SAA Wish (“Vow” or the “Company”) made solid progress across the board in the first half of 2022. Total revenue doubled year-on-year to NOK 400 million. Landbased revenues more than quadrupled, Aftersales returned to pre-Covid levels and Cruise Projects continued its steady and profitable growth.
With continued strong operating performance based on an efficient delivery model, earnings before interest, tax, depreciation and amortization (EBITDA) before non-recurring items also reached a record high of NOK 53 million for the period (20 million NOK as of 1H 2021). The EBITDA margin was 13.3%. The order book increased by 32% year-on-year to NOK 2.2 billion, including options. It was also an absolute record.
“We are very pleased to see the return of the cruise industry and happy for our many long standing customers who now have most of their ships at sea. For Vow this means increased demand for operational support and consumables . At the same time, cruise lines are continuing their new construction and renovation programs. We are working closely with them to develop and deliver even more climate-friendly and cleaner solutions than we have done before,” said Henrik Badin, CEO of Vow ASA.
For the first time, Landbased was Vow’s largest reporting segment, generating 46% of company revenue. Equipment delivered to Europe’s largest biocarbon plant in Follum, Norway, made up the largest share, although it still accounts for less than two-thirds of segment revenue.
“Landbased’s progress is remarkable. The Follum project, and our recent decision to build a full-scale pyrolysis reactor for delivery later this year, has generated widespread interest from major industry players. In response to global trends, government policies and economic realities, they are looking for ways to reduce climate gas emissions and ensure access to clean energy. The contract announced in May this year with a renewable energy company in the United States to supply a complete biocarbon production system is a good example of this,” Badin said.
Today at 09:00 CEST, the company’s CEO, Henrik Badin, will present the results live at House of Oslo, Backer Meeting Room, Ruseløkkveien 34, 0251 Oslo. Participants are invited to meet in person or follow the presentation live. A recording of the session, which will be conducted in English, will be available on www.vowasa.com (http://www.vowasa.com) after the event.
To register and join the webcast, please paste the following link into your browser, click “Join” and register your email:
Attachments (see link at end of document):
- First half report 2022
- Presentation of the first half of 2022
For more information, please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: [email protected]
Erik Magelssen, Chief Financial Officer, Vow ASA
Tel: +47 928 88 728
Email: [email protected]
Vow and its subsidiaries Scanship, CH Evensen and Etia are passionate about pollution prevention. The company’s advanced solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.
Cruise ships on all oceans have Vow technology inside that treats waste and purifies waste water. Fish farmers are adopting similar solutions, and utilities and industries are using our solutions for sludge treatment, waste management and onshore biogas production.
Using advanced technologies and solutions, Vow turns waste into biogenic fuels to help decarbonize industry and convert plastic waste into high-value fuel, clean energy and pyrocarbon. The solutions are scalable, standardized, patented and carefully documented, and the company’s ability to deliver is well proven. They are essential to end waste and stop pollution.
Located in Lysaker near Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This information is subject to the disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Act.
Vow – Presentation of the first half of 2022
Vow – 2022 First Half Report