Scanship Holding ASA. 1H 2018 Presentation. 28.August 2018 Henrik Badin, CEO Erik Magelssen, CFO

Transcription

1 Scanship Holding ASA 1H 2018 Presentation 28.August 2018 Henrik Badin, CEO Erik Magelssen, CFO

2 About us 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 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 well positioned in cruise industry on 100 ships building aquaculture presence with 7 projects project based business with substantial revenues from repeatable aftersales 2

3 Waste Management Systems 3

4 Advanced Wastewater Purification Systems 4

5 Advanced Wastewater Purification Systems 5

6 Aquaculture systems 6

7 Aquaculture systems 7

8 1H 2018 Highlights ORDER INTAKE 143 (MNOK) ORDER BACKLOG 513 (MNOK) REVENUE GROWTH EBITDA GROWTH 25% 55% CONTRACT AWARDS PROJECTS ON ORDER CRUISE WINS 7 AQUACULTURE WINS 4 MAIN DELIVERIES 11 SYSTEM HANDOVER 5 EMPLOYEES 66 8

9 Vitamin Sea in Genoa July 20,

10 growth in Revenues & EBITDA Revenues MNOK ,2 146,5 increased demand in cruise newbuilds drives growth high focus on operational efficiency 1H H 2018 FY 2017 strengthening commercial team 10,5 (9%) EBITDA MNOK & (%) 16,3 (11.1%) 25,1 (10.2%) improving scalability in delivery model streamlining supply chain 1H H 2018 FY 2017 The 2018 figures are based on IFRS 15, while the 2017 figures are based on IAS 18 10

11 strong backlog provides good visibility Order Backlog MNOK H 2018 project order intake of MNOK H H H H H H H H H 2018 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 11

12 growth in both projects & aftersales Projects (MNOK) project revenues continues at 2/3rds of total H H 2018 FY 2017 Aftersales (MNOK) 83 main revenues from cruise newbuild supply but expects retrofits and aquaculture to increase increase in gross margin in both business areas 39, ,5 28,9 increase of installed base and new initiatives on existing ships will grow aftersales further 1H H 2018 FY 2017 Revenues Gross Profit 12

13 P&L statement 1H 2018 Unaudited Unaudited Audited (MNOK) 1H 18 1H Revenue Total operating revenue Cost of goods sold Gross Profit Gross Margin 30.9 % 29.4 % 30.7 % Employee expenses Other operating expenses EBITDA EBITDA margin 11.1 % 9.0 % 10.2 % Depreciation and amortisation Operating result (EBIT) Net Financial items 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 Result before tax The 2018 figures are based on IFRS 15, while the 2017 figures are based on IAS 18 13

14 statement of financial position Unaudited Unaudited Audited (MNOK) ASSE TS: Total non-current assets Current assets: Inventories Trade receivables Contracts in progress Financial instruments Other Receivables Cash and cash equivalents Total current assets Total assets EQUITY AND LIABILITIES Total equity Total non-current liabilities Current liabilities Trade creditors Contract accruals Financial instruments Income tax payable Bank overdraft Other Current liabilities Total Current Liabilities 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 overdraft to MNOK 1.9 significant increase in equity ratio Total liabilities Total equity and liabilities

15 cash flow statement Unaudited Unaudited Unaudited (MNOK) 1H 18 1H Result before tax Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash and cash equivalents Effect of exchange rate changes on cash Cash and cash equivalents at start of period Cash and cash equivalents at end of period 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 15

16 robust cruise market main driver 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 16

17 multiple Aquaculture opportunities 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 17

18 MAP waste to energy technology 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 18

19 Seasoned management team Henrik Badin Chief Executive Officer CEO Erik Magelssen Chief Financial Officer CFO Jonny Hansen Chief Operating Officer COO Bjørn Abraham Bache Chief Commercial Officer CCO Asgeir Wien Chief Development Officer CDO Henning Mohn Chief Technical Officer CTO After joining Scanship in 2001 and serving various management positions in Scanship Environmental, Mr. Badin was appointed CEO of Scanship in Mr. Badin has 20 years of experience related to environmental engineering onshore and in the maritime industries. He holds a Master of Science degree in Civil engineering from NTH (NTNU). 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. Mr. Hansen joined Scanship in 2006 and became COO in 2007 until the end of Coming out 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. Mr. Bache joined Scanship February 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 outside Norway. Mr. Bache holds a Master of Science degree in Mechanical Engineering from Glasgow University. Mr. Wien has held technical and R&D positions with Scanship since 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. 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. 19

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