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Scanship Holding ASA
VilniusSeptember 23, 2016
Henrik Badin – CEO
2
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’sbusiness 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.
Disclaimer
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Cruise Industry
4
Cruise Industry in 2016 – fact sheet
11,2
11,4 12,2
…13,2
14,5
15,4
16,3 16,8
17,9 18,1
19,5 20,4
21,5
22,1
23,6
26,0
27,4
29,6
31,2
31,7
Passenger Development (million passengers)
Cruise Fleet
315 ships
Passenger Cruising
23,6 million
Total Economic Impact
$120 billion
53 %
25 %
5 %
3 %14 %
US Europe
Australia China
Others
Passenger Origin
34 %
30 %
17 %
9 %
6 %4 %
Caribbean Europe
Others Asia
Australia Alaska
Capacity Deployment
Industry Capacity
2016 = 505,000
lower berths
What about
China ?
What about
China ?
5
Cruise Space 2016 – largest players
185 cruise ships ≈ 420,000 berths ≈ 83% of market≈ 38% growth with firmed newbuilds until 2021
capacity 5 year newbuld plan
current berth capacity
+
Will NCL allow MSC to
pass in size during the
next 5 years ?
6
18 newbuilds
$14 billion
70,000 berths
11 newbuilds
$8,2 billion
40,000 berths
4 newbuilds
$3,5 billion
13,000 berths
8 newbuilds
$7,9 billion
38,000 berths
8 newbuilds
$6,6 billion
20,000 berths
3 newbuilds
$1,8 billion
8,400 berths
4 newbuilds
$1,2 billion
3,800 berths
12 newbuilds
$3,5 billion
9,000 berths
68 newbuilds ≈ $47 billion of aquisitions ≈ 200,000 berths
Cruise newbuilding market until 2021
When will NCL confirm
new orders ?
Market rumorus:
50+ projects in the
expedition / luxury
segment
TPG with partner injected
$500m to strenghten balance
sheet = to build more ships ?
(TPG took NCL public)
Rumours speaks of 22
newbuilds and a total
investment of $15 billion
Carnival placed an order
for 2+2 newbuilds
September 23, 2016 in
addition
In brief Company structure
About Scanship
• Cruise industry greentech company
• Revenue driven by industry growth, adoption of
new environmental policies, need for efficient
waste handling aboard.
• Headquartered in Norway with subsidiaries in
USA and Canada for sales and service
and Poland for production
• FY2015 - Revenue NOK200m, EBITDA NOK
11,3m and Net Pre-Tax NOK 7m
• Orderbook 2Q16. NOK 200m
• New game changing technologies in pipeline
R&DSales &
marketing
Engineering &
DesignProcurement Installation
Manufacturing
& assembly
(outsourced)
Commissioning
Aftersales
Service, spares
& chemicals
Business model scope of services
Financials Q performance
15%
20%
25%
30%
35%
-
10
20
30
40
50
60
Revenue & Gross margin
Project Aftersales Margin %
Company offering
9
Scanship AWP – NCL & RCCL newbuilds
10
Scanship Waste Mgmt. System
11
Scanship references – with the biggest players
AWP newbuild Waste mgmt. newbuild
7
4
1
7
9
5
10
11
8
8
21
5
6
3
2
23
12
24
22
26
ResidenSea, SilverSea Cruises, Viking Ocean Cruises, TUI Cruises, Jamaica
Airport Authority, Paul Gauguin Cruises for newbuilds –total 10 newbuilds
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
Other
Waste mgmt. retrofitAWP retrofit
1) Scanship has delivered systems to previous NCL vessels that have been sold explaining higher number of deliveries than current NCL fleet
Customers# of system installed
[total system]Main Projects
2) Includes 2 land based waste managment plants at airports in Jamaica
2)
1)
Retrofit of AWP for Alaska of the entire NCL fleet between 2002-06,
Retrofit on Oceania Sirena in 2016
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 -
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
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
Total Clean ship systems with waste mgmt & AWP on Fantasia Class –4 newbuilds 2006-2013
[ ][ ] [ ] [ ]28 526 48
NCL Brekaway ClassRCCL Quantum Class
RCCL Harmony (Oasis) Class
TUI Mein Schiff Class
Genting Dream Class
Viking Star Class
CCL Vista Class
Silver Muse Class
MSC Meraviglia Class
Scanship orderbook - 21 newbuilds until 2020
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Shipyard orderbook until 2021
20 newbuilds
$17,9 billion
78,000 berths
25 newbuilds
$12,3 billion
54,000 berths
12 newbuilds
$10,7 billion
52,000 berths
5 newbuilds
$1,2 billion
5,000 berths
6 newbuilds
$4,7 billion
13,000 berths
Fwd project revenue opportunity for Scanship ≈ NOK 500 million in existing yard orderbook
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AWP retrofit growth opportunity
• High tendering activity expected to bring
orders - higher industry focus
• IMO decision on Helcom implementation
is expected to re-boost demand
• Oceania Cruises placed an order with
Scanship for a Helcom compliant system
on the Oceania Sirena
• AWP retrofit cruise market size is
estimated to be ~ NOK 2.3bn
382
116
128
138
Total Already installedAWP
Excluded Retrofit potential
AWP retrofit potential(# of vessels)
~ NOK 2.3bn
Fwd project revenue opportunity for Scanship ≈ NOK 2,3 billion in retrofits
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New 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
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Scanship Holding ASA
Lysaker Torg 12
P.O. Box 465
1327 Lysaker
Norway
Phone: +47 67 200 300
E-mail: [email protected]
www.scanship.no
