oFjord1 has maintained reliable and safe operations while fulfilling its responsibilities as a provider of critical transport infrastructure in coastalNorway . o Revenue in the fourth quarter amounted toNOK 712 million , a decline of 14 per cent from the same quarter last year. The reduction is attributable mainly to the phasing out of the Molde-Vestnes ferry contract. o EBITDA in the fourth quarter totalledNOK 174 million , and the EBITDA margin declined to 24 per cent from 32 per cent in the same quarter last year. This mainly reflects delayed start-up of fully electrical routes which has postponed fuel cost savings, and higher fuel costs than the same quarter in 2020. o For the full year 2021 revenue ended atNOK 2,869 million (3,118) and EBITDA to 837 million (1,063), corresponding to an EBITDA-margin of 29 percent (34) . o Investments amounted toNOK 155 million in the fourth quarter, mainly related to infrastructure projects and rebuilding of vessels. Investments wereNOK 634 million for the full year, which represented a 56 per cent reduction from 2020 when investments in the newbuilding and electrification programme peaked. o Net interest-bearing debt (NIBD) stood atNOK 5,090 million as per31 December 2021 , down 4 per cent from the previous quarter. The company has lower investment commitments going forward and will use operating cash flows, proceeds from infrastructure sales, and NOx compensation for electric vessels to continue to reduce debt. oFjord1's long-term contract portfolio ofNOK 21.0 billion before index regulations and the transition towards low-emission vessels provide a solid base for further development of the company. "Revenue declined by 8 percent toNOK 2.9 billion in 2021, and the EBITDA-margin declined to 29% from 34% in 2020. The revenue decline is primarily due to the loss of the Molde-Vestnes contract, whereas the lower margins reflect delayed start-up of fully-electric routes and higher diesel prices. The ferries are otherwise in stable operations, and Catering sees continuous improvements. We expect improving cash flow from operations, lower investments and reduction of debt going forward," says CEODagfinn Neteland inFjord1 . OutlookFjord1 is confident that there will continue to be a strong demand for safe, environmentally friendly, and reliable transport in coastal regions in the future.Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside ofNorway .Fjord1's strong contract portfolio is worthNOK 21.0 billion through 2034, excluding options and index regulation, which offers a solid platform for profitable growth. Entering 2022,Fjord1 remain committed to reduction of emissions and electrification ofNorway's fjord crossings. As the planned electrical routes are phased in and the onshore electrification programme progresses, the overall costs are expected to stabilise at a lower level, positioningFjord1 for improved profitability. The company had net interest bearing debt ofNOK 5.1 billion at the end of the year, down fromNOK 5.8 billion at the end of last year. The company plans for a lower investment level going forward and expects the main part of the cash flow from operating activities and proceeds from the sale of infrastructure assets to be used to reduce interest-bearing debt further. Please find enclosed the interim report for the fourth quarter and full year 2021. The material is also available on https://www.fjord1.no/eng/Investor-Relations/Annual-reports-and-press-releases/R eports/Reports-2021. This information is subject to a disclosure duty pursuant to section 5-12 of the Securities Trading Act. Contacts CEODagfinn Neteland ,Fjord1 AS dagfinn.neteland@fjord1.no +47 913 71 071 or CFOAnne-Mari Sundal Bøe ,Fjord1 AS anne.mari.sundal.boe@fjord1.no +47 902 78 906 AboutFjord1 Fjord1 aims to be the safest and most attractive provider of environmentally friendly and reliable transport for customers, clients and partners.Fjord1 is a leading player in the Norwegian ferry market, with close to 80 ferries. The company also operates passenger boat services and has interests in the catering and tourism industries. More information at www.fjord1.no
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