Impact Coatings presented their report for the third quarter of 2019 this morning; net sales were lower than estimates as the system to Beijing Shouhang Resources Saving Co., Ltd. (order value SEK ~11.0 million) has been delayed. The value of the order backlog for coating machines was EUR 2.1 million at the end of the period – no new orders have been added since the last quarterly report. Leaving aside the report, the big news in the previous days is the joint development agreement with Hyundai Motor Company and the related share issue. On a preliminary basis, we will lower our short-term sales estimates to reflect a weak order flow, but positive changes related to the agreement with Hyundai Motor Company and the long-term potential within the FC segment will raise our valuation for Impact Coatings.