Good start to the year with more traffic and increased revenue

Traffic and revenue continue to increase on the Øresund Bridge. Together with continuing good cost management and efficiency, this has resulted in increased profits before interest. At the same time, rising interest rates have increased financial expenses, which means that profits before value adjustment have fallen compared to the same period last year.

Overall, road traffic increased by 3.1 per cent in the first quarter of the year, corresponding to 521 vehicles per day, compared to the same period last year. That Easter fell in the second quarter this year instead of the first quarter last year impacted the various traffic categories.

Revenue increased by DKK 9 million while operating expenses decreased. Profits before interest were DKK 270 million, which is an improvement of DKK 11 million. Interest expenses increased largely as a result of higher inflation in Sweden and Denmark.

”This is an excellent start to the year,” says Caroline Ullman-Hammer, CEO, Øresundsbro Konsortiet. ”The increased revenue is the result of our focus on our BroPas customers through campaigns, special offers and the like, largely via social media. In the first quarter, we can see a record number of new BroPas customers. The rise in interest expenses owing to higher inflation is fully in line with expectations.”

In total, this has delivered a profit of DKK 209 million before value adjustment, which is a decrease of DKK 4 million compared to the same period last year.

Main items for the period (DKK million)

Jan – March 2017 Jan – March 2016 Development
Revenue, road 267 263 4
Revenue, railway 126 124 2
Other income 5 2 3
Total revenue  398 389 9
Operating expenses -59 -62 3
Depreciation -69 -68 -1
Operating profit  270 259 11
Financial income and expenses -61 -46 -15
Profit before value adjustments  209 213 -4
Value adjustment, fair value effect, net* 181 -392
Value adjustment, exchange rate effect, net* -6 25
Profit/loss for the period  384 -154

* Value adjustment is an accounting principle whereby financial assets and liabilities are regularly determined at their market value. The value adjustment is shown in the financial statements under financial income and expenses. The value adjustment has no effect on the company’s ability to repay its debt.

Traffic development for the period January-March

Traffic per day 2017 Traffic per day 2016 Traffic development
Leisure 4,724 4,829 -2.2 %
Commuter 6,345 5,897 7.6 %
Business 3,008 2,749 9.4 %
Cash 2,056 2,200 -6.5 %
Passenger cars total* 16,132 15,675 2.9 %
Lorries 1,289 1,215 6.1 %
Coaches 88 99 -11.3 %
Total 17,510 16,989 3.1 %

* The category also includes passenger cars towing a trailer, vans and motorcycles.

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