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Annual Report 2012/2013 Everyone Wants To

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Annual Report 2012/2013 Everyone Wants To ANNUAL REPORT 2012/2013 EVERYone WANTS TO TRAVEL WITH US CONTENTS NOBINA’S BUSINESS CONCEPT IS TO SIMPLIFY EVERYDAY TRAVEL Nobina in brief 2 AND THE VISION IS CLEAR The year in brief 3 Statement from the CEO 4 EVERYone WANTS TO TRAVEL Case: Cooperation for more customers 7 WITH US who are more satisfied Driving forces and counterforces 8 Our business, goals and strategies 10 Contract business 14 NOBINA’S VALUES Case: New solutions for attracting 19 more passengers WE ARE AVAILABLE FOR OUR Public transport in flux 20 Case: Intelligent services with many advantages 23 CUSTOMERS Business areas 26 We are receptive to our customers needs and greet customers in a friendly and respectful manner. We keep our promises, Responsible business 46 develop economical solutions and make things easy for our Corporate governance report 58 customers. The share 62 Board of Directors and Group management 64 WE CONTINUOUSLY PURSUE Administration report 66 DEVELOPMENT Financial statements We achieve our goals and deliver results. We are resource- Consolidated income statement and 71 efficient and maintain the promised quality at the very least. comprehensive income statement We work with target management and systematic follow-ups Consolidated balance sheet 72 to continuously improve the company and our services. Consolidated statement of changes in equity 73 Consolidated cash flow statement 74 WE RESPECT EACH OTHER Parent Company income statement and 75 We safeguard equality and treat each other in a friendly and comprehensive income statement respectful manner. Together, we create a safe and creative Parent Company balance sheet 76 workplace environment that promotes initiatives and propos- Parent Company statement of changes in equity 77 als for improvement. We react to a lack of respect for custom- Parent Company cash flow statement 78 ers, each other and the company. Notes 79 Auditor's report 107 WE FOSTER STRONG Glossary and definitions 108 LEADERSHIP Addresses 109 We impose defined requirements on our managers and employees. We place the customer’s and company’s interests Annual general meeting 109 ahead of our own. We promote seamless cooperation. We pro- vide feedback on completed work and recognize achieve- While every care has been taken in the translation of this ments. We can handle the trust. annual report, readers are reminded that the original annual report, signed by the Board of Directors, is in Swedish. WE CARE We take active responsibility for the environment and society. We encourage health and personal development. We comply with laws and regulations. We are committed and care about each other, our customers and our community. 1 NOBINA IS A COMPANY GOVERNED BY VALUES. FOR US, SUSTAINABILITY IS THE GREEN GUIDING LIGHT FOR ALL THAT WE DO. WE DELIVER SUSTAINABLE TRAVEL SOLUTIONS VIA SUSTAINABLE CONTRACTS AND SUSTAINABLE RELATIONSHIPS. THIS RESULTS IN SUSTAINABLE PROFITABILITY. 1 NOBINA IN BRIEF NOBINA IS ONE IF THE LARGEST PUBLIC TRANSPORT COMPANIES IN EUROPE, WITH APPROXIMATELY 280 MILLION COMPLETED CUSTOMER TRIPS PER YEAR AND A BUS FLEET OF AROUND 3,500 BUSES. NOBINA HAS A MARKET-LEADING POSITION IN THE NORDIC REGION, WHICH GIVES THE COMPANY SIGNIFICANT ADVANTAGES WHEN IT COMES TO TENDERING PROCESSES, CONTRACT MANAGEMENT, VEHICLE OPERATION AND TRAFFIC PLANNING. OUR SUCCESS MAKES SOCIETY MORE MOBILE. NOBINA AB GROUP STAFF ORGANIZATION Interregional Regional traffic traffic business business area area NOBINA NOBINA NOBINA NOBINA swebus Sweden denmarK norway finland THE NORDIC REGION’S EMPLOYEES IN DIFFERENT COUNTRIES, % BUS MARKETS Finland 12 Sweden Norway 16 SEK M 4,808 Finland Sweden 67 Buses 2,244 SEK M 801 Buses 434 Denmark 5 Norway SEK M 946 Buses 504 SWEDEN’S INTERREGIONAL TRAFFIC Swebus sales SEK 355 million Denmark 65 buses SEK M 341 Buses 139 2 3 THE YEAR IN BRIEF Nobina achieved its highest operating profit to date and improved its cash flow during the 2012/2013 financial year. At the same time, our contract portfolio and bus fleet is younger than it has ever been. We won several new contracts during the year, totalling 190 buses in several cities. In total, 1,900 buses were tendered on the market and Nobina submitted ten- ders for 670 of these. Furthermore, for existing contracts, we started up traffic with 335 buses and discontinued traffic with 367 buses. During the 2012/2013 financial year, we had a total of 3,455 buses operating in traffic. OPERATING SALES PER SUBSIDIARY, % SALES PROFIT/LOSS SEK M , unless otherwise state 2012/2013 2011/2012 2012/2013 2011/2012 Finland 11 Regional traffic Sweden 4,808 4,905 303 295 Denmark 341 325 –26 –33 Norway 14 Norway 946 718 –25 –128 Finland 801 775 32 12 Denmark 5 Interregional traffic Swebus 355 370 5 –4 Total 7,212 7,050 245 37 Sweden 70 SEK M, unless otherwise stated 08/09 09/10 10/11 11/12 12/13 Sales 6,134 6,308 6,697 7,050 7,212 Operating profit/loss 206 192 232 37 245 NOBINA’S BUS FLEET BY TYPE OF FUEL, % Profit/Loss after net financial income/expense –233 121 59 –230 –10 RME, 6.0 Profit/Loss after tax –239 121 59 –230 59 Biogas, 6.3 NG, 8.5 Cash flow –59 –67 –91 –120 33 Ethanol Cash and cash equivalents incl. ED95, 2.8 restricted funds 558 472 335 260 312 Of which restricted funds 141 141 110 153 175 Electricity, 0.1 Equity/assets ratio, % Neg 2.8 3.4 Neg 3.2 Shareholders' equity –117 137 178 –43 194 Number of buses 3,505 3,553 3,618 3,437 3,455 Diesel, 76.3 Average number of employees 7,606 7,318 7,714 7,008 7,868 Sales/bus 1.75 1.78 1.85 2.05 2.09 SALES BY BUSINESS AREA AND HISTORICAL TENDERING PROCESS OPERATING PROFIT, SEK M OVERVIEW , , , InRöterregionalrelseresultat trak BussarExponering för upp , , Regional trak vunna , , , , Upphandlade , , , , , , , , 08/09 09/10 10/11 11/12 12/13 08/09 09/10 10/11 11/12 12/13 Regional traffic Operating profit/loss Buses tendered in the Nordic region Tendered buses won by Nobina Interregional traffic Nobina’s risk exposure, buses Tendered buses for which Nobina has submitted a tender 2 3 STATEMENT FROM THE CEO A RESILIENT BUSINESS MODEL Investors should know that we have stable operations in a growth market. In our sector, we stand out from the rest for our good profitability, which we have achieved through our port folio and contract strategies, as well as our operational excellence, where creating value for customers is both the point of departure and goal. We also have the business acumen for recognizing and acting on new opportunities in the value chain. he last year has, in important aspects, been a successful Our capital structure is now more robust after having refinanced one for Nobina. We have strengthened our market-lead- our bond loans. For example, we have eliminated currency risk and ing position in the Nordic region. The trading condi- accordingly, this has improved our earnings stability. We also tions for public transport are also improving, which is increased sales through growth in our existing contracts and we Tsomething that we have actively helped bring about. Tendering improved our operating profit EBIT( ) to SEK 245 (37) million – which processes have also been dominated by incentive contracts, which is our best operating profit to date. Additionally, we renewed our provides us with a clearer role when it comes to developing travel. contract portfolio such that it, and our bus fleet, are younger than 4 5 STATEMENT FROM THE CEO they’ve ever been. We even improved cash flow. We also strength- interruptions. Our priority is to continue refining our portfolio so ened our most important financial ratio: profit after finance costs that it only contains profitable contracts with satisfied customers. for buses. This is the level of earnings we use for monitoring our In other words, we will not expand the portfolio at any cost. profitability, given our current ownership and capital structure. The point of departure for sustainable operations is always pro- This is also the point of departure for our goal of doubling profit- viding value to customers. For us, this entails providing value to ability over a period of three years. On the bottom line, profit after passengers, even though technically, the customer in our publicly tax (which includes interest expense on our bond loans) we are tendered contracts is a PTA. For Nobina and PTAs alike, the passen- reporting a breakeven result for the 2012/13 financial year. ger is the end customer. When it comes to our financial goals, we aim over the long term For us, this is about having satisfied customers, as well as more to achieve an EBITDA marginal of 15 percent, an EBIT margin of customers. We’ve come to realize that these are two different things more than seven percent and return on equity of 15 percent. In three years’ time, our goal is an WE ARE GOVERNED BY VALUES AND EVERYONE EBIT margin that exceeds five percent. This cor- responds to a doubling of profit after costs for IN THE GROUP IS ABLE TO SEE THE BIG PICTURE, bus financing. From an ownership perspective, I.E. WHY OUR VALUES ARE IMPORTANT AND this involves a change in focus from interest to shareholder value. WHERE VALUE CAN BE CREATED. It’s an ambitious set of goals, particularly giv- ing the fact that serious profitability problems plague our industry. and you need to focus on different issues in order to make progress However, our achievements thus far demonstrate that it really is in both of these areas. Satisfied customers is just one of many pre- possible to provide competitive returns on a par with other indus- requisites for attracting new customers.
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