For the full year 2021 revenue ended at NOK 2,869 million (3,118) and EBITDA to 837 million (1,063), corresponding to an EBITDA-margin of 29 per cent (34).
• Investments amounted to NOK 155 million in the fourth quarter, mainly related to infrastructure projects and rebuilding of vessels. Investments were NOK 634 million for the full year, which represented a 56 per cent reduction from 2020 when investments in the newbuilding and electrification programme peaked.
• Net interest-bearing debt (NIBD) stood at NOK 5,090 million as per 31 December 2021, down 4 per cent from the previous quarter. 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.
• Fjord1’s long-term contract portfolio of NOK 21.0 billion before index regulations and the transition towards low-emission vessels provide a solid base for further development of the company.

“Revenue declined by 8 percent to NOK 2.9 billion in 2021, and the EBITDA-margin declined to 29% from 34% in 2020. The revenue decline is primarily due to the loss of the Molde-Vestnes contract, whereas the lower margins reflect delayed start-up of fully-electric routes and higher diesel prices. The ferries are otherwise in stable operations, and Catering sees continuous improvements. We expect improving cash flow from operations, lower investments and reduction of debt going forward,” says CEO Dagfinn Neteland in Fjord1.

Full report here Q4 2021 EN.pdf