Dato for ledelsens godkendelse af årsrapporten:2022-04-01
Beskrivelse af usikkerhed ved indregning eller måling:Operational Overview 2021
Smart building market
Lockdown restrictions related to the COVID19 pandemic, supply chain bottlenecks and general uncertainties among customers and sales leads dominated the smart building segment in 2021. This resulted in delays in ongoing smart building projects and deferment of new orders.
However, sales of LED panels to Nobia continued throughout the year. Sales of upgrade panels for gas stations lighting renovation projects are gradually improving up as well even if the widespread lack of thirdparty installers is slowing down completion of orders. In partnership with Bluetop Solar Parking ApS, LED iBond received orders for lighting equipment for several charging stations for Gridserve’s “Electric Highway” in Britain. The company expects to expand all of these sales activities in the coming years.
Even with the severe travelling restrictions in 2021, LED iBond managed to onboard new distribution partners in Europe and Asia, including B2, a leading Korean lighting management and architectural lighting company. Using Tracy and The Plane, B2 has developed a range of innovative lighting solutions which are now being introduced to the Korean market.
LED iBond will continue signing up leading distribution partners all over the world to increase the company’s commercial reach for smart building lighting projects as well as smart architectural lighting solutions.
Vertical farming market
To accommodate the growing interest for LED iBond’s vertical farming solutions, the company finalised the design, development, and production setup for four different vertical farming solutions during 2021, featuring different combinations of grow lights and a mobility option. In Q3, LED iBond demonstrated that its vertical farming solution provides bestinclass lighting coverage of lettuce and other microgreen cultures, securing consistent production yields and optimal growth control
The company has sold four pilots projects, i. e., smallscale vertical farming setups, to various customers in Denmark and North America, testing the four different product variations on offer. Based on these pilot installations, LED iBond foresees significant sales in the vertical farming market – via the already established cooperation regarding the Unitroll trolley with onboard light as well as via individual contracts for stationary vertical farming projects in Europe and North America.
UV disinfection market
In 2021, the Institute of Clinical Research at the University of Southern Denmark confirmed that puriZAP, LED iBond’s handheld disinfection unit inactivates coronavirus (SARSCoV2) with an effectiveness of up to 99. 97 %, making it a powerful tool for disinfection of objects and surfaces.
However, rather than focussing on disinfection, the fight against COVID19 in general has concentrated on vaccination and testing. Therefore – despite early customer commitments LED iBond did not receive the expected orders for UV disinfection equipment in 2021, neither directly, nor via its spinoff companies LED VirusKill and LED Aviation. The company is currently exploring new and more nichefocussed application areas for PuriZap. As part of this exploration, the company took over full ownership of LED VirusKill in 2021.
Technology and product development
During 2021, most of LED iBond’s R&D resources were allocated to finalising the company’s vertical farming product portfolio, which now includes 4 different types of shelve panels with builtin smart lighting. LED iBond’s vertical farming offering is based on the company’s signature 6 mm ACP panel and the proprietary Tracy concept. The vertical farming solutions offer two colours of grow light and a special mobility option for vertical farming during transportation. All vertical farming products are prepared for integration with a thirdparty control system.
The R&D activities in 2021 also comprised several product improvements, including new versions of the patented replaceable LED plug, the canopy solution for EV charging stations and “the Plane” from LED iBond’s architectural lighting portfolio.
For LED iBond, the EUDP development project for intelligent infrastructure solutions progressed as planned in 2021. Managed by the Danish Energy Agency, the project is centred around the Tracy product line with integration of various sensors. The combined solution will serve as the base for energy and environments optimisation in green and smart buildings of the future. The demonstration project will serve as proof of concept for both smart buildings and vertical farming solutions. During the year, the company decided to take over full project responsibility, while the projects partners agreed to continue as sub suppliers to the project.
Patents
During 2021, LED iBond has maintained its extensive patent portfolio to secure continued broad international coverage of its intellectual property rights. The company has secured and publicly announced additional patent approvals on a regular basis throughout the year.
Organisation
In 2021, LED iBond implemented an organisational change to refocus commercial activities on sales and sales lead generation, resulting in several staff replacements with specialists who are now concentrating on expanding the company’s international network of resellers and distributors. The company also strengthened the marketing department with additional staff
In addition, the company implemented several substitutions and additions to the executive management team and board of directors during the year, including creating and filling the CTO position from January 2022.
Revision of the financial outlook
As already publicly announced, following a strategic review in March 2022, the board of directors and the executive management decided to revise the financial outlook of LED iBond as follows:
Revenue of DKK 10-30 million for 2022 (reduced from DKK 70 million)
Positive cash flow from operations in 2023 (a oneyear delay relative to the previous outlook),
Longterm EBITDAmargin above 30 % (unchanged)
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:We have on this day presented the annual report for the financial year 01. 01. 21 - 31. 12. 21 for LED iBond International A/S.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Company overview
Market interest for LED iBond’s products and innovative solutions is still growing even though the COVID19 pandemic has had greater and more farreaching consequences than originally anticipated. Consequently, restrained by extensive lockdowns and rigorous travel restrictions, LED iBond did not achieve its ambitions for growth and business development in 2021. Instead, 2021 was characterized by important product development initiatives and substantial changes of the organisation and management to further strengthen the competencies and execution power of the company.
Technology and market focus
LED iBond’s patented technology enables innovative LED lighting solutions with strong emphasis on sustainability, recyclable components, and minimal power consumption while still providing total design flexibility. All of LED iBond’s products are designed, developed, and manufactured in Denmark.
LED iBond focuses on three distinct business lines:
The Smart Building market – A huge market in transition as changing building codes and regulatory mandates gradually eliminate inefficient lighting. Sustainability and recyclability are strong growth drivers in this market along with IoT enabled energy saving features and other “smart” digital functionality. Many of LED iBond’s products include options for embedding sensors and other devices and controls for integration in digital lighting networks. LED iBond is currently focussing on smart lighting for kitchens and living spaces, for offices, and for special applications such as elevator ceilings, gas stations, carports, garages and more.
The Vertical Farming market – the emerging market for equipment for indoor crop production in vertically stacked layers is expected to deliver strong growth in the years to come. LED iBond is offering several mobile and stationary grow light solutions, providing significant competitive advantages due to its minimalistic formfactor and long service life.
The UV Disinfection market – a market that saw a major upswing in 2020 due to the COVID19 pandemic. The sudden market interest, however, has not resulted in a breakthrough for UV disinfection technology as anticipated since antivirus measures have generally concentrated on vaccination and testing. LED iBond is currently exploring new niche market opportunities for the company’s highly efficient disinfection technology.
LED iBond is currently exploring new and more nichefocussed application areas for the handheld disinfection tool PuriZap. As part of this exploration, the company took over full ownership of LED VirusKill in 2021.
Spinoffs
To leverage the use of LED iBond´s technology and patent portfolio, the company has made a strategic decision to address certain highgrowth market niches in collaboration with carefully selected partners. Based on coownership and license agreements for the use of LED iBond’s technology, the company is currently cooperating with three such spinoffs:
LED Aviation A/S, UVC LED systems for disinfection in the aviation industry.
LED Livestock ApS, lighting equipment to improve productivity and animal health in parts of the farming industry, including coloured light for improved growth and health of poultry.
Baldr Light ApS, researching and developing a new kind of lighting technology and owner of an international patent application for this technology.
LoginOpret gratis brugere-conomic integration