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Interim report for the first half year of 2020

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Short-term impact from COVID-19, but outlook remains unchanged

Today, LED iBond International’s (LED iBond) Board of Directors approved the interim report for the first half-year (H1) of 2020. Highlights of the report include:

Business development

  • During the first half of 2020, the company completed deliveries and implementation of 3,600 “smart” shelves for Deichman Bjørvika, Oslo’s new main library, which was inaugurated on 18 June.
  • In the reporting period, LED iBond also completed an order from ThyssenKrupp Denmark for more than 100 elevator ceilings for a number of Banedanmark’s railway stations.
  • Sales to Nobia, Europe’s leading supplier of kitchens, went up by 30 % during H1.
  • In H1, the spin-off company LED Livestock finalised a series of field tests and is currently negotiating for the first order for its highly specialised LED lighting system for broiler poultry farming.
  • During Q2, the company has worked extensively on the development of the new handheld disinfection device “puriZAP”, which uses LED-generated UV-C light for neutralising bacteria and virus. The company expects to finalise product development during Q3 as planned.
  • In Q2, the Danish Energy Technology Development and Demonstration Program (EUDP), awarded a grant of DKK 9.6 million for a project centred around LED iBond’s flagship product Tracy®. Of this grant, LED iBond will receive DKK 6.1 million over a period of two years.

Financial development

  • In general, LED iBond’s quarterly revenue can be expected to fluctuate substantially subject to the specific timing of the company’s recognition of income from larger projects. For H1, LED iBond generated revenues of TDKK 2,372, which represents a decline of 40.8 % compared to H1 of 2019. This drop in revenue was caused by the negative market effects of COVID-19, obscuring a strong underlying growth of 22.7 % in business activities in Q1.
  • EBITDA came in at TDKK -5,316 in H1, as compared to TDKK -1,396 for the year-earlier period. Almost half of this decline in EBITDA is due to the fact that the year-earlier EBITDA includes a significant grant, whereas LED iBond did not receive any grants during the reporting period. The impact of COVID-19 and increased corporate branding expenses ahead of the IPO in June 2020 are also weighing down on EBITDA for the reporting period.
  • Even though COVID-19 may slow down LED iBond’s smart building activities for the rest of the year, product launches for the disinfection and vertical farming markets can be expected to compensate – at least partially - for the adverse effects of the pandemic. Therefore, 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 %

Rolf H. Sprunk-Jansen, CEO of LED iBond, says:

“I’m truly grateful to the many investors that decided to take part in our IPO in June. They gave LED iBond a strong vote of confidence and provided us with the financial strength to continue building our presence in the global markets for smart buildings, UV disinfection and vertical farming.

We’re encouraged by the successful delivery of elevator ceilings to Banedanmark, which reinforces our belief that the elevator ceiling market segment will become an important market segment for the business in the years to come. In addition, we are now ready to introduce the disinfection device “puriZAP” to the market and more disinfection products will follow.

So, even in the face of the current COVID-19 challenges, we’re very confident that we will be able to push through and keep our promise to the new shareholders.”

Financial key figures for Q2 2020 and H1 2020

TDKK Q2
2020		 Q2
2019		 % H1
2020		 H1
2019		 %
Profit & Loss
Revenue of goods sold 354 2,361 -85% 2,372 4,005 -41%
Grants 0 66 -100% 0 1,763 -100%
EBITDA -3,453 -1,443 -139% -5,316 -1,396 -281%
EBIT -6,132 -3,606 -70% -10,665 -5,723 -86%
Profit/loss before tax -9,910 -4,180 -137% -14,683 -6,870 -114%
Profit/loss -7,730 -3,260 -137% -11,453 -5,359 -114%
Balance Sheet
Total assets 70,792 62,633 13%
Total equity 50,364 15,550 223%
Net working capital 20,383 5,794 252%
Net interest-bearing debt. 13,061 41,613 -69%
Cash flow statement
Cash flow from operating activity -904 -2,378 62% -5,923 -2,627 -125%
Cash flow from investing activity -2,661 -2,036 -31% -4,060 -4,557 11%
Cash flow from financing activity 17,610 0 N/A 24,010 0 N/A
Change in cash and cash equivalents 14,045 -4,414 418% 14,027 -7,184 295%

Further Information

Rolf H. Sprunk-Jansen, CEO
Mobile: +45 2020 3005
Email: rsj@ledibond.com

Company contact
LED iBond International A/S

Diplomvej 381
2800 Kgs Lyngby
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.

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