FJORD1 ASA oFjord1 has operated in a safe and responsible manner throughout the Covid-19 pandemic, protecting the safety and security of its employees, customers and suppliers while fulfilling its responsibilities as a provider of critical transport infrastructure in coastalNorway . o Revenue in the first quarter amounted toNOK 691 million , a decline of 8 per cent from the same quarter last year. The reduction is attributable mainly to the phasing out of one ferry contract and lower revenue in the Catering segment due to the coronavirus pandemic. o EBITDA in the first quarter totalledNOK 198 million , up 2 per cent from the same period last year, with the EBITDA margin increasing to 29 per cent from 26 per cent in the same quarter last year. The improvement in margin reflects lower operating costs. o Investments amounted toNOK 124 million in the first quarter. o Net interest-bearing debt (NIBD) stood atNOK 5,400 million as at 31 March, a decline ofNOK 103 million from the close of 2020. oFjord1's long-term contract portfolio, worthNOK 21.2 billion , together with our long-term ambitions for the Tourism segment provide a solid base for further development of the company. "While our operations have been significantly affected by the Covid-19 pandemic, our contract structure has limited the financial impact on the Ferry and Passenger Boat segments. A sharp reduction in Catering revenue has largely been offset by cost-cutting measures, whereas travel restrictions have continued to affect the Tourism segment's activities. We generated total revenues ofNOK 691 million in the first quarter, a decline of 8 per cent from the first quarter 2020. Nevertheless, lower operating costs for the electric vessels generated improving EBITDA margins." saysFjord1's CEODagfinn Neteland . OutlookFjord1 is confident that there will continue to be a strong demand for safe, environmentally-friendly and reliable transport in coastal regions in the future.Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside ofNorway .Fjord1's strong contract portfolio is worthNOK 21.2 billion through 2034, excluding options and index regulation, which offers a solid platform for profitable growth. New ferry routes generated 14 per cent revenue growth in 2020, with new and upgraded vessels reducing operating costs and generating higher EBITDA margins. The corresponding higher depreciation led to stable EBIT margins for the full year 2020. The company expects more moderate revenue growth in 2021, with cost improvements continuing to support operating margins. A higher positive cash flow from operating activities, lower investments, and proceeds from the sale of infrastructure assets will be used to reduce interest-bearing debt over the course of the year. Presentation of results A webcast followed by a Q&A session will be held today by CEODagfinn Neteland at09:00am CEST . Please use the following link to join the webcast: https://streams.eventcdn.net/fjord/2021q1/ Contacts CEODagfinn Neteland ,Fjord1 ASA dagfinn.neteland@fjord1.no +47 913 71 071 or CFOAnne-Mari Sundal Bøe ,Fjord1 ASA anne.mari.sundal.boe@fjord1.no +47 902 78 906 AboutFjord1 Fjord1 aims to be the safest and most attractive provider of environmentally friendly and reliable transport for customers, clients and partners.Fjord1 is a leading player in the Norwegian ferry market, with more than 80 ferries. The company also operates passenger boat services and has interests in the catering and tourism industries. More information at www.fjord1.no
Click here for more information
© Oslo Bors ASA, source
