2020 has been a demanding year for Color Line, primarily due to major operational challenges and limitations as a result of government-imposed corona restrictions.
Revenue NOK 2.6 billion (5.3 billion)
Operating expenses NOK -2,630 million (NOK -4,215 million)
EBITDA -47 million (1.1 billion)
EBIT NOK -708 million (509 million)
Result NOK -936 million (220 million)
-70% Passengers: 1,255,046 (3,850,623)
-1.7% Freight 12m equivalent units: 174,068 (177,085)
More than 2,000 employees have been temporary laid off.
Color Line has placed emphasis on maintaining critical freight transport, and during the period has transported almost the same cargo volume as in a normal year with mainly three ships.
“The main goal in 2020 has been to secure operations and the market position of Color Line, as well as to ensure that the company is well prepared when society reopens,” says CEO Trond Kleivdal. “In 2020, the focus has been on cost-reductions and dimensioning future cost levels, in order to ensure an efficient and dynamic organisation by centralization and using digital solutions.”
Outlook
Color Line is well equipped to regain momentum in 2021 and will capitalize on key market trends within the company’s core areas of tourism and transport as soon as the authorities allow resumption of regular traffic,” says Kleivdal.
