Slide 1: Second Half and Full Year 2020
SECOND HALF AND FULL YEAR 2020 Henrik Badin, CEO Vow ASA Oslo, 25 February 2021
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by the management of Vow ASA using commercially reasonable efforts to provide estimates and information about the company and prospective new markets. The presentation includes and is based, inter alia, on forward-looking information and statements that
Slide 3: About Us
ABOUT US Our brands Provider of world leading technologies to eliminate pollution, enhance circular economy and mitigate climate change Offering patented unique solutions that turn waste and biomass into CO2 neutral energy, decarbonised energy, low-carbon fuels and biocarbon Our technology is ready,
Slide 4: Financial and Operational Headlines
FINANCIAL AND OPERATIONAL HEADLINES
Slide 5: Key Takeaways 2020
KEY TAKEAWAYS 2020 FY 2020 Fifth consecutive year of growth, record high Revenues performance within Cruise projects NOK 460 +21%1 Annual revenues up 21 percent year-over-year to NOK 460 million, and with million EBITDA 47 million including group admin. • Continued high activity in cruise newbuilds.
Slide 6: Financials
FINANCIALS Vow Follum +4 % YoY Cruise order in 2021 +21 % YoY 584 Options 447 460 +1 % YoY 381 364 46 46 48 47 952 Backlog H1 19 FY 19 H1 20 FY 20 H1 19 FY 19 H1 20 FY 20 LTM EBITDA H1 19 FY 19 H1 20 FY 20 (in NOK million) LTM Revenues Before non-recurring items in Order backlog and options (in NOK
Slide 7: Projects | Cruise
PROJECTS | CRUISE Revenues in 2020 increased by 31 % compared with 2019, driven by increased backlog and several system deliveries in the period EBITDA nearly doubled compared with 2019, strong performance resulted in record-high margin of 23 % Delivery model now being replicated in Landbased Order
Slide 8: Aftersales | Cruise
AFTERSALES | CRUISE Covid-19 slowdown in cruise operations continued to affect Aftersales in Q4 Access to ships was restricted. Revenues and profit margin reduced, since most expenses are fixed Gradual rebound expected as cruise operators take their ships back to sea from summer season 2021 NOK 54 m
Slide 9: Landbased
LANDBASED Growing demand for Vow technology already reflected in increasing revenues Gross margins like that in Projects. Significant spending on sales, R&D and fixed assets included in EBITDA Non-recurring costs related to standardisation and streamlining of landbased activities NOK 8 million Sever
Slide 10: Recent Deal Flow
RECENT DEAL FLOW 11 February 2021 3 February 2021 2 February 2021 28 January 2021 30 October 2020 Signed letter of intent with Awarded EUR 5.7 million Signed letter of intent Vow and Arcelor Mittal Strategic partnership Betula Energy in Bamble cruise ship contract with with Elkem to deliver join for
Slide 11: Strategic Partnerships
STRATEGIC PARTNERSHIPS A global multi-energy provider and one Memorandum of understanding to build Joining forces, competence and of the first energy companies to make a biogas production plant to reduce CO2 technology solutions to produce net-zero emissions commitment by emissions from metallurgica
Slide 12: Strategy and Outlook
STRATEGY AND OUTLOOK Introducing Vow Industries and Vow Green Metals
Slide 13: Trends and Forceful Drivers
TRENDS AND FORCEFUL DRIVERS POLICIES National and international law CIRCULAR ECONOMY makers and governments are Across industries, growing pushing for new legislation and realisation that waste is regulation, i.e. EU Green Deal value, an asset which must be monetised. Waste no more! ECONOMICAL Cost
Slide 14: The Incubator: Vow Industries
THE INCUBATOR: VOW INDUSTRIES Valorising waste | Decarbonising industry Offtake (examples) Biocarbon (biocoke, biochar, biocoal) Intake (examples) Carbon products (graphite, Organic waste graphene and recycled carbon and biomass black) Plastics and CO2 neutral gas and hydrogen polymers (decarbonised
Slide 15: Spinning Off Vow Green Metals
SPINNING OFF VOW GREEN METALS1 … and distributing to shareholders Contemplating launch of Vow Green Metals as new and separate entity Group structure Vow For illustration Plans to spin off Vow Green Metals and distribute shares to current Vow shareholders Vow Vow Vow Green Solutions Industries Metal
Slide 16: Vow Green Metals
VOW GREEN METALS The Follum plant Business idea | Build, own and operate full scale plant based on Vow's process technology Production | Biocarbon to replace fossil coke as a reducing agent in the metallurgical industry in Norway, as well as providing CO2 neutral gas for district heating and low-car
Slide 17: Accelerating Green Transition
ACCELERATING GREEN TRANSITION Forest owners association providing biomass Low-carbon fuel and Demolition wood, raw materials for the waste wood petrochemical industry Biocarbon for the metallurgical industry Municipal energy company, using CO2 neutral gas for district heating 17
Slide 18: Industrial Rationale
INDUSTRIAL RATIONALE Large, international industrial groups are Scalable and profitable undergoing a significant restructuring in order to achieve their goals of CO2 neutrality EBITDA 120-170 Demand for biocarbon is expected to increase NOK million significantly in the next few years, driven partly
Slide 19: Concluding Remarks
CONCLUDING REMARKS 2020 – a year marked by continued strong performance in cruise projects and transformative achievements on land Global trends, regulatory and financial drivers create strong interest and demand for our technology and patented unique solutions Vow provides industry with the means t
Slide 20: Thank You For Your Attention
THANK YOU FOR YOUR ATTENTION Vow ASA | Lysaker Torg 12 | 1366 Lysaker | Norway | www.vowasa.com