NSB Group
Presentation of interim report as of 31.08.2013
Contents
•
Key information
•
Financial development
•
Business segments
•
Future development
NSB Group business segments
Key information for the 2nd interim period 2013
NSB Group profit development is good but lower than the same period last year
– Operating profit for the second interim period is 704 MNOK (1 030 MNOK)
–
Profit before income tax expenses is 632 MNOK (824 MNOK)
–
Equity for the Group is 7 459 MNOK as at 31st August
–
Liquidity and cash equivalents are 1 730 MNOK as at 31st August
–
ROE is 7 %
Trends
– The main reason for lower profit in 2013 is large income from sale of property during 2012
–
The operating result for has improved when excluding results from sale of property
–
Passenger train and real estate deliver good results, while freight and bus are affected by
challenging conditions in their markets and deliver poor results
–
Improved time tables and commissioning of new trains have contributed to significant
growth in traffic
–
Development of property in key hubs continues to provide good returns
Key figures for the NSB Group as of 31.08.2013
MNOK
Operating revenue
Per August Per August
2013
2012
9 310
8 612
Operating profit
704
1 030
Profit before income tax
632
824
Net cash flow from operations
756
554
7,0 %
7,6 %
29,6 %
28,4 %
7 399
5 859
ROE % (12 mnth average)
Equity ratio (%)
Net interest bearing debt
The accounts for 2012have been restated according to changes in reporting principles
Contents
•
Key information
•
Financial development
•
Business segments
•
Future development
Increased revenue for passenger train and bus segments
Improved operating profit for the passenger train segment,
reduced for bus and real estate
NSB Group:
Growth in operating revenue, lower profit from sale of property
Profits
Operating revenue
16000
14000
12000
10000
8000
6000
4000
2000
0
2008
2009
2010
2011
2012
Siste12
12
Last
mnd
months
Lower profit from sale of property affects the return
NSB Group balance sheet (MNOK)
Assets
Equity and liabilities
Equity and borrowings
Equity ratio
Maturity profile
Cash flow for the interim period MNOK
Contents
•
Key information
•
Financial development
•
Business segments
•
Future development
Passenger train operations
MNOK
Per August Per August
2013
2012
Number of journeys (mill. in Norway)
40,2
37,1
Produced seat km. (mill. in Norway)
5 955
5 208
Operating revenue
4 485
4 052
431
262
10 142
8 715
1 132
848
Operating profit
Assets
Investments
Bus operations
MNOK
Produced bus km. (mill.)
Operating revenue
EBIT
Assets
Investments
Per August Per August
2013
2012
130
126
3 944
3 676
17
116
4 559
4 430
796
672
Freight operations
MNOK
Per August Per August
2013
2012
Number of transported TEUs Norway (1 000) 262
289
Produced TEU km. Norway (mill.)
216
246
Operating revenue
707
720
Operating profit
-54
-56
Assets
794
860
14
7
Investments
2011
2012
2013
Target
Train maintenance
MNOK
Operating revenue
Operating profit
Assets
Investments
Per August Per August
2013
2012
1 058
958
30
30
780
801
15
22
Real estate
MNOK
Per August Per August
2013
2012
Operating revenue
851
937
Operating profit
Of which gain on sale of property
368
110
686
529
9 264
7 766
354
72
Assets
Investments
Contents
•
Key information
•
Financial development
•
Business segments
•
Future development
Future development
NSB Group


Parliament supports the increased focus on
rail infrastructure and roads in the years to
come
The majority in parliament want competition
for all parts or some parts of the railway sector
Freight


Passenger train



Improved time table and commissioning of
new trains has contributed to significant
growth in traffic
42 of 66 new trains are in operation, and the
remaining will be delivered by 2015
The seats on the 23 new regional trains will
be replaced, and the replacement starts
spring 2014

Real estate

Bus


The bus market is affected by tenders being
launched for bus routes, and profitability in the
industry is low
On going improvements internally for the bus
operations are expected to reverse the
negative effect
Efforts to reduce operating costs and to streamline
the freight operations continue in order to achieve
satisfactory profitability
To obtain more freight by rail it is necessary to
achieve a stable infrastructure that may help
provide security for the customers regarding
punctual delivery
Freight terminals are separated into a separate
legal company to facilitate a common terminal
operator in the Norwegian freight market

The development in Bjørvika continues, and the
apartment buildings which have been initiated
have been well received by the market
The development of properties near hubs
continues, and give good return
Financial calendar 2013
Board meeting:
Results:
14.02.2014
Annual report 2013
11.06.2014
1st interim period 2014
22
Attachment
• Income statement and balance
sheet for the NSB Group
• Link to the interim report:
http://www.nsbkonsernet.no/
NSB Group income statement 2013
NSB-Group
MNOK
Operating revenue
Payroll and related expenses
Depreciation and impairment
Other operating expenses
Total operating expenses
Share of profit/loss in joint ventures/associates
Unrealised fair value change investment property
Operating profit
Net financial items
Profit before income tax
Income tax expense
Profit for the period
2nd interim 2013 2nd interim 2012
9 310
4 564
1 022
3 170
8 756
65
85
704
-72
632
-191
441
The accounts for 2012 have been restated according to changes in reporting principles
8 612
4 248
845
2 975
8 068
473
13
1 030
-206
824
-165
659
NSB Group financial position
NSB Group
MNOK
31. August 13
31. August 12
Property, plant and equipment
Investment property
Other non-current assets
Total non-current assets
Cash, bank deposits and financial assets
Other current assets
Total current assets
Total assets
14 964
3 480
239
18 683
1 730
4 774
6 504
25 187
12 563
3 228
291
16 082
1 855
4 582
6 437
22 519
Shares
Non-realised gains - revalued investment property
Retained earnings
Non-controlling interest
Total equity
Borrowings
Tax liablility
Pension liabilities
Other long term liabilities
Total long term liabilities
Short term liabilities
Total equity and liabilities
5 536
1 497
427
-1
7 459
9 762
973
2 405
144
13 284
4 444
25 187
5 536
1 432
-297
0
6 671
8 297
526
3 491
165
12 479
3 369
22 519
The accounts for 2012 have been restated according to changes in reporting principles
Changes to reporting 2013
Transition to the equity method
• The Group has changed its principles on how to account for inclusion of shares of
profit/loss in joint ventures from the proportional to the equity method
• The Group has considerable shares in single purpose (SP) companies with joint
venture for development of property projects. Based on review of the parties’ actual
rights and obligations, a concrete evaluation of all existing ownership in the SPcompanies has been performed. The assessment concludes that there are joint
ventures and that these will be accounted for using the equity method.
Retirement benefits
• Starting on the 1st of January 2013, the Group has adopted IAS 19R, which states that
interest expenses and expected return on retirement benefit assets are calculated
using the discounting rate of interest on net retirement benefit obligations