A/S Storebælt Annual report 3 Company objective A/S Storebælt’s main responsibility is to own and operate the fixed link across Storebælt. The tasks will be carried out with due regard for maintaining a high level of accessibility and safety 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 Traffic Road traffic on the Storebælt Bridge totalled 12.8 million vehicles in 2017, which is a new annual record. Traffic growth amounted to 3.0% compared to 2016. Passenger traffic rose by 2.8% and lorry traffic rose by 4.8%. Train traffic amounted to 50,235 trains, which is an increase of 5.3% compared to 2016. Financial position The result before fair value adjustments and tax is a profit of DKK 2,178 million, which is DKK 460 million up on last year. The result was affected by higher turnover of 3.1 per cent from road revenue, an increase in rail fees of 7.1 per cent corresponding to approximately DKK 23 million, higher expenses of DKK 18 million and lower depreciation of DKK 328 million. The fall in depreciation is related to the provision for the loss in value of the wind turbines and buildings undertaken in 2016. The result before tax is a profit of DKK 2,583 million and is affected by recognised fair value adjustments of DKK 404 million. The result after tax is a profit of DKK 2,003 million. It is proposed that a dividend of DKK 1,600 million be paid to the shareholder. Profitability For A/S Storebælt, the repayment period has been extended by 4 years compared to last year and now amounts to 34 years. The reason is because of the toll reduction at the Storebælt Bridge and the increased dividend payment for the co-financing of the Funen motorway. 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 Vice-Chairman. Turnover from the road link across Storebælt totals DKK 3,164 million. In 2017, DKK 1.0 billion was repaid on A/S Storebælt’s interestbearing net debt, which totalled DKK 20.3 billion at the end of the year. Impact on value adjustments on results Operating profit (EBIT) Net financials Profit before fair value adjustment and tax Consolidated income statement in relation to annual report Fair value adjustment 2,620.6 -37.9 -404.3 Proforma income statement 2,620.6 -442.2 2,178.4 Fair value adjustment 404.3 404.3 Profit before tax Tax Profit for the year 2,582.7 -579.5 2,003.2 2,582.7 -579.5 2,003.2
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