A/S Øresund Annual report 3 Company objective A/S Øresund’s primary task is to own and operate the fixed link across Øresund with associated landworks. These tasks must be carried out with due regard for maintaining a high level of safety and accessibility on the link. Moreover, repayment of the loans raised to finance the facilities must take place within a reasonable time frame. Highlights of the year Financial position The result before fair value adjustment and tax, including the share from Øresundsbro Konsortiet I/S, is a loss of DKK 20 million and is thus DKK 135 million down on 2016. The result was primarily affected by higher turnover from Øresundsbro Konsortiet I/S of over DKK 62 million, an increase in depreciation of DKK 141 million and lower interest expenses. The result before tax is a profit of DKK 440 million and is affected by positive fair value adjustments of DKK 460 million. The result after tax is a profit of DKK 342 million. Profitability The repayment period for A/S Øresund is now calculated at 50 years, which is one year less than last year, primarily due to lower financing expenses. The repayment period for Øresundsbro Konsortiet I/S is reduced by one year to 33 years from the opening year of 2000. Management Vice-Chairmen Carsten Koch and David P. Meyer, as well as board members Pernille Sams and Mette Boye, stepped down from the Board of Directors at the Annual General Meeting in April and Jørn Tolstrup Rohde joined the board as the new ViceChairman. With regard to Øresundsbro Konsortiet I/S, the result before value adjustments improved by approximately DKK 50 million on the year. A/S Øresund’s interest-bearing net debt increased by DKK 46 million during the year and amounts to DKK 11.2 billion at the end of 2017. The impact of value adjustments on results Operating loss Net financials Consolidated income statement in relation to annual report -349.7 56.2 Fair value adjustment Proforma Income statement -349.7 -261.1 -204.9 Loss before share of jointly managed company Profit/loss from jointly managed company Loss before fair value adjustment and tax Fair value adjustment Profit before tax Tax Profit for the year -293.5 734.0 -199.0 440.5 -98.7 341.8 460.1 -554.6 535.0 -19.6 460.1 440.5 -98.7 341.8
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