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NOBINA AB – INTERIM REPORT Q3 FY 10 11

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THIRD QUARTER (SEPTEMBER 1 – NOVEMBER 30, 2010)

  • Sales reached SEK 1,715 million (1, 664), an increase of 3 percent or SEK 51 million compared with the preceding year.
  • Operating profit of SEK 101 million (94), an increase of SEK 7 million.
  • Earnings for the period amounted to SEK 52 million (10), which in addition to the operating profit increase also was affected by an improved finance net, primarily from higher unrealized exchange rate gains of SEK 35 million. Earnings per share of SEK 2.08 (0.81).
  • Cash flow from the operations amounted to SEK 265 million (201). Cash flow after net investments amounted to SEK 227 million (163).
  • The Group's investments, primarily relating to the purchase of buses, amounted to SEK 99 million (439), of which investments of SEK 70 million (372) were financed through leasing agreements and SEK 29 million (67) were financed in cash.

FIRST NINE MONTHS OF THE YEAR (MARCH 1 – NOVEMBER 30, 2010)

  • Sales reached SEK 5,026 million (4,673), an increase of 7.6 percent or SEK 353 million compared with the preceding year.
  • Operating profit of SEK 239 million (205), an increase of SEK 34 million.
  • Earnings for the period amounted to SEK 98 million (145), which in addition to the operating profit increase also was affected by  a weaker finance net, primarily due to lower unrealized exchange rate gains of SEK 81 million. Earnings per share of SEK 3.94 (12.53).
  • Cash flow from the operations amounted to SEK 489 million (484). Cash flow after net investments amounted to SEK 409 million (378).
  • The Group's investments, primarily relating to the purchase of buses, amounted to SEK 537 million (1,078), of which investments of SEK 467 million (949) were financed through leasing agreements and SEK 70 million (129) were financed in cash.

SIGNIFICANT EVENTS DURING THE QUARTER

  • Three SL tender procedures were decided: Nobina won the contract in Norrtälje covering 90 buses and worth SEK 250 million in annual sales over eight years, with start of traffic on June 24, 2011, with a possibility for a two year extension. Nobina will cease to provide traffic in Nacka-Värmdö and Huddinge-Botkyrka in August 2011. The traffic contracts cover 304 buses and affect approximately 1,100 employees within the Nobina Group.
  • The Swebus subsidiary increased its rating in the Swedish customer satisfaction survey, SKI, to 69.6 percent (63.7)

SIGNIFICANT EVENTS SINCE THE END OF THE QUARTER

  • Stein Nilsen took up the position as new president of Nobina Norge. He hails most recently from NSB, the equivalent to SJ in Norway, where he was group director with responsibility for NSB Persontog. Before that, he was employed for 20 years within the SAS group.

CEO's comments

A number of procurement procedures have been decided during the quarter, which as far as Nobina is concerned resulted in both new and terminated contracts, but with a negative net effect. The procurement work is still intensive and the Nobina Group has tenders pending regarding a total of 328 buses in the Nordic countries. We are preparing ourselves for several major procurement procedures in 2011 and also are actively participating in various industry initiatives to strengthen the role of operators in an increasingly deregulated public transport market.

The efficiency enhancement program for 2010 is beginning to generate results and the Group's profitability continues to strengthen – thanks to sound cost controls, more efficient operations and good traffic volumes. However, the winter season entails a challenge primarily for regional traffic, at the same time as long distance travel by bus is expected to increase as a consequence of the significantly strengthened customer confidence in buses as a means of transport in general, and for Swebus in particular. Nobina's assessment regarding the outcome for the current year remains in place.

Ragnar Norbäck, CEO

For further information please contact:

Ragnar Norbäck, President and CEO, +46 8-410 65 058

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, and its business concept is to simplify the customers' daily travel. The operations include contractual regional traffic in Sweden, Norway, Finland and Denmark as well as inter-regional traffic through the subsidiary Swebus. With approximately 260 million passengers per year, Nobina is one of the larger passenger transport companies in northern Europe.

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