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Color-Group-AS-Annual-Report-2018 2018 ANNUAL REPORT Principal figures and key figures Color Group Annual Report 2018 Color Group Annual Report 2018 Principal figures and key figures Principal figures and key figures Color Group AS IFRS Color Line’s vision is to be CONSOLIDATED 2018 2017 2016 2015 2014 2018 DEVELOPMENT IN TRAFFIC Europe’s best cruise and Passengers 3 780 748 3 805 023 3 850 947 3 860 663 3 957 407 Cars 927 640 918 081 913 676 919 697 939 821 Freight units (12 m-equivalents) 182 632 180 480 175 680 169 335 165 773 passenger ferry company. Number of sailings 6 123 6 095 6 157 6 031 6 113 INCOME STATEMENT (in NOK mill.) 1) (in EUR mill.) Operating revenues 5 141 4 968 4 896 4 587 4 594 517 Operating expenses –3 924 -3 788 -3 747 –3 753 –3 859 –395 Operating profit before depreciation, amortisation, charter and leasing costs 1 217 1 180 1 149 833 735 122 Ordinary depreciation and amortisation –371 -336 -319 –343 –345 –37 Other exceptional items –5 –39 Charter, leasing costs –160 -213 -214 –208 –202 –16 Earnings before interest and taxes (EBIT) 686 630 616 277 149 69 Net financial items –161 -190 -101 –145 –285 –16 Pre-tax income 525 440 516 132 –136 53 Tax expenses –85 -68 -89 23 37 –9 Net profit/loss for the year 439 372 426 155 –99 44 BALANCE SHEET (in NOK mill.) Current assets 2 094 1 504 1 837 1 625 1 548 211 Non–current assets 6 473 5 704 5 641 5 896 6 055 651 Total assets 8 567 7 208 7 478 7 522 7 603 862 Current liabilities 1 900 1 071 1 488 2 123 1 672 191 Non–current liabilities 3 898 3 166 3 087 3 027 3 629 392 Liabilities 704 781 817 735 799 71 Equity 2 065 2 190 2 087 1 637 1 502 208 Total liabilities and equity 8 567 7 208 7 478 7 522 7 603 862 LIQUIDITY (in NOK mill.)/FINANCIAL STRENGTH (%) Cash and cash equivalents as at 31 Dec. 2) 2 398 829 1 438 972 966 241 Cash flow from operations 958 863 799 314 438 96 Equity ratio % 24 30 28 22 20 Net interest-bearing debt 3 810 3 176 3 326 3 913 3 934 383 EMPLOYEES/SUNDRY EXPENSES Number of man-years 2 376 2 351 2 330 2 287 2 410 Cost of wages 1 359 1 328 1 278 1 285 1 315 137 Definitions: 1) Translated into Euro, exchange rate as at 31 Dec. 2018 2) Including non-utilized credit facilities 2 3 About Color Line Color Group Annual Report 2018 Color Group Annual Report 2018 About Color Line About Color Line Color Line is Norway’s largest – and one of Europe’s leading Color Group Annual Report for 2018 – companies in the field of European short-sea shipping, The improvement in profits in recent years reflects many employing just under 2 400 man-years in four countries. years of systematic work and carefully-targeted investments The company operates four international services between in technology, modernisation and the expertise in the seven ports in Norway, Sweden, Denmark and Germany. technical departments. The shipboard offerings are in At present, Color Line is the only shipping company head- continuous development, supported by data on customer quartered in Norway operating international freight and insight and regular maintenance and upgrading of the passenger traffic to and from Norway using Norwegian- company’s custom-built tonnage. Color Group AS is the parent registered ships. Norway is a peninsula in Europe and company of Color Line AS and is wholly-owned by O.N. Sunde efficient seaborne transportation is essential to the nation’s AS, a Norwegian limited company headquartered in Oslo. industry, trade and travel and tourism. Passenger numbers carried in 2018 totalled 3 780 748, Color Line’s seven-vessel fleet is modern and has an compared with 3 805 023 in 2017. Freight units (12 m- environmentally-friendly profile and is the result of a equivalents) were up from 180 480 in 2017 to 182 632. pronounced strategy of differentiation. The ships feature Operating revenues totalled NOK 5 141 million in 2018, a high degree of product standardisation with the aim of as compared with NOK 4 968 in 2017. The operating profit securing cost-effective operations and maintenance. On before depreciation, amortisation and charter hire amounted the service between Oslo and Kiel in Germany, the shipping to NOK 1 217 million, compared with NOK 1 180 million in M/S Color Magic and M/S Color Fantasy pass under the Storebælt or Great Belt Bridge at about 05.00 and 18.15. company operates two ships offering high-quality cruises 2017. The positive development in operating profit in and freight shipment, as well as the recently-acquired ro-ro 2018 can be attributed to factors such as an increase in vessel M/S Color Carrier. The routes between Kristiansand income per passenger, the expansion of freight markets, and Larvik in Norway and Hirtshals in Denmark, and between and efficient operations. Table of Contents Sandefjord and Strömstad in Sweden, offer retail sales and The agreement reached on the Norwegian National efficient transport services. Color Line is well-placed to budget for 2019 means that the subsidy scheme for the capitalise on key market trends within the company’s core employment of seafarers in the Norwegian Ship Register Principal figures and key figures 3 areas of business: cruise and freight. (NOR) will continue and Color Line is expecting the scheme About Color Line 5 The ships offer conference facilities, hotel accommodation, adopted for 2019 to remain stable going forward. Color restaurants, shops and entertainment. In addition, the Line’s vision is to be Europe’s leading operator in the fields The Ships 6 company develops travel and adventure tourism concepts of cruise and transport. Predictability and internationally- in collaboration with the domestic travel and tourism competitive framework conditions provide the security Digitalisation brings increased competitiveness 8 industries in the countries in which the company operates. needed for continued investment from a Norwegian base in Social and environmental responsibility 12 Freight and forwarding services are supplied by the cargo new and innovative, environmentally-friendly solutions. ■ division. Color Line Cargo 18 Travel and tourism 20 M/S Color Fantasy and M/S Color Magic are fully-equipped to offer you the full cruise experience on your voyage between Oslo and Kiel. Timeline 22 Directors' Report 2018 25 Income statement/Balance sheet/Cash-flow/Change in equity 31 Notes 2018 36 Corporate Governance 70 Declaration by the Management 72 Auditor's report 73 ANNUAL REPORT 2018. Photo: Øivind Haug, Håvard Storvestre, Arild Danielsen, Plompmozes, Dag G. Nordsveen, Kasia Kulik, Michael Damsgaard, Felix Razin-Hallberg, Glenn Walmann, Nicki Twang, NTB/Scanpix, Aquarama, Color Line AS, Munchmuseet, Salto/Fjellanger Widerøe Foto AS, Gisle Bjørneby, Victoria Jane Armstrong, Indav Oy/Kimmo Häkkinen, Jallafilm, Kurt Engen, Ulstein Verft, Jon Andersen, Jacqueline DuBois, Niels Bo Nielsen, Jon Petter Thorsen, Chris Olesen, Veslemøy Vråskar, Morten Rakke, Jouni Saaristo, Jan Hempel. Number: 250 Date: March 2019 Printed by: 07Media Paper: This document may contain typographical errors. 4 5 Ships Color Group Annual Report 2018 Color Group Annual Report 2018 Ships THE SHIPS Travellers on the cruise ships M/S Color Magic and M/S Color Fantasy between Oslo and Kiel can enjoy entertainment in dedicated show lounges, water parks, A clear differentiation strategy shops, restaurants, casinos, spas and fitness centres. The services between is applied to the various lines. Kristiansand and Larvik in Norway and Hirtshals in Denmark, and Sandefjord and Strömstad in Sweden offer shopping and efficient transportation. With the newly-acquired ro-ro ship M/S Color Carrier the company is doubling its freight capacity on the Oslo to Kiel route and is expanding its freight business. CRUISE M/S Color Fantasy M/S Color Magic OSLO–KIEL OSLO–KIEL TRANSPORT AND SHOPPING M/S Bohus M/S Color Viking SANDEFJORD–STRØMSTAD SANDEFJORD–STRØMSTAD M/S SuperSpeed 1 M/S SuperSpeed 2 KRISTIANSAND–HIRTSHALS LARVIK–HIRTSHALS CARGO M/S Color Carrier OSLO–KIEL M/S Color Carrier OSLO–KIEL 6 7 Digitalisation Color Group Annual Report 2018 Color Group Annual Report 2018 Digitalisation Testing of the world’s fastest marine broadband network onboard M/S Color Viking in Digitalisation brings 2018 proved successful. increased competitiveness For Color Line, 2018 was a year of unprecedented profitability. Filling ships with passengers, vehicles and freight requires knowledge, experience and efficient logistical systems. One of Color Line’s underlying business strategies is to are made up of personnel performing a wide range of tasks. develop efficient systems for customer insight. This insight Color Line’s personnel have expertise and knowledge within a is then applied in meeting the expectations of customers by diverse range of technical fields. The centralisation of functions continuously working on improvement processes before, has helped to develop stronger technical expertise internally. during and after the passenger’s voyage on a Color Line ship. This, in combination with registration of customer New technology simplifies processes and satisfaction, investments in technology and new digital pro- enhances efficiency cesses and a sharp focus on personnel development, Smart digital solutions give the guests access to smooth and go some way towards explaining the excellent earnings efficient booking processes. Digitalisation and investment in reported by Color Line in recent years. new technology also offers efficiency gains by allowing tasks Smart digital solutions are effective to be centralised. In parallel with this process, Color Line has Solid technical expertise developed a digitalised sales and marketing platform that for both passengers and Color Line.
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