May 14, 2020
Q1
- Revenue NOK 752 million (+17%) after the start-up of new routes on 1 January 2020
- EBITDA NOK 194 million (+23%)
- Reduced frequency on ferry and passenger boat routes due to travel restrictions have had a limited financial impact, although the effects on Catering and Tourism have been significant.
- The vessel renewal programme is coming to an end, with five vessels delivered in Q1. Two deliveries remain out of a total of 25 new and upgraded vessels.
- Fjord1 views 2020 as a ramp-up year, with the start-up of several new ferry contracts, the completion of the vessel newbuild programme and further progress in the electrification of the fleet. Fjord1 is well-equipped to navigate this more uncertain market environment, with a long-term contract portfolio of NOK 22.8 billion and exciting long-term prospects in the tourism industry.
- Travel restrictions for technical personnel from Germany and Italy may delay the completion of electrification infrastructure. Such delays could postpone the start-up of fully electric ferry routes. This will in turn, postpone the release of government-funded NOx compensation for the new vessels, public infrastructure payments and expected fuel cost savings, as well as the turning point of the net interest-bearing debt.
Outlook
- Fjord1 believes there will be 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 has a strong contract portfolio of NOK 22.8 billion in total value through 2033, excluding options and index regulation.
- In 2020, revenue is expected to grow by 10-15% compared with 2019. The increase will be driven by the new ferry connections that started 1 January 2020.
