Dato for ledelsens godkendelse af årsrapporten:2024-06-28
Ledelsespåtegning:
Today, Management has considered and adopted the Annual Report of FSC FEMERN SICE COBRA I/S for the financial year 1 October 2022 - 31 December 2023.
The Annual Report is presented in accordance with the Danish Financial Statements Act.
In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2023 and of the results of the Company's operations and cash flow for the financial year 1 October 2022 - 31 December 2023.
In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review.
Maribo, 28 June 2024
Executive Board
Rafæl Luis Pulido Ortega
Supervisory Board
Rafæl Luis Pulido Ortega
Antonio Perez Hereza
Gonzalo Miguel Lasa Garcia
Chairman Vice Chairman
Enrique Perez Gomez
Alejandro Just Rodrigo
Juan Carlos Garcia del Bosque
Jose Manuel Olivares Villafranca
Beskrivelse af usikkerhed ved indregning eller måling:The Company's principal activities
FSC FEMERN SICE COBRA IS (hereinafter FSC) is a Danish Partnership which was registered on 1st October 2022 for the purpose of performance of Tunnel Electrical and Mechanical contract (from now on TEM Contract) for Femern Belt Project.
The contract was signed on 30th May 2022 between FEMERN A/S (hereinafter The Owner) and the following companies:
Sociedad Iberica de Construcciones Electricas S. A. (SICE) (incorporated in Spain with number A28002335 whose registered office is at C/La Granja 72, 28108, Alcobendas (Madrid)) (SICE);
SICE Tecnologia Y Sistemas S. A. (incorporated in Spain with number A82804170 whose registered office is at C/La Granja 72, 28108, Alcobendas (Madrid)) (SICE TYS);
Cobra Instalaciones Y Servicios S. A. (incorporated in Spain with number A46146387 whose registered office is at Cardenal Marcelo Spinola, No. 10, 28016, Madrid) (Cobra); and
Moncobra S. A. (incoporated in Spain with number A78990413 whose registered office is at Cardenal Marcelo Spinola, No. 10, 28016, Madrid) (Moncobra).
(together being the Contractor).
On 21st November 2022 a variation agreement was signed between The Owner, The Contractor and FSC for incorporating the last one as a legal entity which purpose is carry out the Works under the Contract in accordance with the Contract entered into between the Owner and the Contractor. FSC is composed of Cobra Instalaciones y Servicios, S. A (65%) and Sociedad Iberica de Construcciones Electricas, S. A (35%).
The project will build an immersed tunnel between Denmark and Germany and will set a record in terms of length and depth. The length will be approximately 19 kilometres long and consist of an electrified, double-track railway and a four-lane motorway, with foundation depths reaching more than 40m under the sea surface.
The Femern Belt fixed rail-road link is a key element to complete the main North-South route connecting central Europe and the Nordic countries; and for that reason, In the spring of 2020, the Femern Belt link's financing model was approved by the EU Commission.
Development in activities and the financial situation
The commencement date of the project was on 2nd January 2023.
As it is stated in the project schedule, first stage of the project covered 19 months for the design of all electromechanical systems for tunnel. During 2023, FSC has developed the Design Basis and Basic Design for all systems of the Project; al packages were delivered to the Owner.
The Owner informed FSC that some access milestones of the project could be delayed which will generate a right to be compensated for the possible impact in cost or time. On December 8th, the Contractor received a crucial communication, titled Revised Access Milestones that outlines modifications to the schedule.
The Company's Income Statement of the financial year 1 October 2022 - 31 December 2023 shows a result of DKK 17. 690. 824 and the Balance Sheet on 31 December 2023 a balance sheet total of DKK 499. 185. 970 and an equity of DKK 17. 690. 824
Post financial year events
After the end of the financial year, no events have occurred which may change the financial position of the entity substantially.
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:Today, Management has considered and adopted the Annual Report of FSC FEMERN SICE COBRA I/S for the financial year 1 October 2022 - 31 December 2023.
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