RESUMÉ Accounting result (figures for the same period in 2008 are given in paren- thesis). Revenue from road link totals DKK 1,800 million (DKK 1,805 million) Compared to 2008, road revenue from Storebælt fell by 0.3 per cent net while traffic fell by 1.4 per cent. The difference between the fall in turnover and traffic is partly owing to price increases and partly to changes to the traffic composition. Revenue from the rail link totals DKK 630 million (DKK 606 mil- lion) The rise is solely owing to fare adjustments. Operating expenses DKK 300 million (DKK 326 million) Depreciation DKK 505 million (DKK 528 million) Operating profit DKK 1,650 million (DKK 1,605 million) Interest expenses DKK 1,619 million (DKK 1,466 million). Ex- penses are DKK 153 million higher than in 2008 owing to higher interest rate levels. Value adjustments, expense DKK 683 million (expense DKK 750 million). This comprises the fair value adjustment of net financials of DKK 704 million. This is an accounting item with no effect on the companies' debt reduction. Share of result from Øresundsbro Konsortiet, expense DKK 193 million (expense DKK 82 million). Øresundsbro Konsortiet's result is affected by the share of negative value adjustments of DKK 228 million (expense DKK 102 million). Result after tax, a loss of DKK 634 million (loss DKK 520 million) Cash flow The Group's cash at bank and in hand saw a net fall of DKK 232 million. Cash flow from operations and investments (free cash flow) resulted in a net rise in liquidity of DKK 2,381 million. Cash flow from financing activity resulted in a net fall in liquidity of DKK 2,613 million. Expectations for 2009 The result before value adjustments and tax for 2009 is expected to be a profit in the order of DKK 100 million, which represents an upward adjustment compared to the expected break even result. Despite lower traffic revenue of approx. DKK 140 million, this will be offset by lower interest expenses and lower-than-expected costs. page 2/27 18 November 2009
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