RESUMÉ Accounting result (figures for the same period in 2008 are given in parenthesis). • Revenue from road link totals DKK 516 million (DKK 529 million) Compared to 2008, road revenue from Storebælt fell by 2.5 per cent while traffic fell by 2.8 per cent. The fall in traffic revenue is largely owing to changes to traffic composition. • Revenue from the rail link totals 210 million (DKK 202 million) The rise is solely owing to the adjustment to fares. • Operating expenses DKK 90 million (DKK 86 million) • Depreciation DKK 167 million (DKK 180 million) • Operating profit DKK 477 million (DKK 475 million) • Interest expenses DKK 621 million (DKK 520 million). The expenses are DKK 101 million higher than in 2008 owing to higher interest levels. • Value adjustments, expense DKK 704 million (DKK 599 million). This comprises the fair value adjustment of net financials of DKK 721 million. This is an accounting item with no effect on the companies' debt reduction • Share of result from Øresundsbro Konsortiet, expense DKK 245 million (DKK 137 million). Øresundsbro Konsortiet's result has been affected by a fall in turnover for the road section of 6.5 per cent and a share of negative value adjustments of DKK 229 million (DKK 134 million). • Result after tax, loss DKK 820 million. (DKK 586 million). Cash flow • The Group's cash at bank and in hand saw a net fall of DKK 688 million during the period. Cash flow from operations and investments (free cash flow) resulted in a net rise in liquidity of DKK 1,127 million. Cash flow from financing activity resulted in a net fall in liquidity of DKK 1,815 million. Expectations for 2009 • In accordance with the budget for 2009, the result before value adjustments and tax is expected to break even albeit with a significant element of uncertainty. It is assessed that traffic revenue may be up to DKK 190 million less than anticipated and that interest expenses may be up to 200 million lower than anticipated. page 2/29 27 May 2009
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