IMPACT COATINGS AB (PUBL), INTERIM REPORT JULY-SEPTEMBER 2021

2021-10-22

FINANCIAL RESULTS THIRD QUARTER 2021

  • Net sales amounted to SEK 4,043 thousand (9,432)
  • Change of work in progress amounted to SEK 8,433 thousand (-687)
  • Total revenue amounted to SEK 12,554 thousand (8,976)
  • Operating profit amounted to SEK -9,202 thousand (-5,539)
  • Operating profit after financial items amounted to SEK -9,206 thousand (-5,539)
  • Cash flow amounted to SEK -18,444 thousand (-15,450)
  • Liquidity ratio amounted to 577% (301)
  • Order backlog at period end amounted to EUR 2,570 thousand (3,025)

FINANCIAL RESULTS JANUARY-SEPTEMBER 2021

  • Net sales amounted to SEK 28,556 thousand (19,471)
  • Change of work in progress amounted to SEK -10 thousand (5,246)
  • Total revenue amounted to SEK 29,494 thousand (25,277)
  • Operating profit amounted to SEK -31,896 thousand (-17,727)
  • Operating profit after financial items amounted to SEK -31,903 thousand (-17,730)
  • Cash flow amounted to SEK 88,437 thousand (-22,600)
  • Liquidity ratio amounted to 577% (301)

SIGNIFICANT EVENTS SECOND QUARTER 2021

  • Coating system order for fuel cells from Symbio (France)

SIGNIFICANT EVENTS AFTER THE PERIOD

  • No significant events have occurred after the end of the period

CEO’s COMMENTARY

The highlight of the period was a system order from Symbio, the first European system order and a sign of strength in the fuel cell segment. Symbio is, since 2019, a joint venture owned equally by the French automotive industry giants Faurecia and Michelin, with the stated goal of together becoming a global leader in hydrogen-powered mobility.

Michelin had already initiated development work with Impact Coatings when they in 2014 first invested in Symbio. The fuel cell manufacturer has since then been a key customer of our Coating Services business and we have seen significantly increasing volumes over the past year. Their decision to invest now in their first own coating system and in-house production is in line with our own strategy for helping customers grow and validates the technical performance and cost advantages of our solution.

Three system deliveries are planned for the fourth quarter: to Symbio in France, to HELLA in Slovenia, and to HELLA MINTH in China. The latter machine is now planned to be shipped from Linköping during October-November, a few weeks later than initially planned.

During the year, we have expanded our customer base within Coating Services in line with our strategy, which has contributed to continuously improving sales. Despite the summer holiday period for both our own team and our customers, during the third quarter Coating Services generated nearly the same revenue as in the previous quarter. Revenues for the year-to-date period already exceed full year 2020 revenues, and sales appear strong for the remainder of the year. As mentioned in the previous quarterly report, we will install an industrial robot in Coating Services to achieve higher production efficiency and increased competence in automation. The automated production cell for fuel cell coatings is expected to be complete at the start of next year.

During the period, we participated in two exhibitions related to hydrogen and fuel cells, in South Korea and Germany – two countries with fast-growing industrial hydrogen ecosystems and where Impact Coatings is located and is strengthening our presence. The recruiting process is complete for the President – EMEA role with a base in Germany and sales to the European hydrogen industry as the primary focus. Our new colleague will join the company January 1 and will be further introduced at that time.

I attended the conference and industry exhibition “f-cell” in Stuttgart during September, and in conjunction also met with customers and development partners in Central Europe. Our ability to now visit customers and welcome them to Linköping is a significant and welcome change. The activity level at our facilities and in industry generally is at an entirely different level now compared to during the pandemic.

The ongoing global wave of national hydrogen strategies and the enormous, planned investments in green hydrogen production, storage, and transport, are impressive dynamics of our market. There is an emerging global consensus that electrification using hydrogen is a necessary complement to electrical grids and battery technologies.

At the same time, the market for producers of fuel cell plates and fuel cell systems is, with periods of both acceleration and delays. Application development with evolving requirements is ongoing in parallel with the expansion of production capacity. System manufacturers, above all, are willing to work closely with suppliers during the buildup of this new industry. Impact Coatings’ strength is that today and in line with our core strategy for the future, we can supply production solutions for the hydrogen and fuel cell industries that are both cost-effective and flexible.

By offering clean coating technology, coating systems and services that support innovation and the transformation to a safe and sustainable society, Impact Coatings is a company that makes a difference.

Torbjörn Sandberg, CEO

The full report is attached, and can be retrieved on the company's website at www.impactcoatings.com/finansiella-rapporter-arkiv/.


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