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NOK 1.1 billion in firm orders and another NOK 780 million in options.
“The resilience of our Cruise Project business during the pandemic is one
striking feature of this report. So far this year, our order intake from cruise
customers amounts to NOK 200 million plus NOK 135 million in options. And now,
as the cruise industry has begun taking ships back in operation, we expect that
the market for our Aftersales segment will gradually recover,” said Henrik
Badin, CEO of Vow.
Total Vow revenues in the first six months this year were NOK 201 million, down
NOK 47 million or 18 percent compared to the same period in 2020. Aftersales
revenues this year was NOK 18 million. A typical pre-pandemic level for this
segment was NOK 60-65 million.
Revenues in the Cruise Project business was NOK 149 million, compared with NOK
160 million in the same six months of 2020. EBITDA increased from NOK 35 million
in 2020 to NOK 38 million this year, representing a strong 25.7 percent EBITDA
margin.
“Activity in the Cruise Project business has remained steady during the Covid-
19 lockdown. The variance in the period reflects the phasing of the various
projects currently in production,” commented Badin.
Vow’s landbased business has passed several important milestones so far this
year. The demerger and launch of Vow Green Metals as a separate entity, listed
on the Euronext Growth market in Oslo and with Vow as a leading shareholder, was
one such important step in Vow’s commitment to help industries decarbonise.
As Vow Green Metals proceeds with its plans to build a first full-scale
biocarbon production plant at Follum in Norway for completion in 2022, this
company will be an important customer and partner for Vow.
“At the same time, we continue experiencing strong demand across a wide range of
landbased industry verticals and applications, as current and prospective
customers rush to decarbonise their value chain to meet new regulation, economic
realities and consumer expectations,” said Badin.
“With our ability to provide technology and solutions that help industries
decarbonise, and thereby mitigate climate change, we are also experiencing
increased interest from the capital market and governments to support our
business,” he said.
In the first half this year, Vow raised NOK 230 million in gross proceeds to the
company in a private placement. It secured NOK 320 million in long-term ‘green
credit’ at attractive terms, and it was awarded a NOK 80.7 million state grant
from Enova to support industrial production of biocoal for metallurgical
industry at the Follum plant.
Today, at 09:00 Central European Summer Time (CEST) the company’s CEO Henrik
Badin will host an online presentation and answer questions from the audience in
a following Q&A session. He will be joined by the newly appointed CEO of Vow
Green Metals, Cecilie Jonassen. The session will be held in English. A replay of
the presentation and Q&A will be made available on http://www.vowasa.com shortly
after.
To register and join, please paste the following link into your browser and fill
in the required information: https://www.vhgo.no/vow/firsthalf-2021
Attachments (see link at end of document)
First Half Year 2021 Report
First Half Year 2021 Presentation
For more information, please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: erik.magelssen@vowasa.com
About Vow
Vow and its subsidiaries Scanship 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. The information was submitted for publication,
through the agency of the contact person set out above, at 08:00 CET, 26 August
2021.
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