Sund & Bælt upgrades annual results

Higher traffic revenue and lower-than-expected expenses for 2011 have led to Sund & Bælt upgrading its annual results by approx. DKK 100 million. HGV traffic has had a particularly positive impact.

“Despite the fact that traffic across Storebælt remains affected by general slow growth, the positive trends for HGV traffic appear to have continued for the remainder of 2011 and to have boosted traffic revenue for the year,” commented Leo Larsen, CEO, Sund & Bælt. “Moreover, we expect expenses and depreciation to be lower than budgeted and that we will exit the year with profits of approx. DKK 775 million before financial value adjustments and tax.”

During the third quarter, revenue from road traffic across Storebælt increased by 3.4 per cent compared to the same period in 2010. The largest increase, 6.3 per cent, relates to HGV traffic while passenger traffic increased by 0.7 per cent. In total, traffic was 1.3 per cent above the same period in 2010.

Consolidated operating profit for the first nine months of the year totalled DKK 1,731 million, i.e. an increase of DKK 73 million compared to the same period last year.

The results before fair value adjustment and tax showed profits of DKK 514 million against profits in 2010 of DKK 218 million. Interest expenses had a particularly positive impact on the results in that they were DKK 223 million lower than in 2010 owing to the continuingly low interest rate level.

After tax, Sund & Bælt’s results amounted to a loss of DKK 477 million against a loss of DKK 920 million for the same period last year. Compared to 2010, the results have been positively affected by accounting adjustments of DKK 191 million in the form of value adjustments of net financials.

Read the full interim report here.

Results for the Sund & Bælt Group 1 January – 30 September 2011 *)


DKK million

 

2011

 

2010

Revenue, road (Storebælt)

1,851

1,790

Revenue, railway (Storebælt and Øresund landworks)

648

638

Other income including port charges and revenue from wind turbines

53

50

Total income

2,552

       2,478

Operating expenses

-296

-301

Depreciation

-525

-519

EBIT

1,731

1,658

Interest expenses

-1217

-1,440

Profit before value adjustment

514

218

Value adjustment **)

-999

-1,137

Results before share from Øresundsbro Konsortiet

-485

-919

Øresundsbro Konsortiet’s share of results***)

-150

-307

Loss before tax

-635

-1,226

Tax

158

306

Loss after tax

-477

-920

*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 and BroBizz A/S and for the Danish half of Øresundsbro Konsortiet, which is responsible for the operation of the Øresund Bridge.

**) Value adjustment is an accounting principle according to which changes to the value of financial assets and liabilities are fixed at their market value during financial reporting, i.e. their value were they to be traded in the market at a given time. The value adjustment has no effect on the company’s ability to repay its debt.

***) Øresundsbro Konsortiet’s results for the period include an expense of DKK 282 million that relates to value adjustments. The results before value adjustments amount to a profit of DKK 132 million. In total, the result before value adjustments and tax for the Group (incl. Øresundsbro Konsortiet) is a profit of DKK 646 million.

Car traffic across the bridges 1 January – 30 September 2011
Table press release nov 2011_adjustment of annual results

× Tilmeld dig vores nyhedsbrev   Tilmeld