NOBINA AB 1 Investor presentation, Interim report June 2018 – August 2018 Nobina investor presentation, Q2 2018/19
SECOND QUARTER WITH SOLID PERFORMANCE NET SALES EBIT EBT CASH FLOW SEK Millions SEK Millions SEK Millions SEK Millions 2,235 117 86 -300 (2,169) (106) (74) (-308) Q2 FINANCIAL HIGHLIGHTS • Net sales grew 3.0% mainly supported by increased revenue in existing contracts, index revenue, extra traffic and currency effects partly offset by divestment of Swebus. • EBT increased to SEK 86 million driven by business development in existing contracts and extra traffic. Results compared to last year lower in Finland after metro replacement traffic in Helsinki ended in December 2017. • Cash flow from operations before changes in working capital was SEK 300 million (294) • Investments of SEK 35 million (271) in buses and other equipment Nobina investor presentation, Q2 2018/19 2
PROFITABLE GROWTH WITH FINANCIAL TARGETS ACHIEVED ROLLING 12 MONTHS NET SALES EBIT EBT CASH FLOW SEK Millions SEK Millions SEK Millions SEK Millions 4,596 221 158 -374 (4,445) (193) (124) (-372) YTD FINANCIAL HIGHLIGHTS • Net sales grew 3.4% from increased revenue in existing contracts, indexation of revenue, extra traffic and currency effects • EBT increased to SEK 158 million driven by business development in existing contracts and extra traffic. First two quarters with negative result impact compared to last year after discontinuation of replacement traffic in Helsinki in December 2017. • Cash flow from operations before changes in working capital was SEK 575 million (516) • Investments of SEK 107 million (484) in buses and other equipment 3 Nobina investor presentation, Q2 2018/19
SIGNIFICANT EVENTS IN Q2 • Contract won with Västtrafik with a total value of around SEK 500 million extending over ten years • Agreement in place in Barkarbystaden including fully electrified bus services with autonomous buses used in scheduled services commencing fall 2018 • Agreement signed to acquire Samtrans AB, leading player in special public transport in the Stockholm region 4 Nobina investor presentation, Q2 2018/19
ORGANIC GROWTH AND NEW TECHNOLOGY CREATING BUSINESS POTENTIAL • Organic growth driven by extra traffic in Norway and Sweden • Continued focus on identifying profitable growth opportunities through acquisitions • Technology shift with electric and autonomous buses now being realized in the market place • Commercial traffic with autonomous buses will start in Järfälla in October 5 Nobina investor presentation, Q2 2018/19
MAJOR PART OF NOBINA’S EXPOSED TRAFFIC ANNOUNCED Definitions: • Nobina submitted tenders for 1 644 buses Available - Remaining buses available in tenders this year Submitted – Number of buses in tenders submitted by Nobina • Nobina won 319 of the 1 493 announced buses Pending – Submitted less announced Announced – Submitted tenders, results are announced Won – Nobina’s wins out of announced tenders TENDER UPDATE Number of buses Tender results during the period March 2018 – (number of buses) 1 644 1 800 August 2018 1 493 1 600 Announced Won 1 336 1 400 529 162 Sweden 1 200 1 225 1 000 1 074 879 127 Norway 800 1 212 600 319 65 30 Finland 400 151 149 200 419 419 170 151 124 20 0 Denmark 0 Submitted Pending Announced Won Remaining available Total 1 493 319 Nobina operating old contract Others operating old contract 6 Nobina investor presentation, Q2 2018/19
MATURING CONTRACT PORTFOLIO WITH LOW CONTRACT MIGRATION • Nobina started contracts involving 31 buses during the period • Nobina ended contracts involving 83 buses during the period 8.1 Traffic changes during the period Average weighted contract length March 2018 – (number of buses) (last year) August 2018 (8.2) Started Ended 2 0 Sweden 4.5 Average weighted contract age 0 72 Norway (last year) (3.9) 29 11 Finland 0 0 Denmark 6.4 Average age of bus fleet Total 31 83 (last year) (5.8) 7 Nobina investor presentation, Q2 2018/19
CONTRACT MIGRATION PACE WILL PICK UP DURING NEXT 12 MONTHS Traffic starts September 2018 – August 2019 Expiring contracts September 2018 – August 2019 PTA No. of years Traffic start No. of buses New buses PTA Traffic ending No. of buses HSL, Finland 5 Oct 2018 13 3 HSL, Finland Dec 2018 15 Skånetrafiken 2,5 Dec 2018 12 12 Västtrafik Jun 2019 23 Värmlandstrafik 8 Dec 2018 7 7 Skånetrafiken Jun 2019 79 HSL, Finland 2 Jan 2019 17 9 Ruter, Norge Jun 2019 30 Västtrafik 10 Mar 2019 13 13 LT Sörmland Aug 2019 119 Movia, Denmark 6 Apr 2019 20 20 HSL, Finland Aug 2019 122 Västtrafik 10 Jun 2019 23 15 TFT, Norge Aug 2019 135 Ruter, Norge 8 Jul 2019 127 127 Total 523 LT Sörmland 10 Aug 2019 130 58 Nobina will end contracts involving a total of 523 Total 362 264 in-service buses in the next 12 months Nobina will start new contracts involving a total of 362 in-service buses in the next 12 months 8 Nobina investor presentation, Q2 2018/19
MATURING CONTRACT PORTFOLIO IMPROVING SWEDISH MARGIN SWEDEN - NET SALES SWEDEN - EBIT Q2 HIGHLIGHTS SEK million SEK million 1 666 Net sales increased by additional sales • 1 606 in existing contracts and index 1 587 173 revenues 1 548 1,546 1 511 1 520 1 512 134 117 10 115 115 105 Strong result coming from increased • 1 447 1,454 90 88 profitability in contracts started last 47 year and profitable additional business Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 16/17 17/18 18/19 16/17 17/18 18/19 DENMARK - NET SALES DENMARK - EBIT Q2 HIGHLIGHTS SEK million SEK million Increased Net sales coming from existing • contract portfolio 10 151 141 142 139 137 136 135 133 131 EBIT lower than last year with negative 126 • 6 6 6 4 4 impact from bus maintenance cost 2 -2 1 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 16/17 17/18 18/19 16/17 17/18 18/19 9 Nobina investor presentation, Q2 2018/19
BUSINESS DEVELOPMENT BEHIND IMPROVED PROFITABILITY IN NORWAY FINLAND - NET SALES FINLAND - EBIT Q2 HIGHLIGHTS SEK million SEK million Net sales higher than last year mainly • coming from currency effects 288 283 278 272 28 269 269 264 263 27 250 245 EBIT lower than last year after ending of • 23 22 22 the metro replacement traffic in Helsinki 17 13 12 11 10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 16/17 17/18 18/19 16/17 17/18 18/19 NORWAY - NET SALES NORWAY - EBIT Q2 HIGHLIGHTS SEK million SEK million Net sales increased from additional sales • in existing contracts and extra traffic 292 258 259 263 252 259 250 269 232 221 16 EBIT significantly higher than last year • 13 -1 11 10 -3 -8 with profitable extra traffic and business -11 2 - development Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 16/17 17/18 18/19 16/17 17/18 18/19 10 Nobina investor presentation, Q2 2018/19
SECOND QUARTER RESULTS IN LINE WITH LAST YEAR KEY POINTS Q2 Q2 YTD YTD SEK million Change Change Net sales growth based on • 18/19 17/18 18/19 17/18 growth in existing contracts, Net sales 2 235 2 076 159 4 596 4 281 315 where both production and incentive based Net sales EBITDAR 316 306 10 598 567 31 increased % of net sales 14,1% 14,7% 13,0% 13,2% EBITDA 309 297 12 587 548 39 EBT margin 3,8 % for the • % of net sales 13,8 % 14,3% 12,8% 12,8% quarter with favorable contribution from business EBIT 117 114 3 221 209 12 development within existing % of net sales 5,2% 5,5% 4,8% 4,9% contracts, extra traffic and Interest income - - - - - - contract migration Interest expenses -31 -33 2 -64 -67 3 FX net - 1 -1 1 -2 3 EBT 86 82 4 158 140 18 % of net sales 3,8% 3,9% 3,4% 3,3% Tax -21 -17 -4 -39 -34 -5 Earnings after tax 65 65 - 119 106 13 11 Nobina investor presentation, Q2 2018/19
POSITIVE UNDERLYING PERFORMANCE WHEN CONSIDERING ONE-OFFS KEY POINTS Q2 Q2 SEK million Change 18/19 17/18 Capital gain on Swebus divestment - - - Q2 18/19 fully impacted by ended metro replacement traffic in Helsinki EBT as reported previous year 86 74 16 % Negative impact from Swebus last year Swebus negative impact previous year - 8 - significantly lower than positive impact from metro replacement traffic in Helsinki in the Continuing EBT as reported 86 82 5% quarter Last year restructuring accrual - 6 - M&A activities as well as incentive program driving temporary costs Last year Metro replacement traffic - -14 - Q2 shows strong development in underlying Incentive program cost 2 - - EBT performance by an increase of 26% M&A costs absorbed 5 - - Underlying EBT performance 93 74 26% 12 Nobina investor presentation, Q2 2018/19
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