NSB-Group Presentation of interim report as of 31th of August 2012

Transcription

1 NSB-Group Presentation of interim report as of 31th of August 2012

2 Contents NSB-Group Development Financial development Business segments Future development

3 NSB-Group business segments Passenger train Passenger train transport by NSB AS and the subsidiaries NSB Gjøvikbanen AS and Svenska Tågkompaniet AB Bus Cargo operations Nettbuss CargoNet AS Bus operations performed by the Nettbuss-Group NSB- Group Freight operations Bus CargoNet Nettbuss AS Freight operations by the CargoNet-Group Train maintenance Mantena Train maintenance performed by the Mantena-Group Real estate Rom Eiendom Development and operations of real estate performed by the Rom Eiendom-Group 3

4 Highlights Growth in the passenger train and bus segments EBIT of MNOK (472) Of which gain on sale of real estate 529 MNOK (162) Profit before income tax expense 807 MNOK (283) Improved profit in all business segments ROCE 7,3 % last 12 months Punctuality for the passenger trains operations 89,7 % per august Punctuality for freight operations 91 % per august

5 Development NSB-Group during 2012 Per August Per April Per August MNOK Operating revenue EBIT EBT Net cash flow from operations ROE % (12 mnth average) 7,6 % 4,0 % Equity ratio (%) 28,4 % 25,9 % 32,7 % Net interest bearing debt Passenger train Bus Freight Change in accounting principles for retirement benefit obligations and investment property 2011 figures are restated for comparison

6 Increased revenue for the passenger train, bus and real estate segments

7 Improved EBIT for all business segments

8 Contents NSB-Group Development Financial development Business segments Future development

9 NSB-Group: Revenue growth over the last 6 years and improved profit over the last 12 months Volume and revenue growth for passenger train an bus operations Profit Resultatutvikling development Increased EBIT last 12 months due to improved operations in all business segments Major gains on sale of developed real estate except in 2008

10 Increased gains on capital and equity Owners target is 7,2 % of value adjusted equity after tax 10

11 NSB-Group balance sheet (MNOK) Reduction in development properties for sale. These properties are booked as current assets Increase in property, plant and equipment and investment property Increased equity due to increased profits Long-term liability includes retirement benefit obligation of MNOK and borrowings at fair value of MNOK 11

12 Borrowings and equity Increased borrowings to fund investments and reduced equity ratio due to change in accounting principles 12 The long term funding of the NSB-Group is done by issue of bonds Other interest bearing borrowings are associated with loans for real estate development and bus leases

13 Cash flow 2012 in MNOK Net Net cash flow from cash flow from operations investment activities Net Cash cash flow from financing activities Cash

14 Contents NSB-Group Development Financial development Business segments Future development

15 Passenger train operations Per August Per August MNOK Number of journeys (mill. in Norway) 35,2 33,8 Produced seat km. (mill. in Norway) Operating revenue EBIT Growth in no. of journeys and increased revenue Reduction in produced seat km. due to closed tracks Costs at the same level as previous year Improved punctuality Assets Investments NSB punctuality index Goal 15 The passenger train operations consists of NSB AS and the subsidiaries NSB Gjøvikbanen AS and Svenska Tågkompaniet AB

16 Bus operations Per August Per August MNOK Number of journeys (mill.) 79,6 80,1 Produced bus km. (mill.) Operating revenue EBIT Assets Increased revenue and activity mainly due to the acquisition of 51 % of the bus operations of Fjord 1 The no. of journeys in Nettbuss does not increase at the same level as the growth in production due to longer bus travels in Fjord1 Improved margin and EBIT Investments The bus operations consists of the Netbuss-Group

17 Freight operations Per August Per August MNOK Number of transported TEUs Norway (1 000) Produced TEU km. Norway (mill.) Operating revenue EBIT Assets Reduced revenue due to closure of operations in Sweden Closed lines and increased competition leads to reduced volume and revenue Improved EBIT due to restructuring in Norway and Sweden Improved punctuality Investments 7 17 TEU = Twenty foot equivalent unit Standard unit for counting containers of various capacities 17 The freight operations consists of the CargoNet-Group 100 % 95 % 90 % 85 % 80 % 75 % 70 % 65 % 60 % 55 % 50 % Punktlighet godstog Punctual delivery Delivery 2011 Delivery

18 Train maintenance Per August Per August MNOK Operating revenue EBIT Assets Investments The Mantena-Group supplies maintenance of freight and passenger trains The main customers are companies within the NSB-Group The Mantena-Group maintains trains for external customers both in Norway and Sweden 18

19 Real estate Per August Per August MNOK Rental revenue Gain on sale of assets Sum operating revenue Increased rental revenue High level of gains on sale of developed real estate, including sale of the first of three buildings in Bjørvika to DNB EBIT Assets Investments The real estate operations consists of the Rom Eiendom-Group

20 The gains from sale of developed real estate in the 2nd interim period is mainly due to the delivery of the first of three buildings to DNB in Bjørvika The NSB-Group owns 1/3 of Oslo S Utvikling AS (OSU) through Rom Eiendom OSUs aims to develop property on the southern side of the railway tracks of Oslo S OSU shall develop about m2 of a total of m2 as part of the Bjørvika development The first of three buildings to DNB was delivered this summer. Total revenue for the sale of the buildings is MNOK

21 Support functions Per August Per August MNOK Operating revenue EBIT -7 4 The support functions include: NSB Trafikkservice AS Finse Forsikring AS Arrive AS Assets Investments

22 Contents NSB-Group Development Financial development Business segments Future development

23 The future NSB-Group NSB-Group is likely to achieve the best result in the company's history for 2012 Passenger train The service time table will be extended, and improvements are implemented in two rounds; 2012 and of the 50 new train have been delivered, and 28 will be put into service by the end of the year NSB has in its input to the National transport plan shown how NSB through its investments in new trains and an extended service timetable can contribute to the railway taking its part of the growth in the transport demand towards 2030 Bus NSB is developing its bus operations to enable it to better meet the demand for passenger transport in interaction with other public transport offers Nettbuss want to continue to build on its strong position in the Nordic region to create profitable growth Freight NSB is actively working to improve the profitability of freight traffic by liquidating unprofitable operations, reducing costs and increasing volumes To increase freight transport by rail it is necessary to achieve a stable infrastructure Property NSB develops hubs at stations and terminals where there is a basis for increased traffic and where the market is suitable for property development 23

24 Financial calendar 2012 Board meeting: Results: Interim report as of august Annual report

25 Attachments Income statement and balance sheet for the NSB-Group Link to the interim report

26 NSB-Group: Income statement NSB Group MNOK Jan-Aug 2012 Jan-Aug 2011 Operating revenue Payroll and related expenses Other operating expenses Depreciation and impairment Total operating expenses Operating profit Share of (loss)/profit in associates 23-1 Unreal. value changes investm. property EBIT Net financial items Profit before income tax expense Income tax expense Profit for the period Figures for 2011 are restated according to change in accounting principles 26

27 NSB-Group: Balance sheet NSB Group MNOK 31. Aug Aug. 11 Tangible/intangible fixed assets Other non-current assets Total non-current assets Cash and other financial assets Other currrent assets Total current assets Total assets Shares and retained earnings Non-controlling interest 0 23 Total equity Borrowings Pension liablilities Other long term liabilities Total long term liabilities Short term liabilities Total equity and liabilities Figures for 2011 are restated according to change in accounting principles 27

28 Changes in accounting principles 2012 Retirement benefits The Group has changed its accounting principle for retirement benefit obligations At the implementation date of 1st January 2012 deviation estimates of MNOK, so far not included in the balance sheet, were charged as an increase to retirement benefit obligations. Offsets were charged to equity and deferred taxes Investment property Starting in 2012, the Group has changed its accounting principle from historic cost to the fair value method At the implementation date of 1st January 2012, by measuring investment property at fair value, the additional value of MNOK increased book value to investment property, offsets are equity and deferred tax In total the changes in accounting principles reduced equity by 496 MNOK 28 NSB-Group