Market
Denmark is experiencing a phase of moderate growth. The country’s infrastructure development plan entails public and private investment. The Group operates through the subsidiary Copenhagen Metro Team I/S, a company incorporated under Danish law and active in the development of Copenhagen Cityringen, one of the world’s most modern transport infrastructures. The following table shows quantitative values for the projects in which the Group was engaged at December 31, 2015:
| Project (Figures in € million) | Group residual portfolio | Percentage of completion |
|---|---|---|
| Cityringen | 629.7 | 68.8% |
| Total | 629.7 |
Copenhagen Cityringen
The project consists in the design and construction of the new metro loop in the center of Copenhagen, which entails two tunnels of 16 km each, 17 stations and five monitoring shafts. The value of the contract, including additional works and price reviews, is €2,020 million.
During 2015, activities continued according to schedule, enabling the start of electromechanical works and architectural finishings.
The percentage of completion as of December 31, 2015 was 68.8%.
Costs for unbudgeted activities were incurred during the year, primarily for structure consolidation work requested by the Client, leading to the formalization of requests for additional compensation during extrajudicial discussions.
These costs were taken into consideration during the evaluation of work in progress, to the extent in which their repayment was deemed probable based on the opinion expressed by the Group’s legal counsels.
2016 outlook
The Group is involved in important tenders for projects in the transport sector. The project for the Southbound extension of the metro line for the city of Copenhagen is at the pre-qualification stage.