SUMMARY Financial results (figures for the corresponding period in 2016 are given in parenthesis). Road revenue: DKK 2,409 million (DKK 2,336 million). Compared to 2016, road revenue from Storebælt increased by 3.1 per cent. The increase can in part be accounted for by a 3.0 per cent growth in traffic (not adjusted for the leap year day, traffic growth amounts to 2.6 per cent) and in part by a small increase in toll charges with effect from 1 January 2017. Revenue from the railway: DKK 319 million (DKK 312 million). In accordance with the Finance Act of 2017, fees for the rail companies’ use of the Øresund railway line were reduced compared to 2016. Moreover, the fee for A/S Storebælt has been adjusted relative to the number of trains that cross the Storebælt fixed link. The number of trains increased compared to 2016, which means there is a slight increase in the railway fee. Operating expenses: DKK 383 million (DKK 371 million). The increase can primarily be attributed to A/S Øresund assuming responsibility for maintenance and reinvestment for the Øresund railway line from Banedanmark. Depreciation: DKK 672 million (DKK 898 million). The reduction over the period is primarily due to the write down of Sprogø Offshore Wind Farm by DKK 287 million in September 2016. EBIT: DKK 1,726 million (DKK 1,435 million). Interest expenses: DKK 561 million (DKK 553 million). The increase is due to inflation. Value adjustments: income DKK 717 million (expense DKK 1,276 million). This includes the fair value adjustment of net financials at an income of DKK 718 million (expense DKK 1,291 million). Fair value adjustments are an accounting item with no effect on the company’s debt repayment because the debt is repaid at nominal value. The share of the result from Øresundsbro Konsortiet I/S: income of DKK 639 million (income DKK 170 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 4.9 per cent, which can be explained by growth in traffic of 2.4 per cent (not adjusted for the leap year day, traffic growth amounts to 2.0 per cent). In addition, the result is affected by higher interest expenses and positive value adjustments of DKK 426 million (negative DKK 478 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 1,592 million (profit DKK 1,290 million) including the share of the profit in Øresundsbro Konsortiet I/S. Tax amounts to an expense of DKK 555 million (income DKK 49 million). Changes in relation to the same period in 2016 are solely related to changes in the results. The result after tax is a profit of DKK 1,966 million (loss DKK 175 million). Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net rise in liquidity of DKK 2,038 million. Cash flow from financing activities has resulted in a net fall in liquidity of DKK 2,018 million whereby the Group’s cash at bank and in hand for the period saw a net increase of DKK 20 million. Page 2/33 30 November 2017
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