IMPACT COATINGS AB FINANCIAL RESULTS THIRD QUARTER 2023
- Net sales amounted to
SEK 14,798 thousand (4,207) - Net sales, excluding metals for electrolysis, amounted to
SEK 10,819 thousand (4,207) [1] - Total revenue amounted to
SEK 17,628 thousand (13,863) - Operating profit amounted to
SEK -13,777 thousand (-11,593) - Operating profit after financial items amounted to
SEK -13,776 thousand (-11,592) - Cash flow amounted to
SEK -15,263 thousand (-23,086) - Net cash, end of period, amounted to
SEK139,083 thousand (82,919) - Liquidity ratio amounted to 169% (282)
- Order backlog coating systems at period end amounted to
SEK 36,478 thousand (32,964) [2] - Order backlog Coating Services, excluding metals for electrolysis, amounted to
SEK 750 thousand [1] [2] - Order backlog Coating Services, including metals for electrolysis, amounted to
SEK 750 thousand [1] [2]
FINANCIAL RESULTS JANUARY-
- Net sales amounted to
SEK 59,933 thousand (13,945) - Net sales, excluding metals for electrolysis, amounted to
SEK 50,763 thousand (13,945) [1] - Total revenue amounted to
SEK 57,972 thousand (34,261) - Operating profit amounted to
SEK -32,628 thousand (-34,616) - Operating profit after financial items amounted to
SEK -32,624 thousand (-34,620) [3] - Cash flow amounted to
SEK 77,617 thousand (-46,890)
SIGNIFICANT EVENTS THIRD QUARTER 2023 [4]
- No significant events have occurred during the period
SIGNIFICANT EVENTS AFTER THE PERIOD [4]
- No significant events have occurred after the end of the period
[1] Metals for electrolysis are invoiced in a cost-neutral manner and do not affect operating profit.
[2] Currency exchange rate at period end.
[3] Includes a provision for severance pay for the departing CEO of
[4] Significant events refer to events that comprise insider information and shall be made public via press release.
CEO’s COMMENTARY
Continued growth, first impressions as new CEO
I am honored and excited to have been appointed CEO of
Third quarter net sales growth and commercial progress in line with our strategy
The third quarter of 2023 demonstrated continued growth in net sales and execution on the strategic plan communicated in conjunction with the
Coating Services sales were roughly flat compared to Q2 2023, with robust sales activity compensating for the seasonally slower summer holiday period during the third quarter. Electrolysis coatings for green hydrogen remained the main sales driver. No coating systems were delivered during the third quarter, in line with previous communications.
At the end of the third quarter, the order backlog for coating systems was
In conjunction with hydrogen trade shows in
Coating Services – our growth engine
At the end of September, Regional President
The
The advanced, efficient facility in
At our Capital Markets Update held on
First impressions and a look ahead
After just three weeks as
Looking ahead, I see several areas where I hope to make a lasting difference together with my new colleagues.
We can do more for our customers after they have purchased and installed INLINECOATER™ systems, driving increased after-market sales. This is an area that has received increased attention in recent years, but looking at the average revenue generated per system over its useful life, there is more we can do. As with all our activities, we will start by listening to our customers and adapt our offering to help them do more for longer with our market-leading PVD coating systems.
To facilitate sales growth and increase margins, I look forward to working with the team to reduce machine delivery lead times, so that we produce coating systems according to qualified market forecasts more so than reacting to incoming orders. We will work closely with our suppliers and other partners to accelerate production while reducing our bill of materials and labor costs.
In the organization, we have world-class coating experts that help our customers develop tailored coating solutions that solve emergent problems in, for example, water electrolysis or waveguide antenna production. We can work more closely with these customers at an early stage in their product development, then stay with them through commercial growth and long-term support to deliver value during an entire product life cycle. By working closely with our customers, we can help them translate their business and technical requirements into coating solutions that help create competitive advantages in the marketplace. We can also extend our technical expertise into a larger qualified sales team that drives more revenue, with deep technical expertise relevant for our most promising application areas.
These are only a few early thoughts after a busy but energizing first three weeks at the helm. In the next several weeks, I will continue my one-on-one conversations with the team and will be meeting customers visiting Linköping while also traveling abroad to see customers and prospects.
I look forward to further elaborate on the company, our progress, and priorities in the coming quarters. Once again, I am very happy to be here and thankful to be entrusted to lead the company in the next step of its journey.
The full report is attached, and can be retrieved on the company’s website at www.impactcoatings.com/finansiella-rapporter-arkiv/.
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