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Press release published at The Swedish Wire
SIGNIFICANT EVENTS DURING THE QUARTER
· In light of the ongoing refinancing of the company's Senior Notes, Standard & Poor's has downgraded the long-term credit rating for the Nobina Group and Nobina Europe Holding AB, from B- to CCC+.
· Financial targets defined for one to five years horizon, and are presented on page 6 of the report.
SIGNIFICANT EVENTS SINCE THE END OF THE QUARTER
· Nobina Europe AB intends to conclude negotiations on replacement financing of its Senior Notes of EUR 85 million prior to the maturity date August 1, 2012.
· Nobina has won Skånetrafiken's contract for city traffic in Helsingborg. In total, this involves approximately 80 buses and the contract is worth almost SEK 200 million per year, depending on the incentive element in the agreement, which is based on increased travel and quality. It will be necessary to acquire a small number of buses, but most will be leased from Skånetrafiken.
· AFA Försäkring has decided to reduce refunded premiums in respect of contractual group health insurance (Avtalsgruppsjukförsäkring, AGS) and contractual group health insurance (AGS-KL) as well as premium release insurance (Avgiftsbefrielseförsäkring) in respect of the years 2007 and 2008. According to preliminary calculations, SEK 25 million will be refunded.
The new year has started well with improved operating profit for the first quarter, driven primarily by the Swedish operations. The program of measures in Swebus has begun to yield results and the situation in Norway has begun to stabilize. We will continue to focus on efficiency improvements in the existing Danish and Norwegian contracts, the start-up in Tromsö, and the impending traffic start in Oslo Vest in the autumn. During the early summer we have started up the re-won and expanded traffic contract in Uppland and have won a major contract in Skåne, where we received the highest possible quality rating in the procurement procedure. Skånetrafiken thereby becomes our largest client with a total of 400 buses. We look forward to a successful refinancing of the Senior Notes.
Ragnar Norbäck, CEO
For further information please contact:
Ragnar Norbäck, President and CEO: +46 8-410 65 000
Per Skärgård, CFO: +46 8-410 65 056
Ingrid Håkanson, IR Manager: +46 8-410 65 051
The Nobina group is the largest company in the Nordic region within the area of public transport by bus. The operations include contractual regional traffic in Sweden, Norway, Finland and Denmark as well as inter-regional traffic through the subsidiary Swebus. The Nobina Group has revenues in excess of SEK 7 billion, operates 3,500 buses and, with approximately 260 million passenger journeys per year, is one of the larger passenger transport companies in northern Europe. More information is available on www.nobina.com
This information was distributed by Cision