Vow ASA : Second half and full year 2020 : Fifth consecutive year of growth, record high performance within Cruise projects

Vow ASA reported revenues for 2020 at NOK 460 million, up 21% compared to 2019, and NOK 47 million in EBITDA (before non-recurring items), corresponding to a 10% margin. The year was marked by continued strong performance in Cruise Projects, which reported EBITDA of NOK 71 million. Group profit before tax was NOK 28 million, an improvement of NOK 35 million compared with 2019.

"While newbuilds and retrofit projects in cruise make most of our order backlog, we are increasingly focused on our Landbased business which was awarded several landmark contracts for valorisation of waste, biomass, and industry decarbonising,” says Henrik Badin, CEO of Vow ASA.

"In 2020, Landbased celebrated several transformative achievements, including agreements with leading industry players Repsol and ArcelorMittal. We are currently replicating our successful and proven delivery model in cruise for projects on land. Aftersales in cruise, meanwhile, continued to be negatively impacted by Covid-19 as cruise ships are still docked,” Badin adds.

Vow secured new contracts to a total value of NOK 369 million in 2020, and the order backlog was NOK 952 million at the end of December 2020, up from NOK 890 million the year before. Since then, orders worth an additional NOK 60 million have been confirmed and reported.

For the second half of 2020, Vow reported revenues of NOK 212 million mainly driven by continued high activity in cruise projects. EBITDA before non-recurring items came in at NOK 22 million, representing a margin of 10%.

In December 2020, Vow launched Vow Industries as an incubator for business development, and today, Vow is introducing Vow Green Metals, a new separate entity, which will be spun off to existing shareholders and listed, likely before summer 2021. Vow Green Metals will build, own and operate plants and deliver high value biocarbon and CO2 neutral gas for metal industries.

"Demand for biocarbon is expected to increase significantly in the next few years, driven partly by increasing CO2 taxation and corporate net zero strategies. With the launch of Vow Metals, we are providing large, international industrial groups with the technology to achieve their goals of CO2 neutrality”, Badin says.

Today at 08.00 CET, CEO Henrik Badin will present the report and comment on status in a video conference online. The session will be held in English and the audience is welcome to ask questions. A replay of the webinar will be made available on www.vowasa.com shortly after.

To register and join the webinar, please paste the following link into your browser and follow instruction on the screen: https://www.vhgo.no/vow/secondhalf-2020

For further queries, please contact:
Henrik Badin - CEO Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com

Attachments (link at end of announcement)
Report for the second half 2020
Presentation for the second half 2020

About Vow ASA
In Vow and our subsidiaries Scanship and Etia we are passionate about preventing pollution. Our advanced technology and world leading solutions purify wastewater and convert biomass and waste into valuable resources and generate clean energy for a wide range of industries, which as part of their own transition are looking for low carbon fuels, carbon neutral energy, decarbonised gas, and biocarbon.

We have delivered technology to a wide range of industries for many years. Our solutions are scalable, standardized, patented, and thoroughly documented, and our capabilities are well proven in concrete projects and deliveries.

In 2020, Vow established Vow Industries. This subsidiary will build, own, and operate plants that deliver industry decarbonisation as a service, thereby accelerating the green transition within waste and biomass valorisation and energy production.

Located in 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.

Attachments

• VOW - Second Half Year 2020 Presentation
• VOW - Second Half Year 2020 Report