RESUMÉ Financial results (figures for the corresponding period in 2014 are given in parenthesis). Road revenue: DKK 2,205 million (DKK 2,116 million). Compared to 2014, road revenue from Storebælt increased by 4.2 per cent. The increase can primarily be accounted for by a 4.5 per cent growth in traffic. Revenue from the railway: DKK 525 million (DKK 669 million). The fall in revenue is due to the annual reduction of DKK 200 million (2014 price level) in the rail fee for Storebælt under the Danish government’s growth package as adopted by the Danish parliament in 2014. Operating expenses: DKK 335 million (DKK 339 million). Depreciation: DKK 482 million (DKK 467 million). EBIT: DKK 1,969 million (DKK 2,035 million). Interest expenses: DKK 592 million (DKK 617 million). Value adjustments: income DKK 685 million (expense DKK 1,429 million).This includes the fair value adjustment of net financials at an income of DKK 696 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 461 million (expense DKK 36 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 4.7 per cent, which can primarily be explained by growth in traffic of 1.8 per cent. In addition, the result is affected by lower interest expenses and positive value adjustments of DKK 190 million (negative DKK 712 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 1,743 million, including the share of the result in Øresundsbro Konsortiet I/S (share of profit DKK 366 million). Tax constitutes an expense of DKK 555 million (income DKK 11 million). As regards the tax expense for the period, a tax income of DKK 38 million has been offset, which relates to an adjustment of the Group’s tax asset as a result of the reduction in the corporation tax rate. The result after tax is a profit of DKK 1,968 million (loss DKK 36 million). Cash flow Cash flow from operating and investing activities (free cash flow) resulted in a net rise in li- quidity of DKK 1,286 million. Cash flow from financing activities has resulted in a fall in liquidity of DKK 753 million whereby the Group’s cash at bank and in hand for the period saw a net increase of DKK 533 million. Outlook for 2015 The outlook before financial value adjustments and tax is upgraded further by DKK 70 million to a profit of approximately DKK 2,050 million. Page 2/35 26 November 2015
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