Copenhagen, 2015-04-29 09:38 CEST (GLOBE NEWSWIRE) -- Growth in commuter traffic across the bridge
There is now an increase in all types of road traffic across the Øresund Bridge, which has seen the highest growth in traffic since 2008. Commuter traffic grew by 1.4 per cent in Q1 2015 and total road traffic by 4.2 per cent. Leisure traffic saw the highest increase at 9.1 per cent. Combined with lower interest expenses, this has resulted in profits of DKK 207 million, which is an improvement of DKK 40 million compared to the same period last year.
A summary of Øresundsbro Konsortiet’s Q1 2015 results establishes an increase in all types of traffic across the bridge. An equivalent growth in traffic has not been seen since 2008.
After a four-year decline, commuter traffic began to rise again at the end of 2014 and has increased by 1.4 per cent. This is driven primarily by leisure traffic using the BroPas, which increased by 9.1 per cent. Lorry and coach traffic also increased over the period.
”We are extremely satisfied with developments,” says Caroline Ullman-Hammer, CEO, Øresundsbro Konsortiet. ”Leisure traffic and related activities such as BroPas, our customer-focused Club Øresund Bridge and our “getaway” discount have performed well. The trend in commuter traffic is particularly positive.”
Overall, road traffic rose 4.2 compared to the same period in 2014.
Road revenue increased from DKK 234 million to DKK 245 million in Q1 compared to the same period in 2014. Profits before interest amounted to DKK 242 million, which is an improvement of DKK 11 million.
Continued low interest rates and low inflation made a significant difference to the Consortium’s good results for Q1 2015. Øresundsbro Konsortiet’s interest expenses were almost halved over the period from DKK 64 million to DKK 35 million.
Overall, the result before value adjustment is a profit of DKK 207 million, which is an improvement of DKK 40 million compared to the same period last year.
As announced previously, in 2013, Scandlines lodged a complaint with the European Commission alleging that the state guarantees to Øresundsbro Konsortiet represent illegal state aid. On 15 October 2014, the EU Commission decided on the matter in that the guarantees are in full compliance with EU state aid rules. Scandlines has now brought this decision before the European Court of Justice. Reference should be made to the Consortium’s announcement of 25 February 2015.
Main items for the period (DKK million)
| Jan – March 2015 | Jan – March 2014 | Change | |
| Revenue, road | 245 | 234 | 11 |
| Revenue, railway | 124 | 124 | 0 |
| Other income | 4 | 5 | -1 |
| Total revenue | 373 | 363 | 10 |
| Operating expenses | - 63 | - 65 | 2 |
| Depreciation | -68 | -67 | -1 |
| Operating profit | 242 | 231 | 11 |
| Net financials | -35 | -64 | 29 |
| Profit before value adjustments | 207 | 167 | 40 |
| Value adjustment, fair value effect, net* | -432 | -224 | |
| Value adjustment, exchange rate effect net* | -85 | -8 | |
| Loss for the period | -310 | -65 |
* 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 net financials. The value adjustment does not affect the company's ability to repay its debt.
Road traffic development for the period January-March 2015
| Traffic per day 2015 | Traffic per day 2014 | Change | |
| Cash | 2,189 | 2,174 | 0.7% |
| BroPas | 4,278 | 3,923 | 9.1% |
| Commuters | 5,966 | 5,884 | 1.4% |
| Business | 2,599 | 2,483 | 4.6% |
| Private cars total* | 15,033 | 14,464 | 3.9% |
| Lorries | 1,198 | 1,121 | 6.9% |
| Coaches | 85 | 77 | 9.8% |
| Total | 16,316 | 15,662 | 4.2% |
* Private cars also include cars with a trailer as well as vans and motorcycles.
Caroline Ullman-Hammer, CEO, Øresundsbro Konsortiet, at +4533416000.
