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Vow ASA — Earnings Release 2022
May 5, 2022
3785_rns_2022-05-05_a0ad7c69-22ee-4a1a-8589-b61ab749ee09.html
Earnings Release
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Vow ASA: Q1 2022 - Vow delivers all-time high
Vow ASA: Q1 2022 - Vow delivers all-time high
Vow ASA ("Vow" or the "Company") nearly doubled revenues in the first quarter
and more than doubled EBITDA compared with first quarter last year. Activity is
gaining momentum across all business segments, and the order backlog remains
solid at NOK 1 271 million. In the first quarter, Vow made important steps to
meet increased demand for advanced carbon products and CO2 neutral energy and
acquired C.H. Evensen to further position for growth.
Revenues in the first quarter of 2022 was NOK 182.5 million, compared with NOK
92.7 million in the same period last year. EBITDA before non-recurring items was
NOK 23.6 million, more than a doubling from NOK 10.2 million in the same period
last year.
All segments contributed to the progress, with especially strong, profitable
growth from the Landbased segment. In addition, the cruise industry is gaining
speed which resulted in improved activity levels for Aftersales and continued
strong results within Projects Cruise.
"It is great to see that most of 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 are being planned, comprising both newbuilds
and retrofits, to meet customers and investors' expectations for green
cruising," said Henrik Badin, CEO of Vow ASA.
"At the same time, 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.
Outlook
Vow continues to support its customers in their quest to decarbonise their value
chains and become more environmentally sustainable.
The cruise industry continues to grow as cruise liners place new orders. Vow
remains confident about the long-term market outlook for its cruise related
operations, and these growth prospects are supported by increasing demand for
solutions for cleaner oceans. As an increasing share of cruise ships are
delivered with Vow systems, the aftersales market is growing.
Vow is currently in the process of producing and assembling equipment for Vow
Green Metals' first biocarbon plant at Follum in Eastern Norway based on Vow's
advanced pyrolysis technology. Vow continues to make investments in the
Landbased segment, and the acquisition of C.H. Evensen further strengthens the
group's foothold and capacities in this segment.
As a provider of world leading technologies that can eliminate pollution,
enhance circular economy, and mitigate climate change, and with a proven ability
to deliver reliable technology at a competitive price, Vow is well positioned to
meet the global trends of replacing fossil fuels and turning waste into valuable
resources.
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 meet in
person or to follow the presentation via livestream. A recording of the session,
which will be held in English, will be available on www.vowasa.com
(http://www.vowasa.com) after the event.
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/hegnarmedia/20220505_13/
Attachments (see link at end of document)
* Vow - Trading update Q1 2022
* Vow - Presentation Trading update Q1 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 at Lysaker outside Oslo, the parent company Vow ASA is listed on the
Oslo Stock Exchange (ticker VOW).
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.