Vow ASA's overall financial results in the third quarter of 2020 are marked by strong performance in the cruise project business, an aftersales business which continues to be affected by the covid-19 pandemic, and increased interest from a growing number of customers in landbased industries.
Group revenues in the third quarter of 2020 was NOK 97.9 million, a 10.6 % year-on-year growth from NOK 88.5 million. EBITDA before non-recurring items was NOK 10.7 million, down from NOK 12.2 million in the same period last year, with a negative EBITDA in the Aftersales segment as the main factor explaining the decline. Cruise Projects alone delivered a positive EBITDA of NOK 19.4 million in the third quarter 2020.
The order backlog at the end of September 2020 was NOK 1 082 million, up from NOK 989 million three months before, and from NOK 644 million at the end of September last year. In addition to the firm backlog, shipowners have placed options on the newbuild series being equipped with Scanship systems amounting to NOK 619 million in likely future revenues.
"In the third quarter the trends from the previous quarters continued. Most cruise ships remain inactive, which means that demand for spares and chemicals for our aftersales business is low. On the other hand, newbuild projects continue at full speed at the yards, relatively unaffected by the pandemic", says Henrik Badin, CEO of Vow ASA.
"A more structured and disciplined approach to business development has increased interest from customers in landbased industries and has resulted in a firmer pipeline of potential projects. Looking forward we now also see more cruise ships returning to sea, which will likely result in a gradual recovery of our aftersales business," he says.
Invitation to presentation online
Todayshortly 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/q3-2020/open/
For more information, please see the attached Q3 2020 Trading update report and presentation.
For further queries, please contact:
Henrik Badin - CEO
Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com
About Vow ASA
In Vow and our subsidiaries Scanship and Etia we are passionate about preventing pollution. Our 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.
Our ambitions go further than this. With our advanced technologies and solutions, we turn waste into biogenetic fuels to help decarbonize industry and convert plastic waste into fuel, clean energy and high-value pyro carbon.
Our solutions are scalable, standardized, patented and thoroughly documented, and our 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 from 13 January 2020).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Attachments
- Vow - Operational update Q3 2020 (https://ml-eu.globenewswire.com/Resource/Download/4cdebb48-7917-4082-a4fe-98df69f185c8)
- Vow - Presentation Operational update Q3 2020 (https://ml-eu.globenewswire.com/Resource/Download/6f62f79a-49b5-4904-b05b-ff1daddd5b7b)
