Directors’ report

ForSea AB operates the ferry service between Helsingborg and Helsingør with nearly 50,000 annual departures in one of northern Europe’s busiest waterways. The ferry services are an integral part of the regional infrastructure that enables people to meet and drives growth across the whole region.


To be the most sustainable and customer-focused corporate group, which strives to achieve zero CO2 emissions.

Business model

We operate frequent and reliable services with a minimal environmental impact and high level of safety. We provide excellent service. We bring people and businesses together.

About ForSea

A floating bridge

In 2018, around 7 million travellers, 1.3 million passenger cars, 450,000 lorries and 16,000 coaches were transported safely and securely across the Sound (Öresund/Øresund). The ferry line is a ‘floating bridge’ with several departures every hour round the clock. Apart from frequent departures and reliability, the company’s key competitive advantages are capacity, sustainable transports and the on-board experience.

Focusing on passengers and freight

ForSea has around 750 employees and targets two customer segments – passenger traffic and freight, with passenger traffic being the largest source of revenue. This traffic comprises commuting, business trips, tourism and travel centred on everything from culinary experiences and shopping to relaxation on board. For the regional freight traffic, the sea route between Helsingborg and Helsingør saves time and reduces the environmental impact. Around half of all the goods transported on the ferries remains in the Öresund region. Other volumes refer to transit traffic to destinations in other Nordic markets and the European continent.

The blue trip is also the greenest

ForSea strives to be the most modern and efficient transport option across the Sound, but also the most sustainable. The company has for many years been working to minimise the impact of its ferry service on the environment in the Öresund region. In 2018, the company took another step to improve its sustainability performance by converting its Tycho Brahe and Aurora ferries to battery power. Battery power reduces emissions, fumes and noise, ensuring that the blue trip on our waterway is also the greenest.

Sustainability report

The Board of Directors of the group is responsible for producing ForSea AB’s sustainability report. This report has been prepared in accordance with the provisions of Chapter 6 of the Swedish Annual Accounts Act and is presented in full after the notes to the accounts in the annual report.


The European investment fund First State European Diversified Infrastructure Fund FCP-SIF owns all shares of the parent company ForSea AB through FS Ferries Holding S.a.r.l. The main investors in First State European Diversified Fund FCP-SIF are European pension funds. The company focuses on long-term investments in stable and high-quality infrastructure companies.

ForSea AB prepares consolidated financial statements for all subsidiaries and has since January 2015 taken over all shares of ForSea Øresund A/S (corp. ID no. 19752283), ForSea Öresund AB (corp. ID no. 556536-0889), ForSea Helsingborg AB (corp. ID no. 556206-4575) and ForSea Helsingør ApS (corp. ID no. 33260040).

Significant events during the financial year

In 2018, the group changed its name to ForSea and converted its Tycho Brahe and Aurora ferries to battery power.

Operations, financial position and results (group)

(kSEK) 180101 - 181231 170101 - 171231 160101 - 161231 141117 - 151231
Net sales 1 367 716 1 301 970 1 274 310 1 347 346
Operating profit 151 675 153 061 84 946 -21 351
Profit/loss after net financial income/expense -107 153 -129 564 -252 420 -278 337
Total assets 4 226 061 4 289 504 4 093 187 4 159 852
Equity/assets ratio (1) 3,6% 4,0% Neg Neg
Return on equity (2) Neg Neg Neg Neg
Return on total capital (3) 3,6% 3,6% 2,5% Neg
Average number of employees 639 630 606 582

(1) Equity / Total assets.

(2) Profit for the year / Average adjusted equity

(3) (Profit/loss after financial income and expense + interest expense) / Average total assets

Parent company

(kSEK) 180101 - 181231 170101 - 171231 160101 - 161231 141117 - 151231
Net sales 61 344 48 446 43 750 10 970
Operating profit -374 -3 073 8 039 -13 601
Profit/loss after net financial income/expense -216 343 -232 381 -104 726 -129 828
Total assets 4 445 706 4 555 519 4 373 384 4 229 169
Equity/assets ratio (1) 9,9% 11,5% 1,4% 2,1%
Return on equity (2) Neg Neg Neg Neg
Return on total capital (3) 0,9% 1,0% 5,8% Neg
number of employees 29 20 20 19

(1) Equity / Total assets.

(2) Profit for the year / Average adjusted equity

(3) (Profit/loss after financial income and expense + interest expense) / Average total assets

Significant risks and uncertainties

Risks and uncertainties in the group’s operations

The group’s operations rely on a high level of reliability in the fleet of ships. Damage to the ships caused by accidents or malfunctioning machinery can prove costly. The company therefore invests significant resources into ensuring that the ships are kept in very good condition. The group has taken out comprehensive non-life insurance cover to minimise costs caused by this type of problems.

Risks and uncertainties in the industry

The group’s main customer groups are in the transport sector. Demand for transports is dependent on the general level of economic activity as well as underlying demand for transport operators’ products and competition from alternative options. The private traveller business is sensitive to changes in the economy and other external factors but is also exposed to competition from alternative forms of travel.

External risks and uncertainties

The external factors that have the biggest impact on the group are issues relating to the regulation of trade and import rules in the EU and the rest of northern Europe as well as changes in the prices of oil and electricity.


The operations are fully focused on optimising traffic on the Helsingborg-Helsingør route. ForSea Group’s strategy is based on continuous development of its offering and service to the customers. The oil price, which has fluctuated significantly over the last few years, is a big challenge. As part of its energy-saving programme (ESP), the group is working to minimise its energy and fuel use. Following the switch to battery power on M/S Aurora and M/F Tycho Brahe in 2018, fluctuations in electricity prices now also present a challenge for the group.

Post-balance sheet events

There are no significant post-balance sheet events to report.

Proposed appropriation of retained earnings (SEK)

The Annual General Meeting is asked to decide on the appropriation of the following earnings:  
Retained earnings 522 706 000
Loss for the year -81 058 000
  441 648 000
The Board of Directors proposes that  
A dividend to the shareholders be paid in the amount of 0
Carried forward 441 648 000
  441 648 000

Statement of the Board of Directors on the proposed dividend

The Board believes its proposal is consistent with the precautionary principle provided for in Chapter 17, Section 3 of the Swedish Companies Act, based on the following statement: The Board believes the proposed dividend is justifiable in view of the equity requirements arising from the nature, scope and risks of the business as well as the company’s consolidation requirements, liquidity and general financial position, and with regard to the information indicated under Post-balance sheet events above.

For further information on the parent company’s and group’s results and financial position, see the following income statements, balance sheets, statements of changes in equity, statements of cash flow and the notes to the accounts. Unless otherwise indicated, all amounts are expressed in thousands of Swedish kronor (kSEK).