Nobina interim report 1 march–31 may 2014
SUMMARY OF THE FIRST QUARTER
• Net sales totalled SEK 1,886 million (1,846), which was an increase of 2.2 %.
• Operating profit is SEK 59 million (65).
• Earnings after tax totalled SEK –23 million (-4), and earnings per share were SEK –0.04 (-0.01).
• Cash flow from operations is SEK 99 million (162).
• Investments, mainly consisting of the acquisition of buses, amounted to SEK 81 million (36).
Significant events
• In Sweden, Nobina won the major portion of the school traffic tendered in Värmland and, for a period of ten years. This is in addition to the earlier win in the third quarter, of the tender for Värmland region’s public transport. Appeals have been filed for both tender processes.
• The Nobina Group’s existing bond loan was refinanced, on improved terms, through the issue of a secured corporate bond totalling SEK 550 million. Interest expenses are expected to decrease by SEK 16.5 million annually at the same time as the tenure is extended to a final maturity in May 2019.
CEO’s comments
“We are very satisfied to have refinanced the Nobina Group’s bond loan on improved terms. By doing so, we have decreased the Group’s interest expenses while giving ourselves more room to manoeuvre in the continued development of our operations. The earnings before tax for the quarter, before refinancing costs are considered, were stable and somewhat better than those reported in the same period during the previous year. Intensive preparations continued according to plan in conjunction with the expiry of contracts and their replacement with new contracts during forthcoming quarters. The financing for all new buses during the forthcoming financial year has been secured. It is also pleasing to note that, judging from the outcomes of appeals processes to date, quality is increasingly valued more highly than price. A strong focus on quality and profitability is an important cornerstone in Nobina’s growth strategy.”
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
Nobina is the Nordic Region’s largest player within the area of public transport by bus. The operations include contractual regional traffic in Sweden, Norway, Finland and Denmark and interregional traffic through the subsidiary Swebus. The Nobina Group has revenues in excess of SEK 7 billion, operates 3,500 buses and with more than 260 million passenger journeys per year, is one of Northern Europe’s ten largest passenger transport companies. More information can be found on www.nobina.com.