Traffic returns to the bridges

In the first months of the year, HGV traffic set a record and exceeded pre-Covid-19 levels on both the Storebælt and Øresund Bridges. Although at a more moderate pace, passenger car traffic is also on the way back. In relation to previous projections, traffic contributed to a satisfactory result.

On the Storebælt Bridge, total road traffic increased by 28.4 per cent in Q1 2022 compared to last year and was 3.7 per cent lower than Q1 2019, i.e. prior to the pandemic. HGV traffic increased by 5.9 per cent while passenger car traffic increased by 33.3 per cent. Revenue from road traffic amounted to DKK 662 million, which is a rise of 19.1 per cent.

Revenue from the rail and port facilities totalled DKK 76 million, which is on a par with last year.

In the first three months of the year, overall traffic across the Øresund Bridge increased by 104.1 per cent compared to 2021 but was 20.4 per cent lower compared to the same period in 2019. Passenger car traffic increased by 130.5 per cent while HGV traffic increased by 9.4 per cent. Revenue from road traffic increased by 67.8 per cent.

"The past year saw HGV traffic return to both bridges and in the first months of the year was higher than before the pandemic. A record was set in March on the Storebælt Bridge with the highest number of lorries since the opening. Passenger car traffic is also making a return on both bridges. Overall, traffic revenue made a positive contribution to the results for the period,” said Mikkel Hemmingsen, Sund & Bælt’s CEO.

The income statement includes 50 per cent of Øresundsbro Konsortiet I/S’ result and amounts to DKK 357 million. The result was negatively affected by the travel restrictions which were in force until mid-February and border controls due to Covid-19.     

The Group’s interest expenses totalled DKK 206 million and DKK 145 million higher than the same period last year, which is primarily due to the impact of higher inflation on the part of the debt that is exposed to inflation indexation.

The result before value adjustment and tax, including the share of the result from Øresundsbro Konsortiet I/S, was a profit of DKK 328 million for the period compared to a profit of DKK 356 million in Q1 2021.

Including the share from Øresundsbro Konsortiet, value adjustments represent gains of DKK 6,223 million. The Group’s result after tax is a profit of DKK 5,110 million against a profit of DKK 2,350 million last year.

A/S Storebælt’s interest-bearing net debt is DKK 17.6 billion following Q1. The repayment period is unchanged at 36 years, corresponding to 2034.

The outlook for the result for 2022 has been revised downwards from a profit before fair value adjustments and tax of between DKK 1.8-2.1 billion to a profit before fair value adjustments and tax in the range of DKK 1.6-1.9 billion. The revision is based on rising inflation, which has an impact on financing expenses.

Read the full interim report here. 

Results for Sund & Bælt Group January – 31 March*

*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 share of profits from Øresundsbro Konsortiet for the period include gains of DKK 255 million relating to value adjustments. The result before value adjustments amount to a profit of DKK 102 million. Overall, the result before value adjustments and tax for the Group, including Øresundsbro Konsortiet, is a profit of DKK 328 million.

Vehicle traffic across the bridges, 1 January – 31 March

Storebælt

Øresund