\\Sv-data2-hals\transfer\Aarsrapport alle selskaber\kvd_2018_1.xlsx. Sund & Bælt Holding A/S. Interim report. For the period 1 January 31 March 2018

Transcription

1 Sund & Bælt Holding A/S Interim report For the period 1 January The interim report comprises the Group and the Group s companies: Sund & Bælt Holding A/S (parent company), CVR no A/S Storebælt, CVR no A/S Øresund, CVR no Sund & Bælt Partner A/S, CVR no A/S Femern Landanlæg, CVR no Femern A/S, CVR no BroBizz A/S, CVR no \\Sv-data2-hals\transfer\Aarsrapport alle selskaber\kvd 1.XLSX Page 1/38 25 May

2 SUMMARY Financial results (figures for the corresponding period in are given in parenthesis). Road revenue: DKK 624 million (DKK 692 million). Compared to, road revenue from Storebælt decreased by 10 per cent. This can primarily be explained by the impact of the toll fee reduction as traffic increased in all segments and, in general, by 2.3 per cent compared to. Revenue from the railway: DKK 96 million (DKK 104 million). As part of the adoption of the Finance Act, it was decided that the fees for the rail companies use of the Øresund railway line should be reduced over a number of years. Moreover, revenue from A/S Storebælt is also reduced as a consequence of the reduction in the charges for passenger trains in parallel with the reduction in fees for road traffic. Operating expenses: DKK 104 million (DKK 114 million). Depreciation: DKK 205 (DKK 224 million). EBIT: DKK 430 million (DKK 477 million). Interest income: DKK 2 million (expense of DKK 142 million). The fall in financing expenses is largely due to the early repayment of loans. Value adjustments: income DKK 197 million (DKK 589 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 224 million (income DKK 192 million). Øresundsbro Konsortiet I/S result is affected by a rise in road revenue of 3.7 per cent. In addition, the result is affected by lower interest expenses and positive value adjustments of DKK 149 million (negative DKK 367 million) of which half is included in the company s share of the results. The result before value adjustments and tax is a profit of DKK 656 million (profit DKK 527 million) including the share of the profit in Øresundsbro Konsortiet I/S. Tax amounts to an expense of DKK 188 million (DKK 246 million). The changes in relation to the same period in are solely related to changes in the results. The result after tax is a profit of DKK 666 million (DKK 870 million). Cash flow Cash flow from operating and investing activities (free cash flow) has resulted in a net rise in liquidity of DKK 87 million. Cash flow from financing activities has resulted in a net rise in liquidity of DKK 217 million whereby the Group s cash at bank and in hand for the period saw a net increase of DKK 304 million. Page 2/38 25 May

3 Outlook for The outlook for the result before financial value adjustments and tax is for a profit within the range of DKK 1,725-DKK 1,875 million. This is DKK 75 million higher than the budget and is primarily due to low interest expenses. Page 3/38 25 May

4 SUND & BÆLT GROUP COMPREHENSIVE INCOME STATEMENT (DKK million Revenue - road ,163.9 Revenue - railway Other income Total income ,662.3 Operating expenses Depreciation EBIT ,223.6 Interest expenses Profit before value adjustment ,576.2 Value adjustments Profit before inclusion of share of results in jointly managed company ,553.1 Share of results in jointly managed company Profit before tax , ,287.1 Tax Profit after tax ,629.4 Page 4/38 25 May

5 ASSETS Non-current assets Fixed assets Road and rail links, ports, wind turbines 36, , ,232.4 Other property, plant and equipment/intangible fixed assets Total property, plant and equipment 36, , ,397.0 Other non-current assets 1, Total non-current assets 37, , ,671.0 Current assets Receivables 5, , ,509.4 Cash at bank and in hand and securities Total current assets 6, , ,145.7 Total assets 44, , ,816.7 EQUITY AND LIABILITIES Equity Share capital Retained earnings at the beginning of the period -2, , ,565.0 Profit for the period , Paid dividend 0.0-1, Total equity -1, , ,340.1 Liabilities Non-current liabilities 34, , ,078.2 Current liabilities 10, , ,078.6 Total liabilities 45, , ,156.8 Total equity and liabilities 44, , ,816.7 Page 5/38 25 May

6 CASH FLOW STATEMENT Cash flow from operating activities Profit before net financials ,223.6 Adjustment for non-cash items Amortisation, depreciation and impairment Joint taxation contribution Adjustment for other non-cash items Cash flow from operations (operating activity) before change in working capital ,061.1 Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities , ,342.9 Total cash flow from operating activities ,587.0 Cash flow from investing activities Purchase of facility Purchase of securities Total cash flow from investing activities Free cash flow ,789.3 Cash flow from financing activities Raising of loans 2, , ,576.0 Reduction of liabilities, net -2, ,540.5 Interest paid , Interest received EU subsidy Paid dividend to shareholder ,200.0 Total cash flow from financing activities ,963.0 Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period Cash at bank and in hand at the end of the period Page 6/38 25 May

7 MAIN FIGURES Q1 Q1 Net turnover ,662.3 EBIT ,223.6 Net financials before value adjustment Value adjustments, net Profit/loss from jointly managed company (Øresundsbro Konsortiet I/S) Profit before tax , ,287.1 Total assets 44, , ,524.5 Equity -1, , ,780.6 FINANCIAL RATIOS Q1 Q1 Per cent Profit ratio (EBIT) 58.2% 58.5% 60.7% Rate of return (EBIT) 3.9% 4.4% 5.1% Return on facility (EBIT) 4.7% 5.2% 6.1% Page 7/38 25 May

8 SUND & BÆLT GROUP Developments over the period EBIT shows a profit of DKK 430 million, which is DKK 47 million lower than the same period in. The lower EBIT is primarily owing to a fall in road traffic revenue. Revenue from road traffic across Storebælt totals DKK 624 million and is DKK 68 million lower compared to the revenue for the same period in. Road revenue from the Storebælt fixed link declined by 10 per cent compared to. This can primarily be explained by the impact of the reduction in toll fees as traffic increased in all segments and, in general, by 2.3 per cent in relation to. The reduction took effect from 1 January and amounts to 15 per cent for all lorries and for passenger cars using BroBizz or Automatic Number Plate Recognition (PayByPlate). Revenue from the rail link totals DKK 96 million, and is DKK 9 million lower compared to the same period in. The change is in part due to the reduction in the fees for the rail companies use of the Øresund railway line and in part to the fact that fares per journey on Storebælt, in parallel with the toll fee reduction for road traffic, were adjusted downwards compared to the same period last year. The sale of development rights for DKK 7.5 million with respect to A/S Øresund is included under other income. Operating expenses fell by DKK 11 million compared to and depreciation decreased by DKK 19 million compared to. Interest expenses are DKK 144 million lower compared to the same period in primarily because of the early repayment of loans as well as lower inflation. The result before value adjustments, the share of the result in the jointly managed company and tax thereafter amounts to a profit of DKK 432 million against a profit in of DKK 335 million. Value adjustments amount to an income of DKK 197 million. For the same period in, value adjustments amounted to an income of DKK 589 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. Øresundsbro Konsortiet I/S result amounts to a profit for the period of DKK 448 million against a profit in of DKK 384 million. Revenue relating to road traffic on the Øresund Bridge increased by 3.7 per cent corresponding to DKK 10 million. Traffic for the period declined by 0.1 per cent. The number of passenger cars declined by 0.6 per cent, the number of lorries increased by 5.1 per cent while the number of coaches increased by 11.2 per cent. The result for the period was also affected by lower interest expenses compared to the same period in. 50 per cent of the result for the period is included in the consolidated accounts, corresponding to an income of DKK 224 million. Tax represents an expense of DKK 188 million and has been set aside as 22 per cent of the profit before tax. For the corresponding period in, tax amounted to an expense of DKK 246 million. The difference in the tax expense is solely related to changes in the result. The consolidated result after tax shows a profit of DKK 666 million against a profit of DKK 870 million for the same period in. Compared to, the consolidated result after tax is nega- Page 8/38 25 May

9 tively affected by accounting adjustments of approx. DKK 310 million in the form of value adjustments of net financials. A/S Storebælt, A/S Øresund and A/S Femern Landanlæg s financial risks are, in the main, unchanged as compared to the note in the Annual Report for, which deals with financial risk management. At the end of March, the floating rate debt for A/S Storebælt was 39.6 per cent, for Øresundsbro Konsortiet I/S 23.7 per cent and for A/S Øresund 23.5 per cent of the net debt. In 2016-, a new public consultation on the company's application for regulatory approval of the Fehmarnbelt tunnel was completed in Germany. In the second half of, and within the agreed deadlines, Femern A/S submitted to the authorities in Schleswig-Holstein all the contributions required to follow up the oral consultations held in the summer of. In November, the approval authority announced that further full public consultations in Germany would not be necessary before the approval could be issued. The approval authority in Kiel has started work on preparing the approval itself. In parallel with this, a brief written mini consultation on specific parts of the supplementary application material submitted by Femern A/S in the autumn of was conducted in January. On 22 March, the Ministry of Transport in Schleswig-Holstein issued a press release stating that regulatory approval of the Fehmarnbelt link could be expected in the second half of, and that the consultation process in Germany could be regarded as finalised. Following the issue of the approval, it will be possible to appeal against the approval to the Federal Administrative Court in Leipzig. According to the German authorities, legal proceedings are expected to last an average of two years, with construction work starting when final legal approval has been obtained. In its planning, Femern A/S has sought to take account of the risk of delays in the German process. On 30 May 2016, the company entered into conditional contracts with the preferred contractors. The contracts were signed subject to the condition that construction work could not begin until final German regulatory approval had been obtained. The conditional contracts run up to and including 2019, with a view to construction starting in If German regulatory approval has not been obtained by that time, a mechanism has been incorporated that provides for a possible extension of the contracts after 2019 if this is considered to be best solution at the time. In, Femern A/S initiated a dialogue with the contractors to address any delay to the start of construction. Outlook for The outlook for the result before financial value adjustments and tax is for a profit within the range of DKK 1,725-DKK 1,875 million. This is DKK 75 million higher than the budget and is primarily due to low interest expenses. Page 9/38 25 May

10 Equity development Share capital Equity at the beginning of the period -1, , ,210.0 Profit for the period , Dividend 0.0-1, Equity at the end of the period -1, , ,340.1 At the end of March, equity was negative at DKK 1.1 billion. Equity movements for the period relate in part to the result for the period 1 January to. On the basis of the estimated operating results for the subsidiaries and the Group s dividend policy, Group equity is expected to be restored within a time frame of 4-5 years, calculated from the end of. Future operating results are estimated on the basis of the fixed fee from Banedanmark for use of the rail links as determined by the Minister for Transport, Building and Housing and on the basis of road traffic forecasts for A/S Storebælt and Øresundsbro Konsortiet I/S. The latter is recognised at 50 per cent of the result for the period corresponding to the ownership share. It should be noted that under the terms of the Act on Sund & Bælt Holding A/S for the parent company and the subsidiaries A/S Storebælt, A/S Øresund, Femern A/S and A/S Femern Landanlæg, the Danish State has extended separate guarantees for interest and repayments and other ongoing liabilities relating to the companies loans against payment of a guarantee commission of 0.15 per cent. Moreover, and without further notification of each individual case, the Danish State guarantees the company s other financial liabilities. Øresundsbro Konsortiet I/S debts are guaranteed jointly and severally by the Danish and Swedish States. SUND & BÆLT HOLDING A/S (PARENT COMPANY) Sund & Bælt Holding A/S activities primarily comprise the management of operations of the subsidiaries A/S Storebælt, A/S Øresund and A/S Femern Landanlæg. The result before value adjustment and tax shows a loss of DKK 7 million against a loss for the same period in of DKK 7 million. The value adjustments of net financials represent an income of DKK 1 million. For the same period in, the company had an income of DKK 1 million on value adjustments. Tax constitutes an income of DKK 2 million, which is on a par with the same period in. The result after tax for the period shows a loss of DKK 5 million against a loss of DKK 5 million in. Page 10/38 25 May

11 Equity development Share capital Equity at the beginning of the period Profit/loss for the period , Dividend 0.0-1, Equity at the end of the period At the end of March, equity totalled DKK 508 million. Equity movements for the period comprise the results for the period 1 January to. SUBSIDIARIES A/S STOREBÆLT EBIT for the period shows a profit of DKK 500 million, which is DKK 69 million lower than the corresponding period in. Revenue from the road link across Storebælt totals DKK 624 million and is DKK 68 million lower compared to the revenue for the same period in. The decrease can primarily be explained by the impact of the reduction in toll fees as traffic increased in all segments and, in general, by 2.3 per cent in relation to. The reduction took effect from 1 January and amounts to 15 per cent for all lorries and for passenger cars using BroBizz or Automatic Number Plate Recognition (PayByPlate). Revenue from the rail link decreased by DKK 5 million, from DKK 85 million for the same period in to DKK 80 million. The number of journeys is largely unchanged, but in parallel with the fee reduction for road traffic, fares per journey were reduced compared to the same period last year. The difference compared to the budget is also due to the monthly adjustments for the number of trains in operation. Operating expenses fell by DKK 3 million compared to the same period in. Depreciation decreased by DKK 2 million. Interest income totals DKK 17 million, which is DKK 114 million higher compared to primarily as a result of the early repayment of loans and lower inflation. The result before value adjustments and tax for the period shows a profit of DKK 518 million against a profit in of DKK 472 million. The value adjustments of net financials amount to an income of DKK 100 million. For the same period in, value adjustments amounted to an income of DKK 337 million. The value adjustments are an accounting item with no effect on the company's repayment ability because the debt is repaid at nominal value. Tax for the period represents an expense of DKK 136 million against an expense of DKK 178 million in. Page 11/38 25 May

12 The result after tax is a profit of DKK 482 million. The result for the corresponding period in showed a profit of DKK 631 million. The main reason for the difference is due to the value adjustment of net financials. Financing expenses excluding value adjustments amount to per cent per annum against 1.73 per cent per annum for the same period last year. Including value adjustments, financing expenses amount to per cent per annum compared to 0.13 per cent per annum for the same period in. A/S Storebælt s financial risks are, in the main, unchanged as compared to the note in the Annual Report for, which deals with financial risk management. At the end of March, the floating rate debt for A/S Storebælt was 39.6 per cent of the net debt. A conditional contract was signed on 6 March for the sale of Sprogø Offshore Wind Farm. The sale is conditional on the buyer obtaining permission from the Danish Energy Agency for the operation of the wind turbines. The agreed sales price exceeds the book value. Equity development Share capital Equity at the beginning of the period 3, , ,234.1 Profit for the period Dividend proposed 0.0 1, Dividend paid 0.0-1, Equity at the end of the period 4, , ,865.5 Equity is positive at DKK 4.5 billion. Equity movements for the period relate in part to the result for the period 1 January to. In the Annual Report for A/S Storebælt, it is proposed that dividend of DKK 1,600 million be paid to Sund & Bælt Holding, which was subsequently adopted at the company s Annual General Meeting on 23 April. The repayment period for the company s debt is estimated at 34 years from the opening of the Storebælt fixed link, which corresponds to At the end of March, A/S Storebælt s interest-bearing net debt amounts to DKK 20.2 billion. Future operating results are estimated on the basis of the fixed fee from Banedanmark for use of the rail link as determined by the Minister for Transport, Building and Housing and on the basis of road traffic forecasts for the company. It should be noted that under the terms of the Act on Sund & Bælt Holding A/S for the parent company and, among others, A/S Storebælt, the Danish State has extended separate guarantees for interest and repayments and other ongoing liabilities relating to the company s loans against payment of a guarantee commission of 0.15 per cent. Moreover, and without further notification of each individual case, the Danish State guarantees the company s other financial liabilities. Page 12/38 25 May

13 A/S ØRESUND EBIT shows a loss of DKK 61 million against a loss of DKK 84 million for the same period in. The difference is due to lower revenue from the railway of DKK 5 million, income of DKK 8 million from the sale of development rights, lower expenses of DKK 2 million and decreased depreciation of DKK 19 million. Interest expenses amount to DKK 14 million and are DKK 32 million lower compared to, which is primarily due to inflation during the period. The result before value adjustments, the share of the results in the jointly managed company and tax is a loss of DKK 75 million against a loss in of DKK 129 million. The value adjustments of the company s debt amount to an income of DKK 123 million. For the same period in, value adjustments constituted an income of DKK 251 million. The fair value adjustments are an accounting item with no effect on the company s repayment ability because the debt is repaid at nominal value. 50 per cent of Øresundsbro Konsortiet I/S result, equating to an income of DKK 224 million, is included in the income statement. Øresundsbro Konsortiet I/S result amounts to a profit of DKK 448 million against a profit for the equivalent period in of DKK 384 million. The value adjustment of net financials amounts to an income of DKK 123 million against an income of DKK 251 million for the same period in. Road traffic on the Øresund Bridge saw an overall decline of 0.1 per cent compared to the same period in. The number of passenger cars decreased by 0.6 per cent, the number of lorries increased by 5.1 per cent whilst the number of coaches increased by 11.2 per cent. Tax represents a net expense of DKK 60 million against an expense of 69 million for the same period in and has been set aside as 22 per cent of the profit for the period before tax. The difference in the tax expense is solely related to changes in the result. A/S Øresund s result after tax shows a profit of DKK 212 million. The result for the same period in was a profit of DKK 245 million. Compared to the same period in, the result after tax is negatively affected by accounting adjustments of approx. DKK 110 million in the form of value adjustments of net financials (including value adjustments for Øresundsbro Konsortiet I/S). Financing expenses, excluding value adjustments, total 0.35 per cent per annum for A/S Øresund against 1.69 per cent per annum for the same period last year and 0.75 per cent per annum for Øresundsbro Konsortiet I/S against 2.50 per cent per annum for the same period in. Including value adjustments, financing expenses amount to per cent per annum for A/S Øresund (-0.66 per cent in ) and per cent per annum (-0.62 per cent in ) for Øresundsbro Konsortiet I/S. A/S Øresund s financial risks are, in the main, unchanged as compared to the note in the Annual Report for, which deals with financial risk management. At the end of March, the floating rate debt for A/S Øresund was 23.5 per cent of the net debt and 23.7 per cent for Øresundsbro Konsortiet I/S. Page 13/38 25 May

14 Equity development Share capital Equity at the beginning of the period -6, , ,608.3 Profit for the period Equity at the end of the period -6, , ,363.4 At the end of March, equity was negative at DKK 6.1 billion. Equity movements for the period solely comprise the results for the period 1 January to. Based on the estimated operating results for the company and for Øresundsbro Konsortiet I/S, equity is expected to be restored within a time span of years, calculated from the end of. The repayment periods for Øresundsbro Konsortiet I/S and A/S Øresund s debts are expected to be 50 and 46 years from the opening, i.e and 2044 respectively. The repayment periods were recently revised in connection with the adoption of the dividend policy for Øresundsbro Konsortiet I/IS, which was published in connection with the Annual General Meeting on 26 April. In addition to the uncertainty relating to traffic development and fluctuations in real interest rates, the dividend policy will have an impact on the repayment period. A/S Øresund s interest bearing net debt totals DKK 11.2 billion at the end of March. SUND & BÆLT PARTNER A/S The result before tax for the period is a loss of DKK 57 thousand against a profit of DKK 60 thousand for the same period in. The change can primarily be explained by a decrease in EBIT of DKK 115 thousand, which is primarily related to higher expenses. The result after tax amounts to a loss of DKK 45 thousand against a profit for the same period in of DKK 47 thousand. Equity development (DKK 1,000) Share capital 5,000 5,000 5,000 Equity at the beginning of the period 11,224 11,237 11,237 Profit/loss for the period Equity at the end of the period 11,179 11,224 11,284 At the end of March, equity amounted to DKK 11 million. Equity movements for the accounting period solely relate to profits for the period 1 January. Page 14/38 25 May

15 A/S FEMERN LANDANLÆG Under the agreement made by the political parties behind the Fehmarnbelt fixed link on 4 March 2016, construction work on the Ringsted-Nykøbing Falster rail section means that the section will be expanded and upgraded to double track with a new signalling system by 2021 and electrified by The section between Nykøbing Falster and Holeby near Rødby will be expanded and ready for completion before the opening of the coast-to-coast link. Banedanmark has signed a number of construction contracts corresponding to approximately DKK 2.7 billion. All contracts are financed by A/S Femern Landanlæg. A/S Femern Landanlæg has fixed interest rate hedging for a total principal amount of DKK 6.0 billion. This is divided into DKK 2.9 billion in nominal instruments with an average weighted effective nominal interest rate of around 1.11 per cent and DKK 3.1 billion in real interest rate instruments with an average weighted effective real rate of around minus 0.17 per cent. No further interest rate hedging is currently planned. The company has capitalised project expenses of DKK 31 million for the period and financing expenses of DKK 1 million. Hereafter, the accumulated project expenses total DKK 1,897 million. The EU subsidy amounts to DKK 257 million. The accumulated net project expenses total DKK 1,640 million. Financing expenses, excluding value adjustments, total per cent per annum for A/S Femern Landanlæg. Including value adjustments, expenses amount to 1.54 per cent per annum. The result after tax is a loss of DKK 22.2 million. Equity development Share capital Equity at the beginning of the period Profit/loss for the period Equity at the end of the period At the end of March, equity totals DKK 804 million. Equity movements for the period solely relate to profits for the period 1 January. A/S Femern Landanlæg interest-bearing net debt totals DKK 1.7 billion as at the end of March. Page 15/38 25 May

16 FEMERN A/S In 2016-, a new public consultation on the company's application for regulatory approval of the Fehmarnbelt tunnel was completed in Germany. In the second half of, and within the agreed deadlines, Femern A/S submitted to the authorities in Schleswig-Holstein all the contributions required to follow up the oral consultations held in the summer of. In November, the approval authority announced that further full public consultations in Germany would not be necessary before the approval could be issued. The approval authority in Kiel has started work on preparing the approval itself. In parallel with this, a brief written mini consultation on specific parts of the supplementary application material submitted by Femern A/S in the autumn of was conducted in January. On 22 March, the Ministry of Transport in Schleswig-Holstein issued a press release stating that regulatory approval of the Fehmarnbelt link could be expected in the second half of, and that the consultation process in Germany could be regarded as finalised. Following the issue of the approval, it will be possible to appeal against the approval to the Federal Administrative Court in Leipzig. According to the German authorities, legal proceedings are expected to last an average of two years, with construction work starting when final legal approval has been obtained. In its planning, Femern A/S has sought to take account of the risk of delays in the German process. On 30 May 2016, the company entered into conditional contracts with the preferred contractors. The contracts were signed subject to the condition that construction work could not begin until final German regulatory approval had been obtained. The conditional contracts run up to and including 2019, with a view to construction starting in If German regulatory approval has not been obtained by that time, a mechanism has been incorporated that provides for a possible extension of the contracts after 2019 if this is considered to be best solution at the time. In, Femern A/S initiated a dialogue with the contractors to address any delay to the start of construction. In tandem with the German approval process, Femern A/S is preparing for the construction phase. On 2 March, the political parties behind the Fehmarnbelt link accepted a recommendation from Femern A/S to carry out advance specific construction preparatory activities in relation to the fixed link across the Fehmarnbelt. The pre-tax result is a loss of DKK 0.2 million. After tax, the result is a loss of DKK 0.2 million. The company incurred costs of DKK 130 million, excluding depreciation, for the period under review. The calculated EU subsidy amounts to DKK 22 million. Capitalised costs for the period amount to DKK 108 million. Of the costs for the period of DKK 130 million, DKK 101 million is attributable to planning works, including, primarily, costs relating to the conditional contractor contracts. The remaining DKK 29 million is accounted for by for salaries and administration, including rent and IT, and financing expenses. The value adjustments of financial assets amount to an income of DKK 1 million. Page 16/38 25 May

17 Equity development Share capital Equity at the beginning of the period Loss for the period Equity at the end of the period Equity was DKK 523 million at the end of March. Equity movements for the accounting period relate solely to the profit for the period 1 January to. The total value of the construction contracts that the company has signed with the international contractor consortia responsible for the construction of the 18 km Fehmarnbelt tunnel between Rødby and Puttgarden is almost DKK 30 billion. The contracts have been signed on condition that final German environmental approval is obtained. BROBIZZ A/S BroBizz A/S is the issuer of BroBizz and administers BroBizz customer contracts. As at 31 March, the number of issued BroBizzes amounted to approximately 1,009,000, which is an increase of approximately 59,000 in. The result after tax for the period is a loss of DKK 0.2 million. The equivalent result for the same period in is a loss of DKK 0.3 million. Equity development Share capital Equity at the beginning of the period Profit/loss for the period Equity at the end of the period At the end of March, equity amounted to DKK 119 million. Equity movements for the accounting period solely relate to the profit for the period 1 January. Page 17/38 25 May

18 BROBIZZ OPERATØR A/S BroBizz Operatør A/S is a newly established company whose purpose is to provide facilities and services for operators of payment facilities. Equity develpment Share capital Equity at the beginning of the period Profit/loss for the period Equity at the end of the period ACCOUNTING POLICIES The interim report is presented in accordance with IAS 34 provisions. The accounting policies are in accordance with those used in the Annual Report. EVENTS AFTER THE BALANCE SHEET DATE No events have occurred after the balance sheet date that could affect these accounts. OWNERSHIP OF SUND & BÆLT HOLDING A/S The entire share capital of Sund & Bælt Holding A/S is owned by the Danish State. AUDITOR S STATEMENT No audit or review of the interim report has been carried out.. Page 18/38 25 May

19 STATEMENT BY THE BOARD OF DIRECTORS AND MANAGEMENT BOARD The Board of Directors and Management Board of Sund & Bælt Holding A/S have today discussed and approved the interim report for the period 1 January to. The interim report, which has not been audited by the companies auditors, has been prepared in accordance with IAS 34 Presentation of Interim Reports as approved by the EU and additional Danish disclosure requirements for interim reports for companies with publicly traded debt instruments. We are of the opinion that the interim report gives a true and fair view of the Group s assets, liabilities and financial position as at and the results of the Group s activities and cash flow for the period 1 January. It is our view that the Management Report contains a true and fair view of developments in the Group s activities and financial position, the results for the period and the Group s financial position as a whole, and a description of the key risks and uncertainties facing the Group. Copenhagen, 25 March Management Board Mikkel Hemmingsen CEO Board of Directors Peter Frederiksen Chairman Jørn Tolstrup Rohde Vice-Chairman Walter Christophersen Claus Jensen Ruth Schade Lene Lange Martin Duus Hansen (employee representative) Christina Bendixen Würtz (employee representative) Jens Villemoes (employee representative) Page 19/38 25 May

20 APPENDIX 1 MAIN FIGURES FOR THE PARENT COMPANY SUND & BÆLT HOLDING A/S COMPREHENSIVE INCOME Other income Total income Operating expenses Depreciation EBIT Income from participating interests Interest expenses Loss before value adjustment Value adjstments Loss before tax Tax Loss after tax ASSETS Non-current assets Property, plant and equipment/intangible fixed assets Other non-current assets 1, , ,117.5 Total non-current assets 1, , ,150.4 Current assets Receivables Cash at bank and in hand Total current assets Total assets 1, , ,166.3 EQUITY AND LIABILITIES Equity Share capital Retained earnings at the beginning of the period Profit/loss for the period , Dividend 0.0-1, Total equity Liabilities Non-current liabilities Current liabilities Total liabilities 1, , Total equity and liabilities 1, , ,166.3 Page 20/38 25 May

21 FINANCIAL RATIOS Per cent Profit ratio (EBIT) -25.6% -32.5% -23.5% Rate of return (EBIT) -1.7% -2.3% -2.3% CASH FLOW STATEMENT Cash flow from operating activities Loss before net financials Adjustment for non-cash items Amortisation, depreciation and impairment Adjustment for other non-cash items Cash flow from operations (operating activity) before change in working capital Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities Total cash flow from operating activity Cash flow from investing activities Dividend from subsidiaries and associated companies Purchase of facility Total cash flow from investing activity Free cash flow Cash flow from financing activities Interest paid Interest received Paid dividend to shareholder Total cash flow from financing activities Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period Cash at bank and in hand at the end of the period Page 21/38 25 May

22 APPENDIX 2 MAIN FIGURES FOR A/S STOREBÆLT COMPREHENSIVE INCOME Revenue - road Revenue - railway Other income Total income Operating expenses Depreciation EBIT Interest expenses Profit before value adjustment Value adjustments Profit before tax Tax Profit after tax Page 22/38 25 May

23 ASSETS Non-current assets Fixed assets Road link 13, , ,989.6 Rail link 12, , ,493.2 Port facilities Wind turbine facilities Total road and rail links, port and wind turbine facilities 26, , ,690.1 Other property, plant and equipment/intangible fixed assets Total property, plant and equipment 26, , ,793.1 Other non-current assets Total non-current assets 26, , ,793.1 Current assets Receivables 3, , ,025.7 Cash at bank and hand Total current assets 3, , ,431.5 Total assets 29, , ,224.6 EQUITY AND LIABILITIES Equity Share capital Retained earnings at the beginning of the period 3, , ,879.1 Profit for the period Proposed dividend 0.0 1, Dividend 0.0-1, Total equity 4, , ,865.5 Liabilities Non-current liabilities 19, , ,307.4 Current liabilities 6, , ,051.7 Total liabilities 25, , ,359.1 Total equity and liabilities 29, , ,224.6 FINANCIAL RATIOS Per cent Profit ratio (EBIT) 69.9% 73.7% 72.2% Rate of return (EBIT) 6.7% 8.9% 7.5% Return on facility (EBIT) 7.6% 9.9% 8.5% Page 23/38 25 May

24 CASH FLOW STATEMENT Cash flow from operating activities Profit before net financials Adjustment for non-cash items Amortisation, depreciation and impairment Adjustment for other non-cash items Cash flow from operations (operating activity) before change in working capital Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities Total cash flow from operating activity Cash flow from investing activities Purchase of facility Total cash flow from investing activity Free cash flow Cash flow from financing activities Raising of loans 2, ,000.0 Reduction of liabilities, net -2, ,003.4 Interest paid Interest received Paid dividend to shareholder Total cash flow from financing activities Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period Cash at bank and in hand at the end of the period Page 24/38 25 May

25 APPENDIX 3 MAIN FIGURES FOR A/S ØRESUND COMPREHENSIVE INCOME STATEMENT Revenue - railway Other income Total income Operating expenses Depreciation EBIT Interest expenses Loss before value adjustment Value adjustments Profit before share of results in affiliated company Share of results in jointly managed company Profit before tax Tax Profit after tax Page 25/38 25 May

26 ASSETS Non-current assets Fixed assets Road and rail links 5, , ,497.3 Other property, plant and equipment Total property, plant and equipment 5, , ,497.7 Other non-current assets 1, Total non-current assets 6, , ,134.4 Current assets Receivables 1, , ,138.5 Cash at bank and hand Total current assets 1, , ,195.5 Total assets 8, , ,329.9 EQUITY AND LIABILITIES Equity Share capital Retained earnings at the beginning of the period -6, , ,613.3 Profit for the period Total equity -6, , ,363.4 Liabilities Non-current liabilities 14, , ,550.8 Current liabilities , ,142.5 Total liabilities 14, , ,693.3 Total equity and liabilities 8, , ,329.9 FINANCIAL RATIOS Per cent Profit ratio (EBIT) % % % Rate of return (EBIT) -3.0% -4.3% -4.0% Return on facility (EBIT) -4.7% -6.6% -6.1% Page 26/38 25 May

27 CASH FLOW STATEMENT Cash flow from operating activities Loss before net financials Adjustment for non-cash items Amortisation, depreciation and impairment Adjustment for other non-cash items Cash flow from operations (operating activity) before change in working capital Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities Total cash flow from operating activity Cash flow from investing activity Purchase of facility Total cash flow from investing activity Free cash flow Cash flow from financing activities Raising of loans Reduction of liabilities, net Interest paid Interest received Total cash flow from financing activities Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period Cash at bank and in hand at the end of the period Page 27/38 25 May

28 APPENDIX 4 MAIN FIGURES FOR SUND & BÆLT PARTNER A/S COMPREHENSIVE INCOME STATEMENT (DKK 1,000) Net turnover 1,234 1,216 Operating expenses -1,277-1,144 Depreciation 0 0 EBIT Interest income Profit/loss before value adjustment Value adjustments 0 0 Profit/loss before tax Tax Profit/loss after tax ASSETS (DKK 1,000) Non-current assets Property, plant and equipment/intangible fixed assets Other non-current assets Total non-current assets Current assets Receivables 1,539 1,537 1,916 Cash at bank and in hand 11,196 11,149 10,799 Total current assets 12,735 12,686 12,715 Total assets 12,751 12,690 12,715 LIABILITIES Equity Share capital 5,000 5,000 5,000 Retained earnings at the beginning of the period 6,224 6,237 6,237 Profit/loss for the period Total equity 11,179 11,224 11,284 Liabilities Non-current liabilities Current liabilities 1,572 1,466 1,427 Total liabilities 1,572 1,466 1,431 Total equity and liabilities 12,751 12,690 12,715 FINANCIAL RATIOS Per cent Profit ratio (EBIT) -3.5% 0.8% 5.9% Rate of return (EBIT) -1.3% 0.3% 2.3% Page 28/38 25 May

29 CASH FLOW STATEMENT (DKK 1,000) Cash flow from operating activities Profit/loss before net financials Adjustment for non-cash items Amortisation, depreciation and impairment 0 0 Adjustment for other non-cash items 0 0 Cash flow from operations (operating activity) before change in working capital Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities Total cash flow from operating activity Cash flow from investing activities Purchase of facility 0 0 Sale of securities 0 0 Total cash flow from investing activity 0 0 Free cash flow Cash flow from financing activities Interest paid Total cash flow from financing activities Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period 11,149 11,142 Cash at bank and in hand at the end of the period 11,196 10,799 Page 29/38 25 May

30 APPENDIX 5 MAIN FIGURES FOR A/S FEMERN LANDANLÆG COMPREHENSIVE INCOME STATEMENT Net turnover Operating expenses Depreciation EBIT Net financials Loss before tax Tax Loss before tax ASSETS Non-current assets Property, plant and equipment/intangible fixed assets 1, , Other non-current assets Total non-current assets 2, , ,391.7 Current assets Receivables 1, , ,076.2 Cash at bank and in hand Total current assets 1, , ,121.0 Total assets 3, , ,512.7 LIABILITIES Equity Share capital Retained earnings at the beginning of the period Profit/loss for the period Total equity Liabilities Non-current liabilities -1, , ,447.2 Current liabilities 4, , Total liabilities 2, , ,994.4 Total equity and liabilities 3, , ,512.7 FINANCIAL RATIOS Per cent Profit ratio (EBIT) 0.0% 0.0% 0.0% Rate of return (EBIT) -0.1% -0.1% -0.1% Page 30/38 25 May

31 CASH FLOW STATEMENT Cash flow from operating activities Loss before net financials Adjustment for non-cash items Amortisation, depreciation and impairment Adjustment for other non-cash items Cash flow from operations (operating activity) before change in working capital Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities Total cash flow from operating activity Cash flow from investing activities Purchase of facility Total cash flow from investing activity Free cash flow Cash flow from financing activities Raising of loans Reduction of liabilities, net Total cash flow from financing activities Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period Cash at bank and in hand at the end of the period Page 31/38 25 May

32 APPENDIX 6 MAIN FIGURES FOR FEMERN A/S COMPREHENSIVE INCOME STATEMENT Net turnover Operating expenses Depreciation EBIT Net financials Loss before tax Tax Loss before tax ASSETS Non-current assets Property, plant and equipment/intangible fixed assets 3, , ,164.2 Other non-current assets Total non-current assets 3, , ,164.2 Current assets Receivables Cash at bank and in hand Total current assets Total assets 3, , ,410.0 LIABILITIES Equity Share capital Retained earnings at the beginning of the period Loss for the period Total equity Liabilities Non-current liabilities 2, , ,737.4 Current liabilities , Total liabilities 3, , ,885.1 Total equity and liabilities 3, , ,410.0 FINANCIAL RATIOS Per cent Profit ratio (EBIT) 0.0% 0.0% 0.0% Rate of return (EBIT) 0.0% 0.0% 0.0% Page 32/38 25 May

33 CASH FLOW STATEMENT Cash flow from operating activities Loss before net financials Adjustment for non-cash items Adjustment for other non-cash items Cash flow from operations (operating activity) before change in working capital Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities Total cash flow from operating activity Cash flow from investing activities Purchase of facility Total cash flow from investing activity Free cash flow Cash flow from financing activities Raising of loans Interest paid EU subsidy Total cash flow from financing activities Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period Cash at bank and in hand at the end of the period Page 33/38 25 May

34 APPENDIX 7 MAIN FIGURES FOR BROBIZZ A/S COMPREHENSIVE INCOME STATEMENT Net turnover Operating expenses Depreciation EBIT Interest expenses Loss before value adjustment Value adjustment Loss before tax Tax Loss after tax ASSETS Non-current assets Property, plant and equipment/intangible fixed assets Other non-current assets Total non-current assets Current assets Receivables Cash at bank and in hand Total current assets Total assets LIABILITIES Equity Share capital Retained earnings at the beginning of the period Profit/loss for the period Total equity Liabilities Non-current liabilities Current liabilities Total liabilities Total equity and liabilities FINANCIAL RATIOS Per cent Profit ratio (EBIT) -2.5% 1.6% -4.9% Rate of return (EBIT) -0.4% 0.3% -0.7% Page 34/38 25 May

35 CASH FLOW STATEMENT Cash flow from operating activities Loss before net financials Adjustment for non-cash items Amortisation, depreciation and impairment Adjustment for other non-cash items Cash flow from operations (operating activity) before change in working capital Change in working capital Receivables, prepayments and accrued income Creditors and other liabilities Total cash flow from operating activity Cash flow from investing activities Purchase of facility Sale of securities Total cash flow from investing activity Free cash flow Cash flow from financing activities Interest paid Interest received Total cash flow from financing activities Change for the period in cash at bank and in hand Cash at bank and in hand at the beginning of the period Cash at bank and in hand at the end of the period Page 35/38 25 May

36 APPENDIX 8 MAIN FIGURES FOR BROBIZZ OPERATØR A/S COMPREHENSIVE INCOME STATEMENT Net turnover Operating expenses Depreciation EBIT Interest expenses Profit/loss before value adjustment Value adjustment Profit/loss before tax Tax Profit/loss after tax ASSETS Non-current assets Property, plant and equipment/intangible fixed assets Other non-current assets Total non-current assets Current assets Receivables Cash at bank and in hand Total current assets Total assets LIABILITIES Equity Share capital Premium Retained earnings at the beginning of the period Profit/loss for the period Total equity Liabilities Non-current liabilities Current liabilities Total liabilities Total equity and liabilities FINANCIAL RATIOS Per cent Profit ratio (EBIT) 0.0% 0.0% 0.0% Rate of return (EBIT) 0.0% -0.4% 0.0% Page 36/38 25 May