SCANSHIP HOLDING ASA 2H2018 Financial Presentation Henrik Badin CEO Erik Magelssen CFO
strong growth with all-time high 2H2018 183 656 22,9 147 513 469 130 16,3 117 14,6 360 10,5 REVENUE UE EBITDA ORDER R BACKLOG Numbers in NOK
about us • technology provider for cleaner oceans in cruise and aquaculture industries enhancing UN SDG • listed on Oslo Stock Exchange with ticker SSHIP • headquartered in Norway with subsidiaries in US and Poland • well positioned in cruise with environmental technologies on more than 100 ships in operation and backlog for additionally 36 newbuilds • revenues from sale of systems, turnkey retrofits and life cycle services • waste to energy carbon capture technology in pipeline to enable growth in multiple markets 3
large clients base driven by environmental megatrends 4
we help our clients meet their environmental sustainability targets
order backlog 656 700 • all time high orderbook at 656 MNOK yearend 600 513 469 2018 with additional 200 MNOK of options 500 • strong growth in order buildup, 82% year on year 360 400 • order backlog includes equipment deliveries to 36 250 300 cruise newbuilds on contracts with shipyards, 3 200 AWP retrofit turnkey projects with shipowners and 4 aquaculture projects 100 • provides good forward visibility 0 2H2016 1H2017 2H2017 1H2018 2H2018 1) 2018 numbers are presented in accordance with IFRS 15 Numbers in NOK
financial development 2H yoy 183,1 129,8 • revenues in 2H2018 is MNOK 183.1 representing an increase of 41% yoy EBITDA • 12.5% EBITDA in 2H2018 at MNOK 22.9 representing an increase of 57% yoy EBITDA • 11.2% EBITDA margin for the period at 12.5% and improvement from 11.2% same period last year 22,9 14,6 2H2017 2H2018 Revenue (MNOK) EBITDA (MNOK) 1) 2018 numbers are presented in accordance with IFRS 15
financial development FY yoy 329,6 • revenues for FY2018 is MNOK 329.6 247 representing an increase of 33% yoy • EBITDA for FY2018 at MNOK 39.2 representing EBITDA an increase of 56% yoy 11.9% • EBITDA margin in 2018 was 11.9%, and EBITDA improvement from 10.2% reported for 2017 10.2% • generates healthy profits from existing market 39,2 supporting self-financed growth 25,1 FY2017 FY2018 Revenue (MNOK) EBITDA (MNOK) 1) 2018 numbers are presented in accordance with IFRS 15
2H2018 P&L Unau audi dited ed Unau audi dited ed (MNO NOK) 2H 18 2H 17 • Revenue 183.1 129.8 strong second half year with significant Total l operating ng revenu nue 183.1 129.8 improvements • Cost of goods sold -128.5 -88.5 revenue increasing 41 % from 2H 2017, all-time high Gross Profit it 54.6 41.3 • - Gross Margin 29.8 % 31.8 % mix of projects and aftersales between the periods giving variance in GM%, however in line on yearly Employee expenses -19.6 -15.7 average Other operating expenses -12.0 -11.0 EBITD TDA 22.9 22.9 14.6 • operating expenses increasing according to plan - EBITDA margin 12.5 % 11.2 % • improved EBITDA margin Depreciation and amortisation -2.2 -2.0 Operatin ing result ult (EBIT) BIT) 20.7 20.7 12.6 Net Financ ncia ial l items -3.0 3.0 -2.9 2.9 Result ult before tax 17.7 9.7 9.7 1) 2018 numbers are presented in accordance with IFRS 15
FY2018 P&L Unau audi dited ed Audi dited ed (MNO NOK) FY 2018 18 FY 2017 17 • Revenue 329.6 247.0 continuing strong growth path Total l operating ng revenu nue 329.6 247.0 • revenue increasing 33 % from FY 2017, driven by Cost of goods sold -229.8 -171.2 growth both within Projects and Aftersales Gross Profit it 99.8 99.8 75.9 • - Gross Margin 30.3 % 30.7 % significant improvement in operational efficiency increasing the EBITDA margin to 11.9 % Employee expenses -37.3 -29.0 Other operating expenses -23.3 -21.8 • EBITDA at MNOK 39.2 representing an increase EBITD TDA 39.2 39.2 25.1 25.1 of 56 % from 2017 - EBITDA margin 11.9 % 10.1 % • lower net financial cost in 2018 contributing to an Depreciation and amortisation -3.4 -3.2 Operatin ing result ult (EBIT) BIT) 35.8 35.8 21.9 increase in result before tax of 87 % Net Financ ncia ial l items -2.3 2.3 -4.0 Result ult before tax 33.4 33.4 17.9 1) 2018 numbers are presented in accordance with IFRS 15
Unau audi dited ed Audi dited ed (MNO NOK) 31.12. 12.18 18 31.12. 12.17 17 balance sheet ASSE SETS TS: Total l non-cur current nt assets 41.6 33.7 33.7 Current nt assets: • Inventories 4.5 3.9 non-current assets includes MNOK 38.3 in Trade receivables 62.6 58.8 intangible assets, in which the MAP system is the Contracts in progress 62.5 43.3 most significant Other Receivables 15.9 10.1 Cash and cash equivalents 7.0 5.6 • Total l current nt assets 152.4 121. 1.6 non-current liabilities primarily consist of deferred tax liability of MNOK 14.0 Total l assets 194. 4.0 155.3 • EQUITY ITY AND ND LIABIL ABILITIES ITIES improved cash flow from operations has reduced Total l equit uity 93.3 93.3 57.9 the drawn amount on the short-term credit facilities. Total l non-cur current nt liabil ilitie ies 14.9 8.3 8.3 • net cash position per 31.12.18 Current liabil ilit itie ies Trade creditors 44.0 47.6 • significantly improved equity level, equity ratio at Contract accruals 25.7 10.6 Financial instruments 3.4 1.5 48 % per 31 December 2018 Income tax payable -0.3 1.4 Bank overdraft / Credit facility 2.1 20.8 Other Current liabilities 10.9 7.1 Total l Current nt Liabil iliti ities 85.8 85.8 89.0 89.0 Total l liabil ilitie ities 100.7 97.4 Total l equit uity and liabil ilitie ies 194. 4.0 155.3
cash flow statement • strong cash flow from operations Unaudited Audited • (MNOK) 2018 18 2017 17 significant improvements in the net working capital in the group, and increased EBITDA level Result before tax 33.4 17.9 • higher investment level on the MAP system in Net cash flow from operating activities 31.1 10.1 2018 Net cash flow from investing activities -11.4 -4.8 • Net cash flow from financing activities -18.5 -3.3 cash flow from financing activities includes the Net change in cash and cash equivalents 1.2 2.0 reduction in the bank overdraft Effect of exchange rate changes on cash 0.2 -0.2 • Cash and cash equivalents at start of period 5.6 3.8 BOD recommends dividend payment Cash and cash equivalents at end of period 7.0 5.6 1) 2018 numbers are presented in accordance with IFRS 15
NUMB MBER R OF SHARE RES % OF TOTAL AL TYPE COUNTRY RY INGERØ RØ REITEN INV. . COMP MPAN ANY AS 31,5 ,500,0 ,000 32.9 .94% Comp mp. NOR largest shareholders BADIN INVEST LIMI MITED 10,5 ,500,0 ,000 10.9 .98% Comp mp. NOR DALER R INN LIMI MITED 10,5 ,500,0 ,000 10.9 .98% Comp mp. NOR EXPROC OCO LIMI MITED 10,5 ,500,0 ,000 10.9 .98% Comp mp. NOR TRETHOM OM AS 4,2 ,211, 11,111 111 4.4 .40% Comp. NOR GOLDM DMAN AN SACHS INTERN RNAT ATION ONAL AL 2,4 ,408,2 ,246 2.5 .52% Nom. m. GBR VICAMA AMA AS 1,812 12,5 ,500 1.90% Comp mp. NOR • management and board invested in Scanship FONDS DSAV AVAN ANSE AS 1,562,500 1.63% Comp mp. NOR BERGEN KOMM MMUNALE PENSJON ONSKAS ASSE 1,500,000 1.57% Comp mp. NOR • management with CEO, COO and CDO holds total DZ PRIVATBAN ANK S.A. 1,15 150,0 ,000 1.20% Nom. m. LUX MP PENSJON ON PK 1,028,225 1.08% Comp mp. NOR 31.500.000 shares CITIBAN ANK, , N.A. .A. 905,9 ,904 0.9 .95% Nom. m. USA • THOM OM EIGEL INGVAR AR 841, 1,11 111 1 0.8 .88% Priv. NOR chairman and board member holds total 31.500.000 TRAPESA A AS 713,0 ,000 0.75% Comp mp. NOR shares PUNTE HOLDING AS 550,0 ,000 0.5 .58% Comp mp. NOR BIRKELAND D ODD D KNUT 500,0 ,000 0.5 .52% Priv. NOR SKAN ANDI DINAVISKA A ENSKILDA DA BANKEN AB 500,0 ,000 0.5 .52% Nom. m. FIN TOR H BJØRN RNSTAD AD AS 457,7 ,706 0.4 .48% Comp mp. NOR SWENSEN HARAL ALD 415,000 0.4 .43% Priv. NOR BAUMAN MANN INVEST AS 400,0 ,000 0.4 .42% Comp mp. NOR OTHERS RS 13,6 ,685,2 ,222 14.3 .31% 1% TOTAL AL NUMB MBERS OF SHAR ARES 95,6 ,640,5 ,525 100%
growth in cruise • tripled in size last twenty years reaching 27 million going cruising in 2018 (CAGR 5.7%) translated into industry orderbook of 125 newbuilds for delivery until 2027 • Scanship firm orders on 36 newbuilds, options for 8 vessels and are tendering for additionally 22 newbuilds • industry under scrutiny many places around the world and environmental sustainability has become major growth barrier • CLIA reports (2018) 53% of global fleet (386 vessels) equipped with AWP and 7% in compliance with the new Baltic standard • shipowners sustainability goals, changes in regulatory environments combined with overall industry growth drives markets both in newbuild and retrofits 14
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