CPH releases 2020 group annual report

The airport suffered large losses whilst cutting operational costs and jobs

Copenhagen Airport (CPH) found 2020 to be its worst year since the Second World War, with passenger numbers plummeting from 30.3 million in 2019 to just 7.5 million last year.

On April 9, the facility reached one of its lowest points by serving just 424 passengers. Due to such a steep decline, revenue decreased by 71.2%.

CPH’s lenders have provided the site with around DKK 6 billion (£688m) to help it survive and to aid recovery for 2021.

Copenhagen Airport
Photo Copenhagen Airport

The hub has been fully operational despite the pandemic and has stayed open for the very limited number of travellers passing through the airport and for the transportation of air cargo. Due to this, expenditure has heavily exceeded revenue.

CPH and the Danish government collaborated to save jobs, helping to bring flexibility to the salary compensation scheme which allowed for employees to be put on furlough or on rotation.

Around DKK 348 million (£29m) was given to CPH in the form of compensation packages, allowing for job protection of 2,600 employees until August of last year, when the airport had to begin cutting jobs.

By the end of last year, there were 772 fewer full-time positions.

As there was very little activity at the site, the airport decided to work on upskilling and division of labour. This prevented a further 300 jobs from being cut.

In total, an estimated 10,000 jobs have been lost within the Danish aviation sector, the majority being companies residing in or around CPH.

Overall, there is still much uncertainty surrounding the recovery of CPH later this year. The airport continues to assess and adjust its operating costs in line with the latest government restrictions.