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NOBINA AB – INTERIM REPORT MARCH 1 – AUGUST 31, 2012

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SECOND QUARTER (JUNE 1 – AUGUST 31, 2012)

  • Sales amounted to SEK 1,706 million (1,739), a reduction of 1.9% or SEK 33 million.
  • Operating profit was SEK 83 million (67), an increase of SEK 16 million.
  • Earnings for the quarter of SEK 54 million (-18). Earnings per share of  SEK 2.16 (-0.74).
  • Cash flow from the operations was SEK 282 million (78). Cash flow after net investments and financing activities amounted to SEK 62 million (-216).                                 
  • The Group's investments, primarily for the purchase of buses, amounted to SEK 387 MSEK (183), of which investments of SEK 328 million (158) were financed through leasing agreements and SEK 59 million (25) were financed in cash.

THE FIRST HALF YEAR (MARCH 1 – AUGUST 31, 2012)

  • Sales amounted to SEK 3,544 million (3,553), a reduction of 0.3% or SEK 9 million.
  • Operating profit was SEK 148 million (127), an increase of SEK 21 million.
  • Earnings for the first half of the year of SEK 42 million (-30). Earnings per share of SEK 1.67 (-1.21).
  • Cash flow from the operations was SEK 406 million (225). Cash flow after net investments and financing activities amounted to SEK 45 million (-106).                                
  • The Group's investments, primarily for the purchase of buses, amounted to SEK 734 MSEK (299), of which investments of SEK 667 million (260) were financed through leasing agreements and SEK 67 million (39) were financed in cash.

SIGNIFICANT EVENTS DURING THE QUARTER

  • AFA Försäkring decided to reduce premiums retroactively and repay totaling SEK 25 million in respect of Contractual Group Health Insurance (Avtalsgruppsjukförsäkring, AGS) and Contractual Group Health Insurance (AGS-KL) as well as Premium Waiver Insurance for the years 2007 and 2008.                                            
  • Nobina's note holders entered into an agreement with Nobina Europe AB regarding a temporary extension of the Senior Notes which matured on August 1. The agreement applies until October 31, 2012, with a deferred payment of interest and principal to the note holders.                                                  
  • As a consequence of the extension of the Senior Notes, the rating agencies Standard and Poor’s and Moody’s downgraded Nobina. Both agencies will review the credit rating following the refinancing.
  • Nobina won Skånetrafiken's contract for city traffic in Helsingborg, with traffic start in June 2013. The contract, which is worth almost SEK 200 million per year, covers approximately 80 buses, most of which will be leased from Skånetrafiken.

SIGNIFICANT EVENTS SINCE THE END OF THE QUARTER

  • Almost 100% of the note holders intend to accept a proposal for the refinancing of Nobina Europe AB's Senior Notes of EUR 85 million, comprising that approximately 25% of the principal under the notes will be converted into shares corresponding to a 95% stake in Nobina AB and that the remaining part of the principal will be issued by Nobina Europe AB as a new five-year notes in Swedish kronor, which will be listed on the Swedish market.                        
  • Philipp Engedal took up the position of CEO Nobina Norway in September.              

CEO's comments
The operating profit for the first half of the year was Nobina's highest ever, primarily thanks to strong growth in the Swedish and Finnish operations. In June, we won a contract in Helsingborg and in August we implemented a major traffic start in Helsinki. The improvement work in Norway is proceeding according to plan and the historic return to Oslo through the traffic start of Oslo Vest awaits us in October. Swebus has also implemented a number of cost saving measures, among other things through new partnership agreements and more efficient timetables. The recommendations that have now been agreed upon for improved industry agreements in Sweden have been circulated for comments. Finally, the process for completing the refinancing of the Group's Senior Notes is underway.

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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