Fjord1’s first nine months and third quarter 2021: Safe and stable operations
Q3
- -4% Revenue, NOK 758 million. The reduction is attributable mainly to the phasing out of the Molde-Vestnes ferry contract.
- -18% EBITDA, NOK 276 million
- The EBITDA margin decline to 36% from 43% mainly reflects higher fuel costs and higher maintenance cost than in same quarter last year.
- Investments amounted to NOK 289 million, mainly for purchase of a new vessel.
First nine months
- -5.9% Revenue NOK 2,157 million
- -14.5% EBITDA NOK 663 million
- EBITDA-margin of 31% (34)
- Investments were NOK 531 million for the first nine months, which represented 60% reduction from the same period in 2020, when investments in the newbuilding and electrification programme peaked.
- Net interest-bearing debt (NIBD) stood at NOK 5,274 million as per 30 September. The company has lower investment commitments going forward and will use operating cash flows, proceeds from infrastructure sales, and NOx compensation for electric vessels to continue to reduce debt.
Outlook
Fjord1 is confident that there will continue to be a strong demand for safe, environmentally friendly, and reliable transport in coastal regions in the future. Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.
Fjord1’s strong contract portfolio is worth NOK 21.8 billion through 2034, excluding options and index regulation, which offers a solid platform for profitable growth.
The company had net interest bearing debt of NOK 5.3 billion at the end of September 2021, down from NOK 5.8 billion at the end of September 2020. The company plans for a lower investment level going forward and expects the main part of the cash flow from operating activities and proceeds from the sale of infrastructure assets to be used to reduce interest-bearing debt further.
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