Today DSB announces the financial results for 2010 with Group profits before tax totalling DKK 173 million, which is DKK 287 million lower than the result for 2009.
Particular issues concerning DSBFirst
The auditors have expressed a qualified opinion relating to DSB's business relations with DSBFirst and the transfer of maintenance of train sets at Helgoland from DSB to DSB's new Maintenance Company:
”During the Management Audit it is our opinion that DSB's management of the intercompany transactions with DSBFirst and the transfer of maintenance of train sets at Helgoland has not been carried out with sufficient comprehension and proper consideration of the special requirements, which apply to competition exposed activities, including the need for the preparation of necessary documentation for the transactions prior to the trading. In particular, we emphasise the transfer of contractual rights regarding maintenance of train sets at Helgoland from DSBFirst to DSB Vedligehold A/S. We therefore find that it cannot be documented that DSB's management of the competition exposed activities has been correct,” it says in the statement regarding the management audit.
CEO Søren Eriksen has stepped down.
Chairman of DSB's Board of Directors Mogens Granborg says
"Yesterday the attention of the Board of Directors was drawn to a number of issues open to criticism, which led to a strong qualification from
the auditors. Based on this, the cooperation with CEO Søren Eriksen has been terminated.
Finance Director Klaus Pedersen has been appointed acting CEO.
Furthermore, in extension of the qualification by the auditors, the Board of Directors and the auditors have immediately initiated an action plan, which will shed further light on the criticised issues.
Further information please contact DSB Communications at + 45 2468 0000
See the Announcement of the Financial Results 2010