RESUMÉ Financial results (figures for the corresponding period in 2015 are given in parenthesis). Road revenue: DKK 2,336 million (DKK 2,205 million). Compared to 2015, road revenue from Storebælt increased by 6.0 per cent. The increase can in part be accounted for by a 4.5 per cent growth in traffic (not adjusted for the leap year day, traffic growth amounts to 4.9 per cent) and in part by a general increase in toll charges from 1 January 2016. Revenue from the railway: DKK 312 million (DKK 525 million). As part of the adoption of the Finance Act of 2016, the fees for the rail companies’ use of the railways across Storebælt and Øresund have been reduced by approximately DKK 275 million in 2016. Operating expenses: DKK 371 million (DKK 335 million). The increase can primarily be attributed to A/S Øresund assuming responsibility for maintenance and reinvestment of the Øresund railway from Banedanmark with effect from 1 September 2015. Depreciation: DKK 898 million (DKK 482 million). The increase can in part be attributed to the above-mentioned responsibility for the Øresund railway and in part to depreciation in the value of Sprogø Wind Farm as well as building at the port of Ebeltoft. EBIT: DKK 1,435 million (DKK 1,969 million). Interest expenses: DKK 553 million (DKK 592 million). The fall can primarily be attributed to a lower level of interest and lower debt. Value adjustments: expense DKK 1,276 million (income DKK 685 million). This includes the fair value adjustment of net financials at an expense of DKK 1,291 million, which is an accounting item with no effect on the companies’ debt repayment. The share from Øresundsbro Konsortiet I/S’ result is an income of DKK 170 million (income DKK 461 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 6.4 per cent, which can primarily be explained by growth in traffic of 4.6 per cent (not adjusted for the leap year day, traffic growth amounts to 5.0 per cent). In addition, the result is affected by lower interest expenses and negative value adjustments of DKK 478 million (positive DKK 190 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 1,291 million (profit DKK 1,743 million) including the share of the profit in Øresundsbro Konsortiet I/S. Tax constitutes an income of DKK 49 million (expense DKK 555 million). Changes in relation to the same period in 2015 are solely linked to changes in the results. The result after tax is a loss of DKK 175 million (profit DKK 1,968 million). Cash flow Cash flow from operating and investing activities (free cash flow) resulted in a net rise in liquidity of DKK 1,747 million. Cash flow from financing activities has resulted in a net fall in liquidity of DKK 1,114 million whereby the Group’s cash at bank and in hand for the period saw a net increase of DKK 632 million. Page 2/36 25 November 2016
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