Vow ASA — Interim / Quarterly Report 2014

May 16, 2014

16 Mai 2014

• 1. Financials Q1-2014
• 1. Scanship at a glance

Revenues	34 885	38 725
GM	36 %	26 %
EBITDA	2 427	1 977
Total Assets	108 084	82 101
Order backlog 01 04 2014	108 000

• Strong improvement of GM% & EBITDA
• Awarded two new contracts at Meyer Werft
• Growth in newbuild segment
• Higher sales activities with larger team to enhance forward growth in other segments

STX France

• Delivery of Scanship AWP to the construction of Oasis III, worlds largest cruise ship (8 460 people)
• The vessels will be launched in 2016, to join the Oasis of the Seas and Allure of the Seas
• ¹²th of May 2014 ~ RCCL exercised the option to build Oasis IV for 2018 launch

Getaway

• Handed over the AWP system on NCL Getaway after a successful commissioning and compliance period
• Scanship AWP on the Getaway is the second of the Breakaway Class ships

• System meets the new requirements of MEPC 227(64) with special area Baltic Sea

• Completed installation on RCCL's Vision of the Seas

• System is currently being commissioned to undergo a compliance test during Q2 2014
• This projects ends the Vision class retrofits all equipped with Scanship AWP
• Scanship has completed a total of 9 vessels in the Voyager Class and Vision class of vessels since 2010 ~ total NOK 220 million

Fincantieri

Illustration of garbage handling equipment and foodwaste system on Viking Star

• Supply to Viking Star at Fincantieri
• Total clean ship system with advanced wastewater purification,
• foodwaste processing and garbage handling
• Start of procurement to the second vessel for delivery in Q3

• May 9th 2014 ~ Viking Ocean Cruises announced the name on the second and third vessels Viking Sky and Viking Sea

• The company has completed engineering and started procurement of equipment to the new Carnival Vista under construction at Fincantieri for delivery in Q3 2014

• Engineering is underway for contracts at Meyer Werft for NCL Escape and NCL Bliss in the Breakaway Plus class

• Awarded the contract for the delivery of Scanship AWP to Star Cruises at Meyer Werft ~ Genting World

• Q1 Overview

• Scanship at a glance

• Higher revenues in newbuild segment

• Delays in decisions on retrofits and service assignments reduces revenue
• GM up from 26% in Q1 2013 to 36% in Q1 2014

• EBITDA improved from Q1 2013

• Typical higher newbuild revenues in 2nd half of year from ship launch schedules

• Ship launches at repositions for summer seasons requires equipment delivery ~18 months prior
• Growth in newbuild revenue Q1 2014
• Lower retrofit activity expected to pick up on scheduled dry-docks in the fall

	Unaudited	Unaudited	Audited
(NOK 1000)	Q1 2014	Q1 2013	2013
Note	Jan-Mar	Jan-Mar	Jan-Dec
Revenue 2	34 885	38 725	169 974
Total operating revenue	34 885	38 725	169 974
of goods sold Cost	-22 407	-28 527	-116 979
(%) GM	36 %	26 %	31 %
Employee expenses	-5 207	-4 249	-16 278
Other operating expenses	-4 844	-3 972	-15 735
EBITDA	2 427	977 1	20 982
(%) EBITDA	% 7	% 5	12 %
Depriciation and amortisation	-186	-258	-1 092
(EBIT) Operating profit	2 241	1 719	19 890
Finance income 3	2 630	240	3 042
Finance 3 costs	-2 455	-2 174	-15 744
Profit before tax	2 417	-215	7 188
Income tax expense	-231	61	-2 043
Profit for the period	2 186	-154	5 146

	Unaudited	Unaudited	Audited
(NOK 1000)	31.03.2014	31.03.2013	31.12.2013
ASSETS:
Non-current assets:
, plant and equipment Property	1 504	2 249	1 574
Intangible assets	14 421	9 623	12 503
Total non-current assets	925 15	872 11	077 14
Current assets:
Inventories	5 516	4 420	5 109
Trade receivables	26 661	13 452	23 809
Contracts in progress	53 375	44 773	52 195
Other Receivables	5 117	5 456	5 035
Cash and cash equivalents	1 708	2 128	1 177
Total current assets	92 377	70 229	87 325
Total assets	108 302	82 101	101 401

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.

	Unaudited	Unaudited	Audited
(NOK 1000)	31.03.2014	31.03.2013	31.12.2013
EQUITY AND LIABILITIES
Equity:
Share Capital	202	202	202
Translation difference	-492		-434
Retained earnings	-18 941	-26 427	-21 127
Total equity	-19 232	-26 225	-21 360
Liabilities
Deferred liabilities tax	7 474	6 626	6 817
borrowings Long term	19 967	29 900	19 967
Total liabilities non-current	27 441	36 525	26 783
Current liabilities
borrowings Current	10 000	-	10 000
Trade creditors	30 567	27 809	30 931
accruals Contract	24 686	17 490	22 058
Financial instruments	4 559	-402	7 114
payable Income tax	-	372	823
overdraft Bank	19 155	19 703	290 14
Other liabilities Current	11 125	6 829	10 762
Total Liabilities Current	100 092	71 801	95 978
Total liabilities	127 533	108 326	122 761
Total equity and liabilities	108 302	82 101	101 401

	Unaudited	Unaudited	Audited
(NOK 1000)	Q1 2014	Q1 2013	2013
Profit before income tax	2 417	-215	7 188
Adjustments:
cash flow from Net operating activities	-2 301	-3 202	4 371
cash flow from Net investing activities	-2 033	-604	-3 715
change cash and cash equivalents Net in	-4 334	-3 806	656
Cash cash equivalents and 1 January at	-13 113	-13 769	-13 769
Cash and cash equivalents end of period at	-17 447	-17 575	-13 113

Negative cash flow from operating activities as instalments on ongoing contracts are due in the 2nd half of the year

Cash flow from investing activities mainly from R&D (TNOK 1 918 Q1 2014)

• 1. Q1 Overview
• 1. Financials Q1-2014

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R&D	Sales & marketing	Engineering & Design	Procurement	Manufacturing & assembly (outsourced)	Installation2	Commissioning	Aftermarket: Service, spares & chemicals
-----	----------------------	-------------------------	-------------	---------------------------------------------	---------------	---------------	------------------------------------------------

(Advanced Wastewater Purification)

Layout illustration of the Scanship AWP on the ship classes NCL Getaway and RCCL Quantum built at Meyer Werft in Papenburg, Germany

• treats all wastewater streams from onboard operations including galley water, reject water from foodwaste management systems and bio-residue treatment
• meets all IMO Marpol- and local port sate regulations such as Alaska and Baltic Sea (Helcom)
• multiple design configurations available
• compact, efficient and easy to operate
• low and controllable cost to operate with an attractive LCC and ROI
• 43 systems in operation and 13 systems being equipped on cruise newbuilds under construction

Food waste Incinerator Waste recycling Bio-sludge

Layout illustration for the Scanship Waste Management system on the Viking Star project at Fincantieri

• processes all garbage, foodwaste and bio residues from shipboard operations
• vacuum foodwaste conveying system secures direct discharge from galley, minimizes water consumption and eliminates risk of contamination
• incinerator system meets and exceeds the IMO Marpol Annex V standard
• recycle waste are crushed, baled and densified to fit shore side receiving facilities world wide, enabling ship-owners to obtain savings and income from landing
• 51 systems in operation and 2 systems being equipped on cruise newbuilds under construction

Customers	(of which in orderbook)	2
	10 10 6		 The third largest cruise line in the world  Operates a fleet of 12 ships and 3 vessels in the orderbook (8% market share)1
	9 10 5		The second largest cruise player with a market  share of ~21% including all brands and ~45 ships within the corporation
	1 21 1		 The world's largest cruise liner  Market share of ~45% including all brands and over 100 ships within the corporation
	5 8		 Cruise leader in the Mediterranean market  Operates a fleet of 12 vessels with a market share of ~6%
Other	6 5 7 5	2 Viking, 2 Star4	Examples of other customers: ResidenSea,  SilverSea Cruises, Viking Ocean Cruises, Hurtigruten, Jamaica Airport Authority

¹ Scanship has delivered systems to previous NCL vessels that have been sold explaining higher number of deliveries than current NCL fleet, ² In addition, three option contracts with: Carnival Corp., Viking Ocean Cruises and RCCL, ³ Includes 2 vessels for TUI, partly owned by Royal Carribean Int., ⁴ Contract awarded in March 2014 (oral agreement, awaiting written confirmation) with Meyer Werft

19

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www.scanship.no