Highlights of the Annual Report include:

• 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.

• 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 Q4 Change Full year Full year Change
2020 2019 2020 2019

Profit & Loss
Revenue of goods 2,726 4,691 -42% 7,362 11,788 -38%
sold
Grants & 301 19 1,494% 1,965 1,782 10%
Compensation
EBITDA -2,400 -1,432 -7,809 -5,170
EBIT -5,100 -6,510 -18,533 -17,482
Net Financial -666 -535 -1,360 -3,757
expenses (Ex. IPO
Costs)
Profit/loss before -5,766 -7,045 -19,893 -23,352
IPO Costs and tax
Profit/loss before -5,766 -7,045 -23,352 -21,239
tax
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 14,430 18,210 -21% 14,430 18,210 -21%
-bearing debt.

Cash flow statement
Cash flow from -653 7,317 -109% -9,409 -363 -2,492%
operating activity
Cash flow from -4,803 -4,750 1% -11,154 -10,280 -9%
investing activity
Cash flow from -92 -6,322 -99% 24,068 4,000 702%
financing activity
Change in cash and -5,548 4,245 -231% 3,505 -6,643 153%
cash equivalents

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/ (https://ledibond.com/da/dokumenter/)

The consolidated annual statement is available here:
https://ledibond.com/wp-content/uploads/2021/03/LED-iBond-Consolidated-Annual-Statements-2020.pdf