NOBINA CELEBRATES ONE YEAR ON THE EXCHANGE WITH NEW RECORD PROFIT
Interim Report Q1
THE FIRST QUARTER
• Net sales amounted to SEK 2,224 million (1,995), an increase of 11.5 per cent.
• Operating profit was SEK 121 million (14). The adjusted operating profit for the first quarter of last year was SEK 106 million before listing expenses.
• Profit for the period after tax amounted to SEK 69 million (–33) and profit per share amounted to SEK 0.78 (–0.52). The adjusted profit after tax for the first quarter of last year was SEK 59 million before IPO expenses.
• Cash flow from the operations was SEK 268 million (156).
• The cash flow was SEK 32 million (–38). The cash flow last year was SEK –19 million before items related to the IPO.
SIGNIFICANT EVENTS DURING THE FIRST QUARTER
• Nobina was upgraded by Standard & Poor’s from BB– to BB.
• The annual general meeting for 2015/2016 was held on 31 May in Stockholm.
SIGNIFICANT EVENTS SINCE THE END OF THE QUARTER
• Nobina held a Capital Markets Day on 1 June 2016. It was confirmed at this time that the financial targets adopted prior to the IPO in 2015 remain in place.
• Payment of Nobina’s first dividend in the amount of SEK 2.60 per share was made on 8 June 2016.
• Nobina has won a traffic contract in Oslo comprising 21 buses, valued at SEK 150 million over three years.
• Nobina won a tender in southern Sweden, Lund Väster, comprising 45 buses, valued at SEK 400 million over four years.
The year began with a strong first quarter for Nobina. Net sales increased by 11.5 per cent and the underlying profit before tax was SEK 86 million (61) for the period. Profit-drivers included good performance in our newly started contracts, generally good price negotiations with our suppliers, and the fact that we are no longer paying interest expenses on earlier bonds. Nobina is therefore celebrating one year as a listed company by living up to what we believe is important: providing good and profitable public transport.
A resolution was adopted at Nobina’s annual general meeting held on 31 May 2016 to pay a dividend of SEK 2.60 per share and the company’s financial targets were also confirmed. We have met our commitment on dividend policy and made our first dividend payment in June.
Nobina is currently in a period of major traffic starts and contract terminations, among other things in the Stockholm area where we are currently preparing the operations for increased volumes in Södertälje and Kallhäll. In addition, work is underway on the new Helsinki contract, under which traffic will commence under new contract conditions on the same day as the old contract expires. Preparations are proceeding according to plan and we look forward to a continued incremental increase in efficiency and volumes in Nobina’s young contract portfolio.
At the beginning of June it was announced that Nobina had won two new contracts – one in Oslo and one in Lund. It is pleasing to note that both contracts were won based on quality rather than price, and that the buses will run on renewable fuel, a factor which benefits sustainable development.
President and CEO