FINANCIAL RESULTS FULL YEAR 2021
FINANCIAL RESULTS FOURTH QUARTER 2021
SIGNIFICANT EVENTS FOURTH QUARTER 2021
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
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/.
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.
FINANSIELL UTVECKLING TREDJE KVARTALET 2021
FINANSIELL UTVECKLING JANUARI-SEPTEMBER 2021
VÄSENTLIGA HÄNDELSER UNDER TREDJE KVARTALET 2021
VÄSENTLIGA HÄNDELSER EFTER PERIODENS SLUT
VD-KOMMENTAR
Periodens höjdpunkt var en systembeställning från Symbio, den första europeiska systemordern och ett styrkebesked inom vätgassegmentet. Symbio är sedan 2019 ett samriskbolag till lika delar ägt av de franska fordonsindustrijättarna Faurecia och Michelin, med uttalad målsättning att tillsammans bli en global ledare inom mobilitet med vätgas.
Michelin hade redan initierat ett utvecklingsarbete med Impact Coatings när de först investerade i Symbio 2014. Bränslecellstillverkaren har sedan dess varit en nyckelkund för vår beläggningsverksamhet och vi har sett volymerna öka markant det senaste året. Att de nu väljer att investera i ett första eget beläggningssystem och produktion i egen regi är helt i linje med vår strategi att hjälpa våra kunder att växa och bevis på både teknisk prestanda och kostnadsfördelar med vår lösning.
Tre systemleveranser är nu planerade att ske under det fjärde kvartalet: till Symbio i Frankrike, till HELLA i Slovenien och till HELLA MINTH i Kina. Den sistnämnda maskinen planeras nu att skeppas ut från Linköping i oktober-november, några veckor senare än planerat.
Vi har under året breddat vår kundbas inom beläggningsverksamheten i enlighet med vår strategi, vilket har bidragit till en allt starkare försäljning. Trots semesterperioder både hos oss och hos våra kunder under det tredje kvartalet omsatte verksamheten nästan lika mycket som under föregående kvartal. Omsättningen efter tre kvartal överstiger redan helåret 2020 och försäljningen ser ut att fortsätta starkt året ut. Som nämndes i förra rapporten ska vi installera en industrirobot i beläggningsverksamheten för högre produktionseffektivitet och ökad kompetens kring automatisering. Den automatiserade produktionscellen för beläggning av bränslecellsplattor planeras vara klar i början av nästa år.
Under perioden ställde vi ut på mässor inom vätgas och bränsleceller i Sydkorea och Tyskland, två länder med snabbt växande industriella ekosystem inom vätgas och där Impact Coatings finns och stärker vår närvaro. Rekryteringsprocessen är nu avslutad av en President EMEA, med bas i Tyskland och försäljning till europeisk vätgasindustrin som sitt primära uppdrag. Vår nya medarbetare tillträder den 1 januari och kommer att presenteras närmare i samband med det.
Jag besökte konferensen och industrimässan f-cell i Stuttgart i september och i samband med det också kunder och samarbetspartners runt om i Centraleuropa. Att vi nu kan besöka våra kunder och välkomna dem till Linköping innebär en betydande och välkommen förändring. Aktivitetsnivån både hos oss och industrin i övrigt är nu på en annan nivå än under pandemin.
Man slås av den pågående vågen av nationella vätgasstrategier globalt och enorma planerade satsningar på grön vätgasproduktion, lagring och transporter. Det finns en växande koncensus att elektrifiering med vätgas är ett nödvändigt komplement till elnäten och batteritekniken.
Samtidigt är det en omogen marknad för tillverkare av bränslecellsplattor och bränslecellssystem, vilka gasar och bromsar samtidigt. Applikationsutveckling med rörliga kravbilder pågår parallellt med uppbyggnad av produktionskapacitet. Framför allt systemtillverkarna är därför villiga att jobba nära leverantörer i uppbyggnaden av den nya industrin. Det är en styrka hos Impact Coatings att nu och som bolagets huvudstrategi framåt tillhandahålla produktionslösningar till vätgas- och bränslecellsindustrin som är både kostnadseffektiva och anpassningsbara.
Genom att erbjuda ren beläggningsteknik, beläggningssystem och tjänster som stöder innovation och transformationen till ett säkert och hållbart samhälle är Impact Coatings ett bolag som gör skillnad.
Torbjörn Sandberg, VD
Den fullständiga rapporten bifogas, samt återfinns på bolagets hemsida under www.impactcoatings.com/finansiella-rapporter-arkiv/.
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.
I enlighet med årsstämmans beslut ska Impact Coatings valberedning bestå av tre ledamöter som representerar bolagets till röstetalet största aktieägare samt styrelseordförande som adjungerad medlem.
För det fall någon av de tre största aktieägarna väljer att avstå från sin rätt att utse representant i valberedningen, övergår rätten till den aktieägare som därnäst har det största aktieinnehavet.
Valberedningen består av:
Kai Tavakka, ordförande, utsedd av Accendo Capital SICAV RAIF Syafiq Johari, utsedd av Hyundai Motor Company Torsten Rosell, utsedd av Hans Österberg Mark Shay, styrelseordförande, adjungerad
Impact Coatings årsstämma kommer att äga rum i Linköping den 18 maj 2022. Valberedningens förslag publiceras i samband med kallelsen till årsstämman samt kommer att finnas tillgängliga på bolagets hemsida, www.impactcoatings.com.
Aktieägare som önskar lämna förslag till valberedningen kan göra det per e-post till investors@impactcoatings.se senast den 1 februari 2022.
FINANCIAL RESULTS SECOND QUARTER 2021
● Net sales amounted to SEK 14,308 thousand (5,016)● Change of work in progress amounted to SEK -3,208 thousand (4,377)● Total revenue amounted to SEK 11,586 thousand (9,726)● Operating profit amounted to SEK -11,216 thousand (-6,305)● Operating profit after financial items amounted to SEK -11,219 thousand (-6,305)● Cash flow amounted to SEK -16,099 thousand (-2,299)● Liquidity ratio amounted to 650% (282)● Order backlog at period end amounted to EUR 1,456 thousand (3,765)
FINANCIAL RESULTS JANUARY-JUNE 2021
● Net sales amounted to SEK 24,513 thousand (10,039)● Change of work in progress amounted to SEK -8,444 thousand (5,933)● Total revenue amounted to SEK 16,941 thousand (16,301)● Operating profit amounted to SEK -22,694 thousand (-12,188)● Operating profit after financial items amounted to SEK -22,697 thousand (-12,190)● Cash flow amounted to SEK 106,882 thousand (-7,150)● Liquidity ratio amounted to 650% (282)
● Coating system order for radomes from HELLA Saturnus Slovenija (Slovenia)● Delivery and final acceptance of coating system for fuel cell development for Hyundai (South Korea)
● Coating system order for fuel cells from Symbio (France)
CEO’S COMMENTARY
Impact Coatings continued its strategic progress during the second quarter. We have continued proving our ability to deliver and that we are continuously maturing as an industrial company. This is reflected not least by a follow-on order received during the quarter in the field of automotive safety – the third system order in less than a year connected to the global automotive supplier HELLA.
The Coating Services business in Linköping, which is an important part of the sales process for future coating systems, has maintained a high activity level and closed yet another quarter with significantly increased revenues. During the second half of the year, we will be investing in increased production capacity and automation, with the planned addition of a robot. Beyond increased efficiency, this will improve our ability to help customers with their own production automation.
Despite the ongoing pandemic, we delivered and obtained final acceptance during the second quarter of a coating system for fuel cell development from our development partner Hyundai in Korea.
Joint development work with Hyundai in coating technology for fuel cells and related hydrogen applications continues, and we have in parallel enhanced our presence in Korea through cooperation with a local business partner. With our own Korean office as a base, we are working together with our local partner to establish Impact Coatings broadly in the Korean market, where there are several relevant customers in both hydrogen and automotive safety applications.
After the period end, we received a system order from the French fuel cell system manufacturer Symbio – our first European fuel cell system order and a recognition of our strong offering in the segment. Generally, we see that European and North American companies within hydrogen and fuel cell-related areas are advancing their positions, with several large automotive suppliers driving progress.
During the past year, we have intensified our relations within the European and North American fuel cell industries. To further strengthen our presence, this spring we engaged Robert Mamazza as President – North America. Recruiting of a President – EMEA is ongoing, and the position will initially focus on the company’s positioning and sales in the European fuel cell industry. In May, Anette Therén joined the company as VP Marketing & Communications with the goal of implementing a more structured and customer-oriented communications strategy.
Our development team is working intensively on our next generation coating system designed to meet the increasing capacity demands of the fuel cell industry. Development will enhance our ability to adjust fuel cell coatings for specific technical requirements, and to provide delivery models that meet companies’ differing stages of development.
Within automotive safety we are in constant dialog with companies about coating solutions for radomes and cost-effective antenna coatings for automotive radar. The past year’s three system orders related to the HELLA Group were all for coating of radar emblems, or radomes. The German automotive industry group is a leading global supplier of automotive lighting and electronics, where radar and radar emblems are examples of products within the field of automotive safety. We are committed to delivering innovative, cost-effective production technology to our existing strategic customers, and we see a growing business potential within the whole automotive safety segment.
With some trepidation, markets are opening up in Europe and around the world, allowing travel and in-person meetings. At present, it looks like industry exhibitions and other planned events will take place during the autumn. I sincerely hope the momentum continues as I am personally looking forward to meeting IRL – in real life customers, partners, and other industrial players in the coming months, as well as Impact Coatings shareholders.
FINANSIELL UTVECKLING ANDRA KVARTALET 2021
● Nettoomsättningen uppgick till 14 308 TSEK (5 016)● Förändring av produkter i arbete uppgick till -3 208 TSEK (4 377)● Rörelseintäkter uppgick till 11 586 TSEK (9 726)● Rörelseresultatet uppgick till -11 216 TSEK (-6 305)● Resultat efter finansnetto uppgick till -11 219 TSEK (-6 305)● Kassaflödet uppgick till -16 099 TSEK (-2 299)● Kassalikviditeten uppgick till 650% (282)● Värdet av orderboken för beläggningssystem vid periodens slut uppgick till 1 456 TEUR (3 765)
FINANSIELL UTVECKLING FÖRSTA HALVÅRET 2021
● Nettoomsättningen uppgick till 24 513 TSEK (10 039)● Förändring av produkter i arbete uppgick till -8 444 TSEK (5 933)● Rörelseintäkter uppgick till 16 941 TSEK (16 301)● Rörelseresultatet uppgick till -22 694 TSEK (-12 188)● Resultat efter finansnetto uppgick till -22 697 TSEK (-12 190)● Kassaflödet uppgick till 106 882 TSEK (-7 150)● Kassalikviditeten uppgick till 650% (282)
VÄSENTLIGA HÄNDELSER UNDER ANDRA KVARTALET 2021
● Order på beläggningssystem för radomer från HELLA Saturnus Slovenija (Slovenien)● Leverans och slutacceptans av beläggningssystem för bränslecellsutveckling till Hyundai (Sydkorea)
● Order på beläggningssystem för bränsleceller från Symbio (Frankrike)
Impact Coatings har under årets andra kvartal fortsatt att flytta fram positionerna. Vi har fortsatt att bevisa vår kapacitet att leverera och att vi är ett bolag som blir alltmer industriellt moget. Detta avspeglas inte minst i en uppföljningsorder under kvartalet inom fordonssäkerhet, den tredje systemordern på mindre än ett år kopplat till den globala fordonskomponentgruppen HELLA.
Beläggningsverksamheten i Linköping, som är en viktig del i säljprocessen för framtida beläggningssystem, fortsätter att gå på högvarv och uppvisade ännu ett kvartal med signifikant ökad omsättning. Under det andra halvåret investerar vi i produktionskapacitet och automatisering, med en planerad installation av en robot. Utöver ökad effektivitet stärker det vår förmåga att hjälpa kunder med automatisering i deras produktion.
Trots pågående pandemi levererade vi och erhöll slutgodkännande under det andra kvartalet av en beläggningsmaskin för bränslecellsutveckling hos vår utvecklingspartner Hyundai i Korea.
Utvecklingssamarbetet med Hyundai inom beläggningsteknik för bränsleceller och relaterade vätgasapplikationer fortlöper och vi har parallellt stärkt vår närvaro i Korea genom samverkan med en lokal affärspartner. Med vårt koreakontor som bas arbetar vi tillsammans med den lokala affärspartnern för att etablera Impact Coatings brett på den koreanska marknaden, där det finns ett flertal relevanta kunder inom både vätgas och fordonssäkerhet.
Efter periodens slut fick vi en systembeställning från den franska tillverkaren av bränslecellssystem Symbio, vår första europeiska systemorder och ett styrkebesked för bolagets satsning inom bränslecellssegmentet. Vi ser generellt att europeiska och amerikanska bolag inom vätgas- och bränslecellssektorn flyttar fram sina positioner, med flera stora fordonskomponenttillverkare som lokomotiv.
Vi har under det senaste året intensifierat kontakterna med den europeiska och nordamerikanska bränslecellsindustrin. För att förstärka närvaron ytterligare har vi under våren engagerat Robert Mamazza som President − North America. Rekrytering pågår av en President − EMEA som initialt ska fokusera på bolagets positionering och försäljning mot den europeiska bränslecellsindistrin. I maj anställdes Anette Therén som VP Marketing & Communications med uppdrag att implementera en mer strukturerad och kundorienterad kommunikationsstrategi.
Bolagets utvecklingsavdelning jobbar nu intensivt med vårt nästa generations beläggningssystem, designat för att möta ökad efterfrågad kapacitet från bränslecellsindustrin. Utveckling tillåter oss även att anpassa bränslecellsbeläggningar för specifika tekniska krav och att erbjuda leveransmodeller för olika kunders utvecklingsstadier.
Inom segmentet fordonssäkerhet för vi en kontinuerlig dialog med bolag gällande beläggningslösningar både för radomer och kostnadseffektiva antenner för fordonsradar. Det senaste årets tre systemordrar kopplade till HELLA Group var alla för beläggning av radaremblem, eller radomer. Den tyska fordonsindustrikoncernen är en ledande global leverantör av belysning och elektronik, där fordonsradar och radaremblem är exempel på produkter inom området fordonssäkerhet. Vi är fast beslutna att fortsätta leverera innovativ, kostnadseffektiv produktionsteknik till våra existerande strategiska kunder och ser en vidgad affärspotential inom hela segmentet.
Med viss tröghet öppnar marknaderna upp runt om i Europa och övriga världen och tillåter resande och personliga möten. I dagsläget ser det ut som att mässor och andra planerade aktiviteter kommer att äga rum under hösten. Jag ser personligen fram emot och hoppas verkligen på att IRL – in real life kunna träffa kunder, partners, andra industriella spelare och inte minst Impact Coatings investerare under de kommande månaderna.
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.
Årsstämma har idag hållits i Impact Coatings AB (publ), vars aktie är noterad på Nasdaq First North Growth Market. Med anledning av COVID-19-pandemin genomfördes stämman, med stöd av tillfälliga lagregler, genom förhandsröstning (poströstning). 6 personer representerande 3,3% av det totala röstetalet deltog vid stämman.
På årsstämman beslutades bland annat: Att fastställa av styrelsen föreslagen resultat- och balansräkning för 2020. Att disponera årets resultat i enlighet med styrelsens förslag. Att styrelseledamöter och verkställande direktör Torbjörn Sandberg beviljas ansvarsfrihet. Att till styrelse välja Mark Shay, Christian Sahlén, Sukhwan Yun, Göran Malm och Per Wassén, samt att till styrelseordförande omvälja Mark Shay. Att arvode om 180 000 SEK ska utgå till styrelsens ordinarie ledamöter och arvode om 300 000 SEK ska utgå till styrelsens ordförande, med inget ytterligare arvode för utskottsarbete. Att till revisor välja Öhrlings PricewaterhouseCoopers AB (”PwC”), med huvudansvarig revisor Johan Palmgren. Att anta valberedningens förslag till procedur för att utse kommande valberedning. Att godkänna styrelsens förslag om införande av ett teckningsoptionsbaserat incitamentsprogram för anställda. Att avslå valberedningens förslag om införande av ett teckningsoptionsbaserat incitamentsprogram för vissa styrelseledamöter. Att bemyndiga styrelsen att fatta beslut om nyemission av aktier och/eller emission av teckningsoptioner och/eller konvertibler. Att bemyndiga styrelsen att företa smärre justeringar av beslut fattade vid stämman i samband med registrering hos Bolagsverket och Euroclear Sweden AB.
Accendo Capital SICAV RAIF, som äger 6 816 016 aktier i Impact Coatings, motsvarande 12,04% av utestående aktier, lämnade in sin ifyllda röstsedel med stöd för samtliga av bolagets förslag. På grund av ett administrativt fel hos depåbanken ingår inte rösterna i det officiella omröstningsantalet, utan presenteras här för kännedom. Att inkludera rösterna i det officiella omröstningsantalet skulle inte ändra resultatet som rapporterats.
FINANCIAL RESULTS FIRST QUARTER 2021
SIGNIFICANT EVENTS FIRST QUARTER 2021
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
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