From transition in 2019 to ramp-up in 2020

The fourth quarter highlights:
•	Total revenue of NOK 689 million, EBITDA of NOK 159 million and net loss of
NOK 17 million.  
•	Safe operations and a high activity level characterised the fourth quarter.
Temporarily lower ferry volume explains the revenue decline compared to fourth
quarter last year. 
•	Progressed on Fjord1’s renewal programme in the quarter with delivery of five
new vessels and three upgraded vessels.
•	Total investment of NOK 1 019 million, including NOK 115 million in quays and
infrastructure. 
•	Net interest-bearing debt (NIBD) increased to NOK 4.9 million due to
investment in vessels and infrastructure. 

“2019 was a transitional year with contract portfolio changes and significant
investments. We are currently about to complete a comprehensive vessel renewal
programme which will turn the vessel fleet into the largest electrified vessel
fleets in Norway, resulting in significantly improvement of our environmental
footprint. The investment programme is a key step towards our vision to become
the most environmentally friendly provider of ferry transportation and to
realise the value creation potential that lies in our large long-term contract
portfolio”, says Dagfinn Neteland, CEO 

2019 highlights
•	Total revenue of NOK 2 724 million, EBITDA of NOK 819 million and net profit
of NOK 215 million
•	The financial results reflect lower volumes and high investments in a
transition year
•	Award of the long-term Halsa-Kanestraum contract for the 2021-2030 period
•	Delivery of nine new hybrid vessels and 3 upgraded vessels which will be
operating on long term contracts and contribute to a safe, reliable and a more
environmentally friendly ferry transport 

 “Fjord1’s long-term strategy and vision remains firm. The company is and will
continue to be a leading player in the Norwegian ferry market, providing safe,
reliable and environmentally friendly transport to customers. In 2020, we will
focus on getting new vessels and infrastructure fully operational to release the
value creation potential that lies in our large long-term contract portfolio”,
Neteland continues.   

2020 ramp-up
•	New contracts started 1 January and 2020 will be a year of ramp-up of
operations on new connections and ferry routes. 
•	Revenues in 2020 are expected to increase by 10-15% compared to 2019.
Operational cost will be impacted by timing of infrastructure completion. 
•	Net interest-bearing debt is expected to reverse during 2020 as the vessel
renewal programme is completed in 1H 2020, operational cash flow is set to
improve, and more infrastructure assets are sold. 
•	The completion of the newbuild programme marks a major leap for Fjord1 towards
an electrified fleet with low- or zero emissions. 
•	The transition towards a low emission fleet is expected to continue gradually
with additional upgrades of existing vessels for use of electricity. The timing
of electrification depends on completion of onshore infrastructure. 

Outlook
•	Strong contract portfolio of NOK 24.5 billion total value through 2033 as of
end 2019, excl. options and index regulations
•	2020 revenue expected to grow by 10-15% compared to 2019
•	Net interest-bearing debt expected to increase further but set to decline in
2020 due to improved cash flow, lower investments and sale of infrastructure

Contacts 
Dagfinn Neteland, CEO, Fjord1 ASA 
dagfinn.neteland@fjord1.no 
+47 913 71 071 
 
Anne-Mari Sundal Bøe, CFO, Fjord1 ASA
anne.mari.sundal.boe@fjord1.no 
+47 902 78 906

About Fjord1 
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 70 ferries, with
operations also in passenger-boat services, catering and tourism. 
More information on www.fjord1.no