Lower volumes and high investments in a transition year
Fjord1 reports revenue of NOK 705 million, EBITDA of NOK 278 million and net
profit after tax of NOK 115 million in the third quarter. 
The third quarter highlights:
•	Stable operations with revenue decline from third quarter last year explained
by temporarily lower ferry volumes. Revenues are set to grow with new contracts
starting up 1 January 2020
•	Positive result contribution from all four segments. Solid result from
Tourism, mainly driven by contribution from associated companies
•	Newbuild and upgrade programme progressing with two new vessels in the quarter
•	Out of 12 vessels scheduled for delivery in the fourth quarter of 2019, four
vessels will be delayed until first quarter next year. The delay will not impact
start-up of new connections from 1 January 2020. Replacement vessels for the
interim period have been secured
•	Net interest-bearing debt continued to increase due to high investments of NOK
552 million

“2019 is a transitional year with contract portfolio changes and significant
investments in zero- and low emission vessels and electrification
infrastructure. These investments are a crucial step towards our vision to
become the most environmentally friendly provider of ferry transportation and to
realise the value creation potential in our large long-term contract portfolio”,
says Dagfinn Neteland, CEO 

Outlook
•	Strong contract portfolio of NOK 24.5 billion total value through 2033, excl.
options and index regulations
•	Expecting 2019 revenue to come down 15-17%  from last year
•	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