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Hovedstadens Letbane I/S Annual Report 2017 Hovedstadens Letbane I/S Metrovej 5 DK-2300 Copenhagen S CVR Number: 36032499

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Hovedstadens Letbane I/S Annual Report 2017 Hovedstadens Letbane I/S Metrovej 5 DK-2300 Copenhagen S CVR Number: 36032499 Hovedstadens Letbane I/S Annual Report 2017 Hovedstadens Letbane I/S Metrovej 5 DK-2300 Copenhagen S CVR number: 36032499 T +45 3311 1700 E [email protected] Read more about Greater Copenhagen Light Rail at dinletbane.dk Layout, e-Types Printing, GraphicUnit ApS ISBN number: 978-87-92378-29-3 Annual Report 2017 Contents Management’s Report 05 Greater Copenhagen Light Rail’s employees 20 Foreword 05 Greater Copenhagen Light Rail’s Results and Expectations 06 Board of Directors 22 Key Figures for Greater Copenhagen Greater Copenhagen Light Rail’s Light Rail 10 Executive Board 24 Greater Copenhagen Light Rail 12 Annual Accounts 27 The Light Rail and urban development 13 Accounting Policies 28 New station at Delta Park in Profit and Loss Account 31 Vallensbæk Municipality 13 Balance Sheet 32 Statement of Changes in Equity 34 Hovedstadens Letbane I/S Status of the work on the Light Rail 14 Metrovej 5 Cash Flow Statement 36 DK-2300 Copenhagen S Selection of contractors 15 Notes 37 CVR number: 36032499 New quality assurance 16 T +45 3311 1700 Expropriation activities 16 E [email protected] Endorsements 43 Knowledge of the Light Rail 16 Read more about Greater Copenhagen Management Endorsement 43 Light Rail The Light Rail is classified as a at dinletbane.dk megaproject 17 Independent Auditors’ Report 44 Layout, e-Types Printing, GraphicUnit ApS Company Management 19 Appendix to the Management’s Report 49 ISBN number: 978-87-92378-29-3 Greater Copenhagen Light Rail’s Long-Term Budget 50 compliance and CSR Report 20 3 Greater Copenhagen Light Rail at one of the 29 coming stations along the line. Annual Report 2017 Management’s Report Foreword The work on the Light Rail in 2017 did not In the Light Rail municipalities, a large num- lead to any changes in the financial basis. ber of meetings were held with residents Greater Copenhagen Light Rail was able to and utility line owners, in preparation for maintain the overall budgets unchanged, the construction work. In the eight munici- while the invitations to tender for the palities in which the Light Rail will run, all major contracts and the preparation of inspections of properties and sites were the final decision by the owners toenter completed and approved. This means that into contracts could take place within the the expropriation process can begin in 2018. framework laid down by the owners for the construction budget of DKK 502 million Traffic plans during the construction period in 2017. were also prepared in the course of the year, and the final details concerning the align- One of the major milestones in 2017 was the ment fell into place. This meant, among other completion of the extensive procurement things, that the 28-kilometre long Light Rail process. Invitations to tender in accordance will have an extra 29th station. In Vallensbæk with EU regulations were held for eight Light Municipality, it was decided to construct an Rail contracts. This was a process charac- additional station, Delta Park, of which the terised by constructive negotiation. Both most important function will be to improve the winning bids and the other bids were the infrastructure and the development of the of high quality and Greater Copenhagen municipality’s largest business area. Light Rail looks forward to fruitful cooper- ation with the winning contractors in the Towards the end of the year, the EY firm of coming years. accountants undertook external quality assurance of the project’s aggregated risk Parallel to the invitations to tender, the and reserve requirements. extensive work was undertaken of prepar- ing the company and its surroundings for Thank you to all partners and employees. the forthcoming construction phase. The framework has been laid for cooperation We hope that you enjoy reading the report! with contractors, authorities and utility line owners. Before the contractors can start Birgitte Brinch Madsen work, buried utility lines along Ring 3 must Chair of the Board of Directors be realigned, and sites and properties must be expropriated in order to make areas avail- Henrik Plougmann Olsen able for the construction work. CEO 5 Annual Report 2017 Management’s Report Results and expectations Result for the year Development in equity The result for 2017 Greater Copenhagen Light Rail will not have Hovedstadens Letbane I/S was established “ any passenger revenue until the Light Rail on 19 June 2014. The Danish State repre- was in accordance opens. sented by the Danish Ministry of Trans- port, Building and Housing, the Capital with expectations.” During the first years, the company’s ac- Region and Lyngby-Taarbæk Municipality, counts will therefore show a deficit due to Gladsaxe Municipality, Herlev Municipality, the very significant investments in the con- Rødovre Municipality, Glostrup Municipality, struction of the Light Rail, without any pas- Alberts lund Municipality, Brøndby Munici- senger revenue. pality, Høje -Taastrup Municipality, Hvidovre Munici pality, Vallensbæk Munici pality and The company’s finances are planned on the Ishøj Municipality contributed DKK 3.5 billion basis of this strategy, which was also applied on the company’s establishment. The com- to the Great Belt Fixed Link, the Øresund pany’s book loss of DKK 30 million has been Fixed Link, the Copenhagen Metro and the deducted from equity, which amounted to Fehmarn Belt Fixed Link. DKK 3,035 million at the end of 2017. The result for 2017 was in accordance with expectations. Equity (DKK million) The result for 2017 before depreciation and write-downs is a loss of DKK 2 million. Depre- , ciation and write-downs totalled DKK 99 3,424 3,332 3,193 million in 2017, and concern write-downs on 3,065 3,035 the construction of the Light Rail. The result , before financial items is hereafter a loss of DKK 101 million. Financial items account for , income of DKK 71 million. The result for the year is a loss of DKK 30 million. , * *Opening balance sheet, 1 January 2014 6 Annual Report 2017 Management’s Report One consequence of the accounting policies Long-term economic applied by Hovedstadens Letbane I/S is that development equity would be expected to continue to be reduced in the following years, culminating Hovedstadens Letbane I/S prepared an up- with the establishment of the major civil dated long-term budget in December 2017. engineering contracts, expected to take The long-term budget shows the expecta- place in the first quarter of 2018. tions of the long-term economic develop- ment in the company. The long-term budget As a consequence, the company will record shows that the company’s net debt is ex- a liability in the accounts equivalent to the pected to reach its maximum level in 2032, negative value of the cash flows from the pro- at approximately DKK 3.9 billion (in current ject. This provision will affect the operating prices). See the graph below. result for the year in question significantly, just as most of the equity contributions can The debt is expected to be repaid in 2059, be expected to have been allocated at this which is in accordance with the previous time. This is in accordance with the assump- expectations. tions made at the time of the establishment of the company. Investment in the Light Rail Hovedstadens Letbane I/S is a partnership in which the owners are 100 per cent liable Investments in the construction of the Light for the company. Any negative equity capi- Rail totalled DKK 102 million in 2017, of which tal would thus not as such entail a need for DKK 93 million concerned capital investments further contributions from the owners, as and DKK 9 million concerned operations - Hovedstadens Letbane I/S would still be able related capital investments. In 2017, a write- to service its debt as planned. down of DKK 99 million was made concerning the construction of the Light Rail, and the net book value of the Light Rail is stated as DKK 0 in the balance sheet. This is a consequence of how the investment in the Light Rail will not be fully recovered via future revenue such Equity Long-term budget (DKK million) (DKK million) Revenue Expenses Debt , , , Note: In budgetary terms, reinvestment -, in rolling stock, mechanical and -, electrical installations is assumed in 2047, -, cf. the company’s long-term budget -, (Appendix to the Management Report) -, 7 Annual Report 2017 Management’s Report as passenger revenue, etc., and is therefore of Light Rail trains, the establishment of the written down on an ongoing basis to the Control and Maintenance Centre, trial opera- expected recoverable value of the Light Rail, tion, strategic spare parts and reinvestments. with due consideration of the planned capital The operations-related capital investments investments. The write-down that has been are financed by the Capital Region and the made is in accordance with expectations. 11 municipalities involved via their payment, once the Light Rail has been put into opera- The write-down is based on an estimate of tion, of annual operating contributions for a the value of the Light Rail according to the total value of approximately DKK 1 billion, as assumptions applied by the company in the well as an expected operating surplus at a current long-term budget, as well as the value totalling approximately DKK 0.3 billion. expectations of the future level of interest See the graph at the centre right. rates (discounting factor). The tables show that both the company’s In conjunction with its establishment, the capital investments and the operations- company’s owners made contributions to related capital investments are expected to the financing of the capital investments. The be defrayed during the 2014-2024 period, Based on the current Danish State, represented by the Ministry of while the related financing, from the owners “ Transport, Building and Housing, finances via owner contributions as instalments and long-term budget, the approximately DKK 1.4 billion, and the Capital operating contributions, and as passenger Region and the 11 municipalities involved revenue from the operation of the Light company expects the finance the remaining approximately DKK Rail, is expected to be contributed to the 2.1 billion.
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