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 financial result before fair value adjustment and tax, including the share from Øresundsbro Konsortiet I/S, is a profit of DKK 120 million and is thus almost DKK 140 million up on 2017. The result is primarily affected by lower interest expenses for Øresundsbro Konsortiet I/S of almost DKK 60 million and a reduction in depreciation of approximately DKK 80 million for A/S Øresund. The result before tax is a profit of DKK 318 million and is affected by positive fair value adjustments of DKK 198 million. The result after tax is a profit of DKK 251 million. Profitability The repayment period for A/S Øresund is now calculated at 45 years and the debt will be repaid in 2043, which is 5 years less compared to last year. This relates to the fact that the adoption of a new dividend policy for Øresundsbro Konsortiet I/S has brought forward the dividend payments. The repayment period for Øresundsbro Konsortiet I/S is 50 years from the opening, which means that the debt will be repaid in 2050. The repayment period has increased by 17 years as a result of the above-mentioned new dividend policy. For Øresundsbro Konsortiet I/S, the financial result before value adjustments improved by approximately DKK 135 million on the year. A/S Øresund’s interest-bearing net debt was reduced by DKK 219 million during the year and amounts to DKK 11.0 billion at the end of 2018. The impact of value adjustments on the financial results Operating loss Net financials Loss before share of jointly managed company Profit/loss from jointly managed company Profit before fair value adjustment and tax Consolidated income statement in relation to Annual Report -279.8 -93.3 -373.1 690.9 Fair Proforma value income adjust- state- ment ment -279.8 -109.1 -202.4 -88.6 -482.2 602.3 120.1 Fair value adjustment 197.7 197.7 Profit before tax Tax Profit for the year 317.8 -66.7 251.1 317.8 -66.7 251.1 \\Sv-data2-hals\transfer\Aarsrapport alle selskaber\ÅR_2018_UK.xlsx
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