Increased traffic and improved results for first half year 2018

Traffic on the Øresund Bridge increased in the first half year 2018. A combination of efficiency measures and cost management delivered higher earnings before interest. Øresundsbro Konsortiet’s profit before value adjustment amounted to DKK 535 million, which is an increase of DKK 69 million.

Traffic on the Øresund Bridge has risen steadily in recent years, a trend which continued in the first half year 2018. Overall, motorway traffic increased by 0.5 per cent to 19,734 vehicles per day compared to the same period last year.

The most significant progress was seen in leisure traffic using a BroPas, which increased by 4.8 per cent, corresponding to 282 vehicles per day. This is due, among other things, to the low Swedish exchange rate, which makes it particularly attractive for Danes to shop in Sweden.

“Leisure time is a valuable asset and we’re pleased to see that increasing numbers of people are choosing to spend it on the other side of Øresund.  We have made every effort to show our leisure customers the many exciting opportunities there are in Denmark and Sweden and this has obviously paid off,” says Caroline Ullman-Hammer, CEO, Øresundsbro Konsortiet.

Commuter traffic declined by 5.3 per cent compared to the same period last year. This is mainly due to the lifting of carrier responsibility in May 2017, which affected the figures for the first four months of the comparison period. In addition, there are now more train departures across Øresund per hour. 

Freight traffic continued to increase by 3.6 per cent compared to the same period last year, corresponding to 47 lorries a day. That means the Øresund Bridge is, with 51.7 per cent of the lorry traffic, the market leader within freight across Øresund.

A major upgrade of the Øresund Bridge’s toll station has delivered significant benefits to customers who have chosen to link their vehicle number plate to their BroPas contract, which negates the need for a bizz. 

"We’re keen to make it easy and convenient to drive across the Øresund Bridge, and the new payment system is an important milestone in this strategy. Consequently, we’re delighted that our customers have embraced this option, and that 3 out of 4 new customers chose to link their number plate to their contract” says Caroline Ullman-Hammer.

Operating expenses fell slightly compared to the same period last year. Operating profit totalled DKK 651 million, which is an increase of DKK 13 million.

Interest-bearing net debt rose by DKK 160 million to DKK 12.9 billion compared to the first half year 2017.  This is primarily due to the fact that from 2018, Øresundsbro Konsortiet has begun to pay dividend to its owner companies, A/S Øresund and SVEDAB AB. Overall, interest expenses fell by DKK 57 million to DKK 116 million, which can primarily be ascribed to lower inflation in 2018.

Øresundsbro Konsortiet’s profit before value adjustment was DKK 535 million, which is an increase of DKK 69 million and is affected by the low Swedish exchange rate. The profit is affected by the low Swedish exchange rate.

The Consortium previously announced that HH Ferries and others have lodged complaints with the EU Commission claiming that the Danish/Swedish government guarantees for the Consortium's loans etc. are illegal in accordance with EU state aid rules. In October 2015, the EU Commission ruled that the guarantees are covered by state aid rules and that they comply with these rules. HH Ferries and others have taken the matter to the European Court of Justice, which has announced that a decision will be made on 19 September 2018. Further information will be given when the decision is made available.

Main items for the period (DKK million)

* The value adjustment is an accounting principle whereby financial assets and liabilities are determined at their market value on an ongoing basis. The value adjustment is disclosed under Financial income and expenses. The value adjustment has no effect on the company’s ability to repay its debt.

Traffic trends for the period January-June

* The category also includes passenger cars with a trailer as well as vans and motorcycles.
** Applies to the period January-June.