Trafikken ved Storebæltsbetalingsanlæg

11.4 million vehicles crossed Storebælt in 2014

Increased traffic and low interest expenses mean that Sund & Bælt has posted better results for 2014 than expected with the summer’s upward revision, shows the Group’s annual report.

Sund & Bælt delivered a profit of DKK 2,240 million in 2014 before financial value adjustments and tax. Compared to 2013, this represents an improvement of over DKK 500 million and is DKK 290 million better than expected at the end of Q2 when the annual results were revised upwards by DKK 300 million.

In 2014, traffic on Storebælt’s road link increased by 4.4 per cent compared to 2013. In total, 11.4 million vehicles crossed the fixed link corresponding to 31,128 vehicles per day. Road revenue increased to DKK 2,785 million and was DKK 148 million higher than in 2013.

Compared to 2013, passenger car traffic rose by 4.1 per cent while lorry traffic rose by 7 per cent. Growth is the highest since 2007.

”2014 produced the Group’s best result so far,” says Sund & Bælt’s CEO Leo Larsen. ”For the year as a whole, we’ve seen an impressive increase in traffic for both lorry and leisure traffic, which is clearly above the general economic growth of just under 1 per cent.  We were helped by a good spring in terms of the weather, a mild autumn and no snow in December. Lorry traffic has also switched from the ferries.  Together with low interest expenses, this means that we posted a larger-than-expected profit at the start of the year, which is highly satisfactory.”

For A/S Storebælt this year’s results mean that the company is repaying DKK 0.7 billion of the interest-bearing debt, which at the end of 2014 is DKK 23.5 million. The repayment period is unchanged compared to 2013 and is 31 years. The debt is expected to be paid in 2029.

Based on the 2014 results, Sund & Bælt Holding A/S is expected to receive dividend of DKK 900 million from A/S Storebælt, which is subsequently expected, extraordinarily, to be paid to the State. After this payment, Sund & Bælt Holding A/S will have paid a total of DKK 1.8 billion to the Sate.

The Group’s result after tax was a profit of DKK 166 million. This was negatively affected by fair value adjustments of DKK 2,026 million, corresponding to DKK 1,530 million after tax.

The outlook for the Group’s financial results for 2015 follows the projections for the Danish economy, which point towards a slight increase in growth. The result before financial value adjustments and tax is expected to be a profit of approximately DKK 1,820 million. Traffic is also expected to follow the trend in the rest of the economy; lower traffic growth than what was achieved in 2014 is therefore expected.

Read the full Annual Report

Results for the Sund & Bælt Group*

DKK million 2014 2013
Revenue, road (Storebælt) 2.785 2.637
Revenue, railway (Storebælt and Øresund landworks) 892 888
Other income, including port fess and revenue from wind turbines 77 79
Total income 3.754 3.604
Operating expenses -464 -459
Depreciation -628 -619
Operating profit (EBIT) 2.662 2.526
Interest expenses -813 -1.095
Profit before fair value adjustment 1.849 1.431
Fair value adjustment **) -1.691 1.763
Result before share from Øresundsbro Konsortiet 158 3.194
Øresundsbro Konsortiet’s share of result ***) 56 1.039
Profit before tax 214 4.233
Tax -48 -1.235
Profit after tax 166 2.998

 

**The Sund & Bælt Group’s accounts include the results of the 100 per cent owned subsidiaries A/S Storebælt, A/S Øresund, A/S Femern Landanlæg, Femern A/S, Sund & Bælt Partner A/S and BroBizz A/S and for the Danish part of Øresundsbro Konsortiet, which is responsible for the operations of the Øresund Bridge.

**) The fair value adjustment is an accounting principle whereby, in respect of financial reporting, changes in the value of financial assets and liabilities are established at their market value:  that is, the value they would have in the market if they were traded. The value adjustment has no effect on the company’s debt repayment capacity.

***) Øresundsbro Konsortiet’s share of the result is an expense of DKK 335 million for the period relating to value adjustments. The result before value adjustments is a profit of DKK 391 million. In total, the result before value adjustments and tax for the Group, including Øresundsbro Konsortiet, is a profit of DKK 2,240 million.

Vehicle traffic across the bridges

Number of vehicles  Total per year  Average per day  Increase
2014 2013 2014 2013
 

Storebælt

 

11.4 million

 

10.9 million

 

31,128

 

29,817

 

4.4 per cent

 

Øresund

 

6.9 million

 

6.7 million

 

18,964

 

18,337

 

3.4 per cent

 

× Tilmeld dig vores nyhedsbrev   Tilmeld