NOBINA AB 1 Investor presentation, Interim report March 2019 – May 2019
STRONG GROWTH AND PROFIT DEVELOPMENT CONTINUING INTO Q1 NET SALES EBITA EBT Adj CASH FLOW SEK Millions SEK Millions SEK Millions SEK Millions 2,749 168 113 -70 (2,351) (115) (71) (-74) Q1 FINANCIAL HIGHLIGHTS • Net sales* grew 16.2% supported by acquisitions and increased revenue in existing contracts. • Adjusted EBT increased to SEK 113 million due to performance improvements in maturing contracts as well as positive contributions from the acquired companies. • Cash flow from operations before changes in working capital increased to SEK 434 million (377) and total cash flow of SEK-70 million (-74). • Investments amounting to SEK 660 million (72) in buses and other equipment. Change from leasing to loan financing 510 MSEK *adjusted for currency effects and discontinuing operations Nobina investor presentation, Q1 2019/20 2
HIGHLIGHTS ▪ New contracts with Västtrafik in Sjuhärad with 70 buses, a total contract value of SEK 1.4 billion and a contract period of 10.5 years • New contracts with HSL for city transport in Helsinki, comprising 34 buses and a total contract value of EUR 50 million • Two contracts, whereof one new, for city and regional transport in Halland starting in June 2020. 127 buses with a total contract value of SEK 3 billion. • New 10-year contract with Piteå municipality starting July 2020, comprising 12 electric buses with a total contract value of SEK 250 million. • The 2018/2019 AGM approved dividend of SEK 3.80 per share and Johan Bygge was elected Deputy Chairman 3 Nobina investor presentation, Q1 2019/20
BUSINESS RESTRUCTURING AND TECHNICAL DEVELOPMENT AFFECTING GROWTH AND PROFITABILITY • Restructuring of business by divesting Express Bus Traffic and acquiring Service Traffic affecting both growth and profitability • Electric buses included in almost every tender making Nobina the largest electric bus operator in the Nordics with a trippled electric bus fleet within the next 12 months 4 Nobina investor presentation, Q1 2019/20
GOOD START TO THE YEAR WITH 241 BUSES WON DURING Q1 • Nobina submitted tenders for 1 374 buses Definitions: Available - Remaining buses available in tenders this year • Nobina won 241 of the 774 announced buses Submitted – Number of buses in tenders submitted by Nobina Pending – Submitted less announced • Nobina gaining market share through a 31% win rate Announced – Submitted tenders, results are announced Won – Nobina’s wins out of announced tenders TENDER UPDATE Number of buses Tender results during the period 1 513 1 600 March 2019 – (number of buses) 1 374 May 2019 1 400 Announced Won 1 200 1 000 376 207 Sweden 774 1 352 800 1 326 600 329 0 Norway 600 726 400 241 69 34 Finland 600 200 193 161 0 0 48 48 48 Denmark 0 Submitted Pending Announced Won Remaining available Total 774 241 Nobina operating old contract Others operating old contract 5 Nobina investor presentation, Q1 2019/20
FEW TRAFFIC CHANGES IN Q1 • Nobina started 33 buses during the period • Nobina did not end any contracts during the period 8.0 Traffic changes during the period Average weighted contract length March 2019 – (number of buses) (last year) February 2019 (8.1) Started Ended 13 0 Sweden 5.3 Average weighted contract age 0 0 Norway (last year) (4.5) 0 0 Finland 20 0 Denmark 6.7 Average age of bus fleet Total 33 0 (last year) (6.2) 6 Nobina investor presentation, Q1 2019/20
CONTRACT MIGRATION SCALING UP Traffic starts June 2019 – May 2020 Expiring contracts June 2019 – May 2020 PTA No. of years Traffic start No. of buses New buses PTA Traffic ending No. of buses Västtrafik 10 Jun 2019 23 15 Västtrafik Jun 2019 23 Ruter, Norway 8 Jun 2019 127 127 Skånetrafiken Jun 2019 79 LT Sörmland 10 Aug 2019 130 58 Ruter, Norge Jun 2019 27 HSL, Finland 1 Aug 2019 59 - LT Sörmland Aug 2019 119 HSL, Finland 7 Aug 2019 56 48 HSL, Finland Aug 2019 122 HSL, Finland 1 Jan 2020 7 - TFT, Norge Aug 2019 127 HSL, Finland 7 Jan 2020 27 27 LT Örebro Sep 2019 100 Total 429 275 Movia Dec 2019 11 Total 608 Nobina will start new contracts involving a total of 429 Nobina will end contracts involving a total of 608 in-service buses in the next 12 months in-service buses in the next 12 months 7 Nobina investor presentation, Q1 2019/20
GROWTH AND IMPROVED PROFITABILITY SWEDEN - NET SALES SWEDEN – EBITA Q1 HIGHLIGHTS SEK million SEK million • Net sales increased by the acquisition 1 953 of Samtrans, additional sales in existing 1 880 1 823 1 656 contracts and indexation 1 504 239 189 • EBITA significantly higher than last year coming from efficiency improvements, 125 113 109 increased traffic and Samtrans Q1 18/19 Q2 Q3 Q4 Q1 19/20 Q1 18/19 Q2 Q3 Q4 Q1 19/20 DENMARK - NET SALES DENMARK – EBITA Q1 HIGHLIGHTS SEK million SEK million • Increased net sales coming from acquisitions of DBO and Örslev as well as 231 205 from new traffic in Roskilde 10 9 151 150 142 • EBITA significantly higher than last year with 5 5 strong contribution from DBO and Örslev as -2 well as increased traffic Q1 18/19 Q2 Q3 Q4 Q1 19/20 Q1 18/19 Q2 Q3 Q4 Q1 19/20 8 Nobina investor presentation, Q1 2019/20
SOLID PERFORMANCE IN FINLAND AND POTENTIAL IN NORWAY FINLAND - NET SALES FINLAND - EBITA Q1 HIGHLIGHTS SEK million SEK million • Net sales higher than last year positively affected by new contracts started in 322 317 295 288 autumn 2018 and currency effects 278 17 • EBITA higher than last year due to 12 11 10 contract start-ups and improved 6 efficiency Q1 18/19 Q2 Q3 Q4 Q1 19/20 Q1 18/19 Q2 Q3 Q4 Q1 19/20 NORWAY - NET SALES NORWAY - EBITA Q1 HIGHLIGHTS SEK million SEK million Net sales lower than last year after close • down of Nordhordland contract 292 269 250 248 236 • EBITA slightly lower than the prior year 14 7 0 period due to start-up costs for the -8 -9 contract in Lilleström that starts end of June 2019 Q1 18/19 Q2 Q3 Q4 Q1 19/20 Q1 18/19 Q2 Q3 Q4 Q1 19/20 9 Nobina investor presentation, Q1 2019/20
STRONG FIRST QUARTER WITH SIGNIFICANT GROWTH KEY POINTS Q1 Q1 YTD YTD SEK million Change Change • Net sales growth driven by 19/20 18/19 19/20 18/19 acquisitions and growth in Net sales 2 749 2 351 398 2 749 2 351 398 existing contracts, where EBITDA 431 348 83 431 348 83 both production and % of net sales 15,7 % 14,8 % 15,7 % 14,8 % incentive based Net sales EBITA 168 115 53 168 115 53 increased % of net sales 6,1 % 4,9 % 6,1 % 4,9 % EBIT 152 114 38 152 114 38 • EBT of 97 MSEK includes % of net sales 5,5 % 4,8 % 5,5 % 4,8 % cost of 16 MSEK related to Interest income - - - - - - acquisition accounting. Interest expenses -51 -45 -6 -51 -45 -6 Adjusted EBT is 113 MSEK FX net -4 1 -5 -4 1 -5 • Sweden and Denmark EBT 97 70 27 97 70 27 % of net sales 3,5 % 3,0 % 3,5 % 3,0 % showing strong Q1 figures Tax -21 -18 -3 -21 -18 -3 supporting the growth in group EBT Earnings after tax 76 52 24 76 52 24 10 Nobina investor presentation, Q1 2019/20
EFFICIENCY IMPROVING WITH FAVORABLE INDEX EFFECTS KEY POINTS • Effects of price and volume positive both regarding Net sales Net sales EBT, Adj. SEK million and EBT driven by a maturing contract portfolio. This item includes positive effects from acquisitions, additional traffic and YTD Mar 2018 – May 2018 2,351 71 incentive revenues. Price and volume 309 43 • Contract migration has been relatively minor this year with some minor favorable effect on Net sales and some negative Contract migration 3 -7 effect on EBT coming from Sweden. Indexation & operational 86 37 • Efficiency after indexation has improved compared to last year efficiency mainly driven by lower fuel consumption, sick leave and Other - -20 overtime. • Other represents cost deviations, primarily within central Financial net - -11 functions, and include extra depreciation costs on buses YTD Mar 2019 – May 2019 2,749 113 • Financial net includes negative impact from unrealized FX effects 11 Nobina investor presentation, Q1 2019/20
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