CADH – Re-financing of Copenhagen Airports

AviaSolutions was appointed to support the re-financing of existing debt facilities at Copenhagen Airport. Our role was to provide an independent review of the five year business plan and longer term assumptions driving the 30-year forecasts. The analysis included the following:

  • Review of traffic forecasts and drivers of economic growth.
  • Capacity alignment with traffic forecasts and related capital expenditure plans.
  • Detailed review of the aeronautical and commercial revenue forecasts.
    • Replication of the hybrid dual till fall-back model of economic regulation and assessment of the impact of CPH Go on average aeronautical yields.
    • Commercial revenue projections including a detailed analysis of the airport’s retail/F&B, car parking and property activities.
  • Review of the reasonableness of staffing levels and operating costs, along with scope for efficiency improvements and cost risks.
  • Assessment of the key volume and yield risks and opportunities.
  • Development of multiple business plan scenarios to test against the base case.

The scope of the review included a site visit and extensive interviews with airport management.

CADH successfully raised DKK5.3 billion ($993 million) of new debt.