Hørsholm,
BAWAT is a leading supplier of sustainable ballast water treatment technology and services. BAWAT was listed on Nasdaq First North Premier Growth Market in
Financial Highlights Q4 2022 - delayed large orders and further lift in margin:
- Order intake in the fourth quarter was
SEK 1.2m and Order Intake for the year isSEK 18.1m . - The low Q4 Order Intake reflects the difficulty in projecting decision making on larger orders for mobile containerized solutions. These orders have a large impact on the full year volume and thus have a large on/off effect on reaching guidance.
-
Sales in Q4 amounted to
SEK 2.4 m (Q4 2021:SEK 3.3m ). Recorded POC (Percentage of Completion) sales relates mainly to recently sold equipment and service sales for same. - The gross profit on sales in the period was reported at 64.4% reflecting the high degree of service and project completion in the sales figures for the quarter. The gross profit is expected to increase to 30% or above in the years to come depending on the sales mix.
-
Ship systems were commissioned with new customers in a smooth and predictable way, all passing trouble free the commissioning test which is mandatory for newly installed BWMS systems as per 1.
June 2022 . -
Quoting activity is still very high and Q4 marked the highest quoted volume recorded. More than
SEK 75m in quotes for the Q4.
Bawat is active in three market segments within ballast water management. The company estimates the annual market opportunity to:
- Ship installations
USD 3bn
-
Mobile installations
USD 2bn (total market) -
Ballast-water-as-a-Service
USD 5bn
After closing of Q4 one large order for a mobile unit has been confirmed from end-customer in
FINANCIAL
SEK '1000 | Q4 2022 | 9M 2022 | 12M 2022 |
Order intake | 1.217 | 16.883 | 18.100 |
Sales | 2.398 | 13.468 | 15.866 |
Gross Profit | 1.545 | 1.173 | 2.718 |
Gross Profit % | 64,4% | 8,7% | 17,1% |
EBITDA** | -5.960 | -15.356 | -21.320 |
Result for the period | -7.186 | -31.793 | -38.979 |
Earnings per share | -0,19 | -0,80 | -0,99 |
Cash flow from operations | -6.236 | -27.242 | -33.478 |
Net working capital | -4.469 | -5.921 | -4.469 |
Equity ratio % | 17,4% | 29,9% | 17,4% |
* Parent of the Group was changed from Bawat A/S to
**In addition to this, IPO and other related non-recurrent items
As also reported in third quarter, we have further seen the increase in gross profit in the fourth quarter to 64.4 %, and already now Bawat is close to the predicted long term gross profit margin of 20% for ship systems. This gives us comfort in our project execution after signed contracts - both for ships as well as for mobile systems, and in the years to come we are certain to reach 30% or more in gross profit for the company depending on the sales mix."
"For the full year 2023, order intake is guided to
Find the full Q4 2022 report here: https://investor.bawat.com/company-reports/
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'outlook', 'guidance', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors & Media:
Certified Adviser
Telephone: +46 11 32 30 732
ca@skmg.se
This press release constitutes inside information that Bawat Water Technologies AB is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out above, at the time stated by the Company's news distributor, Cision, at the publication of this press release on
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About Bawat
The development of an entirely new approach to ballast water treatment utilizing onboard waste heat to treat ballast water led to the founding of Bawat in 2011. A ballast water treatment system avoids disposal of untreated water in seas and harbors.
Bawat's BWMS is a system that is simple, cost-effective, and sustainable, build on a zero environmental impact, using standard marine components. No filters, no chemicals no UV. And is the first to market a USCG/IMO Type Approval BWMS that uses pasteurization to treat ballast water in a one-pass process.
Bawat has built upon its innovative breakthrough, and now offers ballast water solutions to the maritime industry in three categories:
- Ship BWMS for Retrofit and New Builds
- Mobile containerized solution for multiple vessel usage in a port, on a ship or for rigs
- Ballast Water as a Service for contingency services in ports
Bawat is an engineer-driven company that is rooted in the tradition of Danish maritime innovation and with a deep maritime insight: www.bawat.com.
https://news.cision.com/bawat/r/bawat-water-technologies-ab--bawat-announces-q4-report-2022,c3719610
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