NOBINA AB (publ), Registered office: Stockholm Interim Report MARCH 2009 FEBRUARY 2010

Transcription

1 Nobina NOBINA AB (publ), Registered office: Stockholm Interim Report MARCH 2009 FEBRUARY av 18

2 Nobina AB (publ) reg. no Interim report for March February 28, 2010 Fourth quarter December 2009 February 2010 Sales amounted to SEK 1,635 million (1,626), an increase of 0.5 percent, or SEK 9 million. Operating loss of SEK -13 million (29). Net earnings of SEK -24 million (-147). Cash flow from the operations amounted to SEK 144 million (144). Cash flow after net investments amounted to SEK 164 (140). In addition to depreciation costs according to plan, the Group carried out accelerated depreciation of SEK 2 million (18) on vehicles sold or which are for sale. The Group's investments during the period relate primarily to the purchase of buses, which are financed through leasing. Cash-financed investments amounted to SEK 6 million (45). During the period, the Group signed financial leasing agreements amounting to SEK 22 million (81). Earnings per share during the quarter amounted to SEK -3/share (-9). Twelve-month period March 2009 February 2010 Sales amounted to SEK 6,308 million (6,134), an increase of 2.8 percent, or SEK 174 million. Operating profit of SEK 192 million (206). Net earnings of SEK 121 million (-239). Cash flow from the operations amounted to SEK 620 million (527). Cash flow after net investments amounted to SEK 534 million (416). In addition to depreciation costs according to plan, the Group carried out accelerated depreciation of SEK 17 million (30) on vehicles sold or which are for sale. Cash-financed investments amounted to SEK 135 million (89). During the period, the Group signed financial leasing agreements amounting to SEK 971 million (631). On December 16, 2009, the Board decided to implement a 1:9 reverse share split (registration date March 1, 2010). This involves nine shares being consolidated into one share. Earnings per share amounted to SEK 9/share (-147). The Board proposes that no dividend be issued. CEO's comments Operating profit amounted to SEK 192 million, which is weaker than last year but was affected by major nonrecurring costs attributable to both internal and external factors. Excluding non-recurring costs of SEK 28 million regarding change of name, restructuring of the organisation and share buy-back programme, underlying earnings were SEK 14 million up on last year. In addition, we have incurred significantly higher costs, totalling SEK 37 million, in the form of damage, maintenance fuel consumption and cancelled journeys due to the extraordinary winter conditions during the fourth quarter," says Ragnar Norbäck, President and CEO. 2 av 18

3 Key ratios for the business: Dec 1, 2009 Dec 1, 2008 Mar 1, 2009 Mar 1, 2008 Feb 28, 2010 Feb 28, 2009 Feb 28, 2010 Feb 28, 2009 Sales 1,635 1,626 6,308 6,134 Operating profit/loss Earnings for the period Number of employees 1) ,403 9,655 Number of buses - - 3,553 3,505 Number of newly purchased buses 2) Number of sold buses Cash-financed investments excl. financial contracts Investments incl. financial contracts , Cash flow from operations Equity ratio % -2.7 % Earnings per share before dilution (SEK) Earnings per share after dilution (SEK) All items are expressed in million kronor (SEK million), unless otherwise stated. 1) The methodology for calculation of number of employees has been changed, which implies increased number of employees compared to earlier. A corresponding adjustment was made for last year. 2) The decrease in newly purchased buses is explained by a previously overestimated purchase volume, which was adjusted in the fourth quarter. Development of the business The result of tenders within regional traffic entails that the Group's market shares remain stable. Within the interregional traffic business (Swebus), passenger growth has continued and is 13% above last year. Thus far, the financial crisis has had a very limited impact on demand for public transport as regards On the other hand, the financial crisis has a partly negative impact on the indexation of public transport companies' revenues, with the consequence that underlying cost increases are temporarily not covered in full. Changed legislation as a consequence of the earlier public transport committee report in Sweden was proposed in the spring of A proposal for deregulation of regional public transport in Finland has been recommended, including an extended transitional period. The new name, Nobina, began to be implemented in the Group's companies on December 1. All companies apart from Swebus Express are changing names. Within regional traffic, we are continuing to be selective in participation in tenders and are currently applying higher return requirements in tender pricing in order to cover vehicle financing costs. We are maintaining our market share on a Group level for the full year 2009/2010. Operational focus is currently placed on improved efficiency in the Norwegian and Danish operations. Interregional traffic in Swebus Express has enjoyed solid growth during the year and was included in Coop's Med Mera program, which increases the business access to marketing channels. In addition, Swebus Express is working on increasing market communication, co-operation and utilization of social media in order to facilitate continued passenger growth and improved capacity utilization. An increase in WEB sales is prioritized. During the third quarter, the company appointed strategic advisors, Perella Weinberg together with Lazard, in order to review the future ownership structure. Some 30 senior executives have accepted an offer to acquire shares in Nobina AB (publ). 3 av 18

4 On 1 March 2010, the Nobina Group established a new organisation to focus more distinctly on the Regional business area (contractual traffic) and the Interregional business area (express bus services). The Group's operations and focus The Nobina Group is the largest player in the Nordic region within passenger transport and its business concept is to simplify the customers' daily journeys. The operations include contractual traffic in the Nordic region as well as interregional traffic. The Group consists of the operating companies, Nobina Sverige AB and Swebus Express AB in Sweden, Nobina Norge AS, Nobina Finland Oy and Nobina Danmark A/S. With approximately 266 million passengers per year, Nobina is one of Europe's ten largest passenger transport companies. The Group's development Contracts and tenders In total, the Group held 149 traffic contracts at the end of the fourth quarter, of which the longest extends until For the full year, 14 tenders covering 451 buses were won, compared with a contract volume of 460 buses in contracts which expired during the year. Current tender situation Sweden Tenders covering in total 345 buses were won. Gävle, covering a total of 43 buses, represents a major contract which has expired and was not won anew, while at the same time 2 contracts for a total of 172 buses were won in Södermanland and one contract in Västtrafik was won for a total of 73 buses. The appeal of the procurement in Skåne was lost. Finland One contract for 26 buses was won out of the tender in Helsinki covering 130 buses. Norway There were no tender gains, nor has Nobina Norge been exposed to any procurement. Denmark 3 contracts were won in Copenhagen covering in total 80 buses. Tender outcome per 12 months (buses) 4 av 18

5 Other Nobina Submitted Pending Announced Won Definitions: Submitted Tender submitted by Nobina Awaited Submitted minus announced Announced Announced results of submitted tenders Won Nobina's gains of announced tender results Sales Fourth quarter December 2009 February 2010 The Nobina Group's sales increased by just over 0.6 percent, or SEK 9 million, compared with the corresponding quarter of last year, to SEK 1,635 million (1,626). Sales within the Group's Regional traffic business area declined during the fourth quarter by SEK -7 million, compared with the corresponding quarter of last year. Of this, SEK 72 million related to new contracts and SEK 147 million to lost contracts, compared with the corresponding quarter of last year. Other sales relate to price and volume changes in existing contract agreements, compared with the corresponding quarter of last year. Within Interregional traffic, sales increased by 24 percent, or SEK 19 million, to SEK 98 million (79), compared with the same quarter of last year. The period March February 2010 The Nobina Group's sales increased by just over 2.8 percent, or SEK 174 million, to SEK 6,308 million (6,134), compared with the corresponding period of last year. The Group's Regional traffic increased during the year by SEK 116 million compared with last year, of which SEK 441 million relates to newly-won contracts and SEK -577 million relates to lost contract agreements. Other sales relate to price and volume changes in existing contract agreements of SEK 252 million compared with last year. Sales within Interregional traffic increased during the financial year by 19 percent or SEK 66 million compared with last year, to SEK 412 million (346). Operating expenses Fourth quarter, December 2009 February 2010 The Group's operating expenses relate primarily to personnel expenses, which include salaries, payroll overhead, pensions, costs for bus drivers, as well as fuel, tires and leasing expenses. 5 av 18

6 The Group's expenses for the fourth quarter increased by 3.4 percent or SEK 52 million compared with the corresponding quarter of last year, to SEK 1,560 million (1,508). The Group's average diesel price per liter for the period was SEK 8.41 (8.36). The Group's volume increase resulted in an increase of SEK 22 million in diesel costs. The period of March 2009 February 2010 The Group's costs for the financial year increased by 2.5 percent, or SEK 144 million, compared with the preceding year. The Group's total costs amounted to SEK 5,773 million (5,629). The Group's average diesel price per liter for the period was SEK 8.48 (9.58), entailing SEK 124 million in positive price difference compared with last year. The Group's volume increase in contract agreements resulted in an increase of SEK 39 million in diesel costs. Depreciation The Group's depreciation costs relate primarily to depreciation of buses but also include depreciation of other fixed assets. In addition to depreciation according to plan, the Group has carried out accelerated depreciation of SEK 17 million (SEK 30 million) on vehicles sold or which are for sale. The Group's depreciation costs for the financial year 2009/2010 amounted to SEK 340 million (303). Operating profit/loss Fourth quarter, December 2009 February 2010 The Group's operating loss for the fourth quarter 2009/2010 was SEK -13 million (29). Within Regional traffic, Nobina Sverige had an operating loss of SEK -2 million (46) in the fourth quarter. Nobina Finland had an operating profit of SEK 2 million (10), Nobina Norge had an operating loss of SEK -6 million (-5) and Nobina Danmark continues to be affected by contract start-up and establishment of the organisation, which contributed to an operationg loss of SEK -11 million (-15) in the fourth quarter. Interregional traffic (Swebus) experienced sales growth of 24 percent in the fourth quarter, which resulted in an operating profit of SEK 5 million (1) for the quarter. The period March 2009-February 2010 The Group's operating profit for the full year was SEK 192 million (206). Operating profit in Nobina Sverige declined to SEK 205 million (227) for the full year after three traffic contracts had expired and were discontinued at the beginning of the year pending start-up of new replacement contracts during the second half of the year. Operating profit in Nobina Finland was SEK 7 million (23). Nobina Norge reported an operating profit of SEK 21 million (8) for the full year period. Nobina Danmark reported an operating loss of SEK -30 million (-24). Interregional traffic (Swebus) experienced sales growth of 19 percent for the full year period, which resulted in an operating profit of SEK 42 million (23) for the period. Net earnings Fourth quarter, December 2009 February 2010 The Group's net earnings during the fourth quarter strengthened by SEK 123 million compared with the corresponding period of last year, to SEK -24 million (-147). The changes are mainly due to exchange rate differences on Nobina Europe AB's bond loan of EUR 109 million, which entailed an unrealized translation difference of SEK 49 million (-110). The period March 2009 February 2010 Net earnings for the financial year were SEK 121 million (-239). These, too, were affected by exchange rate changes on Nobina Europe AB's bond loan of EUR 109 million, which entailed an unrealized translation difference of SEK 167 million (-230). Financial position Available cash and cash equivalents at the end of the period amounted to SEK 331 million (417). In addition, the Group had funds in escrow of SEK 141 million (141), primarily as security for submitted tenders and executed traffic contracts. Taxes The Group's taxes comprise current tax and deferred tax. Current tax is calculated on the taxable earnings for the year. Deferred tax is calculated based on temporary differences between the reported values and the taxable values of assets and liabilities, as well as tax on the Group's deficits for tax purposes. Deferred tax is calculated in accordance with the applicable tax rate for each country. Deferred tax claims are reported only to the extent it is likely that these may be 6 av 18

7 utilized against future taxable profits. The Group has large historical accumulated loss carry-forwards, which have not been valued as deferred tax receivables; see in general the reference to the annual report. The parent company The parent company has eight (eight) employees who are engaged in overall Group management and financial administration. The parent company's earnings before tax were SEK -8 million (1), while cash and cash equivalents at the end of the period amounted to SEK 99 million (52), of which 33 (41) were funds in escrow. Investments The Group's investments during the fourth quarter relate primarily to purchases of other fixed assets, SEK 6 million (45). Cash-financed investments amounted to SEK 135 million (89) for the period March 2009 February Through its subsidiary Nobina Fleet AB, the Group executed financial leasing agreements during the fourth quarter amounting to SEK 28 million (63) in acquisition value, equal to 40 (45) buses. The Group's financial leasing agreements have been classified as fixed assets in the balance sheet and the leasing obligations are reported as liabilities in the balance sheet. Depreciation and interest expenses are reported in the income statement. During the fourth quarter the Group sold buses for SEK 20 million (6), equal to -4 (23) buses. The sale entailed a capital loss of SEK 1 million (2). For the period March February, the Group sold buses for approximately SEK 26 million (39), equal to 332 (258) buses. The sales for the period March February entailed a capital loss of SEK -3 million (4). Personnel During the period there were on average 10,403 (9,655) employees. In all countries in which Nobina AB conducts operations, collective bargaining agreements are applied as agreed upon with the trade union that represents employees within the industry in which the relevant company operates. There are well-established practices and traditions as to the manner in which work times, compensation conditions, information and co-operation are negotiated and applied between employee representatives and the Company. Annual report and general meeting The annual general meeting of Nobina AB will be held on May 10, 2010 at 2pm at the Company's offices, Armegatan 38 in Solna. The annual report will be available on Dividend The Board intends to propose to the annual general meeting that no dividend be issued. Events since the end of the reporting period No significant events have occurred since the end of the financial year. Risks and uncertainty factors The Nobina Group is exposed to interest rate risks in relation to the company's financial and operational leasing. Leasing fees are based primarily on variable market interest rates. Interest rate risks are hedged from time to time through the use of interest rate derivatives. As per February 28, 2010, the Group had no interest rate hedging contracts. The earlier refinancing risk has been eliminated as a consequence of the Group's old bond loan of EUR 130 million, maturing on 1 August 2009, being refinanced prior to maturity through a new 3-year bond loan with a nominal value of EUR million; the new bond loan, too, was issued by the subsidiary, Nobina Europe AB. The conversion premium of 1 percent and the issue discount of 7.5 percent on the bond value are allocated over the term of the bond loan. The new bond of EUR million carries the same coupon rate as previously, i.e percent, with payment days on February 1 and August 1 each year. The main changes in the new bond documentation include, among other things, an obligatory repayment of 10 percent of the nominal value of principal on August 1 each year, in addition to an optional repayment of a further 10 percent of principal on February 1 annually, an increased possibility to raise other loans up to SEK 400 million ranking pari passu (with the same security as the bond), and that earlier security in the form of, among other things, pledged internal loans, is removed. The Nobina Group is also exposed to exchange rate fluctuations on the bond loan. A 10 percent depreciation of the Swedish krona results in an increased annual cost of SEK 10 million with respect to interest payments on the bond loan. The substantial strengthening of the Swedish krona since February 2009 has resulted in an improvement in the Group's 7 av 18

8 earnings with an unrealized exchange rate profit from the strengthening of the exchange rate on the nominal amount of the bond loan. The Group's finance policy states that currency risks may be hedged through currency derivatives. As per February 28, 2010, the Group had no currency hedging contracts with respect to currency exposure on the bond loan. The Group is exposed to changes in the price of diesel through its purchases of diesel. Diesel is purchased on the international commodities market in US Dollars, entailing an implicit currency risk. Through its revenues indices in its PTA contracts, the Group is compensated in part for changes in the price of diesel. Based on the estimated diesel consumption, an increase of USD 10 per ton in the price of diesel would increase the net diesel cost by SEK 1.2 million per financial year. Diesel consumption in the Swedish operations is hedged to 90% through revenues indices in PTA contracts. In June, the Group signed a diesel cap in respect of the Norwegian subsidiary with respect to 500 metric tons per month for the period July December 2009, covering approx. 70% of consumption. As per February 28, 2010, the Group had no diesel hedge contracts. The new issue which was resolved upon by an extraordinary general meeting of Nobina AB held on 4 June 2009, covering 202,276,500 shares at a price of SEK 4, has been carried out in full, as a consequence of which the company raised in total SEK 809 million in new capital. Following completion of the new issue, the Board of Nobina AB implemented redemption of the company's preference shares for SEK 639 million, including accrued dividends of SEK 129 million. The issuance of a new bond with a nominal value of EUR million in the subsidiary Nobina Europe AB resulted in subscription for EUR million by existing bond holders, who received a conversion premium of 1 percent on the bond value. In conjunction with the redemption, the Group repaid EUR 17.6 million (SEK 193 million) to holders of the original bond who declined new subscription. At the company's annual general meeting held on 4 June 2009 it was also resolved that the company's statutory reserve, SEK 1,322 million, would be reduced by the same amount, for allocation to a fund to be used in accordance with resolutions adopted at any future general meeting(s). In December 2009 the company carried out an additional new issue with a nominal value of SEK 9 million. Accounting principles The Nobina Group applies International Financial Reporting Standards (IFRS). This interim report is prepared in accordance with IAS 34 and the Swedish Accounting Standards Board's general guidelines regarding voluntary interim reporting (BFNAR 2007:1). Except where stated below, the same accounting principles and calculation methods have been used in this report as in the annual report for 2008/09 under "Company information and accounting principles". The parent company complies with the Swedish Annual Accounts Act and recommendation RFR 2.1 "Reporting for legal entities", issued by the Swedish Financial Reporting Board. Transactions between segments are based on market terms and conditions. New accounting principles for 2009 The revised IAS 1, Presentation of financial statements, has been applied commencing March 1, The change entails that Nobina presents two income statements, an unchanged consolidated income statement and a new income statement designated as "Statement of comprehensive income". In other respects, comprehensive income includes income and expenses such as hedging, fair value and exchange rate differences on foreign holdings. These items were previously reported within equity. The consolidated balance sheet is currently designated "Consolidated statement of financial position". IFRS 8, Operating segments, has been applied commencing March 1, Nobina has chosen to report its holdings per country and type of operations as segments, the manner in which Nobina s management monitors the business. Transactions with closely related parties Nobina Europe AB s five largest bondholders, namely Bluebay Asset Management, Fidelity Funds, Avenue Capital, Thames River Capital and Dynamic Credits Opportunity Fund, all participated in an Exchange Offer and applied old bonds amounting to EUR million in order to receive new bonds at a subscription price of 92.5%, resulting in a new nominal loan amount of EUR million. They also received a subscription premium of 1%. The new issue resolved upon at the extraordinary general meeting of Nobina (formerly Concordia Bus AB) held on June 4, comprising 202,276,500 shares at a price of SEK 4 per share, has been implemented in full, as a consequence of which the company raised a total of SEK 809 million in new capital. Following completion of the new issue the board of Nobina AB resolved also to redeem the company's preference shares for SEK 693 million, including accrued dividends of SEK 129 million. In connection with the new issue and redemption of preference shares, Bluebay Asset Management increased its holding of ordinary shares by exercising pre-emption rights in the issue and using payment for the preference shares as payment for new ordinary shares. 8 av 18

9 Other major shareholders who participated in the issue were FidelityFunds, Thames River Capital, Avenue Capital, JP Morgan Securities, Dresdener VPV. Two members of Nobina AB's Board are appointed by Blue Bay Asset Management, which is the largest share holder in Nobina AB. The directors have not received any fee in their capacities as directors. Nobina Europe AB has a debt to Nobina AB of SEK 120 million. Interest was capitalized during the year in the amount of SEK 7 (22) million. Stockholm, 21 April 2010 Ragnar Norbäck President and CEO Questions concerning the content of this report will be answered by: Ragnar Norbäck, President Tel Per Skärgård, CFO Tel Nobina AB Armégatan Solna Sweden Nobina AB is the largest player in the Nordic region within the area of passenger transport by bus. The Group conducts its operations through subsidiaries. The operations consist of providing regular contractual bus traffic to CPTAs in Sweden, Norway, Denmark and Finland. In addition to contractual bus traffic, Nobina also operates a network of Express Bus services focused on consumers in Sweden. The operations in Sweden are conducted through the wholly owned subsidiaries, Nobina Sverige AB and Swebus Express AB. In Finland, the operations are conducted through Nobina Finland Oy Ab, in Denmark through Nobina Danmark A/S and in Norway through Nobina Norge AS. The wholly owned business-operating subsidiaries are owned via a subordinate holding company, Nobina Europe Holding AB, which in turn owns the operational parent company of the subsidiaries, Nobina Europe AB (publ). Nobina AB also has a wholly owned subsidiary for management of the bus fleet, Nobina Fleet AB, which leases buses to the operational companies 9 av 18

10 CONDENSED INCOME STATEMENT FOR THE NOBINA GROUP Net sales OPERATING EXPENSES Fuel, tires and other consumables Other external expenses Personnel expenses Capital gain/loss upon sale of fixed assets Depreciation / write-down of tangible and intangible fixed assets OPERATING PROFIT Interest income and similar profit/loss items Interest expenses and similar profit/loss items PROFIT/LOSS AFTER FINANCIAL INVESTMENTS PROFIT/LOSS BEFORE TAX Tax PROFIT/LOSS FOR THE YEAR Of which related to the shareholders of the Parent Company Earnings per share before dilution (SEK) Earnings per share after dilution (SEK) Average number of shares before dilution Average number of shares after dilution STATEMENT OF COMREHENSIVE INCOME OF THE GROUP Profit/loss for the year Other Income and expenses recognized directly in eqity Exchange differences on foreign operations Other overall results for the period, net of tax Total income before period Net total profit attributable to the parent company av 18

11 STATEMENT OF FINANCIAL POSITION FOR THE NOBINA GROUP ASSETS Fixed assets Goodwill Other intangible assets 5 4 Improvement expenses on third party property 7 8 Equipment, tools, fixtures and fittings Vehicles Long-term receivables Deferred tax assets 8 8 Total fixed assets Current assets Inventories Accounts receivables Other current receivables Prepaid expenses and accrued income Blocked funds Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Long-term liabilities Bond loans Other liabilities Provisions for pensions and similar obligations Other provisions Total long-term liabilities Current liabilities Bond loans Liabilities to credit institutions Accounts payable Other current liabilities Accrued expenses and deferred income Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES av 18

12 STATEMENT OF CHANGES IN THE NOBINA GROUP EQUITY Share capital Other contributed capital Earned funds loss Total equity Opening equity as per Redemption of previosly issued options Warrants from the issuance of stock options Subscribe for new shares Dividends of prefernce shares Total comprehensive income Closing equity as per Exercise of previously issued share New share issue Issuance cost Retirement of prefernce shares Dividends of preference shares Total comprehensive income Closing equity as per STATEMENT OF CASH FLOWS FOR THE NOBINA GROUP av 18

13 Cash flow from operating activites Profit/loss after financial items Adjustment for items not included in the cash flow Cash flow from operations before changes in working capital Cash flow from changes in working capital Change in inventories -1-2 Change in operating receivables Change in operating liabilities Cash flow from changes in working capital Interest received Income tax paid - -1 Net cash flows from operating activities Cash flow from investing activities Change in restricted funds Investments in building and land, vehicles, equipment, tools, fixtures and fittings excluding financial leases Sale of buildings and land, vehicles, equipment, tools and fixtures and fittings Cash flow from investing activities Cash flow from financing activities Retirement of preferred shares Exercise of previously issued share New share issue Issuance cost -8 - Amortization of financial leasing liabilities Exercise of previously issued share options - 9 Amortization of borrowings Repayment of borrowings Proceeds from borrowings Interest paid Dividend paid on preference shares Cash flow from financing activities Cash flow for the period Opening liquid funds Cash flow for the period Translation difference Closing liquid funds av 18

14 CONDENSED INCOME STATEMENT FOR THE PARENT COMPANY Net sales OPERATING EXPENSES Other external expenses Personnel expenses OPERATING LOSS -9-6 Interest income and similar profit/loss items 8 14 Interest expenses and similar profit/loss items -7 4 PROFIT AFTER FINANCIAL INVESTMENTS Tax PROFIT FOR THE YEAR av 18

15 CONDENSED BALANCE SHEET FOR THE PARENT COMPANY ASSETS Fixed assets Shares in group companies Receivables from group companies Total fixed assets Current assets Receivables from group companies Other current receivables 3 10 Deferred expenses and accrued income 17 1 Blocked bank accounts Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Longterm liabilities Provision for pension 1 1 Other provisions 1 - Total longterm liabilities 2 1 Current liabilities Accounts payable 24 1 Liabilities to group companies 1 1 Other shortterm liabilities - 1 Accrued expenses and prepaid income 7 4 Total current liabilities 32 7 TOTAL EQUITY AND LIABILITIES REPORT OVER CHANGES IN PARENT COMPANY EQUITY Share capital Statutory reserve Share premium reserve Retined profit Total equity Opening equity as per Redemption of previosly issued options Warrants from issuance of stock options Subscribe for new shares Dividens of preference shares Reduction of statutory reserve Group contribution received Tax effect of contributions received Total comrehensive income Closing equtiy as per av 18

16 Redemption of preference shares Exercise of previously issued share New shares issues Issue expenses Reclassification of issue expenses Reduction of statutory reserve Dividens of preference shares Group contribution received Tax effect of contributions received Total comrehensive income Closing equtiy as per Not 1. Segment per area Revenues per segment area Nobina Sweden Nobina Denmark Nobina Norway Nobina Finland Total contract traffic Express, long distance traffic Total other traffic Other income and group eliminations Total income per segment area Operating profit/loss per segment area Nobina Sweden Nobina Denmark Nobina Norway Nobina Finland Total contract traffic Express, long distance traffic Total other traffic Head office items and other items Total operating profit per segment area *) *) The total operating per segment, are equal to the group s operating profit. 16 av 18

17 Not 2. Financing Operational leasing, Buses Nominal value of future payments - Buses Present value of future payments - Buses Number of operationally leased buses Reported operational leasing expense Interest-bearing long-term liabilities Bond loan Financial leasing liability Capitalized financing expenses Total Less current part Total Interest expenses and similar profit / loss items Interest expenses liabilities to financial leasing Interest expenses bond loan Depreciation of capitalized financing expenses Other financial expenses Realized and unrealized exchange rates profits and losses Total Not 3. Earnings per share Earnings per share Average number of common shares during the period Reported profit / loss Dividend on preference shares Cumulative right to dividends on preference shares Adjusted profit / loss Earnings per share av 18

18 Shares Numbers of shares Average number of shares Opening number of shares New issue Outstanding number at end of period Average number of shares after dilution The Board has decided on the16 December 2009 to implement a stock split of 1:9.(registration date ). This means that nine shares are combined into one share. 18 av 18