NOBINA AB INTERIM REPORT MARCH 1 – AUGUST 31, 2011
SECOND QUARTER (JUNE 1 – AUGUST 31, 2011)
- Sales reached SEK 1,739 million (1,582), an increase of 9.9% or SEK 157 million.
- Operating profit of SEK 67 million (90), a reduction of SEK 23 million.
- Earnings for the quarter amounted to SEK -18 million (45), negatively affected primarily by an unrealized exchange rate loss on the Senior Notes. Earnings per share amounted to SEK -0.74 (1.81).
- Cash flow from the operations was SEK 78 million (77). Cash flow after net investments amounted to SEK -216 million (-211).
- The Group's investments, primarily the purchase of buses, amounted to SEK 183 million (229), of which investments of SEK 158 million (207) were financed through leasing and SEK 25 million (22) were financed in cash.
THE FIRST HALF OF THE YEAR (MARCH 1 - AUGUST 31, 2011)
- Sales reached SEK 3,553 million (3,311), an increase of 7.3% or SEK 242 million.
- Operating profit of SEK 127 million (138), a reduction of SEK 11 million.
- Earnings for the period amounted to SEK -30 million (46), negatively affected primarily by an unrealized exchange rate loss on the Senior Notes. Earnings per share amounted to SEK -1.21 (1.85).
- Cash flow from the operations was SEK 225 million (224). Cash flow after net investments amounted to SEK -106 million (-166).
- The Group's investments, primarily for the purchase of buses, amounted to SEK 299 million (438), of which investments of SEK 260 million (397) were financed through leasing agreements and SEK 39 million (41) were financed in cash.
SIGNIFICANT EVENTS DURING THE QUARTER
- Nobina started the new traffic contract in Norrtälje at the end of June.
- Nobina executed the majority of this year’s contract migrations.
- Nobina has exercised a right of early termination of a contract in Gästrikland covering 45 buses, and the traffic will end in 2013.
SIGNIFICANT EVENTS SINCE THE END OF THE QUARTER
- Jan Sundling was elected chairman of the board of SJ and has relinquished his appointment as a director of Nobina.
- Nobina won the tender for a total of 80 buses for Skånetrafiken, with annual sales of SEK 160 million.
The second quarter was characterized by Nobina's major 100-year anniversary as a bus operator, but also by several interesting traffic starts in Norrtälje, Norrköping and Gothenburg, as well as the discontinuation of traffic in Nacka and Huddinge. The changes in the contract portfolio have led to increased revenues but also large restructuring costs which, together with continued efficiency problems in Norway and weak demand within our interregional operations (Swebus), contributed to weaker earnings compared with last year. Our new traffic timetables look promising and we are working intensively to improve both the offering and efficiency in the Nordic operations. We are preparing ourselves for the changes which are expected on the market in connection with the new Act on Deregulation of Public Transport, which enters into force in January.
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. The operations include contractual regional traffic in Sweden, Norway, Finland and Denmark as well as interregional traffic through Swebus. The Nobina Group has revenues in excess of SEK 6 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