A man has been filmed being hit by a car in Sydney's suburb of Chatswood. Source: DashCamOwnersAustralia
(Bloomberg) -- Singapore’s richest property dynasty vowed to get back on course after a S$1.78 billion ($1.3 billion) writedown on a Chinese deal led to a record annual loss.City Developments Ltd.’s net loss of S$1.9 billion for the year ended Dec. 31 was its first since the early 1970s, thanks to the impairment on its investment in China’s Sincere Property Group.“We must now forget about all these old subjects,” Chairman Kwek Leng Beng said at a briefing on the results Friday. “I want to go to the next chapter to grow the company. I don’t want to keep talking about Sincere.”While the pandemic has also battered its hotel revenue and rental income, the acquisition of a majority stake in Chongqing-based Sincere last April has proved to be an onerous investment, creating a rift in a family dynasty that’s worth $16.5 billion, according to last year’s Bloomberg Billionaires Index list of Asia’s richest clans. Three CDL directors, including the chairman’s cousin, have resigned in disagreement over the deal, spearheaded by Chief Executive Officer Sherman Kwek.The impairment loss in Sincere constitutes 93% of its S$1.9 billion investment, CDL said. Taking into account Sincere’s debts in the next 12 months as well as China’s “three red lines” policy that caps borrowings for real estate developers, CDL cautioned that the Chinese property firm “may face significant liquidity challenges.”While CDL believed in Sincere’s potential, it was taken aback by the size and structure of its debts, Sherman Kwek said. “To be candid, the one thing that was far more difficult, challenging and complex than we expected was the debt restructuring,” the CEO said.“The debt in Sincere is very sizable and very complex and there are many, many financial institutions to deal with,” he said at the briefing. “So, this was the part that presented a very, very tough challenge for the working team and myself.”What Bloomberg Intelligence Says:CDL faces a long road ahead repairing Sincere’s balance sheet under China’s “three red lines” rules limiting leverage, while the potential return may be distant given Sincere’s weak land bank, sales and profitability.--BI analysts Kristy Hung and Daniel FanClick here to read the researchMoney pumped into Sincere has swelled from an initial investment of S$880 million. The internal fallout has prompted CDL to set up a special working group to improve the Chinese firm’s liquidity and profitability. With that in mind, the developer acquired Sincere’s stake in a Shenzhen technology park this week.CDL won’t put more funds into Sincere until the Chinese company returns to health, Chief Transformation Officer Goh Ann Nee said at the briefing. The investment remains a good platform for CDL to expand in a market that shouldn’t be ignored, Goh said.Sincere’s predicament arose from a “perfect storm” -- a combination of the pandemic and policies imposed by China on developers, Goh said. Nevertheless, it’s not all doom and gloom and there could be a “very interesting light at the end of the tunnel” for CDL, she added.Sincere has numerous assets in its portfolio but CDL has to get the consent of its partner -- Sincere’s founder and chairman Wu Xu -- to monetize them, Chairman Kwek said.“He has a different view from us,” Kwek added, hoping that Wu Xu will cooperate with CDL. Nevertheless, Kwek expressed optimism that Sincere could become “a very ideal entity that everybody wishes to buy.”Touted as “game changing” for growth, the Sincere deal -- CDL’s single largest investment in China -- increased its presence in the world’s second-largest economy to about 20 cities from three.While Sherman Kwek believed that the terms were in CDL’s favor when it entered into the deal, “things have panned out differently from what we have anticipated,” he said. The company is also scaling back on some of its investments in China “until we see how things pan out with Sincere.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Tiger Woods has reportedly vowed to come back from the brutal injuries he suffered in a car crash earlier this week.
Olainfarm Group's profit in 2020 reached EUR 9.5 million and the parent company closed the year 2020 with 11.5 million EUR profitThe Management Board will propose to approve a dividend payout of EUR 0.17 per share in the annual report of 2020, which is a total of EUR 2 394 463 Significant investments are planned for research and development, as well as the acquisition of products and modernization and digitalization “Covid-19 is having a significant impact on the global healthcare and pharmaceutical industries. Our values and care for the society remain unchanged in this difficult time, we strive to improve people's health and quality of life. In accordance with the Olainfarm Group's five-year strategy "Forward", in 2020 an unprecedented transformation of the Group was initiated with the goal of making internal processes more effective for sustainable growth. Despite the challenges caused by Covid-19 we have managed to build a strong foundation. Moving towards strengthening and expansion characterizes Olainfarm Group's approach for the year 2021 and beyond. This will be based on significant investments in research and development, in particular - by fostering the development and acquisition of FDFs,” says Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm. The year 2020 in a sign of transformation In 2020, the Group's revenue reached EUR 122 million, which is 11% less than in the previous year. The parent company's revenue in 2020 was EUR 92 million, ensuring the fulfilment of previously forecasted revenues. Turnover in all of the Group's main markets, except Russia, increased compared to 2019. The Group's largest market in 2020 was Latvia showing consistency in operations, providing a 1% increase compared to 2019. Despite the global impact of the Covid-19 crisis, Olainfarm Group was able to ensure a continuous supply of goods in all of the Group's operating markets throughout the year. In 2020, a number of strategically important activities were carried out, affecting the financial results of Olainfarm Group's strategy. JSC Olainfarm expanded its marketing team and renewed its business model in Ukraine where the existing legal structure served as a basis for changing the business model. The revenue in Ukraine has increased by EUR 746 thousand when compared to 2019, and the overall share of Ukraine in the Group's revenue reached 9.4%. The Group's financial results for 2020 were affected by several events in the Russian pharmaceutical market. In 2020, JSC Olainfarm established a subsidiary in Russia as a long-term investment, which has been providing JSC Olainfarm product promotion activities in the Russian pharmaceutical market since September of last year. It ensures an even more accurate insight into the Russian pharmaceutical market, adjusting JSC Olainfarm supply according to customer demand. A survey carried out in the Russian pharmaceutical market confirms the effectiveness of JSC Olainfarm foreign market strategy – the recognition of the JSC Olainfarm brand has increased, thus providing a solid base for further development. In 2020, a new medicine verification and traceability system was introduced in Russia, changing the usual delivery schedules. The Russian ruble depreciated against the euro by 32%, which had an impact on the sales and net profit of Olainfarm Group. At the end of 2019, additional emergency deliveries of EUR 6 million were made to Russia for consumption in 2020. This reduced sales in Russia in 2020 compared to 2019. Consolidated EBITDA in 2020 is EUR 25 million, which is a 17% decrease compared to the year 2019. EBITDA is affected by both sales revenue in certain markets and changes in operating models that result in a different cost structure than historically common. Strategy “Forward 2020-2025”One of the most important events of 2020 was the approval of JSC Olainfarm strategy "Forward", outlining a clear vision for the Group's future operations. The strategy intends on placing more emphasis on the development of the core business, supplementing and developing JSC Olainfarm's product portfolio by both using internal expertise and acquiring new products. In 2020, JSC Olainfarm received the Russian Certificate of Good Manufacturing Practice (GMP), which confirms the company's efforts for maintaining the quality system and complying with the Russian market, including the requirements for production and quality control of medicines. Although the overall impact of Covid-19 on Olainfarm Group is small, some of the ongoing product development projects have been postponed to 2021. As proposed by the European Medicines Agency, clinical trials during Covid-19 are not recommended. Therefore, the amount of Olainfarm Group's capital investments in 2020 was EUR 9.2 million, not reaching the levels forecasted. It should be emphasized that some of the projects are implemented with the co-financing of the European Union (EU). During the reporting year, Olainfarm proved itself as a reliable partner in the implementation of significant capital investments. In 2020 the modernization of the Cold Station and distribution infrastructure took place, in which more than EUR 2.7 million were invested, including co-financing from the European Cohesion Fund in the amount of EUR 700 thousand. The implementation of this project ensures JSC Olainfarm contribution to the green economy and climate neutrality programs, with the projected savings of 1486.563 MWh/year and the reduction of greenhouse gas – CO2 emissions by 235.645 t/year. In 2020, the Group's cash flow from operational activities was EUR 28.5 million, which has allowed it to significantly improve the Group's financial stability by both securing loan repayments and paying EUR 4.5 million in dividends to shareholders. Olainfarm's dividend policy states that JSC Olainfarm annually strives to pay shareholders a dividend of at least 20% from the previous year’s audited profit. Forecast for 2021For 2021, JSC Olainfarm as a parent company forecasted revenue of EUR 101 million. JSC Olainfarm consolidated revenue is planned at EUR 140 million, which is an increase of 14% if compared to 2020, in line with the five-year strategy reaching double-digit growth YoY. "Strengthening research and development areas is a strategic priority for 2021. We focus on two main directions, firstly, R&D of new products, as well as the acquisition of already developed products, and secondly, investments in the modernization and digitization of technology and production equipment. In 2020, we concentrated our resources on the implementation of the strategy and have been able to significantly improve the marketing approach in the company's foreign markets. This will allow us to provide effective and targeted product promotion activities, expand the range of products in existing markets and achieve the projected revenue this year,” emphasizes Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm. The overall R&D costs are forecasted to be as much as 10% of JSC Olainfarm parent company's revenue in 2021, which is in line with the goals set within the new strategy. Investments of EUR 10.2 million are planned for these areas and will be directed to creating a new work environment and purchasing equipment, as well as continuing investments in order to position the existing product portfolio in new foreign markets. It is projected that not all R&D investments will be capitalized, so part of the research activities will have an impact on 2021 earnings. In 2021, operating investments for Olainfarm Group are planned at EUR 13.8 million. In addition to investments in technology and modernization of the manufacturing facilities, the Group's priorities are to promote digitization and automation projects. In 2021, it is planned to introduce digital solutions for the improvement of customer service, as well as modernize and digitize core business processes. First and foremost, it is essential to introduce the laboratory information management system which will take several years to implement and will ensure not only improvements in the efficiency of internal processes but also compliance with the growing regulatory requirements. The company plans to close the year 2021 with a profit of EUR 6.5 million, but the consolidated profit of the Group in 2021 is forecasted in the amount of EUR 8.6 million. JSC Olainfarm plans to achieve indicators forecasted in the strategy in 2025. JSC Olainfarm, a part of Olainfarm Group, is one of the leading pharmaceutical companies in the Baltic States offering high quality medicine and chemical pharmaceutical products. The business strategy “FORWARD” highlights the company’s main vision – to become one of the TOP10 Central and Eastern European manufacturing companies by 2025. With nearly 50 years of expertise, Olainfarm Group delivers sustainable healthcare products and services with added value to patients in more than 50 countries all over the world via its key subsidiaries – pharmaceutical company JSC Olainfarm, food supplement & medical device producer Silvanols, elastic & compression material producer Tonus Elast, pharmacy chain Latvijas Aptieka and healthcare & diagnostics centres DiaMed & OlainMed. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Phone: +371 29178878 Email: janis.dubrovskis@olainfarm.com Attachment Olainfarm_Q4_2020_konsolidetais FS_ENG
(Bloomberg) -- Oil is heading for a fourth monthly gain with the global market tightening as investors await the OPEC+ meeting next week, watching for any changes to production strategy following a surge in prices.While oil was swept up in a broader market sell-off on Friday, futures in New York after still up 20% this month and global benchmark Brent has rallied for its best ever start to a year. As producers prepare to gather and discuss the state of the market, early signs point to differing views on strategy with Saudi Arabia in favor of keeping supply steady and Russia angling for an increase.The market is also facing an escalation in Middle East tension after the U.S. carried out airstrikes in eastern Syria on sites connected to Iran-backed groups. A pocket of Chinese demand may slow, however, after its oil storage neared capacity following a buying spree of cheap crude last year.OPEC+ will meet amid an atmosphere of buoyant optimism in the outlook, with traders and investment banks this week making a series of bullish calls and upward price revisions. The recent big freeze that halted millions of barrels of U.S. output exacerbated the market tightening and scarce supply is set to deepen in the coming months as North Sea fields undergo major maintenance.“The velocity of the demand increase over the next six months could fuel higher prices, up to $70 or $80 a barrel,” said Victor Shum, vice president of energy consulting at IHS Markit in Singapore. “World oil supply can’t keep up with rising demand unless Saudi Arabia chooses to increase production.”Exports of five key North Sea crudes -- Brent, Forties, Ekofisk, Oseberg and Troll -- will slump to a five-month low of 780,000 barrels a day in April, according to loading programs compiled by Bloomberg. Bigger declines in shipments may be in store because of work in June on the Forties Pipeline System that will slash output sharply.See also: Whispers of $100 Oil Return as Crude Shakes Off Covid’s ClaspU.S. drillers reported almost 6 million barrels of combined production losses during the cold blast last week, while Vitol Group says the market is pricing in a strong global short-term deficit as stockpile declines continue at a rate of 2 million barrels a day to 3 million barrels a day.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Huawei Technologies Co. is planning to manufacture electric cars under its own brand, Reuters reported, as it shifts away from a consumer electronics business battered by U.S. sanctions.The Chinese tech giant could roll out some models this year, Reuters reported, citing people with knowledge of the matter. Huawei is in talks with Chongqing Changan Automobile Co. and other carmakers to use their plants to manufacture the EVs, according to the report.A Huawei spokesman denied the company plans to design EVs or produce Huawei branded vehicles, Reuters said. A representative for the company told Bloomberg News Huawei’s strategy for the auto sector remains unchanged. Briefly the world’s biggest smartphone maker, Huawei has struggled to keep growing its consumer electronics business after Trump-era sanctions cut off the supply of vital semiconductors and other components. Its billionaire founder Ren Zhengfei has vowed to keep making smartphones, even after the company sold its budget Honor brand at the end of last year.Read more: Huawei’s Founder Vows To Keep Making Smartphones in Biden EraThe telecom giant is also in discussions with BAIC Group’s BluePark New Energy Technology Co. on manufacturing the vehicles, Reuters said. Huawei has previously developed technologies for EVs including in-car software systems, sensors and 5G communications hardware, and has partnerships with automakers like General Motors Co. and SAIC Motor Corp.BAIC BluePark jumped nearly 9% in Shanghai trading. Shares of Changan Automobile gained more than 5% in Shenzhen.China’s technology companies are among some of the newest entrants into the increasingly crowded electric vehicle market. Search leader Baidu Inc. announced in January it’s teaming up with Zhejiang Geely Holding Group to produce smart electric vehicles. Xiaomi Corp., Huawei’s fiercest domestic rival in consumer electronics, said in a statement Sunday that it’s watching developments in the industry, though it hasn’t initiated any formal projects.Apple Inc.‘s foray into automobile manufacturing is the most closely watched, with speculation over its potential partners for the venture reaching a frenzy in recent weeks. Still, it may be at least half a decade before the world’s largest tech company launches its first self-driving electric car, Bloomberg News has reported.(Updates with more details starting from fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Reigning French Open champion Iga Swiatek brushed aside the challenge of Jil Teichmann to reach the final of the Adelaide International at Memorial Drive in Adelaide on Friday.
Press release CEO of Bergman & Beving AB, Pontus Boman, hands over to Magnus Söderlind as of the 1st of May 2021 Pontus Boman has since the split from Momentum Group in 2017 led the transformation of Bergman & Beving in a meritorious way. This has created three strong divisions with independent product and brand companies in a decentralised structure. In order to strengthen the management before the next step in this transformation, the Board of Directors in agreement with Pontus has decided to recruit Magnus Söderlind as new President and CEO of Bergman & Beving. After 13 years in Lagercrantz Group, Magnus is well acquainted with the decentralised work method and focus on niche product companies which the future for Bergman & Beving entails. This change means a strengthening of management where Pontus moves to the role of Executive Vice President and Head of Division Building Materials in Bergman & Beving. Hence, the division gets a strong leader with the ambition to double the result of the division within 3–5 years. Magnus’ most recent position was Executive Vice President of Lagercrantz Group AB where he was acquiring and developing the Group’s niche technology companies. Magnus has a master’s degree in engineering as well as in finance and has held several leading operational positions in technology companies including several CEO assignments. He has extensive experience of decentralised corporate governance, which will be useful in Bergman & Beving´s growth agenda. Stockholm, 26 February 2021 Bergman & Beving AB (publ) For further information, please contact:Jörgen Wigh, Chairman of the Board, phone No. +46 10 454 70 20 This information is information that Bergman & Beving AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 7:45 a.m. CET on 26 February 2021. Bergman & Beving owns and refines companies that develop and market strong brands for professional users in industry and construction, mainly in the Nordic region, the Baltic States and Poland. Bergman & Beving aims to enable successful product companies to take the next step and become leading brands in their categories. The Group currently has some 20 brands, about 1,000 employees and revenue of approximately SEK 4 billion. Bergman & Beving is listed on Nasdaq Stockholm. Read more on the company’s website: www.bergmanbeving.com. Attachment 20210226_Bergman_Beving_pressrelease_eng
Tasmania's Premier Peter Gutwein has told AFL CEO Gillon McLachlan he wants a proposed independent review into the merits of a state side completed by mid-year.Gutwein said he shared a "productive" hour-long chat with the league boss on Friday, a week after the governing body rejected his demand for greater clarity around inclusion in the national competition.
Albion Enterprise VCT PLC Issue of Equity and Total Voting Rights LEI Code 213800OVSRDHRJBMO720 Albion Enterprise VCT PLC (the "Company") announces that, further to the Dividend Reinvestment Scheme (details of which were set out in the Circular issued to shareholders on 26 November 2009), the Company allotted 262,339 Ordinary shares of 1 penny each (the "New Ordinary shares") in the capital of the Company on 26 February 2021. The New Ordinary shares were issued at a price of 112.23p per Ordinary share, comprising the most recent net asset value less the dividend of 2.74 pence per Ordinary share. Of the 262,339 New Ordinary shares allotted on 26 February 2021, an application has been made to the UK Listing Authority for the admission of 87,987 New Ordinary shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities and it is expected that dealings will commence on 1 March 2021. The New Ordinary shares will rank pari passu in all respects with the existing Ordinary shares in issue. A further application will be made to the UK Listing Authority for 88,065 shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities. It is expected that dealings will commence on 8 March 2021. The New Ordinary shares will rank pari passu in all respects with the existing Ordinary shares in issue. A final application will be made to the UK Listing Authority for the 86,287 remaining shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities. It is expected that dealings will commence on 15 March 2021. The New Ordinary shares will rank pari passu in all respects with the existing Ordinary shares in issue. Following the issue of the New Ordinary shares, the capital of the Company as at 26 February 2021 consists of 77,785,892 Ordinary shares of which 9,868,666 shares are held in treasury. Therefore the total number of voting rights in the Company is 67,917,226 which may be used by shareholders or other persons as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. For further information please contact: Vikash HansraniOperations Partner Albion Capital Group LLP 26 February 2021 Tel: 020 7601 1850
LATEST COVID-19 DEVELOPMENTS* The federal government says it's confident the coronavirus vaccine program can safely continue despite problems with the rollout at aged care homes in Brisbane and Melbourne.* Federal health authorities have decided to throw out up to 150 doses of Pfizer vaccine that were set to be used at an aged care home in Victoria, after concerns the doses had spoiled after being left at the wrong temperature.
Holden's Chaz Mostert has gone fastest in practice for the season-opening Supercars event at Bathurst's Mount Panorama circuit.Mostert clocked a two minutes and 04.
Gameweek 26 of the Fantasy Premier League season is here, with a double gameweek offering the potential of huge returns. With the likes of Man City, Manchester United, Liverpool, Chelsea, Tottenham, Aston Villa and more teams facing two matches across this gameweek, it could well be a turning point in the season for plenty of FPL managers out there. Picking the No1 of a team who have forgotten how to lose isn’t an inspired differential pick, but a double GW against against West Ham and Wolves offers a decent chance of two clean sheets.
SWI earnings call for the period ending December 31, 2020.
At this time, I would like to turn the conference over to Kirsten Chapman of LHA Investor Relations. Good afternoon, and thank you for joining us on today's conference call to discuss Velodyne Lidar's fourth-quarter and full-year 2020 financial results. With us on the call are Dr. Anand Gopalan, Velodyne's chief executive officer; and Drew Hamer, the company's chief financial officer.
MGNX earnings call for the period ending December 31, 2020.
Ladies and gentlemen, thank you for standing by, and welcome to the Caesars Entertainment, Inc. 2020 fourth-quarter and full-year earnings conference call. It was, by any measure, the most challenging year that we've had operationally and personally to date, the fourth quarter was no exception to that.
ROOT earnings call for the period ending December 31, 2020.
Papua New Guinea reported on Friday its largest daily jump in Covid-19 cases since the pandemic began, with infections spreading to remote regions with poor health infrastructure.
Press Release 2020 annual results Consolidated revenues up 4.2% to €9.5mGood resilience in net operating cash flow, stable at €3.0m despite tenant support measures of €1.4mDecrease in portfolio value limited to 4.1% like-for-likeHealthy financial positionAnnualised net rents at 1 January 2021 up 6.8% to €9.1m Paris, 26 February 2021: MRM (Euronext code ISIN FR0000060196), a real estate company specialising in retail property, today announced its results for the year to 31 December 2020. This press release follows on from the review and approval of the financial statements1 by MRM’s Board of Directors at its meeting of 25 February 2021. François Matray, Chief Executive Officer of MRM, noted: “MRM’s diversified asset portfolio, with its emphasis on convenience and discount offerings, helped the company deliver a resilient performance in 2020 against the background of a health crisis that has particularly affected retail. While providing strong support to its tenants, MRM generated stable net operating cash flow and returned to a good letting momentum in the second half. Despite the continuing crisis, MRM is going into 2021 determined to make the most of its asset positioning and of the opportunities created by the extension of the Valentin shopping centre and remains committed to maintaining its solid financial position. MRM does not rule out the possibility of considering possible opportunities to acquire or sell assets.” Impact of the public health crisis and measures taken Restriction of retail activity Retail activity was severely curtailed in 2020 by a series of lockdowns and limitations on the types of stores allowed to open, under government measures to tackle the coronavirus epidemic. In all, depending on their sector, MRM’s tenants faced closure for up to 5 months. Against this background, MRM benefited from a relatively favourable retail mix, with a large share of its revenues generated by dedicated food, household equipment and discount stores, along with services (more than 50% of the total, see details in Appendix 1). On average, over the year, tenants who remained open represented 83% of annualised gross rents at MRM (see details by period in Appendix 2). Impact of tenant support measures Faced with the scale of the economic impact of health measures for retailers, MRM put in place measures to support those of its tenants obliged by law to close their stores, or whose activity levels deteriorated significantly over lockdown periods. Rent write-offs and the counterparts negotiated were discussed with tenants on a case-by-case basis. This resulted in total rent receivables of €1.4 million being written off in 2020, of which €1.0 million granted in respect of the first lockdown (between mid-March and mid-May) and €0.4 million came in provisions for the second lockdown (in November). This represents around 1.7 months of rent invoiced in 2020 across the portfolio. Having deferred the recovery of rent and expenses relating to April and May 2020 from all tenants obliged to close their businesses during the first lockdown, MRM reintroduced the process of recovery when due from the third quarter. In all, after taking account of rent write-off agreements already signed with tenants, the rate of recovery of rent due in 2020 was 90% at 31 December 2020. Initiatives to support MRM’s liquidity In May 2020, given the uncertainty relating to the duration of the health crisis and its impact on activity levels, MRM’s Board of Directors decided to cancel the proposed pay-out in respect of the 2019 financial year. Whilst MRM is in a healthy financial position, with borrowing under control, the Board took this decision for caution’s sake, considering that it was in the best interests of the Company and its stakeholders. In addition, MRM reached agreement in June 2020 with its main banking partner to extend by six months, until June 2022 and June 2023 respectively, the maturity of two loans representing 80% of its total bank debt. Under this agreement, the contractual amortization payments scheduled for 2nd and 3rd quarters 2020, representing a total of €1.2 million, were deferred until the last two quarters before the new maturity dates of each of the two lines. Dynamic local activity levels despite the crisis Letting activity, which came to a virtual halt during the first lockdown, restarted from June 2020. A total of 19 new leases2 were signed in 2020, representing annual rent of €1.0 million. New leases mainly concerned discount brands, which drive footfall, and stores enhancing the brand mix: The discount brand Action, which in the 4th quarter took occupancy of a 1,100 sqm store in the extension to the Valentin shopping centre near Besançon, opened its 3rd store in the MRM portfolio;A store specialising in stock clearance took a mid-sized unit of 3,300 sqm in Aria Parc near Allonnes on a short-term lease;Crescendo, a fast-food specialist, will open its doors in the Valentin shopping centre in the 2nd quarter of 2021;V&B, wine merchant and bar, moved into Passage du Palais in Tours in the 4th quarter of 2020. After the 6-point decrease in the 1st half of 2020, the physical occupancy rate rose over the course of the 2nd half, reaching 87% by the end of the year. Excluding space at the Valentin shopping centre extension, it was 89% compared with 88% in 31 December 2019. The financial occupancy rate was 84%, or 88% excluding space at the Valentin extension, compared with 87% in 31 December 2019. Limited decrease in portfolio value € million 31.12.2020 31.12.2019 Change Change like-for-like Portfolio value excl. transfer taxes 161.0 168.1 -4.2% -4.1% The total value of the portfolio was €161.0 million at 31 December 2020, a decline of 4.1% on a like-for-like basis compared with end-December 2019, with a mixed picture across individual assets. On average, appraisers’ assumptions applied higher capitalisation rates together with increases in letting periods for vacant space and in rent-free periods for tenants. After taking account of the disposal3 in October 2020 of a small vacant retail property, the value of the portfolio decreased by 4.2%. Capital expenditure in 2020 was €3.1 million, relating mainly to the completion of works to extend the Valentin shopping centre by 2,600 sqm. This took the total gallery floor space to 6,700 sqm, which is 78% let. Including agreements that have been negotiated but not yet signed, this figure rises to 87%. The first of the new tenants, including Action, moved in during the 4th quarter. Delivery of the remaining floor space will be spread until June 2021, as a function of letting and public health conditions. Work on car parks and tree planting will be completed by mid-2021. Growth in net rental income Consolidated revenue in 2020, corresponding to billed gross rents, was only marginally affected by tenant support measures, which resulted in total write-offs of rent receivables of €1.4 million. The accounting treatment of these measures, which varies by case, is as follows: Rent write-offs granted during the 1st lockdown period and accompanied by counterparts changing lease terms4 represent €0.3 million; their impact on gross rental income is spread over the committed duration of leases. This represented a negative impact of €49,000 in 2020, then between €30,000 and €60,000 per year between 2021 and 2028;Rent write-offs granted during the 1st lockdown period not accompanied by counterparts changing lease terms represent €0.7 million, which was recognised in operating expenses for 2020; Lastly, support measures in the 2nd lockdown period, estimated at €0.4 million in rent write-offs, were covered by a provision for impairment of trade receivables which was also recognised as an operating expense in 2020.The tax credit measures announced by the government did not give rise to any provisions in MRM’s financial statements at 31 December 2020. € million 2020 2019 Change Gross rental income 9.5 9.1 +4.2% Non-recovered property expenses (1.8) (1.8) +3.8% Net rental income 7.7 7.3 +4.3% Consolidated revenue for 2020 was €9.5 million, an increase of 4.2% on 2019. This increase in gross rental income was mainly the result of new leases signed in 2019 and 2020 and, to a lesser extent, the positive effect of indexation. After taking account of €1.8 million in non-recovered property expenses, net rental income increased by 4.3% to €7.7 million, from €7.3 million in 2019. Stable operating income before disposals and change in fair value Operating expenses were reduced by 7.7% in 2020. Provisions were €1.3 million. This figure included €0.6 million relating to tenant support measures, including €0.2 million in rent write-offs relating to the 1st lockdown period not yet formalised at 31 December 2020, and an estimated €0.4 million for the 2nd lockdown period. Write-offs of rent receivables relating to the 1st lockdown period that did not result in any change to lease terms were recognised for €0.5 million in other operating expenses. In addition, MRM notes that in 2019 the non-opening of the 3,300 sqm mid-sized store in Allonnes resulted in recognition of income corresponding to the contractual penalties charged to the tenant, which was offset by a provision against impairment of the corresponding receivable. An amicable lease termination agreement was signed in January 2020 with a write-off of the contractual penalties and payment to MRM of a termination compensation. As a result, figures for 2020 include the recognition of the contractual penalties as a loss that is fully offset by the reversal of the impairment provision. In all, operating income before disposals and change in fair value was €3.8 million, a decrease of 0.9%. After taking account of capital expenditure for the year, the decrease in appraisal value resulted in a negative change in fair value of the portfolio of €10.0 million, compared to an positive change of €0.8 million in 2019. Net financial expense was stable at €1.4 million. As a result, the consolidated net loss for 2020 was €7.2 million, from a consolidated net profit of €3.2 million in 2019. A condensed income statement is included in the appendix. Good performance in net operating cash flow5 stable despite tenant support measures € million 2020 2019 Change Net rental income 7.7 7.3 +4.9% Tenant support measures (1.4) - Operating expenses (2.3) (2.5) -7.7% Other operating income and expenses (0.2) (0.7) EBITDA 3.8 4.2 -9.8% Net gains/(losses) on disposal of assets 0.4 - Net cost of debt (1.2) (1.2) 0.0% Net operating cash flow 2.95 2.96 -0.4% Despite an increase in net rental income and a decrease in operating expenses, EBITDA was 9.8% lower at €3.8 million, under the effect of rent receivable write-offs of €1.4 million. The payment in 2020 of the balance of the sale price of the Urban building gave rise to a disposal gain of €0.4 million. The net cost of debt was stable at €1.2 million. Total net operating cash flow was stable relative to 2019, at €2.95 million. Healthy financial position Gross debt was €76.8 million at 31 December 2020, from €77.1 million at end-2019. Under the agreement reached with its main banking partner in June 2020, the next significant debt repayment date for MRM has been deferred to June 2022. At 31 December 2020, 91% of its debt carried a fixed rate, with an average cost of 158 bp in 2020, stable relative to 2019. At end-December 2020, MRM held cash and cash equivalents of €10.2 million from €12.3 million at 31 December 2019. The net LTV ratio was 41.4% vs. 38.6% a year earlier. Given net operating cash flow generated over the course of the year (€3.0 million) and the negative change in fair value of the portfolio (€10.0 million), EPRA NDV6 was €93.1 million (€2.13/share), from €100.3 million (€2.30/share) at end-December 2019 (see table in Appendix). Outlook Current conditions continue to be shaped by the health crisis and government measures restricting retail activity. Under a decree of 30 January 2021, shopping centres of over 20,000 sqm have, since that date, only been open to allow access to food stores and pharmacies. Within the MRM portfolio, only the Valentin shopping centre is affected by this measure. Thus, MRM tenants currently open for business represent 70% of the rental base7. For the year as a whole in 2021, MRM has set itself the following priorities: Letting of available space;Completion of the delivery of the Valentin shopping centre extension and outdoor works (car parks, planting) by June 2021;Preparation for refinancing of the bank debt falling due in June 2022;Deployment of the Climate Plan adopted by the company, with particular attention paid to reducing energy consumption. MRM maintains its target of total annualised net rents in excess of €10 million, assuming a physical occupancy rate of 95%. This target is based on the current portfolio excluding acquisitions and disposals. At the same time, in order to prepare the company’s future, MRM will review acquisition and disposal opportunities, paying particular attention to sector trends (search for convenience and meaning in the act of purchase, development of digital and online sales) which were already present and which have accelerated since the onset of the health crisis. MRM’s Board of Directors has decided to defer its decision concerning a possible proposal for a distribution to shareholders with respect to fiscal year 2020 until May, when it will have better visibility on the evolution of the health situation and the resumption of businesses. Calendar Financial information for the 1st quarter of 2021 will be published before the market opens on 6 May. The General Meeting of Shareholders, called to approve the financial statements for fiscal year 2020 and originally scheduled for 27 May 2021, will be held on 24 June. About MRM MRM is a listed real estate investment company that owns and manages a portfolio of retail properties across several regions of France. Its majority shareholder is SCOR SE, which owns 59.9% of share capital. MRM is listed in Compartment C of Euronext Paris (ISIN: FR0000060196 - Bloomberg code: MRM:FP – Reuters code: MRM.PA). MRM opted for SIIC status on 1 January 2008. For more information: MRM5, avenue Kléber75795 Paris Cedex 16FranceT +33 (0)1 58 44 70 00 relation_finances@mrminvest.com Isabelle Laurent, OPRG FinancialT +33 (0)1 53 32 61 51M +33 (0)6 42 37 54 17isabelle.laurent@oprgfinancial.fr Site Internet: www.mrminvest.com Appendix 1: Retail mix Sector breakdown (CNCC classification)as % of annualised gross rents 31.12.2020 Household equipment excluding Discount 17% Discount Household equipment 13% Food 11% Services 10% Culture, gifts and leisure 8% Health 4% Foodservice 9% Recreation (fitness) 6% Personal goods 7% Beauty 3% Offices 8% Logistics 3% Appendix 2: Agenda of closures and legal restrictions MRM tenants’ openings per period as % of annualised gross rents 31.12.2020 1 January / 17 March 2020 100% 18 March / 11 May Opening limited to “strictly essential” stores 27% 12 May / 30 June Restaurants remain closed 93% 1 July / 29 October 100% 30 October / 27 November Opening limited to “essential” stores 53% 28 November / 31 December Restaurants and fitness centres remain closed 86% 2020 average 83% 1 January / 30 January 2021 Restaurants and fitness centres remain closed 86% Since 31 January Closure of centres >20,000 sqm (usable area), with access to food and pharmacy stores Restaurants and fitness centres remain closed 70% Appendix 3: Simplified IFRS income statement €m 2020 2019 Net rental income 7.7 7.3 Operating expenses (2.3) (2.5) Net reversals of provisions and impairment 0.6 (1.8) Other operating income and expenses (2.2) 0.7 Operating income before disposals and change in fair value 3.8 3.9 Net gains/(losses) on disposal of assets 0.4 (0.1) Change in fair value of properties (10.0) 0.8 Operating income (5.8) 4.6 Net cost of debt (1.2) (1.2) Other financial income and expense (0.2) (0.2) Net income before tax (7.2) 3.2 Tax - - Consolidated net income (7.2) 3.2 Appendix 4: 4th quarter revenues €m Q4 2020 Q4 2019 Change Gross rental income 2.43 2.30 +5.6% Appendix 5: Simplified IFRS balance sheet €m 31.12.2020 31.12.2019 Investment properties 161.0 167.9 Assets held for sale - 0.2 Current receivables and other assets 8.2 7.6 Cash and cash equivalents 10.2 12.3 Total assets 179.4 188.0 Equity 93.9 101.1 Bank debt 76.8 77.1 Other debt and liabilities 8.7 9.8 Total equity and liabilities 179.4 188.0 1 The audit process has been completed and the certification reports for MRM SA parent company financial statements and consolidated Group financial statements are being prepared.2 New or renewed leases, excluding contracts renegotiated as part of measures to support tenants3 Sold for €0.2 million excluding transfer taxes4 Counterparts modifying the terms of leases in the sense of IFRS 16 (e.g. extension of lease duration, or waiver of termination rights at the next break option date) 5 Net operating cash flow = consolidated net income before tax adjusted for non-cash items.6EPRA Net Disposal Value (EPRA NDV) - Liquidation NAV which reflects the shareholder's share of net assets in the event of disposal. This indicator replaces the previous EPRA NNNAV.7 Calculation based on annualised gross rents at 1 January 2021 Attachment MRM Résultats 2020 VA
After conversion of 1,226,625 Class A ordinary shares to Class B ordinary shares during the month of February the total number of shares in Klövern as of 26 February 2021 amounts to 1,138,697,289, of which 85,471,753 constitute Class A ordinary shares, 1,036,781,536 constitute Class B ordinary shares and 16,444,000 constitute preference shares. Each Class A ordinary share entitles to one vote whereas each Class B ordinary share, as well as each preference share, entitles to one-tenth of a vote. The total number of votes in the company after the conversion amounts to 190,794,306.6. Klövern AB (publ) For further information, please contact:Rutger Arnhult, CEO, +46 70 458 24 70, rutger.arnhult@klovern.seLars Norrby, IR, +46 76 777 38 00, lars.norrby@klovern.se Klövern is a real estate company committed to working closely with customers to offer them attractive premises in growth regions. Klövern is listed on Nasdaq Stockholm. For further information, see www.klovern.se. Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 10 482 70 00. Email: info@klovern.se. This information is information that Klövern AB is obliged to make public pursuant to the Financial Instruments Trading Act. The information was submitted for publication at 07:30 CET on 26 February 2021. This is a translation of the original Swedish language press release. In the event of discrepancies, the original Swedish wording shall prevail. Attachment 210226 Number of shares in Klövern as of 26 February 2021 (pdf)
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