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 shall 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 infrastructure shall take place within a reasonable time frame. Highlights of the year Economy The financial result before fair value adjustment and tax, including the share from Øresundsbro Konsortiet I/S, is a profit of DKK 191 million and is thus DKK 70 million higher compared to 2018. The result is primarily affected by lower interest expenses for A/S Øresund of almost DKK 30 million and an improved result from Øresundsbro Konsortiet I/S of approximately DKK 40 million (50 per cent) due to higher revenue and lower interest expenses. The result before tax incl. value adjustments is a loss of DKK 492 million and is affected by negative fair value adjustments of DKK 683 million. The result after tax is a loss of DKK 384 million. Profitability The repayment period for A/S Øresund totals 47 years, which is two years longer than last year’s calculation primarily due to a postponement of the dividend payment for Øresundsbro Konsortiet I/S as a result of the EU Commission’s annulment of the State subsidy approval. The debt will consequently be repaid in 2046. The repayment period for Øresundsbro Konsortiet I/S is unchanged at 50 years, which means that the debt will be repaid in 2050. The financial result before value adjustments for Øresundsbro Konsortiet I/S improved by approximately DKK 80 million compared to 2018. A/S Øresund’s interest-bearing net debt is unchanged for the year and totalled DKK 11.0 billion at the end of 2019. The impact of value adjustments on the financial results Income statement with ref. to Annual Report Operating loss -276.8 Total financial items -642.6 Loss before share of jointly managed company Profit from jointly managed company Profit before fair value adjustment and tax -919.4 427.4 Fair value adjustment Proforma Income statement -276.8 469.5 -173.1 213.1 -449.9 640.5 190.6 Fair value adjustment -682.6 -682.6 Loss before tax Tax Loss for the year -492.0 108.3 -383.7 -492.0 108.3 -383.7
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