November 19, 2020
Fjord 1’s Third Quarter: Unchanged Strategic Outlook
- Revenue and EBITDA growth on the back of a growing portfolio of fully electric ferry routes
- Revenue +12% and EBITDA margin of 43% in Q3-20
- Ferry revenue up by 14%, with 44% EBITDA margin
- Contract structures insulate Ferry and Passenger Boats from varying traffic volumes
- Stable operating profit for Catering despite revenue reduction
- Negative results from Joint Ventures and associates in Tourism in the high season due to Covid-19 travel restrictions
- Investments totalled NOK 281 million in Q3, net of NOK 28 million in vessel NOx compensation
- Vessel newbuild programme for 2017-2020 completed
- Electrification projects progressing, although finalization of some projects will slip into 2021
- Renewal of vessel portfolio continues. One vessel under construction in Turkey, and three ferry retrofitting projects to further increase the electrification ratio
