SUMMARY Financial results (figures for the corresponding period in 2018 are given in parenthesis). Revenue from the railway: DKK 10 million (DKK 15 million). The decline in revenue can be attributed to the adoption of the Finance Act 2016 whereby it was decided that the fees for the rail companies’ use of the Øresund rail line should be reduced over a number of years. Other income: the negative difference can primarily be ascribed to the sale of development rights for DKK 7.5 million in the same period last year. Operating expenses: DKK 19 million (DKK 18 million). Depreciation: DKK 56 million (DKK 66 million). EBIT amounts to a loss of DKK 65 million (loss DKK 61 million). Interest expenses DKK 29 million (DKK 14 million). Value adjustments: expense of DKK 213 million (income DKK 123 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 31 million (income DKK 224 million). The difference in the result for Øresundsbro Konsortiet I/S compared to the same period last year is primarily due to a negative difference on value adjustments of DKK 200 million. The result before value adjustments and tax is a profit of DKK 41 million, including the share of the result in Øresundsbro Konsortiet I/S (profit DKK 55 million). Tax amounts to an income of DKK 61 million (expense DKK 60 million). Changes in relation to the same period in 2018 are solely related to changes in the result. The result after tax is a loss of DKK 216 million (profit DKK 212 million). Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net rise in liquidity of DKK 4 million. Cash flow from financing activities has resulted in a net fall in liquidity of DKK 15 million whereby the Group’s cash at bank and in hand for the period saw a net reduction of DKK 11 million. Outlook for 2019 The outlook for the result before financial value adjustments and tax is unchanged at a profit of approximately DKK 100 million. Of this, the share of the result from Øresundsbro Konsortiet I/S is a profit of approximately DKK 640 million. Page 2/12 23 May 2019
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