Vilnius Scanship Holding ASA - September 23, 2016
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Scanship Holding ASA
Vilnius
September 23, 2016
Henrik Badin – CEO
Disclaimer
This presentation (the “Presentation”) has been produced by Scanship Holding ASA ("Scanship" or the "Company") exclusively for
information purposes.
This Presentation includes forward-looking statements regarding Scanship, including projections and expectations, which involve risk and
uncertainty. Such statements are included without any guarantee as to their future realization. Although Scanship currently believes that
the expectations regarding the Company reflected in such forward-looking statements are based on reasonable assumptions, no
assurance can be given that such projections will be fulfilled. Any such forward-looking statement must be considered a long with the
knowledge that actual events or results may vary materially from such predictions due to, among other things, political, economic, financial
or legal changes in the markets in which Scanship does business, and competitive developments or risks inherent to the Company’s
business plans. Many of these factors are beyond Scanship’s ability to control or predict. Given these uncertainties, readers are cautioned
not to place undue reliance on any forward-looking statements. Accordingly, the Company does not accept any responsibility for the future
accuracy of the forward-looking statements expressed in this Presentation or the actual occurrence of the forecasted developments. The
Company does not intend, and does not assume any obligation, to update any such forward-looking statements as of any date subsequent
to the date hereof.
No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including, without
limitation, projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors,
omissions or misstatements contained herein, and, accordingly, the Company does not accept any liability whatsoever arising directly or
indirectly from the use of this Presentation.
By receiving this Presentation, the recipient acknowledges that he will be solely responsible for its own assessment of the market and the
market position of the Company and that he will conduct his own analysis and be solely responsible for forming his own view of the
potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial
information, as well as other publicly disclosed information.
Nothing in this Presentation, nor any other information provided to the recipient by the Company or any of its advisers constitutes, or may
be relied upon as constituting, investment advice or any financial, tax or legal advice by such persons or anybody else.
2
Cruise Industry 3
Cruise Industry in 2016 – fact sheet
Cruise Fleet Passenger Cruising Total Economic Impact
315 ships 23,6 million $120 billion
31,7
31,2
29,6
Passenger Origin Capacity Deployment Passenger Development 27,4
(million passengers) 26,0
What about What about 4% 23,6
China ? 14 % China ? 6%
3% 9% 22,1
34 % 21,5
5%
20,4
53 % 17 % 19,5
17,9 18,1
25 %
30 % 16,3 16,8
Industry Capacity
15,4
US Europe Caribbean Europe 14,5 2016 = 505,000
…
Australia China Others Asia 13,2 lower berths
Others Australia Alaska 11,4 12,2
11,2
4
Cruise Space 2016 – largest players
+ capacity 5 year newbuld plan
current berth capacity
Will NCL allow MSC to
pass in size during the
next 5 years ?
185 cruise ships ≈ 420,000 berths ≈ 83% of market
≈ 38% growth with firmed newbuilds until 2021
5
Cruise newbuilding market until 2021
18 newbuilds 11 newbuilds 4 newbuilds 8 newbuilds
$14 billion $8,2 billion $3,5 billion $7,9 billion
70,000 berths 40,000 berths 13,000 berths 38,000 berths
Carnival placed an order When will NCL confirm
for 2+2 newbuilds new orders ?
September 23, 2016 in
addition
8 newbuilds 3 newbuilds 4 newbuilds 12 newbuilds
$6,6 billion $1,8 billion $1,2 billion $3,5 billion
20,000 berths 8,400 berths 3,800 berths 9,000 berths
Rumours speaks of 22 TPG with partner injected Market rumorus:
newbuilds and a total $500m to strenghten balance 50+ projects in the
investment of $15 billion sheet = to build more ships ? expedition / luxury
(TPG took NCL public) segment
68 newbuilds ≈ $47 billion of aquisitions ≈ 200,000 berths
6
About Scanship
In brief Company structure
• Cruise industry greentech company
• Revenue driven by industry growth, adoption of
new environmental policies, need for efficient
waste handling aboard. Financials Q performance
• Headquartered in Norway with subsidiaries in
USA and Canada for sales and service Revenue & Gross margin
and Poland for production 60
• FY2015 - Revenue NOK200m, EBITDA NOK
50
40
35%
30%
11,3m and Net Pre-Tax NOK 7m 30
25%
• Orderbook 2Q16. NOK 200m
20
10 20%
• New game changing technologies in pipeline - 15%
Project Aftersales Margin %
Business model scope of services
Manufacturing Aftersales
Sales & Engineering & Service, spares
R&D Procurement & assembly Installation Commissioning
marketing Design & chemicals
(outsourced)
Company offering
Scanship AWP – NCL & RCCL newbuilds 9
Scanship Waste Mgmt. System 10
11
Scanship references – with the biggest players
# of system installed
Customers Main Projects
[total system]
Retrofit of AWP for Alaska of the entire NCL fleet between 2002-06,
1) Retrofit on Oceania Sirena in 2016
9 11 6 [26] On all NCL newbuilds from 2004 including ship class Jewel, PoA, Epic,
Breakaway (from 2010) and Breakaway Plus (from 2013)
6 newbuilds with total clean ship systems
AWP Retrofit on Serenade of the Seas for Alaska in 2004
AWP Retrofit of Voyager Class and Vision class prepared for Helcom 2010 -
7 10 5 [22] 2014
Total Clean ship on Freedom Class 2005-08 & Waste on VI/RP 1996-98
AWP on Quantum class (Helcom) & Oasis class (Alaska) from 2012
Carnival Destiny & Conquest Class, 7 newbuilds 1995-04
HAL’s Vista Class, 7 newbuilds & Cunards QM2 1999-05
1 21 2 [24] P&O Arcadia 1999-05 and Costa newbuilds, 5 newbuilds 2003-09
Foodwaste retrofits Costa Tropical 2001 & Queen Elisabeth 1995
Carnival Vista in in service 2016 with Scanship AWP
Waste mgmt systems on the Musica Class – 4 newbuilds 2005-12
4 8 [12] Total Clean ship systems with waste mgmt & AWP on Fantasia Class –
4 newbuilds 2006-2013
ResidenSea, SilverSea Cruises, Viking Ocean Cruises, TUI Cruises, Jamaica
2) Airport Authority, Paul Gauguin Cruises for newbuilds –total 10 newbuilds
Other 7 5 8 3 [ 23] Discovery Sun, Regent Seven Seas Navigator, Hurtigruten, Star Cruises;
Color Line, Paul Gauguin for retrofits – 8 retrofits
Number of Scanship Total Clean Ship Systems – 4 newbuilds
AWP newbuild AWP retrofit Waste mgmt. newbuild Waste mgmt. retrofit
[ 28 ] [ 26] [48 ] [ 5]
1) Scanship has delivered systems to previous NCL vessels that have been sold explaining higher number of deliveries than current NCL fleet
2) Includes 2 land based waste managment plants at airports in JamaicaScanship orderbook - 21 newbuilds until 2020
RCCL Quantum Class NCL Brekaway Class CCL Vista Class
RCCL Harmony (Oasis) Class Genting Dream Class MSC Meraviglia Class
TUI Mein Schiff Class Viking Star Class Silver Muse ClassShipyard orderbook until 2021
20 newbuilds 25 newbuilds 12 newbuilds 6 newbuilds 5 newbuilds
$17,9 billion $12,3 billion $10,7 billion $4,7 billion $1,2 billion
78,000 berths 54,000 berths 52,000 berths 13,000 berths 5,000 berths
Fwd project revenue opportunity for Scanship ≈ NOK 500 million in
existing yard orderbook
14AWP retrofit growth opportunity
• High tendering activity expected to bring
orders - higher industry focus
AWP retrofit potential
•
(# of vessels)
IMO decision on Helcom implementation
is expected to re-boost demand 128
• Oceania Cruises placed an order with
Scanship for a Helcom compliant system
382 138
~ NOK 2.3bn
116
on the Oceania Sirena
Total Already installed Excluded Retrofit potential
AWP
• AWP retrofit cruise market size is
estimated to be ~ NOK 2.3bn
Fwd project revenue opportunity for Scanship ≈ NOK 2,3 billion in retrofits
15New technology to “fuel” growth
• Waste to energy system based on microwave
assisted pyrolysis
• More compact than conventional waste
management systems
• Will operate unrestricted 24/7/365 as it will not
have a flue gas, Zero discharges to the sea,
other than clean water
• Significant carbon capture in char, with revenue
opportunities
• Expected attractive ROI for ship-owner will drive
growth within newbuilds, retrofits and new
markets
16Scanship Holding ASA
Lysaker Torg 12
P.O. Box 465
1327 Lysaker
Norway
Phone: +47 67 200 300
E-mail: mail@scanship.no
www.scanship.no
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