NSB-Group Interim report 31. august 2007

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Annice Maxwell
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1 NSB-Group Interim report 31. august 2007

Highlights per 31. august 2007 The Group s profit before tax as of the 2. interim period 2007 is the best interim economic result in the history of the Group.

2 Highlights per 31. august 2007 The Group s profit before tax as of the 2. interim period 2007 is the best interim economic result in the history of the Group. Rate of return on equity of 8,1 % is well over the target of 7,2 %. A strong improvement in operating profit for the passenger rail operations. Revenue growth in the bus operations, but reduced margins give a weaker operating profit. Positive development in freight operations in both Norway and Sweden results in a considerable improvement in operating profit. Increased profit in the real estate operations. No serious injuries in the passenger rail operations. One emplyee perished in a work related incident in the freight operations. Punctuality marginally lower in 2. interim period compared to same period last year. 2

3 NSB-group profit and loss MNOK Jan-aug 2007 Jan-aug 2006 Last 12 months Year 2006 Operating income Personnel and adm. expences Other operating expences Depreciation, amortization Operating cost Operating profit/loss Financial items Pre tax profit/loss Tax Profit/loss for the period Profit and loss for 2006 is proportionally adjusted for the increase in pension costs booked in desember 2006 in accordance with Norwegian Acconting Standard Boards discussion document on IAS 19 3

4 Positive development in operating profit MNOK NGAAP 2005 IFRS 2005 IFRS 2006 Siste 12 mnd. Operating profit Less profit from sale of assets

5 NSB-group balance sheet MNOK 31.aug aug des.06 Tangible fixed assets Fixed assets investments Total fixed assets Investments in financial instruments Other short term receivables Total current assets Total assets Majority's portion of equity Minority's portion of equity Sum equity Loans from financial institutions Other long-term liabilities Total long-term liabilities Short term debt Total equity and liabilities

6 Rate of return higher than target Return on equity 7,1 % 7,8 % 8,1 % 7,2 % -0,6 % 0,1 % 2,4 % 1,5 % -8,5 % IFRS 05 IFRS Target

7 The NSB-group maintains a high equity ratio while investment increases 60 % ,3 % 49,9 % 48,2 % % 20 % 46,1 % 43,9 % 45,1 % ,6 % % IFRS 05 IFRS Interest bearing debt Equity ratio 7

The operating profit increased to 253 MNOK (172 MNOK), mainly due to increased volume and revenue plus lower energy expenses.

8 Major improvement in the passenger train operations The passenger train operations consist of NSB AS and the subsidiaries NSB Anbud AS and Svenska Tågkompaniet AB. The operating profit increased to 253 MNOK (172 MNOK), mainly due to increased volume and revenue plus lower energy expenses. Positive volume and revenue development on most routes, and the growth in traffic revenue is 12 % compared to same period last year. Punctuality per 31. august is 88 %, an improvement of 1 percentage point compared to last year but 2 percentage points lower than the target. 8

9 Passenger train operations financial development Passenger train operations MNOK Jan-aug 2004 Jan-aug 2005 Jan-aug 2006 Jan-aug 2007 Revenue Operating profit Margin -1,4 % 8,5 % 6,7 % 8,6 % Assets Interest bearing debt Investments ,0 % ,5 % 6,7 % 8,6 % 10,0 % 5,0 % The figure shows development in revenue and margin Jan-aug 2004 Jan-aug 2005 Jan-aug 2006 Jan-aug ,4 % 0,0 % -5,0 %

10 Growth in the bus operations The bus operations consist of the Nettbuss-group which operates bus transport in Norway, Sweden and Denmark. The operating revenue increased to 2219 MNOK (2059 MNOK), while the operating profit was marginally reduced to 95 MNOK (102 MNOK). Both revenue and costs have increased due to aquisitions and internal growth. Lower margins due to increased competition in the route market and high demand for personnel. 10

11 Bus operations financial development Bus operations MNOK Jan-aug 2004 Jan-aug 2005 Jan-aug 2006 Jan-aug 2007 Revenue Operating profit Margin 4,5 % 3,9 % 5,0 % 4,3 % Assets Interest bearing debt Investments ,5 % 5,0 % 4,3 % 3,9 % ,0 % 4,0 % 2,0 % The figure shows development in revenue and margin 0 Jan-aug 2004 Jan-aug 2005 Jan-aug 2006 Jan-aug ,0 % 11

Improvement in the freight train operations The freight train operations consist of NSBs 55 % ownership in the CargoNet-group which mainly operates in Norway and Sweden.

12 Improvement in the freight train operations The freight train operations consist of NSBs 55 % ownership in the CargoNet-group which mainly operates in Norway and Sweden. The operating profit is 23 MNOK (- 20 MNOK). Positive volume and revenue development in both countries. Considerable improvement in profit both in the Norwegian and Swedish operations. Punctuality of 89 % is 4 percentage points better than last year, but under the target of 90 %. 12

13 Freight train operations financial development Freight train operations MNOK Jan-aug 2004 Jan-aug 2005 Jan-aug 2006 Jan-aug 2007 Revenue Operating profit Margin -2,1 % -0,4 % -2,1 % 2,2 % Assets Interest bearing debt Investments ,2 % Jan-aug ,1 % Jan-aug ,4 % Jan-aug 2006 Jan-aug ,1 % 5,0 % The figure shows development in revenue and 2,5 % margin 0,0 % -2,5 % -5,0 %

The real estate operations give added value for the train and bus operations ROM eiendom AS and NSB Eiendom AS was 1. januar 2007 merged into ROM eiendom AS. The operating profit is 94 MNOK (87 MNOK).

14 The real estate operations give added value for the train and bus operations ROM eiendom AS and NSB Eiendom AS was 1. januar 2007 merged into ROM eiendom AS. The operating profit is 94 MNOK (87 MNOK). The improvement is mainly due to increased revenue from rents and efficiency measures within the operation. Profits fram sale of assets of 10 MNOK (9 MNOK) is included in the operating profit. The operations total rental area is about m2. 14

15 Real estate operations financial development Real state operations MNOK Jan-aug 2004 Jan-aug 2005 Jan-aug 2006 Jan-aug 2007 Revenue Operating profit Pofit from sale of assets Assets Interest bearing debt Jan-aug 2004 Jan-aug 2005 Jan-aug 2006 Jan-aug 2007 The figure shows development in revenue and profit from sale of assets. 15

16 The support functions ensure efficient, secure and stable operations Included in Support functions are the workshop- and maintenance companies Mantena Group, NSB Trafikkservice AS, as well as administrative support functions represented by Finse Forsikring AS and Arrive AS. The operating profit for the support functions is 9 MNOK (15 MNOK). 16

NSB Group Financial presentation 2006

NSB Group Financial presentation 2006 Highlights 2006 Group profit significantly better than last year: Group profit for the year is 511 MNOK (442 MNOK), an improvement of 69 MNOK,+ 16 %, from 2005. Operating