Impact Coatings is entering a period of expansion during which we are advancing our product offerings, how we approach our markets, and our industrial capacity − especially within hydrogen fuel cell and automotive safety applications. To-date during 2021, Impact Coating has enhanced the company’s management team with capabilities in Coating Services, business development, and marketing communications.
As mentioned in the first quarter financial report, Carina Höglund has been appointed VP Coating Services and joined the management team during the first quarter of 2021. Carina holds a Ph.D. in Thin Film Physics from Linköping University and joined impact Coatings as Senior Technology Expert in 2019. Carina and her team will develop and expand Impact Coatings’ Coating Services offering in close collaboration with customers and our R&D team.
In early May 2021, Anette Therén, with a background in the cleantech and innovation sectors, joined Impact Coating’s management team as VP Marketing & Communications. Peter Högfeldt, previously VP Marketing, has transitioned to a new role as VP Business Development & Investor Relations with a focus on strategic partnerships and investor relations.
Will Wright, previously VP Sales with responsibility for fuel cell business development and based in Seoul, Korea since late 2020, has left Impact Coatings at the end of March 2021 to pursue other activities. We thank Will for his contributions during his time with the company.
To strengthen our position in Korea, Impact Coatings has engaged Asian business development consultancy Intralink. Intralink’s Nils Meesterburrie, based in Seoul, has been appointed Sales Director, Korea and is now responsible for the Hyundai partnership as well as growth in the Korean market. Robert Mamazza, with a Ph.D. in Electrical Engineering from the University of South Florida and extensive experience in PVD thin film coatings from, among others, Oerlikon, has been appointed President, North America as of April 2021. Robert will develop our go-to-market strategy and has commercial delivery responsibility for important fuel cell and automotive safety customers in the U.S. and Canada.
Our next step in strengthening the organization is currently focused on recruiting a President for the EMEA region, based in Germany.
“The strengthened management team will help Impact Coatings extend the reach and capabilities of our global sales team and develop new strategic partnerships that will help us meet the most rigorous demands of our industrial customers. We also intend to implement a more structured and customer-centric approach to our marketing communications to further enhance our market position,” said Torbjörn Sandberg, CEO.
The Annual General Meeting (AGM) of Shareholders of Impact Coatings AB (publ), which is listed on Nasdaq First North Growth Market, was held today. As a result of the COVID-19 pandemic, the meeting was conducted, with the support of temporary statutory rules, by advance vote (postal vote). There were 6 participants representing 3.3% of the total outstanding votes.
Among other items, the AGM decided: To approve the income statement and balance sheet for 2020, as proposed by the Board of Directors. To allocate the annual result according to the Board’s proposal. That the Board of Directors and CEO Torbjörn Sandberg were granted release from liability. To elect Mark Shay, Christian Sahlén, Sukhwan Yun, Göran Malm and Per Wassén to the Board of Directors, and to re-elect Mark Shay as Chairman of the Board. That remuneration of SEK 180,000 shall be paid to the Board’s ordinary members and remuneration of SEK 300,000 shall be paid to the Chairman of the Board, with no additional remuneration for committee work. That Öhrlings PricewaterhouseCoopers AB (”PwC”), with lead auditor Johan Palmgren, is elected company auditor. That the procedure for constituting the next Nomination Committee was approved. To approve the Board’s proposal to introduce a warrant-based incentive program for employees. To reject the Nomination Committee’s proposal to introduce a warrant-based incentive program for certain Board members. That the Board of Directors is granted a mandate to decide on the issuance of shares and/or options and/or convertible securities. That the Board of Directors is granted a mandate to make minor corrections to decisions taken at the annual general meeting as related to registration with the Swedish Companies Registration Office and Euroclear Sweden AB.
Accendo Capital SICAV RAIF, which owns 6,816,016 shares in Impact Coatings, corresponding to 12.04% of shares outstanding, submitted its duly filled ballot, voting in favor of all company proposals. Due to an administrative error at the custodian bank, the votes are not included in the official vote count, but are provided here for informational purposes. Including the votes in the official vote count would not alter the voting outcome as reported.
FINANCIAL RESULTS FIRST QUARTER 2021
SIGNIFICANT EVENTS FIRST QUARTER 2021
SIGNIFICANT EVENTS AFTER THE PERIOD
CEO’s COMMENTARY
Impact Coatings is in an exciting period of expansion, during which we are advancing our product offerings, how we approach our markets, and our industrial presence − especially within hydrogen, fuel cells, and automotive safety. I have in previous reports discussed our focus on sales and internationalization. Last year, we opened new sales offices in Italy and South Korea, and our sales director for the important Chinese market is since the end of 2020 located in China (previously in Sweden). We turn our attention now toward additional markets with significant players in both the hydrogen-related and automotive industries. We are working currently on establishing Impact Coatings in North America, and we see as the next natural step a local presence in Germany. We are intensifying our activities within the Fuel Cells segment, including of course our joint development with Hyundai, and we are investing in both process improvements and the development of a next generation coating system to meet customers’ future volume needs. The development machine that Hyundai ordered during 2020 is in place at Hyundai’s facilities in South Korea. Delays in customs clearance in combination with shifting quarantine regulations, however, have prevented us from completing the delivery on-site and final delivery is now planned for the second quarter this year. We see an increased need for cost-effective coating solutions for critical components within automotive safety, where we have a growing group of reference customers. During the first quarter and just after its end, we received two additional orders for coating systems for radar-transparent emblems for automotive radar. Both orders are from companies connected to the German HELLA Group, which is a world-leading supplier to the automotive industry in this segment. We offer and are developing further a broad range of products and services. Beyond selling coating systems, we can offer machine rental or leasing contracts, as well as service and support agreements. Within Coating Services, we can serve and support our customers all the way from R&D through pre-series production and initial volume production. Thereafter, customers can realize significant cost benefits by investing in a coating system for their own in-house production. Looking ahead, we see the expansion of Coating Services closer to or on customer premises as a logical development. Coating Services reported its highest ever annual revenue during 2020 and has continued at a good level during this year’s first quarter. Starting with this quarterly report, we will report Coating Services revenue. We should expect that portions of Coating Services sales can at times shift over to system sales when a customer decides to purchase their own coating system, which is entirely in line with our objectives. In connection with the development and potential in the Coating Services offering, I have during the first quarter welcomed Carina Höglund, PhD, to the management team as VP Coating Services. Carina and her team combine deep technical expertise with a focus on customers’ specific requirements and effective process work. The directed share issue in February, which generated SEK 120 million in proceeds to the company before transaction costs, provides the means to accelerate the expansion we have started. The share issue also demonstrates the confidence that institutional investors, both in Sweden and abroad, have in our coating expertise, our product offerings, and the potential of global megatrends such as hydrogen energy, automotive safety, and sustainable industry. I welcome all our new shareholders and send regards to those of you who have long been with us as owners. Together, we have many exciting years of innovation and growth ahead of us. Torbjörn Sandberg, CEO
The full report is attached, and can be retrieved on the company’s website at www.impactcoatings.com/finansiella-rapporter-arkiv/.
Impact Coatings’ annual report for 2020 (in Swedish) is attached, and is available for download from the company’s website at www.impactcoatings.com/finansiella-rapporter-arkiv/.
Impact Coatings has received a repeat order for an INLINECOATER™ system from HELLA Saturnus Slovenija. The order value is about EUR 720,000 and final delivery is planned for the fourth quarter of 2021. The intended application is radomes (radar emblems) used for automotive safety systems. The customer ordered a first system for the same application in 2020.
Impact Coatings invites investors and media to a live webcast on Tuesday, March 9 from 1:00 p.m. to 2:00 p.m. CET.
CEO Torbjörn Sandberg introduces the company, and comments on the recently completed directed share issue, as well as the financial year 2020. The presentation will be conducted in English. The presentation will conclude with a Q&A session. It will be possible to ask questions in writing via a messaging function from the start of the presentation. Register here to participate live.A full event replay will also be made available on the company’s web page.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.
Impact Coatings AB (publ) (”Impact Coatings” or the ”Company”) has, as communicated in the Company’s press release earlier today, carried out a directed new share issue of 4,800,000 shares, corresponding to approximately SEK 120 million (the “Directed New Share Issue”). The subscription price of the shares in the Directed New Share Issue amounts to SEK 25.00 per share. A large number of Swedish and international institutional investors, including Länsförsäkringar Fonder and existing shareholder Accendo Capital, participated in the Directed New Share Issue.
The board of directors of the Company has, as announced in the Company’s press release earlier today, resolved on a directed share issue of 4,800,000 new shares. The subscription price in the Directed New Share Issue was SEK 25.00 and has been determined through an accelerated bookbuilding procedure carried out by the Company’s financial advisor Pareto Securities AB (“Pareto Securities”). It is therefore the board of directors’ assessment that the terms for the Directed New Share Issue and the subscription price were set in accordance with current market conditions. The subscription price in the Directed New Share Issue constitutes a discount of approximately 7.7 percent compared to closing price on Nasdaq First North Growth Market on 24 February 2021. Through the Directed New Share Issue Impact Coatings will receive approximately SEK 120 million before deduction of transaction costs. A large number of Swedish and international institutional investors, including Länsförsäkringar Fonder and existing shareholder Accendo Capital, participated in the Directed New Share Issue. The reasons for the deviation from the shareholders’ preferential rights are to diversify the shareholder base among reputable Swedish and international institutional investors and at the same time raise capital in a time and cost efficient manner. The net proceeds from the Private Placement are intended to enable increased investments in the Company’s internationalization as well as in its commercial, technical, and production capabilities, in order to capitalize on significant growth opportunities presented by the migration from fossil-fuel to hydrogen-based energy systems and the advancement of automotive safety and related applications. Through the Directed New Share Issue, the number of outstanding shares and votes will increase by 4,800,000 from 51,809,051 to 56,609,051. The share capital will increase by SEK 600,000, from SEK 6,476,131.375 to SEK 7,076,131.375. The Directed New Share Issue entails a dilution of approximately 8.5 percent of the number of shares and votes in the Company based on the number of shares and votes following the Directed New Share Issue. In connection with the Directed New Share Issue, the Company has undertaken, with customary exceptions, not to issue additional shares for a period of 12 months after the announcement of the outcome of the Directed New Share Issue. Board members, shareholding senior executives and certain larger existing shareholders, namely Accendo Capital and Hyundai Motor Company, have undertaken not to sell any shares in Impact Coatings for a period of 90 calendar days after the announcement of the outcome of the Directed New Share Issue, with customary exceptions. Advisers
Pareto Securities AB acts as Sole Manager and Bookrunner and Kanter Advokatbyrå KB acts as legal counsel to the Company and Baker McKenzie Advokatbyrå KB acts as legal counsel to Pareto Securities in connection with the Directed New Share Issue.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.
Impact Coatings AB (publ) (”Impact Coatings” or the ”Company”) hereby announces intention to carry out a directed new share issue of approximately SEK 100 million directed to Swedish and international institutional investors (the “Directed New Share Issue”).
The Directed New Share Issue is intended to be carried out with deviation from the shareholders’ preferential rights pursuant to the authorization granted by the annual general meeting on 14 May 2020. Impact Coatings has engaged Pareto Securities AB (“Pareto Securities”) to investigate the conditions for the Directed New Share Issue through an accelerated bookbuilding procedure. The subscription price for the shares in the Directed New Share Issue will be determined through an accelerated bookbuilding procedure, which will begin immediately after publication of this press release and end before the commencement of trading on Nasdaq First North Growth Market on February 25, 2021. The bookbuilding procedure may, at the discretion of the Company or Pareto Securities, close earlier or later and may be cancelled at any time. The net proceeds from the Private Placement are intended to enable increased investments in the Company’s internationalization as well as in its commercial, technical, and production capabilities, in order to capitalize on significant growth opportunities presented by the migration from fossil-fuel to hydrogen-based energy systems and the advancement of automotive safety and related applications. The reasons for the deviation from the shareholders’ preferential rights are also to diversify the ownership base in the Company among Swedish as well as international institutional and reputable investors and to take the opportunity to raise capital in a time and cost efficient manner. Given that the subscription price in the Directed New Share Issue will be determined through an accelerated bookbuilding procedure, it is the board of directors’ assessment that the subscription price will be determined at market terms and conditions. Impact Coating´s largest shareholder Accendo Capital, which owns approximately 12 percent of the number of shares and votes in the Company, has undertaken to subscribe for shares corresponding to its ownership share in the Company in the Directed New Share Issue. In connection with the Directed New Share Issue, the Company has undertaken, with customary exceptions, not to issue additional shares for a period of 12 months after the announcement of the outcome of the Directed New Share Issue. Board members, shareholding senior executives and certain larger existing shareholders, namely Accendo Capital and Hyundai Motor Company, have undertaken not to sell any shares in Impact Coatings for a period of 90 calendar days after the announcement of the outcome of the Directed New Share Issue, with customary exceptions. AdvisersPareto Securities AB acts as Sole Manager and Bookrunner and Kanter Advokatbyrå KB acts as legal counsel to the Company and Baker McKenzie Advokatbyrå KB acts as legal counsel to Pareto Securities in connection with the Directed New Share Issue.
FINANCIAL RESULTS FULL YEAR 2020● Net sales amounted to SEK 39,515 thousand (49,084)● Total revenue amounted to SEK 54,355 thousand (39,366)● Operating profit amounted to SEK -22,970 thousand (-26,368)● Operating profit after financial items amounted to SEK -22,975 thousand (-26,387)● Cash flow amounted to SEK -29,153 thousand (32,116)● Liquidity ratio amounted to 343% (666)● Order backlog at period end amounted to EUR 1,645 thousand (289)● No dividend is proposed FINANCIAL RESULTS FOURTH QUARTER 2020● Net sales amounted to SEK 20,044 thousand (20,574)● Total revenue amounted to SEK 29,078 thousand (8,069)● Operating profit amounted to SEK -5,243 thousand (-3,986)● Operating profit after financial items amounted to SEK -5,246 thousand (-3,990)● Cash flow amounted to SEK -6,553 thousand (59,693) SIGNIFICANT EVENTS FOURTH QUARTER 2020● No significant events during the fourth quarter SIGNIFICANT EVENTS AFTER THE PERIOD● Coating system order for radomes received from HELLA MINTH Jiaxing Automotive Parts Co., Ltd. (China)
CEO’s COMMENTARYFor Impact Coatings, 2020 ended with an intense fourth quarter. We completed the production of three coating systems: one for a German technology supplier to the textile industry; one for HELLA in Slovenia; and one for our development partner Hyundai in Korea. All three machines were shipped from our facility in Linköping, Sweden. Installation and acceptance of the coating machine for Germany was completed during the quarter, while the installation in Slovenia was somewhat delayed from the original plan but was completed in January. Installation of the Hyundai machine is planned for the first quarter of 2021. The activity level in Coating Services continues to increase and resulted in a very good fourth quarter. Customers are primarily within the fuel cell, decorative coatings, and electrical contact segments. Full year sales have increased consecutively in each of the past three years, since Coating Services became a more distinct part of the company’s strategy. In addition, we completed a smaller coating system sale during the quarter. A European automotive supplier had rented an INLINECOATER™P200 since the end of 2018 and decided to exercise its purchase option in the rental agreement. The overall deal structure has been beneficial for the company while it also demonstrates our flexibility in meeting the varying needs of our customers. In late November we opened a branch office in Seoul, a result of our Joint Development Agreement with Hyundai. With specialized technical expertise now in place, our development work in fuel cell coating solutions with Hyundai is more efficient. The office will also serve as a regional hub for our sales activities across all application areas, primarily in Korea, China, and Japan. Hyundai is increasingly recognized as one of the global leaders in the growing hydrogen economy, above all in future transportation systems. This illustrates the potential for Impact Coatings in our cooperation initiated during 2019. We experience daily that our joint development work with Hyundai gives us credibility in our discussions with existing and potential customers, whether vehicle manufacturers or automotive suppliers. 2020 also became the year that the world – industry, politicians, media, and investors – genuinely began to appreciate the potential of hydrogen in tomorrow’s fossil-free energy systems. Korea, Japan, and China have been pioneers both politically and industrially, but in 2020 the EU Commission launched a comprehensive hydrogen strategy with significant investment goals in the expansion of green hydrogen production, storage, distribution, and application development. In industry, there is now an ongoing positioning of technical approaches, with consolidation and cooperation among large players, often in unexpected constellations. Impact Coatings – with our patented coating solutions for fuel cell flow plates – is uniquely relevant for the market opportunity that hydrogen electrification presents. It is becoming increasingly clear that the company’s second strong pillar lies within automotive safety and autonomous vehicles, where Impact Coatings offers cost-effective coating solutions for mission-critical plastic components. The two system orders for radomes, radar-transparent emblems, that we received during 2020 are important steps forward in this new market. This is further strengthened by a system order for the same application from HELLA MINTH in China during February. We also see strong potential in our coating solutions for radar antennas that are placed behind the radome, as well as for plastic antennas that will be manufactured at low cost and in high volumes within the automotive industry and for IoT and 5G. During the fourth quarter, we signed a framework agreement with Swedish antenna innovator Gapwaves for plastic metallization coating services linked to a cooperation that Gapwaves has with the American company Uhnder. The framework agreement does not guarantee order volumes nor does it specify a production start date. Quarantine rules and other COVID-19 restrictions are challenges for a global supplier of advanced technology like Impact Coatings that require solution-oriented and agile planning for the whole organization. I am confident that Impact Coatings, despite the pandemic, has advanced our market position in both hydrogen/fuel cells and automotive safety. During the past year, we expanded our sales organization with a sales director for Southern Europe and we opened the sales office in Korea. During 2021, we will optimize and accelerate our sales activities and increase our local presence in key markets. Beyond our focus on sales and a broader geographic footprint, we are working with machine and process development, not least to meet expected volume demands from our customers. We are also continuing the industrialization of our machine production, targeting higher efficiency, lower input costs, and shorter lead times. The ability to deliver – as we have proven despite the pandemic during the year – is one of our competitive strengths and the result of true teamwork. This applies to our coating systems, aftermarket sales, and Coating Services. I would like to congratulate and thank the entire Impact Coatings team for its professionalism and hard work during the past year.
Torbjörn Sandberg, CEO
Impact Coatings has received an order for an INLINECOATER™ system from HELLA MINTH Jiaxing Automotive Parts Co., Ltd. (China), a joint venture between HELLA Group (Germany) and MINTH Group (China). The intended application area is radomes (radar emblems) used for automotive safety systems. The order value is EUR 740,000 and delivery is planned for the third quarter of 2021.
HELLA MINTH started operations in 2020, to promote the development, production and marketing of radomes and illuminated logos. The joint venture, funded by both partners in equal shares with a production facility in Jiaxing, shall have an international scope, with an initial focus on the Chinese market, according to a press release from HELLA Group in June 2020.
A license for export outside the EU is required from the Swedish Inspectorate of Strategic Products (ISP) if a product is classified as a dual-use item. As the assessment of Impact Coatings is that the order may require an export license, the company will submit an application to ISP. The system order is therefore valid under the condition that the export license is granted, if required.
We use cookies to improve your user experience and to collect information about your visit. You can read more about our cookies and change your settings here. Read more
Cookies save information about how you use the website, data that can be reused. Read more
Necessary for the website to function.
Read more
These cookies are necessary for our website to function and therefore cannot be turned off. They are used, for example, when you set personal preferences, log in or fill out a form. You can set your browser to block or warn you about these cookies, but some parts of the website will not work then.
close-cookie-bar
wants-ec-cookies
wants-fc-cookies
wants-mc-cookies
wants-ac-cookies
Measures user patterns and creates statistics.
These cookies allow us to count the number of visits and traffic sources so that we can measure and improve our website. The information these cookies collect is completely anonymous. If you do not allow these cookies, we will not know when you have visited our website.
_ga_LWPJB5WV5Z
_ga
__hssc
__hssrc
__hstc
hubspotutk
_cfuvid