Corona and milestones characterised 2020 in Metroselskabet
Key financial figures 2020
- The profit for the year before depreciation, amortisation and impairment for 2020 was DKK 524 million, which is in line with expectations, as Metroselskabet has been compensated by the Danish state for the financial losses in public transport as a result of the COVID-19 pandemic.
- In 2020, Metroselskabet has calculated the final construction budgets for the M3 line and M4 Nordhavn. The total construction budget for the M3 line was DKK 25.4 billion (2020 prices) without correction reserve, and the project was 10.5 per cent more expensive and delayed by nine months.
- The total construction budget for M4 Nordhavn was DKK 3.2 billion including correction reserve (2020 prices). When calculating the final budget, The Company has returned approximately DKK 500 million in unused funds to the owners. M4 Nordhavn opened on 28 March 2020, six months after the M3 line opened and three months later than the original schedule.
- The total construction budget for M4 Sydhavn is DKK 9.4 billion including correction reserve (2020 prices). Up to 2020, DKK 3.9 billion of the total budget has been spent. In 2020, investments for the Metro and new facilities totalling DKK 2.2 billion have also been incurred.
2020 was also a year characterised by the corona situation in Metroselskabet. Despite restrictions and lockdowns, the year also saw continued metro operations and important milestones on the major construction projects. The Company's Chairman of the Board has just been reappointed to lead the company's activities until 2025.
Metroselskabet today presented its 2020 financial statements at a partnership meeting attended by the group of owners, which consists of the Ministry of Transport and the municipalities of Frederiksberg and Copenhagen. The Company's owners approved the financial statements and have also unanimously decided to appoint the company's current Chairman of the Board, Jørn Neergaard Larsen, for a new term until 2025.
‘I am very pleased with the trust the owners have shown in me and to be able to continue leading Metroselskabet through the effects of the corona situation. In the coming years, we must continue to ensure a safe environment, stable metro operations and the best possible travelling experience for passengers. At the same time, production must be kept up on the construction projects so that we can succeed in giving the citizens of the capital more metro and even better opportunities to get around the city easily and quickly,’ says Jørn Neergaard Larsen, Chairman of the Board of Metroselskabet.
In 2020, the corona situation and the accompanying restrictions affected the Metro and especially passenger numbers, which dropped significantly. However, despite falling passenger numbers, The Company managed to ensure efficient and reliable metro operations for the passengers who needed it, while also ensuring progress on the construction projects.
Profit before depreciation, amortisation and impairment for 2020 was DKK 524 million, which is in line with expectations, as Metroselskabet has been compensated by the Danish state for the financial losses in public transport as a result of the COVID-19 pandemic.
‘2020 has been a year of many challenges and uncertainty. But it has also been a good year because Metroselskabet has reached important milestones on the construction projects. The new metro line M4 Nordhavn opened at the end of March, and we managed to keep production up at the construction sites. At the same time, The Company has ensured satisfactory metro operations, where all regulatory requirements have been met and where passengers could feel safe,’ says Jørn Neergaard Larsen.
After the M3 line opened in September 2019, there were high expectations for the Metro's total passenger numbers for 2020, which were originally estimated at 121 million passengers. But as a consequence of the corona situation and the restrictions imposed on Metro and Metro's customers, the figure ended up at just under half of what was expected.
‘Passenger numbers for 2020 ended up at just under 64 million, which is significantly lower than expected. However, there are still a lot of people who needed the Metro, and the Metroselskabet and the operator have therefore focused on ensuring a safe travel experience for everyone. At the same time, we have succeeded in maintaining a high operational stability of over 98 per cent on all metro lines, and customer satisfaction remains at a very high level,’ says Jørn Neergaard Larsen.
A number of important milestones were achieved on the Metroselskabet's construction projects in 2020: M4 Nordhavn opened at the end of March, and M4 Sydhavn has managed to keep up production. The company's own testing facilities have ensured that employees at the construction sites have been continuously tested to prevent the spread of infection.
2020 was also the year in which Metroselskabet completed a feasibility study on metro services to the new island of Lynetteholm, which was commissioned by the company's owners. In addition, Metroselskabet has carried out a number of planned CSR activities focusing on two key areas: ‘Health and safety’ and ‘The green area’. Among other things, The Company's high focus on safety and the working environment has been supplemented with its own testing facilities at construction sites to prevent the spread of infection. In addition, the focus in 2020 has been on ensuring more sustainability in the construction of new metro lines.