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. The consultancy includes financing, where the state guaranteed financing model with user-paid repayment is of particular interest. Other services include planning, preparation and implementation of client-related projects in close partnership with the authorities, as well as operation and maintenance of infrastructure facilities. Among other things, the latter concerns optimisation based on long-term profitability and optimum handling of the environment, the 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 2016, financial consultancy was provided to CPH City & Port Development I/S, Metroselskabet I/S, Letbane/Ring 3 I/S and to the Frederikssund Fjord Link SOV, of which the latter two were new projects in 2016. Consultancy services were also extended to Banedanmark’s Copenhagen-Ringsted project and the company also delivered a number of lectures on infrastructure management. Profit before tax amounts to DKK 144 thousand. After tax, the result is a profit of DKK 112 thousand. Equity amounts to DKK 11,237 thousand at the end of 2016. 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. This year, Lars Fuhr Pedersen and Claus F. Baunkjær joined the Board of Directors. Cash flow Cash flow from operating activities is positive and totals DKK 215 thousand, which comprises changes in current assets and shortterm debt. Cash flow from investing activities is positive at 6,332 thousand, which is related to the redemption of bonds. The free cash flow is positive at DKK 6,547 thousand. Cash flow from financing activities is positive at DKK 204 thousand and comprises interest income. The company’s cash funds amount to DKK 11,142 thousand at the end of 2016. Events after the balance sheet date On 31 December 2016, Leif J. Vincentsen stepped down as CEO of the company and was replaced by Kim Smedegaard Andersen on 1 January 2017. Otherwise, there are no events after the balance sheet date that are of significance to the Annual Report for 2016. Outlook for 2017 Projections for the Danish economy point towards a modest increase in the level of growth through 2017, along with a similarly moderate rise in inflation. The company's expectations for the financial result for the year are subject to some uncertainty. According to the budget for 2017 drawn up at the end of 2016, the company expects a higher level of activity, with gross income in the order of DKK 8.6 million. The result before tax is budgeted at a loss of DKK 1.1 million.
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