Lysaker, 16 May 2014: Scanship Holding ASA announced its results for Q1 2014.
Financial Statement and presentation for Q1 2014 attached and available at www.newsweb.no.
During Q1 Scanship was awarded two contracts at Meyer Werft for delivery of advanced wastewater purification systems for two Star Cruises newbuilds. After the end of the Q1 the company successfully completed its IPO on the Oslo Axess, with gross proceeds from new equity of TNOK 80 000. Scanship's financial performance for Q1 was in line with the management's expectations and the company maintains a positive view on the market outlook.
CEO Henrik Badin comments on the Quarter
"We have completed an eventful quarter and are satisfied with the achieved margin improvements. Several new contracts were signed and we are currently experiencing great interest for our systems. We now have the required financial flexibility to further develop our proprietary technology and pursue significant growth opportunities" says Henrik Badin, CEO of Scanship.
Key financial figures
| Consolidated in TNOK | Q1 2014 | Q1 2013 |
| Total Revenue | 34 885 | 38 725 |
| Gross margin % | 36% | 26% |
| EBITDA | 2 427 | 1 977 |
| Operating Profit (EBIT) | 2 241 | 1 719 |
| Profit before Tax | 2 417 | -215 |
| Total Assets | 108 084 | 82 101 |
The gross margin has improved to 36% in Q1 2014, from 26% in Q1 2013 and 31% for 2013.
Scanship increased its research and development (R&D) activities to TNOK 1 918 in Q1 2014, compared to TNOK 469 in Q1 2013. The R&D activity is scheduled to further increase in the coming quarters.
On 11 April Scanship Holding ASA successfully completed an IPO, whereas the company raised TNOK 80 000 in gross proceeds from new equity and listed the company on Oslo Axess. The share issue has strengthened the working capital, and will enable Scanship to meet the increased demand as well as fund the planned research & development projects.
Operations
In Q1 2014 Scanship was awarded two contracts for delivery of advanced wastewater systems purification to Meyer Werft in Germany. The systems will be delivered to two cruise vessels ordered by Star Cruises with equipment delivery in 2015 and 2016 respectively, and will meet the new Helcom MEPC 227(64) requirements in the Baltic Sea. The sale of spare parts and chemicals increased 16% and 25% respectively compared to Q1 2013.
Market outlook
Scanship has a positive view on the market outlook. Ship-owners are placing orders to build new ships, ship retrofits are being requested, and a larger sales team in Scanship is reaching out to new clients and new markets.
The Board of Directors for Scanship Holding ASA
A presentation of the results for Q1 2014 will be held 12:00 a.m. Friday 16 May at Fondsfinans AS, Haakon VII's gate 2, Oslo.
For further queries, please contact:
Sigurd Gaarder Lange - CFO
Scanship Holding ASA
Tel: +47 90 79 81 55
Email: sigurd.lange@scanship.no
ABOUT SCANSHIP HOLDING ASA
Scanship is an industry leader in advanced technologies for processing waste and purifying water within the maritime industry. Owners of vessels operating our systems have the solutions to convert all waste and wastewater to inert materials, recyclables, clean flue gas and effluent which meets the highest international discharge standards. Our new technologies will recover water and produce energy, providing tangible payback from the operations. We strive for the highest quality, innovative and sustainable solutions.
