SUMMARY Financial results (figures for the corresponding period in 2018 are given in parenthesis). Road revenue: DKK 2,236 million (DKK 2,191 million). Compared to 2018, road revenue from the Storebælt fixed link increased by 2.1 per cent. Growth in traffic was 2.4 per cent compared to the same period in 2018. Revenue from the railway: DKK 245 million (DKK 274 million). The decline in revenue is due in part to lower revenue from Storebælt as a consequence of reduced train operations caused by track work on Zealand and maintenance work on the Storebælt section and, in part, to the decision to reduce the fee for the use of the Øresund railway over a number of years, which was adopted as part of the Finance Act 2016. Other income: DKK 59 million (DKK 133 million). In 2018, the sale of Sprogø Offshore Windfarm was concluded at DKK 65.7 million. Operating expenses: DKK 353 million (DKK 374 million). Depreciation: DKK 597 million (DKK 610 million). EBIT: DKK 1,591 million (DKK 1,614 million). Interest expenses: DKK 289 million (DKK 423 million). The decline is primarily due to inflation being lower in 2019 compared to the same period last year and to the impact of lower market rates. Value adjustments: expense of DKK 3,632 million (income of DKK 230 million). The 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 141 million (income DKK 602 million). The difference in Øresundsbro Konsortiet I/S’ result compared to the same period last year is primarily due to a negative difference on value adjustments of approx. DKK 485 million. The result before value adjustments and tax is a profit of DKK 1,804 million (profit DKK 1,669 million) including the share of Øresundsbro Konsortiet I/S’ profits. Tax amounts to an income of DKK 479 million (expense DKK 446 million). The changes in relation to the same period in 2018 are solely related to changes in the result. The financial result after tax is a loss of DKK 1,710 million (profit DKK 1,578 million). Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net reduction in liquidity of DKK 4,571 million. Cash flow from financing activities has resulted in an improvement in liquidity of DKK 4,537 million whereby the Group’s cash at bank and in hand for the period reduced by DKK 35 million. Page 2/43 28 November 2019
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