oFjord1 has continued to operate in a safe and responsible manner, protecting the safety and security of its employees, customers and suppliers while fulfilling its responsibilities as a provider of critical transport infrastructure in coastalNorway . o Revenue in the third quarter amounted toNOK 758 million , a decline of 4 per cent from the same quarter last year. The reduction is attributable mainly to the phasing out of the Molde-Vestnes ferry contract. o EBITDA in the third quarter totalledNOK 276 million , down 18 per cent from the same period last year. The EBITDA margin declines to 36 per cent from 43 per cent, mainly reflecting higher fuel costs and higher maintenance cost than in same quarter last year. o Investments amounted toNOK 289 million in the third quarter and net-interest bearing debt (NIBD) slightly increased toNOK 5,275 million , mainly for purchase of a new vessel. oFjord1's long-term contract portfolio ofNOK 21.8 billion before index regulations and the company's long-term ambitions for the Tourism segment provide a solid base for further development of the company. oFjord1 has entered into an agreement in principle with Vy and Aurland Ressursutvikling to establish a entity to strengthen the market positioning of their tourist activities. "Operations are gradually normalising after lifting of Covid-19 restrictions. The Ferries segment sees stable operations, although costs are being affected by higher fuel prices and delayed start-up of fully electric routes, and we have seen improvements in the Catering segment. We expect increasing cash flow from operations, lower investments, and sale of infrastructure to enable further reduction of debt going forward," says CEODagfinn Neteland inFjord1 . For the first nine months revenue amounted toNOK 2,157 million (2,292) and EBITDA to 663 million (776), corresponding to an EBITDA-margin of 31 percent (34) . Investments wereNOK 531 million for the first nine months, which represented 60 per cent reduction from the same period in 2020, when investments in the newbuilding and electrification programme peaked. OutlookFjord1 expects continued strong demand for its services and remains committed to its long-term strategy of being a leading player in the Norwegian ferry market and providing safe, reliable, and environmentally friendly transport to its customers. The company assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside ofNorway .Fjord1's strong contract portfolio is worthNOK 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 ofNOK 5.3 billion at the end ofSeptember 2021 , down fromNOK 5.8 billion at the end ofSeptember 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. Please find enclosed the interim report for the first nine months and third quarter 2021 and a presentation of the results. The material is also available on https://www.fjord1.no/eng/Investor-Relations/Annual-reports-and-press-releases/R eports/Reports-2021. This information is subject to a disclosure duty pursuant to section 5-12 of the Securities Trading Act. Contacts CEODagfinn Neteland ,Fjord1 AS dagfinn.neteland@fjord1.no +47 913 71 071 or CFOAnne-Mari Sundal Bøe ,Fjord1 AS anne.mari.sundal.boe@fjord1.no +47 902 78 906 AboutFjord1 Fjord1 aims to be the safest and most attractive provider of environmentally friendly and reliable transport for customers, clients and partners.Fjord1 is a leading player in the Norwegian ferry market, with close to 80 ferries. The company also operates passenger boat services and has interests in the catering and tourism industries. More information at www.fjord1.no
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