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31 August 2022

Increasing traffic contributes to satisfactory results

Both leisure and HGV traffic made increased use of the Storebælt and Øresund bridges in the 1st half year 2022 and exceed pre-Covid levels. In relation to the outlook for the peri-od’s results, traffic has made a satisfactory contribution.

On the Storebælt Bridge, total road traffic increased by 20.5 per cent in the 1st half year. Passenger car traffic increased by 23.2 per cent and HGV traffic by 4.7 per cent. Revenue from road traffic thus increased by 15.3 per cent compared to the 1st half year of 2021 and totalled DKK 1,491 million. In the period under review, traffic has largely returned to pre-pandemic levels and is 1.9 per cent lower than the same period in 2019.

Revenue from the rail and port facilities was DKK 152 million, which is on a par with the same period last year.

On the Øresund Bridge, road traffic increased by 85.2 per cent compared to the same period in 2021. Passenger car traffic rose by 99.8 per cent while HGV traffic rose by 9.6 per cent. Compared to the same period in 2019 – prior to the Covid-19 pandemic – traffic is still 14.7 per cent lower.   

"On both bridges, traffic saw an increase in the spring, which has contributed to satisfactory results for the first half year. We can see that this trend continued over the summer when several records were set.  On the Storebælt Bridge, more than 60,000 vehicles passed through the toll station in one day, which is the highest figure in the history of the bridge,” says Mikkel Hemmingsen, CEO, Sund & Bælt.

The income statement includes 50 per cent of Øresundsbro Konsortiet I/S’ profit and amounts to DKK 913 million. In 2022, the result is positively affected by a rise in traffic revenue of DKK 136 million and negatively affected by higher interest expenses of DKK 61 million.

The Group’s interest expenses rose to DKK 651 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 590 million for the first six months of the year compared to a profit of DKK 787 million for the same period last year.  

Including the share from Øresundsbro Konsortiet, value adjustments represent gains of DKK 15,272 million. The Group’s result after value adjustments and tax is a profit of DKK 12,372 million against a profit of DKK 2,696 million last year. This has been positively affected by value adjustments of DKK 12,600 million.  

A/S Storebælt’s interest-bearing net debt is DKK 18.4 billion following Q2 and has risen by DKK 0.7 billion since 31 December 2021. The repayment period amounts to 36 years, calculated from the time of the opening of the Storebælt fixed link, corresponding to 2034.

The outlook for the results for 2022 has been adjusted downwards to a profit before fair value adjustments and tax within the range of DKK 1.5-1.65 billion. The adjustment has been made as a result of continuing inflation, which impacts the Group’s financing expenses. The outlook for the whole year is based on annual inflation of 6.5 per cent. A change in the expected inflation of 0.5 percentage points will mean a change in the Group’s interest expenses in the order of DKK 70 million.

Inflation and price pressure are expected to have a limited impact on the year’s operating expenses but will impact the extent of the year’s investments as a result of price developments for raw materials in general and for steel and energy in particular. In the long run, the continued increase in price levels will be reflected in rising construction costs and user payments for infrastructure.

Read the full interim report here.

 

Results for the Sund & Bælt Group 1 January – 30 June *)


DKK million

2022

2021

Revenue, road (Storebælt)

Revenue, railway (Storebælt and Øresund landworks)

Other revenue

1.491

152

40

1.293

154

39

Total revenue

1.683

1.486

Operating expenses

-288

-231

Depreciation

-389

-387

Operating profit (EBIT)

1.006

868

Interest expenses

-651

-241

Profit before value adjustments

355 

627

Value adjustment **)

14.594

2.489

Share of profit from Øresundsbro Konsortiet ***)

913

343

Profit before tax

15.862

3.459

Tax

-3.490

-763

Profit after tax 

12.372

2.696

*Sund & Bælt Group’s accounts includes 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 as well as the Danish half of Øresundsbro Konsortiet, which is responsible for the operation of the Øresund Bridge.

**) Value adjustment is an accounting principle whereby changes in the value of financial assets and liabilities are stated at market value. That is, the value they have in the market at any given time if they were to be traded. The value adjustment has no effect on the company’s ability to repay its debt.

***) The result from Øresundsbro Konsortiet for the period includes gains of DKK 678 million relating to value adjustments. The share of the result, excl. value adjustments, amounts to a profit of DKK 235 million. Overall, the result before value adjustments and tax for the Group, including Øresundsbro Konsortiet, is a profit of DKK 590 million.

 

Traffic across the bridges: 1 January-30 June  

Storebælt

Vehicles per day 

2022

2021

Growth 2022/2021

2019

Growth 2022/19

Passenger cars

29.978

24.335

23,2 per cent

31.138

-3,7 per cent

HGVs

4.695

4.484

4,7 per cent

4.140

13,4 per cent

Coaches

86

33

158,1 per cent

138

-37,8 per cent

Total

34.758

28.851

20,5 pct.

35.416

-1,9 per cent

Øresund

Vehicles per day

2022

2021

Growth 2022/21

2019

Growth 2022/19

Passenger cars

14.886

7.450

99,8 per cent

17.920

-16,9 per cent

Freight traffic

1.648

1.504

9,6 per cent

1.419

16,2 per cent

Coaches

97

29

238,4 per cent

157

-38,0 per cent

Total

16.632

8.983

85,2 per cent

19.496

-14,7 per cent

Language: English

Language: English