NSB Financial results 2005

Transcription

1 NSB Financial results 2005

2 Highlights Pre-tax profit of MNOK 502 an increase of MNOK 332 from Operating profit of MNOK 589 an increase of MNOK 323 from Positive development of operations within the core business areas of passenger trains, bus and rail freight. Return on equity after tax of 5,5 percent (1,5 percent). The Board of Directors propose a dividend of MNOK

3 Profit and loss account Parent company Group MNOK Transport revenue Payroll and related costs Other operating expenses Depreciation, amortization Operating expenses Operating profit/loss Net financial items Pre-tax profit/loss Taxes Net profit/loss for the year

4 The operating profit/loss of the NSB Group shows a very positive development MNOK Operating profit excluding gains from sale of assets 4

5 Balance sheet Parent company Group MNOK Tangible fixed assets Fixed assets investments Total fixed assets Investments in financial instruments Other short term receivables Total current assets Total assets Equity Minority interests Loans from financial institutions Other long-term liabilities Total long-term liabilities Short term debt Total equity and liabilities

6 The return on equity for the NSB Group is approaching the goal set by the owner Return on equity (after tax) -0,6 % 0,1 % 7,2 % 5,5 % 2,4 % 1,5 % Return om capital employed 2,7 % 2,1 % 3,3 % 3,8 % 7,3 % 8,5 % Goal Goal -1,0 % -8,5 % 6

7 Positive development for interest bearing debt (MNOK) and equity ratio (percent of total assets) for the NSB Group 60 % 40 % 20 % ,1 % 43,9 % 45,1 % 45,2 % ,4 % % Interest bearing debt Equity ratio 7

8 Development of man-labour years Total Passenger trains Bus operations Freight operations Support functions

9 Considerable improvement within the Passenger train operations NSB AS conducts various group functions, and is, together with NSB Anbud AS, responsible for the passenger train activities. Operating profit increased to MNOK 249 (-34 MNOK), as a result of reduced costs and increased revenues. Punctuality is 92 %. The best punctuality ever. Customer satisfaction has improved compared to last year. The number of travels increased by 1,7 % compared to The number of passenger kilometers increased by 2,1 %. 9

10 Passenger trains (NSB AS) financial development MNOK Operating income Operating profit Margin -5,8 % -4,4 % -1,0 % 6,8 % Total assets Non-interest bearing s/t debt Investments ,8 % ,0 % -4,4 % -5,8 % ,0 % 5,0 % 0,0 % -5,0 % -10,0 % Operating income in MNOK and operating margin as a percentage. 10

11 Profitable bus operations The bus operations include passenger transport and special transports. Operating profit increased to MNOK 90 (MNOK 74). A substantial part of the improvement comes from the express bus activities. Operating income for the Group is MNOK (MNOK ), an increase of 7 % from the year before. After the acquisition of Orusttrafikken AB the Nettbuss Group has become a substantial operator in the Swedish market for public transport. 11

12 Bus financial development MNOK Operating income Operating profit Margin 4,2 % 2,8 % 2,7 % 3,1 % Total assets Non-interest bearing s/t debt Investments ,2 % ,8 % ,7 % ,1 % 5,0 % 4,0 % 3,0 % 2,0 % 1,0 % Operating income in MNOK and operating margin as a percentage ,0 % 12

13 Continuous restructuring of Freight train operations Freight train operations include NSBs share of the CargoNet Group with the subsidiary CargoNet AB. Operating profit is MNOK16 (- MNOK 38). A 10 % growth in transported units in Norway. Punctuality in Norway was 88 %. Financial results in Sweden are not satisfactory. Throughout 2005 Swedish operations has been restructured to secure profitable operations in the future. 13

14 Freight operations financial development MNOK Operating income Operating profit Margin -4,8 % -2,8 % -2,8 % 1,1 % Total assets Non-interest bearing s/t debt Investments ,1 % ,8 % -2,8 % -4,8 % ,0 % 0,0 % -2,0 % -4,0 % -6,0 % Operating income in MNOK and operating margin as a percentage. 14

15 The Real Estate operations develop values The Real Estate operations consist of the operations within the ROM Group and NSB Eiendom AS Operating profit is MNOK 210 (MNOK 232). Included in the operating profit is a gain from sale of assets of MNOK 172 MNOK (MNOK131) The Real Estate operations are responsible for a total rental space of approx square meters. 15

16 Real Estate financial development MNOK Operating income Operating profit Gains from sale of assets Total assets Non-interest bearing s/t debt Investments Operating income in MNOK and gains from sale of assets (blue line) in MNOK. 16

17 Restructuring of support functions Included in support functions are workshops and maintenance of trains, NSB Trafikkservice AS, and the administrative support functions of Finse Forsikring AS and Arrive AS The operating profit for the support functions is MNOK 24 (MNOK 33). 17

18 18 NSB shall be the customers favorite and the most innovative Nordic transportation group.