09054 †rsrapport 2003 GB A4 report 2003.pdf · live in Sweden and work in Denmark. There are no clear statistics of the number of people who commute from Denmark to Sweden, but

ANNUAL REPORTØ R E S U N D S B R O K O N S O R T I E T 2 0 0 3

Øresundsbro Konsortiet is a Danish-Swedish enterpriseestablished under the Government agreeement of March 23, 1991 between Denmark and Sweden and sub-sequently ratified by the Danish and Swedish parliaments.Øresundsbro Konsortiet’s objectives are laid down in theGovernment agreement and are based on the principle thatØresundsbro Konsortiet is independently responsible forownership and operations of the Øresund Bridge.

Øresundsbro Konsortiet is owned on an equal basis by two companies established by the two countries for thispurpose: the Danish A/S Øresund and the Swedish Svensk-Danska Broförbindelsen SVEDAB AB. The two companiesare also responsible for the ownership and operations ofthe approach facilities on both sides of the ØresundBridge. Interrelations between the two companies withregard to the ownership of Øresundsbro Konsortiet are setout in a consortium agreement approved by the Danish andSwedish governments. A/S Øresund and Svensk-DanskaBroförbindelsen SVEDAB AB are jointly and severallyresponsible for Øresundsbro Konsortiet’s obligations.

Yet another successful year

With 2003 behind us we can look back on yet anothersuccessful year for the Øresund Bridge – a year thatwitnessed increasing numbers of travellers acrossØresund. Close to 27 million journeys were madeacross Øresund – 11.6 million across the Northernsector and 15.2 million across the Southern sector.

The increased traffic on the Øresund Bridge duringthe year was largely driven by commuters or otherswho travel for work-related purposes which, in turn,means that a rising number of our customers makeuse of our discount products. Consequently, theaverage fee for passenger cars across the bridge fellsomewhat during the year. Many commuters will alsoappreciate the words of the Nordic Council’s specialrepresentative, former Danish Prime Minister, Poul Schlüter to the Prime Ministers of the Nordiccountries on October 27:

“On the background of ever increasing competition,the work to remove the border barriers for both resi-dents and businesses is important. For the Nordic

countries to meet the challenges of the new Europe,these barriers must be minimised and I have launchedan offensive with this objective in mind. We need tosee more concrete results. We have started – butthere is still some way to go.”

The Øresund Bridge welcomes the results of thisoffensive and looks forward to the time when furtherresults materialise. They are an important part of thework to strengthen the economic and cultural tiesacross Øresund. Øresundsbro Konsortiet is ready toactively contribute towards this end by developing ourprices and products in a way that benefits both ourlong-term economy and the region’s developmentand, through our partnerships, create an active, allencompassing marketing effort.

Copenhagen, March 2004

Sven LandeliusCEO

Management’s review

Main activities

Øresund Bridge in figures 3

A challenge for the Øresund Bridge and the Øresund Region 4

The Øresund Bridge vision: a new powerhouse 5

A tax agreement that makes life easier for commuters 6

Strong rise in commuting and business travel 7

Strong traffic growth across Øresund 8

New products in 2003 and minor price changes in 2004 9

Safer and easier through the toll station 10

Peregrine falcon lodges at the Øresund Bridge 11

A safe road link 13

The staff – the key to progress 14

Economy

Results for the year 15

Expectations for 2004 16

Financing

Borrowing 17

Foreign exchange risks 18

Interest rate risks 19

Credit risks 20

Financing results 21

Profitability 23

Statement by the Board of Management and Board of Directors 25

Auditors’ report 26

Financial highlights 27

Accounting policies 28

Income statement 31

Balance sheet 32

Cash flow statement 34

Notes 35

Contents

Ø R E S U N D S B R O K O N S O R T I E T / 3

MAIN ACTIVITIESThe Øresund Bridge in figures

Economy ( DKK millions*) 2003 2002

Revenue 1,021 969

Operating expenses 282 283

Profit before depreciation and financing 739 686

Net interest income and expense and similar items** 759 822

Depreciation 320 320

Loss** -340 -456

Fair value adjustment +342 -553

Profit/Loss for the year 2 -1,009

Interest bearing net debt 31/12** 20,069 19,709

Interest bearing net debt (fair value) 31/12 20,213 20,444

* Exchange rate translated to SEK 82.02 80.75

** Excluding fair value adjustment

Traffic volume - road (number of vehicles) 3,781,436 3,428,364

Number of BroBizzes (31/12) 126,000 114,000

Average price, passenger car (DKK, incl. VAT) 155 159

The bridge’s accessibility 99.9% 99.7%

Customer satisfaction

Number of contract customers satisfied with their most recent journey across the bridge. 94% 94%

Traffic safety

Serious personal injury per 10 million km since the bridge’s opening 0.1 0.15

Deaths per 100 million km 0 0

Traffic volume - railway (no. passengers) 5.7 million 5.4 million

No. employees (as at 31/12) 170 163

Women 90 87

Men 80 76

4 / Ø R E S U N D S B R O K O N S O R T I E T

A challenge for the Øresund Bridge and the Øresund Region

2003 was a good year for the Øresund Bridge. Threeand a half years after the bridge’s opening, Øresunds-bro Konsortiet is now in a position to accelerate repay-ment of the bridge’s debt. With expected continuedpositive growth in traffic revenue, continuing lowinterest rate levels and lower operating expenses,Øresundsbro Konsortiet can start repaying its debt nolater than 2008.

This is a challenge not only for the Øresund Bridge,but for the entire Øresund Region because continuingtraffic growth is greatly dependent on the develop-ment of the Øresund Region.

Despite the economic slowdown, traffic on the roadsection increased by 10% in 2003 – in line withexpectations. This growth is significantly above thegeneral traffic trend in Sweden and Denmark and alsoexceeds that of the bridge’s competitors. The figuresshow that the integration of the Øresund Region pro-vides a substantial added value and that this primarilyoccurs between Malmö and Copenhagen.

An important milestone was reached in 2003 with thenew Danish/Swedish tax agreement, an importantstep towards easing conditions for Øresund commu-ters. Nevertheless, a great deal needs to be achievedbefore it becomes natural to work, study, do businessor benefit from opportunities on one side of Øresundwhile living on the other. In terms of business, it’s allabout viewing the region as one market.

This is why it is natural for the Øresund Bridge tocontribute to the region’s development by furthering

contact between players in Sweden and Denmark for the long-term purpose of establishing the ØresundRegion as a new powerhouse in northern Europe – economically as well as culturally.

The second important factor in achieving a balancedeconomy for Øresundsbro Konsortiet is the develop-ment in interest rates. Until now, the real rate of return(interest expense less inflation) has been lower thanwas assumed at the time of the government agree-ment. Thanks to a high proportion of free interest-bea-ring loans, Øresundsbro Konsortiet has been able tobenefit from the significant fall in interest rates in2002 and 2003.

The Øresund Bridge’s profit for 2003 before deprecia-tion and interest income and expense and similaritems is DKK 739 million, an increase of 8% on 2002and in line with the estimate in the 2002 annualreport. After interest expense and similar items anddepreciation, but before fair value adjustment (c.f.page 21), the result was a loss of DKK 340 million.After fair value adjustment, the profit for the year wasDKK 2 million.

For 2004, Øresundsbro Konsortiet expects road trafficto rise by approx. 6% but the loss before foreignexchange and fair value adjustment will rise from DKK-361 to approx. DKK -370 million, mainly due to risinginterest expenses.

The 16 km combined motorway and railway acrossØresund is an important, although in itself insufficient,factor in the transformation of Skåne in southernSweden and Zealand in Denmark into a dynamic regionin Europe. To achieve the vision, the full co-operationof everyone who lives and works in the region isnecessary.

The Øresund Bridge was built to promote economicand cultural co-operation between Denmark andSweden, which in itself is a key factor in the ØresundBridge’s economic development. Consequently,Øresundsbro Konsortiet wishes to work towards therealisation of the vision of turning the Øresund Regioninto a new economic powerhouse in Nothern Europe,both culturally and economically.

During the spring and early summer, the ØresundBridge organised a major advertising campaign andlaunched a new graphic expression and a new profile.The aim was to allow both Danes and Swedes to dis-cover their neighbouring country as a travel destina-tion, a market, a workplace or a place of residence. In other words, to build bridges.

This new bridge building project has many differentforms. In daily contact with customers. By highlightingthe numerous options in partnership with Swedish andDanish tourist organisations. Through the ØresundBridge newsletter and website. Through more pro-active marketing with partners within the worlds ofbusiness, culture and leisure and in other ways thatbenefit the Øresund Bridge’s long-term profitability.


The Øresund Bridge vision: a new powerhouse


A tax agreement that makes life easier for commuters

The new tax agreement between Sweden andDenmark is a long desired political initiative to promo-te the integration of the Øresund Region. The agree-ment is the first step towards eliminating the barriersfacing the residents of the border area between thetwo countries’ tax and social security systems.

The agreement stipulates that residents are taxed inthe country in which they work. This means thatDenmark will be entitled to tax commuters who live inSweden and work in Denmark, i.e. the vast majority.Consequently, the Danish state will compensateSwedish local and district authorities for the servicesrendered to commuters at their place of residence.

This means that from January 1, 2004, people livingin Denmark are entitled to deduct transport costsacross Øresund Bridge on their tax returns. Theamount is set at DKK 50 per single trip by car ormotorbike and DKK 8 per single trip by train or coach.

The number of commuters from Sweden to Denmarkis calculated at approx. 6,000 by Länsarbetsnämn-den (the County Labour Board) in Skåne. The figurecomprises a substantial number of Danish citizens wholive in Sweden and work in Denmark. There are no clearstatistics of the number of people who commute fromDenmark to Sweden, but the figure is substantiallylower.

Commuting by car across the Øresund Bridge is con-tinuing to grow rapidly. At the end of the year, therewere almost 1,400 daily commuters. The number ofcar commuters who work in Denmark is estimated at80% of the total. With effect from January 1, thiscommuter group will benefit from significant savingsthanks to the new tax relief for commuters by car.

However, before the vision of a joint labour and hous-ing market becomes a reality, further harmonisationof the Danish and Swedish regulations is required.

The daily number of commuters between Copenhagen and Skåne

Nov. 1995 Nov. 2000 Nov. 2001 Nov. 2002 Nov. 2003

6,000

5,000

4,000

3,000

2,000

1,000

0

By car

By train

By boat


Strong rise in commuting and business travel

Slightly fewer than 1,400 motorists cross the ØresundBridge by car every day between their home andworkplace which means that around one in sevenmotorists on the Øresund Bridge is a commuter.

The increase in commuting and business travelacross the Øresund Bridge is steadily rising. In 2003,the number of commuters by car grew by 54% on2002 and by close to 300% compared to 2001.Business travel, i.e. customers with business contra-cts, rose by 10%. Leisure and holiday traffic increasedby 3.3.% during the year.

A further indicator of the increasing commercial trafficacross the Øresund Bridge is that HGV traffic rose by15%. Vans and caravans accounted for 17% growth.

Traffic volumes met the Øresund Bridge’s expectationsfor the year and all categories saw growth with theexception of coaches, which remained at the 2002level. Regular coach traffic increased in the finalquarter of 2003 and is expected to show a positivetrend in 2004.

It should be noted that the largest contract customerscontinue to increase their use of the Øresund Bridge.Within all categories, with the exception of coaches,the 50 largest customers increased their volume sig-nificantly.

In total, the Øresund Bridge carried 3.8 million vehic-les in 2003, i.e. an average of 10,360 vehicles perday and an increase of 10.3% on the year. The numberof passenger cars was 3.4 million in 2003 – a growthof approx. 300,000 or 10%.

Traffic growth across the Øresund Bridge in 2003

Passenger Vans/ Lorries Lorriescars Motorbikes Caravans 9–12 m >12 m Coaches Total

2002 3,106,318 25,868 73,942 45,315 135,488 41,433 3,428,364

2003 3,418,382 26,881 86,477 47,901 160,501 41,294 3,781,436

Change 10.0% 3.9% 17.0% 5.7% 18.5% -0.3% 10.3%

*The figures are revised compared to the annual report 2002.

Average daily traffic across the Øresund Bridge 2001–2003

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

2001

2002

2003

Jan. Feb. March April May June July Aug. Sep. Oct. Nov. Dec.

*


Passenger traffic across Øresund 1999–2003 (1,000 passengers)

1999 2000 2001 2002 2003

The Øresund Bridge

By car* 4,756,000 7,987,000 8,848,000 9,468,000

By train 2,677,000 4,919,000 5,372,000 5,707,000

Ferries

Dragør–Limhamn* 1,584,000 - - - -

Copenhagen–Malmö 3,616,000 2,000,000 958,000 149,000 -

Elsinore–Helsingborg* 14,261,000 13,327,000 11,512,000 11,609,000 11,646,000

Total 19,460,000 22,761,000 25,378,000 25,978,000 26,821,000

*The figures are estimated and subject to uncertainty.

Strong traffic growth across Øresund

The Øresund Bridge’s share of car traffic acrossØresund grew during 2003, especially within the HGVcategory. However, rail and ferry traffic also experien-ced an upturn, which means that the number of jour-neys across Øresund rose overall. Almost 27 millionpeople crossed Øresund by one means or another in2003 – around 3% or approx. 800,000 more than in2002.

The Øresund Bridge share of HGV traffic acrossØresund was 37% - a growth of 5 percentage pointscompared to 2002. The market share in the carcategory grew by one percentage point to 64%. Theproportion of coach traffic is unchanged, i.e. 54%.Other motor traffic across Øresund used the ferriesbetween Elsinore and Helsingborg.

The autumn saw a strong increase in passenger cartraffic across Øresund, which in addition to the tradi-tional Christmas business, can be ascribed to thelowering of Danish taxes on alcohol which came intoforce on October 1. Over the first 9 months of theyear, average growth amounted to 2% increasing to9% for the final quarter compared to the equivalentperiods in 2002.

5.7 million passengers travelled by train acrossØresund in 2003, i.e. a growth of 6%. The majoritytravelled by the Øresund trains, which, with 5.3 millionpassengers, experienced growth of 11%.


New products in 2003 and minor price changes in 2004

During the first half of 2003, a series of price andproduct changes was implemented with the aim ofsimplying the Øresund Bridge’s discount schemes andmaking them more accessible to customers.

The 10-trip card, which previously applied only topassenger cars, was extended to include motorbikes,vans, smaller lorries and minibuses (6–9m) in January.At the same time, return tickets for motorbikes, pas-senger cars and vans etc. were introduced.

On April 1, a new vehicle category for vehicles withcaravans/trailers and autocampers was introducedoffering discounts of 16% compared to the standardprice. At the same time, a 4-trip card for this categorywas launched.

A new weekend ticket offering discounts of 30% onthe standard price was introduced for the period April25–June 1. The weekend ticket was also offered in theautumn, between August 20 and November 2.

Ahead of the summer season, the Øresund Bridge,Scandlines and the Great Belt Bridge agreed on aticketing partnership that allows customers to buy acombination ticket, single or return, for Rødby–

Puttgarden and the Øresund Bridge or the ØresundBridge and the Great Belt Bridge. This will make iteasier for customers to drive from Sweden to thecontinent (Europe ticket) and from the continent toSweden (ØresundTicket). Special one-day returns forshopping trips between Sweden and Germany werelaunched in January 2004.

From January 1, 2004, a new price list came intoforce on the Øresund Bridge. The changes are minor,but necessary in order to compensate for generalprice increases.

The increases vary for the different products andamount to an average of 2%. However, since an increa-sing number of customers make use of the discounts,the actual price increase is expected to be 0.7%.

Average prices (DKK, incl. VAT) 2003 2002

Passenger cars, total 155 159

Pendlere/Minipendlere(commuters) 71 69

BonusPrivat 135 134

BonusErhverv/Business 124 123

Multi-trip cards 146 139

Cash (incl. Special tickets) 220 221

Multi-trip cards6% Commuters

10%

Cash39%

Bonus45%

Multi-trip cards8%

Commuters 14%

Cash36%

Bonus42%

Payment for passenger car customers in 2002 and 2003

2002 2003

Bonus comprises bridge tickets and Business customers. Bonus comprises bridge tickets and Business customers.Cash comprises return tickets and weekend tickets.

1 0 / Ø R E S U N D S B R O K O N S O R T I E T

Safer and easier through the toll station

The Øresund Bridge payment and customs facilities atLernacken were modernised and upgraded during theautumn. The result is greater safety and accessibilityfor customers and improved and safer working condi-tions for the Øresund Bridge staff and customs officials.

The toll station was equipped with barriers at thepayment lanes and a fence to protect the buildings.The customs area now has customs lanes and windshields for customs officials. The inspection area hasalso been equipped with lights.

Well before arriving at the toll station, traffic is dividedaround a traffic island so that motorists paying bycharge card pass on one side and cash payers on theother. The BroBizz lane on the far left can be closedby a barrier as required. The speed through the tollstation is limited to 30 km per hour to protect staffand improve traffic safety.

Once again, there were cable oscillations at the highbridge in the winter of 2003/04. To counteract theseoscillations so-called storm ropes between the cablesand bridge deck were installed early in February 2004.This is a temporary solution until a more permanentsolution with new hydraulic dampers is installed. Twocable pairs were equipped with these new dampersand the effect will be assessed during the winter.

The company’s insurance policies expired on June 30,2003 and new policies were taken out. These comprisematerial damage, including consequential loss, up toDKK 2 billion as well as public liability insurance ofDKK 1 billion and insurance against damage causedby terrorist acts – the latter is taken out together withthe Great Belt Bridge and totals EUR 200 million.

Peregrine falcon lodges at the Øresund Bridge

Øresundsbro Konsortiet continued its efforts to moni-tor and reduce the bridge’s effect on the surroundingenvironment during 2003. The environmental mana-gement system ensures a continued and systematicassessment in order to minimise the environmentaleffect from operating and maintenance activities.Øresundsbro Konsortiet published its second environ-ment report in 2002, which reviewed the developmentsof the environmental effects and set out a number ofspecific environmental targets for 2003.

The company also monitors wildlife around theØresund Bridge, primarily around the artificial island,but also at the abutments and the adjacent waterareas. In 2003, a number of falcon nesting boxeswere erected at several bridge piers to increase thelikelihood of attracting the rare peregrine falcon.

During the year, a range of investigations were carriedout into: • Bottom fauna and sediment at the bottom channel at

Lernacken• Environmentally hostile materials in surface water

from the bridge• The effect of vibrations and noise on fish life near

the bridge • Plant growth on certain bridge piers• Bird collisions at the high bridge

A complete review of the environmental work in 2003is given in the Environment Report 2003, which ispublished separately in 2004.

Ø R E S U N D S B R O K O N S O R T I E T / 1 1


Enhanced safety status for the Øresund Bridge rail section

As one of Denmark’s first rail administrators, Øresunds-bro Konsortiet was awarded a safety certificate by theDanish Railway Inspectorate. The certification meansthat the Øresund Bridge complies with the morestringent demands regarding safety, administrationand management for rail infrastructure administratorsin Denmark.

The certification provides a range of advantages:• It guarantees that safety policies and appurtenant

procedures apply within areas where the ØresundBridge has identified specific risks.

• It guarantees that current safety legislation andregulations are complied with.

• It documents that the management of the rail infra-structure carries out its tasks in a professionalmanner.

Considerable effort was dedicated to enhancing theØresund Bridge’s safety regulations for repair andmaintenance work on and alongside tracks during

2003. The objective is to ensure a high level of safetyfor both staff and passengers.

Through the so-called speed control balises in thetrack, it is now possible to monitor and regulate thespeed of trains passing parallel with track that istemporarily closed due to maintenance work.

During 2003, 57,600 trains/train sets used theØresund Bridge’s rail section, i.e. an average of 158trains per day of which 18 were freight trains. Witheffect from January 15, 2004 the rail operators, TGOJTrafik and Ruhrkohle Hafen, assumed responsibilityfor IKEA’s transports between Älmhult in Sweden andDuisburg in Germany.

From a safety perspective, 2003 was a satisfactoryyear with no accidents. Equally, due to the bridge’shigh accessibility rate, train operators experienced noproblems.


A safe road link

The Øresund Bridge provides a particularly reliabletraffic link in terms of accessibility and safety.

During 2003, the bridge was closed for approximately18 hours due to accidents (approx. 8 hours), weatherconditions (approx. 4 hours), power cuts (approx. 3 hours) and traffic accidents, fire alarms and tests.Accessibility during the year, therefore, was 99.9%.During periods with closures on the motorway, the

railway, which is less sensitive to changing weatherconditions, normally remains open.

The accident frequency remains at a very low leveland below that of other motorways in Denmark andSweden. No accidents involving serious injury topersons occurred during the year. Since its opening in2000, the bridge has experienced only two accidentsinvolving serious injury to persons.


The staff – the key to progress

Confident and committed employees are the key tocontinued progress. This is particularly important fora business operating in two countries with partlydiffering legislation. Øresundsbro Konsortiet wishesto comply with the regulations that impose the moststringent requirements for the working environment.

The jobsatisfaction analysis from 2002 was followedby a new survey in 2003. The survey is part of thecompany’s statutory workplace assessment underDanish law and is intended to provide a status of thestaff’s physical and psycho-social well-being.

In November 2003, an equal treatment analysis wasimplemented for the purpose of developing an equalopportunities plan as required by Swedish law. Itsobjective is to obtain a general view of the treatmentof men and women at the workplace and formulate anaction plan for possible improvements.

The year also saw the implementation of an internalprocess aimed at uniting all staff behind commonvalues and objectives in daily working life. Followingdiscussions at the individual departments, thecompany’s management has now determined thevalues that Øresundsbro Konsortiet wishes to conveyto customers and the surrounding world.

Over the next years, a management programme willbe implemented with the aim of creating a jointperception and a common value base among theorganisation’s senior managers. The intention is toenhance communication from, and the visibility of,management and to focus on corporate planning,organisational development and staff development.

In December 2003, Øresundsbro Konsortiet wasawarded the international accreditation institute,Lloyd’s Register Quality Assurance (LRQA) ISO 9001-2000 for excellent quality management. The accredi-tion confirms that the company’s quality system fullycomplies with international standards.

The accreditation demonstrates that ØresundsbroKonsortiet has systematised and described objectives,decision processes, forms of co-operation and pro-cedures in and between its departments. A sizablenumber of staff participated in the visits and interviewscarried out across the organisation by LRQA ahead ofthe accreditation.

The aim of the quality system is to provide each staffmember with an overall view of his/her work within abroader context in order to ensure that they performtheir duties consistently, avoid errors and thus workmore efficiently.

Results for the year

Profit before depreciation and financing totalled DKK739 million for 2003, which represents an improve-ment of DKK 53 million, or 8% on the year. This is pri-marily the result of increased revenue from road traf-fic amounting to DKK 42 million (7%) and a reductionin operating expenses of DKK 1 million. The profit is innear accordance with the budget.

Revenue from road traffic is approx. DKK 6 millionbelow budget, which is primarily due to weaker thanexpected holiday and leisure traffic. Other marketsegments performed as budgeted or slightly better.Other revenue primarily derives from the DanishNational Railways Agency and the Swedish NationalRail Administration which, according to the govern-ment agreement between Denmark and Sweden, paya fixed fee of DKK 300 million (1991 price levels) foruse of the link’s railway section. In 2003 prices, thefee amounted to DKK 403 million.

Interest expense and similar items before fair valueadjustment totalled DKK 759 million, which is approx.DKK 94 million lower than budgeted. Also included isa positive exchange rate adjustment of DKK 21 million.The fair value adjustment amounted to gains of DKK342 million, which is primarily a result of increasinglong-term interest rates in 2003. The overall annualresults amounted to a loss of DKK 340 million beforefair value adjustment and a profit of DKK 2 millionafter fair value adjustment.

The annual results before fair value adjustment andadjusted for depreciation show how the Consortium’sdebt is affected by operation. In 2003, the debt

increased by DKK 20 million because interest expenseand similar items (before fair value adjustment) aregreater than the profit before depreciation and finan-cial items. In 2002 and 2001, the effect on the debttotalled DKK 136 and 240 million respectively.

The Consortium’s objective is that, by no later than2008, the profit before depreciation and financial itemswill exceed the interest expense and similar items sooperations will positively contribute to reducing thedebt from that date.

In addition, the accounting related debt is affected bythe fair value adjustment. The realised part of the fairvalue adjustment has a direct impact on the liquidityand thus affects the Consortium’s borrowing require-ments for the year in question.

In 2003, a loss on the fair value adjustment of DKK256 million was realised in connection with the earlyredemption of loan and swaps. This loss will be offsetby lower interest expenses in the coming years andwill, therefore, not affect the repayment period for theConsortium’s debt.

BudgetDKK millions 2003 2002 2001 2004

Road traffic revenue 598 556 503 638

Other revenue 423 413 403 427

Total income 1,021 969 906 1,065

Operating expenses 282 283 308 282

Profit before depreciation and financial items 739 686 598 783

Depreciation 320 320 319 329

Interest expense and similar items before fair value adjustment 759 822 838 825

Loss before fair value adjustment -340 -456 -559 -371

Fair value adjustment +342 -553 -

Loss for the year 2 -1,009 -559

*The figures are not adjusted to the change in accounting policies.**Excl. Exchange rate adjustment.


ECONOMY

The effect of the results on the debt (DKK millions)

2003 2002 2001

Profit before depreciation and financial items 739 686 598

Interest expense and similar items before fair value adjustment 759 822 838

Effect on the debt +20 +136 +240

*The figures are not adjusted to the change in accounting policies.

*

*

**


Expectations for 2004

Øresundsbro Konsortiet’s results for 2004 are expectedto show a loss of approx. DKK 370 million beforeexchange rate and fair value adjustment. This reflectsan expected increase in the profit before depreciationand financial items of almost DKK 45 million and a risein interest expense of DKK 49 million.

Revenue from road traffic is expected to rise by DKK40 million, or approximately 7%, while traffic volume isset to increase by approx. 6 %. Operating expenses areexpected to be unchanged. Non-recurring costs of DKK6 million for guarantee inspections are also included.

Net interest income and expense and similar itemsbefore exchange rate and fair value adjustment areexpected to rise by DKK 45 million, primarily owing toa changed currency spread and the forecast for risingshort-term interest rates in 2004. The budget doesnot include risk buffers for exchange rate and marketfair adjustments.

Uncertainties in the 2004 budget primarily relate torevenue from road traffic and net interest income andexpense and similar items.

Borrowing

FINANCING

All loans and other financial instruments employed bythe Consortium are guaranteed by the Danish andSwedish states. In general, the implications are thatthe company is able to achieve capital market termsequivalent to those available to governments. A keyelement in the Consortium’s financial strategy is toachieve optimum flexibility in order to be able to exploitdevelopments in the capital markets. However, all loantypes must meet certain criteria. These are partlybased on requirements laid down by the guarantors,Denmark’s Central Bank and the National SwedishDebt Office, and partly on internal requirements.

In certain cases, there are advantages to borrowing in currencies in which the Consortium cannot exposeitself to foreign exchange risks, c.f. page 18. In suchcases, the loans are translated through swaps toacceptable currencies so that there is no direct linkbetween the original loan currencies and theConsortium’s currency risk.

In 2003, the Consortium took out loans for almostDKK 5 billion, which are primarily used for paying offexisting loans. Loans to the value of NOK 4.2 billion(approx. DKK 3.9 billion) were raised. In addition, theConsortium took up loans in AUD for the first time(100 million corresponding to almost DKK 400 million).Both loans were translated to EUR or DKK.

A key element in the Consortium’s financial manage-ment is the objective of maintaining liquidity reservescorresponding to at least six months’ liquidityconsumption. This reduces the risk of borrowing attimes when general loan terms in capital markets areunattractive. The liquidity reserve also enables theConsortium to purchase its own loans in the market.This helps to ensure a certain minimum liquidity in theloans which, in general, stimulates investor interest inplacing funds in these securities.



The Consortium’s exposure to foreign exchange riskrelates to the fact that the loan portfolio is denomi-nated in currencies other than DKK and SEK. In thecalculation of the foreign exchange risk, allowancesare made for the employment of a range of financialinstruments (swaps and other derivatives) as part ofits financial management. At the end of the year, theConsortium’s portfolio contained EUR besides DKKand SEK.

Øresundsbro Konsortiet’s net borrowing in SEK in2003 was modest, totalling 1% of the net debt at year

end due to the low SEK rate combined with relativelyhigh Swedish interest rates, which made borrowingsin SEK disadvantageous. Following the No to the EMUin the Swedish referendum, SEK strengthened tem-porarily. However, by the end of the year, SEK hadonly risen by 1.6 % against DKK.

As the guarantors have decided that ØresundsbroKonsortiet may only have exposure in DKK, SEK andEUR, the CHF portfolio was terminated in 2003. Thistook place in April at a rate of approx. 5.00 againstDKK. The CHF loans were translated to EUR whoseinterest rate is approx. 2% higher than that for CHF.Over the long-term, the Consortium’s borrowing inCHF was clearly beneficial when interest savings andexchange fluctuations are both taken into considerati-on.

On the backdrop of the stable Danish fixed exchangerate policy, exposure in EUR is deemed not to presentany great risk. The proportion of EUR in the loan port-folio will, in the coming year, depend on the interestand exchange rate relations between EUR and DKK.

Foreign exchange risks

SEK0.6%

EUR63.4%

DKK36%

Debt portfolio’s currency distribution at 31.12.2003

Interest rate risks

Øresundsbro Konsortiet’s interest rate risk is activelymanaged through the use of swaps and other financialinstruments. For strategic reasons, the preference isto have a relatively large proportion of the loan port-folio bearing floating-rate interest. The explanation isthat the Consortium’s main source of revenue (roadtraffic) is particularly dependent on the business cyclewhere low economic growth typically results in lowtraffic growth and, therefore, unfavourable develop-ments in revenue. As economic downturns arenormally characterised by falling interest rates, thistype of risk can, to some extent, be offset by keepinga large proportion of the debt in floating-rate interestloans. Developments in 2003 provide an example ofhow this works in practice.

In addition, management of the interest rate risk isinfluenced by the expectations for short-term interestdevelopments. The historically low interest levels in2003 were used to convert part of the debt to fixedrate interest with a relatively long maturity (7–10years). The term of the Consortium’s debt is thusincreased from approx. 2 years to approx. 3 years.

For a number of years, the Consortium has sought tominimise the risk relating to its floating-rate debt byfixing the interest in a given interval (the so-calledcap/floor or collar structures). In 2003, it was notadvantageous to enter into such arrangements.However, the company purchased cap hedgings forapprox. 25% of the floating-rate debt. This means thatexpenses for this part of the debt can amount to nomore than 4% for the next five years.

As a consequence of the new accounting policies, theConsortium’s future annual results will be stronglyinfluenced by fluctuations in the so-called fair valueadjustment, which is mainly determined by develop-ments in general interest rate levels, c.f. AnnualReport 2002.

As described on page 21, there was a significant gainon the fair value adjustment for 2003, while 2002 sawa large loss. The fair value adjustment, however, hasno real impact on the project’s economy, including therepayment period. The management of the interestrate risk, therefore, aims at achieving the lowestpossible, longer-term interest expense before fair valueadjustment. Fluctuations in the fair value adjustmentitself are not part of the measurement parameters.

The Consortium expects 2004 to show a certainincrease in general interest rate levels. This, however,is only expected to impact marginally on the resultsbefore the 2004 fair value adjustment. A relativelylarge interest rate increase has been incorporated intothe Consortium’s long-term profitability calculations,c.f. page 23.


Debt portfolio’s interest rate apportionment 31.12.2003

Floating-rate interest Fixed rate

70%

60%

50%

40%

30%

20%

10%

0%

Floating-rate interest of which interest covered

Index/real rate of return


Credit risks

In connection with the placement of excess liquidity andin respect of swaps and other financial transactions, acredit risk arises on the counterpart. This risk ismanaged and continually monitored through a particu-lar line and limit system which sets out the principlesfor the calculation of these risks and sets the limits forthe acceptable risk in respect of each counterpart.The limit is based on the counterpart’s rating withMoody’s, Standard & Poor’s and Fitch/IBCA).

In addition, the company aims at reducing each indivi-dual risk through appropriate documentation for eachcontract. In this respect, specific agreements regar-

ding security (so-called CSA agreements) have beenentered into with a number of counterparts. It is theConsortium’s objective that such agreements shall beentered into with all financial counterparts.

The Consortium’s credit risks are concentrated oncounterparts with AAA or AA rating. New transactionsare only entered into with counterparts with at least anAA rating or – if a CSA agreement is in place – A1/A+rating. It is the Consortium’s view that the risk of creditlosses on financial counterparts remains to be slight.

Financing results

The Consortium’s financing results are given in furtherdetail in the table. In general, real interest expense for 2003 was lower than budgeted because of thecontinually falling short-term interest rates during theyear, whereas a certain rise in interest rates had beenforecast.

The exchange rate adjustment resulted in gains, whichcan be attributed to the fall in CHF from the end of2002 until the termination date in April 2003. This wasoffset by the fact that EUR and SEK strengthenedagainst DKK in 2003.

In addition, the financing results are affected by anitem in the presentation of the Annual Report, the fairvalue adjustment, which resulted in significant gains inthe income statement for 2003, compared to 2002

when it produced a substantial loss. The fair valueadjustment is a consequence of the new FinancialStatements Act which came into force in Denmark from2002. For Øresundsbro Konsortiet, the new regulationsmean that all loans and financial instruments areassessed at fair value and that all changes in the fairvalue within a period impact on the results for theperiod.

For more details about the fair value adjustment,please refer to the Annual Report for 2002.

Fluctuations in the fair value adjustment do not affectthe size of the actual interest and instalment paymentson the debt nor the repayment period. Consequently,the debt’s size and the real rate of return before fairvalue adjustment remain crucial financial parameters.


Financial key figures

End 2003 DKK % p.a.

Borrowing 2003 5.1 billion

Total gross funding (fair value) 23.6 billion

Net debt (fair value) 20.2 billion

Interest expense 780 million 3.82

Exchange rate adjustment +21 million -0.10

Fair value adjustment +342 million -1.68

Total net interest income and expense and similar items 417 million 2.04

Real rate of return 2003 (before fair value adjustment) 1.42

Real rate of return 1994-2003 (before fair value adjustment) 1.96


Jan. 03 Feb. 03 March 03 April 03 May 03 June 03 July 03 Aug. 03 Sep. 03 Oct. 03 Nov. 03 Dec. 03

Interest rate development in 2003

EUR 6 months EUR 5 years EUR 10 years

Interest rate5.0%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

Profitability

Øresundsbro Konsortiet’s debt will be repaid fromrevenue from the road and rail link.

With the updating of the calculation assumptions inthe autumn of 2003, certain changes were introducedcompared to the Annual Reports for 2001 and 2002.The traffic scenarios were updated on the basis of theexperiences of the past year and the further effectsfrom the fact that a large proportion of future years’traffic growth will be based on discounted prices (i.e.the average price per passage is falling) have beenincorporated. As a result of the uncertainties concer-ning future traffic development, the Consortium hasset out three possible scenarios for future trafficdevelopment. • Under the growth scenario, it is assumed that inte-

gration within the region will accelerate over thecoming years and the Danish and Swedish economieswill expand. Annual traffic growth is assumed to fallfrom 10% in 2005 to 3% in 2025.

• The middle scenario envisages a continuation of theregion’s current (positive) development alongsidemoderate growth in the national economies. Annualtraffic growth will fall from approx. 7% in 2005 to 2%in 2025.

• In the stagnation scenario, integration trends willdecline rapidly and economic growth will be low overthe coming years. Annual traffic growth will fall fromapprox. 4% in 2005 to 1% in 2025.

For all three scenarios, it is developments over thenext 10-20 years that are crucial for the ØresundBridge’s profitability because the interest burden willbe greatest during this period.

The reasons for the high growth in the initial years is a

general rise in traffic across Øresund and the dismant-ling of the barriers between Denmark and Sweden.The general traffic growth is a result of the technical,economic and demographic development aroundØresund and has historically exceeded traffic growthin Denmark and Sweden. Traffic across Øresundremains at an unnaturally low level as a result of thesebarriers, which is expected be lowered over the next15-25 years, resulting in traffic growth.

A long-term real rate of return of 4% per annum isdeemed realistic. In view of current interest ratelevels, the real rate of return assumption is fairly high,which is primarily due to the long time frame of thecalculations and the consequent uncertainties. For theyears until 2010, a lower real rate of return has beencalculated, which should be seen on the backdrop ofthe reduction in the interest rate risk mentioned in thesection on financing.

The Consortium thus expects the company’s debt tobe repaid approx. 35 years after the opening of theØresund Fixed Link. The main uncertainties in thecalculations relate to long-term traffic developmentand the real rate of return, c.f. table below. TheConsortium’s economy, including the repayment ofthe debt, is, however, relatively robust with regard tochanges to the assumptions. In the event of the lowgrowth scenario, the repayment period will increasesignificantly.

The Øresund Fixed Link’s landworks were constructedand financed by A/S Øresund (Denmark) and SVEDABAB (Sweden), Øresundsbro Konsortiet’s parent com-panies, which each hold a 50% stake in ØresundsbroKonsortiet. As revenue is generated almost exclusively



by Øresundsbro Konsortiet, the Consortium must paya dividend to the parent companies in order to ensurerepayment for the landworks.

The repayment period for the Consortium’s debtassumes a dividend payment in accordance with thegeneral guidelines in the Consortium Agreementbetween the two parent companies. The first dividendpayment is expected approx. 25 years after theopening of the fixed link.

As expected, Øresundsbro Konsortiet will produce aloss for the first operating years.

The size and timing of the dividend payments willdepend on the Consortium’s financial position.Changes to the calculation assumptions will, there-fore, also impact on the profitability of the parentcompanies. For more details on the repayment periodfor the landworks, please refer to the respectiveparent companies’ annual reports.

Repayment periods for Øresundsbro Konsortiet under the alternative assumptions for real rate of return and traffic scenarios (year from commissioning)

Traffic scenario Real rate of return

3.0 % 3.5 % 4.0 % 4.5 %

Growth 30 years 30 years 31 years 31 years

Middle 36 years 36 years 36 years 37 years

Stagnation 49 years 50 years 51 years 52 years

Statement by the Board of Management and Board of Directors

The Board of Management and Board of Directorshave today discussed and adopted the annual reportfor 2003 of Øresundsbro Konsortiet.

The annual report has been prepared in accordancewith the provisions applying to class D enterprisesunder the Danish Financial Statements Act and theconsortium agreement, as well as the requirements ofthe Copenhagen Stock Exchange’s financial reportingrequirements for listed companies. We consider theaccounting policies applied to be appropriate.Accordingly, the annual report gives a true and fair viewof the Consortium's assets, liabilities and financialposition at 31 December 2003 and of the results ofthe operations and cash flows of the Consortium forthe financial year 1 January - 31 December 2003.

We recommend that the annual report be approved atthe annual general meeting.

Copenhagen, 9 March 2004

Sven LandeliusChief Executive Officer


Board of Directors

Jens Kampmann Jörgen AnderssonChairman Vice-chairman

Göran Ahlström Bo Bylund

Hans Skov Christensen Ole P. Kristensen

Pernille Sams Ingemar Skogö


Bertil Forsslundh Henrik OtboAuktoriserad revisor Rigsrevisor

(Swedish Auditor General) (Danish Auditor General)

Mikael Eriksson Lars AndersenAuktoriserad revisor Statsautoriseret revisor

PricewaterhouseCoopers KPMG C. Jespersen(State Authorised Public Accountant) (State Authorised Public Accountant)

Auditors’ report

To the owners of Øresundsbro KonsortietWe audited the annual report of ØresundsbroKonsortiet for the financial year 1 January - 31December 2003.

The annual report is the responsibility of theCompany's Board of Management and Board ofDirectors. Our responsibility is to express an opinionon the annual report based on our audit.

Basis of opinionWe conducted our audit in accordance with internatio-nal auditing standards. Those standards require thatwe plan and perform the audit to obtain reasonableassurance that the annual report is free of materialmisstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosu-res in the annual report. An audit also includes asses-sing the accounting policies used and significant esti-mates made by the Board of Management and Boardof Directors, as well as evaluating the overall annualreport presentation. We believe that our audit provi-des a reasonable basis for our opinion.

Our audit did not result in any qualification.

OpinionIn our opinion, the annual report has been presentedin accordance with the accounting provisions of theconsortium agreement and gives a true and fair viewof the Consortium's assets and liabilities, and financialposition at 31 December 2003 and the results of theConsortium's operations and cash flows for the finan-cial year 1 January - 31 December 2003.

Emphasis of note (corresponding to information pur-suant to section 32, part 10 of the Swedish Act onLimited Companies)

As stated on page 24 of Management's review,Øresundsbro Konsortiet anticipates losses for thecoming years.

The Danish and Swedish governments secure the con-tinued operations of Øresundsbro Konsortiet as theyguarantee the commitments of ØresundsbroKonsortiet, cf. page 17 of Management's review.

Copenhagen, 9 March 2004

Financial highlights Financial highlights for the period 1 January 1999 to 31 December 2003


DKK millions 1999* 2000* 2001** 2002 2003

Revenue 0 561 894 957 1.007

Own work (14) (276) 0 0 0

Profit from ordinary activities 0 254 280 366 419

Interest income and expense and similar items before fair value adjustment (862) (896) (839) (822) (759)

Fair value adjustment 0 0 0 (553) 342

Profit/loss for the year 0 (110) (559) (1,009) 2

Balance sheet total 22,881 25,097 26,897 24,799 25,508

The Facility 17.960 19.412 19.099 18.787 18.514

Other fixed assets 694 651 92 100 85

Capital and reserves 50 (60) (607) (1,617) (1,615)

Credit institutions (short-term debt) 468 572 921 1.005 85

Bond loans and debt to credit institutions 20,938 23,229 23,675 22,070 23,233

Interest-bearing net debt excluding fair value adjustment - 19,442 19,452 19,709 20,069

Real interest rate before fair value adjustment 3,6 1,8 1,9 1,7 1,4

Profit before depreciation and interest income and expense and similar items in percentage of revenue - - 70,0 71,7 73,4

In the period 1999 until 30 June 2000, the Company had no activities. In this period, expenses were capitalised on the Facility as own work.‘) It has not been possible to restate the items of the income statement and balance sheet in accordance with the new accounting policies for 1999 and 2000.**) The balance sheet figures have been restated in accordance with the changed accounting policies.

Accounting policies

GeneralThe annual report of Øresundsbro Konsortiet for 2003has been prepared in accordance with the provisionsapplying to class D enterprises under the DanishFinancial Statements Act, Danish Accounting Standardsand the requirements of the Copenhagen StockExchange with regard to the financial reporting oflisted companies. The annual report has been preparedwith the adjustments necessitated by Swedishaccounting practice.

As a result of the implementation of the new DanishFinancial Statements Act which became effective on 1 January 2002, the accounting policies have beenchanged so that primary as well as derivative financialinstruments are measured at fair value and valueadjustments are recognised in the income statement.

For loans and derivative financial instrumentsdesignated to fix the interest rate on floating-rateassets and liabilities, the changes in accounting policiesrepresent an exemption from the main rule of theFinancial Statements Act. The exemption has beenmade with reference to section 11(3) of the Act.

In this way, it is possible to recognise fixed-rate andfloating-rate assets and liabilities symmetrically,including derivative financial instruments designatedas hedges of related interest risks. As result of thespecial nature of Øresundsbro Konsortiet, financialstrategy and internal financial management in relationto the financing of the bridge project are based onportfolio considerations regardless of whether theoriginal loan is a fixed-rate or floating-rate loan.

In the opinion of management, the application of themain rule in the Financial Statements Act would notgive a true and fair view of the financial results, assetsand liabilities, and financial position of ØresundsbroKonsortiet.

It is estimated that the application of the main rule inthe Financial Statements Act would have had a positiveeffect on the results for 2003 in the amount of DKK97 million, a positive effect on net liabilities in theamount of DKK 115 million, and a positive effect oncapital and reserves in the amount of DKK 18 millionat 1 January 2003.

All significant income and costs have been accrued.

The annual report is presented in DKK. All figures arealso presented in SEK translated at the foreignexchange rate of 82.02 at 31 December 2003 (80.75at 31 December 2002).

The amendments to the Danish accounting legislationlead to differences in results and capital and reservescompared to the Swedish accounting legislation.These differences are disclosed in note 17.

Income statementRevenue: Revenue comprises income from the roadlink and fees from the Danish National RailwaysAgency (Banestyrelsen) and the Swedish National RailAdministration (Banverket) for using the rail link. Thefee for using the rail link has been determined inaccordance with an inter-government agreementbetween Denmark and Sweden.

The calculation of revenue is based on the completedcontract method.

Other income comprises revenue from the use of fibreoptic and telephone cables on the Bridge.

Depreciation and amortisation: Road and rail facilitiesare depreciated on a straight-line basis over theirexpected useful lives. The facilities have been classi-fied according to their expected useful lives. Theclassification is based on the following principles:


The main part comprises the constructions which aredesigned with minimum expected useful lives of 100years. The depreciation period for these parts is 100years.

Mechanical installations, crash barriers and roadsurfaces are depreciated over 25 years.

Software and electric installations are depreciatedover 10 years.

Technical rail installations are depreciated over 25 years.

Other assets are depreciated and amortised as follows:

Rights are amortised over 20 years. This amortisationperiod has been chosen because the rights concernelectricity supplied to the technical rail installations.At 1 January 2002, the amortisation period waschanged from 30 years to 20 years.

Leasehold improvements are amortised over the leaseperiod of maximum 5 years.

Machinery, fixtures and fittings are depreciated over 5 years.

Administrative IT systems and programs are de-preciated over maximum 5 years.

Assets with an original cost of less than DKK 100thousand are recognised in the income statement inthe year of acquisition.

Interest income and expense and similar items:Interest income and expense and similar items includeinterest expense and income from loans and invest-ments.

Interest income and expense and similar items also in-clude realised and unrealised market gains and lossesin respect of securities, liabilities and transactionsdenominated in foreign currencies and revaluation offinancial assets and liabilities determined at fair value.

In the calculation of fair value, the expected future cashflows of all financial assets and liabilities are discounted.Interest solely includes the nominal interest rate as wellas income and expenses relating to forward exchangetransactions, whereas premiums and discounts arecomprised by the fair value adjustment.

In the construction period of The Øresund Fixed Linkuntil 30 June 2000, net interest expense and similaritems have been capitalised. The capitalisation ismade by transferring the net interest expense andsimilar items of the year from the income statementto the item Facility in the balance sheet.

Taxation: A/S Øresund and Svensk-DanskaBroförbindelsen SVEDAB AB are liable to tax on theprofit/loss of Øresundsbro Konsortiet.

Balance sheetRoad and rail link: During the construction period1992 until 30 June 2000, costs relating to theconstruction work have been capitalised based onagreements and contracts made.

Other direct or indirect costs, including administrativeexpenses of Øresundsbro Konsortiet, have beenrecognised in the income statement and have, basedon the objective of Øresundsbro Konsortiet during theconstruction period, been capitalised as the value ofown work and included in the Facility.

Correspondingly, net interest expense and similaritems during the construction period have been re-cognised in the income statement and capitalised as


construction loan interest which is included in theconstruction sum.

Significant non-recurring replacements concerningthe Link will be capitalised and depreciated over theexpected useful life. Ongoing maintenance work willbe expensed as incurred.

Financial assets and liabilities: Assets are recognisedin the balance sheet when future economic benefitsare likely to flow to the consortium and the value ofthe asset can be reliably measured.

Liabilities are recognised in the balance sheet wheneconomic benefits are likely to flow from the consor-tium and when the liabilities can be reliably measured.

Initial recognition of assets and liabilities is made atcost. Subsequently, assets and liabilities are measuredas described below for each individual item.

Financial assets and liabilities are measured at fair value.In this way, it is guaranteed that loans and derivativefinancial instruments are recognised symmetrically.

On initial recognition, transactions denominated inforeign currencies are translated at the exchangerates existing at the transaction date. Foreignexchange differences arising between the exchangerates at the transaction date and the date of paymentare recognised in the income statement underinterest income and expense and similar items.

Securities: Securities are recognised under currentassets are measured at fair value at the balance sheetdate. Holdings of own issued bonds are set off againstequivalent bond loans.

Trade receivables: Trade receivables compriseamounts owed by customers and balances with pay-

ment card companies. Receivables are measured onan individual basis, and necessary provisions are madefor bad debts.

Bond loans and bank loans: Bond loans and bank loansare recognised at cost (the net proceeds) at the dateat which they were raised after deduction of transac-tion costs incurred. Irrespective of the amount ofinterest rate hedging, all loans are measured at fairvalue, and the related value adjustments are re-cognised in the income statement when they occur.

Derivative financial instruments: Initial recognition ofderivative financial instruments is made in the balancesheet at cost, and subsequently they are measured atfair value. Positive and negative fair values of derivativefinancial instruments are included in other receivablesand payables, respectively. Value adjustments ofderivative financial instruments are recognised in theincome statement regardless of the purpose of thetransaction.

Receivables and payables denominated in foreigncurrencies: Receivables and payables and othermonetary items denominated in foreign currencies aretranslated at the foreign exchange rates existing atthe balance sheet date. The difference between therates at the balance sheet date and the exchangerates at the date at which the receivable or payablearose or was recognised in the latest financial state-ments is recognised in the income statement asinterest income and expense and similar items.

Cash flow statement: The cash flow statement hasbeen prepared in accordance with Danish AccountingStandard No. 11. The presentation has been adaptedto the Company's special activities. Cash flows fromoperating activities are set out in accordance with theindirect method. Net interest and similar expensesare included in cash flows from financing activities.



2003 2002 2003 2002

Note DKK DKK SEK SEK

Income

1 Revenue 1,007,362 957,431 1,228,191 1,185,672

Other operating income 13,225 11,515 16,124 14,261

Total income 1,020,587 968,946 1,244,315 1,199,933

Expenses

2 Other operating expenses -195,347 -203,600 -238,170 -252,137

3 Staff costs -86,129 -79,189 -105,010 -98,067

4, 5, 6 Depreciation and amortisation, property, plant and equipment and intangible assets -320,577 -320,284 -390,852 -396,636

Total expenses -602,053 -603,073 -734,032 -746,840

Profit from ordinary activities 418,534 365,873 510,283 453,093

Interest income and expense and similar items

7 Interest income and similar items 127,585 157,132 155,554 194,591

7 Interest expense and similar items -544,574 -1,532,620 -663,952 -1,897,981

Net interest income and expense and similar items -416,989 -1,375,488 -508,398 -1,703,390

11,17 Profit/loss for the year 1,545 -1,009,615 1,885 -1,250,297

Profit appropriationWe recommend that the profit be recognised in capital and reserves.

Income statement Annual report for the year ended 31 December 2003 (DKK’000/SEK’000)


Assets DKK DKK SEK SEK

Note 2003 2002 2003 2002

Fixed assets

Intangible assets

4 Rights 73,659 78,123 89,806 96,747

Total intangible assets 73,659 78,123 89,806 96,747

Property, plant and equipment

6 The Facility 18,513,964 18,786,994 22,572,499 23,265,627

5 Leasehold improvements 57 191 70 237

5 Machinery, fixtures and fittings, tools and equipment 10,365 22,036 12,638 27,289

Total property, plant and equipment 18,524,386 18,809,221 22,585,207 23,293,153

Total fixed assets 18,598,045 18,887,344 22,675,013 23,389,900

Current assets

Receivables

Trade receivables 92,234 38,956 112,451 48,243

16 Amounts owed by group enterprises 1,610 1,448 1,963 1,793

16 Amounts owed by owners 354 0 432 0

8, 12 Other receivables 3,350,025 3,151,824 4,084,400 3,903,188

Prepayments 9,300 9,826 11,339 12,168

Total receivables 3,453,523 3,202,054 4,210,585 3,965,392

9, 12 Cash at bank and in hand 3,456,895 2,709,441 4,214,698 3,355,344

Total current assets 6,910,418 5,911,495 8,425,283 7,320,736

17 Total assets 25,508,463 24,798,839 31,100,296 30,710,636

Balance sheetAnnual report for the year ended 31 December 2003 (DKK’000/SEK’000)


Equity and liabilities DKK DKK SEK SEK

Note 2003 2002 2003 2002

11 Total capital and reserves -1,615,441 -1,616,986 -1,969,570 -2,002,460

Long-term liabilities

12,13,14 Bond loans and debt to credit institutions 18,168,234 19,834,472 22,150,980 24,562,813

Total long-term liabilities 18,168,234 19,834,472 22,150,980 24,562,813

Short-term liabilities

12,13,14 Short-term portion of long-term liabilities 5,064,840 2,236,093 6,175,128 2,769,156

12 Credit institutions 84,603 1,005,612 103,149 1,245,340

Trade payables 42,417 46,752 51,716 57,897

16 Amounts owed to group enterprises 247 0 301 0

16 Amounts owed to owners 764 660 932 817

10,12 Other payables 3,745,264 3,275,667 4,566,281 4,056,554

Deferred income 17,535 16,569 21,379 20,519

Total short-term liabilities 8,955,670 6,581,353 10,918,886 8,150,283

Total liabilities 27,123,904 26,415,825 33,069,866 32,713,096

17 Total equity and liabilities 25,508,463 24,798,839 31,100,296 30,710,636

15 Contingent liabilities and security


2003 2002 2003 2002

DKK DKK SEK SEK

Cash flows from operating activities

Revenue 1,007,362 957,431 1,228,191 1,185,672

Staff costs -86,129 -79,189 -105,010 -98,067

Other operating expenses -195,347 -203,600 -238,170 -252,137

Other operating income 13,225 11,515 16,124 14,261

Receivables and prepayments -49,272 -182,941 -60,073 -226,552

Payables and other liabilities -13,893 431,541 -16,939 534,416

675,946 934,757 824,123 1,157,593

Adjustments for non-cash items

Other adjustments -60 0 -73 0

Total cash flows from operating activities 675,886 934,757 824,050 1,157,593

Cash flows from investing activities

Net acquisitions/disposals of fixed assets -32,744 -16,568 -39,922 -20,518

Total cash flows from investing activities -32,744 -16,568 -39,922 -20,518

Cash flows from financing activities

Securities, net 0 1,155,819 0 1,431,355

Raising of loans 5,141,777 1,018,100 6,268,931 1,260,805

Reduction of liabilities -4,433,138 -2,774,161 -5,404,948 -3,435,493

Net financing expenses -634,434 -631,161 -773,511 -781,624

Total cash flows from financing activities 74,205 -1,231,403 90,472 -1,524,957

Change for the year in cash and cash equivalents 717,347 -313,214 874,600 -387,882

Cash and cash equivalents at 1 January 2,709,441 3,022,655 3,355,345 3,783,521

Appreciation of discount commercial papers 34,723 0 42,335 0

Exchange rate adjustment -4,616 0 -5,629 0

Exchange rate adjustment, SEK, at 1 January 0 0 -51,953 -40,295

Cash and cash equivalents at 31 December 3,456,895 2,709,441 4,214,698 3,355,344

Cash flows from operating and financing activities in 2003 cannot be directly compared to those of 2002, as accruals of interest etc. for interest income and expense and similar items in 2002 and previously were stated under operating activities, but as of 2003 and ahead stated under finansing activities.

The cash flow statement cannot be derived from the financial statements alone.

Cash flow statement(DKK’000/SEK’000)


Note 1 Revenue 2003 2002 2003 2002

DKK DKK SEK SEK

Income from the road link 597,524 555,768 728,510 688,257

Income from the railway link 403,396 393,102 491,827 486,813

Other income 6,442 8,561 7,855 10,602

1,007,362 957,431 1,228,192 1,185,672

Note 2 Other operating expenses Audit Other Audit Other

DKK DKK SEK SEK

Auditors' fees are specified as follows:

Danish Auditor General 68 0 83 0

Swedish Auditor General 63 0 77 0

PricewaterhouseCoopers 962 404 1,173 493

KPMG C. Jespersen 845 816 1,030 995

1,938 1,220 2,363 1,488

Notes(DKK’000/SEK’000)


Note 3 Staff costs 2003 2002 2003 2002

DKK DKK SEK SEK

Staff costs are specified as follows:

Wages and salaries, remuneration and emoluments 65,452 60,126 79,800 74,459

Pension contributions 6,332 5,511 7,720 6,825

Social security costs 11,509 10,633 14,032 13,168

Other staff costs 2,836 2,919 3,458 3,615

Total 86,129 79,189 105,010 98,067

Remuneration to the Board of Management amounts to DKK 1,642 / SEK 2,002 (2002: DKK 1,524 / SEK 1,887). Emoluments to the Board of Directors amount to DKK 1,031/ SEK 1,257 (2002: DKK 1,031 / SEK 1,278)In 2003, the average number of employees was 167 (2002: 158).At year end, the number of employees was 170 (2002: 163). The employees count 90 women (2002: 87) and 80 men (2002: 76).

Note 4 Intangible assets Rights Rights

DKK SEK

Cost

Balance at 1 January 2003 86,934 107,658

Exchange rate adjustment at 1 January 0 -1,667

Balance at 31 December 2003 86,934 105,991

Amortisation

Balance at 1 January 2003 8,811 10,911

Foreign exchange adjustment at 1 January 0 -169

Amortisation for the year 4,464 5,443

Balance at 31 December 2003 13,275 16,185

Carrying amount at 31 December 2003 73,659 89,806

Carrying amount at 31 December 2002 78,123 96,747


Machinery, Machinery,fixtures and fixtures and

fittings, Leasehold fittings, Leaseholdtools and improve- tools and improve-

Note 5 Machinery, fixtures and fittings, tools and equipment equipment ments etc. equipment ments etc.

DKK DKK SEK SEK

Cost

Balance at 1 January 2003 62,983 7,496 77,997 9,282

Foreign exchange rate adjustment at 1 January 0 0 -1,209 -144

Adjustment at 1 January -31,336 -4,076 -38,205 -4,970

Transferred to the Facility -8,624 0 -10,515 0

Additions during the year 7,023 0 8,563 0

Disposals during the year -7,712 -299 -9,403 -365

Balance at 31 December 2003 22,334 3,121 27,228 3,803

Depreciation

Balance at 1 January 2003 40,947 7,305 50,708 9,045

Foreign exchange rate adjustment at 1 January 0 0 -788 -140

Adjustment at 1 January -31,336 -4,076 -38,205 -4,970

Depreciation for the year 3,335 134 4,066 163

Disposals during the year -977 -299 -1,191 -365

Balance at 31 December 2003 11,969 3,064 14,590 3,733

Carrying amount at 31 December 2003 10,365 57 12,638 70

Carrying amount at 31 December 2002 22,036 191 27,289 237


Directly Financingcapitalised expenses

Note 6 The Facility costs (net) Total

DKK

Cost at 1 January 17,416,277 2,146,479 19,562,756

Transferred from machinery, fixtures and fittings, tools and equipment 8,624 0 8,624

Additions during the year 30,990 0 30,990

Cost at 31 December 17,455,891 2,146,479 19,602,370

Depreciation at 1 January 701,278 74,484 775,762

Depreciation for the year 280,777 31,867 312,644

Depreciation at 31 December 982,055 106,351 1,088,406

Balance at 31 December 16,473,836 2,040,128 18,513,964

SEK

Cost at 1 January 21,568,147 2,658,176 24,226,323

Foreign exchange rate adjustment at 1 January -333,962 -41,159 -375,121

Transferred from machinery, fixtures and fittings, tools and equipment 10,515 0 10,515

Additions during the year 37,783 0 37,783

Cost at 31 December 21,282,483 2,617,017 23,899,500

Depreciation at 1 January 868,456 92,240 960,696

Foreign exchange rate adjustment at 1 January -13,447 -1,428 -14,875

Depreciation for the year 342,327 38,853 381,180

Depreciation at 31 December 1,197,336 129,665 1,327,001

Balance at 31 December 20,085,147 2,487,352 22,572,499


Note 7 Interest income and expense and similar items 2003 2002 2003 2002

DKK DKK SEK SEK

Interest income and similar items

Interest income, securities, banks etc. 88,247 113,523 107,593 140,585

Foreign exchange gains, securities, banks etc. 4,615 3,157 5,627 3,910

Fair value adjustment, assets 34,723 40,452 42,334 50,096

Total interest income and similar items 127,585 157,132 155,554 194,591

Interest expense and similar items

Interest expense, loans -983,217 -999,627 -1,198,753 -1,237,929

Interest income, financial instruments to hedge loans 115,156 128,696 140,401 159,375

Foreign exchange gain, loan 1,108,469 772,251 1,351,462 956,348

Foreign exchange loss, financial instruments to hedge loans -1,092,103 -840,391 -1,331,508 -1,040,731

Fair value adjustment, loans 221,116 -635,551 269,588 -787,059

Fair value adjustment, financial instruments to hedge loans 86,005 42,002 104,858 52,015

Total interest expense and similar items -544,574 -1,532,620 -663,952 -1,897,981

Net interest income and expense and similar items -416,989 -1,375,488 -508,398 -1,703,390


Note 8 Other receivables 2003 2002 2003 2002

DKK DKK SEK SEK

Other receivables are specified as follows:

Value, swap, assets 2,702,442 2,574,956 3,294,858 3,188,800

Interest, swap 400,946 343,001 488,839 424,769

Currency options, assets 194,488 225,546 237,122 279,314

Interest options, assets 46,911 5,032 57,195 6,232

Interest, placements 3,842 2,934 4,684 3,633

Financial receivables 3,348,629 3,151,469 4,082,698 3,902,748

Other receivables 1,396 355 1,702 440

Total other receivables 3,350,024 3,151,824 4,084,400 3,903,188

Note 9 Cash at bank and in hand

Cash at bank and in hand includes commercial papers amounting to a total of DKK 2,495,191 / SEK 3,042,173

(2002: DKK 740,793/SEK 917,391).


Note 10 Other payables 2003 2002 2003 2002

DKK DKK SEK SEK

Other payables are specified as follows:

Value, swap, equity and liabilities 2,822,515 2,377,796 3,441,252 2,944,639

Interest payable on loans 281,309 221,918 342,976 274,821

Interest payable, swap 297,745 305,722 363,016 378,603

Currency options and swaptions, equity and liabilities 197,773 241,573 241,127 299,162

Interest options, equity and liabilities 50,961 42,754 62,132 52,947

Forward exchange transactions, equity and liabilities 50,547 38,708 61,628 47,935

Total financial payables 3,700,850 3,228,471 4,512,131 3,998,107

Other payables 44,414 47,196 54,150 58,447

Total other payables 3,745,264 3,275,667 4,566,281 4,056,554

Note 11 Capital and reserves DKK SEKConsortium Retained Total capital Total capital

capital earnings and reserves and reserves

Balance at 1 January 50,000 -1,666,986 -1,616,986 -2,002,460

Foreign exchange rate adjustment at 1 January 0 0 0 31,006

Profit for the year 0 1,545 1,545 1,884

Balance at 31 December 50,000 -1,665,441 -1,615,441 -1,969,570

A/S Øresund, registration no. 203167, registered office in Copenhagen, Denmark, owns 50 per cent of the consortium capital, and Svensk-Danska Broförbindelsen SVEDAB AB, registration no. 556432-9083, registered office in Malmö,


Note 12 Net liabilities

At 31 December 2003, the net liabilities of Øresundsbro Konsortiet amount to DKK 20,213,004 / SEK 24,643,993

and are divided into the following currencies:

Bond loans Creditand debt to Interest institutions

Currency credit institutions payable, loans (short-term)

GBP 0-12 months 0 0 -2

Over 12 months -3,868,877 -20,964 0

DKK 0-12 months 0 -714 -65,116

Over 12 months -1,232,528 -8,978 0

EUR 0-12 months -434,671 -16,520 -19,483

Over 12 months -1,472,669 -10,506 0

JPY 0-12 months -567,045 0 0

Over 12 months -1,341,437 17,555 0

NOK 0-12 months -1,356,193 -27,585 0

Over 12 months -3,908,884 -90,472 0

AUD Over 12 months -437,719 -3,423 0

CHF 0-12 months 0 0 0

Over 12 months 0 0 0

SEK 0-12 months -2,111,211 -36,806 -2

Over 12months -5,564,504 -82,199 0

USD 0-12months -595,720 -280 0

Over 12 months -341,616 -417 0

0-12 months -5,064,840 -81,905 -84,603

Over 12 months -18,168,234 -199,404 0

Total currency -23,233,074 -281,309 -84,603

Included in the following items:

Other receivables

Other payables -281,309

Total -281,309

The net liabilities cannot be derived from the financial statements alone.


ForwardValue swap Other financial Cash at bank Other financial exchange

agreements receivables and in hand payables transactions etc. Net liabilities SEK

1,056,824 7,254 1 0 0 1,064,076 1,297,337

2,864,700 37,159 0 -23,449 0 -1,011,430 -1,233,150

-2,350,081 842 164,522 -9,546 -722,508 -2,982,600 -3,636,430

-3,160,372 22,467 0 -65,757 0 -4,445,168 -5,419,615

-2,028,508 26,122 3,202,525 -43,514 -2,878,530 -2,192,580 -2,673,226

-9,051,168 77,025 0 -176,729 0 -10,634,047 -12,965,188

567,045 378 36 378 122,466 123,257 150,277

1,220,954 14,149 0 -29,725 0 -118,505 -144,483

1,361,114 22,664 4 0 0 4 5

3,908,828 90,468 0 0 0 -60 -73

437,719 3,423 0 0 0 0 0

-387,511 84 459 -9,363 709,586 313,257 381,927

-329,502 3,009 0 -13,347 0 -339,840 -414,338

1,840,748 63,277 89,259 -5,066 2,420,669 2,260,869 2,756,485

3,267,219 126,416 0 -19,667 0 -2,272,735 -2,770,952

-185,987 1,601 89 -1,424 297,770 -483,952 -590,041

847,906 149,849 0 -149,271 0 506,451 617,472

-126,357 122,221 3,456,895 -68,534 -50,547 -1,897,669 -2,313,666

6,284 523,966 0 -477,945 0 -18,315,334 -22,330,327

-120,073 646,187 3,456,895 -546,479 -50,547 -20,213,003 -24,643,993

2,702,442 646,187 0 3,348,629 4,082,698

-2,822,515 -546,479 -50,547 -3,700,850 -4,512,131

-120,073 646,187 -546,479 -50,547 -352,221 -429,433


Note 13 Liabilities, loans 2003 2002 2003 2002

DKK DKK SEK SEK

Bond loans and debt to credit institutions -23,233,074 -22,070,565 -28,326,108 -27,331,969

Interest payable, loans -281,309 -221,918 -342,976 -274,821

Total liabilities, loans -23,514,383 -22,292,483 -28,669,084 -27,606,790

Nominal value -22,924,709 -21,530,147 -27,950,145 -26,662,720

Long-term liabilities falling due more than five years from the end of the financial year (carrying amount) 5,856,518 9,212,917 7,140,354 11,409,185


Note 14 Liabilities, loans divided into fixed and floating-rate interest

Actual interest rate 2003 2003Loan Maturity Fixed/Floating-rate % DKK SEK

AUD 2008 Fixed 5,85 -441,142 -537,847

DKK 2005 Fixed 5,89 -668,373 -814,890

DKK 2020 Fixed 6,25 -573,133 -698,773

EUR 2004 Fixed 6,35 -390,847 -476,526

EUR 2006 Fixed 0,47 -130,591 -159,219

EUR 2006 Floating-rate 2,30 -343,927 -419,321

EUR 2014 Fixed 3,60 -1,069,644 -1,304,126

GBP 2009 Floating-rate 3,84 -494,733 -603,186



GBP 2025 Floating-rate 3,79 -2,197,145 -2,678,792

JPY 2004 Fixed 4,40 -567,045 -691,350

JPY 2009 Fixed 2,05 -58,823 -71,717

JPY 2011 Fixed 4,95 -131,961 -160,889

JPY 2013 Fixed 6,18 -110,615 -134,863

JPY 2014 Fixed 5,61 -69,753 -85,044

JPY 2016 Fixed 2,80 -118,056 -143,936

JPY 2018 Fixed 6,78 -195,443 -238,287

JPY 2019 Fixed 3,46 -607,863 -741,116

JPY 2023 Fixed 27,58 -36,170 -44,099

JPY 2033 Fixed 18,70 4,802 5,854

NOK 2004 Fixed 5,99 -1,383,777 -1,687,122

NOK 2008 Fixed 6,59 -198,609 -242,147

NOK 2009 Fixed 4,98 -186,468 -227,344

NOK 2013 Fixed 5,39 -1,887,402 -2,301,148

NOK 2018 Fixed 5,02 -1,726,877 -2,105,435

SEK 2004 Fixed 6,06 -2,373,479 -2,893,781

SEK 2005 Fixed 11,48 -705,782 -860,499

SEK 2006 Fixed 5,56 -431,549 -526,152

SEK 2007 Fixed 5,03 -1,112,921 -1,356,890

SEK 2008 Fixed 5,40 -1,316,906 -1,605,591

SEK 2009 Fixed 6,06 -909,174 -1,108,478

SEK 2015 Fixed 3,50 -944,905 -1,152,042

USD 2004 Floating-rate 0,99 -595,999 -726,651

USD 2005 Floating-rate 1,38 -306,821 -374,080

USD 2010 Fixed 7,94 -45,127 -55,019

USD 2011 Fixed 0,00 -34,475 -42,032

USD 2011 Floating-rate 1,25 49,094 59,856

USD 2018 Fixed 8,29 -4,707 -5,738

Actual interest rate on the portfolio:

excl. fair value and foreign exchange adjustment 3,81%

incl. fair value and foreign exchange adjustment 2,05%

Liabilities, loans Fixed -18,426,814 -22,466,245

Liabilities, loans Floating-rate -5,087,569 -6,202,839

Total liabilities, loans -23,514,383 -28,669,084

Liabilities, loans, include interest payable on loans.


Note 15 Contingent liabilities and security

The Company's contingent liabilities comprise operating and maintenance contracts expiring on 31 December 2005 at the latest. These contracts total DKK 30,731 / SEK 37,468. At 31 December 2003, the work under the contracts amounted to DKK 24,366 / SEK 29,707.

Forward exchange transactions have been made to hedge financial transactions corresponding to DKK 2,327,608/SEK 2,837,855 valued at the forward rate. Foreign exchange rate adjustments made at the rate ruling at thebalance sheet date are recognised in the income statement.

In addition, foreign exchange option contract has been made to the effect that the Company is to supplySEK 850,000 against receipt of EUR 100,000. The option expires in September 2004.SEK 400,000 against receipt of DKK 334,000. The option expires in March 2004.

The Company has not provided collateral security.


Note 16 Related parties

Companies and institu- Year- Year-tions owned end endby the Registered Pricing Pricing balance balanceDanish State office Affiliation Transactions Revenue DKK SEK DKK SEK

Sund & Bælt Copenhagen 100% ownership of A/S Øresund. Purchase/sale 3,457 4,215 Cost 1,244 1,517Holding A/S Partly common board members. of consultancy

Common CFO services

A/S Storebælt Copenhagen Group enterprise. Partly Purchase/sale 6,290 7,669 Cost -247 -301common board members of consultancy

services

A/S Øresund Copenhagen 50% ownership of Øresundsbro Purchase/sale 4,265 5,200 Cost 354 432Konsortiet. Partly common of consultancyboard members services

Banestyrelsen Copenhagen Owned by the Danish State Payment for 201,698 245,913 Govern- 21,010 25,616use of the mentrailway link agreement

Sund & Bælt Copenhagen Group enterprise. Partly Purchase/sale 1,243 1,515 Cost 366 446Partner A/S common board members. of consultancy

services

Companies and institutions owned by theSwedish State

Svensk- Malmø 50% ownership. Partly Operation and 230 280 Cost -764 -932Danska common board members maintenance ofBroförbind- railway inelsen LernackenSVEDAB AB

Banverket Borlänge Owned by the Swedish State Payment for the 204,878 249,790 Govern- 20,995 25,597use of the railway ment link. Lease of agreementcapacity in optic fibre cables


Note 17 Annual report prepared in accordance with the Swedish accounting legislation

The annual report of Øresundsbro Konsortiet has been prepared in accordance with the provisions of the DanishFinancial Statements Act. If the annual report is prepared in accordance with the Swedish accounting legislation,the effect on the income statement and balance sheet will be as follows:

Annual report Annual report Annual report Annual reportRestatement prepared prepared prepared prepared

According according according according according according to the annual to Swedish to Swedish to Swedish to Swedish to Swedish

report practice practice practice practice practice2003 2003 2003 2002 2003 2002

(DKK'000/SEK'000) DKK DKK DKK DKK SEK SEK

Income statement

Profit from ordinary activities 418,534 0 418,534 365,873 510,283 453,093

Interest income and expense and similar items, net -416,989 -499,161 -916,150 -803,064 -1,116,984 -994,507

Profit/loss for the year 1,545 -499,161 -497,616 -437,191 -606,701 -541,414

Balance sheet at 31 December 2003

Assets

Fixed assets 18,598,046 783,512 19,381,558 19,531,879 23,630,283 24,188,085

Current assets 6,910,418 -2,726,925 4,183,493 3,292,303 5,100,575 4,077,156

Total assets 25,508,463 -1,943,413 23,565,050 22,824,182 28,730,858 28,265,241

Equity and liabilities

Capital and reserves 1,615,441 -44,845 1,570,596 -1,072,980 1,914,894 -1,328,768

Liabilities -27,123,904 1,988,258 -25,135,646 23,897,162 -30,645,752 29,594,009

Total equity and liabilities -25,508,463 1,943,413 -23,562,532 22,824,182 -28,730,858 28,265,241

Board of Directors

Jens Kampmann, ChairmanManaging Director, Invest Miljø A/S. Chairman of Sund &Bælt Holding A/S, Paustian Holding A/S, De Smithske A/Sand AI-Gruppen A/S. Deputy Chairman of J&B Bygge-produktion. Board member of V. Fehr & Co Holding A/Sand Group 4 Falck A/S.

Jörgen Andersson, Deputy ChairmanDirector General, Näringsdepartementet.Chairman of SVEDAB AB.

Göran AhlströmBoard member of SVEDAB AB, Fastighets AB Tornet,Transcom Worldwide SA and Sydkraft AB.

Bo Bylund Director General, Banverket. Chairman of Botniabanan AB and EIM (European RailInfrastructure Managers).Board member of SVEDAB AB, Banverket, UIC (UnionInternationale des Chemin de Fer) and Stängselnämnden.

Hans Skov ChristensenManaging Director, Dansk Industri. Chairman of Kristeligt Dagblad A/S and BaneDanmark.Deputy Chairman of Sund & Bælt Holding A/S andIndustripension Holding A/S.Board member of A/S Kjøbenhavns Sommer-Tivoli.

Ole Preben KristensenDirector, Plantedirektoratet.Board member of Sund & Bælt Holding A/S and AarhusStiftsbogtrykkeriets Fond.

Pernille SamsDirector and board member of Pernille SamsEjendomsmæglerfirma ApS.Board member of Sund & Bælt Holding A/S, A/S Storebæltand A/S Øresund.

Ingemar Skogö Director General, Vägverket.Chairman of Jenser Technology AB and Max-lab.Board member of SVEDAB AB, Vägverket and Dala AirportAB.

Board of Management

Sven Landelius Chief Executive Officer. Chairman of Malmö Högskola. Boardmember of Handelsbanken, Regionbanken SödraSverige.

Jacob Vestergaard, Commercial Director

Helle Bech, Deputy Director, Economy & Support

Kaj V. Holm, Deputy Director, Finance

Leif J. Vincentsen, Deputy Director, Production

Göran Ohlson, General Counsel

Øresundsbro Konsortiet 2003, March 2004Concept and layout: Propaganda McCannPrint: Clichéfa Grafisk ISSN 1395-3389

Øresundsbro Konsortiet, Vester Søgade 10, DK-1601 Copenhagen V, Denmark. Tel +45 33 41 60 00. Fax +45 33 41 61 02.Øresundsbro Konsortiet, Kalkbrottsgatan 141, Box 4278, SE-203 14 Malmö, Sweden. Tel +46 (0) 40 676 60 00. Fax +46 (0) 40 676 65 80.

[email protected] www.oeresundsbron.com

Documents

09054 †rsrapport 2003 GB A4 report 2003.pdf · live in Sweden and work in Denmark. There are no clear statistics of the number of people who commute from Denmark to Sweden, but