Upward adjustment of annual results

Sund & Bælt is upgrading its expectations for its annual results by DKK 75 million. This is revealed in the group’s quarterly report. Increasing revenue from road traffic across Storebælt and lower than expected interest expenses have led to the upward revision.

“I am very satisfied that we are able to improve our annual results after a couple of summer months when traffic was lower than expected,” says Sund & Bælt’s CEO, Leo Larsen. “It appears that traffic has stabilised and we expect that it will be in line with the budget for the rest of the year. We expect to exit the year with profits of DKK 1,060 million before value adjustments and tax.”

Road traffic revenue on Storebælt rose during the first nine months of the year by DKK 111 million, totalling DKK 1,962 million. The increase is owing to price adjustments at the beginning of the year and an increase in traffic of 1.8 per cent (adjusted for the leap year, growth totalled 1.5 per cent).

Passenger car traffic accounted for the largest increase of 1.6 per cent, compared to the same period in 2011, while lorry traffic increased by 1.1 per cent. On average almost 30,000 vehicles crossed the link daily in the first nine months of the year.

Primary operations for the period showed profits of DKK 1,859 million, which is DKK 129 million higher than the same period in 2011.

Interest expenses were DKK 41 million lower than the same period last year, owing to the low interest rate level.

The result before fair value adjustment and tax was a profit of DKK 684 million, an improvement of almost DKK 170 million compared to the same period in 2011.

For further information please contact CEO, Leo Larsen, Sund & Bælt Holding A/S, tel. 33 93 52 00.

Read the full quarterly report here

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

DKK millon 2012  2011
Revenue, road (Storebælt) 1,962 1,851
Revenue, railway (Storebælt and Øresund landworks) 657 648
Other income including port fees and revenue from wind turbines. 59 53
Total income 2,678 2,552
Operating expenses -313 -296
Depreciation -506 -525
Operating profit (EBIT) 1,859 1,731
Interest expenses -1,176 -1,217
Profit before value adjustment 683 514
(Value adjustment **) -745 -999
Loss before share from Øresundsbro Konsortiet -62 -485
(Øresundsbro Konsortiet’s share of result ***) -13 -150
Loss before tax -75 -635
Tax 19 158
Loss after tax -56 -477

*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 operating the Øresund Bridge.

**) Value adjustment is an accounting principle according to which changes in the value of financial assets and liabilities are set at their fair value when presenting the accounts. That is, their value if they had to be traded on the market at a given time. The value adjustment has no effect on the company’s ability to repay its debts.

***) Øresundsbro Konsortiet’s results for the period include an expense of DKK 174 million in respect of value adjustments. The result before value adjustments is a profit of DKK 161 million. In total the result before value adjustments and tax for the group, including Øresundsbro Konsortiet, is a profit of DKK 844 million.

Vehicle traffic across the bridges 1 January – 30 September

Storebælt Øresund
Number of vehicles per day 2012 2011 Growth 2012 2011 Growth
Passenger cars 26,975 26,567 1.6 % 17,915 18,595 -3.7 %
Lorries 3,244 3,210 1.1 % 1,016 979 3.7 %
Coaches 69 74 -7.1 % 120 131 -8.1 %
Total 30,288 29,851 1.5 % 19,040 19,705 -3.3 %
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