RESUMÉ Financial results (figures for the corresponding period in 2016 are given in parenthesis). Road revenue: DKK 692 million (DKK 662 million). Compared to 2016, road revenue from Storebælt increased by 4.5 per cent. The increase can in part be accounted for by a 4.7 per cent growth in traffic (not adjusted for the leap year day, traffic growth amounts to 3.5 per cent) and in part by a small increase in toll charges from 1 January 2017. Revenue from the railway: DKK 104 million (DKK 115 million). In accordance with the Finance Act of 2017, the fees for the rail companies’ use of the Øresund railway line were reduced compared to 2016. Moreover, the fee to A/S Storebælt has been adjusted in relation to the number of trains that cross the Storebælt fixed link. Operating expenses: DKK 114 million (DKK 104 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 224 million (DKK 195 million). The increase over the period is in part due to the commissioning of completed investments and in part to the further division of A/S Øresund’s road and rail facility, which took place in 2016. EBIT: DKK 477 million (DKK 499 million). Interest expenses: DKK 142 million (DKK 85 million). The increase is due to inflation. Value adjustments: income DKK 589 million (expense DKK 639 million). This includes the fair value adjustment of net financials at an income of DKK 590 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 from Øresundsbro Konsortiet I/S’ result is an income of DKK 192 million (expense DKK 77 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 1.5 per cent, which can primarily be explained by growth in traffic of 3.1 per cent (not adjusted for the leap year day, traffic growth amounts to 1.9 per cent). In addition, the result is affected by lower operating expenses, higher interest expenses and positive value adjustments of DKK 175 million (negative DKK 367 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 440 million (profit DKK 521 million) including the share of the profit in Øresundsbro Konsortiet I/S. Tax constitutes an expense of DKK 246 million (income DKK 66 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 870 million (loss DKK 236 million). Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net rise in liquidity of DKK 433 million. Cash flow from financing activities has resulted in a net rise in liquidity of DKK 70 million whereby the Group’s cash at bank and in hand for the period saw a net increase of DKK 503 million. Page 2/35 22 May 2017
Download PDF fil