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Vow ASA — Earnings Release 2022
Oct 27, 2022
3785_iss_2022-10-27_6c400bc1-bde3-4b0d-9b93-0377e1cfc7b7.html
Earnings Release
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Vow ASA: Q3 2022 - Strong growth in profits as YTD revenue doubles
Vow ASA: Q3 2022 - Strong growth in profits as YTD revenue doubles
Vow ASA ("Vow" or the "Company") reported revenues of NOK 594 million for the
first nine months (YTD) of 2022, a doubling from the same period last year, and
an EBITDA margin of 13.2 per cent. High activity in all business segments
contributed to the growth, and the Group continues to develop its pipeline of
new projects together with customers. Further growth is supported by a strong
order backlog including options at 2.2 billion, and a solid financial position.
For the third quarter alone, revenues were NOK 194 million, compared with NOK
98 million in the third quarter last year. All segments contributed to the
progress, with especially strong, profitable growth from the Landbased segment.
Newly acquired C.H. Evensen represented NOK 14 million of the increase in the
third quarter, being included in the Vow group from 1 April 2022. In addition,
the cruise industry is gaining speed which resulted in improved activity levels
for Aftersales and continued strong revenue growth within Projects Cruise.
EBITDA before non-recurring items in the quarter 2022 was NOK 25 million,
compared with NOK 8 million in the same period last year, supported by positive
and improved EBITDA result in all segments.
Solid order backlog
The order backlog currently stands at NOK 1 326 million, up from NOK 1 284
million one year earlier and NOK 1 291 million at the start of the year. In
addition to the firm backlog, shipowners have placed options on the newbuild
series being equipped with Scanship systems amounting to NOK 863 million in
likely future revenues related to the Projects Cruise segment.
"It is great to see that the cruise fleet is back in operation. Vow and Scanship
are well positioned to continue supporting shipyards and the shipowners in their
green transition and on their mission for an ever-cleaner ocean. Extensive fleet
renewal programmes being planned, newbuilds and retrofits, to meet customers and
investors' expectations for green cruising," said Henrik Badin, CEO of Vow ASA.
"Global trends in the circular economy and energy markets, regulation, and
economic realities, encourage industry and energy providers to decarbonise. This
creates an unprecedented demand and interest for the technologies and solutions
that we provide, producing renewable carbon and climate neutral gas at large
scale," Badin added.
Today at 09:00 CEST, the company's CEO Henrik Badin will present the results
live at Haakon VII's gate 2, 0161 Oslo. Participants are welcome to join in
person or via livestream. The streaming link will also be available for replay
after the event. The session will be held in English.
To register and join the webcast, please paste the following link into your
browser, click 'Attend' and register your e-mail:
https://channel.royalcast.com/landingpage/vowasa/20221027_1/
Please see the attached trading update report and presentation for further
detailed information.
Attachments (see link at end of document)
* Vow - Trading update Q3 2022
* Vow - Presentation Trading update Q3 2022
For more information, please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: [email protected]
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: [email protected]
About Vow
Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about
preventing pollution. The company's world leading solutions convert biomass and
waste into valuable resources and generate clean energy for a wide range of
industries.
Cruise ships on every ocean have Vow technology inside which processes waste and
purifies wastewater. Fish farmers are adopting similar solutions, and public
utilities and industries use our solutions for sludge processing, waste
management and biogas production on land.
With advanced technologies and solutions, Vow turns waste into biogenetic fuels
to help decarbonise industry and convert plastic waste into fuel, clean energy,
and high-value pyro carbon. The solutions are scalable, standardised, patented,
and thoroughly documented, and the company's capability to deliver is well
proven. They are key to end waste and stop pollution.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange
(ticker VOW).
The information is such that Vow ASA is required to disclose in accordance with
the EU Market Abuse Regulation.