Vow ASA: ABOUT VOW’S ACCOUNTS FROM 2019
22 Mars 2024 - 8:00AM
Vow ASA: ABOUT VOW’S ACCOUNTS FROM 2019
Vow has received questions suggesting that
recent media coverage and an analyst report have left the
impression that Vow from 2019 has misreported cost. This is not
correct.
Apparently, the analysis and the media report have overlooked
that the company has capitalised relevant development costs during
the period. Since 2019 Vow has successfully introduced new
internally generated technology and entered into new markets. For
selected contracts that have required new technology, some
operational expenditures related to R&D has been capitalized.
High activity level and growth has led to increased working
capital.
As noted in the report for the second half of 2023, the company
has over time invested significantly in technology and developing
new project opportunities in close collaboration with current and
future customers in both cruise and landbased industries. The
company is well positioned for future contracts and has a solid
order backlog of NOK 1 034 million.
Throughout 2023 and in connection with the preparation of the
annual accounts, Vow has also conducted a thorough review of the
remaining order backlog, expected revenues and results. Measures
have already been taken to reduce the cost level and improve
working capital. The work of adapting the company's activity level
and streamlining the business continues.
For more information, please contact:
Henrik Badin, CEO, Vow ASATel: +47 90 78 98 25Email:
henrik.badin@vowasa.com
Tina Tønnessen, CFO, Vow ASATel: +47 406 39 556Email:
tina.tonnessen@vowasa.com
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.
Advanced technologies and solutions from Vow enable industry
decarbonisation and material recovery. Biomass, sewage sludge,
plastic waste and end-of-life tyres can be converted into clean
energy, low carbon fuels and renewable carbon that replace natural
gas, petroleum products and fossil carbon. The solutions are
scalable, standardised, patented, and thoroughly documented, and
the company’s capability to deliver is well proven.
The company is a cruise market leader in wastewater purification
and valorisation of waste. It provides technology and solutions
which enable industries to transition towards a fossil-free future
by converting biomass and waste into valuable resources and clean
energy. The company also has strong niche positions in food safety
and robotics, and in heat-intensive industries with a strong
decarbonising agenda.
Located in Oslo, the parent company Vow ASA is listed on the
Oslo Stock Exchange (ticker VOW).
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Vow ASA (TG:213)
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Vow ASA (TG:213)
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