households to save energy</td></tr><tr><td colspan="2">throughout winter. CPH’s energy costs rose by a factor of three in the summer, reinforced the need to make</td></tr><tr><td colspan="2">additional energy savings.</td></tr><tr><td colspan="2">In 2022 the Group’s preserved their ISO 50001 certification in energy management.</td></tr><tr><td colspan="2">Circular Economy &amp; Resources</td></tr><tr><td colspan="2">CPH takes a targeted approach to minimising resource consumption by making it more sustainable and circular.</td></tr><tr><td colspan="2">In 2022, CPH’s overall recycling rate increased and a total of 33% of all waste was recycled. This was largely due to</td></tr><tr><td colspan="2">good results in terms of collecting cardboard, biowaste and sweepings from taxiways and runways. The total waste</td></tr><tr><td colspan="2">volume at the airport increased to 4,338 tonnes in 2022. This was mainly caused by the rise in passenger numbers.</td></tr><tr><td colspan="2">The development of the airport must also go hand in hand with further reductions in noise around the airport and</td></tr><tr><td colspan="2">lower impact on local air quality.</td></tr><tr><td colspan="2">Despite an 84% growth in flight operations in 2022, the noise level was lower than prior to COVID-19. The number</td></tr><tr><td colspan="2">of flights almost doubled in 2022 compared to 2021, and this resulted in a noise exposure increase of 1.5 dB.</td></tr><tr><td colspan="2">However, despite the increase, the noise exposure was still 1.0 dB lower than before COVID-19 (2019).</td></tr><tr><td colspan="2">Since 1994, noise exposure has been reduced by more than 80%. This is calculated in terms of both noise level (dB)</td></tr><tr><td colspan="2">and number of housing units exposed to levels above the Danish Environmental Protection Agency’s guideline limit</td></tr><tr><td colspan="2">value for aircraft noise of 55 dB. CPH’s targets that the number of households around CPH exposed to noise above</td></tr><tr><td colspan="2">the Environmental Protection Agency’s guideline limit value (LDEN*: 55 dB) should be reduced by 50% relative to</td></tr><tr><td colspan="2">2018</td></tr><tr><td colspan="2">In 2022 there were 0 violations of the noise limit value for take-offs and landings at night (80 dB(A)) for the ninth</td></tr><tr><td colspan="2">year in a row.</td></tr><tr><td colspan="2">CPH works to improve air quality in the interests of neighbours and the working environment for employees at the</td></tr><tr><td colspan="2">airport. The air quality around CPH is affected by various factors such as road transport, activities at the airport</td></tr><tr><td colspan="2">and wood burners, and other regional sources. In 2021, CPH launched a programme to measure the presence of</td></tr><tr><td colspan="2">black carbon (BC) particles on the apron and at the boundaries of the airport. Black carbon is identified as the part</td></tr><tr><td colspan="2">of fine and ultrafine particles (UFP) that can be harmful to health.</td></tr><tr><td colspan="2">In 2022, CPH received the results of the first year’s measurements from both measuring stations, and CPH are</td></tr><tr><td colspan="2">pleased to note that the levels are similar to those of street-level measuring stations in other locations in Copenhagen</td></tr><tr><td colspan="2">CPH has set clear goals for how CO2 emissions from the airport and from aircraft are to be eliminated. The</td></tr><tr><td colspan="2">ambition is for 90% of the airport operation vehicles to be low-emission by as early as 2023, and for all vehicles to</td></tr><tr><td colspan="2">be emission-free, e.g. electric, by 2030.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Business Ethics and Human Rights</td></tr><tr><td colspan="2">Anti-corruption</td></tr><tr><td colspan="2">Being a responsible workplace also means having clear rules in place for ethical conduct for employees and the</td></tr><tr><td colspan="2">company as a whole. The Group has a zero-tolerance approach to corruption, bribery, extortion, forced and child</td></tr><tr><td colspan="2">labour etc.</td></tr><tr><td colspan="2">The guiding documents that outline how CPH approaches these important topics are our Supplier Code of Conduct</td></tr><tr><td colspan="2">and Employee Code of Conduct. The codes affirm CPH’s continued support for and promotion of human and</td></tr><tr><td colspan="2">labour rights, the environment and good governance practices, both internally and externally and reiterates that</td></tr><tr><td colspan="2">we are holding our suppliers to the same ethical standards as ourselves. We expect our suppliers to conduct</td></tr><tr><td colspan="2">business in line with national and international principles and guidelines, such as the UN Guiding Principles for</td></tr><tr><td>Business and Human Rights, OECD Guidelines for Multinational Enterprises, the UN Global Compact, etc.</td><td>CPH’s</td></tr><tr><td colspan="2">Supplier Code of Conduct outlines these expectations, and as part of our due diligence, we conduct regular</td></tr><tr><td colspan="2">assessments to confirm compliance. The frequency and intricacy of these audits is ESG risk-based and accounts for</td></tr><tr><td colspan="2">factors such as country of origin, industry, company size, etc. together with operational risks such as monetary</td></tr><tr><td colspan="2">value of the engagement and the suppliers’ importance to execution of operations.</td></tr><tr><td colspan="2">Furthermore, a new training module was developed and rolled out to all employees in 2022 as part of CPH’s</td></tr><tr><td colspan="2">Quality Management System. The purpose is to raise awareness and encourage employees to take business ethics</td></tr><tr><td colspan="2">into account in their everyday work.</td></tr><tr><td colspan="2">Responsible procurement</td></tr><tr><td colspan="2">CPH’s Supplier Code of Conduct sets out the standards CPH expect from all suppliers regarding the Ten Principles</td></tr><tr><td colspan="2">of the UN Global Compact. All suppliers are required to acknowledge that they will follow the principles described</td></tr><tr><td colspan="2">in the Code of Conduct and incorporate these into their own policies and practices.</td></tr><tr><td colspan="2">In 2022, CPH conducted supplier audits covering 59% of the year’s contract value. None of the assessments</td></tr><tr><td colspan="2">resulted in concerns for CPH. CPH also conducted an evaluation of current third-party risk management</td></tr><tr><td colspan="2">procedures as part of its continuous improvement process. CPH will continue this work in 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Diversity is key to maintaining a strong CPH community</td></tr><tr><td colspan="1">Diversity and inclusion are important elements of the Group’s purpose and corporate responsibility. In 2022, CPH</td></tr><tr><td colspan="1">signed the Confederation of Danish Industry’s Gender Diversity Pledge, and CPH has endorsed 16 principles that</td></tr><tr><td colspan="1">are intended to foster greater gender diversity within the company.</td></tr><tr><td colspan="1">CPH has set specific targets to support their commitment to increase diversity at all organisational levels, including</td></tr><tr><td colspan="1">the Board of Directors. CPH aim to achieve a minimum representation of 30% for both men and women at all</td></tr><tr><td colspan="1">organisational levels and a more equal age distribution by 2025.</td></tr><tr><td colspan="1">The share of women in CPH’s workforce in 2022 was 35%, thus meeting the target of minimum 30% representation</td></tr><tr><td colspan="1">for both genders for CPH’s general workforce. The share of female managers in 2022 was 25% – still short of the</td></tr><tr><td colspan="1">target of minimum 30% representation.</td></tr><tr><td colspan="1">The Boards of Directors in CPH and Management Board in CAD, CADH and KAP</td></tr><tr><td colspan="1">In 2022 the proportion of women among the shareholder-elected members of the Board of</td></tr><tr><td colspan="1">Directors/Management Board was 17% at CPH and 0% at CAD, CADH and KAP.</td></tr><tr><td colspan="1">CPH is maintaining its ambition to achieve a percentage split of 33/67 (i.e. two women) on the Board by 2023,</td></tr><tr><td colspan="1">however no additional women were elected at the latest AGM. With regard to nationality, the distribution in 2022</td></tr><tr><td colspan="1">was also unchanged among shareholder-elected members, 50% Danish and 50% other nationalities, well above the</td></tr><tr><td colspan="1">target of 33/67.</td></tr><tr><td colspan="1">CAD, CADH and KAP have set a target figure for the proportion on women on the Management Board of 30%. No</td></tr><tr><td colspan="1">changes have occurred during the year and therefore the target figure has not been met. The Management aims to</td></tr><tr><td colspan="1">achieve its target before the end of 2024.</td></tr><tr><td colspan="1">There are no employees in CAD, CADH and KAP and therefore no separate targets exist for these entities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data ethics and GDPR</td></tr><tr><td colspan="1">CPH gathers and processes data in connection with security in the airport area to provide various services to</td></tr><tr><td colspan="1">passengers, employees and partners. CPH follow established procedures for processing personal data, and CPH</td></tr><tr><td colspan="1">monitor and analyse any issues regarding compliance with these procedures.</td></tr><tr><td colspan="1">In 2022, CPH reported five issues to the Danish Data Protection Agency in accordance with GDPR and their internal</td></tr><tr><td colspan="1">data protection processes. CPH is not aware of any complaints made to the Danish Data Protection Agency</td></tr><tr><td colspan="1">regarding their handling of personal data.</td></tr><tr><td colspan="1">CPH is committed to taking advantage of the possibilities offered by data and digital processes to evolve their</td></tr><tr><td colspan="1">services and offerings to stakeholders. To ensure due ethical considerations when developing new initiatives, their</td></tr><tr><td colspan="1">data ethics policy sets a clear framework for accountability, transparency, equal treatment and more.</td></tr></table> 3532000000 12000000 720000000 1436000000 984000000 3000000 13000000 1016000000 -596000000 110000000 -707000000 -84000000 -791000000 -2000000 154000000 -65000000 20000000 68000000 -639000000 -80000000 -719000000 3766000000 11000000 -407000000 -1000000 1408000000 -881000000 -67000000 4000000 -944000000 -3846000000 3493000000 -324000000 346000000 -59000000 -390000000 74000000 Årsrapport 25296486 Apex Fund Service (Denmark) ApS Hørmarken 2 3520 Farum xWizard version 1.1.1209.2, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Torben Christensen Charles Thomazi Niels Konstantin Jensen David Mark Stanton 1761000000 266000000 430000000 1097000000 1012000000 -4000000 24000000 1026000000 -1518000000 -200000000 -1318000000 211000000 -1108000000 -3000000 138000000 -81000000 13000000 42000000 -1277000000 212000000 -1065000000 1400000000 5000000 -429000000 -46000000 -421000000 -571000000 -10000000 3000000 -633000000 -3746000000 4529000000 -160000000 176000000 799000000 -255000000 220000000 6308000000 862000000 4821000000 699000000 1510000000 14200000000 129000000 135000000 14684000000 199000000 295000000 39000000 58000000 46000000 905000000 1542000000 16226000000 0 15000000 -10069000000 1775000000 -8279000000 845000000 512000000 5796000000 9453000000 169000000 16775000000 6660000000 253000000 496000000 275000000 44000000 7729000000 24504000000 16226000000 222000000 6285000000 875000000 4972000000 766000000 1316000000 14213000000 126000000 305000000 14866000000 449000000 35000000 106000000 831000000 1421000000 16286000000 0 -58000000 -9277000000 1754000000 -7581000000 659000000 213000000 5489000000 15580000000 266000000 22207000000 819000000 170000000 344000000 1000000 284000000 44000000 1660000000 23867000000 16286000000 Paid to staff, suppliers, etc. -1961000000 Paid to staff, suppliers, etc. -1351000000 Cash flow from operating activities before financial items and tax 1805000000 Cash flow from operating activities before financial items and tax 48000000 Cash flow from operating activities before tax 1409000000 Cash flow from operating activities before tax -376000000 Payments related to investments in associates -55000000 831000000 1086000000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Søren Ørjan Jensen State Authorised Public Accountant mne33226 Strandvejen 44 2900 Hellerup