FY 08/09 Q3 and first nine months Year ending 28 Feb 2009 Concordia Bus AB Group. 18 December 2008

Transcription

1 FY 08/09 Q3 and first nine months Year ending 28 Feb 2009 Concordia Bus AB Group 18 December 2008

2 This presentation include forward-looking statements, based on our current expectations, subject to risks and uncertainties. Examples of risks and uncertainties are economic conditions, product demand, competition, government regulation, financial resources, certain litigation. Our financial reports and latest annual report gives a more detailed view of financials as well as risks and uncertainties. Please note that from this report and onwards all numbers are based on IFRS accounting standard. 2

3 Highlights Success ratio in new tenders is YTD 49%, which will lead to increased market share in FY 09/10 and selective tendering for the remaining year Q3 EBIT improved + 21 MSEK vs last year, cash flow + 28 MSEK for the quarter, but PBT was pressed by weakening crown currency and increased interest rates Solution on replacing our 130 MEUR HYB will be presented in Q4 3

4 Public bus transport Market development Gothenburg continue to investigate a sale of its bus operation (~400 buses). Oslo still investigating potential sale of its bus co. Finland government proceeds towards a proposal on full liberalisation of long distance bus transport and tendering big cities Swedish government draft proposed changes in Swedish public transport legislation will be presented in February 2009, where inputs will be given. Planned decision before year end Recession will effect public budgets which may effect public transport volumes during autumn 2009 Express Swedish rail will be fully liberalised in 2010, which will open up for new train operators SJ, swedish train operator, does aggressive price offerings towards bus passenger segments 4

5 Activities Currently Concordia Bus in a constructive dialog concerning one specific refinancing alternative for the 130 M Euro high yield Bond. Further alternatives are being explored in parallel Alternative solutions to improve our capital structure, including replacement of our high yield bond and preference shares, have been prepared and discussed with banks and major shareholders New tender wins in Enebakk, Norway (30 buses); Nordhordaland, Norway (75); Gästrikland, Sweden (40); Gothenburg region, Sweden (40); and Örebro region, Sweden (25) Concordia Bus Finland agreed to take over a 12 bus contract for 5 years from public owned competitor Helb. Successful traffic start during October in Denmark with 60 buses, including full IT support and bus lease set up for our new country An upgrade of our traffic planning system started, and new purchasing system decided, with implementation during Q4 Bus financing has so far been achieved on acceptable terms for reinvestments in existing contracts and for our new contracts Following the test of Hybrid Ethanol buses in south Stockholm, a Diesel Hybrid bus will be tested in Finland 5

6 Tender update Q3 Successful tender period. Concordia Bus will increase its market share with 200 buses Swebus Won 22 buses in Nora/Hällefors Won 35 buses in Västtrafik Won 40 buses in Sandviken CBF Has agreed with Helb of taken over contact of 12 buses CBN Won 69 buses in Norhordaland Prolonged a 97 buses contract in Hedmark Won 26 buses in Romerike 6

7 Tender results and ratios Q3 tender results Other 581 Concordia YTD tender results Other Concordia Tender ratios Q3 Target Renewal 226% 100% Success 56% 30% Win/Loss N.a% 100% Retention 97% 30% Submitted Announced Won Pending Submitted Announced Won Pending Tender ratios YTD Target Renewal 178% 100% Success 49% 30% Win/Loss 492% 100% Retention 80% 30% Ratio Calculation: Renewal Ratio: = All Won/All own announced, Success = All won/all announced, Win/Loss = Won from competition/lost to competition, Retention = Defended/Own announced 7

8 Won tenders YTD Country CPTA Type Contract length years Traffic starts Buses Total contract value MSEK * Sweden Värmlandstrafik School August Sweden X-trafik School 3 August Sweden LT Örebro City & Country August Sweden LT Örebro Country August Sweden X-trafik Country 10 June Sweden Västtrafik Express June Sweden Västtrafik Country June Sweden Linköpings kommu School 6 July Sweden LT Västernorrland Airport 2, January Finland Helsinki City January Finland YTV City 1 August Finland Helsinki City 5 January Norway Hordaland Country July Norway Akershus Country July Norway Hedmark Country 2,5 January * Option prolongation not included

9 Contract information 153 CPTA contracts by end of Q3 - CPTA contract revenue represented 92% of YTD revenue - Our longest contract expires 2015, excluding options - 3 contracts, will be up for tender YTG 9

10 Financial summary Q3 Revenue growth by 16% in Q3 compared to last year, trend continues by steady development in CPTA business (+17%), and flat Express revenue with reduced number of travellers and improved ticket yield Continued EBIT improvements by +21 MSEK in Q3 and +73 MSEK YTD, main drivers are now positive price and volume development and fleet cost improvements. A loss contract provision of 17 MSEK has been absorbed in the Q3 result. Previous negative indexation almost brought back to zero PBT has been significantly affected by unrealized exchange loss of 102 MSEK on the Euro Bond and interest increases (28 MSEK) Operational Cash flow improved by 47 MSEK but payment of dividend (-89 MSEK) and increased cash deposits for Bank guarantees (-79 MSEK) made Cash flow in total negative by -31 MSEK year to date YTD Cash position of 429 MSEK (excl. restricted cash) represent an improvement of 32 MSEK YTD compared to last year 10

11 Concordia Bus AB Group Q3 SEK m FY08/09 FY07/08 FY08/09 FY07/08 Net revenues Opex EBITDA EBIT Finance net Profit before tax YTD Split of Finance net Q3 YTD FY08/09 FY07/08 FY08/09 FY07/08 Interest net FX net Total

12 YTD EBIT Bridge FY 08/09 vs. FY 07/08 MSEK FY 07/08 Nine months EBIT 104 Operational efficiency 7 Price & Volume Contract changes 33 Net of indexation -1 Fleet financing and utilization 40 Strike -5 Other 4 FY 08/09 Nine months EBIT

13 Revenue per business unit Q3 YTD SEK m FY 08/09 FY07/08 % FY 08/09 FY07/08 % Sweden Denmark Norway Finland Total CPTA Express Total other traffic Parent and eliminations Total revenue

14 EBIT per business unit Q3 YTD SEK m FY 08/09 FY 07/08 FY 08/09 FY 07/08 Sweden Denmark Norway Finland Total CPTA Express HQ and other EBIT Financial net PBT

15 MSEK Historical revenue development Rolling 4 quarters Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 07/08 Q1 07/08 Q2 07/08 Q3 07/08 Q4 08/09 Q1 08/09 Q2 08/09 Q

16 MSEK 1100 Historical result development Rolling 4 quarters Q Q Q Q Q Q Q Q Q Q Q Q3 EBITDA EBIT PBT 2005 Q Q Q Q Q Q Q Q Q4 07/08 Q1 07/08 Q2 07/08 Q3 07/08 Q4 08/09 Q1 08/09 Q2 08/09 Q3

17 Cash flow year-to-date Q3 YTD MSEK FY08/09 FY07/08 FY08/09 FY07/08 Cash flow from operations before changes in working capital Change in working capital Cash flow from operations Cash flow from investments activities Cash flow from financing activities Cash flow for the period Available cash * Restricted cash not included (151 MSEK) 17

18 Balance sheet MSEK YTD YTD Full year FY08/09 FY07/08 FY07/08 Goodwill Vehicles Other financial fixed assets Financial fixed assets Currents assets Blocked cash Cash and cash equivalent Total current assets Total assets Equity Bond loans Other liabilities Other provision and pension Total long-term liabilities Total current liabilities Total shareholder s equity and liabilities Net investment excl Financial Leases Net investment incl Financial Leases Equity / asset ratio 0,5 % 5,2 % 5,7 % Result per share after dilution -12,4-5,6-5,2 18

19 Concordia Bus Nordic Holding AB Group Q3 SEK m FY08/09 FY07/08 FY08/09 FY07/08 Net revenues Operating costs EBIT Finance net Profit before tax YTD Split of Finance net Q3 YTD FY08/09 FY07/08 FY08/09 FY07/08 Interest net FX net Total

20 Summary Concordia Bus is the most successful operator in contract tenders 2008, which will lead to increased Nordic market share Operating profitability improvements continues, while currency changes have negative effect on PBT Various alternatives for replacing the 130 MEUR HYB are under considerations, final solution is expected to be presented during Q4 20