The Annual General Meeting (AGM) of shareholders of Impact Coatings AB (publ), which is listed on Nasdaq First North Growth Market, was held today. There were 24 participants representing 13.65% of the total outstanding votes.
The presentation given by CEO Torbjörn Sandberg at the AGM can be found on the company website www.impactcoatings.com.
Among other items, the AGM decided:
To approve the income statement and balance sheet for 2021, 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.
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 Registra-tion Office and Euroclear Sweden AB.
FINANCIAL RESULTS FIRST QUARTER 2022
SIGNIFICANT EVENTS FIRST QUARTER 2022
SIGNIFICANT EVENTS AFTER THE PERIOD
(1) Significant events refer to events that comprise insider information and shall be made public via press release.
CEO’s COMMENTARY
Activity levels have remained high across several dimensions during the first quarter this year – machine construction, an increasingly rapid development of Coating Services, and significant progress regarding the company’s organization and structure. Now that our organization is more oriented toward the different geographic markets, I’ll comment on the quarter’s progress in line with that structure.
In Linköping, we have been working in various phases of constructing three different coating systems during the first quarter. They will initially be used internally, both for coating production and for developing the company’s coating solutions. It relates, among others, to a larger next generation system for hydrogen applications and a production system for the Coating Service Center that is planned to open in China later this year.
In early March, a production line for coating fuel cell plates was moved to a new production hall. The move went smoothly with minimal disruption to operations. As evidence, Coating Services delivered yet another record quarter with sales of more than SEK 4 million. As I have mentioned previously, the new production hall will also be used as a demo center for customers, which has already begun. Planned automation of the same production line is expected during the current quarter.
A couple of sales discussions that were mentioned in the 2021 year-end report have materialized into system orders during the quarter. These encompass two orders from European customers: one order for radome applications and one system for decorative coatings. Both deliveries are, in coordination with the customers, planned for delivery in early 2023.
The European market is our most varied regarding both system sales and Coating Services. Here we find the greatest number of our customers, with many connected to the European automotive industry, including our primary segments hydrogen/ fuel cells and automotive safety. The company also has significant sales activity within specialized application areas, both historically and currently.
Stefan Dreger, new President EMEA, Hydrogen Solutions since January 1, has the task of increasing Impact Coating’s growth in the fuel cell and electrolysis area in the EMEA region. After lagging Asian and North American suppliers by a few years in terms of commercial products in the market, several European players have now started or are in the starting phase of commercial production.
Looking eastward, we must first observe that through Russia’s invation of Ukraine, we find ourselves in a tragic chapter of history. We sympathize with those suffering and it feels odd to discuss how we as a company might be affected. Above all, we hope for a quick end to the fighting and that democractic values ultimately prevail.
We have no direct company activities in Eastern Europe, but it is plausible that component shortages in the automotive industry are made worse by the war, which could also affect new projects and investments. Material and component shortages can potentially affect our lead times for building and delivering coating systems. We are monitoring the situation carefully, and are continually analyzing how our business and our stakeholders could be affected.
At the same time, the conflict demonstrates further our need for a rapid shift to a more sustainable energy system. One consequence is that already now, preparations are being made to receive hydrogen in European harbors in conjunction with construction projects to enable increased import of liquid natural gas (LNG).
During the last week of March, our subsidiary company Impact Coatings (China) Co., Ltd. was registered with the corporate registry in Shanghai, China, as a next step in our strategic growth journey. The head of Impact Coatings’ China business will be Yaowen Wang, with many years of experience in the hydrogen industry and Sales Director for Impact Coatings in China since the beginning of 2019. During his time in the country, Yaowen has built a strong network among the leading players in the hydrogen sector. Since he joined Impact Coatings with sales responsibility, we have seen a steady increase in interest and demand for our fuel cell coating solutions.
China is, paradoxically, an enormous country with a large and growing coal dependency while the introduction of renewable technology is moving faster than anywhere. Impact Coatings has delivered coating solutions in smaller volumes to China previously, among others the first coating systems for fuel cells in 2019. We now move further ahead with distributing our market-leading expertise in coating technology for hydrogen applications, and at the same time support the ambition of quickly spreading the use of hydrogen-based energy on the Chinese market.
We are planning to open a Coating Service Center in Shanghai during the second half of 2022. We see this as an optimal time for us to increase our presence in China and offer a broader and better services portfolio to a growing customer base. The establishment of our own operations reduces risks associated with delivering to the growing hydrogen market in China and supports our customers through local presence, facilitating sample and test phases through volume production. In parallel, we are evaluating opening additional Coating Service Centers in other geogaphic regions, in line with the expansion strategy the company initiated during 2021.
We are present with an office in South Korea since the end of 2020, as part of the Joint Development Agreement with Hyundai for hydrogen applications. South Korea aims to build a society that uses hydrogen as its primary energy carrier. I recommend reading the report about hydrogen in South Korea and Impact Coatings’ activities there that our representatives in Seoul wrote for the company’s 2021 annual report. It was published last week and is available on the company’s homepage (in Swedish).
As earlier reported, Robert Mamazza is President, North America, based in the USA since spring 2021. The North American market is different from others, and the region is not as advanced in its energy shift as many Asian and European countries. Nevertheless, there are large companies active in hydrogen production and fuel cells with enormous research funding targeting the development of electrolysis for large-scale and cost-effective production of green hydrogen. I see North America as a market with the same high potential for Impact Coatings’ solutions and our expertise as in the rest of the world.
Starting with the strategic shift initiated during 2021, we are becoming increasingly global, building strength and delivery capabilities in the individual markets, with continued focus on our strategic business areas hydrogen/fuel cells and automotive safety. Our sales team professionals in Sweden, Germany, Italy, South Korea, China and USA are working at a high tempo and very close to the team in Linköping to continue growing the company during this exicting time for hydrogen and the automotive industry.
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 2021 (in Swedish) is attached, and is available for download from the company’s website at www.impactcoatings.com/finansiella-rapporter-arkiv/.
Impact Coatings, experts in clean PVD coating solutions, announces the opening of a subsidiary in China with headquarters in Shanghai. The objective of the opening is to distribute Impact Coatings’ market-leading expertise in PVD coatings for hydrogen solutions and to improve the availability of Coating Services solutions to Chinese customers in the hydrogen value chain.
China, the largest renewable energy market globally, has repeatedly demonstrated its commitment to a carbon-neutral society built on hydrogen energy. Numerous global giants in the automotive and energy sectors have recently announced their entry into the Chinese fuel cell and hydrogen market. This as China is accelerating to meet new ambitious sustainability targets to cut pollution and carbon emissions.
As a market leader in sustainable coating solutions for bipolar plates, Impact Coatings has already built a strong foundation in the Chinese fuel cell market in terms of branding and sales, and is now expanding its presence and offering.
“Based on expected growth due to local market demand and global trends, we see this expansion as a natural next step in our growth journey. We are familiar with the customer needs and the customer benefits from offering coating services in our Swedish Coating Service Center and are now ready to expand our offering to new strategic growth markets such as China,” said Torbjörn Sandberg, CEO of Impact Coatings.
“This is the optimal time for us to expand our presence in China and provide a broader and better service to a growing customer base. Our goal is to reduce risks for our customers and support the growing hydrogen market from sampling and test phases to volume production, to accelerate the transition towards a carbon-neutral future,” said Yaowen Wang, President, China at Impact Coatings.
Yaowen Wang joined Impact Coatings in early 2019 as Sales Director, China, and now steps into his new role as President, China of the newly formed subsidiary. He has an M. Sc. degree in Environmental Engineering and Technology from Ghent University (Belgium), and more than seven years of experience in the hydrogen energy industry with various roles in engineering, business development, and sales.
FINANCIAL RESULTS FULL YEAR 2021
FINANCIAL RESULTS FOURTH QUARTER 2021
SIGNIFICANT EVENTS FOURTH QUARTER 2021
1) Significant events refer to events that comprise insider information and shall be made public via press release.
2021 marked the highest-ever levels of annual sales and total revenues for Impact Coatings. Both system sales and Coating Services contributed strongly. We delivered according to plan all coating systems on order during the fourth quarter of the year and Coating Services generated sharply higher sales over the full year. The operating result reflects the offensive strategic initiatives that the company started in 2021.
As we enter 2022, we see a continued strong order inflow for Coating Services, while irregularity in new system orders has resulted in a momentarily empty order book. One explanation is component shortages in the automotive industry affecting forecasting and delaying new projects. Several system sales discussions are in progress, and we are during this period using production resources for assembly of coating systems for internal use to help the company expand in multiple dimensions.
Impact Coatings has established a clear strategic direction to meet the real market needs in the hydrogen and fuel cell sector. It involves an increased focus on our services offering and capitalizing on the company’s globally unique expertise within coating technology. In parallel, we are developing the next generation, larger coating system for fuel cell plates and are preparing for the production of a greater number of systems for our own Coating Services facilities and for customers around the world.
The transition away from combustion engines is driving the development of the fuel cell industry. The value chain is forming, where new players and long-time automotive industrial companies will find their roles and evaluate various technical solutions. Despite aggressive volume forecasts, many companies are therefore waiting to initiate capital investments and are focusing to a great degree on buying services. Impact Coatings’ ability to deliver both Coating Services and production technology for high-volume manufacturing – while at the same time being a development partner that makes a difference for fuel cell system performance – makes the company a unique and influential supplier. The services market also gives the company an opportunity to ally itself with strategic customers already during their development stage.
We see the demand for Coating Services both in the consistently increasing order inflow and in our ongoing discussions with customers about their future needs. The fourth quarter was another strong quarter for Coating Services, although with somewhat lower sequential sales vs. the third quarter, largely due to production delays among certain customers. Sales for Coating Services over the full year amounted to SEK 11,386 thousand, an increase of 61% vs. 2020. To meet the market demand for Coating Services, we will increase the capacity both in Linköping and through geographic expansion, where the implementation of a first coating center in China has started with estimated commissioning in the second half of 2022.
In Linköping, coating operations for fuel cell plates are moving to new premises and will become automated. The new production hall, which will also serve as a demo center for potential customers, is expected to be completed during the first quarter of 2022. Here, we also assemble the first unit of our next generation coating system – a machine type that can be used both in our own facilities and delivered to customers for high-volume production.
During the fourth quarter, we completed the final delivery and invoicing of three coating systems. Symbio received the first production machine for fuel cell coatings in Europe. We also delivered two coating systems for metallization of radomes for automotive radar applications, to HELLA MINTH in China and to the HELLA Group’s subsidiary in Slovenia, which received its second Impact Coatings system in less than a year.
We continue to develop system technology and coating processes for hydrogen fuel cells as well as for automotive safety. Much of the development is driven independently, but an increasing part is also conducted in cooperation with strategic partners and customers.
Impact Coatings’ Seoul office has been up and running for just over a year now. The joint development with Hyundai continues, with daily interaction between our technical expert on-site and Hyundai’s R&D department. The INLINECOATER R&D system that we delivered to Hyundai during spring 2021 is invaluable for ongoing development activities within both fuel cells and electrolysis. Being on location in Korea with both technical expertise and sales personnel makes possible our establishment in Hyundai’s value chain and gives rise to productive relationships there and with other customers in the region.
We are also building a team and a professional structure for growth. At the start of the new year, our German colleague Stefan Dreger started as President EMEA, Hydrogen Solutions. Stefan comes to us most recently from the automotive giant Robert Bosch GmbH, where he worked as Senior Sales Manager in the hydrogen solutions business area. Since November 2021, Bengt Rosengren has been our new VP Operations, with 30 years of industrial experience from a range of companies including Ericsson. Stefan and Bengt will be important for Impact Coatings’ development, and I extend to them both a warm welcome.
Impact Coatings turns 25 during 2022. Although we remain a young company with our best years ahead of us, we have established a unique position in industry as a PVD coatings specialist offering materials, processes and production technology tailored to our customers’ needs. Our expertise in growing application areas, such as hydrogen fuel cells, electrolysis, and automotive safety, will drive innovation and the transformation to a safe and sustainable society during 2022 and for many years to come.
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 is pleased to announce that Stefan Dreger has joined the company in the new role of President EMEA, Hydrogen Solutions. Stefan’s responsibilities will encompass sales leadership and business development with a clear goal to accelerate Impact Coatings’ revenue growth within the Fuel Cell and Electrolysis segments in the EMEA region. Focus will be to further expand the company’s customer base and execute a partner strategy, as well as contribute to the company’s marketing and business strategies. Stefan comes to Impact Coatings from Robert Bosch GmbH, where his most recent role was Senior Sales Manager for Hydrogen Solutions.
Stefan brings more than ten years of sales, strategic marketing, and business development experience to Impact Coatings, with four of those years in the fuel cell ecosystem. Prior to joining Impact Coatings, he gained expertise in growing and leading cross functional international acquisition & project teams. Stefan is a graduate of Hochschule Ulm/Neu-Ulm with a diploma in Industrial Engineering.
“Stefan is an outstanding addition to Impact Coatings, as he brings deep experience from the automotive industry and knows what it takes to deliver customer success. As Impact Coatings continues its rapid growth and focus across the EMEA region, we expect Stefan’s sales and leadership skills, and his background in building strong customer relationships, to accelerate Impact Coatings’ growth. We are thrilled to have him on board,” said Torbjörn Sandberg, CEO.
“I am excited to join Impact Coatings and look forward to working with our talented teams to continue to build on the solid foundation developed over the past decades. From my perspective, Impact Coatings is perfectly positioned to help customers transform their business towards clean and sustainable solutions, not least in the automotive industry. I look forward to helping Impact Coatings accelerate towards its future goals,” said Stefan Dreger, newly appointed President EMEA, Hydrogen Solutions at Impact Coatings.
As of November 15, Bengt Rosengren has been appointed Vice President Operations at Impact Coatings. Bengt has 30 years of international experience and has a proven track record in production, sales, project management, business strategy and business development. He has worked for Ericsson, Sensys Gatso Group and Arriva Sweden.
Bengt will be based in Linköping and report to CEO Torbjörn Sandberg. Henrik Åkeson, who previously managed operations, has left Impact Coatings to pursue new opportunities. We wish Henrik the very best and thank him for four great years with the company.
“Henrik has been instrumental in transforming Impact Coatings into an industrialized and commercialized company and has contributed to some of the most important milestones we have achieved. Thanks to the fact that Bengt has worked as a consultant for Impact Coatings in 2018, before stepping into the role as VP Operations, he had a head start and has picked up from Henrik from day one. We are happy to have Bengt and his international experience and expertise onboard for this next leg of our commercial journey,” said Torbjörn Sandberg, CEO.
“I’m excited to join Impact Coatings. Since I have worked with the company previously, I know the capacity of the people working here, and of the solutions that we provide. I am also excited to be part of the accelerating journey to transition society towards a safe and sustainable future with the help of Impact Coatings’ environmentally friendly PVD coating technologies. It’s a privilege to join both a great team and a great cause,” said Bengt Rosengren, new VP Operations.
Just one week after Bengt Rosengren’s appointment, Impact Coatings decided to further increase in-house production capacity in Linköping. The premises are, as of the beginning of December, being upgraded to increase efficiency and capacity with an automated production line ready for operation in 2022.
“To meet customer demand, we are increasing our Coating Services capacity and adding system assembly space to our Linköping site. The timing could not be better with Bengt starting his new role,” said Torbjörn Sandberg.
FINANCIAL RESULTS THIRD QUARTER 2021
FINANCIAL RESULTS JANUARY-SEPTEMBER 2021
SIGNIFICANT EVENTS SECOND QUARTER 2021
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.
As resolved by the AGM, the nomination committee of Impact Coatings shall comprise three members representing the company’s largest shareholders in terms of votes, together with the Chairman of the Board as an adjunct member.
If any of the three largest shareholders decides not to exercise the right to appoint a representative on the nomination committee, the right is passed on to the next largest shareholder.
The nomination committee consists of:
Kai Tavakka, Chairman, appointed by Accendo Capital SICAV RAIF Syafiq Johari, appointed by Hyundai Motor Company Torsten Rosell, appointed by Hans Österberg Mark Shay, Chairman of the Board, adjunct member
The AGM will be held in Linköping on May 18, 2022. The proposals of the nominating committee will be published in the invitation to the AGM and will be made available on the company website, www.impactcoatings.com.
Shareholders who wish to submit proposals to the nomination committee may do so via e-mail to investors@impactcoatings.se no later than February 1, 2022.
Impact Coatings CEO Torbjörn Sandberg will present at the Pareto Securities’ Renewable Energy & Cleantech Conference today, October 13. The full-day online event will feature presentations by Scandinavian companies in the rapidly growing renewable energy and cleantech sectors.
The conference is accessible only to registered clients of Pareto Securities, but the presentation material from Impact Coatings is now available on the company’s website via the link https://impactcoatings.com/presentationer-dokument-en/.
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