REVIEW Financial results (figures for the corresponding period in 2016 are given in parenthesis). Revenue from the railway: DKK 40 million (DKK 50 million). As part of the adoption of the Finance Act 2017, the fees for the rail companies’ use of the Øresund railway line were reduced. Operating expenses: DKK 45 million (DKK 36 million). The increase can primarily be attributed to A/S Øresund assuming responsibility for maintenance and reinvestment on the Øresund railway line from Banedanmark with effect from 1 September 2015. Depreciation: DKK 168 million (DKK 107 million). The increase over the period is related in part to further division of the road and rail facilities into their individual components, which took place at the end of 2016, and in part to the implemented reinvestments on the Øresund railway line. EBIT amounts to a loss of DKK 171 million (loss DKK 91 million). Interest expenses DKK 118 million (DKK 116 million). The increase can be attributed to higher inflation. Value adjustments: income DKK 395 million (expense DKK 807 million). This includes the fair value adjustment of net financials at an expense of DKK 395 million. Fair value adjustments are an accounting item with no effect on the company’s debt repayment because the debt is repaid at nominal value. The share from Øresundsbro Konsortiet I/S’ result is an income of DKK 426 million (income DKK 10 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 4.0 per cent, which can primarily be explained by growth in traffic of 3.5 per cent (not adjusted for the leap year day, traffic growth amounts to 2.9 per cent). In addition, the result is affected by lower deprection and positive value adjustments of DKK 386 million (negative DKK 421 million) of which half is included in the company’s share of the results. The result before value adjustments and tax is a loss of DKK 57 million, including the share of the profit in Øresundsbro Konsortiet I/S (share of profit DKK 233 million). Tax constitutes an expense of DKK 117 million (income DKK 221 million). Changes in relation to the same period in 2016 are solely related to changes in the results. The result after tax is a profit of DKK 414 million (loss DKK 784 million). . Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net rise in liquidity of DKK 336 million. Cash flow from financing activities has resulted in a net fall in liquidity of DKK 131 million whereby the Group’s cash at bank and in hand for the period saw a net increase of DKK 205 million. Outlook for 2017 The outlook before financial value adjustments and tax remains unchanged at a neutral result. Of this, the share of the result from Øresundsbro Konsortiet I/S amounts to a profit of approximately DKK 530 million. Page 2/11 21 August 2017
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