SUMMARY Financial results (figures for the corresponding period in 2018 are given in parenthesis). Road revenue: DKK 1,425 million (DKK 1,389 million). Compared to 2018, road revenue from the Storebælt fixed link increased by 2.6 per cent. Growth in traffic was 3.1 per cent compared to the same period in 2018. Revenue from the railway: DKK 161 million (DKK 183 million). The decline in revenue is due to lower revenue from Storebælt as a consequence of reduced train operations caused by track work on Zealand and, in connection with the adoption of the Finance Act 2016, the decision to reduce the fee for use of the Øresund railway line over a number of years. Other income: DKK 44 million (DKK 115 million). In 2018, the sale of Sprogø Offshore Windfarm was concluded at DKK 65.7 million. Operating expenses: DKK 240 million (DKK 250 million). Depreciation: DKK 398 million (DKK 408 million). EBIT: DKK 991 million (DKK 1,029 million). Interest expenses: DKK 202 million (DKK 228 million). The decline is primarily due to inflation being lower in 2019 compared to the same period last year. Value adjustments: expense of DKK 2,005 million (expense of DKK 281 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 74 million (income DKK 330 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 approx. DKK 270 million. The result before value adjustments and tax is a profit of DKK 1,071 million (profit DKK 1,068 million) including the share of the profit in Øresundsbro Konsortiet I/S. Tax amounts to an income of DKK 251 million (expense DKK 187 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 890 million (profit DKK 662 million). Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net reduction in liquidity of DKK 4,873 million. Cash flow from financing activities has resulted in an improvement in liquidity of DKK 5,025 million whereby the Group’s cash at bank and in hand for the period improved by DKK 152 million. Page 2/42 26 August 2019
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