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28 November 2022

Leisure traffic returns to the Storebælt Bridge

In Q3, leisure traffic across the Storebælt Bridge returned to the pre-Covid, 2019 level. The substantial growth in HGV traffic is declining on the Storebælt Bridge, but the Øre-sund Bridge is still seeing growth in freight traffic. The overall trend has made a posi-tive contribution to the third quarter results.

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 *)

DKK million

2022

2021

Net revenue, road (Storebælt)
Net revenue, railway (Storebælt and Øresund landworks)
Net revenue, other

2,361

230

59

2,179

227

63

Total net revenue

2,650

2,469

Expenses, excl. depreciation

-432

-347

Depreciation

-566

-580

Operating profit (EBIT)

1,652

1,542

Financial items excl. value adjustment

-1.055

-398

Profit before value adjustment

597

1,144

Value adjustment **)

18,506

2,076

Profit before share from Øresundsbro Konsortiet I/S

19,103

3,220

Øresundsbro Konsortiet I/S’ share of profit ***)

1,367

501

Profit before tax

20,470

3,721

Tax

-4,510

-823

Profit after tax

15,960

2,898

*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

Storebælt

Vehicles per day

2022

2021

Growth 2022/21

2019

Growth 2022/19

Passenger cars

32,151

29,038

10,7 pct.

31,696

-1,7 pct.

HGVs

4,733

4,532

4,5 pct.

4,171

13,5 pct.

Coaches

93

54

73,2 pct.

137

-32 pct.

Total

36,978

33,624

10,0 pct.

37,004

-0,1 pct.

Øresundsbron

Vehicles per day

2022

2021

Growth 2022/21

2019

Growth 2022/19

Passenger cars

17,319

10,754

61,0 pct.

19,539

12,0 pct.

HGVs

1,641

1,502

9,3 pct.

1,415

16,0 pct.

Coaches

112

51

21,7 pct.

171

-34,5 pct.

I alt

19,072

12,306

5,0 pct.

21,125

-9,7 pct. 

Language: English

Language: English