Increasing traffic contributes to good results

Traffic on the Storebælt Bridge was 10.9 per cent up on 2020 but still 6.3 per cent below 2019. HGV traffic has been at a high level throughout the pandemic and in 2021 increased by 9.4 per cent compared to 2020. A total of 12.4 million vehicles crossed the link, corresponding to daily traffic of 34,072 vehicles.

The level of restrictions was reflected in the fluctuations in passenger car traffic. During the lockdown in the first months of the year, passenger traffic was more than 30 per cent below the level for 2019 while in July and August figures broke all records. The late summer was also characterised by substantial weekend traffic.

Revenue from road traffic across Storebælt totalled DKK 2,932 million and increased by 13.7 per cent compared to 2020.

On the Øresund Bridge, traffic increased by 4.8 per cent compared to 2020. However, compared to 2019, traffic fell by 35.7 per cent. In total, almost 4.8 million vehicles crossed the link. The year started and ended with strict entry requirements, which were reflected in the traffic figures. Passenger traffic fell by 39.2 per cent while HGV traffic increased by 7.5 per cent. 50 per cent of Øresundsbro Konsortiet’s profits are recognised in the income statement, which corresponds to DKK 584 million. Road traffic revenue increased by DKK 47 million.

"During the year, traffic on both the Storebælt and Øresund Bridges was affected by Covid-19, which impacted revenue. While passenger car traffic was hard hit, HGV traffic exceeded 2019 levels over certain periods, which helped us to deliver satisfactory results. We can therefore pay dividend of almost DKK 1.3 billion to the State and pay off almost DKK 0.8 billion on A/S Storebælt’s debt,” says Mikkel Hemmingsen, CEO, Sund & Bælt.

As regards the rail fee for A/S Øresund and A/S Storebælt, this fell by DKK 11 million, which is primarily due to the downward adjustment of the fee to A/S Øresund.

The Group’s interest expenses were DKK 237 million higher than in 2020 and totalled DKK 567 million. The result before fair value adjustment and tax, including the share from Øresundsbro Konsortiet, was a profit of DKK 1,904 million, which is DKK 91 million higher than in 2020.

Value adjustments, including the share from Øresundsbro Konsortiet, represent a gain of DKK 802 million against a loss of DKK 1,853 in 2020 and have a positive impact on the annual result after tax of DKK 2,071 million. The result after tax is a profit of DKK 2,055 million against a loss of DKK 123 million in 2020.

For A/S Storebælt, the annual results mean that the company has reduced its interest-bearing debt by DKK 785 million. At year-end 2021, the interest-bearing net debt stood at DKK 17.6 billion. The repayment period increased by two years to 36 years and the debt is expected to be repaid in 2034. 

Sund & Bælt Holding A/S distributed an extraordinary dividend of DKK 1,378 million to the state in 2021 on the basis of the dividend distribution from A/S Storebælt. Following the distribution of the expected extraordinary dividend of DKK 1,265 million in 2022, Sund & Bælt will have distributed a total of DKK 11,086 million to the state, with DKK 10,200 million relating to the political agreement on a Green Transport Policy and approx. DKK 886 million for the co-financing of the expansion of sections of the Funen motorway. At current prices, there is a dividend obligation to the state of DKK 9,798 million, including the co-financing of the Infrastructure Plan 2035.

The outlook for 2022 is a profit before fair value adjustment and tax of between DKK 1.8-2.1 billion. The budget projects that traffic will return to pre-Covid-19 level, but this is subject to some uncertainty. Moreover, increased financing expenses due to inflation may impact the annual results.

Read the full Annual Report here

Results for the Sund & Bælt Group*

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

**) Fair value adjustment is an accounting principle in which changes in the value of financial assets and liabilities are determined at their market value for the purpose of financial reporting, i.e. their value in the market at any given time if they were to be traded.   The fair value adjustment has no effect on the company’s ability to repay its debt.

***) Øresundsbro Konsortiet I/S’ share of results for 2021 includes gains of DKK 146 million relating to value adjustments. The result before value adjustments for Øresundsbro Konsortiet I/S is a profit of DKK 438 million. In total, the result before value adjustments and tax for the Group, including Øresundsbro Konsortiet I/S, is a profit of DKK 1,904 million.