NSB Group - NSB

NSB-Group
Presentation of interim
report as of 30th of April
2012
Contents
• Development NSB-Group
• Business segments
• Financial development
• Future challenges
NSB-Group 2012 (Restated figures for 2011)
NSBGroup
NSB AS
Nettbuss AS
CargoNet AS
Rom
Eiendom AS
Trainmaintenance
Supportfunctions
Passenger train
operations in Norway
and Sweden
Bus operations in
Norway, Sweden and
Denmark
Freight operations on
rail in Norway and
Sweden
Development and
management of real
estate
Train maintenance in
Norway and Sweden
Cleaning service
on trains, IT-service
and insurance
Revenue 5 380 MNOK
Man years 3 247
Revenue 4 864 MNOK
Man years 5 227
Revenue 1 452 MNOK
Man years 799
Revenue 808 MNOK
Man years 84
Revenue 1 525
Man years 882
Revenue 299
Man years 249
Inclusive:
•NSB Passenger Train
•NSB Gjøvikbanen AS
•Svenska Tågkompaniet AB
Support functions:
•NSB Trafikkservice AS
•Arrive AS
•Finse forsikring AS
Development NSB-Group in 2012
MNOK
Operating revenue
1st interim 1st interim
period 2012 period 2011
4 250
4 068
EBIT
201
129
EBT
148
125
Net cash flow from operations
286
460
0,8 %
5,2 %
Equity ratio (%)
26 %
31 %
Net interest bearing debt
5 610
4 764
ROE % (12 mnth average)
• Improved profit in the passenger train
operations
• Improved profit in the bus operations
• Reduced losses in the freight operations
• Change in accounting principles for
retirement benefit obligations and investment
property – 2011 figures are restated for
comparison
Contents
• Development NSB-Group
• Business segments
• Financial development
• Future challenges
Passenger train operations
MNOK
Operating revenue
EBIT
Assets
Investments
1st interim 1st interim
period 2012 period 2011
1908
1803
137
43
8742
9238
167
199
• Increased revenue
• Operating costs at about the
same level as previous year
• Improved punctuality
NSB punctuality index
Operating revenue in MNOK and EBIT as a percentage of operating revenue
6 The passenger train operations consists of NSB AS and the subsidiaries NSB Gjøvikbanen AS and Svenska Tågkompaniet AB
Bus operations
MNOK
1st interim 1st interim
period 2012 period 2011
Number of passengers (mill.)
Operating revenue
EBIT
Assets
Investments
44
45
1815
1645
23
5
4263
3851
400
185
Operating revenue in MNOK and EBIT as a percentage of operating revenue
7 The bus operations consists of the Netbuss-Group
• No. of passengers reduced due to loss
of contract on parts of the city traffic
in Trondheim
•Increased revenue and activity
•Increased margin
Freight operations
MNOK
1st interim 1st interim
period 2012 period 2011
Number of transported TEUs (1 000)
155
198
Operating revenue
360
464
EBIT
-35
-78
Assets
705
823
2
11
Investments
• Closure of the Dovre line from
13th of March has negative
effects on volume and revenue
• Improved EBIT due to cost
reductions in Norway and
closure of the traffic in Sweden
• Improved punctuality
Utlevering CargoNet AS
Punctual delivery
100 %
95 %
90 %
85 %
80 %
Target
75 %
70 %
65 %
Operating revenue in MNOK and EBIT as a percentage of operating revenue
60 %
55 %
Utlevering
Target
MÅL
Utlevering
2011
2011
Utlevering
2012
2012
50 %
Jan Feb Mar Apr Mai Jun Jul Aug Sep Okt Nov Des
8 The freight operations consists of the CargoNet-Group
Real estate operations
MNOK
Rental revenue
1st interim 1st interim
period 2012 period 2011
198
183
Gain on sale of assets
9
8
Sum operating revenue
207
191
82
143
7487
6943
161
201
EBIT
Assets
Investments
Operating revenue in MNOK and EBIT as a percentage of operating revenue
9 The real estate operations consists of the Rom Eiendom-Group
•Increased rental revenue
• Reduced EBIT due to increase in
value for investment property in
2011, and not in 2012
Train maintenance
MNOK
1st interim 1st interim
period 2012 period 2011
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
485
496
8
7
840
765
8
13
Support functions
1st interim 1st interim
MNOK
period 2012 period 2011
Operating revenue
102
100
EBIT
-14
8
Assets
543
573
4
2
Investments
The support functions include:
• NSB Trafikkservice AS
• Finse Forsikring AS
• Arrive AS
11
Contents
• Development NSB-Group
• Business segments
• Financial development
• Future challenges
NSB-Group: Operating revenue, EBIT og EBT
• Increase in revenue for the passenger train and bus segments
• Improved EBIT due to increased EBIT in the passenger train and bus segments, as well as
reduced losses in the freight segment
• Change in accounting principles regarding retirement benefit obligations and investment
property
• Figures for 2011 are restated for comparison
NSB-Group balance sheet (MNOK)
Assets
Equity and
liabilities
• Major increase in development
properties for sale. These properties are
booked as current assets.
• Equity reduced due to a change in
accounting principle for retirement
benefit obligations and investment
property
• Short–term liabilities reduced as there
are no short term loans payable in
2012 and 2013
• Long-term liability includes retirement
benefit obligation of 3 557 MNOK and
borrowings at fair value of 9 680
MNOK
Reduced return on equity and equity ratio
Low ROE last 12 months
Increased borrowings to
fund investments and
reduced equity due to
change in accounting
principles
15 NSB-Group
Cash flow 1st interim period 2012 in MNOK
2 500
Net cash flow
from op. act.
286
1 250
Cash
01.01.2012
1 209
0
*including currency gain of 17 MNOK
From investm.
activities
-439
From financing
activities
Cash
30.04.2012
1 663*
2 719
Contents
• Development NSB-Group
• Business segments
• Financial development
• Future challenges
Development in 2012
NSB-Group
• Improved train offer in Norway, increased bus
activity, especially in western Norway, and high
activity in the real estate operations.
• Issued new bonds in NOK for the total of 1 500
MNOK in January 2012 with a duration of up
to 15 years with good conditions.
• Signed a new 2 000 MNOK Multicurrency
Revolving Loan Facility with 7 banks. The
facility replaces a similar loan of MNOK 1 500
signed in 2008.
Passenger train
• 50 new trains will be introduced in 2012 and
2013.
• 1st Flirt train started operations on 2nd of May
• Agreement with the state for public purchase
of passenger train services for the period 20122017. Total value of the agreement is 15 400
MNOK.
• New route model will be introduced 2012 and
2014.
Freight
• Major restructuring in 2012.
• Closure of inland operations in Sweden.
Bus
• Won new and existing traffic in Gjøvik, SørTrøndelag, Hamar and Bergen Vest.
• 51 % of the shares in the Fjord1 bus activity is
bought with effect from January 1st 2012.
Real estate
• Part owned Oslo S Utvikling has in January
2012 signed an agreement to sell the three
DNB-buildings in Bjørvika in Oslo, 80 000
square meters, for a total price of 4 800
MNOK.
Financial calendar 2012
Board meeting:
Result:
07.06.2012
Interim report as of april 2012
10.10.2012
Interim report as of august 2012
February 2013
Annual report 2012
Attachments
• Income statement and balance sheet
for the NSB-Group
• Link to the interim report
http://www.nsb.no/
NSB-Group: Income statement
NSB Group
MNOK
Operating revenue
Payroll and related expenses
Other operating expenses
Depreciation and impairment
Total operating expenses
Operating profit
Share of (loss)/profit in associates
Unreal. value changes investm. property
EBIT
Net financial items
Profit before income tax expense
Income tax expense
Profit for the period
Jan-April 2012 Jan-April 2011
4 250
2 162
1 486
406
4 055
201
6
0
201
-53
148
-45
103
4 068
2 098
1 530
387
4 015
129
-4
80
129
-4
125
-46
79
Figures for 2011 are restated according to change in accounting principles
21 NSB-Group
NSB-Group: Balance sheet
NSB Group
MNOK
30. Apr. 12
30. Apr. 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
11 687
3 329
15 016
3 068
5 540
8 608
23 624
11 897
3 275
15 172
3 840
3 822
7 662
22 834
Shares and retained earnings
Non-controlling interest
Total equity
Borrowings
Pension liablilities
Other long term liabilities
Total long term liabilities
Short term liabilities
Total equity and liabilities
6 079
29
6 108
9 680
3 557
594
13 831
3 685
23 624
7 108
23
7 131
7 094
2 416
934
10 444
5 259
22 834
Figures for 2011 are restated according to change in accounting principles
22 NSB-Group
Changes in accounting principles 2012
Retirement benefits
• The Group has changed its accounting principle for retirement benefit obligations
• At he implementation date of 1st January 2012 deviation estimates of 2 624 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 he implementation date of 1st January 2012, by measuring investment property at
fair value, the additional value of 1 936 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
23 NSB-Group