August 31, 2024
Here are the financial highlights of the Color Group AS Interim Report for the first six months ending 30 June 2024:
- Operating Revenues: NOK 2,919 million (2023: NOK 2,733 million)
- Operating Expenses: NOK -2,530 million (2023: NOK -2,266 million), including NOK -60 million for environmental allowances
- Earnings Before Interest and Taxes (EBIT): NOK 96 million (2023: NOK 175 million)
- Profit Before Tax: NOK 88 million (2023: NOK 24 million
- Net Financial Items: NOK -8 million (2023: NOK -151 million), including gains from foreign exchange and derivatives
- Total Comprehensive Income: NOK 141 million (2023: NOK 44 million
- Net Cash Flow from Operating Activities: NOK 426 million (2023: NOK 421 million)
- Net Cash Flow from Investing Activities: NOK -12 million (including NOK 139 million from the ONS Ship Finance transaction)
- Net Cash Flow from Financing Activities: NOK 408 million (2023: NOK 3 million), with new unsecured bond loan of NOK 900 million issued
- Net Interest-Bearing Debt: NOK 3,889 million (2023: NOK 4,153 million
- Equity Capital: NOK 1,786 million (2023: NOK 1,548 million)
- Total Balance Sheet Value: NOK 9,297 million (2023: NOK 9,649 million)
Outlook
- Market Position: The company is well-positioned in the market with attractive commercial and operational concepts, a modern fleet, and a stable customer base. Despite economic uncertainties, demand for Color Line’s services has traditionally remained stable.
- Future Expectations: The market is currently perceived as strong, and the company expects positive results for the remainder of 2024.
- Financial Strategy: The company continues to focus on maintaining a diversified, long-term financing strategy. A new unsecured bond loan of NOK 900 million (maturing in April 2029) was issued in April 2024, and part of an existing bond loan (COLG16) was repurchased.
- Investments and Sustainability: Color Group remains committed to sustainability, with continued investments in innovative environmental technologies and energy efficiency measures. The company has also increased its hedging of bunker fuel consumption and environmental allowances for the coming years.
Overall, Color Group is optimistic about its market position and financial performance for 2024, maintaining a focus on sustainable growth and operational efficiency.
Click on the cover to access the interim report
