o	Fjord1 has maintained reliable and safe operations while fulfilling its
responsibilities as a provider of critical transport infrastructure in coastal
Norway. 
o	Revenue in the fourth quarter amounted to NOK 712 million, a decline of 14 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 fourth quarter totalled NOK 174 million, and the EBITDA margin
declined to 24 per cent from 32 per cent in the same quarter last year. This
mainly reflects delayed start-up of fully electrical routes which has postponed
fuel cost savings, and higher fuel costs than the same quarter in 2020. 
o	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). 
o	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.
o	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.    
o	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.  

Outlook

Fjord1 is confident that there will continue to be a strong 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's strong
contract portfolio is worth NOK 21.0 billion through 2034, excluding options and
index regulation, which offers a solid platform for profitable growth. 

Entering 2022, Fjord1 remain committed to reduction of emissions and
electrification of Norway's fjord crossings. As the planned electrical routes
are phased in and the onshore electrification programme progresses, the overall
costs are expected to stabilise at a lower level, positioning Fjord1 for
improved profitability.  

The company had net interest bearing debt of NOK 5.1 billion at the end of the
year, down from NOK 5.8 billion at the end of last year. 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 fourth quarter and full year
2021. 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 
CEO Dagfinn Neteland, Fjord1 AS 
dagfinn.neteland@fjord1.no  
+47 913 71 071 

or

CFO Anne-Mari Sundal Bøe, Fjord1 AS
anne.mari.sundal.boe@fjord1.no  
+47 902 78 906

About Fjord1 

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

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange