RESUMÉ Accounting result (the figures for the same period in 2007 are given in pa- renthesis). • Road revenue DKK 1,155 million (DKK 1,109 million) The rise in road revenue from Storebælt amounts to 4 per cent compared to 2007. Growth in traffic accounts for a rise of 4.6 per cent. The smaller rise in traffic revenue is primarily owing to a change in traffic composition. • Revenue for the railway: DKK 404 million (DKK 394 million). The rise is solely owing to the price adjustment. • Operating costs: DKK 206 million (DKK 194 million) • Depreciation: DKK 361 million (DKK 451 million) • Operating profit: DKK 1,014 million (DKK 877 million) • Interest costs DKK 970 million (DKK 933 million). The cost is DKK 37 million higher than in 2007 owing to higher interest rate levels. • Value adjustments: income DKK 781 million (income DKK 1,468 million) including the fair value adjustment of financial items of DKK 776 million, which is an accounting item with no effect on the companies’ debt reduction. • Share of result from Øresundsbro Konsortiet, revenue DKK 114 million (revenue: DKK 326 million). Øresundsbro Konsortiet’s re- sult is affected by increased turnover from the road section of 10 per cent as well as the share of positive value adjustments of DKK 117 million (income DKK 358 million). • Result after tax, profit DKK 704 million (profit DKK 1,103 mil- lion). Cash flow • The Group’s cash at bank and in hand increased by DKK 1,894 million over the period. Cash flow from operations and investments (free cash flow) resulted in a net increase in liquidity of DKK 1,208 million. Cash flow from financing activities resulted in a net rise in liquidity of DKK 686 million. Expectations for 2008 • The Group’s result before financial value adjustments and tax for 2008 is expected to be in the region of DKK 0. Expectations have, therefore, been downgraded by DKK 155 million. This is partly the result of uncertainties in the financial markets and inflation devel- opment in 2008 which negatively impacted on the companies’ fi- nancing costs and partly the expectations for continuing economic decline in the 2nd half year, which have resulted in reduced expec- tations for traffic development. page 2/25 26 August 2008
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