Annual Report 2020 - Building momentum in the markets for vertical farming and UV disinfection
Today, LED iBond International A/S’ (LED iBond) Board of Directors approved the Annual Report for 2020 to be submitted for approval at LED iBond’s annual general meeting on 26 April 2021.
Highlights of the Annual Report include:
Business development
- LED iBond’s Smart Building activities during 2020 included completion of deliveries of over 100 LED elevator ceilings to ThyssenKrupp Elevator, 3,600 smart shelves for Oslo’s new municipal library, Deichman Bjørvika and a number of lighting solutions for Bluetop Solar, the supplier of solar-powered carports for international customers.
- The company’s deliveries of LED iBond Kitchen lighting systems to Nobia in the Nordic region grew by 80 % during 2020.
- However, many of LED iBond’s smart building customers were affected by corona-related delays during 2020. Some of the company’s smart building projects are still on track, but most projects, including a few large ones, are expected to be postponed to 2021, subject to the corona situation.
- In the area of vertical farming LED iBond entered a strategic partnership with Senmatic A/S for OEM delivery of shelves with built-in grow light for industrial vertical farming solutions. When fully phased in over the course of a few years, LED iBond expects the new partnership to generate annual revenues in excess of DKK 10 million for the company.
- LED iBond’s spin-off company LED Aviation A/S achieved a breakthrough in Q3 with an order for 50 UV-C LED-based disinfection systems to Vanderlande, a global leader in the market for security checkpoints in international airports. The collaboration with Vanderlande is expected to increase over the coming years.
- In Q2, the spin-off LED VirusKill A/S was established to commercialise the company’s mercury-free UV-C LED disinfection technology. Introduced in Q4, the spin-off’s first product, puriZAP, a handheld disinfection stick, has been well received internationally.
Financial development
- In Q4, LED iBond generated revenues of TDKK 2,726 from goods sold, an increase of 20% compared to Q3 2020 despite continued COVID-19 related delays and challenges.
- In 2020, LED iBond generated revenues of TDKK 7,362 from goods sold, a decline of 38 % compared to 2019 (Q4 2020 declined 42% compared to Q4 2019) due to the negative market effects of the COVID-19 pandemic.
- 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.
- EBITDA came in at TDKK -2,400 for Q4, as compared to TDKK -1,432 for the year-earlier period.
- For the full year EBITDA amounted to TDKK -7,809 a decline of 51% compared to 2019 due to the negative market effect of the COVID-19 pandemic.
- 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 %
FINANCIAL HIGHLIGHTS, 2020
| TDKK | Q4 2020 |
Q4 2019 |
Change | Full year 2020 |
Full year 2019 |
Change |
| Profit & Loss | ||||||
| Revenue of goods sold | 2,726 | 4,691 | -42% | 7,362 | 11,788 | -38% |
| Grants & Compensation | 301 | 19 | 1,494% | 1,965 | 1,782 | 10% |
| EBITDA | -2,400 | -1,432 | -7,809 | -5,170 | ||
| EBIT | -5,100 | -6,510 | -18,533 | -17,482 | ||
| Net Financial expenses (Ex. IPO Costs) | -666 | -535 | -1,360 | -3,757 | ||
| Profit/loss before IPO Costs and tax | -5,766 | -7,045 | -19,893 | -23,352 | ||
| Profit/loss before tax | -5,766 | -7,045 | -23,352 | -21,239 | ||
| Profit/loss | -3,905 | -5,790 | -17,623 | -16,861 | ||
| Balance Sheet | ||||||
| Total assets | 66,365 | 58,023 | 14% | 66,365 | 58,023 | 14% |
| Total equity | 44,193 | 32,656 | 35% | 44,193 | 32,656 | 35% |
| Net working capital | 16,790 | 12,723 | 32% | 16,790 | 12,723 | 32% |
| Net interest-bearing debt. | 14,430 | 18,210 | -21% | 14,430 | 18,210 | -21% |
| Cash flow statement | ||||||
| Cash flow from operating activity | -653 | 7,317 | -109% | -9,409 | -363 | -2,492% |
| Cash flow from investing activity | -4,803 | -4,750 | 1% | -11,154 | -10,280 | -9% |
| Cash flow from financing activity | -92 | -6,322 | -99% | 24,068 | 4,000 | 702% |
| Change in cash and cash equivalents | -5,548 | 4,245 | -231% | 3,505 | -6,643 | 153% |
Highlights and numbers above are extracted from the consolidated annual statement of LED iBond and thus includes the activities in LED iBond as well as LED iBond’s subsidiaries.
Full annual reports for LED iBond and LED iBond A/S as well as the consolidated annual statement of LED iBond is available at the company’s website here: https://ledibond.com/en/documents/
The consolidated annual statement is available here:
https://ledibond.com/wp-content/uploads/2021/03/LED-iBond-Consolidated-Annual-Statements-2020.pdf