Sund & Bælt Partner A/S Annual Report 3 Company objective Sund & Bælt Partner A/S offers consultancy services to developers and operators in Denmark and the rest of the world. The consulting services are based on the bridge companies’ significant experience and knowledge from the major infrastructure projects that have been carried out over the past decades. Sund & Bælt Partner A/S has a close partnership with, among others, Danish consulting companies. Through the contacts that Sund & Bælt Partner A/S establishes through its consulting services for foreign companies, the company acts as a bridgehead between foreign developers and Danish companies for the benefit of Danish industry. Its consulting services cover a number of areas such as financing, where the state guaranteed financing model with user-paid repayment is of particular interest. Other services include planning and implementation of developer-related projects in close partnership with the authorities as well as operational tasks in relation to operation and maintenance of infrastructure facilities. Among other things, the latter concerns optimisation based on long-term profitability and correct handling of the environment, working environment and safety. It also relates to ensuring the best possible conditions for robust, efficient and safe traffic flow and communication with road users. Highlights of the year In 2015, Sund & Bælt Partner A/S’ knowledge was needed for a number of financial advisory assignments for planning new infrastructure facilities, including Letbanen (the light rail), which will run through a number of Copenhagen’s suburban municipalities, and knowledge of the efficient operation and maintenance of new major infrastructure facilities, such as the new San Francisco Oakland Bay Bridge in California, USA. Consulting support was also given regarding the railway engineering for Banedanmark's Copenhagen-Ringsted project and a series of lectures were given on infrastructure management. Profit before tax amounts to DKK 108 thousand. After tax, the result is a loss of DKK 76 thousand. Equity amounts to DKK 11,125 thousand at the end of 2015. Sund & Bælt Partner A/S is a 100 per cent owned subsidiary of Sund & Bælt Holding A/S. The company is not covered by the state guarantee that the parent company and the Group’s infrastructure companies are covered by. Cash flow Cash flow from operating activities is positive and totals DKK 51 thousand, which comprises changes in current assets and current debt. As there are no investing activities, the free cash flow is also positive at DKK 51 thousand. Cash flow from financing activities is negative at DKK 25 thousand and comprises interest expenses. The company’s cash funds amount to DKK 4,391 thousand at the end of 2015. Events after the balance sheet date Leo Larsen has decided to retire as CEO of Sund & Bælt Holding A/S at the end of June 2016. He will also step down as Chairman of Sund & Bælt Partner A/S. There are no further events after the balance sheet date that are of importance to the Annual Report for 2015. Outlook for 2016 Projections for the Danish economy suggest a slight increase in growth rates through 2016. The company’s expectations for the financial result for the year are therefore subject to some uncertainty. On the basis of the budget for 2016 prepared at the end of 2015, expectations are for an overall gross income of DKK 5 million. The year’s result before tax is budgeted to amount to a profit of DKK 0.5 million.
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