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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 ASA
Tel: +47 90 78 98 25
Email: henrik.badin@vowasa.com
Tina Tønnessen, CFO, Vow ASA
Tel: +47 406 39 556
Email: 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.
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