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 fourth quarter amounted toNOK 826 million . This was an increase of 20 per cent from the same quarter last year, driven by the new contracts that started up on1 January 2020 and an adjustment to the ferry index in the fourth quarter o EBITDA in the fourth quarter totalledNOK 266 million , up 67 per cent from the same period last year, with the EBITDA margin increasing to 32 per cent from 23 per cent. The positive development in margins reflects reduced operating expenses due to lower diesel fuel costs o Revenue for the full year 2020 amounted toNOK 3,118 million , an increase of 14 per cent from the same period last year. EBITDA increased by 27 per cent toNOK 1,042 million , with the EBITDA margin improving from 30 per cent to 33 per cent o Investments amounted toNOK 103 million in the fourth quarter, net ofNOK 31 million in vessel NOx compensation received in the quarter. Total investments for the full year 2020 came toNOK 1,428 million o Net interest-bearing debt (NIBD) stood atNOK 5,503 million as at 31 December, a decrease ofNOK 265 million from the end of the third quarter oFjord1's long-term contract portfolio worthNOK 24.1 billion and exciting long-term prospects in tourism offer a strong platform for the further development of the company "We delivered revenue growth in line with our expectations in 2020, and our new electric vessels are reducing operating costs and increasing EBITDA margins. Our vessel renewal programme has made us one of the most environmentally friendly ferry operations worldwide, with electricity now accounting for approximately 40 per cent of the fuel mix. We have a large long-term contract portfolio worthNOK 24.1 billion and will continue to seek further opportunities for sustainable growth." saysFjord1's CEODagfinn Neteland . OutlookFjord1 believes there will be continued high demand for safe, environmentally friendly and reliable transport in coastal regions also 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 has a value ofNOK 24.1 billion through 2033, excluding options and index regulation, which offers a solid platform for profitable growth. The company expected new ferry routes to generate 10-15 per cent revenue growth in 2020 and closed the year with revenue up by 14 per cent. As expected, the new and upgraded vessels led to an improvement in EBITDA margins, while the corresponding higher depreciation generated stable EBIT margins for the full year 2020. The company expects more moderate revenue growth 2021, with cost improvements continuing to bolster operating margins. Net interest-bearing debt is set to decrease as a result of positive cash flows from operating activities, lower investments and the sale of infrastructure assets, which will in turn support growth in profit before tax and net profit going forward. A webcast followed by a Q&A session will be held today by CEODagfinn Neteland at09:00 am CET . Please use the following link to join the webcast: https://streams.eventcdn.net/fjord/2020q4/ 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
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