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Color Group Annual Report 2020 ANNUAL REPORT

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Color Group Annual Report 2020 ANNUAL REPORT 2020 Color Group AS Color Group Annual Report 2020 ANNUAL REPORT Color Line’s vision is to be Europe’s leading cruise and passenger ferry company. 2 Principal figures and key figures Color Group Annual Report 2020 Color Group AS Color Group Annual Report 2020 Color Group Annual Report 2020 Principal figures and key figures 2020 – A YEAR OF PRINCIPAL FIGURES MANY CHALLENGES AND KEY FIGURES «2020 was a demanding year, not least because of the major Color Group AS (GROUP) IFRS operational challenges and constraints that accompanied CONSOLIDATED 2020 2019 2018 2017 2016 2020 DEVELOPMENT IN TRAFFIC the restrictions introduced by the authorities in response Passengers 1 255 046 3 850 623 3 780 748 3 805 023 3 850 947 Cars 309 084 961 102 927 640 918 081 913 676 to the COVID-19 pandemic. The primary goal throughout Freight units (12m-equivalents) 174 068 177 085 182 632 180 480 175 680 Number of sailings 3 377 6 324 6 123 6 095 6 157 was to safeguard the operations and market position of INCOME STATEMENT (in NOK mill.) 1) (in EUR mill.) Operating revenues 2 583 5 320 5 141 4 968 4 896 246 Color Line and to ensure that the company is well-prepared Operating expenses –2 630 -4 215 –3 924 -3 788 -3 747 –250 Oper. profit bef. depreciation, amortisation, charter and leasing costs –47 1 105 1 217 1 180 1 149 –4 for the opening up of society post-pandemic.» Ordinary depreciation and amortisation –612 -567 –371 -336 -319 –58 Other exceptional items –49 -30 0 0 0 –5 Trond Kleivdal, Group President Color Line Charter, leasing costs 0 0 –160 -213 -214 0 Earnings before interest and taxes (EBIT) –708 509 686 630 616 –67 Net financial items –490 -235 –161 -190 -101 –47 Pre-tax earnings -1 198 274 525 440 516 –114 Tax expenses 262 -54 –85 -68 -89 25 Net loss/profit for the year -936 220 439 372 426 –89 BALANCE SHEET (in NOK mill.) Current assets 1 752 1 645 2 094 1 504 1 837 167 Non-current assets 8 287 8 360 6 473 5 704 5 641 788 Total assets 10 039 10 005 8 567 7 208 7 478 955 Current liabilities 1 861 2 317 1 900 1 071 1 488 177 Non-current liabilities 6 289 5 081 3 898 3 166 3 087 598 Liabilities 344 629 704 781 817 33 Equity 1 545 1 978 2 065 2 190 2 087 147 Total liabilities and equity 10 039 10 005 8 567 7 208 7 478 955 LIQUIDITY (in NOK mill.) / FINANCIAL STRENGTH (%) Cash and cash equivalents at 31 Dec. 2) 700 1 929 2 398 829 1 438 67 Cash flow from operations –807 637 958 863 799 –77 Equity ratio, percentage 15 20 24 30 28 Net interest-bearing debt 5 735 5 153 3 810 3 176 3 326 546 EMPLOYEES/SUNDRY EXPENSES Number of man-years 1 597 * 2 460 2 376 2 351 2 330 Cost of wages 1 025 1 426 1 359 1 328 1 278 98 Definitions: 1) Translated into EUR, exchange rate as at 31 Dec. 2020 2) Including non-utilised credit facilities * The number of man-years employed during the reporting period does not include temporarily laid-off personnel Color Line Cargo performed a socially essential function during the pandemic and was responsible for the operation of three of the ships. 5 About Color Line Color Group Annual Report 2020 Color Group Annual Report 2020 About Color Line ABOUT COLOR LINE Color Line is Norway’s largest – and one of Europe’s leading – companies in the field of European short-sea shipping. The company operates seven ships on four inter- national services between seven ports in Norway, Germany, Denmark and Sweden. In a normal year (2019) annual turnover amounts to some concepts in collaboration with the domestic travel and NOK 5.3 billion, with just under 4 million passengers and tourism industries in the countries in which the company approximately 177,000 freight units (TEU equivalents) carried. operates. Color Line’s extensive passenger and freight In 2020, the year that was like no other, turnover was NOK carrying capacity constitutes an important transportation 2.6 billion and the company employed just under 1600 man- infrastructure into Norway from the valuable neighbouring In the wake of the many challenges thrown up by 2020, Color Line is looking ahead and preparing for the new normal. years (2 460 in 2019). The number of man-years employed travel and tourism markets of Germany, the Netherlands, does not include non-temporarily laid off personnel in 2020. Denmark and Sweden. Passenger numbers in 2020 amounted to 1,255,000. The company provides freight and forwarding services Color Line is now the only shipping company headquartered which secure smooth customs clearance and ensure that in Norway operating international freight and passenger traffic imports of dutiable goods proceed in accordance with the CONTENTS to and from Norway using Norwegian-registered ships. customs regulations in force in the individual countries. The Geographically, Norway is a peninsula in Europe and company operates intermodal solutions combining shipment shipment by sea plays a vital role in the flow of goods between by sea and rail to and from destinations on the continent 2020 – a year of many challenges 3 Norway and the rest of the continent. Efficient and eco- as an alternative to the carriage of goods by road. Moving Principal figures and key figures 5 friendly seaborne transportation plays an essential part in goods by sea is an essential societal function and through- the nation’s industry, trade and travel and tourism. Color Line out the world in 2020, and professional drivers using cargo About Color Line 7 is the biggest individual carrier of foreign tourists by sea to ships were exempted from the travel restrictions and strict The Ships 9 Norway and is well positioned in key neighbouring markets quarantine rules. Color Line prioritised the operations of its such as Sweden, Denmark, Germany and the Netherlands. freight business during the reporting period and at times 2020 – the year that was like no other 10 Our commitment to the environment is embedded in all during 2020 this area of business was the only commercial of the company’s strategies and will continue to increase in activity conducted by the company. Timeline – 2020 12 the future. Color Line’s seven-vessel fleet is modern and is Color Line’s vision is to be Europe’s best cruise and All set to put on speed 14 the result of a pronounced strategy of differentiation. The passenger ferry company. The company’s goal is that ships feature a high degree of product standardization, sustainability should be at the heart of everything we plan Digitalisation 18 the aim of which is to secure cost-effective operations and and do. Cost-effective operations with precisely-targeted maintenance. On the route between Oslo and Kiel in Germany, investments in digital solutions backed up by predictable The movement of goods – a critically-important societal function 20 the shipping company operates two ships offering quality and internationally-competitive framework conditions Expectations of a speedy return to normality for travel and tourism 22 cruises and freight shipment, as well as the ro-ro vessel provide the security needed for continued investment from M/S Color Carrier. The services between Kristiansand and a Norwegian base in new and innovative, environmentally- Protecting nature, culture and the environment 26 Larvik in Norway and Hirtshals in Denmark, and between friendly solutions. Corporate responsibility 30 Sandefjord and Strömstad in Sweden, offer retail sales and Color Line has done its utmost to ensure that the efficient transportation. company is well positioned to capitalise on key market Directors' Report 2020 34 The ships feature hotel accommodation, restaurants, trends within the company’s core areas of business of conference facilities, shops and entertainment. In addition, travel and tourism as soon as the authorities give the Income statement / Comprehensive income statement 42 the company develops travel and adventure tourism green light for ordinary operations to resume. ■ Notes 2020 48 Corporate Governance 82 Declaration by the management 84 Auditor's Report 85 Color Line prioritised ANNUAL REPORT 2020 its cargo business in the Photographs: Arild Danielsen, Brunvoll/Per Eide Studio, Color Line AS, Felix Razin-Hallberg, Fossum IF, getty.com, Glenn Walmann, Håvard Storvestre, Indav Oy/Kimmo Häkkinen, reporting period – and at times Jalla Film, Jon Andersen, Jon Petter Thorsen, Kurt Engen, NTB/Scanpix, MUNCH Museum, Michael Damsgaard, The National Museum, Octocopterfilm/Glenn Walmann, during 2020, this was the only Salto/Fjellanger Widerøe Foto AS, SHIPPAX/G. Giannakis, Trine Hisdal, Ulstein Verft, Vibeke Scheel Aubert, visitnorway.no and Øivind Haug. part of the company’s operations Printed: March 2021 Printer: 07 Media Paper: Arctic volume White. Typographical errors may occur. that was commercially active. SuperSpeed 1 og SuperSpeed 2 i Hirtshals 6 7 The Ships Color Group Annual Report 2020 Color Group Annual Report 2020 The Ships THE SHIPS Travellers on the cruise ships M/S Color Magic and M/S Color Fantasy between Oslo and Kiel can enjoy international entertainment in a dedicated Show Lounge, water parks, shops, restaurants, casinos, spas and fitness centres. The services between Kristiansand and Larvik in Norway and Hirtshals in Denmark, and between Sandefjord and Strömstad in Sweden, offer shopping and fast and efficient trans- portation. The ro-ro vessel M/S Color Carrier plies the route between Oslo and Kiel. For goods bound to and from cities on the continent, Color Line has developed intermodal solutions combining shipment by sea with freight rail connections in Europe, as an alternative to carriage by road.
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