Norled operates ferries, fast ferries and tourist boats in Norway.
Especially the tourist boats and the onboard kiosks were affected by Covid-19.
Financial figures H1, 2020:
- Revenue NOK 987 million (1,136)
- Operation costs NOK 770 million (926)
- EBITDA NOK 217 million (210)
- EBIT NOK 100 million (114)
- Net Income NOK 34 million (68)
Decrease in revenue is mainly due to changes in contract portfolio.
Norled ended 5 contracts at year end 2019, and started 4 new contracts 1. January 2020.
Increased EBITDA profitability is mainly due to changes in contract portfolio. EBITDA profitability in Q2 is affected by the COVID19 epidemic, mainly with reduced traffic revenue. Especially the expressboat segments related to tourist routes and charter activity have been negatively affected by the COVID-19.
As a result of COVID-19, there is a risk of delays in the construction and delivery of new vessels. The company is constantly working to optimize a plan with temporary vessels on the routes where there may be delays in delivery
Norled is owned by the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management.