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)
ALLSCHWIL, Switzerland, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Polyphor AG (SIX: POLN) announced today that it will publish its full-year financial results for 2020 on March 5 at 7:30am CET. Gökhan Batur (CEO) and Hernan Levett (CFO) will host an earnings call at 2:00pm CET, together with Frank Weber (CMDO), Daniel Obrecht (CSO) and Johann Zimmermann (Head of Oncology Research). To access the earnings call, please use the following details: Switzerland: +41 44 580 65 22Germany: +49 69 201744 220France: +33 170 709 502Italy: +39 02 36 00 66 63United Kingdom: +44 203 009 2470United States: +1 877 423 0830 Event Title: Polyphor Ltd. – Corporate Update and 2020 Financial Results Confirmation code: 86382921# The presentation will also be available via webcast: https://www.webcast-eqs.com/polyphor20210305 After the call, the presentation will be available via the above link. For further information please contact: For Investors: Hernan LevettChief Financial OfficerPolyphor Ltd.+41 61 567 16 00IR@polyphor.comMary-Ann ChangLifeSci AdvisorsTel: +44 7483 284 853mchang@lifesciadvisors.com For Media: Bernhard SchmidLifeSci Advisors+41 44 447 12 21bschmid@lifesciadvisors.com About PolyphorPolyphor is a research-driven clinical-stage, Swiss biopharmaceutical company committed to discovering and developing first-in-class molecules in oncology and antimicrobial resistance leveraging the company’s leading macrocyclic peptide technology platform. Polyphor is advancing balixafortide (POL6326) in a Phase III trial in combination with eribulin in patients with advanced breast cancer and exploring its potential in other cancer indications. In addition, it has discovered and is developing the Outer Membrane Protein Targeting Antibiotics (OMPTA). OMPTA are potentially the first new class of antibiotics in clinical development in the last 50 years against Gram-negative bacteria. The company’s lead OMPTA program is an inhaled formulation of murepavadin for the treatment of Pseudomonas aeruginosa infections in patients with cystic fibrosis. Polyphor is based in Allschwil near Basel and is listed on the SIX Swiss Exchange (SIX: POLN). For more information, please visit www.polyphor.com. DisclaimerThis press release contains forward-looking statements which are based on current assumptions and forecasts of the Polyphor management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Polyphor’s results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Polyphor disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.
BALTIKA’S UNAUDITED FINANCIAL RESULTS, FOURTH QUARTER AND 12 MONTHS OF 2020 Baltika Group ended the fourth quarter with a net loss of 1,352 thousand euros. The loss for the same period last year was 2,609 thousand euros. Despite the second wave of COVID-19, the quarter results have improved 1,257 thousand euros year over-year due to Baltika Group's heavy focus on fixed costs reduction, which led to operating expense decreasing by 2,406 thousand euros. With one-offs: reserve for expense of closing stores in 2021 in the amount of 230 thousand euros and reduction of deferred tax assets reserve in the amount of 140 thousand euros, Baltika finished the year with a net loss of 377 thousand euros. The Group's sales revenue for the fourth quarter was 3,978 thousand euros, decreasing by 61% compared to the same period last year. Retail sales revenue in the fourth quarter decreased by 63% and despite having one less brand to sell, e-com increased sales by 9%. The main reason for the decrease in retail sales was the second wave of COVID-19 and the restrictions in place in Latvia and Lithuania starting from November and full store closure from mid-December. Sales to business customers decreased due to the strategic decision to exit this sales channel. The gross profit for the quarter was 2,222 thousand euros, decreasing by 51% i.e. 2,303 thousand euros compared to the same period of the previous year (Q4 2019: 4,525 thousand euros). The company's gross profit margin was 55.9% in the fourth quarter, which is 11.3 percentage points higher than the margin of the same quarter of the previous year (Q4 2019: 44.6%). The decrease in gross profit amount is due to the decrease in sales volumes. The positive increase in gross profit margin is due to Baltika Group selling more full price stock to end customers and fewer discounted items. The Group's distribution and administrative expenses in the fourth quarter were 2,983 thousand euros, decreasing by 45% i.e. 2,406 thousand euros compared to the same period last year. Over 70% of the decrease in expense relates to the reduction in retail costs. These costs are reduced not only by the closure of stores but also with reduction of per store and market office expenses. Consistent and significant reductions in distribution and administrative expenses is a part of Baltika Group's ongoing restructuring plan, a focus area, which has led to decrease by 601 thousand euros. In line with the restructuring plan Baltika Group head-office staff has been reduced during the quarter by a further 22 people (reduction of 67 people for the total of 2020). 12 months total gross profit amounts to 9,676 thousand euros, compared to prior year 19,191 thousand euros (decreasing 50%) with the biggest decline coming from the second quarter where most of stores were closed for a period due to COVID-19. Fourth quarter situation was not as bad due to Baltika´s biggest market Estonia remaining operational. Operating expenses in the 12 months amounted to 14,587 thousand euros, decreasing by 34% that is 7,673 thousand euros with 31% of the amount coming from the second quarter when the stores were closed for a period of time due to COVID-19 and 61% coming from the second half-year where it was mainly due to cost savings in line with the restructuring plan. Other operating income of the four quarters in the amount of 5,442 thousand euros is mainly due to 4,585 thousand euros connected to the restructuring of creditors' claims in accordance with the restructuring plan approved on 19 June 2020 and the reversal of the impairment of the right to use the property arising from the lease agreements for the production buildings in the amount of 1,320 thousand euros. Fourth quarter includes the reserve expense made for closing stores in 2021 in the amount of 230 thousand euros. Yearly net financial expense was 761 thousand euros and tax expense 147 thousand euros mainly due to the change in deferred tax reserve in the amount of 140 thousand euros. The net loss for the year 2020 is 377 thousand euros (compared to 5,909 net loss the prior year). Owing to the careful management of the stock situation, to received loan of 2,550 thousand euros from KJK Fund SICAV-SIF via its holding company and to all the cost savings achieved, Baltika Group has managed to retain the financial stability achieved by the end of third quarter despite the second wave of Covid-19 and finished the year with 1,467 thousand euros cash and cash equivalents with no use of bank overdraft (with 3,000 thousand euros limit). Baltika will continue implementing the strategy – develop its only remaining women’s clothing brand Ivo Nikkolo with the new contemporary quality products partly available from spring-summer 2021 and fully from autumn-winter. More focus will be put on accessories a with wide selection of quality products already available in spring-summer and one separate standalone accessories store to be launched in spring 2021. Another focus is to continue searching for cooperation partners to increase online sales. Consolidated statement of financial position 31 Dec 202031 Dec 2019ASSETS Current assets Cash and cash equivalents1,427264Trade and other receivables318621Inventories3,4677,644Assets classified as held for sale028Total current assets5,2128,557Non-current assets Deferred income tax asset140281Other non-current assets111222Property, plant and equipment1,2181,683Right-of-use assets9,19916,040Intangible assets597536Total non-current assets11,25518,762TOTAL ASSETS16,47727,319 LIABILITIES AND EQUITY Current liabilities Borrowings2521,731Lease liabilities3,1275,383Trade and other payables3,0194,118Total current liabilities6,39811,232Non-current liabilities Borrowings874488Lease liabilities6,49312,396Total non-current liabilities7,36712,884TOTAL LIABILITIES13,76524,116 EQUITY Share capital at par value5,4085,408Reserves3,9314,045Retained earnings-6,250-341Net profit (loss) for the periodˇ-377-5,909TOTAL EQUITY2,7123,203TOTAL LIABILITIES AND EQUITY16,47727,319 Consolidated statement of profit and loss and comprehensive income 4Q 20204Q 201912m 202012m 2019 Revenue3,97810,13819,48039,630Client bonus provision2508125081Revenue after client bonus provision4,22810,21919,73039,711Cost of goods sold -2,006 -5,694 -10,054-20,520Gross profit2,222 4,5259,67619,191 Distribution costs-2,575-4,745-12,234-19,588Administrative and general expenses- 408-644-2,353-2,672Other operating income (-expense)-318-1,4185,442-1,443Operating profit (loss)-1,079-2,282531-4,512 Finance costs -126-321-761-1,391Profit (loss) before income tax-1,205-2,603-230-5,903 Income tax expense-147-6-147-6 Net profit (loss) for the period-1,352-2,609-377-5,909 Total comprehensive income (loss) for the period-1,352-2,609-377-5,909 Basic earnings per share from net profit (loss) for the period, EUR-0.02-0.05-0.01-0.16 Diluted earnings per share from net profit (loss) for the period, EUR-0.02-0.05-0.01-0.16 Flavio PeriniChairman of Management Board, CEOflavio.perini@baltikagroup.com Attachment Baltika_Interim_report_4Q2020
BOUSSARD & GAVAUDAN HOLDING LIMITED Ordinary Shares The Directors of Boussard & Gavaudan Holding Limited would like to announce the following information for the Company. Close of business 25 Feb 2021. Estimated NAV Euro Shares Sterling Shares Estimated NAV € 26.3727 £ 23.0346 Estimated MTD return 0.69 % 0.54 % Estimated YTD return 1.69 % 1.17 % Estimated ITD return 163.73 % 130.35 % NAV and returns are calculated net of management and performance fees Market information Euro Shares Amsterdam (AEX) London (LSE) Market Close € 21.50 N/A Premium/discount to estimated NAV -18.48 % N/A Sterling Shares Amsterdam (AEX) London (LSE) Market Close N/A GBX 1,800.00 Premium/discount to estimated NAV N/A -21.86 % Transactions in own securities purchased into treasury Ordinary Shares Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A Range of Price N/A N/A Liquidity Enhancement Agreement Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A BGHL Capital BGHL Ordinary Shares Euro Shares Sterling Shares Shares Outstanding 13,045,769 294,494 Held in treasury 150,000 N/A Shares Issued 13,195,769 294,494 Estimated BG Fund NAV Class B Euro Shares (estimated) € 221.4807 Class GBP A Shares (estimated) £ 122.1324 The Class B Euro Shares of BG Fund are not subject to investment manager fees, as the Investment Manager receives management fees and performance fees in respect of its role as Investment Manager of BGHL. For further information please contact: Boussard & Gavaudan Investment Management, LLP. Emmanuel Gavaudan +44 (0) 20 3751 5389 Email : info@bgam-uk.com The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the "Shares") are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc's main market for listed securities. This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law. Neither the Company nor BG Fund ICAV has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that: all investment is subject to risk; results in the past are no guarantee of future results; the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice. This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice. Attachment Daily NAV - BgHL
BOUSSARD & GAVAUDAN HOLDING LIMITED Ordinary Shares The Directors of Boussard & Gavaudan Holding Limited would like to announce the following information for the Company. Close of business 25 Feb 2021. Estimated NAV Euro Shares Sterling Shares Estimated NAV € 26.3727 £ 23.0346 Estimated MTD return 0.69 % 0.54 % Estimated YTD return 1.69 % 1.17 % Estimated ITD return 163.73 % 130.35 % NAV and returns are calculated net of management and performance fees Market information Euro Shares Amsterdam (AEX) London (LSE) Market Close € 21.50 N/A Premium/discount to estimated NAV -18.48 % N/A Sterling Shares Amsterdam (AEX) London (LSE) Market Close N/A GBX 1,800.00 Premium/discount to estimated NAV N/A -21.86 % Transactions in own securities purchased into treasury Ordinary Shares Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A Range of Price N/A N/A Liquidity Enhancement Agreement Euro Shares Sterling Shares Number of shares N/A N/A Average Price N/A N/A BGHL Capital BGHL Ordinary Shares Euro Shares Sterling Shares Shares Outstanding 13,045,769 294,494 Held in treasury 150,000 N/A Shares Issued 13,195,769 294,494 Estimated BG Fund NAV Class B Euro Shares (estimated) € 221.4807 Class GBP A Shares (estimated) £ 122.1324 The Class B Euro Shares of BG Fund are not subject to investment manager fees, as the Investment Manager receives management fees and performance fees in respect of its role as Investment Manager of BGHL. For further information please contact: Boussard & Gavaudan Investment Management, LLP. Emmanuel Gavaudan +44 (0) 20 3751 5389 Email : info@bgam-uk.com The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the "Shares") are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc's main market for listed securities. This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law. Neither the Company nor BG Fund ICAV has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that: all investment is subject to risk; results in the past are no guarantee of future results; the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice. This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice. Attachment Daily NAV - BgHL
Tammy Beaumont hit an unbeaten 72 as England wrapped up ODI series victory over New Zealand with a game to spare thanks to a seven-wicket win in Dunedin. Nat Sciver also starred with bat and ball, taking three wickets as New Zealand were bowled out for 192 with one delivery of their 50-over innings remaining, Brooke Halliday top-scoring with 60. Despite losing opener Danni Wyatt for a duck and then being reduced to 12-2 when captain Heather Knight fell, England made light work of the chase.
Lionel Messi will hope to carry on his superb recent form in La Liga, while AC Milan's Serie A title hopes face a huge test, there are massive showdowns in Portugal and the Netherlands, and Lyon head to Marseille.
(Bloomberg) -- After weeks of grumbling, the world’s biggest bond market spoke loud and clear Thursday -- growth and inflation are moving higher. The message wreaked havoc across risk assets.Benchmark 10-year Treasury yields catapulted to the highest in more than a year at over 1.6% and traders yanked forward their opinion of how soon the Federal Reserve will be forced to tighten policy. Equities tumbled, as higher borrowing costs put pressure on soaring valuations. Even Treasury Secretary Janet Yellen felt the sting, with record low demand for a fresh round of government debt.Speculation is building that a year of emergency stimulus is not only working, but has left some areas of the economy at risk of one day overheating. Locked in the same patterns for months by the Covid-19 crisis, markets now appear to have begun a long-awaited process of repricing themselves, as trillions of dollars of federal spending and positive vaccine results boost odds developed countries will heal faster than central bankers expected.“The economy is already recovering and a lot of people think that this stimulus proposed is much more than what’s needed,” said John Carey, portfolio manager at Amundi Asset Management U.S. “You put too many coals on the fire and we build the fire to a very intense level. People start to think the Fed won’t be able to keep rates where they are.”After holding at historically low levels since April, the jump in Treasury yields -- even if it bespeaks economic health -- is inevitably a jarring spectacle for traders, forcing them to reconsider positions in multiple markets. Megacap tech names -- previously the bull market’s darlings -- led the plunge on Thursday, with the Nasdaq 100 sinking almost 4% as the rise in rates made it harder to justify valuations that are higher than any time since the dot-com bubble.The bond selloff stalled in Asia hours on Friday, as markets paused for breath, following the whirlwind session which saw rising yields overwhelm areas of equities that tend to benefit from higher rates. The KBW Bank Index -- which climbed to its highest level since 2007 on Wednesday -- dropped by 2.7% amid the carnage. Energy and utility shares in the S&P 500 also fell at least 1%.Currency markets were jolted as well. The Bloomberg Dollar Index rallied 0.7% Thursday, the most since September, while historically volatile emerging market currencies slid. The South African rand, Turkish lira and Mexican peso led the drop in emerging markets, falling at least 2%.The impact of lockstep moves in bonds and stocks can be seen in sophisticated portfolio strategies such as risk parity, which try to balance exposure across assets, according to Wells Fargo Investment Institute. The $1.2 billion The RPAR Risk Parity exchange-traded fund (ticker RPAR) dropped as much as 2.7% -- its biggest decline since March 18, 2020, in the height of the pandemic rout.“Right now those rates are increasing at a pace that may be unsettling to strategies such as risk parity, and the fixed income volatility is spilling over into other assets,” said Sameer Samana, Wells Fargo Investment Institute’s senior global market strategist. “Until the speed at which rates are rising slows, we may need to mentally prepare ourselves for more days like this.”Breakeven inflation rates -- bond trader projections for where they see annual consumer price inflation averaging over the decade -- are at multiyear peaks. At about 2.2%, it is up sharply from last year, when it fell as low as 0.47% in March.“We are in uncharted territory where we are likely to experience a global economic rebound with a global surge in inflation never experienced before,” said Bryce Doty, portfolio manager at Sit Fixed Income Advisors. “No one knows how it will play out.”While the U.S. unemployment rate clocks in at a still-elevated 6.3%, that’s below the 6.5% level that policymakers had forecast last June. A string of economic data as kept Citigroup Inc.’s Economic Surprise Index in solidly positive territory since last June, including retail and housing reports that have handily topped forecasts.For now, Fed Chairman Jerome Powell and his colleagues insist their best course of action is to hold interest rates low to ensure the recovery takes hold. Powell told the Senate Banking Committee Tuesday that the recent run-up in bond yields that has unsettled the stock market “a statement of confidence” in a robust economic outlook.On Thursday, as bond yields were exploding, Atlanta Fed President Raphael Bostic said “the economy can run pretty hot without seeing significant spikes in inflation.”While that may be true, financial markets are relentlessly forward looking -- and see the risks that come with a potential overheating. For now, the most obvious manifestation of that is the bond-market selloff, with investment firms including BlackRock Inc.’s research arm and Aberdeen Standard Investments retreating from government debt.“When the bond market wants to run, it’s going to run much faster than any central banker, and that again is on full display,” said Peter Boockvar, chief investment officer for Bleakley Advisory Group. “Also, be careful what you wish for. Don’t spend all your waking hours trying to artificially suppress interest rates and then root for higher inflation because when the market thinks that inflation will come, it will run you over.”(Updates sixth paragraph to show bonds stalled in Asia.)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) -- For the former hedge-fund boss now running the world’s largest sovereign investment vehicle, there are some obvious parallels between today’s market for sustainable assets, and tech stocks just before the dot-com bubble burst.Nicolai Tangen, who’s been chief executive of Norway’s $1.3 trillion wealth fund since September, says worrying about bubbles comes with the job. But he also suggests that today’s frothy prices for climate friendly assets might reflect their longer-term potential, as was ultimately the case with tech stocks.“What is interesting is, if you compare the situation now with, for example, the situation before the year 2000, then the stock market was right that technology companies were going to do well in the future,” Tangen said in an interview on Thursday. “But the valuation went a little high, so it came down again, but the technological development continued.”The analogy suggests that stocks and bonds touting environmental, social and governance credentials might be in for a correction in the short term, but have significant potential in the longer term.“We may see something of the same sort now, that what is happening in the green shift is extremely important and real,” Tangen said. “But to what extent stock prices reflect it correctly is another question.”The hyperbole around ESG assets is hard to miss. Global issuance of debt that meets sustainability criteria will reach a record of at least $1 trillion this year, according to SEB AB, the Swedish bank behind the world’s first ever green bond more than a decade ago.Last year, governments, corporations and other groups raised a record $490 billion selling green, social and sustainability bonds. A further $347 billion poured into ESG-focused investment funds, marking an all-time high, and more than 700 new funds were launched globally to capture the deluge of inflows, according to researchers at Chicago-based Morningstar Inc.Read More: SPAC and ESG Fads on Collision Course With Billions at StakeAsked specifically about the risk of an ESG bubble, Tangen said it’s his instinct to be “worried about everything between heaven and Earth. Overpricing in parts of the market is one thing I am worried about.”As of the end of January, the fund hadn’t managed to invest a single cent in the renewable energy infrastructure space, for which it’s had a mandate since 2019, to avoid buying at inflated prices. The goal is for the portfolio to eventually reach about 1% of the total $1.3 trillion fund. Tangen has already said that might prove hard, with demand for renewable infrastructure assets driving up prices.Part of the challenge is operating in an environment in which pretty much all asset classes have been inflated by unprecedented monetary support.“We must be prepared for corrections in the stock market,” the wealth fund’s deputy CEO, Trond Grande, told reporters on Thursday. “We have no view on when the correction might come, where it might come, and how powerful it might be.”Meanwhile, technology stocks were gripped by a selloff on Thursday, with the MSCI World Information Technology Index slipping 3%. Amazon.com Inc. is down more than 6% this year, while Apple Inc. has lost about 9% of its market value. Both were stocks that helped drive the Norwegian wealth fund’s bumper returns in 2020.Read More: Investors Make a Triple-Leveraged Bet Tech Pain Won’t Last(Adds reference to latest tech selloff in final 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.
(Bloomberg) -- Texas lawmakers’ attempt to understand why the state’s power system failed last week yielded plenty of blame but few clear answers on how to prevent a similar crisis in the future.In two marathon hearings, lawmakers grilled the state’s biggest power providers, its grid operator and regulators about the blackouts that left more than four million homes and businesses without heat, light and water during a deep winter freeze.Executives from Calpine Corp., Vistra Corp. and NRG Energy Inc. blamed natural gas-supply shortages, grid disturbances and a lack of communication from the grid operator known as Ercot. Ercot, meanwhile, said it simply followed the rules and direction set by the Public Utility Commission which, in turn, said it lacked authority to tell Ercot what to do.“This is the largest trainwreck in the history of deregulated electricity,” Republican Senator Brandon Creighton said.The historic outage caused as much as $129 billion in economic losses, and the impact to individual companies is only starting to emerge. Some electricity providers wracked up huge losses, fueling a possible credit crisis. Oil and gas producers saw their output halted. And dozens of people died.Key Highlights:Calpine, Vistra and NRG said natural gas shortages affected their ability to operate. Not only did freezing weather shut in some gas production, the blackouts ordered by grid operator Ercot compounded cut power to pipelines.The companies also said plants were forced offline after the flow of electricity on the grid -- called frequency -- plunged. That contradicts the version of events presented by Ercot.Vistra and NRG chief executive officers both said that their companies would not pass high energy prices from the event onto their customers.Ercot anticipated that blackouts were possible four to five days before the grid emergency occurred. Calpine’s CEO, however, said it wasn’t warned that a grid emergency was possible.All times Eastern.‘Enormous’ Financial Obligations May Lead to Power Bankruptcies (12 a.m.)With sky-high wholesale power prices in place for days, power retailers and cooperatives in Texas racked up an “enormous amount of obligations” to generators, the state’s main grid operator said.Combined payments owed to generators hit $10 billion one day during the blackouts and $9.5 billion another, Ercot Chief Executive Officer Bill Magness said in a hearing at the state House of Representatives. Participants and cooperatives that owe those bills may have trouble paying and some may file for bankruptcy, he said.Another problem on the horizon is if some retailers aren’t able to pay, it’s unclear how the debt will be paid to the generators, Magness said. The agency is currently trying to determine how many won’t be able to pay so it can come up with an answer, he said.“We’re running into a big issue on the financial side because magnitude of money owed is enormous,” Magness said. “If a generator doesn’t get paid, we may lose generation on system, then that becomes an operational problem.”Texas’ $9,000 Power Price Cap ‘Didn’t Work,’ Regulator Says (11 p.m.)Texas’ $9,000-per-kilowatt-hour maximum power price didn’t work during recent blackouts, Public Utility Commission Chairwoman DeAnn Walker said during a state House of Representatives hearing.The rate was set to entice generators to produce more power or for customers to consume less when reserves get low, and it has worked well during summer peaks, mostly because big industrial customers don’t want to pay the stiff bill, Walker said.During the power outages, the PUC ordered Ercot to keep the price at the cap to try to maximize generation, and prices were at or above that level for seven straight days, yet millions were still in the dark for days.“It didn’t work, and we have to fix that,” Walker said. “It’s a very complicated issue and I don’t have any ideas right now, but we need to work together to figure that out.”Power Outages Main Cause of Oil, Gas Shut-Ins (7:38 p.m.):The state’s top energy regulator said that power cuts were a bigger problem for oil and gas producers than ice.While some wells were shut-in preemptively as a safety measure, “time and time again, the number one problem we heard from operators was the lack of power at their production sites,” said Christi Craddick, chair of the Texas Railroad Commission. “The oilfield simply cannot run without power.”Neither the Public Utility Commission nor the grid operator understood how interdependent the gas and power industries were, she said.Utility Regulator Blasted by Lawmakers (6:00 p.m.):Texas’s utility watchdog came in for scathing criticism from senators for disavowing any responsibility for last week’s disaster.“I would contend you are choosing not to leverage the authority we are giving you and that’s a serious problem,” Senator Creighton told Public Utility Commission Chairwoman DeAnn Walker after she declined to offer suggestions on how the state’s power market ought to be reformed.CenterPoint Says Rotating Outages Were Impossible (5:50 p.m.):Rotating outages became impossible within an hour of blackouts being ordered, due to supply shortfalls, CenterPoint Energy Inc. Executive Vice President Kenny Mercado said.Going into the event, “we felt confident we could achieve a rolling approach,” he said. “By 2:24 a.m. we could no longer rotate customer outages.”The company cut power to 1.4 million customers at the peak. Two substations tripped because of under-frequency, Mercado said.$9,000 Energy Price Necessitated by Computer Glitch (4:40 p.m.):The $9,000-a-megawatt-hour price cap imposed during the power crisis was necessary to ensure that all available generation was being offered to the grid, Public Utility Commission of Texas Chair DeAnn Walker told lawmakers.That price cap is meant to be in place whenever there is a load-shed event, she said. But a computer glitch on Ercot’s system was lowering the price as the grid operator built up reserves to stabilize the grid on Feb. 15. That lower price was discouraging gas generators from bidding in.“The signal was being sent to dispatch that there was sufficient generation on the system,” Walker said. “When those signals were being sent, generation was backing down.However, she said that the state needs to review whether the price cap should be kept so high for so many days.Ercot Saw Blackout Potential Days Beforehand (3:40 p.m.):Grid operator Ercot anticipated that blackouts were possible four to five days before the grid emergency occurred, Chief Executive Officer Bill Magness told lawmakers.Modeling indicated that the state could be short on power supplies on the mornings of Feb. 15 and Feb. 16, he said.A notice to conserve energy was issued publicly on Feb. 13, according to an Ercot presentation. A blackout warning went out on Feb. 14, hours before the outages began.Calpine Says It Wasn’t Warned of Blackouts (3:15 p.m.):Calpine Chief Executive Officer Thad Hill said Texas’s grid operator did not warn the company ahead of time that a grid emergency was possible.“I felt that when I went to bed Sunday night that we were in good shape,” he said. He also said he wasn’t aware of any plan for shifting from rolling blackouts into controlled blackouts. “Nobody communicated to us directly on that.” As a result, Calpine wasn’t able to warn customers in a timely fashion, he said.Vistra, NRG Say Costs Won’t Pass to Customers (1:29 p.m.):Vistra and NRG executives said that their companies would not pass high energy prices from the event onto their customers. Spiking gas prices during the event offset the revenues made from selling electricity at the $9,000-a-megawatt-hour price cap, they said.“There was a significant amount of wealth transfer from power to gas,” Vistra Chief Executive Officer Curt Morgan said. “We’re the guy sitting in the middle, getting it from both ends.”READ ALSO: Texas Cities Fret as Power Bills Mount in Wake of BlackoutsGas-Supply Issues Fueled Outages (12:27 p.m.):Calpine, Vistra and NRG all said gas-supply shortages affected their ability to operate. Not only did freezing weather shut in some gas production, the blackouts ordered by Ercot compounded the issue as power was cut from pipeline compressors necessary to transport the fuel to power plants.“If natural gas is compromised, the power system is going to be compromised,” said NRG President Mauricio Gutierrez. While NRG had contracted gas supplies, low pressure on pipelines feeding the system affected the company’s ability to run plants at capacity. Vistra’s Morgan said that, despite having 90% of plants available to run, “we just couldn’t get the gas.”Calpine’s Hill said in written testimony that the company lost one gas-fired unit after a gas supplier lost electricity. He later said the company lost 40% of its gas supply on Tuesday, after the blackouts were ordered.Grid Operator, Generators Disagree on Grid Issues (11:12 a.m.):Vistra, Calpine and NRG said they had plants forced offline after the flow of electricity on the grid -- called frequency -- plunged during the early morning of Feb. 15, when blackouts were first ordered. Their comments contradict the version of events presented by the Electric Reliability Council of Texas, known as Ercot, which manages most of the state’s grid.“We have examined this, we haven’t seen it,” Ercot’s Magness said in testimony before the Texas senate. If plants did go offline in tandem with the dip, it would only have been around 10 units, a number dwarfed by the total that was offline due to weather and gas-supply issues, he said.Maintaining frequency at around 60 hertz is critical to keeping the grid stable. Ercot operating protocols say a deviation of 0.2 hertz “for a long period” could cause damage to generators and customer equipment. On the day of the blackouts, frequency dipped to 59.4 hertz for 4 minutes and 23 seconds, according to an Ercot presentation. It fell as low as 59.3, according to Bloomberg data.NRG’s Gutierrez said the dip “threatened the majority of the fleet” but ultimately only caused one plant to go offline. Calpine’s Hill said in written testimony that two of the company’s natural gas-fired power plants tripped offline for the same reason.Vistra was within three minutes of losing Comanche Peak nuclear plant because of low frequency, Morgan said. “We came dangerously close to losing the system,” he said.(Updates with Ercot CEO comments)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.
In a world-first, Woolworths has renamed its 'sanitary care' aisle 'period care'. Here's why radio and TV star Ash London thinks it's 'wonderful'.
A sharp jump in U.S. Treasury yields this week has bond managers talking about a "tantrum", worrying about extreme moves and pockets of poor liquidity in the $20 trillion market. The selloff in U.S. Treasury bonds, which pushes prices down and yields up, has gathered steam in recent weeks due to rising expectations for economic growth - and fears inflation could spike if the economy overheats. Bond market investors and analysts drew parallels to the 2013 taper tantrum, when bond yields rose dramatically after then-Fed Chair Ben Bernanke told lawmakers the Fed could take a step down in its pace of purchases of assets that had been propping markets.
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