RESUMÉ Financial results (figures for the corresponding period in 2013 are given in parenthesis). Road revenue DKK 599 million (DKK 562 million). Compared to 2013, road revenue from Storebælt increased by 6.7 per cent. The increase can be explained by a higher level of traffic. Revenue from the railway: DKK 223 million (DKK 222 million). Operating expenses: DKK 105 million (DKK 103 million) Depreciation: DKK 156 million (DKK 154 million) EBIT: 582 million (DKK 547 million) Interest expenses DKK 160 million (DKK 200 million). Value adjustments, expense DKK 461 million (income DKK 464 million). This comprises the fair value adjustment of net financials at an expense of DKK 449 million, which is an accounting item with no effect on the companies’ debt reduction. The share from Øresundsbro Konsortiet’s results is an expense of DKK 33 million (income DKK 173 million). Øresundsbro Konsortiet’s results are affected by increasing turnover from the road section of 3.3 per cent, which can be explained by the continued large increase in freight traffic as well as continually increasing leisure traffic. In addition, the results are affected by lower interest expenses as well as negative value adjustments of DKK 232 million (positive DKK 202 million) of which half is included in the Group’s share of the results. Tax constitutes an income of DKK 16 million (expense DKK 246 million). Of the period’s tax income, a tax expense of DKK 2 million has been offset which relates to a writedown of the Group’s tax asset as a result of the reduction in the corporation tax rate. The result after tax amounts to a loss of DKK 56 million (profit DKK 738 million) Cash flow Cash flow from operating and investment activities (free cash flow) resulted in a net rise in liquidity of DKK 1,094 million. Cash flow from financing activities resulted in a net fall in liquidity of DKK 1,561 million. The Group’s cash at bank and in hand over the period saw a net fall of DKK 467 million. Outlook for 2014 The outlook before financial value adjustments and tax remains unchanged at a profit of approximately DKK 1,650 million. Page 2/30 22 May 2014
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