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 adjustment and tax – including the share from Øresundsbro Konsortiet I/S – was a profit of DKK 116 million and is therefore over DKK 50 million higher than in 2015. The result was primarily affected by higher turnover from Øresundsbro Konsortiet I/S of over DKK 68 million, higher operating expenses of DKK 35 million as a consequence of assuming maintenance responsibility for the Øresund railway with effect from 1 September 2015 and lower interest expenses. The result before tax amounted to a loss of DKK 450 million and is affected by negative fair value adjustments of DKK 566 million. The result after tax is a loss of DKK 351 million. Profitability The repayment period for A/S Øresund is now calculated at 51 years, which is one year less than last year, primarily due to increased interest rate hedging based on low interest rates. The repayment period for Øresundsbro Konsortiet I/S is unchanged at 34 years from the opening year of 2000. Management Henning Kruse Pedersen relinquished his post as Chairman at the Annual General Meeting in April and was replaced by Peter Frederiksen. David P. Meyer (Vice-Chairman), Ruth Schade and Lene Lange have joined the Board of Directors. Mikkel Hemmingsen was appointed CEO with effect from 15 September 2016. With regard to Øresundsbro Konsortiet I/S, the result before value adjustments improved by approximately DKK 121 million on the year. A/S Øresund’s interest-bearing net debt increased by DKK 0.2 billion during the year and totalled DKK 11.2 billion at the end of 2016. Value adjustments’ impact on results Operating loss Net financials Consolidated income statement in relation to annual report -168.8 -686.0 Loss before share of jointly managed company Result from jointly managed company -854.8 404.6 Profit before value adjustment and tax Fair value adjustment Loss before tax Tax Result for the year -450.2 99 -351.2 Fair value adjustment Proforma income statement -168.8 460.3 -225.7 105.3 -394.5 509.9 -565.6 115.4 -565.6 -450.2 99 -351.2
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