A/S Øresund Annual Report 3 Company objective A/S Øresund’s primary task is to own and operate the fixed link across Øresund with associated landworks. These tasks must be carried out with due regard for maintaining a high level of safety and accessibility on the link. Moreover, repayment of the loans raised to finance the facilities must take place within a reasonable time frame. Highlights of the year Financial position The result before fair value adjustments and tax – including the share from Øresundsbro Konsortiet I/S – was a profit of DKK 70 million and was therefore over DKK 100 million lower than in 2014. The result was primarily affected by higher turnover from Øresundsbro Konsortiet I/S of over DKK 40 million, higher operating expenses and depreciation as a result of assuming responsibility for maintenance on the Øresund line of approximately DKK 140 million. The result before tax amounted to a profit of DKK 743 million and is affected by recognised fair value adjustments of DKK 673 million. The result after tax is a loss of DKK 580 million. Profitability The repayment period for A/S Øresund is now calculated at 52 years, which is 7 years longer than last year. The increase in the repayment period is primarily due to the amended fees for the railway. For Øresundsbro Konsortiet I/S, the repayment period has increased by 1 year to 34 years from the opening in 2000. The increase is primarily because the Consortium has updated its longterm traffic forecasts and anticipates slightly lower growth than previous forecasts. With regard to Øresundsbro Konsortiet I/S, the result before value adjustments improved by approximately DKK 115 million on the year. A/S Øresund’s interest-bearing net debt fell by DKK 0.2 billion during the year and totalled DKK 11.0 billion at the end of 2015. The effects of value adjustments on the results Operating loss Net financials Profit/loss before share of jointly managed company Profit/loss from jointly managed company Profit before fair value adjustment and tax Consolidated income statement according to annual report -133.7 309.8 Fair value adjustment Proforma income statement -133.7 -555.6 -245.8 176.1 567.0 -117.4 -379.5 449.6 70.1 Fair value adjustment 673.0 673.0 Profit before tax Tax Profit for the year 743.1 -162.9 580.2 743.1 -162.9 580.2
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