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NOBINA AB – INTERIM REPORT MAR 1 – NOV 30, 2012

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THIRD QUARTER (SEPTEMBER 1, 2012 – NOVEMBER 30, 2012)

  • Sales amounted to SEK 1,875 million (1,750), an increase of 7% or SEK 125 million.                
  • Operating profit of SEK 81 million (60), an increase of SEK 21 million.
  • Earnings after tax of SEK 72 million (-12). Earnings per share of SEK 0.48 (-0.46).
  • Cash flow from the operations was SEK 290 million (247). Cash flow after net investments and financing activities amounted to SEK 20 million (36).

The Group's investments, primarily for the purchase of buses, amounted to SEK 464 million (117), of which investments of SEK 435 million (79) were financed through leasing agreements and SEK 29 million (38) were financed in cash.

NINE MONTHS (MARCH 1, 2012 – NOVEMBER 30, 2012)

  • Sales amounted to SEK 5,419 million (5,303), an increase of 2% or SEK 116 million.
  • Operating profit of SEK 229 million (187), an increase of SEK 42 million.
  • Earnings after tax were SEK 114 million (-42). Earnings per share of SEK 1.34 (-1.67).
  • Cash flow from the operations was SEK 696 million (472). Cash flow from net investments and financing activities amounted to SEK 65 million (-70).
  • The Group's investments, primarily for the purchase of buses, amounted to SEK 1,198 million (416), of which investments of SEK 1,102 million (339) were financed through leasing agreements and SEK 96 million (77) were financed in cash.

SIGNIFICANT EVENTS DURING THE QUARTER

  • Nobina refinanced its Senior Notes loan of EUR 85 million. The refinancing solution entailed a reduction of the debts by approximately SEK 180 million through conversion to shares in Nobina AB. This provided the Nobina Group with a clearly improved capital structure and greater financial strength. The remainder of the Senior Notes loan, worth approximately SEK 550 million, was issued as new five-year notes denominated in SEK, which will be listed on Nasdaq OMX.
  • As a consequence of the refinancing, Nobina has decided to report deferred tax assets of SEK 73 million net, which increased earnings and equity for the period by SEK 73 million.
  • Following completion of the refinancing, the rating agencies Standard & Poor's and Moody´s upgraded their long-term credit ratings for Nobina to B and Caa1 respectively.
  • A unique cooperation has been agreed upon between the City of Malmö, Nobina Sweden and Skånetrafiken. It heralds the start of an entirely new bus concept in Sweden, a so-called Bus Rapid Transit solution (BRT), which is expected to result in faster, more efficient, and more environmentally friendly public transport. Nobina will invest approximately SEK 100 million in 15 so-called super buses which will be placed into traffic in Malmö in June 2014.
  • In November, Nobina joined the newly established MOM (medarbetarombudet, employee whistleblower channel) in order to strengthen employee whistleblowing rights in Sweden.
  • Philipp Engedal became the new CEO of Nobina Norway in September.                

SIGNIFICANT EVENTS SINCE THE END OF THE QUARTER

  • Nobina is listing its corporate bond on NASDAQ OMX on 21 December.

CEO's comments

Nobina's third quarter demonstrates continued stable development and improved earnings, once again primarily thanks to increased stability in the Swedish and Finnish operations. During the quarter, we implemented traffic start-ups according to plan in all Nordic countries. I would like to mention the start of traffic under the Oslo Vest contract, which marks an important return for Nobina. At the same time, work is continuing on increasing efficiency in the operations in Norway. In Finland, during the second quarter we won contracts for a total of 56 buses. During the quarter, we launched the Medarbetarombud employee whistleblowing channel which will enhance the possibilities for our employees to draw attention to irregularities in the operations. With the refinancing of the Group's Senior Notes now in place, Nobina's financial position and conditions for sound long-term growth are strengthened.

Ragnar Norbäck, 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 company in the Nordic region within the area of public transport by bus. The operations include contractual regional traffic in Sweden, Norway, Finland and Denmark as well as inter-regional traffic through the subsidiary Swebus. The Nobina Group has revenues in excess of SEK 7 billion, operates 3,500 buses and, with approximately 260 million passenger journeys per year, is one of the larger passenger transport companies in northern Europe. More information is available on www.nobina.com

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