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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Københavns Lufthavne A/S    KBHL   DK0010201102

KØBENHAVNS LUFTHAVNE A/S

(KBHL)
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Københavns Lufthavne A/S : Copenhagen Airports may lay off 650 staff as crisis bites

08/05/2020 | 02:19am EST

Denmark's Copenhagen Airports is considering laying off 650 staff to cope with a global aviation sector standstill as a result of the coronavirus crisis.

"We have to accept that we're not in a position to retain the number of employees we had in pre-corona times," its chief executive Thomas Woldbye said.

The lay-off plan, which is subject to changes, would apply across all functions, the airport operator said.

If 650 jobs are cut, CPH estimates it would lead to annual cost savings of some 325 million Danish crowns (39.40 million pounds), although with only a limited effect in 2020.

CPH, the biggest airport in the Nordic region, said talks with union representatives would be held in the coming weeks to decide on the expected redundancies.

Separately, CPH reported a 55.5% drop in revenue for the first six months as a result of the coronavirus crisis.

The airport, which had close to 30.3 million passengers pass through its gates in 2019, said flow in the first half of 2020 was 65.2% lower than the same period last year, when the number was 14.4 million.

In June, the firm forecast a significant drop in annual revenue and said it expected an overall loss after tax in the range of 450-750 million crowns for 2020.

Shares in CPH were up 0.22% at 0742 GMT.

(Reporting by Nikolaj Skydsgaard, additional reporting by Tim Barsoe; Editing by Jason Neely and Alexander Smith)


© Reuters 2020
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Financials
Sales 2019 4 346 M 707 M 707 M
Net income 2019 1 020 M 166 M 166 M
Net Debt 2019 8 371 M 1 362 M 1 362 M
P/E ratio 2019 44,0x
Yield 2019 0,53%
Capitalization 42 065 M 6 841 M 6 844 M
EV / Sales 2018 11,2x
EV / Sales 2019 12,3x
Nbr of Employees 2 600
Free-Float 1,40%
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Managers and Directors
NameTitle
Thomas Woldbye Chief Executive Officer
Lars Nørby Johansen Chairman
Kristian Durhuus Vice President-Customer Service & Operations
Rasmus Hagstad Lund Chief Financial Officer
Christian Poulsen Vice President-Assets & Technology