Lysaker, 15 August 2014: Scanship Holding ASA announced its results for Q2 2014.
Financial Statement and presentation for Q2 2014 attached and available at
www.newsweb.no.
In Q2 Scanship won a contract with Fincantieri S.p.A for delivery of Total Clean Ship Solution to Viking Sea, the third in the series. Equipment deliveries will take place in the third and fourth quarter of 2014. The contract includes options for equipment deliveries in 2015, 2016 and 2017.
CEO Henrik Badin comments on the Quarter:
"We are growing within supplies to newbuilds, despite lower revenues than anticipated for the period. Our performance confirms gross margins at robust levels, and with a strong team in place we are all set for forward growth." says Henrik Badin, CEO of Scanship.
Key financial figures
| Consolidated in TNOK | Q2 2014 | Q2 2013 | YTD 2014 | YTD 2013 | FY 2013 |
| Total Revenue | 31 822 | 35 852 | 66 707 | 74 577 | 169 974 |
| Grossmargin % | 32 % | 29 % | 34 % | 28 % | 31 % |
| EBITDA bef. non-rec. | 527 | 3 830 | 2 954 | 5 807 | 20 982 |
| Operating Profit (EBIT) | -2 076 | 3 534 | 165 | 5 253 | 19 890 |
| Profit before Tax | -3 873 | -862 | -1 457 | - 1 077 | 7 188 |
| Total Assets | 147 928 | 73 794 | 147 928 | 73 794 | 101 401 |
Overall the revenue for the group was lower in Q2 2014 and YTD 2014 compared to the same period in 2013.
The gross margin YTD 2014 was TNOK 22 695 (34%) compared to TNOK 20 632 (28%) in YTD 2013, which confirms the improvement in gross margins shown in Q1 2014.
During Q2 2014, Scanship did the majority of the commissioning of the advanced wastewater purification system on Mein Schiff 3 owned by TUI Cruises.
Shipowners are continuing to place orders to build new ships, and the potential revenue opportunities have increased with new ship contracts in Italy, France, Germany and Finland.
The retrofit market has been slow in the period, but with new requirements being enforced going forward, we expect growth within this segment.
Lysaker, 14 August 2014
The Board of Directors for Scanship Holding ASA
A presentation of the results for Q2 2014 will be held 12:00 a.m. Friday 15 August 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.
