Sc Scan anship ship Hol olding ding ASA SA 1H 2018 - - PowerPoint PPT Presentation

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Sc Scan anship ship Hol olding ding ASA SA 1H 2018 - - PowerPoint PPT Presentation

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Sc Scan anship ship Hol olding ding ASA SA 1H 2018 Presentation 28 .August 2018 Henrik Badin, CEO Erik Magelssen, CFO Abo bout us we are improving our clients sustainability impact with technology for cleaner oceans

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Sc Scan anship ship Hol

  • lding

ding ASA SA

1H 2018 Presentation

28 .August 2018 Henrik Badin, CEO Erik Magelssen, CFO

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  • we are improving our clients sustainability impact with

technology for cleaner oceans

  • headquartered in Norway with subsidiaries in US for

life cycle services and Poland for production follow up

  • well positioned in cruise industry on 100 ships
  • building aquaculture presence with 7 projects
  • project based business with substantial revenues from

repeatable aftersales

Abo bout us

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With our waste to energy carbon capture technology we will create clean energy from waste for immediate use on board cruiseships advancing SDG 7 With our innovations within wastewater purification, waste processing and waste to energy, we help to improve the sustainability of sea traffic With our waste to energy carbon capture technology we will reduce the use of fossil fuels and CO2 emissions we are advancing SDG 13 With our technologies for wastewater purification, foodwaste and garbage handling onboard cruiseships along with our solutions for the aquaculture industry, we will be advancing SDG 14

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Wast ste Manage gement ment Syst stem ems

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Adv dvance ced d Wast stewa water ter Purific ification ion Syst stems ems

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Adv dvance ced Wast stewa water ter Purific ification ion Syst stems ems

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Aqu quacu cult ltur ure e sy syst stems ms

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Aqu quacu cult ltur ure sy syst stems ms

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8 MAIN N DELIV IVER ERIES IES EMPLOYEES YEES ORDER ER BACKL KLOG OG

513 66 66 11 11

PROJ OJEC ECTS TS ON ORDER ER CONTR TRACT T AWARDS

11 11 34 34

REVEN ENUE UE GROW OWTH TH EBITD TDA A GROW OWTH TH

25% 25% 55% 55%

ORDER ER INTAK AKE

143

SYSTEM TEM HAND NDOV OVER ER

5

CRUI UISE SE WINS

7

AQUACUL CULTUR TURE E WINS NS

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1H 2018 High ghlig light hts

(MNOK) (MNOK)

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Vitami min n Sea in Genoa

  • a July 20, 2018

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Revenue enues MNOK OK

gr growth in Re Revenu enues es & E & EBITD TDA

  • increased demand in cruise newbuilds drives growth
  • high focus on operational efficiency
  • strengthening commercial team
  • improving scalability in delivery model
  • streamlining supply chain

The 2018 figures are based on IFRS 15, while the 2017 figures are based on IAS 18

117,2

146,5

247

1H 2017 1H 2018 FY 2017

10,5

16,3

25,1

1H 2017 1H 2018 FY 2017

(9%)

EBITD TDA A MNOK K & (%)

(10.2%) (11.1%)

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11 100 185 221 226 198 250 360 469

513

1H 2014 2H 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018

st strong g ba back cklog g pr provide des s go good v d visi sibi bility lity

Order Backlog log MNOK

  • 1H 2018 project order intake of MNOK 143
  • Fincantieri for Viking Ocean Cruises and Silversea newbuilds
  • AWP Retrofit NCL Holding for Oceania Insignia and MV Corinthian
  • Aquaculture contracts AkvaFuture, Billund Aquaculture & Salmar
  • contract portfolio with additional MNOK 200 in

newbuild options of which MNOK 140 have been called by owners

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Proje jects cts (MNOK) Aftersales sales (MNOK)

  • project revenues continues at 2/3rds of total
  • main revenues from cruise newbuild supply but

expects retrofits and aquaculture to increase

  • increase in gross margin in both business areas
  • increase of installed base and new initiatives on

existing ships will grow aftersales further

gr growth in bo both pr projec ects s & af & aftersal sales es

78

99

165 22 29 47

1H 2017 1H 2018 FY 2017

39,5

47

83 13 16,5 28,9

1H 2017 1H 2018 FY 2017

Revenues Gross Profit

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P&L st stateme ment nt 1H 2018

  • strong first half year with significant improvements
  • revenue increase
  • operating expenses increasing according to plan
  • improved EBITDA margin
  • net financial items includes positive market

valuation of Euro currency contracts

Unaudited Unaudited Audited (MNOK) 1H 18 1H 17 2017 Revenue 146.5 117.2 247.0 Total operating revenue 146.5 117.2 247.0 Cost of goods sold

  • 101.2
  • 82.7
  • 171.2

Gross Profit 45.3 34.6 75.9

  • Gross Margin

30.9 % 29.4 % 30.7 % Employee expenses

  • 17.7
  • 13.3
  • 29.0

Other operating expenses

  • 11.3
  • 10.8
  • 21.8

EBITDA 16.3 10.5 25.1

  • EBITDA margin

11.1 % 9.0 % 10.2 % Depreciation and amortisation

  • 1.2
  • 1.2
  • 3.2

Operating result (EBIT) 15.0 9.3 21.9 Net Financial items 0.8

  • 1.1
  • 4.0

Result before tax 15.8 8.2 17.9

The 2018 figures are based on IFRS 15, while the 2017 figures are based on IAS 18

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  • non-current assets includes MNOK 35.1 in intangible

assets in which the MAP system is the most significant.

  • non-current liabilities primarily consist of deferred tax

liability of MNOK 10.9

  • improved cash flow from operations has reduced bank
  • verdraft to MNOK 1.9
  • significant increase in equity ratio

st statemen ment of f fi financial cial po posi sitio ion

Unaudited Unaudited Audited (MNOK) 30.06.18 30.06.17 31.12.17 ASSETS: Total non-current assets 37.2 33.8 33.7 Current assets: Inventories 4.2 4.9 3.9 Trade receivables 47.9 66.9 58.8 Contracts in progress 10.4 25.0 43.3 Financial instruments 0.6

  • Other Receivables

11.2 16.5 10.1 Cash and cash equivalents 6.3 2.8 5.6 Total current assets 80.6 116.1 121.6 Total assets 117.8 149.9 155.3 EQUITY AND LIABILITIES Total equity 77.1 51.1 57.9 Total non-current liabilities 11.9 6.0 8.3 Current liabilities Trade creditors 26.1 27.2 47.6 Contract accruals

  • 0.6

17.6 10.6 Financial instruments

  • 3.5

1.5 Income tax payable

  • 0.1

0.9 1.4 Bank overdraft 1.9 31.7 20.8 Other Current liabilities 1.4 11.9 7.1 Total Current Liabilities 28.7 92.9 89.0 Total liabilities 40.6 98.9 97.4

Total equity and liabilities 117.8 149.9 155.3

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  • strong cash flow from operations
  • significant improvements in the net working capital in

the group, and increased EBITDA level

  • cash flow from financing activities includes the

reduction bank overdraft

ca cash sh fl flow st stateme ment nt

Unaudited Unaudited Unaudited (MNOK) 1H 18 1H 17 2017 Result before tax 15.8 8.2 17.9 Net cash flow from operating activities 25.1

  • 6.1

10.1 Net cash flow from investing activities

  • 5.5
  • 2.5
  • 4.8

Net cash flow from financing activities

  • 18.7

7.8

  • 3.3

Net change in cash and cash equivalents 0.9

  • 0.8

2.0 Effect of exchange rate changes on cash

  • 0.2
  • 0.2

Cash and cash equivalents at start of period 5.6 3.6 3.8 Cash and cash equivalents at end of period 6.3 2.8 5.6

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  • strong underlying market tripled last twenty years with

target to grow 50 percent next 10 years

  • high focus on environmental sustainability major driver
  • industry orderbook with 104 new ships on order
  • ≈ 450 MNOK per year newbuild market for AWP & Waste
  • ≈ 4 billion NOK untapped AWP retrofit market “moving”

robu bust st cr cruise se ma marke ket ma main dr driver er

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  • positioned on well recognized industry projects
  • Norwegian aquaculture market for salmon to exceed 3

million tons of salmon by 2030 from current 1.2 million tons

  • robust market that needs to bridge environmental

sustainability challenges to reach growth target

  • wins first in world systems on seabased closed cage
  • expects growth in all three segments; smolt, seabased

closed cage and landbased farms

mu multipl iple e Aqu quacu cultur lture e opp pportunit nities ies

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  • unique technology producing low carbon energy from

waste with substantial carbon capture

  • ongoing promising full-scale testing in Norway
  • ongoing tendering for newbuild projects
  • multiple addressable markets for emission reduction,

energy production and activated carbon

MAP wast ste to ener ergy gy tech chnolog

  • logy
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Henrik ik Badin Chief Executive Officer CEO After joining Scanship in 2001 and serving various management positions in Scanship Environmental, Mr. Badin was appointed CEO of Scanship in 2008. Mr. Badin has 20 years of experience related to environmental engineering

  • nshore and in the maritime
  • industries. He holds a Master of

Science degree in Civil engineering from NTH (NTNU). Jonny Hansen Chief Operating Officer COO

  • Mr. Hansen joined Scanship in

2006 and became COO in 2007 until the end of 2012. Coming

  • ut of employment as COO in

Vissim and VP Supply Chain in OceanSaver, he rejoined Scanship in 2017 as responsible for strategic initiatives. In April 2018 he returned to the COO

  • position. Mr. Hansen holds a

mini MBA DIP from Probana Business School. Erik ik Magels lssen sen Chief Financial Officer CFO Before joining Scanship in 2017,

  • Mr. Magelssen was CFO in Pm

Retail, VIA Travel Group ASA and Kongsberg Automotive ASA. He also held the position of Group Finance Manager in Wilh. Wilhelmsen ASA. Mr. Magelssen has a BA degree from Heriot Watt University in Edinburgh, and has attended the Norwegian School of Economics, NHH (CPA, “Statsautorisert revisor”) and the Executive education program at Harvard Business School. Bjørn Abraham Bache Chief Commercial Officer CCO

  • Mr. Bache joined Scanship

February 2018. He has more than twenty-five years of experience from international business, serving in leading positions in companies like Unitor/Wilhelmsen, Mettler- Toledo, Jotun and Elkem. During his career, he has lived 13 years

  • utside Norway. Mr. Bache

holds a Master of Science degree in Mechanical Engineering from Glasgow University. Asgeir ir Wien Chief Development Officer CDO

  • Mr. Wien has held technical and

R&D positions with Scanship since 2002. He has more than 25 years’ experience within advanced tertiary waste water treatment, potable water production, bio-residue treatment, garbage handling and R&D studies. Mr. Wien holds a Master of Science degree in Civil engineering from NTH (NTNU) and an engineering degree in Aquaculture. Hennin ing Mohn Chief Technical Officer CTO Before being appointed as CTO in Scanship in 2016, Mr. Mohn held other manager roles in Scanship and positions with DNVGL, NIVA Norwegian Institute for Water Research and Eurofins laboratory. He has 22 years of experience related to environmental engineering and from the international maritime

  • industry. Mr. Mohn holds a

Master of Science degree in Civil engineering from NTH (NTNU) and a Master of Science degree from the University of Washington in Environmental engineering.

Seaso soned ned ma manage geme ment nt team

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join n our comm mmunit ity y fo for su sust stainab nability lity inves esto tors

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Thank you for the attention

www.scanship.no

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