RESUMÉ Financial results (figures for the corresponding period in 2015 are given in parenthesis). Road revenue: DKK 1,479 million (DKK 1,395 million). Compared to 2015, road revenue from Storebælt increased by 6.0 per cent. The increase can in part be accounted for by a 4.9 per cent growth in traffic (adjusted for the leap year day, traffic growth amounts to 4.3 per cent) and in part by a general increase in toll charges from 1 January 2016. Revenue from the railway: DKK 230 million (DKK 349 million). As part of the adoption of the Finance Act of 2016, the fees for the rail companies’ use of the railways across Storebælt and Øresund have been reduced by approximately DKK 275 million in 2016. Operating expenses: DKK 250 million (DKK 225 million). Depreciation: DKK 390 million (DKK 313 million). As regards both operating expenses and depreciation, the increase is attributable to A/S Øresund assuming maintenance and reinvestment responsibility for the Øresund line from Banedanmark with effect from 1 September 2015. EBIT: DKK 1,108 million (DKK 1,246 million). Interest expenses: DKK 360 million (DKK 436 million). The decline can primarily be attributed to lower inflation in 2016. Value adjustments: expense DKK 1,086 million (income DKK 562 million). This includes the fair value adjustment of net financials at an expense of DKK 1,111 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 10 million (income DKK 245 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 6.4 per cent, which can primarily be explained by growth in traffic of 4.5 per cent (adjusted for the leap year day, traffic growth amounts to 4.0 per cent). In addition, the result is affected by lower interest expenses and negative value adjustments of DKK 421 million (positive DKK 97 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 968 million (profit DKK 1,007 million) including the share of the result in Øresundsbro Konsortiet I/S. Tax constitutes an income of DKK 72 million (expense DKK 356 million). The result after tax is a loss of DKK 256 million (profit DKK 1,262 million). Cash flow Cash flow from operating and investing activities (free cash flow) resulted in a net rise in li- quidity of DKK 864 million. Cash flow from financing activities has resulted in a fall in liquidity of DKK 519 million whereby the Group’s cash at bank and in hand for the period saw a net increase of DKK 345 million. Outlook for 2016 The outlook before financial value adjustments and tax has been adjusted upwards by DKK 260-330 million to a profit of between DKK 1,880 million and DKK 1,950 million. Page 2/35 22 August 2016
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