RESUMÉ Financial results (figures for the corresponding period in 2014 are given in parenthesis). Road revenue DKK 627 million (DKK 599 million). Compared to 2014, road revenue from Storebælt increased by 4.7 per cent. The increase in revenue can mainly be explained by 4.6 per cent growth in traffic. Revenue from the railway DKK 175 million (DKK 223 million). The decrease in revenue is due to an annual reduction in rail fees on Storebælt of DKK 200 million, which is part of the financing of the government’s growth package. Operating expenses DKK 100 million (DKK 105 million). Depreciation DKK 156 million (DKK 156 million). EBIT DKK 568 million (DKK 582 million). Interest expenses DKK 76 million (DKK 160 million). Value adjustments, expense DKK 1,103 million (expense DKK 461 million).This includes the fair value adjustment of net financials at an expense of DKK 1,076 million, which is an accounting item with no effect on the companies’ debt reduction. The share of the results from Øresundsbro Konsortiet I/S, expense DKK 155 million (expense DKK 33 million). Øresundsbro Konsortiet I/S’ results are affected by an increase in road revenue of 4.7 per cent, which can be explained by 4.2 per cent growth in traffic. The growth is primarily related to a rise in leisure traffic of 9.1 per cent, but also to growth in freight and commuter traffic. In addition, the results are affected by lower interest expenses as well as negative value adjustments of DKK 517 million (negative DKK 232 million), of which half is included in the Group’s share of the results. Tax constitutes an income of DKK 169 million (income DKK 16 million). As regards the tax income for the period, a tax expense of DKK 8 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 amounts to a loss of DKK 598 million (loss DKK 56 million). Cash flow Cash flow from operating and investing activities (free cash flow) resulted in a net fall in li- quidity of DKK 1,075 million. Cash flow from financing activities has resulted in a rise in liquidity of DKK 468 million whereby the Group’s cash at bank and in hand for the period saw a net fall of DKK 607 million. Outlook for 2015 The outlook before financial value adjustments and tax is unchanged at a profit of approxi- mately DKK 1,820 million. Page 2/32 19 May 2015
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