Sund & Bælt Holding A/S Interim report For the ... - Sund og Bælt

Sund & Bælt Holding A/S
Interim report
For the period 1 January – 30 September 2012
The interim report comprises the Group and the Group’s companies:
Sund & Bælt Holding A/S (parent company), CVR no. 15694688
A/S Storebælt, CVR no. 10634970
A/S Øresund, CVR no.15807830
Sund & Bælt Partner A/S, CVR no. 26019133
Femern A/S, CVR no. 28986564
A/S Femern Landanlæg, CVR no. 32567967
BroBizz A/S, CVR no. 31854822
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15 November 2012

R E S U M É
Financial results (figures for the corresponding period in 2011 are given in parenthesis)
Road revenue totals DKK 1,962 million (DKK 1,851 million). Compared to 2011, road revenue
from Storebælt rose by 6.0 per cent. The rise in revenue is explained in part by the increase
in toll charges on 1 January and in part by the rise in traffic of 1.8 per cent. Adjusted
for the leap year, traffic growth amounts to 1.5 per cent.
Revenue from the rail link totals DKK 657 million (DKK 648 million)
Operating expenses DKK 313 million (DKK 296 million)
Depreciation DKK 506 million (DKK 525 million)
EBIT DKK 1,859 million (DKK 1,731 million)
Interest expenses DKK 1,176 million (DKK 1,217 million).
Value adjustments, expense DKK 745 million (expense DKK 999 million). This comprises the
fair value adjustment of net financials at an expense of DKK 721 million which is an accounting
item with no effect on the companies’ debt reduction.
The share of Øresundsbro Konsortiet’s results is an expense of DKK 14 million (expense
DKK 150 million). Øresundsbro Konsortiet’s results are affected by increasing turnover from
the road section of 3.7 per cent, lower expenses, higher depreciation, lower interest expenses
and negative value adjustments of DKK 175 million (negative DKK 282 million).
The result after tax is a loss of DKK 56 million (loss DKK 477 million)
Cash flow
Cash flow from operating activities before interest expenses and investment activities (free
cash flow) resulted in a net rise in liquidity of DKK 1,897 million. Cash flow from financing activity
resulted in a net fall in liquidity of DKK 1,601 million. The Group’s cash at bank and in
hand for the period saw a net increase of DKK 296 million.
Outlook for 2012
The outlook before financial value adjustments and tax has been upgraded by DKK 65 million
as a result of higher turnover and lower interest expenses for Storebælt. The result for
the Group as a whole is expected to amount to profits of DKK 1,060 million.
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15 November 2012

MAIN FIGURES
(DKK million)
1 January
30 September
2012
1 January
30 September
2011 Q3 2012 Q3 2011 2011
Net turnover 2,677.9 2,551.8 958.3 932.2 3,391.5
EBIT 1,859.4 1,730.6 687.5 662.5 2,277.2
Net financials before value adjustment
-1,175.8 -1,216.5 -307.1 -317.2 -1,603.9
Value adjustments net -745.2 -999.4 -827.1 -1,232.8 -2,117.8
Loss from jointly managed company
(Øresundsbro Konsortiet) -13.5 -150.4 -137.7 -289.6 -533.2
Loss before tax -75.1 -635.7 -584.4 -1.177.1 -1,977.7
Total assets 47,561.6 45,576.9 47,561.6 45,576.9 45,493.7
Equity -7,027.9 -5,966.1 -7,027.9 -5,966.1 -6,971.6
FINANCIAL RATIOS
Per cent
1 January
30 September
2012
1 January
30 September
2011 Q3 2012 Q3 2011 2011
Profit ratio (EBIT) 69.4% 67.8% 71.7% 71.0% 67.1%
Rate of return (EBIT) 5.2% 5.1% 1.9% 5.8% 5.0%
Return on facilities (EBIT) 6.8% 6.4% 1.9% 7.3% 6.3%
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15 November 2012

SUND & BÆLT GROUP
Developments over the period
EBIT shows a profit of DKK 1,859 million, which is DKK 129 million higher than the same period
in 2011.
Revenue from road traffic across Storebælt totals DKK 1,962 million and is DKK 111 million
higher compared to the turnover in 2011. The increase in turnover can be ascribed to the price
adjustment on 1 January and a 1.8 per cent rise in traffic. Adjusted for the leap year, traffic
growth amounts to 1.5 per cent. HGV traffic rose 1.1 per cent compared to the same period in
2011 whereas the rise in passenger car traffic totals 1.6 per cent.
Other income includes DKK 23 million from electricity production from Sprogø Wind Farm.
Operating expenses, including depreciation, saw a net fall of DKK 3 million compared to the
same period in 2011.
Interest expenses are DKK 41 million lower than in 2011.
The result before value adjustments, the share of the results in the jointly managed company
and tax thus amounts to profits of DKK 684 million against profits in 2011 of DKK 514 million.
Value adjustments amount to an expense of DKK 745 million. For the same period in 2011 value
adjustments amounted to an expense of DKK 999 million. The value adjustments include the
fair value adjustment at an expense of DKK 721 million, which is an accounting item with no effect
on the company's debt reduction.
Øresundsbro Konsortiet’s result amounts to a loss of DKK 27 million against a loss in 2011 of
DKK 301 million. Turnover in respect of road traffic on the Øresund Bridge increased by 3.7 per
cent and corresponds to DKK 31 million. The increase in turnover is largely owing to increased
commercial traffic compared to the same period in 2011. Commuter traffic, however, saw a fall
which means that overall traffic adjusted for the leap year is 3.3 per cent below that for the
same period in 2011. The results for the period have been negatively affected by an expense
relating to the value adjustment of DKK 349 million against an expense of DKK 564 million for
the same period in 2011. 50 per cent of the results are included in the consolidated accounts,
equating to an expense of DKK 14 million.
Tax represents an income of DKK 19 million and is solely an adjustment of deferred tax.
The consolidated result after tax shows a loss of DKK 56 million against a loss of DKK 477 million
for the same period in 2011. Compared to 2011, the net consolidated result after tax is positively
affected by accounting adjustments of approx. DKK 270 million in the form of value adjustments
of net financials.
A/S Storebælt’s and A/S Øresund's financial risks are, in the main, unchanged in relation to the
statement in the note to the Annual Report for 2011, which deals with financial risk management.
Developments in the financial markets continue to require particular attention in respect of the
credit risks associated with liquidity placements and other financial transactions.
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15 November 2012

As at the end of September 2012, A/S Storebælt’s floating rate debt was 13 per cent, Øresundsbro
Konsortiet’s 14 per cent and A/S Øresund’s 40 per cent of the net debt in that since
year-end, it has been affected by the rollover of yield exposure.
A transfer of the issuer function to BroBizz A/S is taking place and is expected to be completed
on 1 March 2013.
Outlook for 2012
The outlook before financial value adjustments and tax has been upgraded as a result of higher
turnover and lower interest expenses for Storebælt. The result for the Group as a whole is expected
to amount to profits of DKK 1,060 million.
Equity development
(DKK million)
1 January -
30 September
2012
1 January –
31 December
2011
1 January –
30 September
2011
Share capital 355.0 355.0 355.0
Equity at the beginning of the period -6,971.6 -5,489.3 -5,489.3
Loss for the period -56.3 -1,482.3 -476.8
Equity at the end of the period -7,027.9 -6,971.6 -5,966.1
At the end of September 2012, equity was negative at DKK 7.0 billion. Equity movements over
the accounting period relate solely to the result for the period 1 January to 30 September, 2012.
As stated in the Annual Report for 2011, the accumulated capital deficit is expected to increase
over a number of years. As before, it is expected that the Group's equity will be re-established
within a time span of 9-11 years from the end of 2011.
Future operating results have been estimated on the basis of the fixed fees from Banedanmark
for use of the rail links as determined by the Minister of Transport and the road traffic forecasts
for A/S Storebælt and Øresundsbro Konsortiet.
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 government 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 companies’ other financial liabilities. Øresundsbro Konsortiet’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 relate to the management of operations of the subsidiaries
A/S Storebælt, A/S Øresund and A/S Femern Landanlæg.
The result before value adjustment shows a profit of DKK 7.6 million corresponding to the profit
for the same period last year. The value adjustments of net financials represent an income of
DKK 5.1 million. The company had an income on value adjustments of DKK 5.3 million for the
same period in 2011.
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15 November 2012

The result for the period shows a profit after tax of DKK 9.5 million against DKK 10.0 million in
2011. Compared to the same period in 2011, the result after tax is negatively affected by value
adjustments of DKK 0.1 million.
The expected result before value adjustment and tax for the year is a profit
of DKK 3.6 million.
Equity development
(DKK million)
1 January –
30 September
2012
1 January –
31 December
2011
1 January –
30 September
2011
Share capital 355.0 355.0 355.0
Equity at the beginning of the period 466.2 459.1 459.1
Profit for the period 9.5 7.1 10.0
Equity at the end of the period 475.7 466.2 469.1
At the end of September, equity totalled DKK 476 million. Equity movements for the period solely
relate to the results for the period 1 January to 30 September 2012.
SUBSIDIARIES
A/S STOREBÆLT
EBIT for the period shows a profit of DKK 1,846 million, which is DKK 136 million up on the corresponding
period in 2011.
Turnover from the road link totals DKK 1,962 million and increased by DKK 111 million corresponding
to 6.0 per cent compared to the same period in 2011. The higher turnover is owing to
the price increase from 1 January and a traffic increase of 1.8 per cent. Adjusted for the leap
year, the traffic increase amounts to 1.5 per cent. HGV traffic increased by 1.1 per cent whereas
passenger car traffic increased by 1.6 per cent.
Operating expenses and depreciation are DKK 10 million net lower than for the same period in
2011. The fall is composed of higher operating expenses and lower depreciation for the period.
Interest expenses total DKK 861 million, which is DKK 48 million less than in 2011.
The result before value adjustments and tax for the period shows a profit of DKK 985 million
against a profit in 2011 of DKK 801 million. The value adjustments of net financials amount to
an expense of DKK 511 million. For the same period in 2011, value adjustments amounted to
an expense of DKK 658 million. The value adjustments include a negative fair value adjustment
of DKK 487 million. This is an accounting item with no effect on the company's repayment ability.
The result after tax is a profit of DKK 356 million. The result for the corresponding period in
2011 is a profit of DKK 107 million. Compared to the same period in 2011, the result after tax
was positively affected by accounting adjustments of approx. DKK 110 million in the form of value
adjustments of net financials.
Financing expenses excluding value adjustments total 4.15 per cent per annum against 4.13
per cent per annum for the same period last year. Including value adjustments, financing expenses
total 6.06 per cent per annum compared to 6.24 per cent per annum for the same period
in 2011.
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15 November 2012

Equity development
(DKK million)
1 January –
30 September
2012
1 January –
31 December
2011
1 January –
30 September
2011
Share capital 355.0 355.0 355.0
Equity at the beginning of the period -594.4 -356.7 -356.7
Profit/loss for the period 356.0 -237.7 107.2
Equity at the end of the period -238.4 -594.4 -249.5
Equity is negative at DKK 238 million. Equity movements for the period solely relate to the results
for the period 1 January to 30 September, 2012.
As stated in the 2011 Annual Report, equity is expected to be re-established within a time frame
of 1-2 years calculated from the end of 2011.
The repayment period for the company’s debt is estimated at 31 years from the time of the
opening, i.e. 2029.
As at 30 September, the fair value of A/S Storebælt’s net debt stood at DKK 30.0 billion.
A/S ØRESUND
EBIT shows a loss of DKK 5 million against a profit of DKK 2 million for the same period in
2011.
Interest expenses are DKK 8 million higher compared to 2011 and amount to DKK 304 million.
The result before value adjustments, the share of the results in the jointly managed company
and tax is a loss of DKK 309 million against a loss in 2011 of DKK 295 million.
The value adjustments of the company’s debt amount to an expense of DKK 240 million. For
the same period in 2011, value adjustments amounted to an expense of DKK 347 million. The
value adjustments include fair value adjustment of DKK 239 million, which is an accounting item
with no effect on the company’s repayment ability.
50 per cent of Øresundsbro Konsortiet’s results, corresponding to an expense of DKK 14 million,
are included in the income statement. Øresundsbro Konsortiet’s result amounts to a loss of
DKK 27 million against a loss for the same period in 2011 of DKK 301 million. The value adjustment
of net financials amounts to an expense of DKK 349 million against an expense of
DKK 564 million for the same period in 2011.
Adjusted for the leap year, road traffic on the Øresund Bridge in overall terms fell by 3.3 per
cent compared to the same period in 2011. The number of lorries increased by 3.7 per cent
while the number of passenger cars and coaches fell by 3.7 per cent and 8.1 per cent respectively.
A/S Øresund’s result after tax shows a loss of DKK 422 million against a loss of DKK 594 million
for the same period in 2011. Compared to the same period in 2011, the result after tax is positively
affected by accounting adjustments of approx. DKK 80 million in the form of value adjustments
of net financials.
Financing expenses, excluding value adjustments, total 3.53 per cent per annum for A/S Øresund
against 3.57 per cent per annum for the same period last year and 3.89 per cent per an-
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15 November 2012

num for Øresundsbro Konsortiet against 4.00 per cent for the same period in 2011. Including
value adjustments, financing expenses total 5.71 per cent per annum for A/S Øresund (6.83 per
cent in 2011) and 5.90 per cent per annum (6.65 per cent in 2011) for Øresundsbro Konsortiet.
Equity development
(DKK million)
1 January –
30 September
2012
1 January –
31 December
2011
1 January –
30 September
2011
Share capital 5.0 5.0 5.0
Equity at the beginning of the period -6,482.2 -5,230.0 -5,230.0
Loss for the period -421.6 -1,252.2 -594.0
Equity at the end of the period -6,903.8 -6,482.2 -5,824.0
As at the end of September, equity was negative at DKK 6.9 billion. Equity movements for the
period relate solely to the result for the period 1 January to 30 September 2012.
As stated in the Annual Report for 2011, the accumulated capital deficit is expected to increase
over a number of years and it is expected that equity will be re-established within a time frame
of 29-31 years calculated from the end of 2011.
The repayment periods for Øresundsbro Konsortiet’s and A/S Øresund’s debts are expected to
be 34 and 49 years respectively from the opening, i.e. 2034 and 2047 respectively.
As at the end of September, the fair value of A/S Øresund’s net debt was DKK 13.1 billion.
SUND & BÆLT PARTNER A/S
The result before tax for the period is a loss of DKK 34 thousand against a profit of DKK 626
thousand for the same period in 2011.
The result after tax amounts to a loss of DKK 26 thousand against a profit for the same period in
2011 of DKK 469 thousand.
Equity development
DKK 1,000
1 January –
30 September
2012
1 January-
31 December
2011
1 January –
30 September
2011
Share capital 5,000 5,000 5,000
Equity at the beginning of the period 10,996 9,971 9,971
Profit/loss for the period -26 1,025 470
Equity at the end of the period 10,970 10,996 10,441
As at end September, equity stands at DKK 11.0 million. Equity movements for the period solely
relate to the profit for the period 1 January to 30 September 2012.
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15 November 2012

A/S FEMERN LANDANLÆG
Planning work relating to the Danish landworks continues as planned and is expected to be
completed by the end of 2012. In accordance with document 149, preparatory works for the
Construction Act have commenced and acquisition of areas has been carried out.
During the period under review, the company capitalised project expenses of DKK 64 million
and the calculated EU subsidy totals DKK 31 million. As a consequence, net project costs of
DKK 33 million were capitalised during the period and DKK 122 million accumulated.
Since the company did not incur any major expenses during the period under review, the result
before and after tax is zero
Equity development
(DKK million)
1 January –
30 September
2012
1 January-
31 December
2011
1 January –
30 September
2011
Share capital 500.0 500.0 500.0
Equity at the beginning of the period 509.8 509.9 509.9
Loss for the period -0.1 -0.1 -0.1
Equity at the end of the period 509.7 509.8 509.8
As at end September, equity stands at DKK 510 million. Equity movements for the period solely
relate to the profit for the period 1 January to 30 September 2012.
FEMERN A/S
The result before tax is a loss of DKK 0.5 million against a loss of DKK 0.4 million for the corresponding
period in 2011. After tax, the result is a loss of DKK 0.4 million compared to a loss of
DKK 0.3 million for the corresponding period in 2011.
During the period under review, the company capitalised project costs of DKK 321 million. The
calculated EU subsidy for the same period totals DKK 119 million. Based on this, net costs of
DKK 202 million were capitalised.
Of the capitalised project expenses (gross) for the period DKK 220 million can be assigned to
planning works and feasibility studies within the areas of design, the environment, geotechnology,
navigational safety as well as to related information activities and regulatory procedures.
Value adjustments of financial assets show an income of DKK 5.7 million.
Femern A/S focuses on three core processes: regulatory approval in Denmark, regulatory approval
in Germany and the tender process.
Material for the purpose of Danish regulatory approval is in an investigation process involving
Danish authorities and the National Centre for the Environment and Energy at the University of
Aarhus. Similarly, material for the purpose of German regulatory approval is in an investigation
process involving German authorities. In addition, there are ongoing discussions involving both
Danish and German authorities as regards issues that require a common position.
Prequalification in relation to the major construction contracts for the construction of an immersed
tunnel was initiated in early October 2012. The prequalification is expected to result in
Femern A/S, during the spring of 2013, selecting the consortia per contract considered as the
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15 November 2012

est qualified to take on the assignment. The tendering process itself is expected to begin in
mid-2013.
Equity development
(DKK million)
1 January –
30 September
2012
1 January –
31 December
2011
1 January –
30 September
2011
Share capital 500.0 500.0 500.0
Equity at the beginning of the period 503.0 503.4 503.4
Loss for the period -0.4 -0.4 -0.3
Equity at the end of the period 502.6 503.0 503.1
As at end September, equity stands at DKK 503 million. Equity movements for the period solely
relate to the profit for the period 1 January to 30 September 2012.
BROBIZZ A/S
The results before and after tax amount to losses of DKK 89 thousand and DKK 67 thousand
respectively.
Equity development
DKK 1,000
1 January –
30 September
2012
1 January –
31 December
2011
1 January –
30 September
2011
Share capital 1,000 1,000 1,000
Equity at the beginning of the period 1,876 1,925 1,925
Profit/loss for the period 67 -49 -27
Equity at the end of the period 1,943 1,876 1,898
As at end September, equity stands at DKK 1.9 million. Equity movements for the period solely
relate to the profit for the period 1 January to 30 September 2012.
ACCOUNTING POLICIES
The interim report is presented in accordance with the provisions of IAS 34. The accounting policies
conform to those used in the 2011 Annual Report.
EVENTS AFTER THE BALANCE SHEET DATE
There are no events that have occurred after the balance sheet date that could affect the current
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 12/28
15 November 2012

APPENDIX 1
MAIN FIGURES FOR THE PARENT COMPANY SUND & BÆLT HOLDING A/S
COMPREHENSIVE INCOME STATEMENT
1 January -
30 September
(DKK million)
2012
1 January -
30 September
2011
1 July - 30
September
2012
1 July - 30
September
2011
Other income 105.7 102.3 35.2 33.6
Total income 105.7 102.3 35.2 33.6
Operating expenses -86.4 -82.8 -26.0 -24.2
Depreciation -0.6 -0.3 -0.2 0.0
EBIT 18.7 19.2 9.0 9.4
Interest expenses -11.1 -11.2 -3.7 -3.8
Profit before value adjustment 7.6 8.0 5.3 5.6
Value adjustments 5.1 5.3 3.2 1.4
Profit before tax 12.7 13.3 8.5 7.0
Tax -3.2 -3.3 -2.1 -1.7
Profit after tax 9.5 10.0 6.4 5.3
ASSETS
(DKK million)
30 September
2012
31 December
2011
30 September
2011
Non-current assets
Property, plant and equipment/intangible fixed assets 3.6 4.2 0.9
Other non-current assets 879.0 882.1 877.0
Total non-current assets 882.6 886.3 877.9
Current assets
Receivables 13.6 13.7 9.9
Cash at bank and in hand 0.0 0.0 0.0
Total current assets 13.6 13.7 9.9
Total assets 896.2 900.0 887.8
EQUITY AND LIABILITIES
Equity
Share capital 355.0 355.0 355.0
Retained earnings at the beginning of the period 111.2 104.1 104.1
Profit for the period 9.5 7.1 10.0
Total equity 475.7 466.2 469.1
Liabilities
Non-current liabilities 0.0 0.0 358.3
Current liabilities 420.5 433.8 60.4
Total liabilities 420.5 433.8 418.7
Total equity and liabilities 896.2 900.0 887.8
FINANCIAL RATIOS
Per cent
1 January -
30 September
2012
1 January - 31
December
2011
1 January -
30 September
2011
Profit ratio (EBIT) 17.7% 13.1% 18.7%
Rate of return (EBIT) 2.8% 1.9% 2.9%
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15 November 2012

CASH FLOW STATEMENT
(DKK million)
Cash flow from operating activity
1 January -
30 September
2012
1 January -
30 September
2011
Profit before net financials 18.7 19.2
Adjustment for non-cash items
Amortisation, depreciation and impairment 0.6 0.3
Cash flow from operations (operating activity) before change in
working capital 19.3 19.5
Change in working capital
Receivables, prepayments and accrued income -1.8 2.2
Creditors and other liabilities -17.2 2.4
Total cash flow from operating activity 0.3 24.1
Cash flow from investing activity
Purchase of facility 0.0 0.2
Total cash flow from investing activity 0.0 0.2
Free cash flow 0.3 24.3
Cash flow from financing activity
Raising of loans 0.0 -5.3
Reduction of liabilities, net 10.4 5.3
Interest paid -0.7 -11.2
Interest received 0.2 0.0
Total cash flow from financing activity 9.9 -11.2
Change for the period in cash at bank and in hand 10.2 13.1
Cash at bank and in hand at the beginning of the period -46.6 -41.9
Cash at bank and in hand at the end of the period -36.4 -28.8
Cash at bank and in hand at the end of the period is composed
as follows:
Cash at bank and in hand -36.3 -28.8
Cash at bank and in hand at the end of the period -36.3 -28.8
Page 15/28
15 November 2012

APPENDIX 2
MAIN FIGURES FOR A/S STOREBÆLT
COMPREHENSIVE INCOME STATEMENT
(DKK million)
1 January -
30 September
2012
1 January -
30 September
2011
1 July - 30
September
2012
1 July - 30
September
2011
Revenue – road 1,961.9 1,850.9 715.3 693.2
Revenue - railway 579.8 571.2 193.3 196.3
Other income 53.2 46.9 22.3 15.1
Total income 2,594.9 2,469.0 930.9 904.6
Operating expenses -309.8 -291.6 -112.4 -95.7
Depreciation -439.1 -467.4 -133.1 -156.5
EBIT 1,846.0 1,710.0 685.4 652.4
Interest expenses -860.8 -909.3 -219.1 -230.2
Profit before value adjustment 985.2 800.7 466.3 422.2
Value adjustments -510.5 -657.8 -595.8 -824.5
Profit/loss before tax 474.7 142.9 -129.5 -402.3
Tax -118.7 -35.7 32.4 100.6
Profit/loss after tax 356.0 107.2 -97.1 -301.7
ASSETS
(DKK million)
30 September
2012
31 December
2011
30 September
2011
Non-current assets
Fixed assets
Road link 14,762.3 14,891.7 14,936.5
Rail link 13,570.6 13,786.9 13,854.8
Port facilities 258.9 237.8 231.8
Wind turbine facilities 357.2 369.3 373.4
Road and rail link, port and wind turbine facilities, total 28,949.0 29,285.7 29,396.5
Other property, plant and equipment/intangible fixed assets 168.2 178.2 179.6
Total property, plant and equipment 29,117.2 29,463.9 29,576.1
Other non-current assets 338.2 456.9 340.7
Total non-current assets 29,455.4 29,920.8 29,916.8
Current assets
Receivables 6,145.6 4,414.4 3,983.1
Cash at bank and in hand 45.1 0.0 727.3
Total current assets 6,190.7 4,414.4 4,710.4
Total assets 35,646.1 34,335.2 34,627.2
EQUITY AND LIABILITIES
Equity
Share capital 355.0 355.0 355.0
Retained earnings at the beginning of the period -949.4 -711.7 -711.7
Profit/loss for the period 356.0 -237.7 107.2
Total equity -238.4 -594.4 -249.5
Liabilities
Non-current liabilities 28,502.4 28,754.0 28,594.7
Current liabilities 7,382.1 6,175.6 6,282.0
Total liabilities 35,884.5 34,929.6 34,876.7
Total equity and liabilities 35.646,1 34.335,2 34.627,2
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15 November 2012

FINANCIAL RATIOS
Per cent
1 January -
30 September
2012
1 January - 31
December
2011
1 January -
30 September
2011
Profit ratio (EBIT) 71.1% 68.9% 67.6%
Rate of return (EBIT) 6.9% 6.6% 6.6%
Return on facilities (EBIT) 8.5% 7.7% 7.8%
CASH FLOW STATEMENT
(DKK million)
Cash flow from operating activity
1 January -
30 September
2012
1 January -
30 September
2011
Profit before net financials 1,846.0 1,710.0
Adjustment for non-cash items
Amortisation, depreciation and impairment 439.1 467.4
Cash flow from operations (operating activity) before change in
working capital 2,285.1 2,177.4
Change in working capital
Receivables, prepayments and accrued income -1,496.7 -1,326.3
Creditors and other liabilities 1,187.7 1,636.1
Total cash flow from operating activity 1,976.1 2,487.2
Cash flow from investing activity
Purchase of facility -92.3 -87.6
Total cash flow from investing activity -92.3 -87.6
Free cash flow 1,883.8 2,399.6
Cash flow from financing activity
Raising of loans 0.0 107.9
Reduction of liabilities, net -808.0 -1,618.0
Interest paid -1,165.7 -694.6
Interest received 473.7 20.4
Total cash flow from financing activity -1,500.0 -2,184.3
Change for the period in cash at bank and in hand 383.8 215.3
Cash at bank and in hand at the beginning of the period -338.7 512.0
Cash at bank and in hand at the end of the period 45.1 727.3
Cash at bank and in hand at the end of the period is composed
as follows:
Cash at bank and in hand 45.1 -7.4
Securities and fixed term deposit accounts 0.0 734.7
Cash at bank and in hand at the end of the period 45.1 727.3
Page 17/28
15 November 2012

APPENDIX 3
MAIN FIGURES FOR A/S ØRESUND
COMPREHENSIVE INCOME STATEMENT
(DKK million)
1 January -
30 September
2012
1 January -
30 September
2011
1 July
30 September
2012
1 July
30 September
2011
Revenue – railway 77.6 76.4 25.9 26.3
Other income 1.4 1.4 0.5 0.5
Total income 79.0 77.8 26.4 26.8
Operating expenses -18.0 -18.9 -6.0 -6.4
Depreciation -65.7 -57.1 -27.0 -19.1
EBIT -4.7 1.8 -6.6 1.3
Interest expenses -304.1 -296.3 -84.5 -83.3
Loss before value adjustment -308.8 -294.5 -91.1 -82.0
Value adjustments -239.8 -347.1 -234.4 -409.9
Loss before share of results in affiliated company
-548.6 -641.6 -325.5 -491.9
Share of results in jointly managed company -13.5 -150.4 -137.7 -289.6
Loss before tax -562.1 -792.0 -463.2 -781.5
Tax 140.5 198.0 115.8 195.4
Loss after tax -421.6 -594.0 -347.4 -586.1
ASSETS
(DKK million)
30 September
2012
31 December
2011
30 September
2011
Non-current assets
Fixed assets
Road and rail link 6,059.2 6,083.0 6,072.9
Other property, plant and equipment 0.0 0.0 0.0
Total property, plant and equipment 6,059.2 6,083.0 6,072.9
Other non-current assets 2,241.5 2,100.9 1,884.7
Total non-current assets 8,300.7 8,183.9 7,957.6
Current assets
Receivables 2,028.6 1,593.1 1,679.7
Cash at bank and in hand 0.0 0.0 45.7
Total current assets 2,028.6 1,593.1 1,725.4
Total assets 10,329.3 9,777.0 9,683.0
EQUITY AND LIABILITIES
Equity
Share capital 5.0 5.0 5.0
Retained earnings at the beginning of the period -6,487.2 -5,235.0 -5,235.0
Loss for the period -421.6 -1,252.2 -594.0
Total equity -6,903.8 -6,482.2 -5,824.0
Liabilities
Non-current liabilities 13,682.5 13,510.8 12.535.4
Current liabilities 3,550.6 2,748.4 2,971.6
Total liabilities 17,233.1 16,259.2 15,507.0
Total equity and liabilities 10,329.3 9,777.0 9,683.0
Page 18/28
15 November 2012

FINANCIAL RATIOS
Per cent
1 January -
30 September
2012
1 January -
31 December
2011
1 January -
30 September
2011
Profit ratio (EBIT) -6.0% 0.4% 2.3%
Rate of return (EBIT) -0.1% 0.0% 11.0%
Return on facilities (EBIT) -0.1% 0.0% 16.2%
CASH FLOW STATEMENT
(DKK million)
Cash flow from operating activity
1 January -
30 September
2012
1 January -
30 September
2011
Profit/loss before net financials -4.7 1.8
Adjustment for non-cash items
Amortisation, depreciation and impairment 65.7 57.1
Adjustment for other non-cash items 0.0 0.0
Cash flow from operations (operating activity) before change in
working capital 61.0 58.9
Change in working capital
Receivables, prepayments and accrued income -342.7 -474.4
Creditors and other liabilities 580.5 812.6
Total cash flow from operating activity 298.8 397.1
Cash flow from investing activity
Purchase of facility -41.8 -37.8
Total cash flow from investing activity -41.8 -37.8
Free cash flow 257.0 359.3
Cash flow from financing activity
Raising of loans 0.0 244.5
Reduction of liabilities, net -161.7 -366.0
Interest paid -337.6 -128.5
Interest received 145.9 0.4
Total cash flow from financing activity -353.4 -249.6
Change for the period in cash at bank and in hand -96.4 109.7
Cash at bank and in hand at the beginning of the period -87.3 -64.0
Cash at bank and in hand at the end of the period -183.7 45.7
Cash at bank and in hand at the end of the period is composed
as follows:
Cash at bank and in hand -183.7 45.7
Cash at bank and in hand at the end of the period -183.7 45.7
Page 19/28
15 November 2012

APPENDIX 4
MAIN FIGURES FOR SUND & BÆLT PARTNER A/S
COMPREHENSIVE INCOME STATEMENT
DKK 1,000
1 January -
30 September
2012
1 January -
30 September
2011
1 July -
30 September
2012
1 July -
30 September
2011
Net turnover 2,561 3,759 769 805
Operating expenses -2,730 -3,576 -751 -1,328
Depreciation -32 0 -11 0
EBIT -201 183 7 -523
Interest income 194 232 64 78
Profit/loss before value adjustment -7 415 71 -445
Value adjustments -27 211 -20 288
Profit/loss before tax -34 626 51 -157
Tax 8 -157 -13 39
Profit/loss after tax -26 469 38 -118
ASSETS
DKK 1,000
30 September
2012
31 December
2011
30 September
2011
Non-current assets
Property, plant and equipment/intangible fixed assets 168 199 0
Other non-current assets 11 3 0
Total non-current assets 179 202 0
Current assets
Receivables 8,126 11,396 10,577
Cash at bank and in hand 3,498 662 1,290
Total current assets 11,624 12,058 11,867
Total assets 11,803 12,260 11,867
EQUITY AND LIABILITIES
Equity
Share capital 5,000 5,000 5,000
Retained earnings at the beginning of the period 5,996 4,971 4,971
Profit/loss for the period -26 1,025 470
Total equity 10,970 10,996 10,441
Liabilities
Non-current liabilities 0 0 157
Current liabilities 833 1,264 1,269
Total liabilities 833 1,264 1,426
Total equity and liabilities 11,803 12,260 11,867
FINANCIAL RATIOS
Per cent
1 January -
30 September
2012
1 January
31 December
2011
1 January -
30 September
2011
Profit ratio (EBIT) -7.8% 13.4% 4.9%
Rate of return (EBIT) -2.3% 6.0% 2.2%
Page 20/28
15 November 2012

CASH FLOW STATEMENT
DKK 1,000
Cash flow from operating activity
1 January -
30 September
2012
1 January -
30 September
2011
Profit/loss before net financials -201 183
Adjustment for non-cash items
Amortisation, depreciation and impairment 32 0
Cash flow from operations (operating activity) before change in
working capital -169 183
Change in working capital
Receivables, prepayments and accrued income 3,271 -326
Creditors and other liabilities -431 662
Total cash flow from operating activity 2,671 519
Cash flow from investing activity
Purchase of facility 0 0
Total cash flow from investing activity 0 0
Free cash flow 2,671 519
Cash flow from financing activity
Reduction of liabilities, net -27 157
Interest received 194 232
Total cash flow from financing activity 167 389
Change for the period in cash at bank and in hand 2,838 908
Cash at bank and in hand at the beginning of the period 662 382
Cash at bank and in hand at the end of the period 3,500 1,290
Cash at bank and in hand at the end of the period is composed
as follows:
Cash at bank and in hand 3,498 1,290
Cash at bank and in hand at the end of the period 3,498 1,290
Page 21/28
15 November 2012

APPENDIX 5
MAIN FIGURES FOR A/S FEMERN LANDANLÆG
COMPREHENSIVE INCOME STATEMENT
(DKK million)
1 January -
30 September
2012
1 January -
30 September
2011
1 July -
30 September
2012
1 July -
30 September
2011
Net turnover 0.0 0.0 0.0 0.0
Operating expenses -0.1 -0.1 0.0 0.0
Depreciation 0.0 0.0 0.0 0.0
EBIT -0.1 -0.1 0.0 0.0
Net financials 0.0 0.0 0.0 0.0
Profit/loss before tax -0.1 -0.1 0.0 0.0
Tax 0.0 0.0 0.0 0.0
Profit/loss after tax -0.1 -0.1 0.0 0.0
ASSETS
(DKK million)
30 September
2012
31 December
2011
30 September
2011
Non-current assets
Property, plant and equipment/intangible fixed assets 121.9 89.2 69.6
Other non-current assets 510.0 510.0 510.0
Total non-current assets 631.9 599.2 579.6
Current assets
Receivables 55.6 31.4 59.1
Cash at bank and in hand 0.0 19.7 5.2
Total current assets 55.6 51.1 64.3
Total assets 687.5 650.3 643.9
EQUITY AND LIABILITIES
Equity
Share capital 500.0 500.0 500.0
Retained earnings at the beginning of the period 9.8 9.9 9.9
Loss for the period -0.1 -0.1 -0.1
Total equity 509.7 509.8 509.8
Liabilities
Non-current liabilities 106.3 110.2 109.3
Current liabilities 71.5 30.3 24.8
Total liabilities 177.8 140.5 134.1
Total equity and liabilities 687.5 650.3 643.9
FINANCIAL RATIOS
Per cent
1 January -
30 September
2012
1 January -
31 December
2011
1 January -
30 September
2011
Profit ratio (EBIT) 0.0% 0.0% 0.0%
Rate of return (EBIT) 0.0% 0.0% 0.0%
Page 22/28
15 November 2012

CASH FLOW STATEMENT
(DKK million)
Cash flow from operating activity
1 January -
30 September
2012
1 January -
30 September
2011
Loss before net financials -0.1 -0.1
Adjustment for non-cash items
Amortisation, depreciation and impairment 0.0 0.0
Cash flow from operations (operating activity) before change in
working capital -0.1 -0.1
Change in working capital
Receivables, prepayments and accrued income -25.2 5.7
Creditors and other liabilities -22.3 1.9
Total cash flow from operating activity -47.6 7.5
Cash flow from investing activity
Purchase of facility -47.9 -53.5
EU subsidy 24.8 26.8
Total cash flow from investing activity -23.1 -26.7
Free cash flow -70.7 -19.2
Cash flow from financing activity
Raising of loans 0.0 109.2
Interest paid -11.1 0.0
Total cash flow from financing activity -8.7 109.2
Change for the period in cash at bank and in hand -79.4 90.0
Cash at bank and in hand at the beginning of the period 19.7 -84.8
Cash at bank and in hand at the end of the period -59.7 5.2
Cash at bank and in hand at the end of the period is composed
as follows:
Cash at bank and in hand -59.7 5.2
Cash at bank and in hand at the end of the period -59.7 5.2
Page 23/28
15 November 2012

APPENDIX 6
MAIN FIGURES FOR FEMERN A/S
COMPREHENSIVE INCOME STATEMENT
1 January -
30 September
(DKK million)
2012
1 January -
30 September
2011
1 July -
30 September
2012
1 July -
30 September
2011
Net turnover 0.0 0.0 0.0 0.0
Operating expenses -0.5 -0.4 -0.4 -0.4
Depreciation 0.0 0.0 0.0 0.0
EBIT -0.5 -0.4 -0.4 -0.4
Net financials 0.0 0.0 0.0 0.0
Loss before tax -0.5 -0.4 -0.4 -0.4
Tax 0.1 0.1 0.1 0.1
Loss after tax -0.4 -0.3 -0.3 -0.3
ASSETS
(DKK million)
30 September
2012
31 December
2011
30 September
2011
Non-current assets
Property, plant and equipment/intangible fixed assets 1,129.2 927.0 853.1
Other non-current assets 0.0 0.0 5.0
Total non-current assets 1,129.2 927.0 858.1
Current assets
Receivables 33.1 85.6 106.6
Cash at bank and in hand and securities 273.8 198.9 144.6
Total current assets 306.9 284.5 251.2
Total assets 1,436.1 1,211.5 1,109.3
EQUITY AND LIABILITIES
Equity
Share capital 500.0 500.0 500.0
Retained earnings at the beginning of the period 3.0 3.4 3.4
Loss for the period -0.4 -0.4 -0.3
Total equity 502.6 503.0 503.1
Liabilities
Non-current liabilities 314.1 1.2 520.8
Current liabilities 619.4 707.3 85.4
Total liabilities 933.5 708.5 606.2
Total equity and liabilities 1,436.1 1,211.5 1,109.3
FINANCIAL RATIOS
Per cent
1 January -
30 September
2012
1 January -
31 December
2011
1 January -
30 September
2011
Profit ratio (EBIT) 0.0% 0.0% -0.1%
Rate of return (EBIT) 0.0% 0.0% -65.4%
’
Page 24/28
15 November 2012

CASH FLOW STATEMENT
(DKK million)
Cash flow from operating activity
1 January -
30 September
2012
1 January -
30 September
2011
Loss before net financials -0.5 -0.4
Adjustment for non-cash items
Amortisation, depreciation and impairment 0.0 0.0
Adjustment for other non-cash items 0.0 0.0
Cash flow from operations (operating activity) before change in
working capital -0.5 -0.4
Change in working capital
Receivables, prepayments and accrued income 52.6 99.1
Creditors and other liabilities -90.2 -12.2
Total cash flow from operating activity -38.1 86.5
Cash flow from investing activity
Purchase of facility -322.3 -323.9
EU subsidy 118.6 142.8
Total cash flow from investing activity -203.7 -181.1
Free cash flow -241.8 -94.6
Cash flow from financing activity
Raising of loans 315.1 0.0
Interest paid 1.6 -2.6
Total cash flow from financing activity 316.7 -2.6
Change for the period in cash at bank and in hand 74.9 -97.2
Cash at bank and in hand at the beginning of the period 198.9 241.8
Cash at bank and in hand at the end of the period 273.8 144.6
Cash at bank and in hand at the end of the period is composed
as follows:
Cash at bank and in hand 273.8 144.6
Cash at bank and in hand at the end of the period 273.8 144.6
Page 25/28
15 November 2012

APPENDIX 7
MAIN FIGURES FOR BROBIZZ A/S
COMPREHENSIVE INCOME STATEMENT
1 January -
30 September
DKK 1,000
2012
1 January -
30 September
2011
1 July -
30 September
2012
1 July -
30 September
2011
Net turnover 383 342 122 109
Operating expenses -245 -338 213 -117
Depreciation -51 -51 -17 -17
EBIT 87 -47 318 -25
Net financials 2 10 0 4
Profit/loss before tax 89 -37 318 -21
Tax -22 9 -79 5
Profit/loss after tax 67 -28 239 -16
ASSETS
DKK 1,000
30 September
2012
31 December
2011
30 September
2011
Non-current assets
Property, plant and equipment 125 176 193
Other non-current assets 18 40 32
Total non-current assets 143 216 225
Current assets
Receivables 264 112 97
Cash at bank and in hand 1,816 1,622 1,623
Total current assets 2,080 1,734 1,720
Total assets 2,223 1,950 1,945
EQUITY AND LIABILITIES
Equity
Share capital 1,000 1,000 1,000
Retained earnings at the beginning of the period 876 925 925
Profit/loss for the period 67 -49 -27
Total equity 1,943 1,876 1,898
Liabilities
Current liabilities 280 74 47
Total liabilities 280 74 47
Total equity and liabilities 2,223 1,950 1,945
FINANCIAL RATIOS
Per cent
1 January -
30 September
2012
1 January -
31 December
2011
1 January -
30 September
2011
Profit ratio (EBIT) 22.8% -16.6% -13.7%
Rate of return (EBIT) 5.2% -4.0% -3.2%
Page 26/28
15 November 2012

CASH FLOW STATEMENT
DKK 1,000
Cash flow from operating activity
1 January -
30 September
2012
1 January -
30 September
2011
Profit/loss before net financials 87 -47
Adjustment for non-cash items
Amortisation, depreciation and impairment 51 51
Adjustment for other non-cash items 0 0
Cash flow from operations (operating activity) before change in
working capital 138 4
Change in working capital
Receivables, prepayments and accrued income -151 19
Creditors and other liabilities 205 -55
Total cash flow from operating activity 192 -32
Cash flow from investing activity
Purchase of facility 0 0
Total cash flow from investing activity 0 0
Free cash flow 192 -32
Cash flow from financing activity
Interest received 2 10
Total cash flow from financing activity 2 10
Change for the period in cash at bank and in hand 194 -22
Cash at bank and in hand at the beginning of the period 1,622 1,645
Cash at bank and in hand at the end of the period 1,816 1,623
Cash at bank and in hand at the end of the period is composed
as follows:
Cash at bank and in hand 1,816 1,623
Cash at bank and in hand at the end of the period 1,816 1,623
Page 27/28
15 November 2012

APPENDIX 8
FINANCIAL RATIOS
The financial ratios have been prepared in accordance with the Danish Society of Financial
Analysts’ "Recommendations and Key Figures 2010".
The financial ratios given in the main figures and financial ratios summary have been calculated
as follows:
Profit ratio:
Rate of return:
Return on facilities:
EBIT less other income in percentage of turnover.
EBIT less other income in percentage of total assets
EBIT less other income in percentage of investment in road and rail links.
Page 28/28
15 November 2012