RESUMÉ Financial results (figures for the corresponding period in 2014 are given in parenthesis). Road revenue: DKK 1,395 million (DKK 1,340 million). Compared to 2014, road revenue from Storebælt increased by 4.1 per cent. The increase can primarily be explained by a 4.2 per cent growth in traffic. Revenue from the railway: DKK 349 million (DKK 446 million). The fall in revenue is due to the annual reduction of DKK 200 million (2014 price level) in the rail fee for Storebælt under the Danish government’s growth package as adopted by the Danish parliament in 2014. Operating expenses: DKK 225 million (DKK 225 million) Depreciation: DKK 313 million (DKK 311 million) EBIT: DKK 1,246 million (DKK 1,287 million) Interest expenses: DKK 436 million (DKK 454 million). Value adjustments: income DKK 562 million (expense DKK 1,088 million).This includes the fair value adjustment of net financials at an expense of DKK 575 million, which is an accounting item with no effect on the companies’ debt reduction. The share from Øresundsbro Konsortiet I/S’ result is an income of DKK 245 million (expense DKK 78 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 2.5 per cent, which can primarily be explained by growth in lorry traffic of 6.6 per cent. In addition, the result is affected by lower interest expenses and positive value adjustments of DKK 97 million (negative DKK 491 million), of which half is included in the Group’s share of the results. The result before value adjustments and tax is a profit of DKK 1,007 million, including the share of the result in Øresundsbro Konsortiet I/S of DKK 197 million (DKK 1,000 million). Tax constitutes an expense of DKK 356 million (income DKK 74 million). As regards the tax expense for the period, a tax income of DKK 24 million has been offset, which relates to a write-down of the Group’s tax asset as a result of the reduction in the corporation tax rate. The result after tax is a profit of DKK 1,262 million (loss DKK 258 million). Cash flow Cash flow from operating and investing activities (free cash flow) resulted in a net rise in li- quidity of DKK 471 million. Cash flow from financing activities has resulted in a fall in liquidity of DKK 553 million whereby the Group’s cash at bank and in hand for the period saw a net fall of DKK 82 million. Outlook for 2015 The outlook before financial value adjustments and tax is upgraded by DKK 160 million to approximately DKK 1,980 million. Page 2/32 27 August 2015
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