RESUME Accounting result (figures for the same period in 2008 are given in paren- thesis). • Revenue from road link totals DKK 1,139 million (DKK 1,155 mil- lion) Compared to 2008, road revenue from Storebælt fell by 2.3 per cent while traffic fell by 1.7 per cent. The decline in traffic revenue is largely owing to changes to traffic composition. • Revenue from the rail link totals DKK 420 million (DKK 404 mil- lion) The rise is solely owing to fare adjustments. • Operating expenses DKK 202 million (DKK 206 million) • Depreciation DKK 335 million (DKK 361 million) • Operating profit DKK 1,038 million (DKK 1,014 million) • Interest expenses DKK 1,141 million (DKK 970 million). Expenses are DKK 171 million higher than in 2008 owing to higher interest rate levels. • Value adjustments, expense DKK 279 million (income DKK 781 million). This comprises the fair value of net financials of DKK 301 million. This is an accounting item with no effect on the com- panies' debt reduction. • Share of result from Øresundsbro Konsortiet, expense DKK 156 million (income DKK 114 million). Øresundsbro Konsortiet's re- sult is affected by a fall in turnover for the road section of 3 per cent and a share of negative value adjustments of DKK 150 million (income DKK 117 million). • Result after tax, a loss of DKK 403 million (profit DKK 704 mil- lion) Cash flow • The Group's cash at bank and in hand saw a net fall of DKK 869 million. Cash flow from operations and investments (free cash flow) resulted in a net rise in liquidity of DKK 1,592 million. Cash flow from financing activity resulted in a net fall in liquidity of DKK 2,461 million. Expectations for 2009 • In accordance with the budget for 2009, the result before value ad- justments and tax is expected to break even albeit a significant element of uncertainty remains. Among other things, it is estimated that traffic revenue may be up to DKK 190 million less than anticipated and that interest expenses may be up to DKK 200 million lower than anticipated. page 2/27 11 August 2009
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