REVIEW Financial results (figures for the corresponding period in 2016 are given in parenthesis). Road revenue: DKK 1,531 million (DKK 1,479 million). Compared to 2016, road revenue from Storebælt increased by 3.6 per cent. The increase can in part be accounted for by a 3.8 per cent growth in traffic (not adjusted for the leap year day, traffic growth amounts to 3.3 per cent) and in part by a small increase in toll charges from 1 January 2017. Revenue from the railway: DKK 212 million (DKK 230 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 for A/S Storebælt has been adjusted relative to the number of trains that cross the Storebælt fixed link. Operating expenses: DKK 257 million (DKK 250 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 446 million (DKK 390 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 1,078 million (DKK 1,108 million). Interest expenses: DKK 397 million (DKK 360 million). The increase is due to inflation. Value adjustments: income DKK 814 million (expense DKK 1,086 million). This includes the fair value adjustment of net financials at an income of DKK 812 million (expense DKK 1,111 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 is an income of DKK 426 million (income DKK 10 million). Øresundsbro Konsortiet I/S’ result is affected by a rise in road revenue of 4.0 per cent, which can be explained by growth in traffic of 3.5 per cent (not adjusted for the leap year day, traffic growth amounts to 2.9 per cent). In addition, the result is affected by lower depreciation and positive value adjustments of DKK 386 million (negative DKK 421 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 914 million (profit DKK 968 million) including the share of the profit in Øresundsbro Konsortiet I/S. Tax constitutes an expense of DKK 423 million (income DKK 72 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 1,498 million (loss DKK 256 million). Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net rise in liquidity of DKK 1,527 million. Cash flow from financing activities has resulted in a net fall in liquidity of DKK 1,218 million whereby the Group’s cash at bank and in hand for the period saw a net increase of DKK 309 million. Page 2/33 21 August 2017
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