NOBINA AB RESULTS Q4 AND FULL YEAR 2010 11
FOURTH QUARTER (DECEMBER 1 2010 –FEBRUARY 28, 2011)
- Sales reached SEK 1,671 million (1,635), an increase of 2.2%, or SEK 36 million compared with the preceding year.
- Operating loss of SEK -7 million (-13), an improvement of SEK 6 million.
- Earnings for the period amounted to SEK -39 million (-24), entailing that the improvement in operating profit was offset by a weaker finance net, primarily due to a fall of SEK 34 million in unrealized exchange rate gains. Earnings per share of SEK -1.56 (-1.48).
- Extraordinary costs due to the harsh winter conditions affected earnings by SEK 55 million (37). Excluding these costs, operating profit was SEK 48 million (24) and earnings for the period were SEK 16 million (13).
- Cash flow from the operations was SEK 168 million (136). Cash flow after net investments amounted to SEK 110 million (127).
- The Group’s investments, primarily for the purchase of buses, amounted to SEK 374 million (49), of which investments of SEK 264 million (43) were financed through leasing agreements and SEK 110 million (6) were financed in cash.
FULL YEAR (MARCH 1, 2010 –FEBRUARY 28, 2011)
- Sales reached SEK 6,697 million (6 308), an increase of 6.2 percent, or SEK 389 million compared with the preceding year.
- Operating profit of SEK 232 million (192), an increase of SEK 40 million.
- Earnings for the period were SEK 59 million (121), entailing that the improvement in operating profit was offset by a weaker finance net, primarily due to a fall of SEK 102 million in unrealized exchange rate gains. Earnings per share were SEK 2.37 SEK (5.36).
- Extraordinary costs due to the harsh winter conditions affected earnings by SEK 62 million (37). Excluding these costs, operating profit was SEK 294 million (229) and earnings for the period were SEK 121 million (158).
- Cash flow from the operations was SEK 657 million (620). Cash flow after net investments amounted to SEK 519 million (505).
- The Group’s investments, primarily for the purchase of buses, amounted to SEK 911 million (1,106), of which investments of SEK 731 million (971) were financed through leasing agreements and SEK 180 million (135) were financed in cash.
- The Board proposes that no dividend be paid.
SIGNIFICANT EVENTS DURING THE QUARTER
- Stein Nilsen took up the position as new president of Nobina Norge in December.
SIGNIFICANT EVENTS SINCE THE END OF THE QUARTER
- Nobina Danmark won traffic for 9 buses in Hilleröd in the Movia A8 tender.
To a very large extent, the fourth quarter has been characterized by the harsh winter, which affected employees, customers and costs throughout the Nordic operations. Nevertheless, we delivered an improvement in operating profit during the fourth quarter, which we are pleased about – but our sights had been set much higher. I can conclude that the business is continuing to develop in the right direction, with more efficient traffic scheduling, sound use of the bus fleet, and an organization with a developed management. For the full year, we have achieved sales of SEK 6.7 billion and an increase of SEK 40 million in operating profit, despite the significant winter costs.
Pending 2011, we look forward to a high tender level in which we will exploit the possibilities on the market to win contracts with potential for strong profitability. Work is currently underway in preparation for several traffic starts, among others an interesting new type of agreement in Norrtälje where we, as the traffic company, will assume considerably greater responsibility for the entire value chain to the customer – wholly in line with the new Public Transport Act which enters into force in 2012.
Ragnar Norbäck, President and CEO
For further information please contact:
Ragnar Norbäck, President and CEO +46 8-410 65 000
Per Skärgård, CFO +46 8-410 65 056
Ingrid Håkanson, IR manager +46 8-410 65 051
The Nobina group is the largest bus passenger transport company in the Nordic region. The operations include contractual regional traffic in Sweden, Denmark, Norway and Finland as well as independently operated interregional traffic through Swebus. The Nobina Group has annual sales in excess of SEK 6 billion, operates 3,500 buses and, with more than 260 million passengers per year, is one of the largest passenger transport companies in northern Europe. More information is available on www.nobina.com.