Interim financial report for the third quarter of 2020
Still impacted by COVID-19, but outlook maintained
Today, LED iBond International’s (LED iBond) Board of Directors approved the interim financial report for the third quarter of 2020 (Q3). Highlights of the report include:
Business development
- With the order announced in Q3 for the delivery to Vanderlande of UV-C LED-based equipment for disinfection of hand baggage trays in airport security lines, LED iBond’s largest order ever, the company’s entry into the UV-C disinfection market is on track.
- The formation of LED iBond’s vertical farming business is also developing according to plan, propelled by the OEM agreement for delivery of shelf-and-lighting panels for Senmatic’s industrial vertical farming projects, announced in early October.
- Increasing sales of the LED iBond Kitchen line of products in Q3 cannot make up for the continued adverse impact of the COVID-19 pandemic currently preventing all international sales activities within the company’s smart building business.
- Product development activities progress as planned, including the previously announced market introduction of the replaceable LED-plug, initially targeting the elevator ceiling market.
Financial development
- In Q3, LED iBond generated revenues of TDKK 2,264 from goods sold, a decline of 27 % compared to Q3 of 2019 due to the negative market effects of COVID-19.
- The decline in sales caused by the pandemic was partly offset in Q3 by a one-off COVID-19 related government compensation of TDKK 1,664.
- Despite the COVID-19 slowdown, EBITDA came in at TDKK -1,571 for Q3, as compared to TDKK -2,342 for the year-earlier period. The main reason for this improvement is lower staff costs and lower depreciation in Q3 2020.
- As in the previous interim financial report, LED iBond maintains its financial outlook:
- Full year positive cash flow from operations in 2021
- Revenue of DKK 100 million in 2022
- Long-term EBITDA-margin above 30 %
| TDKK | Q3 2020 |
Q3 2019 |
Change | Q1-Q3 2020 |
Q1-Q3 2019 |
Change |
| Profit & Loss | ||||||
| Revenue of goods sold | 2,264 | 3,092 | -27% | 4,636 | 7,097 | -35% |
| Grants & Compensation | 1,664 | 0 | -N/A | 1,664 | 1,763 | -6% |
| EBITDA | -93 | -2,342 | -5,409 | -3,738 | ||
| EBIT | -2,768 | -5,249 | -13,433 | -10,972 | ||
| Net Financial expenses (Ex. IPO Costs) | -135 | -2,075 | -694 | -3,222 | ||
| Profit/loss before IPO Costs and tax | -2,903 | -7,324 | -14,127 | -17,586 | ||
| Profit/loss before tax | -2,903 | -7,324 | -17,586 | -14,194 | ||
| Profit/loss | -2,264 | -5,713 | -13,717 | -11,072 | ||
| Balance Sheet | ||||||
| Total assets | 69,843 | 52,436 | 33% | 69,843 | 52,436 | 33% |
| Total equity | 48,100 | 33,154 | 45% | 48,100 | 33,154 | 45% |
| Net working capital | 23,076 | 12,431 | 86% | 23,076 | 12,431 | 86% |
| Net interest-bearing debt. | 13,212 | 13,241 | 0% | 13,212 | 13,241 | 0% |
| Cash flow statement | ||||||
| Cash flow from operating activity | -2,833 | -5,053 | 44% | -8,756 | -7,680 | -14% |
| Cash flow from investing activity | -1,680 | -973 | -73% | -6,351 | -5,530 | -15% |
| Cash flow from financing activity | 150 | 2,322 | -94% | 24,160 | 2,322 | 941% |
| Change in cash and cash equivalents | -4,363 | -3,704 | -18% | 9,053 | -10,888 | 183% |
Further Information
Rolf H. Sprunk-Jansen, CEO
Mobile: +45 2020 3005
Email: rsj@ledibond.com
Company contact
LED iBond International A/S
Agern Allé 5A
2970 Hørsholm
Denmark
CVR 36041609
+45 7070 7855
info@ledibond.com
www.ledibond.com
Certified advisor contact
Per Lönn
Telephone: +46 40 200 250
Email: per.lonn@vhcorp.se
Västra Hamnen Corporate Finance
Jungmansgatan 12
211 19 Malmö
Sweden
About LED iBond International A/S
Founded in 2014, LED iBond International offers innovative solutions for integrating light and data, based on the company’s deep knowledge of modern LED technology and many years of development. The patented technology includes the lightest and thinnest LED basis available, offering a unique value proposition combining total design flexibility, full IoT integration and low total costs of ownership. LED iBond’s technology has been deployed in many projects, ranging from intelligent shelf lighting to large scale indoor illumination projects such as the installation of 3.2 kilometres of Tracy®, the company’s innovative flagship product, at DTU, the Technical University of Denmark.
Due to the data transfer capabilities, superior form factor and cooling properties of the technology platform, LED iBond is focusing on three key markets: smart housing, UV disinfection and vertical farming, all projected to show significant growth in the years to come.