Color Group H1 Interim Report

By 1 September 20232023 Newsletter week 35
September 1, 2023

Color Line’s operating income was NOK 2.7 billion and the operating result was NOK 467 million in the first half of 2023, driven by high demand in the Norwegian and foreign markets, stable operational operations and a positive development in ticket revenues, customer values ​​and the freight market.

  • 1,536,514 pax (1,405,360)
  • 97,021 freight units (86,348)
  • Operating revenues NOK 2,733 million (NOK 2,230 million)
  • Freight income accounts for NOK 311 million of this figure
  • Operating expenses NOK -2,266 (NOK -1,992 million in 2022)
  • Operating earnings before depreciation and amortisation and other exceptional items amounted to NOK 467 million (NOK 238 million). This figure includes NOK 52 million deriving from the sale of Ro-Pax COLOR VIKING.
  • EBIT NOK 175 million (NOK -59 million).
  • Net financial items amounted to NOK -151 million (NOK -94 million) and include net unrealised foreign exchange gains on the Group’s foreign currency borrowings, as well as a net increase in the market values of the Group’s interest rate/currency derivatives, the overall effect being NOK -13 million (NOK 50 million in 2022). To this can be added the positive effect on earnings of NOK 41 million contributed by ONS Ship Finance AS (primarily deriving from the sale of M/S EDDA SUN).
  • Interest payable (NOK 71 million in the first six months of the year) relating to the perpetual bond loan COLG17 is charged directly to equity.
  • Earnings before tax costs amounted to NOK 24 million (NOK -153 million in 2022). Post-tax earnings amounted to NOK 28 million (NOK -119 million in 2022).
  • Other revenues and expenses developed favourably, amounting to NOK 16 million, largely related to unrealised gains (after tax) on the company’s future bunker fuel contracts, as well as translation differences (foreign exchange).
  • Total comprehensive income amounted to NOK 44 million (NOK -107 million in 2022).