“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.
Results for the Sund & Bælt group 1 January – 30 September *)
|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|
|Operating profit (EBIT)||1,859||1,731|
|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|
|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
|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 %|