Øresundsbro Konsortiet’s financial results improved in 2018 even though traffic volumes were slightly down on the previous year. The company posted a profit of DKK 1,205 million before value adjustment, which is a rise of DKK 135 million compared to 2017.
Traffic development in 2018 was slightly lower compared to the previous year. Commuters are taking the train to a greater extent and the number of vehicles paying the standard price is down. An average of 20,554 vehicles per day crossed the bridge in 2018 and a total of 7,502,306 vehicles made use of the facility over the year. Overall, road traffic saw a 0.4 decline compared to 2017.
Leisure traffic saw continued growth with a rise of 187 vehicles (2.9 per cent) per day. The extensive efforts to boost leisure traffic have resulted in excellent growth in this market over the past several years.
The Øresund Bridge gained 77,000 new leisure customers and now has a total of 502,000 contract customers.
“It is extremely encouraging that the number of BroPas customers increased in 2018 and that interest in travelling across Øresund continues,” says Caroline Ullman-Hammer, CEO, Øresundsbro Konsortiet.
Business traffic increased by 73 vehicles (2.3 per cent) per day, while commuter traffic declined.
“Train traffic across Øresund has returned to pre-border control levels. For commuters who work in central Copenhagen or Malmö, the train is an attractive solution and it’s good to see development in public transport,” says Caroline Ullman-Hammer.
Revenue from road traffic increased by DKK 25 million to DKK 1,430 million. Revenue from the railway, which is a fixed fee regulated in line with price trends, increased by DKK 3 million.
Operating expenses rose by DKK 3 million to DKK 265 million.
“We have invested in new solutions, which will ensure a sustainable and cost-effective link across Øresund. In 2018 we established a 1,500 m2 solar cell system, and we work continuously to reduce energy consumption,” says Caroline Ullman-Hammer.
Operating profit amounted to DKK 1,413 million, which is an improvement of DKK 24 million.
Øresundsbro Konsortiet’s interest expenses declined over the period from DKK 319 million to DKK 208 million. This is due in part to lower inflation in 2018 compared to 2017 and in part to major loan restructuring. The interest-bearing net debt rose by DKK 12,229 million primarily because the Consortium began to pay dividend to its owners, A/S Øresund and SVEDAB AB, from 2018.
On 19th September 2018, the European General Court delivered its judgement in the case brought by HH Ferries against the European Commission seeking an annulment of the Commission’s decision on State aid for the Øresund Fixed Link (case T-68/15).
In its judgement, the Court held that the Commission committed certain procedural errors in that it should have initiated a so-called formal investigation procedure in the matter. The Court therefore annulled the Commission’s decision. It should be pointed out, however, that in its judgement, the Court did not overrule the State Guarantee Model as such.
The European General Court however determines that the guarantees etc. to the Consortium’s owners (A/S Øresund and SVEDAB AB) do not constitute state aid.
Main items for the period January-December (DKK million)
Road traffic development 2018
* The category also includes passenger cars with a trailer as well as vans and motorcycles.
** Applies to the period 1 October 2017 to 30 September 2018, the latest period for which data is available.
