ANNUAL REPORT 2020 ABOUT FJORD1 ANNUAL REPORT 2020 About Fjord1 .............................................................................................................................................................. 3 Safe and stable operations .....................................................................................................................................................................5 Company Values ..........................................................................................................................................................................................5 Key figures......................................................................................................................................................................................................6 From the CEO .................................................................................................................................................................................................8 2020 in brief ...............................................................................................................................................................................................10 Fjord1 and strategy .................................................................................................................................................................................15 Operations and segments ....................................................................................................................................................................16 Management team ...................................................................................................................................................................................30 Board of Directors ....................................................................................................................................................................................32 Corporate governance ...........................................................................................................................................................................37 Covid-19 ....................................................................................................................................................................49 Reduced traffic volume .........................................................................................................................................................................51 Public health restrictions ......................................................................................................................................................................51 Catering ........................................................................................................................................................................................................51 Good management ..................................................................................................................................................................................51 Safety and emergency response .........................................................................................................................52 Safety mangagement system.............................................................................................................................................................54 Emergency response ..............................................................................................................................................................................54 Healthy working environment ............................................................................................................................................................55 Design: Trygve Johan Solheim, Frequency.no English: Daniel Færestrand Haugen, Frequency.no Photo: Øystein Torheim, Frequency.no Torheim, Photo: Øystein English: Daniel Færestrand Haugen, Frequency.no Johan Solheim, Frequency.no Trygve Design: New technology and the environment ...............................................................................................................56 Tender competitions with environmental requirements .........................................................................................................58 New technology in 2020.......................................................................................................................................................................59 Newbuilds and conversion to electrical power ...........................................................................................................................59 Charging stations .....................................................................................................................................................................................60 Energy certification ISO500001:2018 ............................................................................................................................................60 Sustainability .............................................................................................................................................................................................61 Development and new tasks...............................................................................................................................................................63 Introduction of AutoPASS .....................................................................................................................................................................64 Statistics and numbers ..........................................................................................................................................67 Safety and regularity targets and results 2020 .........................................................................................................................68 Women and apprentices .......................................................................................................................................................................69 Statistics and graphs .............................................................................................................................................................................70 Annual report and financial statements Group overview - introduction ...........................................................................................................................................................78 Operational performance .....................................................................................................................................................................79 Financial performance ...........................................................................................................................................................................82 Revised consolidated annual finncial statements ....................................................................................................................82 Shareholder information .......................................................................................................................................................................86 Risks and uncertainty factors ............................................................................................................................................................86 Events after the reporting date .........................................................................................................................................................87 Outlook .........................................................................................................................................................................................................87 Consolidated financial statements 2020 ......................................................................................................................................88 Parent company financial statements 2020 ............................................................................................................................148 Statements from the Board and CEO............................................................................................................................................180 Statement from the independent auditor .................................................................................................................................181 2 FJORD1 ANNUAL REPORT 2020 ABOUT FJORD1 About Fjord1 . Safe and stable operations . Company Values . Key figures . From the CEO . 2020 in brief . Fjord1 and strategy . Operations and segments . Management team . Board of Directors . Corporate governance FJORD1 ANNUAL REPORT 2020 3 ABOUT FJORD1 ABOUT FJORD1 Fjord1’s core business is the operation of ferry services. The company also engages in passenger boat services, catering and tourism. Fjord1 is Norway’s leading ferry operator, carrying more than 16 million passengers in 2020. Fjord1 makes use of world-class cutting-edge technology to meet requirements for zero emissions and electrically powered vessels in new contract tenders. As a result of this, the company has also been working to install the necessary quayside MOLDE charging systems.