Vow ASA: Full year and second half of 2023 results
Oslo, 28 February 2024: Vow ASA (OSE: VOW) revenues for the full
year 2023 were NOK 918.5 million, a 17 per cent increase from
the year before. EBITDA before non-recurring items was negative NOK
23.4 million for the full year. In addition, the company recorded
non-recurring items of negative NOK 31.3 million, mainly related to
non-cash balance sheet clean-up in contract accruals. This resulted
in a negative EBITDA for the year of NOK 54.7 million versus a
positive NOK 85.5 million in 2022.
“The year 2023 was a year of high activity and revenue. A large
number of projects were successfully delivered. Activity in
aftersales was increasing. We also secured important new contracts
and moved into position for new projects in new industry
verticals,” said Henrik Badin, CEO of Vow ASA.
At the end of 2023, the order backlog was NOK 1 034 million and
another NOK 921 million in options. The backlog and options
are providing visibility for revenues and good margins well into
2025/26.
“We have also spent much time on clean-up and reassessments of
project accounts and balance sheet items, which we had hoped to
conclude in the third quarter, but which unfortunately continued
for the rest of the year. The underlying reasons are the same as
reported before, adjustments in the project portfolio, increased
cost, and reduced revenue in the reporting period. This resulted in
a negative operating result and bottom line for the reporting
period and for the year,” Badin added.
A comprehensive cost savings programme for 2024 is being
executed. Work processes, operational setup and delivery model is
being streamlined to improve efficiency and mitigate operational
risks, and capacity is being aligned with actual demand. In the
fourth quarter, Vow also sold the subsidiary Ascodero, to further
free up management capacity and financial and other resources.
Outlook
During the past year, significant new signals have been heard
and seen from leading industrial players, which confirm the
rationale behind the decisions and investments made to position Vow
for the future. Large players in the metals industry, such as
Outokumpu and Elkem, have committed to extensive use of biocarbon
for replacing fossil carbon in their production processes.
With high energy costs and increasing climate gas emission
costs, heat-intensive industries are intensifying the search for
low-carbon solutions, which in most cases mean electrification of
their heating processes. As a result, demand for C.H. Evensen
technology has grown substantially and is likely to continue
growing.
Leading cruise companies, widely recognized for having adopted
pioneering clean ship solutions, have already taken further steps
to valorise waste and generate renewable energy - by introducing
advanced technology from Vow on board their ships.
In other industry verticals, leading companies are forging ahead
with plans to roll out multiple end-of-life tire plants for
recovery of carbon black, large-scale carbon refineries and
sophisticated plants for safe treatment of sewage sludge and
contagious PFAS components therein. Pyrolysis technology from Vow
plays a key role in all the above, and concrete projects are being
lined up.
“Our company is well positioned for these and other
opportunities. We have identified a pipeline of some 80 large
projects, with total investments exceeding NOK 25 billion in the
coming years. 2023 and 2024 will be years of transition, as the
company gears up for our “15 from 25” goal: achieving an EBITDA
margin of 15 per cent from the end of 2024,” Henrik Badin
concluded.
CEO Henrik Badin and CFO Tina Tønnessen will present the results
on Thursday 29 February at 09:00 CET. The presentation will be held
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/20240229_1/
Please see the attached report for the second half of 2023.
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 ASA
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 recycling. 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 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).
The information is such that Vow ASA is required to disclose in
accordance with the EU Market Abuse Regulation. This information is
subject of the disclosure requirements pursuant to section 5-12 of
the Norwegian Securities Trading Act.
- Vow - Second Half Year 2023 Report
Vow ASA (TG:213)
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