CONCORDIA BUS GROUP Concordia Bus AB, (Publ), 556576-4569 Registered office: Stockholm INTERIM REPORT MAR CH 2009 AUGUST 2009 1 av 15
Concordia Bus AB (publ) org.nr 556576-4569 Concordia Bus AB interim report 1 march 31 august 2009 Second quarter June August 2009 Operating profit for the quarter remained positive at SEK 58 million, compared with SEK 28 million for the corresponding quarter of the preceding year. Net profit for the second quarter SEK 59 million, compared with SEK - 30 million, for the corresponding quarter of the preceding year. The Concordia Group's sales during the second quarter were SEK 1,454 million (SEK 1,364 million). This represents an increase of SEK 90 million, or just over 6 percent, compared with the corresponding quarter of the preceding year. Cash flow from the operations amounted to SEK 38 million (SEK 3 million). Cash flow after net investments was SEK -109 million (SEK -160 million). In addition to depreciation costs according to plan, the Group carried out accelerated depreciation of SEK 4 million (SEK 2 million) 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 47 million (SEK 5 million). During the period, the Group signed financial leasing agreements amounting to SEK 556 million (SEK 304 million). The new issue which was resolved upon at the extraordinary general meeting of Concordia Bus AB held on 4 June, 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 Concordia Bus AB resolved also to redeem the company's preference shares for SEK 639 million, including accrued dividends of SEK 129 million. As a consequence of the issuance by the subsidiary, Concordia Bus Nordic AB, of a new bond with a nominal value of EUR 121.5 million, existing bond holders (who received a conversion premium of 1% of the bond value) subscribed for EUR 112.4 million. In conjunction with the redemption, the Group repaid EUR 17.6 million (SEK 193 million) to holders of the original bond who had decided not to subscribe for the new bond. At the annual general meeting held on 4 June 2009 a resolution was also adopted that the company's statutory reserve, SEK 1,322,000,000, be reduced by the same amount, for allocation to a reserve to be used in accordance with resolutions adopted by any future general meeting(s). The CEO, Ragnar Norbäck, has renewed his contract, (new contract in september), and will continue to serve as CEO. Earnings per share during the second quarter amounted to SEK 0.3/share (-7.1) Half year March August 2009 Operating profit for the first half of the year was positive at SEK 111 million, compared with SEK 85 million for the corresponding period of the preceding year. Net profit for the first half of the year, SEK 135 million, compared with SEK - 15 million, for the corresponding period of the preceding year. The Concordia Group's sales during the period March-August were SEK 3,009 million (SEK 2,866 million). This represents an increase of SEK 143 million, or just over 5 percent, compared with the corresponding period of the preceding year. Cash flow from the operations amounted to SEK 177 million (SEK 125 million). Cash flow after net investments was SEK -14 million (SEK -78 million). In addition to depreciation costs according to plan, the Group carried out accelerated depreciation of SEK 12 million (SEK 2 million) on vehicles sold or which are for sale. 2 av 15
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 62 million (SEK 24 million). During the period, the Group signed financial leasing agreements amounting to SEK 577 million (SEK 311 million). The new issue which was resolved upon at the extraordinary general meeting of Concordia Bus AB held on 4 June, 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 Concordia Bus AB resolved also to redeem the company's preference shares for SEK 639 million, including accrued dividends of SEK 129 million. As a consequence of the issuance by the subsidiary, Concordia Bus Nordic AB, of a new bond with a nominal value of EUR 121.5 million, existing bond holders (who received a conversion premium of 1% of the bond value) subscribed for EUR 112.4 million. In conjunction with the redemption, the Group repaid EUR 17.6 million (SEK 193 million) to holders of the original bond who had decided not to subscribe for the new bond. At the annual general meeting held on 4 June 2009 a resolution was also adopted that the company's statutory reserve, SEK 1,322,000,000, be reduced by the same amount, for allocation to a reserve to be used in accordance with resolutions adopted by any future general meeting(s). The CEO, Ragnar Norbäck, has renewed his contract, (new contract in september), and will continue to serve as CEO. Earnings per share during the first half of the year amounted to SEK 1,2/share (-7.4) Comments by the CEO The improvements in results in the business for the 2009/2010 financial year have continued also in the second quarter, when compared with the corresponding quarter of the preceding year. The improvements are due to continued improvements in efficiency combined with revenue indexation which is in better balance with cost increases. We are continuing to work on internal cost efficiency and process improvements in order to be able to profitably deliver good quality to our customers. 2009-06-01 2008-06-01 Key ratios for the operations: Sales 1 454 1 364 3 009 2 866 6 134 Operating profit 58 28 111 85 206 Net profit/loss for the year 59-30 135-15 -239 Number of employees - - 6 201 5 720 7 606 Number of buses - - 3 543 3 443 3 505 Number of newly purchased buses 301 187 308 198 387 Number of sold buses 91 91 270 131 258 Cash-financed investments excl. financial 47 5 62 24 89 Iinvestments incl. financial contracts 603 309 639 335 721 Cash flow from operations 38 3 177 125 322 Equity ratio - - 2,9 % 2,8 % -2,7 % Earnings per share before dilution (SEK) 0,3-7,1 1,2-7,4-17 Earnings per share after dilution (SEK) 0,3-7,1 1,2-7,4-17 All items are expressed in million kronor (SEK million) unless otherwise stated. The Group's operations and focus Concordia Bus AB 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, Concordia Bus also operates a network of Express Bus services focused on consumers in Sweden. The operations in Sweden are conducted through the wholly owned subsidiaries, Swebus AB and Swebus Express AB. In Finland, the operations are conducted through Concordia Bus Finland Oy Ab, in Denmark through Concordia Bus Danmark A/S and in Norway through Concordia Bus Norge AS. 3 av 15
The wholly owned business-operating subsidiaries are owned via a subordinate holding company, Concordia Bus Nordic Holding AB, which in turn owns the operational parent company of the subsidiaries, Concordia Bus Nordic AB (publ). Concordia Bus AB also has a wholly owned subsidiary for management of the bus fleet, Concordia Bus Fleet AB, which leases buses to the operational companies. All operations are conditional on receipt of traffic licenses for carrying passengers. All subsidiaries hold the necessary licenses. The Group's development Sales June - August The Concordia Bus Group's sales during the period June August 2009 increased by just over 6 percent compared with the corresponding quarter of the preceding year, equal to an increase of SEK 90 million to SEK 1,454 million (SEK 1,364 million). The Group's contractual traffic during the second quarter increased by SEK 63 million compared with the corresponding quarter of the preceding year, of which SEK 124 million relates to newly won contracts and SEK 135 million to lost contracts, compared with the corresponding quarter of the preceding year. Other sales relate to price and volume changes of SEK 74 million in existing contract agreements, compared with the corresponding quarter of the preceding year. Express, long-distance traffic sales during the period June August 2009 increased by 26 percent compared with the corresponding quarter of the preceding year, equal to an increase of SEK 27 million to SEK 129 million, (SEK 102 million). March August The Concordia Bus Group's sales during the period March August 2009 increased by just over 5 percent compared with the corresponding period of last year, equal to an increase of SEK 143 million to SEK 3,009 million (SEK 2,866 million). The Group's contractual traffic during the period March August, compared with the corresponding period of last year, increased by SEK 109 million, of which SEK 269 million relates to newly won contracts and SEK -280 million to lost contracts, compared with the corresponding period of last year. Other sales relate to price and volume changes of SEK 120 million in existing contract agreements, compared with the corresponding period of last year. Express, long-distance traffic sales during the period March August 2009 increased by 20 percent compared with the corresponding period of last year, equal to an increase of SEK 37 million to SEK 221 million, (SEK 184 million). Operating expenses June - August 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. The Group's expenses for the period June August increased by to SEK 42 million, or 3 percent, compared with the corresponding quarter of the preceding year. The Group's total expenses amounted to SEK 1,313 million (SEK 1,271 million). The Group's average diesel price for the period was SEK 8.52 (SEK 10.22), entailing SEK 48 million in positive price difference compared with the corresponding quarter of the preceding year. The Group's volume increase resulted in increased diesel costs of SEK 11 million, compared with the corresponding quarter of the preceding year. March - August The Group's expenses for the period March August increased by to SEK 83 million, or 3 percent, compared with the corresponding quarter of the preceding year. The Group's total expenses amounted to SEK 2,734 million (SEK 2,651 million). The Group's average diesel price for the period was SEK 8.33 (SEK 9.82), entailing SEK 91 million in positive price difference compared with the corresponding period of the preceding year. The Group's volume increase in contract agreements has resulted in increased diesel costs of SEK 18 million, compared with the corresponding period of last year. 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 12million (SEK 2 million) on vehicles sold during the year or which are for sale. The Group's depreciation costs for the period March August amounted to SEK 162 million (SEK 131million). Operating Profit 4 av 15
The operating profit in the contract traffic in Sweden was MSEK +39 (+18) in the second quarter and MSEK +93 (+85) for the first half of the year after three traffic contracts had expired and were discontinued at the beginning of the year pending the start-up of new replacement contracts during the second half of the year. The operating profit in contract traffic in Finland was MSEK -2 (-1) in the second quarter and MSEK + 4 (+2) during the first half of the year, due to strong growth in sales in the first quarter. In the second quarter, the operating profit was affected by low traffic volumes during the summer period. Contract traffic in Norway was positively affected by an improved index trend and improved efficiency, resulting in an operating profit of MSEK +4 (+1) in the second quarter and MSEK +11 (+3) for the first half of the year. The operating profit in contract traffic in Denmark continues to be affected by contract start-up costs and establishment of the organisation, resulting in MSEK -5 (-2) in the second quarter and MSEK -11 (-3) for the first half of the year. Sales growth of 25% for Express, long distance traffic during the second quarter and 20% for the first half of the year, due to an increased number of passengers, resulted in an operating profit of MSEK +26 (+18) in the second quarter and MSEK +29 (+18) for the first half of the year. The Group's operating profit for the period March August 2009 was SEK 111 million (SEK 85 million). Financial position The Group's financial position during the second quarter strengthened by SEK 59 million compared with the corresponding period of last year. The primary reason for the changes is exchange rate changes on Concordia Bus Nordic AB's bond loan of EUR 130 million, which resulted in an unrealized translation profit of SEK 56 million (SEK -13 million). Available cash and cash equivalents at the end of the period amounted to SEK 386 million (SEK 378 million). In addition, the Group had funds in escrow of SEK 149 million (SEK 118 million), primarily as security for tenders and executed traffic contracts. Taxes The Group's taxes comprise current tax and deferred tax. Current tax is calculated on taxable earnings for the year. Deferred tax is calculated based on temporary differences between the reported value and the taxable value 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 utilized against future taxable profits. The Group has large historical accumulated loss carry-forwards, which have not been valued as deferred tax claims; see other reference to the annual report. The parent company The parent company has eight (nine) employees who engage in overall Group management and treasury management. The parent company's earnings before tax were SEK 0 million (SEK 8 million) and cash and cash equivalents at the end of the period were SEK 56 million, of which SEK 37 million were funds held in escrow (SEK -34 million). Investments The Group's investments during the second quarter relate primarily to purchases of other fixed assets, SEK 47 million (SEK 5 million). Cash-financed investments for the period March August 2009 amounted to SEK 62 million (SEK 24 million). The Group, through its subsidiary, Concordia Bus Fleet AB, signed financial leasing agreements during the second quarter amounting to SEK 556 million (SEK 304 million) in acquisition value, corresponding to 301 (187) buses. The Group's financial leasing agreements have been classified as fixed assets in the balance sheet and the leasing undertakings have been reported as liabilities in the balance sheet. Depreciation and interest expenses are reported in the income statement. During the second quarter, the Group sold buses at a value corresponding to SEK 3 million (SEK 5 million), which equals 91 (91) buses. The sale has entailed a capital loss of SEK -2 million (SEK 1 million). For the period March August, the Group sold buses at a value corresponding to SEK 10 million (SEK 10 million), which equals 270 (131) buses. Sales during the period March August entailed a capital loss of SEK -2 million (SEK 1 million). Personnel During the period there were on average 6,201 (5,720) employees. In all countries in which Concordia Bus 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. 5 av 15
Market development In contract traffic in Sweden, during the second quarter 47 buses out of 124 were defended in the tender in Halland, at the same time as the entire current traffic in Södermanland was defended + 5 buses. The outcome of the appeal of a previous tender in Skåne is still pending. In contract traffic in Finland, options were exercised extending 3 contracts covering 26 buses.in contract traffic in Denmark, a contract involving 21 buses was taken over from another operator following an agreement with Midtrafik.Two contracts, will be up for tender during the second half year FY 2009/2010. Risk management The Concordia Bus Group is exposed to interest rate risks associated with 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 31 August, 2009, 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 121.5 million; the new bond loan, too, was issued by the subsidiary, Concordia Bus Nordic AB. The conversion premium of 1% on the bond value is allocated over the term of the bond loan. The new EUR 121.5 M bond carries the same coupon rate as previously, i.e. 9.125%, with interest payment days being 1 February and 1 August each year. The main changes in the new bond documentation include, among other things, a mandatory repayment of 10% of the nominal value on 1 August each year. In addition, there is a possibility for voluntary repayment of an additional 10% of principal on 1 February each year, an enhanced possibility to raise another loan of MSEK 400 ranking pari pasu (with the same security) as the bond, and that previous security in the form of, among other things, pledged internal loans, is removed. The Concordia Bus Group is also exposed to exchange rate fluctuations on the bond loan. A 10 percent depreciation of the Swedish kronor results in an increased annual cost of SEK 11 million with respect to the interest payments on the bond loan. The substantial strengthening of the Swedish kronor since February 2009 has resulted in an improvement in the Group's earnings for the first half of the year, 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 August 31, 2009, 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 CPTA 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. As per August 31, 2009, the Group had entered into a diesel cap regarding 1,250 metric tons per month during the period May October 2009, i.e. in total 7,500 metric tons. This means that diesel consumption in the Swedish operations is hedged to approximately 90%, of which approximately 77% is covered through revenues indices in CPTA contracts. The real value of the diesel-cap, Msek 0,1 as per August 31.In addition, in June a diesel cap was signed 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. The real value of the diesel-cap, Msek 0,3, as per August 31. Accounting principles Concordia Bus 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). 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, 2009. The change entails that Concordia Bus 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". 6 av 15
IFRS 8, Operating segments, is applied commencing March 1, 2009. Concordia Bus has chosen to report its holdings per country and type of operations as segments, the manner in which the Concordia Bus management monitors the business. Transactions with closely related parties Concordia Bus Nordic 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 112.5 million in order to receive new bonds at a subscription price of 92.5%, resulting in a new nominal loan amount of EUR 121.5 million. They also received the offered subscription premium of 1%. The new issue resolved upon at the extraordinary general meeting of 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 share capital. Following completion of the new issue the board of Concordia Bus 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 preference shares as payment for new ordinary shares. Other major shareholders participated in the issue was FidelityFunds, Thames River Capital, Avenue Capital, JP Morgan Securities, Dresdener VPV.Other related party transactions, refer to the financial statements Events since the expiry of the reporting period No significant events have occurred since the expiry of the period covered by the interim report. President s assurance The President consider that the half-year interim report gives a true and fair presentation of the Parent Company s and Group s business, financial position and result of operations, and describes material risks and uncertainties facing the Parent Company and the companies included in the Group. Stockholm, September, 24, 2009 Ragnar Norbäck President and CEO This interim report has not been audited by the auditors. Future reports Interim report September November 2009-12-21 Unaudited annual figures 2010-04-29 Questions concerning the content of this report will be answered by; Ragnar Norbäck, President Tel 46-8-41065058 Per Skärgård, CFO Tel 46-8-41065056 Concordia Bus AB Armégatan 38 171 71 Solna www.concordiabus.com Sweden 7 av 15
CONDENSED INCOME STATEMENT FOR THE CONCORDIA BUS GROUP 2009-06-01 2008-06-01 Net sales 1 454 1 364 3 009 2 866 6 134 OPERATING EXPENSES Fuel, tires and other consumables -307-321 -639-669 -1 423 Other external expenses -261-270 -539-555 -1 164 Personnel expenses -745-680 -1 556-1 427-3 042 Capital gain/loss upon sale of fixed assets -2 1-2 1 4 Depreciation / write-down of tangible and intangible fixed assets -81-66 -162-131 -303 OPERATING PROFIT 58 28 111 85 206 PROFIT/LOSS FROM FINANCIAL INVESTMENTS Interest income and similar profit/loss items 2 6 5 10 18 Interest expenses and similar profit/loss items -1-64 19-110 -457 PROFIT/LOSS AFTER FINANCIAL INVESTMENTS 1-58 24-100 -439 PROFIT/LOSS BEFORE TAX 59-30 135-15 -233 Tax - - - - -6 PROFIT/LOSS FOR THE YEAR 59-30 135-15 -239 Of which related to the shareholders of the Parent Company 59-30 135-15 -239 Earnings per share before dilution (SEK) 0,3-7,1 1,2-7,4-17 Earnings per share after dilution (SEK) 0,3-7,1 1,2-7,4-17 Average number of shares before dilution 142 819 20 000 81 991 20 000 20 019 Average number of shares after dilution 142 819 20 000 81 991 20 000 20 019 REPORT FOR THE GROUP ON TOTAL INCOME Profit/loss for the year 59-30 135-15 -239 Other Income and expenses recognized directly in eqity Exchange differences on foreign operations -6 2-37 1 38 Other overall results for the period, net of tax -6 2-37 1 38 Total income before period 53-28 98-14 -201 Net total profit attributable to the parent company 53-28 98-14 -201 8 av 15
CONDENSED BALANCE SHEET FOR THE CONCORDIA BUS GROUP ASSETS Fixed assets Goodwill 682 684 704 Other intangible assets - - 4 Improvement expenses on third party property 8 5 8 Equipment, tools, fixtures and fittings 49 26 39 Vehicles 2 477 1 845 2 092 Deferred tax assets 8-8 Long-term receivables 32 1 32 Total fixed assets 3 256 2 561 2 887 Current assets Inventories 41 41 41 Accounts receivables 414 517 612 Other current receivables 47 84 76 Prepaid expenses and accrued income 224 144 174 Blocked funds 149 118 141 Cash and cash equivalents 386 378 417 Total current assets 1 261 1 282 1 461 TOTAL ASSETS 4 517 3 843 4 348 EQUITY AND LIABILITIES Equity 143 107-117 Long-term liabilities Bond loans 997 1 218 - Other liabilities 1 908 1 259 1 501 Provisions for pensions and similar obligations 70 40 71 Other provisions 59 52 66 Total long-term liabilities 3 034 2 569 1 638 Current liabilities Bond loans - - 1 485 Liabilities to credit institutions 314 112 167 Accounts payable 263 256 264 Other current liabilities 138 130 154 Accrued expenses and deferred income 625 669 757 Total current liabilities 1 340 1 167 2 827 Total liabilities 4 386 3 736 4 465 TOTAL EQUITY AND LIABILITIES 4 517 3 843 4 348 9 av 15
REPORT OF CHANGES IN THE CONCORDIA BUS GROUP EQUITY Share capital Other contributed capital Earned funds loss Total equity Opening equity as per 2008-03-01 25 2 164-1 979 210 Dividends of preference shares - - -89-89 Total comprehensive income - - -14-14 Closing equity as per 25 2 164-2 082 107 Redemption of previosly issued options - - -52-52 Warrants from the issuance of stock - 9-9 options Subscribe for new shares - 6-6 Dividends of prefernce shares - - -89-89 Total comprehensive income - - -201-201 Closing equity as per 25 2 179-2 321-117 Dividends of preference shares - - -129-129 Retirement of prefernceshare s -5-505 - -510 New share issue 202 607-809 Issuance cost - -8 - -8 Total comprehensive income - - 98 98 Closing equity as per 222 2 273-2 352 143 10 av 15
CONDENSED CASH FLOW STATEMENT FOR THE CONCORDIA BUS GROUP Cash flow from operating activites Profit/loss after financial items 135-15 -233 Adjustment for items not included in the cash flow 21 142 601 Cash flow from operations before changes in working capital 156 127 368 Cash flow from changes in working capital Change in inventories - -5-2 Change in operating receivables 177-51 -216 Change in operating liabilities -156 54 172 Cash flow from operations 177 125 322 Cash flow from investing activities Change in restricted funds -16-44 -61 Investments in building and land, vehicles, equipment, tools, fixtures and fittings excluding financial leases -62-24 -89 Sale of buildings and land, vehicles, equipment, tools and fixtures and fittings 10 10 39 Cash flow from investing activities -68-58 -111 Cash flow from financing activities Dividend paid on preference shares -129-89 -89 New share issue 801-6 Exercise of previously issued share options - - -52 Amortization of bond -193 - - Retirement of preferred shares -510-9 Amortization of financial leasing liabilities -92-56 -144 Cash flow from financing activities -123-145 -270 Cash flow for the period -14-78 -59 Opening liquid funds 417 455 455 Cash flow for the period -14-78 -59 Translation difference -17 1 21 CClosing liquid funds 386 378 417 Closing liquid funds 386 378 417 11 av 15
CONDENSED INCOME STATEMENT FOR THE PARENT COMPANY Net sales 17 16 33 OPERATING EXPENSES Other external expenses -7-6 -13 Personnel expenses -10-9 -26 OPERATING LOSS - 1-6 PROFIT/LOSS FROM FINANCIAL INVESTMENTS Interest income and similar profit/loss items 4 8 14 Interest expenses and similar profit/loss items -4-1 4 PROFIT AFTER FINANCIAL INVESTMENTS - 8 12 Tax - - 12 PROFIT FOR THE YEAR - 8 24 CONDENSED BALANCE SHEET FOR THE PARENT COMPANY ASSETS Fixed assets Shares in group companies 1 772 1 772 1 772 Receivables from group companies 125 221 125 Total fixed assets 1 897 1 993 1 897 Current assets Receivables from group companies 232 45 58 Other current receivables - 3 10 Deferred expenses and accrued income 2 9 1 Blocked bank accounts 37 8 41 Cash and cash equivalents 19-42 11 Total current assets 290 23 121 TOTAL ASSETS 2 187 2 016 2 018 EQUITY AND LIABILITIES Equity 2 172 2 000 2 010 Longterm liabilities Provision for pension 1-1 Current liabilities Accounts payable 5 10 1 Liabilities to group companies - 3 1 Other shortterm liabilities 2 0 1 Accrued expenses and prepaid income 7 3 4 Total current liabilities 14 16 7 TOTAL EQUITY AND LIABILITIES 2 187 2 016 2 018 12 av 15
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY Share capital Statutory reserve Share premium reserve Retined profit Total equity Opening equity as per 2008-03-01 25 1 672 492-108 2081 Dividens of preference shares - - - -89-89 Total comrehensive income - - - 8 8 Closing equity as per 25 1 672 492-189 2 000 Redemption of previosly issued options - - - -52-52 Warrants from issuance of stock options - - 9-9 Subscribe for new shares - - 6-6 Dividens of preference shares - - - -89-89 Reduction of statutory reserve - -350-350 0 Group contribution received - - - 43 43 Tax effect of contributions received - - - -12-12 Total comrehensive income - - - 24 24 Closing equtiy as per 25 1 322 507 156 2 010 Dividens of preference shares - - - -129-129 Redemption of preference shares -5 - -505 - -510 New shares issues 202-607 - 809 Issue expenses - - -8 - -8 Reduction of statutory reserve - -1 322-1 322 0 Total comrehensive income - - - 0 0 Closing equity as per 222-601 1 349 2 172 Note 1. Segment per area Revenues per segment area 2009-06-01 2008-06-01 Contract traffic Sweden 962 1 006 2 025 2 143 4 505 Contract traffic - Denmark 49-91 - 61 Contract traffic Norway 151 121 312 247 555 Contract traffic Finland 183 155 394 323 727 Total contract traffic 1 345 1 282 2 822 2 713 5 848 Express, long distance traffic 129 102 221 184 346 Total other traffic 129 102 221 184 346 Other income and group eliminations -20-20 -34-31 -60 Total income per segment area 1 454 1 364 3 009 2 866 6 134 Operating profit/loss per segment area 2009-06-01 2008-06-01 Contract traffic Sweden 39 18 93 85 227 Contract traffic - Denmark -5-2 -11-3 -24 Contract traffic Norway 4 1 11 3 8 Contract traffic Finland -2-1 4 2 23 Total contract traffic 36 16 97 87 234 Express, long distance traffic 26 18 29 18 23 Total other traffic 26 18 29 18 23 Head office items and other items -4-6 -15-20 -51 Total operating profit per segment area *) 58 28 111 85 206 13 av 15
*) The total operating per segment, are equal to the group s operating profit. Note 2. Financing Operational leasing, Buses Nominal value of future payments - Buses 1 161 1 381 1 470 Present value of future payments - Buses 759 894 896 - Number of operationally leased buses 1 543 1 588 1 606 Reported operational leasing expense 145 177 339 Interest-bearing long-term liabilities Bond loan 1 145 1 227 1 489 Financial leasing liability 2 099 1 371 1 668 Capitalized financing expenses -25-9 -4 Total 3 219 2 589 3 153 Less current part -314-112 -1 652 Total 2 905 2 477 1 501 Interest expenses and similar profit / loss items 2009-06-01 2008-06-01 Interest expenses liabilities to financial leasing -11-20 -28-39 -87 Interest expenses bond loan -32-29 -64-56 -120 Depreciation of capitalized financing expenses -3-3 -5-5 -10 Other financial expenses -9-1 -11-3 -10 Realized and unrealized exchange rates profits and losses 54-11 127-7 -230 Total -1-64 19-110 -457 14 av 15
Not 3. Earnings per share Earnings per share Average number of common shares during the period 81 991 20 000 20 019 Reported profit / loss (SEK M) 135-15 -239 Dividend on preference shares -35-89 - Cumulative right to dividends on preference shares (SEK M) - -45-94 Adjusted profit / loss (SEK M) 100-149 -333 Earnings per share (SEK) 1,2-7,4-17 Shares Number Average number of shares Opening number of shares 20 227 650 - New issue 202 276 500 - Outstanding number at end of period 222 504 150 81 991 467 Additional maximum number of shares *) 11 355 201 - Average number of shares after dilution *) 233 859 351 - *)In addition to the number of shares at the end of the period, there are a number of potential shares outstanding, attributable to the options issued to senior executives and the board. Concordia Bus AB currently has no organised trading in the shares on any exchange or market, and thus it is difficult for the company to establish a market value per share, hence the number of shares after dilution is not calculated. Since the company is unable to establish the market value, it cannot calculate any bonus issue element in the new issue, which might affect the average number of shares. 15 av 15