Annual Report 2019
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ANNUAL REPORT 2019 www.fjord1.no ABOUT FJORD1 ANNUAL REPORT 2019 About Fjord1 ASA ...................................................................................................................................................... 3 This is Fjord1 ........................................................................................................................................................................................................4 Safe and environmentally friendly operations .....................................................................................................................................5 A values-based company ...............................................................................................................................................................................5 Key figures ............................................................................................................................................................................................................6 From the CEO .......................................................................................................................................................................................................8 2019 in brief ......................................................................................................................................................................................................10 About the company and its strategy .....................................................................................................................................................15 Fjord1 Corporate Governance report 2019 ......................................................................................................39 Corporate Social Responsibility ..........................................................................................................................51 Best at environmentally friendly transport ........................................................................................................................................52 Fjord1 – the safe choice ..............................................................................................................................................................................54 Materiality .........................................................................................................................................................................................................55 The UN Sustainable Development Goals ..............................................................................................................................................56 Future sustainability work at Fjord1 ......................................................................................................................................................58 Value creation through sustainability ...................................................................................................................................................59 Taking responsibility for the climate and our fjords .......................................................................................................................59 Looking after people and local communities ....................................................................................................................................65 Driver for innovation and development................................................................................................................................................73 Sustainable actions throughout the value chain ...........................................................................................................................76 Summary .............................................................................................................................................................................................................78 Annual report and financial statements ............................................................................................................81 Fjord1 board of directors' report 2019 .................................................................................................................................................82 Group Overview - Introduction .................................................................................................................................................................83 Operational review .........................................................................................................................................................................................84 Financial review ...............................................................................................................................................................................................86 Shareholder information .............................................................................................................................................................................90 Risk and uncertainty factors .....................................................................................................................................................................90 Events after the reporting period ............................................................................................................................................................91 Consolidated Financial Statements 2019 ...........................................................................................................................................94 Parent Company Financial Statements 2019 .................................................................................................................................157 2 FJORD1 ANNUAL REPORT 2019 Framsidefoto: Øystein Torheim, Frequency.no / Photoshop: Trygve Johan Solheim, Frequency.no Trygve / Photoshop: Frequency.no Torheim, Framsidefoto: Øystein ABOUT FJORD1 ABOUT FJORD1 ASA This is Fjord1 Safe and environmentally friendly operations A values-based company Key figures From the CEO 2019 in brief About the company and its strategy FJORD1 ANNUAL REPORT 2019 3 ABOUT FJORD1 Foto: Øystein Torheim, Frequency.no Torheim, Foto: Øystein ABOUT FJORD1 THIS IS FJORD1 Fjord1 ASA aims to be the safest and most attractive provider of environmentally friendly ferry and passenger boat transport for customers, clients and partners. Fjord1 is the leading operator in the Norwegian ferry market, MOLDE - branch office and also has activities within passenger boat services, catering and tourism. FLORØ - head office Fjord1 is an innovative company with big ambitions to succeed in the “green shift”. By working continuously to develop world-class newbuilds, Fjord1’s vision is to be unsurpassed in environmentally friendly and reliable transport. BERGEN - branch office 2019 saw the biggest-ever ferry upgrade programme. Environmental criteria have been made more rigorous in recent years, and all new contracts now require zero- and low-emissions technology. Fjord1 has delivered nine fully electric vessels in 2019, and the portfolio will continue growing in 2020. At the same time, several of the company’s existing vessels are being upgraded. 2019 has been a transitional year, with high investments linked to newbuilds and conversions. 4 FJORD1 ANNUAL REPORT 2019 ABOUT FJORD1 SAFE AND ENVIRONMENTALLY FRIENDLY OPERATIONS Fjord1 has a zero vision for loss of life, The company bases this on: personal injuries, large-scale emissions and • An active safety system that emphasises substantial damage to assets. The company's development and corrective actions. safety philosophy is based on a barrier system, • A clear environmental focus, avoiding where the interplay between procedures emissions into the marine environment, using and technology shall prevent unintentional environmentally friendly technology and having consequences of technical or human error. procedures in place for dealing with substances harmful to the environment. • Developing the organisation such that expertise matches needs to the greatest extent possible. • A team philosophy centred on unified use of resources. • Clearly defined and communicated responsibilities and authorities. • An inclusive management that attaches importance to the individual employee’s development and involvement. A VALUES-BASED COMPANY Fjord1 shall be an attractive employer, a safe company to invest in, a preferred partner and an operator that safely conveys passengers across the Norwegian fjords. The company’s values reflect who our employees are and how we work. CHEERFUL PROFITABLE OPEN AND HONEST WORKING TOGETHER AND TEAM SPIRIT RELIABLE PROUD FJORD1 ANNUAL REPORT 2019 5 ABOUT FJORD1 KEY FIGURES FTES VESSELS PASSENGERS 1056 79 19.9 MILLION VEHICLES REVENUE 9.9 MILLION 2.7 BILLION BALANCE SHEET TOTAL EQUITY PRE-TAX PROFIT 9.2 BILLION 2.3 BILLION 253 MILLION EBITDA INVESTMENTS 818 MILLION 2.4 BILLION 6 FJORD1 ANNUAL REPORT 2019 ABOUT FJORD1 Fjord1 is an innovative company " with big ambitions to succeed in the “green shift" " Foto: Øystein Torheim, Frequency.no Torheim, Foto: Øystein FJORD1 ANNUAL REPORT 2019 7 ABOUT FJORD1 FROM THE CEO 8 FJORD1 ANNUAL REPORT 2019 ABOUT FJORD1 2019 was another year of very high operational activity for Fjord1, although the ferry traffic volumes were somewhat lower than in 2018. We put in a lot of effort during