Transportudvalget 2014-15 (1. samling)
TRU Alm.del Bilag 74
Offentligt
Bilag 1 – 3
En Evaluering af
Projektøkonomien
For
Etableringen af En fast forbindelse over Femern
Bælt
mellem
Rødby og Puttgarten
LR Consulting
November 2014
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Feasibility study
Femern Belt Crosssing
Financial Calculations
Alternative 1
Femern Belt Crosssing
Rødby - Puttgarten
November 2014
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Femern Belt Crosssing
Assumptions
Operating values
Base price year
Inflation rate
% per year
VAT rate for Femern tunnel operations
Financing
Required minimum return on invested public capital
for operations in fixed prices
% p.a.
Subsidies from EU
Project management and preparation
Construction costs tunnel structure
Construction period
first year of construction
years of construction
first year of operation
Actual traffic on Femern crossing
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
Actual Rail transit traffic Great Belt
passenger trains
Operating costs
Staff and general costs
Maintenance
first 20 years
next 20 years
3,5
%
50
20
%
mill DKK
Traffic growth Femern Crossing from 2013
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
rail load traffic transferred from Great Belt Crossing
rail passenger traffic trains
Tariffs and market share
Existing
Scandlines tariff
% per year
Traffic jump 1. year of operation
0,0
0,0
2,2
1,8
0,0
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
rail load traffic
rail passenger traffic trains
%
0
0
0
0
0
2014
0
15,2
Project tariff
incl VAT**
Project tariff
excl VAT
Scandlines
market share
2015
6,5
2022
2013
538
1.000
389
6.000
3.500
Tariffs
single trip
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
truckloads per tons***
fee for rail train of 530 tons ****
rail traffic
tons
*
Ferry operations are exempted from VAT in EU
*** assumed load per truck 16 tons
no VAT*
150
550
1.800
113
150
550
1.800
113
25.000
47
130
477
1.800
113
25.000
47
%
80
20
40
0
0
** Tunnel operations are assumed to include a 15,2 % VAT in the tariff
**** analyse af jernbanebetaling maj 2003 med tillæg på 170 %
Traffic forecast tunnel project
1000 units
1000 units
1000 units
1000 tons
units
2022
1000 units
2032
1000 units
2042
1000 units
2052
1000 units
2061
1000 units
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
transferred rail traffic Great Belt
passenger trains
Selected financial results
108
800
284
7.045
units
108
800
338
8.421
units
108
800
338
10.066
units
108
800
338
12.031
units
108
800
338
14.127
units
3.500
2022
mill DKK
3.500
2032
mill DKK
3.500
2042
mill DKK
3.500
2052
mill DKK
3.500
2061
mill DKK
200
mill kr
Danish Government Credit Guarantee
0,8
1,5
% of investment costs
% of investment costs
43.476
-27.540
-25.533
-24.001
-22.916
-20.939
52.082
mill DKK
mill DKK
mill DKK
mill DKK
mill DKK
63.310
IRR
IRR
82.147
30 years
40 years
104.629
-0,04
-0,02
%
%
NPV at %
NPV at %
NPV at %
NPV at %
NPV at %
3,5
3,5
3,5
3,5
3,5
30 years
40 years
50 years
60 years
100 years
IRR
100 years
%
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Feasibility study
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Distribution of investment costs over investment period
2016
2017
2018
2019
2020
%
Project management and preparations
Construction costs tunnel structure
Construction costs connection parts Denmark
Construction costs connection parts Germany
Various
Reserves
Total
EU
subsidies
mill DKK
mill DKK
mill DKK
2021
Total
16
16
16
16
16
20
100
Project management and preparations
Construction costs tunnel structure
Construction costs connection parts Denmark
Construction costs connection parts Germany
New rail bridge Storstrømmen
Reserves price adjustments 2008 to 2013
Total construction costs
Total subsidies from EU
Net project costs
5.400
30.500
9.000
4.800
49.700
11.560
38.140
2.700
6.100
1.800
0
0
960
Net investments carried by the project
Accumulated net investment costs
Interest costs during construction
Accumulated interest costs during construction
Accumulated residual investment costs and interest cost during construction
6.102
6.102
214
214
6.316
6.102
12.205
427
641
12.846
6.102
18.307
641
1.282
19.589
6.102
24.410
854
2.136
26.545
6.102
30.512
1.068
3.204
33.716
7.628
38.140
1.335
4.539
42.679
38.140
4.539
42.679
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Actual traffic
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
2013
1000 units
growth
per
year
1000 units
538
1.000
473
538
1.000
484
538
1.000
494
538
1.000
505
538
1.000
516
1000 tons
7.566
units
3.500
538
1.000
528
538
1.000
539
538
1.000
551
538
1.000
563
***
8.126
538
1.000
563
538
1.000
389
1000 tons
%
0,0
0,0
2,2
transferred rail loads Great Belt **
** based on transit traffic Great belt crossing 2013
6.000
units
1,8
7.045
7.172
7.301
7.432
7.702
7.841
7.982
8.272
passenger trains existing operations
3.500
0,0
3.500
3.500
3.500
3.500
3.500
3.500
3.500
***
3.500
3.500
traffic growth stopped in 2030
Income from crossings for tunnel project
2022
Scandline
share %
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Tariff per unit/tons
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
Total income passenger cars and trucks
transf. rail loads from Great Belt per ton
passenger trains existing operations
total income rail transfers
kr
130
477
1.800
80
20
40
14
382
511
907
14
382
522
918
338
30
368
14
382
534
930
344
30
374
14
382
545
941
351
30
380
14
382
557
953
357
30
387
14
382
570
966
363
30
393
14
382
582
978
370
30
400
14
382
595
991
377
30
406
14
382
608
1.004
383
30
413
14
382
608
1.004
390
30
420
47
8.500
0
0
332
30
362
Total estimated income
1.269
1.286
1.304
1.322
1.340
1.359
1.378
1.397
1.417
1.424
FS Femern belt connection ver 3.5 alt 1
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
1000 tons
9.044
units
3.500
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
transferred rail loads Great Belt **
8.421
8.572
8.727
8.884
9.207
9.372
9.541
9.713
9.888
passenger trains existing operations
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2032
2033
2034
2035
2036
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
382
608
1.004
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
397
30
427
14
382
608
1.004
404
30
434
14
382
608
1.004
412
30
441
14
382
608
1.004
419
30
449
14
382
608
1.004
427
30
456
14
382
608
1.004
434
30
464
14
382
608
1.004
442
30
472
14
382
608
1.004
450
30
480
14
382
608
1.004
458
30
488
14
382
608
1.004
466
30
496
2037
2038
2039
2040
2041
Total estimated income
1.431
1.438
1.445
1.453
1.460
1.468
1.476
1.484
1.492
1.500
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
1000 tons
10810
units
3500
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
transferred rail loads Great Belt **
10.066
10247
10431
10619
11005
11203
11404
11610
11819
passenger trains existing operations
3.500
3500
3500
3500
3500
3500
3500
3500
3500
Income from crossings for tunnel project
2042
2043
2044
2045
2046
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
382
608
1004
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
475
30
505
14
382
608
1004
483
30
513
14
382
608
1004
492
30
522
14
382
608
1004
501
30
531
14
382
608
1004
510
30
540
14
382
608
1004
519
30
549
14
382
608
1004
528
30
558
14
382
608
1004
538
30
568
14
382
608
1004
548
30
577
14
382
608
1004
557
30
587
2047
2048
2049
2050
2051
Total estimated income
1509
1517
1526
1535
1544
1553
1562
1572
1581
1591
FS Femern belt connection ver 3.5 alt 1
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
1000 tons
12.921
units
3.500
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
538
1.000
563
transferred rail loads Great Belt **
12.031
12.248
12.468
12.693
13.154
13.391
13.632
13.877
14.127
passenger trains existing operations
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2052
2053
2054
2055
2056
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
382
608
1.004
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
568
30
597
14
382
608
1.004
578
30
607
14
382
608
1.004
588
30
618
14
382
608
1.004
599
30
628
14
382
608
1.004
609
30
639
14
382
608
1.004
620
30
650
14
382
608
1.004
632
30
661
14
382
608
1.004
643
30
673
14
382
608
1.004
655
30
684
14
382
608
1.004
666
30
696
2057
2058
2059
2060
2061
Total estimated income
1.601
1.612
1.622
1.633
1.643
1.654
1.665
1.677
1.688
1.700
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Operational and maintenence costs
2022
2023
2024
2025
2026
mill DKK
Operation and management
200
200
200
200
200
200
200
200
200
200
2027
2028
2029
2030
2031
Operation and management
200
200
200
200
200
200
200
200
200
200
Fixed costs
Maintenence cost as percentage of investment
2022
0,8
2023
0,8
2024
0,8
2025
0,8
2026
0,8
mill DKK
2027
0,8
2028
0,8
2029
0,8
2030
0,8
2031
0,8
Maintenance
373
373
373
373
373
373
373
373
373
373
Total maintenence costs
373
373
373
373
373
373
373
373
373
373
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Credit
1.494
1.522
1.550
1.579
1.608
1.637
1.667
1.697
1.728
1.758
Total interest costs
1.494
1.522
1.550
1.579
1.608
1.637
1.667
1.697
1.728
1.758
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Operational and maintenence costs
2032
2033
2034
2035
2036
mill DKK
Operation and management
200
200
200
200
200
200
200
200
200
200
2037
2038
2039
2040
2041
Operation and management
200
200
200
200
200
200
200
200
200
200
2032
Maintenence cost as percentage of investment
0,8
2033
0,8
2034
0,8
2035
0,8
2036
0,8
mill DKK
2037
0,8
2038
0,8
2039
0,8
2040
0,8
2041
0,8
Maintenance
373
373
373
373
373
373
373
373
373
373
Total maintenence costs
373
373
373
373
373
373
373
373
373
373
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Credit
1.790
1.823
1.856
1.891
1.926
1.963
2.000
2.038
2.078
2.118
Total interest costs
1.790
1.823
1.856
1.891
1.926
1.963
2.000
2.038
2.078
2.118
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Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2042
2043
2044
2045
2046
mill DKK
Staff and general costs
200
200
200
200
200
200
200
200
200
200
2047
2048
2049
2050
2051
Operation and management
200
200
200
200
200
200
200
200
200
200
2042
Maintenence cost as percentage of investment
1,5
2043
1,5
2044
1,5
2045
1,5
2046
1,5
mill DKK
2047
1,5
2048
1,5
2049
1,5
2050
1,5
2051
1,5
Maintenance
746
746
746
746
746
746
746
746
746
746
Total maintenence costs
746
746
746
746
746
746
746
746
746
746
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Cre
2.160
2.216
2.273
2.333
2.394
2.457
2.521
2.588
2.657
2.727
Total interest costs
2160
2216
2273
2333
2394
2457
2521
2588
2657
2727
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Femern Belt Crosssing
Operational and maintenence costs
2052
2053
2054
2055
2056
mill DKK
Staff and general costs
200
200
200
200
200
200
200
200
200
200
2057
2058
2059
2060
2061
Operation and management
200
200
200
200
200
200
200
200
200
200
2052
Maintenence cost as percentage of investme
1,5
2053
1,5
2054
1,5
2055
1,5
2056
1,5
mill DKK
2057
1,5
2058
1,5
2059
1,5
2060
1,5
2061
1,5
Maintenance
746
746
746
746
746
746
746
746
746
746
Total maintenence costs
746
746
746
746
746
746
746
746
746
746
mill DKK
Interest costs
Interest cost on Danish Government Guarant
2.800
2.875
2.952
3.032
3.114
3.199
3.286
3.376
3.468
3.564
Total interest costs
2.800
2.875
2.952
3.032
3.114
3.199
3.286
3.376
3.468
3.564
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Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
Yearly depre
percentage
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
mill DKK
-%-
Construction costs tunnel structure
3,33
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
Total depreciations
1.421
1.421
1.421
1.421
1.421
mill DKK
1.421
1.421
1.421
1.421
1.421
Ultimo values
Construction costs tunnel structure
Balance
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Total ultimo values
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
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Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
mill DKK
Construction costs tunnel structure
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
Total depreciations
1.421
1.421
1.421
1.421
1.421
mill DKK
1.421
1.421
1.421
1.421
1.421
Ultimo values
Construction costs tunnel structure
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Total ultimo values
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
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Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
mill DKK
Construction costs tunnel structure
1421
1421
1421
1421
1421
1421
1421
1421
1421
1421
Total depreciations
1421
1421
1421
1421
1421
mill DKK
1421
1421
1421
1421
1421
Ultimo values
Construction costs tunnel structure
12833
11412
9991
8570
7149
5727
4306
2885
1464
43
Total ultimo values
12833
11412
9991
8570
7149
5727
4306
2885
1464
43
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Femern Belt Crosssing
Depreciation distributed on investment groups
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
mill DKK
Construction costs tunnel structure
53
Total depreciations
53
0
0
0
0
mill DKK
0
0
0
0
0
Ultimo values
Construction costs tunnel structure
-10
-10
-10
-10
-10
-10
-10
-10
-10
-10
Total ultimo values
-10
-10
-10
-10
-10
-10
-10
-10
-10
-10
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Profit and loss account
2022
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Sales value
Total income
Operation and management
1.269
1.269
200
1.286
1.286
200
1.304
1.304
200
1.322
1.322
200
1.340
1.340
200
1.359
1.359
200
1.378
1.378
200
1.397
1.397
200
1.417
1.417
200
1.424
1.424
200
Gross contribution
Maintenance costs
1.069
373
1.086
373
1.104
373
1.122
373
1.140
373
1.159
373
1.178
373
1.197
373
1.217
373
1.224
373
Result before interest and depreciations
696
713
731
749
767
786
805
824
844
851
Interest
Depreciations
Net result before profit tax
1.494
1.421
-2.219
1.522
1.421
-2.229
1.550
1.421
-2.240
1.579
1.421
-2.251
1.608
1.421
-2.262
1.637
1.421
-2.272
1.667
1.421
-2.283
1.697
1.421
-2.294
1.728
1.421
-2.304
1.758
1.421
-2.328
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Profit and loss account
2032
2033
2034
2035
2036
mill DKK
2037
2038
2039
2040
2041
Sales value
Total income
Operation and management
1.431
1.431
200
1.438
1.438
200
1.445
1.445
200
1.453
1.453
200
1.460
1.460
200
1.468
1.468
200
1.476
1.476
200
1.484
1.484
200
1.492
1.492
200
1.500
1.500
200
Gross contribution
Maintenance costs
1.231
373
1.238
373
1.245
373
1.253
373
1.260
373
1.268
373
1.276
373
1.284
373
1.292
373
1.300
373
Result before interest and depreciations
858
865
873
880
888
895
903
911
919
927
Interest
Depreciations
Net result before profit tax
1.790
1.421
-2.353
1.823
1.421
-2.379
1.856
1.421
-2.405
1.891
1.421
-2.432
1.926
1.421
-2.460
1.963
1.421
-2.488
2.000
1.421
-2.518
2.038
1.421
-2.548
2.078
1.421
-2.580
2.118
1.421
-2.612
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Profit and loss account
2042
2043
2044
2045
2046
mill DKK
2047
2048
2049
2050
2051
Sales value
Total income
Operation and management
1.509
1.509
200
1.517
1.517
200
1.526
1.526
200
1.535
1.535
200
1.544
1.544
200
1.553
1.553
200
1.562
1.562
200
1.572
1.572
200
1.581
1.581
200
1.591
1.591
200
Gross contribution
Maintenance costs
1.309
746
1.317
746
1.326
746
1.335
746
1.344
746
1.353
746
1.362
746
1.372
746
1.381
746
1.391
746
Result before interest and depreciations
563
572
580
589
598
607
617
626
636
646
Interest
Depreciations
Net result before profit tax
2.160
1.421
-3.018
2.216
1.421
-3.065
2.273
1.421
-3.114
2.333
1.421
-3.165
2.394
1.421
-3.217
2.457
1.421
-3.270
2.521
1.421
-3.326
2.588
1.421
-3.383
2.657
1.421
-3.442
2.727
1.421
-3.503
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Profit and loss account
2052
2053
2054
2055
2056
mill DKK
2057
2058
2059
2060
2061
Sales value
Total income
Operation and management
1.601
1.601
200
1.612
1.612
200
1.622
1.622
200
1.633
1.633
200
1.643
1.643
200
1.654
1.654
200
1.665
1.665
200
1.677
1.677
200
1.688
1.688
200
1.700
1.700
200
Gross contribution
Maintenance costs
1.401
746
1.412
746
1.422
746
1.433
746
1.443
746
1.454
746
1.465
746
1.477
746
1.488
746
1.500
746
Result before interest and depreciations
656
666
676
687
698
709
720
731
743
755
Interest
Depreciations
Net result before profit tax
2.800
43
-2.187
2.875
2.952
3.032
3.114
3.199
3.286
3.376
3.468
3.564
-2.209
-2.276
-2.345
-2.416
-2.490
-2.566
-2.644
-2.725
-2.809
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Cash flow operating years
2022
2023
2024
2025
2026
mill DKK
Cash-flow:
Profit before interest and depreciations
Interest on Danish Government Guaranteed Credit
Additional Danish Government Guaranteed Credit
696
-1.494
798
713
-1.522
808
731
-1.550
819
749
-1.579
830
767
-1.608
840
786
-1.637
851
805
-1.667
862
824
-1.697
873
844
-1.728
883
851
-1.758
907
2027
2028
2029
2030
2031
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 1
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Feasibility study
Femern Belt Crosssing
Cash flow operating years
2032
2033
2034
2035
2036
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed Credit
858
-1.790
932
865
-1.823
957
873
-1.856
984
880
-1.891
1.011
888
-1.926
1.039
895
-1.963
1.067
903
-2.000
1.097
911
-2.038
1.127
919
-2.078
1.159
927
-2.118
1.191
2037
2038
2039
2040
2041
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Cash flow operating years
2042
2043
2044
2045
2046
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed Credit
563
-2.160
1.597
572
-2.216
1.644
580
-2.273
1.693
589
-2.333
1.743
598
-2.394
1.795
607
-2.457
1.849
617
-2.521
1.905
626
-2.588
1.962
636
-2.657
2.021
646
-2.727
2.081
2047
2048
2049
2050
2051
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 1
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Feasibility study
Femern Belt Crosssing
Cash flow operating years
2052
2053
2054
2055
2056
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed C
656
-2.800
2.144
666
-2.875
2.209
676
-2.952
2.276
687
-3.032
2.345
698
-3.114
2.416
709
-3.199
2.490
720
-3.286
2.566
731
-3.376
2.644
743
-3.468
2.725
755
-3.564
2.809
2057
2058
2059
2060
2061
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
Opening
balance
2022
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Fixed Assets
Pre-operational costs
Debtors
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
0
Total assets
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Own capital
Reserves
0
0
-2.219
-4.448
-6.688
-8.939
-11.201
-13.473
-15.756
-18.050
-20.355
-22.683
Total own capital
0
-2.219
-4.448
-6.688
-8.939
-11.201
-13.473
-15.756
-18.050
-20.355
-22.683
Danish Government Credit Guarantee
42.679
43.476
44.285
45.103
45.933
46.774
47.625
48.487
49.359
50.242
51.150
Total foreign capital
42.679
43.476
44.285
45.103
45.933
46.774
47.625
48.487
49.359
50.242
51.150
Total Liabilities
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2032
2033
2034
2035
2036
mill DKK
2037
2038
2039
2040
2041
Fixed Assets
Pre-operational costs
Debtors
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Own capital
Reserves
-25.036
-27.415
-29.820
-32.252
-34.711
-37.200
-39.718
-42.266
-44.846
-47.458
Total own capital
-25.036
-27.415
-29.820
-32.252
-34.711
-37.200
-39.718
-42.266
-44.846
-47.458
Danish Government Credit Guarantee
52.082
53.039
54.023
55.034
56.072
57.139
58.236
59.363
60.522
61.713
Total foreign capital
52.082
53.039
54.023
55.034
56.072
57.139
58.236
59.363
60.522
61.713
Total Liabilities
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2042
2043
2044
2045
2046
mill DKK
2047
2048
2049
2050
2051
Fixed Assets
Pre-operational costs
Debtors
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
Own capital
Reserves
-50.476
-53.541
-56.656
-59.820
-63.037
-66.307
-69.633
-73.016
-76.458
-79.960
Total own capital
-50.476
-53.541
-56.656
-59.820
-63.037
-66.307
-69.633
-73.016
-76.458
-79.960
Danish Government Credit Guarantee
63.310
64.954
66.647
68.390
70.186
72.035
73.939
75.901
77.922
80.003
Total foreign capital
63.310
64.954
66.647
68.390
70.186
72.035
73.939
75.901
77.922
80.003
Total Liabilities
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2052
2053
2054
2055
2056
mill DKK
2057
2058
2059
2060
2061
Fixed Assets
Pre-operational costs
Debtors
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
0
0
0
0
0
0
0
0
0
0
Own capital
Reserves
-82.147
-84.357
-86.633
-88.978
-91.394
-93.884
-96.450
-99.095
-101.820
-104.629
Total own capital
-82.147
-84.357
-86.633
-88.978
-91.394
-93.884
-96.450
-99.095
-101.820
-104.629
Danish Government Credit Guarantee
82.147
84.357
86.633
88.978
91.394
93.884
96.450
99.095
101.820
104.629
Total foreign capital
82.147
84.357
86.633
88.978
91.394
93.884
96.450
99.095
101.820
104.629
Total Liabilities
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 1
21-11-2014
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Feasibility study
Femern Belt Crosssing
Financial Calculations
Alternative 2
Femern Belt Crosssing
Rødby - Puttgarten
November 2014
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Feasibility study
Femern Belt Crosssing
Assumptions
Operating values
Base price year
Inflation rate
% per year
VAT rate for Femern tunnel operations
Financing
Required minimum return on invested public capital
for operations in fixed prices
% p.a.
Subsidies from EU
Project management and preparation
Construction costs tunnel structure
Construction period
first year of construction
years of construction
first year of operation
Actual traffic on Femern crossing
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
Actual Rail transit traffic Great Belt
passenger trains
Operating costs
Staff and general costs
Maintenance
first 20 years
next 20 years
3,5
%
50
20
%
mill DKK
Traffic growth Femern Crossing from 2013
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
rail load traffic transferred from Great Belt Crossing
rail passenger traffic trains
Tariffs and market share
Existing
Scandlines tariff
% per year
Traffic jump 1. year of operation
0,0
0,5
2,2
1,8
0,0
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
rail load traffic
rail passenger traffic trains
%
0
10
10
0
0
2014
0
15,2
Project tariff
incl VAT**
Project tariff
excl VAT
Scandlines
market share
2015
6,5
2022
2013
538
1.000
389
6.000
3.500
Tariffs
single trip
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
truckloads per tons***
fee for rail train of 530 tons ****
rail traffic
tons
*
Ferry operations are exempted from VAT in EU
*** assumed load per truck 16 tons
no VAT*
150
550
1.800
113
150
550
1.800
113
25.000
47
130
477
1.800
113
25.000
47
%
80
20
40
0
0
** Tunnel operations are assumed to include a 15,2 % VAT in the tariff
**** analyse af jernbanebetaling maj 2003 med tillæg på 170 %
Traffic forecast tunnel project
1000 units
1000 units
1000 units
1000 tons
units
2022
1000 units
2032
1000 units
2042
1000 units
2052
1000 units
2061
1000 units
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
transferred rail traffic Great Belt
passenger trains
Selected financial results
108
920
312
7.045
units
108
967
388
8.421
units
108
1.017
483
10.066
units
108
1.037
526
12.031
units
108
1.037
526
14.127
units
3.500
2022
mill DKK
3.500
2032
mill DKK
3.500
2042
mill DKK
3.500
2052
mill DKK
3.500
2061
mill DKK
200
mill kr
Danish Government Credit Guarantee
0,8
1,5
% of investment costs
% of investment costs
43.368
-23.397
-20.094
-17.643
-15.906
-12.744
50.404
mill DKK
mill DKK
mill DKK
mill DKK
mill DKK
57.796
IRR
IRR
69.239
30 years
40 years
82.342
-0,02
0,00
%
%
NPV at %
NPV at %
NPV at %
NPV at %
NPV at %
3,5
3,5
3,5
3,5
3,5
30 years
40 years
50 years
60 years
100 years
IRR
100 years
%
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21-11-2014
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Feasibility study
Femern Belt Crosssing
Distribution of investment costs over investment period
2016
2017
2018
2019
2020
%
Project management and preparations
Construction costs tunnel structure
Construction costs connection parts Denmark
Construction costs connection parts Germany
Various
Reserves
Total
EU
subsidies
mill DKK
mill DKK
mill DKK
2021
Total
16
16
16
16
16
20
100
Project management and preparations
Construction costs tunnel structure
Construction costs connection parts Denmark
Construction costs connection parts Germany
New rail bridge Storstrømmen
Reserves price adjustments 2008 to 2013
Total construction costs
Total subsidies from EU
Net project costs
5.400
30.500
9.000
4.800
49.700
11.560
38.140
2.700
6.100
1.800
0
0
960
Net investments carried by the project
Accumulated net investment costs
Interest costs during construction
Accumulated interest costs during construction
Accumulated residual investment costs and interest cost during construction
6.102
6.102
214
214
6.316
6.102
12.205
427
641
12.846
6.102
18.307
641
1.282
19.589
6.102
24.410
854
2.136
26.545
6.102
30.512
1.068
3.204
33.716
7.628
38.140
1.335
4.539
42.679
38.140
4.539
42.679
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Actual traffic
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
2013
1000 units
growth
per
year
1000 units
538
1.150
520
538
1.156
532
538
1.162
544
538
1.167
556
538
1.173
568
1000 tons
7.566
units
3.500
538
1.179
580
538
1.185
593
538
1.191
606
538
1.197
619
538
1.203
633
538
1.000
389
1000 tons
%
0,0
0,5
2,2
transferred rail loads Great Belt **
6.000
units
1,8
7.045
7.172
7.301
7.432
7.702
7.841
7.982
8.126
8.272
passenger trains existing operations
** based on transit traffic Great belt crossing 2013
3.500
0,0
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2022
Scandline
share %
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Tariff per unit/tons
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
Total income passenger cars and trucks
transf. rail loads from Great Belt per ton
passenger trains existing operations
total income rail transfers
kr
130
477
1.800
80
20
40
14
439
562
1.015
14
441
574
1.030
338
30
368
14
444
587
1.045
344
30
374
14
446
600
1.060
351
30
380
14
448
613
1.075
357
30
387
14
450
627
1.091
363
30
393
14
453
641
1.107
370
30
400
14
455
655
1.124
377
30
406
14
457
669
1.140
383
30
413
14
459
684
1.157
390
30
420
47
8.500
0
0
332
30
362
Total estimated income
1.377
1.398
1.419
1.440
1.462
1.484
1.507
1.530
1.553
1.577
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0033.png
Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
1.209
647
538
1.215
661
538
1.221
676
538
1.227
691
538
1.233
706
1000 tons
9.044
units
3.500
538
1.240
721
538
1.246
737
538
1.252
753
538
1.258
770
538
1.264
787
transferred rail loads Great Belt **
8.421
8.572
8.727
8.884
9.207
9.372
9.541
9.713
9.888
passenger trains existing operations
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2032
2033
2034
2035
2036
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
462
699
1.175
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
397
30
427
14
464
714
1.192
404
30
434
14
466
730
1.210
412
30
441
14
469
746
1.229
419
30
449
14
471
762
1.247
427
30
456
14
473
779
1.267
434
30
464
14
476
796
1.286
442
30
472
14
478
814
1.306
450
30
480
14
481
832
1.326
458
30
488
14
483
850
1.347
466
30
496
2037
2038
2039
2040
2041
Total estimated income
1.602
1.626
1.652
1.677
1.704
1.731
1.758
1.786
1.814
1.843
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0034.png
Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
1.271
804
538
1.277
822
538
1.284
840
538
1.290
859
538
1.296
877
1000 tons
10810
units
3500
538
1.296
877
*** no more growth
538
1.296
877
538
1.296
877
538
1.296
877
538
1.296
877
transferred rail loads Great Belt **
10.066
10247
10431
10619
11005
11203
11404
11610
11819
passenger trains existing operations
3.500
3500
3500
3500
3500
3500
3500
3500
3500
Income from crossings for tunnel project
2042
2043
2044
2045
2046
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
485
869
1368
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
475
30
505
14
488
888
1390
483
30
513
14
490
907
1412
492
30
522
14
493
927
1434
501
30
531
14
495
948
1457
510
30
540
14
495
948
1457
519
30
549
14
495
948
1457
528
30
558
14
495
948
1457
538
30
568
14
495
948
1457
548
30
577
14
495
948
1457
557
30
587
2047
2048
2049
2050
2051
Total estimated income
1873
1903
1933
1965
1996
2006
2015
2025
2034
2044
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0035.png
Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
1.296
877
538
1.296
877
538
1.296
877
538
1.296
877
538
1.296
877
1000 tons
12.921
units
3.500
538
1.296
877
538
1.296
877
538
1.296
877
538
1.296
877
538
1.296
877
transferred rail loads Great Belt **
12.031
12.248
12.468
12.693
13.154
13.391
13.632
13.877
14.127
passenger trains existing operations
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2052
2053
2054
2055
2056
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
495
948
1.457
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
568
30
597
14
495
948
1.457
578
30
607
14
495
948
1.457
588
30
618
14
495
948
1.457
599
30
628
14
495
948
1.457
609
30
639
14
495
948
1.457
620
30
650
14
495
948
1.457
632
30
661
14
495
948
1.457
643
30
673
14
495
948
1.457
655
30
684
14
495
948
1.457
666
30
696
2057
2058
2059
2060
2061
Total estimated income
2.054
2.064
2.075
2.085
2.096
2.107
2.118
2.130
2.141
2.153
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0036.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2022
2023
2024
2025
2026
mill DKK
Operation and management
200
200
200
200
200
200
200
200
200
200
2027
2028
2029
2030
2031
Operation and management
200
200
200
200
200
200
200
200
200
200
Fixed costs
Maintenence cost as percentage of investment
2022
0,8
2023
0,8
2024
0,8
2025
0,8
2026
0,8
mill DKK
2027
0,8
2028
0,8
2029
0,8
2030
0,8
2031
0,8
Maintenance
373
373
373
373
373
373
373
373
373
373
Total maintenence costs
373
373
373
373
373
373
373
373
373
373
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Credit
1.494
1.518
1.542
1.566
1.591
1.615
1.640
1.665
1.690
1.714
Total interest costs
1.494
1.518
1.542
1.566
1.591
1.615
1.640
1.665
1.690
1.714
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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1429566_0037.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2032
2033
2034
2035
2036
mill DKK
Operation and management
200
200
200
200
200
200
200
200
200
200
2037
2038
2039
2040
2041
Operation and management
200
200
200
200
200
200
200
200
200
200
2032
Maintenence cost as percentage of investment
0,8
2033
0,8
2034
0,8
2035
0,8
2036
0,8
mill DKK
2037
0,8
2038
0,8
2039
0,8
2040
0,8
2041
0,8
Maintenance
373
373
373
373
373
373
373
373
373
373
Total maintenence costs
373
373
373
373
373
373
373
373
373
373
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Credit
1.739
1.764
1.789
1.814
1.839
1.863
1.888
1.913
1.937
1.962
Total interest costs
1.739
1.764
1.789
1.814
1.839
1.863
1.888
1.913
1.937
1.962
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0038.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2042
2043
2044
2045
2046
mill DKK
Staff and general costs
200
200
200
200
200
200
200
200
200
200
2047
2048
2049
2050
2051
Operation and management
200
200
200
200
200
200
200
200
200
200
2042
Maintenence cost as percentage of investment
1,5
2043
1,5
2044
1,5
2045
1,5
2046
1,5
mill DKK
2047
1,5
2048
1,5
2049
1,5
2050
1,5
2051
1,5
Maintenance
746
746
746
746
746
746
746
746
746
746
Total maintenence costs
746
746
746
746
746
746
746
746
746
746
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Cre
1.986
2.023
2.060
2.098
2.135
2.173
2.212
2.252
2.293
2.336
Total interest costs
1986
2023
2060
2098
2135
2173
2212
2252
2293
2336
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0039.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2052
2053
2054
2055
2056
mill DKK
Staff and general costs
200
200
200
200
200
200
200
200
200
200
2057
2058
2059
2060
2061
Operation and management
200
200
200
200
200
200
200
200
200
200
2052
Maintenence cost as percentage of investme
1,5
2053
1,5
2054
1,5
2055
1,5
2056
1,5
mill DKK
2057
1,5
2058
1,5
2059
1,5
2060
1,5
2061
1,5
Maintenance
746
746
746
746
746
746
746
746
746
746
Total maintenence costs
746
746
746
746
746
746
746
746
746
746
mill DKK
Interest costs
Interest cost on Danish Government Guarant
2.379
2.423
2.469
2.516
2.564
2.614
2.664
2.717
2.770
2.825
Total interest costs
2.379
2.423
2.469
2.516
2.564
2.614
2.664
2.717
2.770
2.825
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0040.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
Yearly depre
percentage
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
mill DKK
-%-
Construction costs tunnel structure
3,33
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
Total depreciations
1.421
1.421
1.421
1.421
1.421
mill DKK
1.421
1.421
1.421
1.421
1.421
Ultimo values
Construction costs tunnel structure
Balance
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Total ultimo values
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0041.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
mill DKK
Construction costs tunnel structure
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
Total depreciations
1.421
1.421
1.421
1.421
1.421
mill DKK
1.421
1.421
1.421
1.421
1.421
Ultimo values
Construction costs tunnel structure
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Total ultimo values
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0042.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
mill DKK
Construction costs tunnel structure
1421
1421
1421
1421
1421
1421
1421
1421
1421
1421
Total depreciations
1421
1421
1421
1421
1421
mill DKK
1421
1421
1421
1421
1421
Ultimo values
Construction costs tunnel structure
12833
11412
9991
8570
7149
5727
4306
2885
1464
43
Total ultimo values
12833
11412
9991
8570
7149
5727
4306
2885
1464
43
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0043.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
mill DKK
Construction costs tunnel structure
53
Total depreciations
53
0
0
0
0
mill DKK
0
0
0
0
0
Ultimo values
Construction costs tunnel structure
-10
-10
-10
-10
-10
-10
-10
-10
-10
-10
Total ultimo values
-10
-10
-10
-10
-10
-10
-10
-10
-10
-10
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0044.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2022
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Sales value
Total income
Operation and management
1.377
1.377
200
1.398
1.398
200
1.419
1.419
200
1.440
1.440
200
1.462
1.462
200
1.484
1.484
200
1.507
1.507
200
1.530
1.530
200
1.553
1.553
200
1.577
1.577
200
Gross contribution
Maintenance costs
1.177
373
1.198
373
1.219
373
1.240
373
1.262
373
1.284
373
1.307
373
1.330
373
1.353
373
1.377
373
Result before interest and depreciations
805
825
846
868
889
911
934
957
980
1.004
Interest
Depreciations
Net result before profit tax
1.494
1.421
-2.110
1.518
1.421
-2.114
1.542
1.421
-2.117
1.566
1.421
-2.120
1.591
1.421
-2.123
1.615
1.421
-2.125
1.640
1.421
-2.127
1.665
1.421
-2.129
1.690
1.421
-2.130
1.714
1.421
-2.131
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0045.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2032
2033
2034
2035
2036
mill DKK
2037
2038
2039
2040
2041
Sales value
Total income
Operation and management
1.602
1.602
200
1.626
1.626
200
1.652
1.652
200
1.677
1.677
200
1.704
1.704
200
1.731
1.731
200
1.758
1.758
200
1.786
1.786
200
1.814
1.814
200
1.843
1.843
200
Gross contribution
Maintenance costs
1.402
373
1.426
373
1.452
373
1.477
373
1.504
373
1.531
373
1.558
373
1.586
373
1.614
373
1.643
373
Result before interest and depreciations
1.029
1.054
1.079
1.105
1.131
1.158
1.185
1.213
1.241
1.270
Interest
Depreciations
Net result before profit tax
1.739
1.421
-2.132
1.764
1.421
-2.132
1.789
1.421
-2.131
1.814
1.421
-2.130
1.839
1.421
-2.129
1.863
1.421
-2.127
1.888
1.421
-2.124
1.913
1.421
-2.121
1.937
1.421
-2.117
1.962
1.421
-2.112
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0046.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2042
2043
2044
2045
2046
mill DKK
2047
2048
2049
2050
2051
Sales value
Total income
Operation and management
1.873
1.873
200
1.903
1.903
200
1.933
1.933
200
1.965
1.965
200
1.996
1.996
200
2.006
2.006
200
2.015
2.015
200
2.025
2.025
200
2.034
2.034
200
2.044
2.044
200
Gross contribution
Maintenance costs
1.673
746
1.703
746
1.733
746
1.765
746
1.796
746
1.806
746
1.815
746
1.825
746
1.834
746
1.844
746
Result before interest and depreciations
927
957
988
1.019
1.051
1.060
1.069
1.079
1.089
1.099
Interest
Depreciations
Net result before profit tax
1.986
1.421
-2.480
2.023
1.421
-2.487
2.060
1.421
-2.494
2.098
1.421
-2.500
2.135
1.421
-2.506
2.173
1.421
-2.534
2.212
1.421
-2.564
2.252
1.421
-2.595
2.293
1.421
-2.626
2.336
1.421
-2.658
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0047.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2052
2053
2054
2055
2056
mill DKK
2057
2058
2059
2060
2061
Sales value
Total income
Operation and management
2.054
2.054
200
2.064
2.064
200
2.075
2.075
200
2.085
2.085
200
2.096
2.096
200
2.107
2.107
200
2.118
2.118
200
2.130
2.130
200
2.141
2.141
200
2.153
2.153
200
Gross contribution
Maintenance costs
1.854
746
1.864
746
1.875
746
1.885
746
1.896
746
1.907
746
1.918
746
1.930
746
1.941
746
1.953
746
Result before interest and depreciations
1.109
1.119
1.129
1.140
1.151
1.162
1.173
1.184
1.196
1.207
Interest
Depreciations
Net result before profit tax
2.379
43
-1.313
2.423
2.469
2.516
2.564
2.614
2.664
2.717
2.770
2.825
-1.305
-1.340
-1.376
-1.414
-1.452
-1.492
-1.533
-1.575
-1.618
FS Femern belt connection ver 3.5 alt 2
21-11-2014
LR Consulting
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1429566_0048.png
Feasibility study
Femern Belt Crosssing
Cash flow operating years
2022
2023
2024
2025
2026
mill DKK
Cash-flow:
Profit before interest and depreciations
Interest on Danish Government Guaranteed Credit
Additional Danish Government Guaranteed Credit
805
-1.494
689
825
-1.518
693
846
-1.542
696
868
-1.566
699
889
-1.591
702
911
-1.615
704
934
-1.640
706
957
-1.665
708
980
-1.690
709
1.004
-1.714
710
2027
2028
2029
2030
2031
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 2
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Cash flow operating years
2032
2033
2034
2035
2036
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed Credit
1.029
-1.739
711
1.054
-1.764
711
1.079
-1.789
710
1.105
-1.814
709
1.131
-1.839
708
1.158
-1.863
706
1.185
-1.888
703
1.213
-1.913
700
1.241
-1.937
696
1.270
-1.962
691
2037
2038
2039
2040
2041
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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Feasibility study
Femern Belt Crosssing
Cash flow operating years
2042
2043
2044
2045
2046
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed Credit
927
-1.986
1.059
957
-2.023
1.066
988
-2.060
1.072
1.019
-2.098
1.079
1.051
-2.135
1.084
1.060
-2.173
1.113
1.069
-2.212
1.143
1.079
-2.252
1.173
1.089
-2.293
1.205
1.099
-2.336
1.237
2047
2048
2049
2050
2051
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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Feasibility study
Femern Belt Crosssing
Cash flow operating years
2052
2053
2054
2055
2056
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed C
1.109
-2.379
1.270
1.119
-2.423
1.305
1.129
-2.469
1.340
1.140
-2.516
1.376
1.151
-2.564
1.414
1.162
-2.614
1.452
1.173
-2.664
1.492
1.184
-2.717
1.533
1.196
-2.770
1.575
1.207
-2.825
1.618
2057
2058
2059
2060
2061
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
Opening
balance
2022
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Fixed Assets
Pre-operational costs
Debtors
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
0
Total assets
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Own capital
Reserves
0
0
-2.110
-4.224
-6.341
-8.461
-10.584
-12.709
-14.837
-16.966
-19.096
-21.227
Total own capital
0
-2.110
-4.224
-6.341
-8.461
-10.584
-12.709
-14.837
-16.966
-19.096
-21.227
Danish Government Credit Guarantee
42.679
43.368
44.060
44.756
45.455
46.157
46.861
47.567
48.275
48.984
49.694
Total foreign capital
42.679
43.368
44.060
44.756
45.455
46.157
46.861
47.567
48.275
48.984
49.694
Total Liabilities
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
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Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2032
2033
2034
2035
2036
mill DKK
2037
2038
2039
2040
2041
Fixed Assets
Pre-operational costs
Debtors
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Own capital
Reserves
-23.359
-25.491
-27.622
-29.752
-31.881
-34.008
-36.132
-38.253
-40.370
-42.483
Total own capital
-23.359
-25.491
-27.622
-29.752
-31.881
-34.008
-36.132
-38.253
-40.370
-42.483
Danish Government Credit Guarantee
50.404
51.115
51.825
52.534
53.242
53.948
54.651
55.350
56.046
56.738
Total foreign capital
50.404
51.115
51.825
52.534
53.242
53.948
54.651
55.350
56.046
56.738
Total Liabilities
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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Femern Belt Crosssing
Balance sheets, ultimo values
2042
2043
2044
2045
2046
mill DKK
2047
2048
2049
2050
2051
Fixed Assets
Pre-operational costs
Debtors
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
Own capital
Reserves
-44.963
-47.450
-49.943
-52.443
-54.949
-57.483
-60.047
-62.642
-65.268
-67.926
Total own capital
-44.963
-47.450
-49.943
-52.443
-54.949
-57.483
-60.047
-62.642
-65.268
-67.926
Danish Government Credit Guarantee
57.796
58.862
59.934
61.013
62.097
63.211
64.353
65.527
66.732
67.969
Total foreign capital
57.796
58.862
59.934
61.013
62.097
63.211
64.353
65.527
66.732
67.969
Total Liabilities
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2052
2053
2054
2055
2056
mill DKK
2057
2058
2059
2060
2061
Fixed Assets
Pre-operational costs
Debtors
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
0
0
0
0
0
0
0
0
0
0
Own capital
Reserves
-69.239
-70.544
-71.883
-73.259
-74.673
-76.125
-77.617
-79.149
-80.724
-82.342
Total own capital
-69.239
-70.544
-71.883
-73.259
-74.673
-76.125
-77.617
-79.149
-80.724
-82.342
Danish Government Credit Guarantee
69.239
70.544
71.883
73.259
74.673
76.125
77.617
79.149
80.724
82.342
Total foreign capital
69.239
70.544
71.883
73.259
74.673
76.125
77.617
79.149
80.724
82.342
Total Liabilities
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 2
21-11-2014
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Feasibility study
Femern Belt Crosssing
Financial Calculations
Alternative 3
Femern Belt Crosssing
Rødby - Puttgarten
November 2014
FS Femern belt connection ver 3.5 alt 3
21-11-2014
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Feasibility study
Femern Belt Crosssing
Assumptions
Operating values
Base price year
Inflation rate
% per year
VAT rate for Femern tunnel operations
Financing
Required minimum return on invested public capital
for operations in fixed prices
% p.a.
Subsidies from EU
Project management and preparation
Construction costs tunnel structure
Construction period
first year of construction
years of construction
first year of operation
Actual traffic on Femern crossing
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
Actual Rail transit traffic Great Belt
passenger trains
Operating costs
Staff and general costs
Maintenance
first 20 years
next 20 years
3,5
%
50
20
%
mill DKK
Traffic growth Femern Crossing from 2013
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
rail load traffic transferred from Great Belt Crossing
rail passenger traffic trains
Tariffs and market share
Existing
Scandlines tariff
% per year
Traffic jump 1. year of operation
0,0
1,7
2,2
1,8
0,0
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
rail load traffic
rail passenger traffic trains
%
0
25
25
0
0
2014
0
15,2
Project tariff
incl VAT**
Project tariff
excl VAT
Scandlines
market share
2015
6,5
2022
2013
538
1.000
389
6.000
3.500
Tariffs
single trip
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
truckloads per tons***
fee for rail train of 530 tons ****
rail traffic
tons
*
Ferry operations are exempted from VAT in EU
*** assumed load per truck 16 tons
no VAT*
150
550
1.800
113
150
550
1.800
113
25.000
47
130
477
1.800
113
25.000
47
%
80
20
40
0
0
** Tunnel operations are assumed to include a 15,2 % VAT in the tariff
**** analyse af jernbanebetaling maj 2003 med tillæg på 170 %
Traffic forecast tunnel project
1000 units
1000 units
1000 units
1000 tons
units
2022
1000 units
2032
1000 units
2042
1000 units
2052
1000 units
2061
1000 units
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
transferred rail traffic Great Belt
passenger trains
Selected financial results
108
977
298
7.045
units
108
1.406
450
8.421
units
108
1.664
560
10.066
units
108
1.780
611
12.031
units
108
1.780
611
14.127
units
3.500
2022
mill DKK
3.500
2032
mill DKK
3.500
2042
mill DKK
3.500
2052
mill DKK
3.500
2061
mill DKK
200
mill kr
Danish Government Credit Guarantee
0,8
1,5
% of investment costs
% of investment costs
43.366
-17.714
-12.960
-9.481
-7.015
-2.526
47.696
mill DKK
mill DKK
mill DKK
mill DKK
mill DKK
49.453
IRR
IRR
51.644
30 years
40 years
53.108
0,00
0,01
%
%
NPV at %
NPV at %
NPV at %
NPV at %
NPV at %
3,5
3,5
3,5
3,5
3,5
30 years
40 years
50 years
60 years
100 years
IRR
100 years
%
FS Femern belt connection ver 3.5 alt 3
21-11-2014
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Femern Belt Crosssing
Distribution of investment costs over investment period
2016
2017
2018
2019
2020
%
Project management and preparations
Construction costs tunnel structure
Construction costs connection parts Denmark
Construction costs connection parts Germany
Various
Reserves
Total
EU
subsidies
mill DKK
mill DKK
mill DKK
2021
Total
16
16
16
16
16
20
100
Project management and preparations
Construction costs tunnel structure
Construction costs connection parts Denmark
Construction costs connection parts Germany
New rail bridge Storstrømmen
Reserves price adjustments 2008 to 2013
Total construction costs
Total subsidies from EU
Net project costs
5.400
30.500
9.000
4.800
49.700
11.560
38.140
2.700
6.100
1.800
0
0
960
Net investments carried by the project
Accumulated net investment costs
Interest costs during construction
Accumulated interest costs during construction
Accumulated residual investment costs and interest cost during construction
6.102
6.102
214
214
6.316
6.102
12.205
427
641
12.846
6.102
18.307
641
1.282
19.589
6.102
24.410
854
2.136
26.545
6.102
30.512
1.068
3.204
33.716
7.628
38.140
1.335
4.539
42.679
38.140
4.539
42.679
FS Femern belt connection ver 3.5 alt 3
21-11-2014
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Actual traffic
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
2013
1000 units
growth
per
year
1000 units
538
1.222
497
538
1.305
533
538
1.393
572
538
1.488
614
538
1.589
659
1000 tons
7.566
units
3.500
538
1.616
673
538
1.643
688
538
1.671
703
538
1.699
719
538
1.728
735
538
1.000
389
1000 tons
%
0,0
1,7
2,2
transferred rail loads Great Belt **
6.000
units
1,8
7.045
7.172
7.301
7.432
7.702
7.841
7.982
8.126
8.272
passenger trains existing operations
** based on transit traffic Great belt crossing 2013
3.500
0,0
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2022
Scandline
share %
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Tariff per unit/tons
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
Total income passenger cars and trucks
transf. rail loads from Great Belt per ton
passenger trains existing operations
total income rail transfers
kr
130
477
1.800
80
20
40
14
467
537
1.017
14
498
576
1.088
338
30
368
14
532
618
1.164
344
30
374
14
568
663
1.245
351
30
380
14
607
712
1.332
357
30
387
14
617
727
1.358
363
30
393
14
628
743
1.385
370
30
400
14
638
760
1.412
377
30
406
14
649
776
1.439
383
30
413
14
660
793
1.467
390
30
420
47
8.500
0
0
332
30
362
Total estimated income
1.379
1.456
1.538
1.626
1.719
1.751
1.784
1.818
1.852
1.887
FS Femern belt connection ver 3.5 alt 3
21-11-2014
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
1.758
751
538
1.787
767
538
1.818
784
538
1.849
801
538
1.880
819
1000 tons
9.044
units
3.500
538
1.912
837
538
1.945
855
538
1.978
874
538
2.011
893
538
2.046
913
transferred rail loads Great Belt **
8.421
8.572
8.727
8.884
9.207
9.372
9.541
9.713
9.888
passenger trains existing operations
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2032
2033
2034
2035
2036
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
671
811
1.496
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
397
30
427
14
683
829
1.525
404
30
434
14
694
847
1.555
412
30
441
14
706
865
1.586
419
30
449
14
718
884
1.617
427
30
456
14
730
904
1.648
434
30
464
14
743
924
1.681
442
30
472
14
755
944
1.714
450
30
480
14
768
965
1.747
458
30
488
14
781
986
1.781
466
30
496
2037
2038
2039
2040
2041
Total estimated income
1.923
1.959
1.997
2.034
2.073
2.112
2.152
2.193
2.235
2.278
FS Femern belt connection ver 3.5 alt 3
21-11-2014
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
2.080
933
538
2.116
954
538
2.152
975
538
2.188
996
538
2.225
1.018
1000 tons
10810
units
3500
538
2.225
1.018
** no more growth
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
transferred rail loads Great Belt **
10.066
10247
10431
10619
11005
11203
11404
11610
11819
passenger trains existing operations
3.500
3500
3500
3500
3500
3500
3500
3500
3500
Income from crossings for tunnel project
2042
2043
2044
2045
2046
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
795
1008
1816
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
475
30
505
14
808
1030
1852
483
30
513
14
822
1053
1889
492
30
522
14
836
1076
1926
501
30
531
14
850
1100
1964
510
30
540
14
850
1100
1964
519
30
549
14
850
1100
1964
528
30
558
14
850
1100
1964
538
30
568
14
850
1100
1964
548
30
577
14
850
1100
1964
557
30
587
2047
2048
2049
2050
2051
Total estimated income
2321
2365
2410
2456
2503
2512
2522
2531
2541
2551
FS Femern belt connection ver 3.5 alt 3
21-11-2014
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Feasibility study
Femern Belt Crosssing
Traffic forecast Femern Belt Crossings
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
1000 tons
12.921
units
3.500
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
538
2.225
1.018
transferred rail loads Great Belt **
12.031
12.248
12.468
12.693
13.154
13.391
13.632
13.877
14.127
passenger trains existing operations
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
3.500
Income from crossings for tunnel project
2052
2053
2054
2055
2056
mill DKK
passenger cars, border shop visits
passenger cars, mainly holidays
trucks
14
850
1.100
1.964
transferred rail loads Great Belt **
passenger trains existing operations
total income rail transfers
568
30
597
14
850
1.100
1.964
578
30
607
14
850
1.100
1.964
588
30
618
14
850
1.100
1.964
599
30
628
14
850
1.100
1.964
609
30
639
14
850
1.100
1.964
620
30
650
14
850
1.100
1.964
632
30
661
14
850
1.100
1.964
643
30
673
14
850
1.100
1.964
655
30
684
14
850
1.100
1.964
666
30
696
2057
2058
2059
2060
2061
Total estimated income
2.561
2.571
2.581
2.592
2.603
2.614
2.625
2.636
2.648
2.660
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0063.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2022
2023
2024
2025
2026
mill DKK
Operation and management
200
200
200
200
200
200
200
200
200
200
2027
2028
2029
2030
2031
Operation and management
200
200
200
200
200
200
200
200
200
200
Fixed costs
Maintenence cost as percentage of investment
2022
0,8
2023
0,8
2024
0,8
2025
0,8
2026
0,8
mill DKK
2027
0,8
2028
0,8
2029
0,8
2030
0,8
2031
0,8
Maintenance
373
373
373
373
373
373
373
373
373
373
Total maintenence costs
373
373
373
373
373
373
373
373
373
373
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Credit
1.494
1.518
1.540
1.560
1.578
1.593
1.607
1.621
1.635
1.647
Total interest costs
1.494
1.518
1.540
1.560
1.578
1.593
1.607
1.621
1.635
1.647
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0064.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2032
2033
2034
2035
2036
mill DKK
Operation and management
200
200
200
200
200
200
200
200
200
200
2037
2038
2039
2040
2041
Operation and management
200
200
200
200
200
200
200
200
200
200
2032
Maintenence cost as percentage of investment
0,8
2033
0,8
2034
0,8
2035
0,8
2036
0,8
mill DKK
2037
0,8
2038
0,8
2039
0,8
2040
0,8
2041
0,8
Maintenance
373
373
373
373
373
373
373
373
373
373
Total maintenence costs
373
373
373
373
373
373
373
373
373
373
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Credit
1.659
1.669
1.679
1.688
1.696
1.703
1.709
1.713
1.716
1.718
Total interest costs
1.659
1.669
1.679
1.688
1.696
1.703
1.709
1.713
1.716
1.718
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0065.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2042
2043
2044
2045
2046
mill DKK
Staff and general costs
200
200
200
200
200
200
200
200
200
200
2047
2048
2049
2050
2051
Operation and management
200
200
200
200
200
200
200
200
200
200
2042
Maintenence cost as percentage of investment
1,5
2043
1,5
2044
1,5
2045
1,5
2046
1,5
mill DKK
2047
1,5
2048
1,5
2049
1,5
2050
1,5
2051
1,5
Maintenance
746
746
746
746
746
746
746
746
746
746
Total maintenence costs
746
746
746
746
746
746
746
746
746
746
mill DKK
Interest costs
Interest cost on Danish Government Guaranteed Cre
1.719
1.731
1.742
1.751
1.760
1.767
1.774
1.781
1.788
1.794
Total interest costs
1719
1731
1742
1751
1760
1767
1774
1781
1788
1794
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0066.png
Feasibility study
Femern Belt Crosssing
Operational and maintenence costs
2052
2053
2054
2055
2056
mill DKK
Staff and general costs
200
200
200
200
200
200
200
200
200
200
2057
2058
2059
2060
2061
Operation and management
200
200
200
200
200
200
200
200
200
200
2052
Maintenence cost as percentage of investme
1,5
2053
1,5
2054
1,5
2055
1,5
2056
1,5
mill DKK
2057
1,5
2058
1,5
2059
1,5
2060
1,5
2061
1,5
Maintenance
746
746
746
746
746
746
746
746
746
746
Total maintenence costs
746
746
746
746
746
746
746
746
746
746
mill DKK
Interest costs
Interest cost on Danish Government Guarant
1.801
1.808
1.814
1.820
1.826
1.832
1.838
1.843
1.849
1.854
Total interest costs
1.801
1.808
1.814
1.820
1.826
1.832
1.838
1.843
1.849
1.854
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0067.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
Yearly depre
percentage
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
mill DKK
-%-
Construction costs tunnel structure
3,33
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
Total depreciations
1.421
1.421
1.421
1.421
1.421
mill DKK
1.421
1.421
1.421
1.421
1.421
Ultimo values
Construction costs tunnel structure
Balance
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Total ultimo values
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0068.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
mill DKK
Construction costs tunnel structure
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
1.421
Total depreciations
1.421
1.421
1.421
1.421
1.421
mill DKK
1.421
1.421
1.421
1.421
1.421
Ultimo values
Construction costs tunnel structure
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Total ultimo values
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0069.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
mill DKK
Construction costs tunnel structure
1421
1421
1421
1421
1421
1421
1421
1421
1421
1421
Total depreciations
1421
1421
1421
1421
1421
mill DKK
1421
1421
1421
1421
1421
Ultimo values
Construction costs tunnel structure
12833
11412
9991
8570
7149
5727
4306
2885
1464
43
Total ultimo values
12833
11412
9991
8570
7149
5727
4306
2885
1464
43
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0070.png
Feasibility study
Femern Belt Crosssing
Depreciation distributed on investment groups
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
mill DKK
Construction costs tunnel structure
53
Total depreciations
53
0
0
0
0
mill DKK
0
0
0
0
0
Ultimo values
Construction costs tunnel structure
-10
-10
-10
-10
-10
-10
-10
-10
-10
-10
Total ultimo values
-10
-10
-10
-10
-10
-10
-10
-10
-10
-10
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0071.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2022
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Sales value
Total income
Operation and management
1.379
1.379
200
1.456
1.456
200
1.538
1.538
200
1.626
1.626
200
1.719
1.719
200
1.751
1.751
200
1.784
1.784
200
1.818
1.818
200
1.852
1.852
200
1.887
1.887
200
Gross contribution
Maintenance costs
1.179
373
1.256
373
1.338
373
1.426
373
1.519
373
1.551
373
1.584
373
1.618
373
1.652
373
1.687
373
Result before interest and depreciations
806
883
965
1.053
1.146
1.179
1.212
1.245
1.280
1.315
Interest
Depreciations
Net result before profit tax
1.494
1.421
-2.108
1.518
1.421
-2.056
1.540
1.421
-1.996
1.560
1.421
-1.929
1.578
1.421
-1.853
1.593
1.421
-1.836
1.607
1.421
-1.817
1.621
1.421
-1.797
1.635
1.421
-1.776
1.647
1.421
-1.754
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0072.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2032
2033
2034
2035
2036
mill DKK
2037
2038
2039
2040
2041
Sales value
Total income
Operation and management
1.923
1.923
200
1.959
1.959
200
1.997
1.997
200
2.034
2.034
200
2.073
2.073
200
2.112
2.112
200
2.152
2.152
200
2.193
2.193
200
2.235
2.235
200
2.278
2.278
200
Gross contribution
Maintenance costs
1.723
373
1.759
373
1.797
373
1.834
373
1.873
373
1.912
373
1.952
373
1.993
373
2.035
373
2.078
373
Result before interest and depreciations
1.350
1.387
1.424
1.462
1.500
1.540
1.580
1.621
1.662
1.705
Interest
Depreciations
Net result before profit tax
1.659
1.421
-1.729
1.669
1.421
-1.704
1.679
1.421
-1.677
1.688
1.421
-1.648
1.696
1.421
-1.617
1.703
1.421
-1.585
1.709
1.421
-1.550
1.713
1.421
-1.514
1.716
1.421
-1.475
1.718
1.421
-1.435
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0073.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2042
2043
2044
2045
2046
mill DKK
2047
2048
2049
2050
2051
Sales value
Total income
Operation and management
2.321
2.321
200
2.365
2.365
200
2.410
2.410
200
2.456
2.456
200
2.503
2.503
200
2.512
2.512
200
2.522
2.522
200
2.531
2.531
200
2.541
2.541
200
2.551
2.551
200
Gross contribution
Maintenance costs
2.121
746
2.165
746
2.210
746
2.256
746
2.303
746
2.312
746
2.322
746
2.331
746
2.341
746
2.351
746
Result before interest and depreciations
1.375
1.420
1.465
1.511
1.558
1.567
1.576
1.586
1.595
1.605
Interest
Depreciations
Net result before profit tax
1.719
1.421
-1.765
1.731
1.421
-1.732
1.742
1.421
-1.698
1.751
1.421
-1.662
1.760
1.421
-1.623
1.767
1.421
-1.621
1.774
1.421
-1.619
1.781
1.421
-1.616
1.788
1.421
-1.614
1.794
1.421
-1.610
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0074.png
Feasibility study
Femern Belt Crosssing
Profit and loss account
2052
2053
2054
2055
2056
mill DKK
2057
2058
2059
2060
2061
Sales value
Total income
Operation and management
2.561
2.561
200
2.571
2.571
200
2.581
2.581
200
2.592
2.592
200
2.603
2.603
200
2.614
2.614
200
2.625
2.625
200
2.636
2.636
200
2.648
2.648
200
2.660
2.660
200
Gross contribution
Maintenance costs
2.361
746
2.371
746
2.381
746
2.392
746
2.403
746
2.414
746
2.425
746
2.436
746
2.448
746
2.460
746
Result before interest and depreciations
1.615
1.625
1.636
1.646
1.657
1.668
1.679
1.691
1.702
1.714
Interest
Depreciations
Net result before profit tax
1.801
43
-228
1.808
1.814
1.820
1.826
1.832
1.838
1.843
1.849
1.854
-182
-178
-174
-169
-164
-158
-153
-146
-140
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0075.png
Feasibility study
Femern Belt Crosssing
Cash flow operating years
2022
2023
2024
2025
2026
mill DKK
Cash-flow:
Profit before interest and depreciations
Interest on Danish Government Guaranteed Credit
Additional Danish Government Guaranteed Credit
806
-1.494
687
883
-1.518
634
965
-1.540
575
1.053
-1.560
507
1.146
-1.578
432
1.179
-1.593
414
1.212
-1.607
396
1.245
-1.621
376
1.280
-1.635
355
1.315
-1.647
332
2027
2028
2029
2030
2031
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0076.png
Feasibility study
Femern Belt Crosssing
Cash flow operating years
2032
2033
2034
2035
2036
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed Credit
1.350
-1.659
308
1.387
-1.669
283
1.424
-1.679
255
1.462
-1.688
227
1.500
-1.696
196
1.540
-1.703
163
1.580
-1.709
129
1.621
-1.713
93
1.662
-1.716
54
1.705
-1.718
14
2037
2038
2039
2040
2041
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0077.png
Feasibility study
Femern Belt Crosssing
Cash flow operating years
2042
2043
2044
2045
2046
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed Credit
1.375
-1.719
343
1.420
-1.731
311
1.465
-1.742
277
1.511
-1.751
241
1.558
-1.760
202
1.567
-1.767
200
1.576
-1.774
198
1.586
-1.781
195
1.595
-1.788
192
1.605
-1.794
189
2047
2048
2049
2050
2051
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0078.png
Feasibility study
Femern Belt Crosssing
Cash flow operating years
2052
2053
2054
2055
2056
mill DKK
Cash-flow:
Profit befor interest and depreciations
Interest payment
Additional Danish Government Guaranteed C
1.615
-1.801
186
1.625
-1.808
182
1.636
-1.814
178
1.646
-1.820
174
1.657
-1.826
169
1.668
-1.832
164
1.679
-1.838
158
1.691
-1.843
153
1.702
-1.849
146
1.714
-1.854
140
2057
2058
2059
2060
2061
Resulting cash-flow
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0079.png
Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
Opening
balance
2022
2023
2024
2025
2026
mill DKK
2027
2028
2029
2030
2031
Fixed Assets
Pre-operational costs
Debtors
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
0
Total assets
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
Own capital
Reserves
0
0
-2.108
-4.164
-6.160
-8.088
-9.941
-11.777
-13.594
-15.392
-17.168
-18.921
Total own capital
0
-2.108
-4.164
-6.160
-8.088
-9.941
-11.777
-13.594
-15.392
-17.168
-18.921
Danish Government Credit Guarantee
42.679
43.366
44.000
44.575
45.082
45.514
45.929
46.324
46.701
47.056
47.388
Total foreign capital
42.679
43.366
44.000
44.575
45.082
45.514
45.929
46.324
46.701
47.056
47.388
Total Liabilities
42.679
41.257
39.836
38.415
36.994
35.573
34.151
32.730
31.309
29.888
28.467
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0080.png
Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2032
2033
2034
2035
2036
mill DKK
2037
2038
2039
2040
2041
Fixed Assets
Pre-operational costs
Debtors
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
Own capital
Reserves
-20.651
-22.355
-24.031
-25.679
-27.296
-28.881
-30.431
-31.945
-33.420
-34.855
Total own capital
-20.651
-22.355
-24.031
-25.679
-27.296
-28.881
-30.431
-31.945
-33.420
-34.855
Danish Government Credit Guarantee
47.696
47.979
48.234
48.461
48.657
48.820
48.949
49.042
49.096
49.110
Total foreign capital
47.696
47.979
48.234
48.461
48.657
48.820
48.949
49.042
49.096
49.110
Total Liabilities
27.045
25.624
24.203
22.782
21.361
19.939
18.518
17.097
15.676
14.255
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0081.png
Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2042
2043
2044
2045
2046
mill DKK
2047
2048
2049
2050
2051
Fixed Assets
Pre-operational costs
Debtors
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
Own capital
Reserves
-36.620
-38.352
-40.050
-41.712
-43.335
-44.957
-46.576
-48.192
-49.805
-51.416
Total own capital
-36.620
-38.352
-40.050
-41.712
-43.335
-44.957
-46.576
-48.192
-49.805
-51.416
Danish Government Credit Guarantee
49.453
49.764
50.041
50.282
50.484
50.684
50.882
51.077
51.269
51.459
Total foreign capital
49.453
49.764
50.041
50.282
50.484
50.684
50.882
51.077
51.269
51.459
Total Liabilities
12.833
11.412
9.991
8.570
7.149
5.727
4.306
2.885
1.464
43
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting
 PDF to HTML - Convert PDF files to HTML files
1429566_0082.png
Feasibility study
Femern Belt Crosssing
Balance sheets, ultimo values
2052
2053
2054
2055
2056
mill DKK
2057
2058
2059
2060
2061
Fixed Assets
Pre-operational costs
Debtors
Stocks
Cash
0
0
0
0
0
0
0
0
0
0
Total assets
0
0
0
0
0
0
0
0
0
0
Own capital
Reserves
-51.644
-51.826
-52.004
-52.178
-52.347
-52.511
-52.669
-52.822
-52.969
-53.108
Total own capital
-51.644
-51.826
-52.004
-52.178
-52.347
-52.511
-52.669
-52.822
-52.969
-53.108
Danish Government Credit Guarantee
51.644
51.826
52.004
52.178
52.347
52.511
52.669
52.822
52.969
53.108
Total foreign capital
51.644
51.826
52.004
52.178
52.347
52.511
52.669
52.822
52.969
53.108
Total Liabilities
0
0
0
0
0
0
0
0
0
0
FS Femern belt connection ver 3.5 alt 3
21-11-2014
LR Consulting