On the Storebælt Bridge, total road traffic rose by 10.0 per cent compared to the same period last year. Passenger car traffic rose by 10.7 per cent and HGV traffic by 4.5 per cent. Revenue from road traffic amounted to DKK 2,361 million and increased by DKK 182 million compared to the first nine months of 2021.
For the first time since the pandemic, traffic is now at the same level as it was 2019, with just 0.1 per cent difference. Road revenue is DKK 125 million higher than the same period in 2019.
Revenue from the rail and port facilities amounted to DKK 253 million, which is at the same level as last year.
On the Øresund Bridge, traffic rose by 55.0 per cent compared to the same period in 2021. Passenger traffic rose by 61.0 per cent while HGV traffic rose by 9.3 per cent. Compared to the same period in 2019, prior to the Covid-19 pandemic, traffic is still 9.7 per cent lower.
"This is the first time since Covid-19 for us to see leisure traffic across the Storebælt Bridge reach pre-pandemic levels. The Øresund Bridge has also seen strong progress in leisure traffic and a continuing high level of growth in HGV traffic. Overall, the increase in traffic has made a positive contribution to profits for the period, but we still expect the annual results to be affected by rising inflation,” says Mikkel Hemmingsen, CEO, Sund & Bælt.
50 per cent of Øresundsbro Konsortiet I/S’ profits are recognised in the income statement, corresponding to DKK 1,376 million.
The Group’s interest expenses rose to DKK 1,055 million, which is primarily due to the impact of higher inflation.
The result before fair value adjustment and tax, including the share from Øresundsbro Konsortiet, was a profit of DKK 1,054 million against a profit last year of DKK 1,482 million for the first nine months of the year. The value adjustments, including the share from Øresundsbro Konsortiet, amounted to gains of DKK 19,416 million.
The Group’s result after value adjustments and tax was a profit of DKK 15,960 million against a profit of DKK 2,898 million for the same period last year.
A/S Storebælt’s interest-bearing net debt totalled DKK 17.8 billion after Q3 and has been reduced by 0.6 billion since 30 September 2021. The repayment period totals 36 years from the opening year of the Storebælt link, i.e. 2034.
The outlook for the result for 2022 has been adjusted downwards to a profit before fair value adjustments and tax in the region of DKK 1.0-DKK 1.15 billion. The adjustment is due to inflation, which has a negative impact on the Group’s financing expenses. The outlook for the whole year is based on annual inflation of 10.1 per cent.
See the interim report here.
Results for the Sund & Bælt Group, 1 January – 30 September *)
*The Sund & Bælt Group’s accounts include the results for the 100 per cent owned subsidiaries, A/S Storebælt, A/S Øresund, A/S Femern Landanlæg, Femern A/S, Sund & Bælt Partner A/S, Brobizz A/S and BroBizz Operatør A/S and for the Danish half of Øresundsbro Konsortiet I/S, which is responsible for the operation of the Øresund Bridge.
**) Value adjustment is an accounting principle in which changes in the value of financial assets and liabilities are determined at their market value for the purpose of financial reporting, i.e. their value in the market at any given time if they were to be traded. The fair value adjustment has no effect on the company’s ability to repay its debt.
***) The profit from Øresundsbro Konsortiet I/S’ for the period includes gains of DKK 910 million relating to value adjustments. The share of profits before value adjustments is DKK 457 million. In total, the result before value adjustments and tax for the Group, including Øresundsbro Konsortiet I/S, is a profit of DKK 1,054 million.
Vehicle traffic across the bridges, 1 January – 30 September