FERRY FINANCE

By | 2019 Newsletter week 34 | No Comments

Fjord1 Q2/H1: Lower Volumes And High Investments In A Transition Year

Q2, 2019

Fjord1 reports revenue of NOK 689 million, EBITDA of NOK 225 million and net profit after tax of NOK 104 million in the second quarter.

Financial result impacted by temporary revenue decline mainly explained by transitional changes in the ferry portfolio

Overall stable operations in a period with high overall activity due to preparations of new contracts starting up in 2020 and seasonal variations

High investments in newbuilds, rebuilds, quays and infrastructure to allow for zero- and low emission fuel and strengthen competitiveness in future tenders

Temporary increase in net interest bearing debt (NIBD) to 3.7 billion – remaining in compliance with loan covenants

Current year is a transitional year for Fjord1 with significant investments in vessels and infrastructure combined with preparations for start-up of new contracts next year. This led to a decline in revenue and EBITDA and an increase in the NIBD level in Q2 compared to last year.

In addition, the loss of the high traffic route Halhjem-Sandvikvåg in Bjørnefjorden, with effect from 1 January 2019, explains lower volumes and revenues in Q2.

“Despite that we are in a transitional year with lower volumes and large investments, we have positive results in all four segments and EBITDA-margin of 33% which is at the same level as second quarter last year.”, says Dagfinn Neteland, CEO

“We are satisfied with the operational progress in the second quarter. Following quarter end, we are pleased to have signed the contract for the Halsa-Kanestraum connection for the period 2021-2030. The signing on 16 August, marks our position as a leading player in the Norwegian ferry market”, says Neteland

H1, 2019

Revenue of NOK 1.329 million, EBITDA of NOK 383 million and net profit after tax of NOK 118 million

The revenue was down by 12% compared to first half 2018, mainly explained by the ongoing transitional changes in the ferry portfolio and loss of high traffic route Halhjem-Sandvikvåg. The revenue is temporarily down in 2019 but set to grow with new contracts starting up 1 January 2020.

DFDS: Growth Continues But Brexit Lowers Pace

By | 2019 Newsletter week 33 | No Comments

Key figures H1

  • Revenue up 10% and EBITDA up 8%
  • Exceptional uncertainty on Brexit is currently reducing UK trade and visibility

Key figures Q2

  • Revenue up 9% to DKK 4.2bn
  • EBITDA up 4% to DKK 989m

The growth in revenue and earnings in Q2 was mainly driven by the expansion in the Mediterranean and higher passenger revenue. A reversal of the UK stockpiling in Q1 lowered freight revenue and earnings in Q2 for most activities linked to UK trade. The latter was mitigated by income from an agreement with UK Department for Transport.

Outlook 2019:

  • 6-8% revenue growth (previously 10-12%)
  • EBITDA-range lowered 6% to DKK 3.5-3.8bn (previously DKK 3.8-4.0bn)

”Brexit is an exceptional situation currently lowering volumes in our ferry and logistics network. In spite of this headwind, we are still on track to continue our growth this year. The work to deliver on our new strategic and financial ambitions has started and progress is well under way,” says Torben Carlsen, CEO.

All Time High Q2 For Wasaline

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Q2 is the best so far for Wasaline, since the start of operations in 2013.

There is an increase in all segments.

  • +4.2% passengers
  • +8.6% cars
  • +6.6% freight

The total revenue increased by 10.8% compared to last year, to EUR 5.3 million.
In June there was a record increase on all segments and revenue increased by 16.4%.
In Q2, Wasaline has added 9.4% more departures to meet the demand.

FERRY FINANCE

By | 2018 Newsletter week 33 | No Comments

DFDS’s Acquisitions Fuel Growth In Q2

In Q2, DFDS’ revenue increased 6% to DKK 3.9bn driven by the expansion of the route network in the Mediterranean (with the acquisition of U.N. Ro-Ro), as well as continued growth in the freight activities in northern Europe. These two factors were also the key driver of the increase in EBITDA before special items by 9% to DKK 802m.

The growth of freight ferry volumes was in line with expectations in both northern Europe and the Mediterranean with overall growth of 6%.

Logistics volumes were up 5% for continuing activities.

Fjord Line again delivers strong performance in Q2

By | 2017 Newsletter week 35 | No Comments

With the Q2 report, Fjord Line confirmed the year-on-year growth trend.

The company increased revenues with 30% and EBITDA with 112%.

Passenger volumes were up by 13% and freight volumes up by 25%.

The routes Hirtshals (Denmark) – Langesund (Norway, southeast of Oslo) and Sandefjord (Norway) – Strømstad (Sweden) were responsible for a significant increase in freight volumes (respectively 37% and 39%). The same routes also saw an increase in passengers per crossing.

In Q2 the high-speed vessel FJORD CAT suffered some technical issues, with 3 weeks of cancellations. Result: the growth on the Hirtshals – Kristiansand route did not materialize.