NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION Tryg Forsikring A/S - Settlement of Floating Rate Restricted Tier 1 Capital Notes issuance In accordance with the announcement on 24 February 2021, the issue of Tryg Forsikring A/S' Restricted Tier 1 Capital Notes for the amount of SEK 1.000m (the "Transaction") has been settled. Additional information:For further information, visit tryg.com or contact: Investor Relations Officer, Gianandrea Roberti at +45 20 18 82 67 or gianandrea.roberti@tryg.dk Investor Relations Manager, Peter Brondt at +45 22 75 89 04 or peter.brondt@tryg.dk This announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction pursuant to the Transaction or otherwise in any jurisdiction in which such offer, invitation or solicitation is unlawful. This announcement does not constitute a prospectus, prospectus equivalent document or an exempted document. This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the "US Securities Act"), as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. About TrygTryg is one of the largest insurance companies in the Nordic region with activities in Denmark, Norway and Sweden. Tryg provides peace of mind and value for more than 4 million customers on a daily basis. Tryg is listed on NASDAQ Copenhagen and 53% of the shares are held by TryghedsGruppen smba. TryghedsGruppen, annually, contributes around DKK 650m to peace of mind purposes via TrygFonden. Notice to U.S. investorsThis announcement does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States. The securities referred to herein have not been, and will not be, registered under the US Securities Act, and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements. Cautionary note about forward-looking statementsThis announcement (including any information incorporated by reference in this announcement), oral statements made regarding the Transaction, and other information published by Tryg contain statements which are, or may be deemed to be, "forward-looking statements". Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Tryg about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Forward looking statements often use words such as "believe", "expect", "estimate", "intend", "anticipate" and words of a similar meaning, and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved (or, in each case, their negative or other variations). You should not place undue reliance on these forward-looking statements, which reflect the current views of Tryg, are subject to risks and uncertainties about Tryg and are dependent on many factors, some of which are outside of Tryg's control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different. Except as required by law, Tryg undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Attachment Tryg Forsikring AS_settlement of Restricted Tier 1 Notes issuance
African-Australian community leaders are outraged by the video that Trinity College said “wasn’t racially motivated”.
(Bloomberg) -- Global bonds attempted to recover from an aggressive selloff that drove steep losses in Treasuries and U.S. stocks Thursday. Asian shares slumped and U.S. and European futures pointed lower.Benchmark Treasury yields fell back below 1.5% after trading as high as 1.6% Thursday, when a poorly received government auction led to forced selling by holders of mortgage securities. Their Australian equivalents swung amid an unscheduled purchase operation from the country’s central bank, though a mid-session bond rally faded as the day progressed. Japan’s benchmark hovered near its highest level since early 2016. The dollar extended overnight gains.Stocks dropped more than 3% in Japan and Hong Kong, and were weaker across the region. S&P 500 futures slipped after the benchmark closed down 2.5% with tech shares leading losses. The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated into companies poised to benefit from an end to lockdowns. Still, stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19% higher.Investors are betting on a sharper-than-expected rebound for the global economy, with some growing increasingly worried that accelerating inflation could trigger a pullback in monetary policy support. Federal Reserve officials so far say surging Treasury yields reflect optimism and have stressed that the central bank has no plans to tighten policy prematurely.What Investors Are Watching After the Spike in Treasury Yields“A move of this magnitude is not healthy for markets and equities are rightfully acting negatively to it,” said Matthew Miskin, the co-chief investment strategist at John Hancock Investment Management. “We will be watching to see if the Fed pushes back more meaningfully on the recent rise in yields.”The 10-year U.S. yield adjusted for inflation rose to its highest level since June, a warning sign for riskier assets that have benefited from exceptionally loose financial conditions amid the pandemic.In remarks this week, Federal Reserve Chairman Jerome Powell offered reassurance that policy would continue to be supportive and look beyond a temporary pick-up in inflation, especially from a low base. Nevertheless, money-market traders have now almost fully priced in a first rate hike by the end of next year.Read more: Soaring U.S. Yields Send Risk Assets Warning as Real Rates RiseElsewhere, oil retreated from its the highest in more than a year as traders mulled depleting global inventories. Bitcoin traded below $50,000 again. Gold extended an overnight decline.Some key events to watch this week:Finance ministers and central bankers from the Group of 20 will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.These are some of the main moves in markets:StocksS&P 500 futures fell 0.4% as of 7:03 a.m. in London. The S&P 500 Index fell 2.5%.Japan’s Topix Index fell 3.2%.S&P/ASX 200 fell 2.4%.South Korea’s Kospi Index fell 2.9%.Hang Seng Index fell 3.2%.Shanghai Composite Index fell 2.1%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.2% after gaining 0.6% Thursday.The euro was 0.2% lower at $1.2150.The British pound fell 0.6% to $1.3934.The Japanese yen was flat at 106.19 per dollar.The offshore yuan rose 0.2% to 6.4786 per dollar.BondsThe yield on 10-year Treasuries slipped four basis points to 1.48%.Australia’s 10-year yield was up 18 basis points at 1.92%.CommoditiesWest Texas Intermediate crude fell 1.5% to $62.60 a barrel.Gold fell 0.5% to $1,761 an ounce.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.
Tim Hortons China has completed a new fundraising round from Sequoia Capital China, Tencent Holdings and Eastern Bell Capital, and plans to add more than 200 shops to its network this year, the coffee chain operator said on Friday. The Toronto-based firm, which competes with Starbucks Corp and Coca-Cola's Costa Coffee in China, did not disclose how much cash it had raised, but said the funds would be channeled into building more outlets as well as its digital infrastructure and brand. Tim Hortons has opened more than 150 shops in ten cities since it entered China two years ago, calling them "profitable", but domestic proprietors have complained of tough price competition.
European stock index futures fell more than 1% on Friday, tracking steep losses on Wall Street and in Asian markets as a jump in bond yields and concerns of lofty equity valuations hammered demand for riskier assets. Euro Stoxx 50 futures slumped 1.7% by 0637 GMT, while FTSE futures and DAX futures fell 1.2% and 1.4%, respectively. Asian markets fell to a one-month low, while the dollar rose from a three-year trough as the 10-year Treasury yield hit a one-year high of 1.614%, sparking fears the heavy losses could trigger distressed selling in other assets.
Goodvalley delivered solid results amid challenging 2020 While the year came off to a good start based on high live pig prices, solid volume growth and strong production efficiency, the global outbreak of COVID-19 put an abrupt end to the positive development. Demand for live pigs and pork products dropped across our markets due to reduced consumption, temporary closures of slaughterhouses and very limited export activities. The significant negative impact on demand and prices was further exacerbated by the effects of an outbreak of African Swine Fever in Germany in the second half of the year where we also saw a sharp increase in feed prices. “2020 was a year of unprecedented challenges and unusual market conditions, and we are proud to report strong operational performance and solid financial results based on our dedicated employees’ extraordinary discipline and work efforts during a difficult period,” says CEO Hans Henrik Pedersen. Highlights • Group revenue decreased by 4% to DKK 1,463 million (2019: DKK 1,526 million), and Adjusted EBITDA came to DKK 316 million (2019: DKK 274 million), corresponding to an Adjusted EBITDA margin of 21.6% (2019: 17.9%). • The Polish segment’s revenue declined to DKK 871 million (2019: DKK 925 million), and Adjusted EBITDA came to DKK 114 million (2019: DKK 112 million)corresponding to an increase in Adjusted EBITDA margin of 13.1% (2019: 12.1%), realised despite lower pig prices and a drop in the meat to feed ratio as the low pig prices were not reflected in the feed price, which was stable. • Ukrainian segment revenue came to DKK 461 million (2019: DKK 429 million), and Adjusted EBITDA increased to DKK 161 million (2019: DKK 113 million) corresponding to an Adjusted EBITDA margin of 34.8% (2019: 26.3%) driven by a significant improvement in our arable production due to a strong focus on crop rotation, despite flooding at the beginning of the year, and a significantly improved pig production efficiency which lifted the number of pigs sold per sow. • Revenue in the Russian business declined to DKK 131 million (2019: DKK 172 million) due to the lower volume and a decrease in the average sales price, and Adjusted EBITDA fell to DKK 40 million (2019: DKK 49 million) corresponding to an Adjusted EBITDA margin of 30.5% (2019: 28.5%), primarily caused by the PRRS outbreak, which impacted volumes produced throughout the year and entailed a sharp decline in the number of pigs sold per sow. OutlookIn 2021, Goodvalley expects to generate revenue of DKK 1,450 - 1,600 million and an Adjusted EBITDA of 230-280 million. The outlook is based on expectations of a relatively stable pig price level compared to the average price in 2020 and good production efficiency. The outlook for 2021 is based on an average market price for live pigs of DKK 11.30 per kilo slaughter pig (2020 reported: DKK 11.19 per kilo slaughter pig) and a feed price of DKK 1.66 per kilo (2020 reported: DKK 1.65 per kilo) in the pig division and the prevailing economic situation in Goodvalley’s markets. The outlook is furthermore based on exchange rates for the Group’s key currencies remaining at the closing rates in December 2020 for the full year. Further information Group CFO, Jakob Brasted + 45 76 52 20 00 info@goodvalley.com GOODVALLEY AT A GLANCE Goodvalley is an international producer of high-quality pork products operating in Poland, Ukraine and Russia based on Danish production standards. The company is to a large extent self-sufficient and masters the whole production chain from field to fork, from growing crops for feed, breeding and slaughtering pigs including using the manure in biogas facilities to produce electricity and organic fertilizer for the fields. Goodvalley is certified as a carbon neutral company by German TÜV and operates according to the highest standards in terms of animal welfare, transparency in the production and sustainable production methods. Attachments Goodvalley Annual Report 2020 Goodvalley Sustainability Report 2020
Japanese shares have slumped, logging their biggest daily decline in nearly a year, after a spike in global bond yields spooked investors already uneasy about the market's stretched valuation.The Nikkei average on Friday ended down 3.
(Bloomberg) -- Bitcoin’s rally this year has hit a speed bump, putting it on track for the worst weekly slide in almost a year amid wider losses in risk assets.The largest cryptocurrency slumped as much as 21% this week, the most since March. The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, is down 23% this week.The price earlier dipped to as low as $45,525, nearing a key Fibonacci level at around $45,000, before recovering some losses to about $46,375 as of 6:21 a.m. in London, according to consolidated pricing compiled by Bloomberg.The rough patch for Bitcoin comes amid wider chaos in global markets, as a surge in bond yields heralds growing expectations that growth and inflation are moving higher and forcing traders to reevaluate their positions across multiple asset classes. The tech-heavy Nasdaq 100 dropped in seven of the past eight sessions as stocks like Tesla Inc. and Peloton Interactive Inc. declined.“Risk-on assets are taking a hit at the moment -- we’re seeing stocks slide and crypto is following,” said Vijay Ayyar, head of Asia Pacific for cryptocurrency exchange Luno in Singapore. “The dollar is strengthening, which is a good indication to expect a slide in Bitcoin and crypto.”Bitcoin’s weakness in the face of market gyrations raises questions about its efficacy as a store of value and hedge against inflation, a key argument among proponents of its stunning fivefold rally over the past year. Detractors have maintained the digital asset’s surge is a speculative bubble and it’s destined for a repeat of the 2017 boom and bust.In a Flash, U.S. Yields Hit 1.6%, Wreaking Havoc Across MarketsWhile Bitcoin is often touted as the new “digital gold,” the yellow metal is winning out at the moment with spot gold holding at $1,764 per ounce, down about 1.1% for the week. The Bloomberg Dollar Spot Index is up 0.4% in the same period, on track for its strongest gain in a month.Heavy selling in the Grayscale Bitcoin Trust, the world’s largest such fund, as well as the expiry of Bitcoin options are also contributing to the volatility, Ayyar said. The trust has slumped 20% this week, with losses at one point racing past its underlying asset, as a once-massive price premium over Bitcoin has evaporated as investors cashed in on those gains, he said.Prominent figures across the financial world have also recently weighed in on Bitcoin.Tesla chief executive Elon Musk said the prices “seem high” on the weekend, seen by some as an initial catalyst for the week’s selloff. Ark Investment Management’s Cathie Wood later said in a Bloomberg interview she was “very positive on Bitcoin” but didn’t disclose whether Ark had made a purchase.Earlier this week, Microsoft Corp. co-founder Bill Gates said in a Bloomberg Television interview he wasn’t a fan of Bitcoin, while Treasury Secretary Janet Yellen said the token was an “extremely inefficient way of conducting transactions.”(Updates pricing, additional analysis.)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.
Solskjaer ‘not sure’ on Edinson Cavani, Donny van de Beek and Scott McTominay fitness
UPM-Kymmene Corporation Stock Exchange Release (Notice to General Meeting) 26 February 2021 at 09:00 EET Notice to the annual general meeting of UPM-Kymmene Corporation Notice is given to the shareholders of UPM-Kymmene Corporation of the Annual General Meeting to be held on Tuesday, 30 March 2021 starting at 14.00 (EEST) in UPM-Kymmene Corporation’s headquarters at Biofore House, Alvar Aallon katu 1, Helsinki, Finland. The Company’s shareholders can participate and exercise their shareholder rights in the Annual General Meeting only by voting in advance and by submitting counterproposals and asking questions in advance in accordance with the instructions given in this notice and otherwise by the Company. It is not possible to attend the meeting in person. In order to prevent the spread of the Covid-19 pandemic, the Annual General Meeting will be held without shareholders’ and their proxy representatives’ presence at the meeting venue. The Board of Directors of the Company has resolved on extraordinary measures for the meeting pursuant to the temporary legislative act (677/2020) approved by the Finnish Parliament on 15 September 2020. This is necessary in order to ensure the health and safety of the shareholders, employees and other stakeholders of the Company as well as to organise the meeting in a predictable way allowing equal means for shareholders to participate while also ensuring compliance with the current restrictions set by the authorities. For these reasons, shareholders and their proxy representatives can participate in the meeting and use shareholder rights only by voting in advance and by submitting counterproposals and asking questions in advance. Further instructions can be found below in this notice in section C “Instructions for the participants of the Annual General Meeting”. The shareholders and the public may follow the meeting through a webcast. Instructions regarding the webcast are available at upm.com/agm2021. Webcast starts on 30 March 2021 at 14.00 (EEST). It is not possible to ask questions or vote through the webcast. Following the webcast without voting in advance or issuing a proxy is not considered as participation in the Annual General Meeting. Shareholders are requested to note that the webcast will be held only if it can be arranged in compliance with all regulatory rules and restrictions imposed by the Finnish authorities due to the Covid-19 pandemic. A. Matters on the agenda of the Annual General Meeting 1. Opening of the meeting 2. Calling the meeting to order Johan Aalto, Attorney-at-law, will act as the Chair of the Annual General Meeting. If Johan Aalto is not able to act as Chair due to a weighty reason, the Board of Directors will nominate a person it deems most suitable to act as Chair. 3. Election of person to scrutinise the minutes and to supervise the counting of votes Henrik Hautamäki, Attorney-at-law, will act as the person to scrutinise the minutes and supervise the counting of votes. If Henrik Hautamäki is unable to act as the person to scrutinise the minutes and supervise the counting of the votes due to a weighty reason, the Board of Directors will nominate a person it deems most suitable to act as a person to scrutinise the minutes and supervise the counting of votes. 4. Recording the legality of the meeting 5. Recording the attendance at the meeting and adoption of the list of votes The shareholders who have voted in advance in accordance with the instructions of this notice and who have the right to attend the meeting pursuant to Chapter 5, Sections 6 and 6a of the Finnish Limited Liability Companies Act will be recorded to have attended the meeting. The list of votes will be adopted according to the information provided by Euroclear Finland Oy. 6. Presentation of the Financial Statements, the Report of the Board of Directors and the Auditor’s Report for the year 2020 Since the Annual General Meeting may only be attended through advance voting, the Financial Statements, the Board of Directors’ Report and the Auditor’s Report, published by the Company on 2 March 2021, are considered to have been presented to the Annual General Meeting. The Financial Statements, the Board of Directors’ Report and the Auditor’s Report are available on the Company’s website at upm.com/agm2021 as of the abovementioned date. 7. Adoption of the Financial Statements 8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend The Board of Directors proposes that a dividend of EUR 1.30 per share be paid based on the balance sheet to be adopted for the financial year ending 31 December 2020. The dividend will be paid to a shareholder who is registered in the Company’s shareholders’ register held by Euroclear Finland Oy on the dividend record date 1 April 2021. The Board of Directors proposes that the dividend be paid on 12 April 2021. 9. Resolution on the discharge of the members of the Board of Directors and the President and CEO from liability 10. Adoption of the Remuneration Report The Board of Directors proposes that the Annual General Meeting adopts the Remuneration Report for the year 2020. Since the Annual General Meeting may only be attended through advance voting, the Remuneration Report for the year 2020, which will be published by a stock exchange release on 2 March 2021 and will be available on the Company’s website at www.upm.com/agm2021 as of 2 March 2021, is considered to have been presented to the Annual General Meeting. 11. Resolution on the remuneration of the members of the Board of Directors The Board of Directors’ Nomination and Governance Committee proposes that the remuneration of the members of the Board of Directors be raised, as it has remained unchanged since 2017 and that the Chair of the Board of Directors be paid an annual base fee of EUR 195,000 (previously EUR 190,000), Deputy Chair of the Board EUR 140,000 (previously EUR 135,000) and other members of the Board EUR 115,000 (previously EUR 110,000). The Nomination and Governance Committee further proposes that the annual committee fees remain unchanged and that the members of the Board of Directors’ committees be paid annual fees as follows: Audit Committee: Chair EUR 35,000 and members EUR 15,000Remuneration Committee: Chair EUR 20,000 and members EUR 10,000Nomination and Governance Committee: Chair EUR 20,000 and members EUR 10,000. The annual base fee is proposed to be paid in Company shares and cash so that approximately 40% will be payable in the Company shares to be purchased on the Board members’ behalf, and the rest in cash. The Company will pay any costs and transfer tax related to the purchase of the Company shares. Shares thus purchased may not be transferred within two years from the purchase date or until the director’s membership in the Board has ended, whichever occurs first. The annual committee fees are proposed to be paid in cash. If the term of a member of the Board of Directors terminates before the Annual General Meeting of 2022, the Board has a right to decide upon potential reclaim of the annual fees as it deems appropriate. In addition, the Board of Directors’ Nomination and Governance Committee proposes that travel and lodging expenses incurred from meetings held elsewhere than in a director’s place of residence will be paid against invoice. 12. Resolution on the number of members of the Board of Directors The Board of Directors’ Nomination and Governance Committee proposes that the number of members of the Board of Directors be resolved to be nine (9) instead of current ten (10). 13. Election of members of the Board of Directors The Board of Directors’ Nomination and Governance Committee proposes that the following incumbent directors be re-elected to the Board: Berndt Brunow, Henrik Ehrnrooth, Emma FitzGerald, Piia-Noora Kauppi, Marjan Oudeman, Martin à Porta, Kim Wahl and Björn Wahlroos. The Nomination and Governance Committee further proposes that Jari Gustafsson be elected as a new director to the Board. The directors will be elected for a one-year term and their term of office will end upon closure of the next Annual General Meeting. All director nominees have given their consent to the election. Ari Puheloinen and Veli-Matti Reinikkala have announced that they are not available for re-election. The new director nominee Jari Gustafsson (born 1958) is a Finnish citizen and holds a Master’s degree in Political Science from the University of Helsinki. Gustafsson has been the Ambassador of Finland to Greece and Albania since 2020. Previously he has worked as the Permanent Secretary of the Ministry of Economic Affairs and Employment, Finland, as the Ambassador of Finland to People’s Republic of China and Mongolia and as the Ambassador of Finland to Japan. He has also been a Board Member at European Bank for Reconstruction and Development, EBRD, UK and the Deputy Director General, Ministry for Foreign Affairs of Finland, Department for External Economic Relations. The Board of Directors has assessed the director nominees’ independence based on the Finnish Corporate Governance Code’s independence criteria and other factors and circumstances to be taken into account in the overall evaluation from both the standpoint of the Company and the nominees. The Board has also taken into account information provided by the nominees. According to the evaluation carried out by the Board, all director nominees are independent of the Company’s significant shareholders as none of the Company shareholders holds 10 percent or more of the Company’s shares or votes attached thereto. In addition, according to the Board’s director-specific overall evaluation, all director nominees are non-executive and independent of the Company including Berndt Brunow and Björn Wahlroos, although they have been, if re-elected, non-executive directors for 10 consecutive years or more. Based on the Board's overall evaluation of these director nominees’ independence, their independence is not compromised due to their long service history, and no other factors or circumstances have been identified that could impair their independence. The biographical details of all director nominees are available at upm.com/agm2021. 14. Resolution on the remuneration of the auditor Based on the proposal prepared by the Audit Committee, the Board of Directors proposes that the remuneration of the Company’s auditor be paid against invoices approved by the Board of Directors’ Audit Committee. 15. Election of the auditor Based on the proposal prepared by the Audit Committee, the Board of Directors proposes that PricewaterhouseCoopers Oy, a firm of authorised public accountants, be re-elected as the Company’s auditor for a term that will continue until the end of the next Annual General Meeting. PricewaterhouseCoopers Oy has notified the Company that Authorised Public Accountant (KHT) Mikko Nieminen would continue as the lead audit partner. Mikko Nieminen has held this position since 4 April 2019. 16. Authorising the Board of Directors to decide on the issuance of shares and special rights entitling to shares The Board of Directors proposes that the Board be authorised to decide on the issuance of new shares, transfer of treasury shares and issuance of special rights entitling to shares as follows: The aggregate maximum number of new shares that may be issued and treasury shares that may be transferred is 25,000,000 including also the number of shares that can be received on the basis of the special rights referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act. The proposed maximum number of shares corresponds to approximately 4.7 per cent of the Company’s registered number of shares at the time of the proposal. The new shares and the special rights entitling to shares may be issued and the treasury shares transferred to the Company's shareholders in proportion to their existing shareholdings in the Company, or in a directed share issue, deviating from the shareholder's pre-emptive subscription right, if there is a weighty financial reason for doing so from the Company’s point of view, such as using the shares as a consideration in potential mergers or acquisitions, to finance investments or other business-related transactions, to develop the Company’s capital structure, or as a part of the Company's incentive plans. The Board of Directors may also decide on a share issue without payment to the Company itself. In addition, the Board may decide to issue special rights referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act, which carry the right to receive, against payment, new shares in the Company or treasury shares in such a manner that the subscription price of the shares is paid in cash or by using the subscriber's receivable to offset the subscription price. The new shares may be issued and the treasury shares transferred either against payment or without payment. The directed share issue may be without payment only if there is an especially weighty financial reason for doing so from the Company’s point of view and taking the interests of the Company’s all shareholders into consideration. The subscription price of the new shares and the amount payable for the treasury shares shall be recorded in the reserve for invested non-restricted equity. The Board shall decide on all other matters related to the issuances and transfers of shares and special rights entitling to shares. The authorisation will be valid for 18 months from the date of the resolution of the Annual General Meeting. If this authorisation is granted, it will revoke the authorisation to decide on the issuance of shares and special rights entitling to shares which was granted to the Board of Directors by the Annual General Meeting on 31 March 2020. 17. Authorising the Board of Directors to decide on the repurchase of the Company’s own shares The Board of Directors proposes that the Board be authorised to decide on the repurchase of the Company’s own shares as follows: By virtue of the authorisation, the Board may decide to repurchase a maximum of 50,000,000 of the Company’s own shares. The proposed maximum number of shares corresponds to approximately 9.4 per cent of the Company’s registered number of shares at the time of the proposal. The authorisation includes also the right to accept the Company’s own shares as a pledge. The Company’s own shares will be repurchased in public trading otherwise than in proportion to the existing shareholdings of the Company’s shareholders at the market price quoted at the time of purchase on the trading places where the Company’s shares or certificates entitling to its shares are traded, using the Company’s non-restricted shareholders’ equity. The purchase price for the shares will be paid according to the applicable rules of the trading places where the shares have been repurchased. The shares will be repurchased to be used as a consideration in potential mergers or acquisitions, to finance investments or other business-related transactions, to develop the Company’s capital structure, or as a part of the Company’s incentive plans, or to be retained by the Company as treasury shares, transferred or cancelled. The Board shall decide on all other matters related to the repurchase of the Company’s own shares. The authorisation will be valid for 18 months from the date of the resolution of the Annual General Meeting. If this authorisation is granted, it will revoke the repurchase authorisation granted to the Board of Directors by the Annual General Meeting on 31 March 2020. 18. Authorising the Board of Directors to decide on charitable contributions The Board of Directors proposes that the Board be authorised to decide on contributions not exceeding a total of EUR 500,000 for charitable or corresponding purposes and that the Board be authorised to decide on the recipients, purposes and other terms and conditions of the contributions. Contributions would be primarily granted under the Company’s Biofore Share and Care programme whose focus areas are reading and learning, engaging with communities, responsible water use and bioinnovations. The authorisation is proposed to be valid until the next Annual General Meeting. 19. Closing of the meeting B. Documents of the Annual General Meeting The proposals for the resolutions on the matters on the agenda of the Annual General Meeting as well as this notice, are available on UPM-Kymmene Corporation’s website at upm.com/agm2021. The Annual Report of UPM-Kymmene Corporation, including the Company’s Financial Statements, the Report of the Board of Directors and the Auditor’s Report, as well as the Remuneration Report for the year 2020 will be available on the above-mentioned website as of 2 March 2021. Copies of these documents and of this notice will be sent to shareholders upon request. The minutes of the Annual General Meeting will be available on the above-mentioned website as of 13 April 2021 at the latest. C. Instructions for the participants of the Annual General Meeting In order to prevent the spread of the Covid-19 pandemic, the meeting will be organised so that the shareholders and their proxy representatives are not allowed to be present at the meeting venue in person. This is necessary especially in order to ensure the health and safety of the Company's shareholders, employees and other stakeholders and compliance with the applicable restrictions set by the authorities. Shareholders and their proxy representatives cannot participate in the meeting through real-time telecommunications, but shareholders and the public may follow webcast from the meeting. The Company’s shareholders and their proxy representatives can participate in the meeting and use shareholder rights only by voting in advance and by submitting counterproposals and asking questions in advance. 1. Shareholders registered in the shareholders’ register Each shareholder, who is registered on 18 March 2021 in the shareholders’ register of the Company maintained by Euroclear Finland Oy, has the right to participate in the Annual General Meeting by voting in advance and by submitting counterproposals and asking questions in advance.A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholders’ register of the Company. 2. Registration and advance voting service The registration period and advance voting period will commence on 5 March 2021 at 9:00 (EET), when the deadline for delivering counterproposals to be put to a vote has expired. A shareholder, who is registered in the Company’s shareholders’ register and who wishes to participate in the Annual General Meeting by voting in advance, must register for the Annual General Meeting by giving a prior notice of participation and by delivering his/her votes in advance. Both the notice of participation and votes have to be received by the Company by no later than on Tuesday 23 March 2021 at 16:00 (EET). In connection with the registration, requested information such as the name, personal identification number, address and telephone number of the shareholder must be notified. If another representative than the proxy representative nominated by the Company is used, the requested information such as the name and personal identification number must be notified also regarding such proxy representative. The personal data given by the shareholders or the representatives to Euroclear Finland Oy, the Company or the proxy representative nominated by the Company will be used only in connection with the Annual General Meeting and with the processing of related registrations. For further information on how UPM-Kymmene Corporation processes personal data relating to the Annual General Meeting is available at upm.com/agm2021/privacy-statement. Shareholders with a Finnish book-entry account can register and vote in advance on certain matters on the agenda during the period 5 March 2021 at 9:00 (EET) – 23 March 2021 at 16:00 (EET) in the following manners: a) on the Company’s website upm.com/agm2021 Registration requires strong electronic authentication of the shareholder (such as Finnish banking ID). Shareholders that are legal persons must notify their book-entry account number and other required information upon registration. b) by regular mail or e-mailA shareholder may deliver an advance voting form available on the Company’s website upm.com/agm2021 to Euroclear Finland Oy by regular mail to Euroclear Finland Oy, AGM/UPM, P.O. Box 1110, FI-00101 Helsinki, Finland or by e-mail to yhtiokokous@euroclear.eu. The completed advance voting form has to be received by Euroclear Finland Oy by no later than on Tuesday 23 March 2021 at 16:00 (EET). The advance voting form will be available on the Company’s website no later than on 5 March 2021. A representative of the shareholder must in connection with delivering the voting form produce a dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the Annual General Meeting. If a shareholder participates in the Annual General Meeting by delivering votes in advance to Euroclear Finland Oy, the delivery of the votes before the end of the registration and advance voting period shall constitute due registration for the Annual General Meeting, provided that all information required for registration and advance voting is duly provided. The terms and other instructions concerning the electronic voting are available on the Company’s website upm.com/agm2021. 3. Proxy representatives and powers of attorney A shareholder may participate in the Annual General Meeting through a proxy representative. A proxy representative of a shareholder must also vote in advance in the manner described in this notice. A shareholder also has the possibility, if he/she so wishes, to use the Company’s proxy authorisation service and authorise the independent proxy representative nominated by the Company, Henrik Hautamäki, Attorney-at-law, or a person designated by him to represent the shareholder and exercise on his/her behalf the right to vote through the advance voting procedure in accordance with the voting instructions given by the shareholder. The contact information of the independent proxy representative: Henrik Hautamäki, Attorney-at-law, Hannes Snellman Attorneys Ltd, Eteläesplanadi 20, FI-00130 Helsinki, Finland, e-mail: UPMAGM2021@hannessnellman.com. When authorising the independent proxy representative, the shareholder must deliver to him a dated proxy document as well as voting instructions no later than on 22 March 2021, by which time the documents must be received by the proxy representative. A template for the proxy document and voting instructions will be available on the Company’s website upm.com/agm2021 by no later than 5 March 2021 once the deadline for delivering counterproposals to be put to a vote has expired. A proxy representative shall produce a dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the Annual General Meeting. If a shareholder participates in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares in different securities accounts, the shares in respect of which each proxy representative represents the shareholder shall be identified in connection with the registration for the Annual General Meeting. Delivery of a proxy document and votes in advance to Euroclear Finland Oy before the expiration of the period for the notice of participation constitutes due registration for the Annual General Meeting if the information required for registering for the meeting set out in C.2. above is included in the documents. 4. Holders of nominee registered shares A holder of nominee registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which he/she on the record date of the Annual General Meeting, i.e. on 18 March 2021, would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy. The right to participate in the Annual General Meeting requires, in addition, that the shareholder on the basis of such shares has been temporarily preregistered in the shareholders’ register held by Euroclear Finland Oy by 10.00 (EET) on 25 March 2021 at the latest. As regards nominee registered shares, this constitutes a due registration for the Annual General Meeting. A holder of nominee registered shares is advised to request without delay necessary instructions regarding the temporary registration in the shareholders’ register of the Company, the issuing of proxy documents and preregistration for the Annual General Meeting from his/her custodian bank. The account management organisation of the custodian bank has to register a holder of nominee registered shares, who wishes to participate in the Annual General Meeting, temporarily in the shareholders’ register of the Company by the time stated above at the latest. In addition, the account management organisation of the custodian bank must see to the voting in advance on behalf of a holder of nominee-registered shares within the registration period applicable to nominee-registered shares. Further information on these matters can also be found on the Company’s website upm.com/agm2021. 5. Other information Shareholders who hold at least one hundredth of all the shares in the Company have a right to make a counterproposal on the agenda items, to be placed for a vote. Such counterproposals are required to be sent to the Company by email to ir@upm.com no later than by 4 March 2021 at 10.00 (EET). In connection with making a counterproposal, shareholders are required to provide adequate evidence of shareholding. The counterproposal will be placed for a vote subject to the shareholder having the right to participate in the Annual General Meeting and that the shareholder holds at least one hundredth of all shares in the Company on the record date of the Annual General Meeting. Should the counterproposal not be placed for a vote at the meeting, the votes in favour of the proposal will not be taken into account. The Company will on 5 March 2021 publish on its website upm.com/agm2021 the counterproposals, if any, that may be voted on. A shareholder has the right to ask questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act with respect to the matters to be considered at the meeting. Such questions must be sent by email to ir@upm.com no later than 16 March 2021 at 16:00 (EET). As a prerequisite for presenting questions, a shareholder must present sufficient evidence to the Company of his/her shareholdings. Such questions from shareholders, the Company’s management’s answers to them, and any counterproposals that have not been placed for a vote are available on the Company’s website upm.com/agm2021 on 19 March 2021. In connection with asking questions and making counterproposals, shareholders are required to provide adequate evidence of shareholding. Information on the General Meeting required by the Finnish Limited Liability Companies Act and the Finnish Securities Markets Act is available at upm.com/agm2021. Changes in the number of shares held after the record date of the Annual General Meeting shall not have an effect on the right to participate the meeting nor on the number of votes held by a shareholder in the Meeting. On the date of this notice of the Annual General Meeting, the Company has 533,735,699 shares representing the same number of votes. UPM-Kymmene CorporationBoard of Directors UPM, Media Relations Mon-Fri 9:00-16:00 EETtel. +358 40 588 3284 media@upm.com UPMWe deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,000 people worldwide and our annual sales are approximately EUR 8.6 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com Follow UPM on Twitter | LinkedIn | Facebook | YouTube | Instagram | #UPM #biofore #beyondfossils
NEW YORK and LONDON, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Tiziana Life Sciences (NASDAQ: TLSA; LSE: TILS), a biotechnology company focused on innovative therapeutics for oncology, inflammation, and infectious diseases, today announced that an interview with its CEO, Dr Kunwar Shailubhai, will air on The RedChip Money Report on Bloomberg Television on Saturday, February 27, 2021 at 7 p.m. local time across the United States and on the Bloomberg Network in Europe on Sunday, February 28, 2021 at 6 p.m. local time. The RedChip Money Report airs on Bloomberg Television U.S. on Saturdays at 7 p.m. local time in 73M homes and on the Bloomberg Network in Europe in 100M homes at 6 p.m. local time on Sundays. In the exclusive interview, Dr Shailubhai discusses topline data from Tiziana’s COVID-19 trial, its multiple Phase 2 trial launches expected in 2021, and the potential application of Foralumab in a wide range of autoimmune and inflammatory diseases. “The RedChip Money Report" delivers insightful commentary on small-cap investing, interviews with Wall Street analysts, financial book reviews, as well as featured interviews with executives of public companies. About Tiziana Life Sciences Tiziana Life Sciences plc is a UK biotechnology company that focuses on the discovery and development of novel molecules to treat human disease in oncology and immunology. In addition to Milciclib, the Company is also developing Foralumab for liver diseases. Foralumab is the only fully human anti-CD3 monoclonal antibody in clinical development in the world. This Phase 2 compound has potential application in a wide range of autoimmune and inflammatory diseases, such as nonalcoholic steatohepatitis (NASH), ulcerative colitis, multiple sclerosis, type-1 diabetes (T1D), Crohn's disease, psoriasis and rheumatoid arthritis, where modulation of a T-cell response is desirable. The company is accelerating development of anti-Interleukin 6 receptor (IL6R) mAb, a fully human monoclonal antibody for treatment of IL6-induced inflammation, especially for treatment of COVID-19 patients. For further enquiries: United Kingdom Investors: Tiziana Life Sciences plc (TLSA) Gabriele Cerrone, Chairman and founder +44 (0)20 7495 2379 U.S. Investor Relations Contact: RedChip Companies, Inc.Dave Gentry407-491-4498dave@redchip.com
DIGITALIST GROUP PLC STOCK EXHANGE RELEASE 26 February 2021 9:00 AM DIGITALIST 2020 SUMMARY October–December 2020 (comparable figures for 2019 in parentheses): ● Turnover: EUR 5.0 million (EUR 6.7 million), decrease: -25.0%. ● EBITDA: EUR 0.3 million (EUR -1.7 million), 5.6% of turnover (-24.9%).● EBIT*: EUR -0.9 million (EUR -9.5 million), -17.5% of turnover (-140.9%). ● Net income*: EUR -1.6 million (EUR -9.5 million), -32,0% of turnover (-140.4 %).● Earnings per share (diluted and undiluted) EUR -0.00 (EUR -0.02). *Comparison year EBIT and net income include a goodwill impairment charge of EUR -7.0 million. January–December 2020 (comparable figures for 2019 in parentheses): ● Turnover: EUR 20.5 million (EUR 27.4 million), decrease: -25.2%. ● EBITDA: EUR -2.0 million (EUR -3.7 million), -9.9% of turnover (-13.6%). ● EBIT*: EUR -9.1 million (EUR -14.1 million), -44.2% of turnover (-51.4%). ● Net income*: EUR -11.9 million (EUR -14.7 million), -58.1% of turnover (-53.5%). ● Earnings per share (diluted and undiluted): EUR -0.02 (EUR -0.02). ● Cash flow from operations EUR -0.7 million (EUR -4.8 million). ● Number of employees at the end of the review period: 182 (246), decrease of 26.0%. *EBIT and net income for the period include a goodwill impairment charge of EUR -3.7 million (EUR 7.0 million). Future prospects In 2021, turnover and EBITDA are expected to improve in comparison with 2020. CEO’s review Digitalist Group combines brand, design and technology expertise in a unique way. We aim to help our customers to provide their target groups with first-class customer experiences. Our goal for 2020 was to improve profitability. The efficiency measures implemented during the year and our swift reaction to the Covid-19 pandemic improved profitability, leading to positive EBITDA in the final quarter of the year. I am proud of our highly motivated organisation, which has remained innovative and done high-quality work in difficult times. At the end of December, the company had a total of 182 employees (a decrease of 26%) of more than 30 different nationalities. This is a good illustration of our company’s diversity, a characteristic which provides our customers with added value. Digitalist Group has studios focusing on different areas of expertise in Helsinki, Stockholm, London and Vancouver, which employ top experts in fields ranging from strategic and brand planning to design and technology. Digitalist’s values are human orientation and equality, collaboration, continuous learning and customer success. These values have been successfully realised over the past year, amid new operating practices and virtual meetings. We have created new ways of working together from remote offices, innovating seamlessly on numerous interesting projects with our customers, all without forgetting our values. The Covid-19 pandemic had a particular impact on customer accounts in the travel and tourism sector, causing business uncertainty. The efficiency improvement measures resulted in reduced capacity, which led to a decrease in turnover compared to 2019. In March, we started co-operation negotiations covering the Group’s entire personnel. As a result of the co-operation negotiations, Digitalist Group’s personnel were laid off in a staggered manner with reduced number of working hours for some personnel, and many rapid adjustments that were made due to the changes in the market conditions while ensuring the delivery of customer projects. The business outlook improved in the final quarter of the year. We are building new operating methods in many of our customer relationships, by creating added value in our customers’ innovation processes and redesigning the digital customer experience during the pandemic. In the second half of the year, we executed two corporate transactions that contributed to our focus on the core competences of different business units, enabling improvement of the company’s profitability and scalability. In the third quarter, we completed a transaction that transferred Digitalist UK Limited’s business and personnel associated with the Ticknovate™ product to Ticknovate Limited. A sharper focus on the further development of Ticknovate, combined with the sectoral expertise provided by the investor, ABC Leisure investments Ltd, has enabled scaling and international growth. Ticknovate is a cloud-based SaaS ticket sales and reservation application. In a transaction executed in December, Digitalist Group sold a minority stake (totalling 30 per cent) of Digitalist Sweden AB to its executive management. The aim of this transaction was to accelerate Digitalist Group’s growth in Sweden and the other Nordic countries and strengthen the service in open-source environments and selected customer segments. Digitalist Group’s largest customer accounts include Finning, Honda, Volvo, Spotify, Posti, Electrolux, TetraPak, the City of Helsinki and Fennia. In December 2020, Digitalist Group Plc’s subsidiary Digitalist Sweden AB signed a significant agreement with a Swedish public sector entity on the provision of design and development services. The agreement is part of long-term co-operation and has a value of about EUR 1.2 million. The services are planned to be provided in 2021. The agreement will underpin Digitalist Group’s growth in Sweden and support its aim of operating as a strategic partner in digitalisation. In addition, Digitalist Group Plc and Ticknovate Limited, which belongs to Digitalist Group, concluded a Ticknovate SaaS service agreement with ForSea AB, a Swedish company. The agreement is valid until 31 August 2027 and the Company estimates the value of the agreement to be approximately EUR 1.9 million. Year 2020 was my first full year as Digitalist Group’s CEO. I am pleased that we improved our profitability toward positive EBITDA in the final quarter of the year. I have been thrilled about the efforts and positive attitude of Digitalist Group’s employees despite the difficult times we went through in 2020. Digitalist Group has the unique ability to serve customer companies in their renewal and improving the customer and employee experience. I believe that comprehensively improving the customer experience is an important priority for our customers during the Covid-19 pandemic and beyond. In particular, almost every company has on their agenda a digital customer experience that is coordinated with the company’s brand and exceeds customers’ expectations. Digitalist Group is in a unique position to design and deliver such solutions. //CEO Petteri Poutiainen SEGMENT REPORTING Digitalist Group reports its business in a single segment. TURNOVER In the fourth quarter, the Group’s turnover was EUR 5.0 million (EUR 6.7 million), which is 25.0% less than in the previous year. Turnover was significantly affected by the decline in customer projects due to Covid-19 and the reduction in capacity due to efficiency improvement measures in 2019 and 2020. The Group’s turnover for the period totalled EUR 20.5 million (EUR 27.4 million), which is 25.2% less than in the previous year. The decrease in turnover was partly impacted of decreased customer projects due to Covid-19. The efficiency measures implemented during the review period and the comparison period reduced the Group’s capacity substantially. Turnover earned outside Finland accounted for a significant proportion of the total in the review period at 74% (74%). RESULT In the fourth quarter, EBITDA came to EUR 0.3 million (EUR -1.7 million). Positive impacts of EBITDA were partly due to the efficiency measures implemented that helped to develop profitability. Improvement includes also a one-time payment recognized in other operating income. Net income for the final quarter amounted to EUR -1,6 million (EUR -9.5 million), earnings per share were EUR -0.00 (EUR -0.02), and cash flow from operating activities per share was EUR -0.00 (EUR -0.01). The comparable net income was impacted by a goodwill impairment charge (EUR -7.0 million). EBITDA for the financial period came to EUR -2.0 million (EUR -3.7 million). Positive impacts of EBITDA were partly due to swift reaction of Covid-19 in the spring and the efficiency measures implemented subsequent helped to develop profitability. Improvement includes also a one-time payment recognized in other operating income. Net income for the financial period amounted to EUR -11.9 million (EUR -14.7 million), earnings per share totalled EUR -0.02 (EUR -0.02) and cash flow from operating activities per share was EUR -0.00 (EUR -0.01). Net income for the financial period and the comparison period were impacted by a goodwill impairment charge of EUR 3.7 million (EUR -7.0 million). RETURN ON EQUITY The Group’s shareholders’ equity amounted to EUR -16.7 million (EUR -8.3 million) of which EUR 1.3 million (EUR 0.0 million) was non-controlling interest. Return on equity (ROE) was negative. Return on investment (ROI) was -75,9 (-69,4) per cent. INVESTMENTS Investments during the financial period totalled EUR 0.6 million (EUR 1.8 million). Period investments are related to system development. No product development costs were capitalised during the period. At the end of the review period, product development costs capitalised on the balance sheet totalled EUR 0.7 million (EUR 1.4 million). The product development costs are related to the development of the Ticknovate product. During the period 2020 a product development grant of EUR 0.3 million was received. BALANCE SHEET AND FINANCING The decrease in the balance sheet total was mainly due to a goodwill impairment charge EUR -3.7 million (EUR -7.0 million), deductions in right-of-use assets and decrease in related liabilities. The balance sheet total was EUR 19.6 million (EUR 26.3 million). Shareholders’ equity amounted to EUR -16.7 million (EUR -8.3 million). The solvency ratio was -84.9% (-31.7%). At the end of the period, the Group’s liquid assets totalled EUR 1.0 million (EUR 0.8 million). The negative change in the company’s shareholders’ equity was partly due to the operating loss, which was affected by a goodwill impairment charge EUR 3.7 million (EUR 7.0 million). At the end of the period, the Group’s balance sheet recognised EUR 8.9 million (EUR 8.7 million) in loans from financial institutions, including the overdrafts in use. In addition, the company had loans from its main owners. On 31 December 2020, the Group’s interest-bearing liabilities amounted to EUR 28.1 million (EUR 26.8 million), of which related-party loans amounted to EUR 17.9 million (EUR 14.8 million). The loan agreements made with related-party companies during the financial period are in the section of the review entitled related-party transactions. CASH FLOW The Group’s cash flow from operating activities during the review period was EUR -0.7 million (EUR -4.8 million), a change of EUR 4.2 million. The cash flow was impacted negatively by the loss for the period and positively Covid-19 payment schedules and transactions with non-controlling interests. In order to reduce the rate of turnover of trade receivables, the Group sells some of its trade receivables from Finnish customers. Trade receivables worth EUR 4.7 million (EUR 6.2 million) were sold during the financial period. GOODWILL On 31 December 2020, the consolidated balance sheet recognised EUR 7.5 million (EUR 10.9 million) in goodwill following a goodwill impairment of EUR 3.7 million based on goodwill impairment test on 30 June 2020. The company conducted an IAS 36 impairment test on its goodwill to reflect the status on 31 December 2020, and the test did not indicate need for impairment. PERSONNEL The average number of employees in the last quarter was 183 (256). The average number of employees during the financial period was 208 (261), and the Group had 182 (246) employees at the end of the period. At the end of the financial period, 69 (91) of the Group’s personnel were employed by the Finnish companies, and 113 (155) were employed in the Group’s foreign companies. During the financial period, the number of personnel decreased by 64, mainly due to the co-operation negotiations conducted within the Group. SHARES AND SHARE CAPITAL Share turnover and price During the financial period, the company’s share price hit a high of EUR 0.05 (EUR 0.08) and a low of EUR 0.03 (EUR 0.04), and the closing price on 31 December 2020 was EUR 0.04 (EUR 0.05). The average price in the financial period was EUR 0.03 (EUR 0.05). During the financial period, 245,033 (483,610,063) shares were traded, corresponding to 0.04 (74.3) percent of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2020 was EUR 23,436,819 (EUR 29,296,024). Share capital At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 651,022,746 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 651,022,746 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares. Option plan 2019 During the period Digitalist Group Plc had a option programme 2019 and the maximum number of new shares in the company to be subscribed is 3,580,000. Descriptions of the option programme are on the company’s website at https://digitalist.global. Shareholders The number of shareholders on 31 December 2020 was 4,309 (4,073). Private individuals owned 8.79 (8.75) per cent of the shares, and institutions held 90.76 (91.25) per cent. Foreign nationals or entities held 0.45 (0.01) per cent of the shares. Nominee-registered shares accounted for 3.36 (4.52) per cent of the total. RELATED-PARTY TRANSACTIONS Financing arrangements with related parties: On 24 January 2020, Digitalist Group Plc agreed on a short-term loan of EUR 1,000,000 with Holdix Oy Ab. The loan was agreed on market terms, and the maturity was set at 13 March 2020. Convertible bonds 12 March 2020 On 12 March 2020, Digitalist Group Plc agreed on a financing arrangement of approximately EUR 9.2 million with Turret Oy Ab and Holdix Oy Ab whereby the company’s short-term liabilities to Turret and Holdix were converted into long-term convertible bonds amounting to approximately EUR 8.2 million. In addition to the debt conversion, Turret paid EUR 1.0 million in cash to the company as the price of subscription of the convertible bonds in accordance with the terms and conditions. As part of the arrangement, Turret’s receivables of approximately EUR 1.375 million from the company’s subsidiaries Digitalist Sweden AB and Grow AB became the liabilities of Digitalist Group. The arrangement also includes an agreement between the company, Turret and Holdix on the alteration of the terms of Digitalist Group’s Convertible Loan of 31 May 2018 such that the interest payable on the bond principal as of 12 March 2020 was postponed for payment in a single instalment at the maturity of each bond on 31 December 2021. The company announced the details of its convertible bonds on 12 March 2020. OTHER EVENTS DURING THE FOURTH QUARTER On 17 December 2020, Digitalist Group Plc sold 30 per cent of the share capital of Digitalist Sweden AB to holding companies owned by three members of Digitalist Sweden AB’s management, 10 per cent to each buyer. The transaction price of the shares totalled approximately EUR 1,587,000, of which the buyers paid approximately EUR 314,000 in cash (EUR 99,000–EUR 116,000 per buyer). The buyers are in debt to the company for the remainder of the transaction price. Each buyer must pay their debt (EUR 413,000–EUR 430,000) in a lump sum by 16 December 2030. Interest will accrue on the debt at market rates, and each buyer pledges their purchased shares in Digitalist Sweden AB to Digitalist Group as a guarantee of payment of the debt and interest. Legal title to the Digitalist Sweden AB shares sold under the arrangement was transferred to the buyers on 31 December 2020. When the arrangement was made, Digitalist Group acquired its own shares with an approximate value of EUR 214,600 from two holding companies owned by members of Digitalist Sweden AB’s management. On 23 December 2020, Digitalist Group Plc and Ticknovate Limited, which belongs to Digitalist Group, concluded a Ticknovate SaaS service agreement with ForSea AB. The agreement will be in force until 31 August 2027. The company estimates the value of the agreement at approximately EUR 1.9 million. On 23 December 2020, Digitalist Group Plc’s Swedish subsidiary Digitalist Sweden AB signed an additional agreement with a Swedish public sector entity on the provision of design and development services. The agreement is part of long-term co-operation and has a value of about EUR 1.2 million. The services are planned to be provided in 2021. The agreement will underpin Digitalist Group’s growth in Sweden and support its aim of operating as a strategic partner in digitalisation. The stock exchange releases for the review period are on the company’s website at www.digitalist.global/investors/releases EVENTS SINCE THE END OF REVIEW PERIOD On 25 January 2021, the Board of Directors of Digitalist Group Plc decided to issue options rights on the basis of an authorisation granted by the Annual General Meeting held on 14 April 2020. The options will be issued free of charge, as decided by the Board of Directors, to key personnel employed by or recruited to companies within Digitalist Group Plc to secure their commitment and motivation. The options will be subscribed with the identifiers 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum total of 60,000,000 options can be issued, and they entitle their holders to subscribe for a maximum of 60,000,000 new shares in the company. The company’s Board of Directors stated that the undistributed options from the 2019 option scheme have lapsed. A total of 3,580,000 options were issued under the 2019A1 and 2019A2 series of the company’s 2019 option scheme, and these options will enable up to 3,580,000 new shares in the company to be subscribed, subject to the terms of the option scheme. The full terms of the option scheme are available on the company’s website at https://investor.digitalistgroup.com/fi/investor/shares/option-schemes. RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://digitalist.global. The company has been making a loss despite the efficiency measures it has taken. However, the efficiency measures taken in 2019 and 2020 have created a more sustainable cost structure. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position. When Covid-19 developed into a pandemic in early 2020, the restrictive measures taken to prevent the spread of the disease affected the businesses of the company’s customers, thereby reducing the number of projects with some customers and the number of orders. This is reflected in the development of turnover. The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all. In early 2020, the company rearranged its short-term loans with both the main owner and a financial institution. A significant proportion of the Group’s turnover is generated by its 20 largest customers. Changes in key customer accounts could adversely affect Digitalist Group’s operations, earning capacity and financial position. If one of Digitalist Group’s largest customers decided to switch to a competing company or drastically altered its operating model, the chances of finding customer volumes to replace the shortfall in the near term would be limited. The Group’s business consists mainly of individual customer agreements, which are often relatively short-term. In addition, some of the project contracts have fixed or target prices. The length of delivery contracts makes it difficult to reliably estimate the longer-term development of the Group’s business operations, earnings and financial position. With regard to fixed-price projects, it is essential to be able to estimate the workload and/or contractual risks of the project correctly in order to ensure an adequate level of profitability. The aforementioned aspects related to customer contracts can lead to unpredictable fluctuations in turnover and, thereby, in profitability. Irrespective of the market situation, there is a shortage of certain experts in the Digitalist Group’s sector. Furthermore, the aggressive recruitment policies that are prevalent in Digitalist Group’s sector may increase the risk of personnel moving to competitors. There is no guarantee that the company will be able to retain its current personnel and recruit new employees to maintain growth. If Digitalist Group loses its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position. Significant part of the Group’s turnover is invoiced in currencies other than the euro. The risk associated with changes in exchange rates is managed in various ways, including net positioning and currency hedging contracts. No hedging contracts were used in the 2019 and 2020 reporting periods. The Group has a subsidiary in England. The impact of Brexit on the subsidiary’s business has been assessed and is estimated to be limited. The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises. LONG-TERM GOALS AND STRATEGY Digitalist Group aims to achieve a profit margin of at least 10 per cent over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for digitalising sectors. These sectors include the technology industry, energy industry, transport and logistics, as well as consumer services in the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology. PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2020 financial period. On 31 December 2020, the parent company had distributable assets of EUR 14,870,871. Digitalist Group Plc’s Annual General Meeting will be held in Helsinki on Tuesday 20 April 2021. NEXT REVIEW The Business review, for January–March 2021, will be published on Friday 30 April 2021. DIGITALIST GROUP PLCBoard of Directors Further information:Digitalist Group Plc- CEO Petteri Poutiainen, tel. +358 40 865 4252, petteri.poutiainen@digitalistgroup.com- CFO Mervi Södö, tel. +358 40 136 5959, mervi.sodo@digitalistgroup.com Distribution: NASDAQ OMX HelsinkiKey mediahttps://digitalist.global DIGITALIST GROUP SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2020 CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 1 Oct–31 Dec 20 1 Oct–31 Dec 19 Change (%) 1 Jan–31 Dec 20 1 Jan–31 Dec 19 Change (%) Turnover 4,979 6,747 -26 % 20,487 27,401 -25 % Other operating income 1,270 35 3 529% 1,823 140 1 202% Operating expenses -7,122 -16,286 56 % -31,368 -41,628 25 % EBIT -873 -9,503 91 % -9,059 -14,087 36 % Financial income and expenses -706 -98 -620 % -2,998 -911 -229 % Profit before taxes -1,579 -9,601 84 % -12,057 -14,998 20 % Income taxes -13 132 -110 % 163 336 -51 % PROFIT/LOSS FOR THE FINANCIAL PERIOD -1,592 -9,470 83 % -11,894 -14,662 19 % Distribution: Parent company shareholders -1,623 -9,470 83 % -11,820 -14,662 19 % Non-controlling interests 31 0 100% -73 0 100% Earnings per share: Undiluted (EUR) -0,02 -0.02 0 % -0,02 -0.02 0 Diluted (EUR) -0,02 -0.02 0 % -0,02 -0.02 0 COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND 1 Oct–31 Dec 20 1 Oct–31 Dec 19 Change (%) 1 Jan–31 Dec 20 1 Jan–31 Dec 19 Change (%) Profit/loss for the financial period - 1,591 -9,470 83 % -11,820 -14,662 19 % Other items of comprehensive income Translation difference 410 73 462 % 1,481 -541 374 % TOTAL COMPREHENSIVE INCOME FOR THE YEAR -1,181 -9,397 87 % -10,339 -15,203 32 % Parent company shareholders -1,212 -9,397 87 % -10,281 -15,203 32 % Non-controlling interests 31 -58 CONSOLIDATED BALANCE SHEET, EUR THOUSAND ASSETS 31 December 2020 31 December 2019 NON-CURRENT ASSETS Intangible assets 2,741 4,903 Goodwill 7, 485 10,934 Tangible assets 1,116 3,050 Buildings and structures, rights-of-use 958 2,673 Machinery and equipment 101 290 Other tangible assets 57 87 Other non-current financial assets 1,127 2 NON-CURRENT ASSETS 12,469 18,889 CURRENT ASSETS Trade and other receivables 5,945 6,032 Income tax asset 223 572 Cash and cash equivalents 1,008 787 CURRENT ASSETS 7,176 7,391 ASSETS 19,645 26,280 SHAREHOLDERS’ EQUITY AND LIABILITIES SHAREHOLDERS’ EQUITY Parent company shareholders Share capital 585 585 Share premium account 219 219 Invested non-restricted equity fund 72,972 73,185 Retained earnings -79,904 -67,648 Profit/loss for the financial period -11,820 -14,662 Non-controlling interests 1,262 Parent company shareholders -17,949 -8,321 SHAREHOLDERS’ EQUITY -16,686 -8,321 NON-CURRENT LIABILITIES 12,513 13,523 CURRENT LIABILITIES 23,818 21,078 SHAREHOLDERS’ EQUITY AND LIABILITIES 19,645 26,280 CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSANDA: Share capitalB: Share premium accountC: Invested unrestricted equity fundD: Translation differenceE: Retained earningsF: Total shareholders’ equity attributable to the parent company’sG: Non-controlling interestsH: Total shareholders’ equity A B C D E F G H Shareholders’ equity 1 Jan 2019 585 219 73,186 412 -67,375 7,027 7,027 Other changes Profit/loss for the financial period -14,662 -14,662 -14,662 Other items of comprehensive income Translation difference -541 -541 -541 Share-based remuneration -145 -145 -145 Shareholders’ equity 31 Dec 2019 585 219 73,186 -129 -82,182 -8,321 -8,321 Shareholders’ equity 1 Jan 2020 585 219 73,186 -129 -82,182 -8,321 -8,321 Other changes 0 Profit/loss for the financial period -11,820 -11,820 -73 -11,893 Purchase of own shares -214 -214 -214 Other items of comprehensive income 0 Translation difference 1,481 1,481 15 1,496 Share-based remuneration 25 25 25 Transactions with non-controlling interests 901 901 1,320 2,221 Shareholder’s equity 31 Dec 2020 585 219 72,972 1,352 -93,076 -9,627 1,262 -16,686 CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND Cash flow from operations 1 Jan–31 Dec 2020 1 Jan–31 Dec 2019 1 Jul–31 Dec 2020 1 Jul–31 Dec 2019 Earnings before taxes in the period -12,057 -14,998 -4 118 -11,494 Adjustments to cash flow from operations: Other income and expenses with no payment transactions 0 16 Depreciation, impairment 7,037 10,371 1,809 8,675 Financial income and expenses 2,998 911 1,783 379 Other adjustments -167 -489 -366 44 Cash flow financing before changes in working capital -2,189 -4,205 -892 -2,380 Change in working capital 1,315 -594 305 -1,138 Interest received 10 0 3 0 Interest paid -9 -3 0 -64 Taxes paid 220 -17 226 0 Net cash flow from operations -653 -4,819 -358 -3,582 Investments in other investments Investments in tangible and intangible assets -249 -1,045 -50 -872 Investment grants received 333 15 Income from disposal of tangible and intangible assets Taxes paid on investments Net cash flow from investments 85 -1,045 -35 ´ -872 Net cash flow before financial items -568 -5,864 -393 -4,454 Cash flow from financing activities Purchase of own shares -215 -215 Transactions with non-controlling interests 1,096 1 096 Drawdown of long-term loans 1,000 392 0 392 Drawdown of short-term loans 1,286 7,502 493 5,265 Repayment of short-term loans -53 -33 -53 -33 Interest and other charges -1,060 0 -829 0 Repayment of lease liabilities -1,266 -1,525 -618 764 Net cash flow from financing 788 6,336 -126 4,860 Change in cash and cash equivalents 220 473 -519 406 Liquid assets, beginning of period 787 314 1,525 381 Liquid assets, end of period 1,007 787 1,007 787 Accounting principles The Group has implemented new and revised IFRS standards and IFRIC interpretations during the period. The new and revised standards did not have an impact on the reported figures. This financial statement release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The financial statement release complies with the same accounting principles and calculation methods as the annual financial statements. The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions. The figures on the income statement and balance sheet are consolidated figures. All Group companies have been consolidated. The original release is in Finnish. The English release is a translation of the original. The figures in the release have been rounded, so the sums of individual figures may deviate from the presented totals. The figures for the 2020 and 2019 financial statement release are unaudited. Going concern This financial statement release was prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based on the management’s estimates and the following factors, among others: The Group’s financial situation has remained tight. The Group has completed significant cost-saving programmes, which are expected to result in improvements to the Group’s profitability in the future. The Group has invested in its key customers in line with its strategy, and this is expected to have a positive impact on sales trends. The Group’s liquidity has improved in comparison with the earlier forecast due to successful negotiations concerning payment tis in various units and the Covid-19 grant received by the Group. In the second half of the year, we executed two corporate transactions and those improved the Groups liquidity. The company restructured its financing during the review period by extending the payment period for loans from related parties and by transforming them into convertible bonds and repayments of loans from financial institutions. When the financial statements were published, the company expected its working capital to be sufficient to cover its requirements over the next 12 months based on the financing plans with the main owner. Goodwill impairment testing and recognised impairment Digitalist Group tested its goodwill for impairment on 31 December 2020. The goodwill is allocated to one cash-generating unit. A goodwill impairment test conducted on 31 December 2020 found no impairment of goodwill. The value in use of tested assets exceeded the tested amount by EUR 8.5 million. The calculation put the present value of cash flows at EUR 21.2 million, which is less than the sum of the company’s financial liabilities, which amount to EUR 28.1 million, and the market price of its shares, which is EUR 23.4 million, on 31 December 2020. The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2020 in conjunction with the financial statements, the cash flow forecasting period was from 2021 to 2024. During the 2021–2024 forecasting period, average growth of 20 per cent is expected to be achieved as digitalisation spreads to an increasing share of business life. The operating margin is expected to rise to approximately 6 per cent by the end of the forecasting period. The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate was 13 per cent (14 per cent). The growth factor used to calculate the cash flows after the forecast period is 1 per cent (1 per cent). The weighted average operating profit margin for the forecast period was used to calculate the value of the terminal period. CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND Q4/2020 Q3/2020 Q2/2020 Q1/2020 Q4/2019 1 Oct–31 Dec 20 1 Jul–30 Sep 20 1 Apr–30 Jun 20 1 Jan–31 Mar 20 1 Oct–31 Dec 19 Turnover 4,979 4,264 4,735 6,509 6,747 Other operating income and expenses -5,852 -5,726 -9,976 -7,992 -16,250 EBIT -873 -1,462 -5,241 -1,483 -9,503 Financial income and expenses -706 -1,077 -490 -725 -99 Profit before taxes -1,579 -2,540 -5,730 -2,208 -9,602 Income taxes -13 53 59 64 132 INCOME IN THE COMPARISON PERIOD -1,592 -2,487 -5,671 -2,144 -9,470 CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND Goodwill Intangible assets Tangible fixed assets Right-of-use asset Other investments Total Carrying value 1 Jan 2019 18,059 5,282 553 3,817 2 27,713 Increases 1,220 125 502 0 1,847 Decreases -11 0 -11 Impairment -7,000 -7,000 Changes in exchange rates -114 -132 -44 0 -290 Depreciation for the review period -1 467 -257 -1,646 0 -3,370 Carrying value 31 Dec 2019 10,934 4,903 377 2,673 2 18,889 Goodwill Intangible assets Tangible fixed assets Right-of-use asset Other investments total Carrying value 1 Jan 2020 10,934 4,903 377 2,673 2 18,889 Increases 222 27 347 1 596 Decreases -805 -104 -904 -1,813 Impairment -3,700 -3,700 Changes in exchange rates 251 -7 -6 -3 236 Depreciation for the review period -1,572 -138 -1,155 -2,865 Carrying value 31 Dec 2020 7,485 2,741 155 958 3 11,342 KEY INDICATORS ASSETS 1 Jan–31 Dec 2020 1 Jan–31 Dec 2019 Earnings per share (EUR) diluted -0.02 -0.02 Earnings per share (EUR) -0.02 -0.02 Shareholders’ equity per share (EUR) -0.03 -0.01 Cash flow from operations per share (EUR) diluted -0.00 -0.01 Cash flow from operations per share (EUR) -0.00 -0.01 Return on capital employed (%) -75.9 -69.9 Return on equity (%) neg neg. Operating profit/turnover (%) -44.2 -51.4 Gearing as a proportion of shareholders’ equity (%) -162.2 -313.4 Equity ratio as a proportion of shareholders’ equity (%) -84.9 -31.7 EBITDA (EUR thousand) -2,021 -3,716 MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS 31 December 2019 Balance sheet value Cash flow Under 1 year 1–5 years Over 5 years Loans from financial institutions 3,418 3,905 807 3,098 0 Overdrafts 5,295 5,295 5,295 Convertible bonds 8,672 9,712 520 9,192 0 Other related-party loans 6,087 7,029 7,029 0 0 Lease liabilities, IFRS 16 2,949 3,125 1,661 1,098 366 Accounts payable 2,176 2,176 2,176 31 December 2020 Balance sheet value Cash flow Under 1 year 1–5 years Over 5 years Loans from financial institutions 3,364 3,483 759 2,724 0 Overdrafts 5,513 Convertible bonds 17,881 19,475 9,437 10,038 0 Other related-party loans Lease liabilities, IFRS 16 965 950 805 146 0 Accounts payable 1,525 1,525 1,525 OTHER INFORMATION 1 Jan–31 Dec 2020 1 Jan–31 Dec 2019 NUMBER OF EMPLOYEES, average 208 262 Personnel at the end of the period 182 246 LIABILITIES, EUR THOUSAND Pledges made for own obligations Corporate mortgages 13,300 13,300 Total interest-bearing liabilities Long-term loans from financial institutions 2,632 2,871 Other long-term liabilities 9,410 9,980 Short-term interest-bearing liabilities 16,033 14,015 Total 28,075 26,866 CALCULATION OF KEY FINANCIAL FIGURES EBITDA = earnings before interest, tax, depreciation and amortisation Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution Return on investment (ROI) =(Profit before taxes + Interest expenses + Other financial expenses) /(Balance sheet total - non-interest-bearing liabilities (average)) x 100 Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100 Gearing = interest-bearing liabilities - liquid assets / total shareholders’ equity x 100 Attachment FINANCIAL STATEMENTS RELEASE OF DIGITALIST GROUP, 1 January – 30 December 2020
PARIS and CAMBRIDGE, Mass., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Biophytis SA (NasdaqCM: BPTS, Euronext Growth Paris: ALBPS), (“Biophytis” or the “Company”), a clinical-stage biotechnology company focused on the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19, today announces its non-audited financial results for the year ended December 31, 2020, and provides updates on key operational developments and financing transactions. • Major milestones achieved during 2020 Launch of the phase 2-3 COVA trial assessing Sarconeos (BIO101) as a potential treatment for acute respiratory failure linked to COVID-19 global, multicenter, double-blind, placebo-controlled, group-sequential and adaptive design two-part Phase 2-3 study approved in 5 countries: the US, Brazil, France, Belgium and the UKPatient enrollment for Part 1 completed with 50 patients, and trial moving to Part 2 following approvals from certain Regulatory AuthoritiesInterim Analysis of Part 1 expected in Q1 2021 and results from the full study (Part 1 and Part 2) expected in Q2 2021, subject to any delays in patient recruitment or retention, interruptions in sourcing or supply chain, regulatory authorizations and procedures, COVID-19-related delays, and the impact of the current pandemic Treatment completed for the last patient in the Phase 2 SARA-INT trial for the treatment of sarcopenia. Top-line results expected in Q2 2021Successful completion of four private placements, significantly strengthening company financial resources, with total cash and cash equivalents and other current financial assets amounting to €18.8 million as of December 31, 2020 • Successful IPO on Nasdaq Capital Market closed on February 12, 2021 for total gross proceeds of $20.1 million Stanislas Veillet, President and CEO of Biophytis, said: “2020 marked a turning point for Biophytis. Four successful private placements have allowed us to strengthen our financial situation in order to enter a new and exciting phase in the development of the company. At the same time, we have been making strong progress in clinical operations. We are proud to participate in the world fight against SARS-CoV-2 through the launch of COVA, our phase 2-3 study assessing Sarconeos (BIO101) as a potential treatment for patients with severe respiratory manifestation of COVID-19. The study is now entering Phase 3 in Brazil, the United States, France and Belgium, and full results are expected in Q2 2021. Our last patient completing last visit in the SARA-INT Phase 2 trial in sarcopenia is also an important milestone, and we look forward to top-line results which are also expected in Q2 2021.” The Company’s annual 2020 non-audited consolidated financial statements prepared in accordance with IFRS were reviewed by the Company’s Board of Directors on February 23, 2021. Audit procedures are being completed, the issuance of the audit report is pending, and will be included in the Company’s upcoming 2020 annual financial report and SEC Form 20-F. Annual 2020 Financial Results • Cash and cash equivalents and other current financial assets. Cash and cash equivalents and other current financial assets as of December 31, 2020 were €18.8 million, an increase of €12 million compared to €6.8 million as of December 31, 2019. During 2020, cash used in operating activities was €9.9 million. Cash used in investment activities was €12.7 million, of which €12.5 million are linked to fixed term deposit contracts. These uses were offset by €22.1 million of cash provided by financing activities. • Research and Development Expenses. Net research and development expenses were €9.9 million for 2020, an increase of €0.8 million, or 9%, compared to €9.1 million for 2019. This increase is mainly linked to the launch of the COVA program. In parallel, SARA-INT, our Phase 2 trial in Sarcopenia is progressing. Patients recruitment was completed in March 2020, and the last dosing of our last patient was achieved in December 2020. Net research and development expenses included research tax credits (French ‘Crédit Impôt Recherche’, or CIR) and other subsidies totaling €3.3 million in 2020 compared to €2.8 million in 2019. • General and Administrative Expenses. General and administrative expenses were €4 million for 2020 compared to €6.6 million for 2019, a decrease of €2.6 million, or 39%. This significant decrease was primarily linked to the fees and expenses incurred in 2019 in connection with our attempted listing on Nasdaq, and to cost reduction efforts related to personnel and structure expenses in 2020 compared to 2019. • Net Loss. Net loss was €17.1 million for 2020, as compared to €17.8 million for 2019. Net loss per share (based on weighted-average number of shares outstanding over the period except the treasury shares) was €0.28 in 2020 compared to €1.05 in 2019. The table below summarizes the non-audited operating results. (amounts in thousands euros, except for share data) 2019 2020Net Research and Development expenses (9,089) (9,921)General and administrative expenses (6,593) (4,021)Operating loss (15,682) (13,942)Net financial loss (2,134) (3,112)Loss before tax (17,816) (17,054)Income tax 28 - Net loss (17,788) (17,054)Non diluted weighted average number of shares outstanding, except treasury shares 16,882,661 59,974,486Loss per share (€/share) (1.05) (0.28) Summary of operational events (more details are provided in the corresponding press releases available on Biophytis's website: www.biophytis.com) Launch of the Phase 2-3 COVA study in patients with severe respiratory manifestation of COVID-19 In May 2020, Biophytis received approval from the Belgian Federal Agency for Medicines and Health Products (FAMHP), to proceed with its clinical development program COVA, a two-part study assessing Sarconeos (BIO101) in patients aged 45 and older, hospitalized with severe respiratory manifestations following COVID-19 infection;Biophytis received approvals for COVA from the UK Medicines Healthcare Products Regulatory Agency (MHRA) in June 2020, from the United States Food and Drug Administration (FDA) and the French Health Authority (ANSM) in July 2020 and the Brazilian Health Regulatory Agency (ANVISA) in August 2020;In August 2020, the first participant for Part 1 of the study was enrolled in Belgium;In October 2020, the first US and Brazilian patients were enrolled in COVA, with clinical centers opened and ready to recruit in Belgium, France, Brazil and the US. In December 2020, the first patient was enrolled in France;In February 2021, authorization for patient recruitment for Part 2 of COVA was obtained from regulatory authorities in Brazil, the United States, France and Belgium. Part 2 of COVA is a Phase 3 pivotal randomized study investigating the safety and efficacy of Sarconeos (BIO101) on the respiratory function from 310 COVID-19 patients (including the 50 patients from Part 1 of the study).The Company expects to report full results (For Part 1 and Part 2) in Q2 2021, subject to any delays in patient recruitment or retention, interruptions in sourcing or supply chain, regulatory authorizations and procedures, COVID-19-related delays, and the impact of the current pandemic. SARA clinical program in sarcopenia : In March 2020, due to COVID-19, Biophytis adapted the protocol of SARA-INT to allow patient follow up to take place at home, based on guidelines from regulators, including the U.S. FDA;In March 2020, Biophytis completed enrolment of the 233 patients into SARA-INT;In December 2020, the last patient in SARA-INT completed his final on-treatment visit;Biophytis expects to report top-line data from SARA-INT in Q2 2021, subject to any delays in patient recruitment or retention, interruptions in sourcing or supply chain, regulatory authorizations and procedures, COVID-19-related delays, and the impact of the current pandemic. MYODA clinical program in Duchenne Muscular Dystrophy (DMD): After an IND ‘‘may proceed’’ letter from the FDA (USA)in December 2019, in March 2020 Biophytis received approval from the Belgian FAMHP to proceed with its clinical investigation of Sarconeos (BIO101) in non-ambulatory patients with DMD.Depending on the evolution of the pandemic and its impact on our operational capabilities, the MYODA study is expected to start in H1 2021. Financing 1/ Debt financing: Replacement of the convertible ORNANEBSA from Negma by the convertible ORNANE from Atlas:In April 2020, the Company secured a new line of financing of €24 million from Atlas Special Opportunities LLC, a specialized investment fund based in New York (United States) providing for the issuance of 960 3-year note warrants. The 960 3-year note warrants require their holder to exercise them, at our request, in tranches of 120 warrants each. Each warrant grants its holder the right to one ORNANE. The ORNANE have a par value of €25,000. In April 2020, the Company formerly notified NEGMA Group LTD of its decision to terminate the contract signed in August 2019. The Negma agreement provided for up to €24 million in financing through the issuance of multiple tranches of convertible notes with attached warrants. This termination has led to litigation between Negma and Biophytis, and legal proceedings are ongoing. 2/ Equity raising: In 2020, the Company successfully raised capital through several transactions: Public offering of share subscription warrants: In April 2020, the Company closed a public offering of warrants to purchase ordinary shares, allowing shareholders registered as of April 8, 2020 to benefit from a non-negotiable and non-transferable subscription priority period and then new shareholders, to subscribe for warrants to purchase ordinary shares. Demands exceeded three times the number of available warrants. A total of 7,475,708 warrants were subscribed for total proceeds of €448 thousand. Private placement transactions : The Company successfully closed four private placement transactions which significantly strengthened its equity position. In February, June, July and October 2020, the Company issued shares to institutional investors totaling €3.3 million, €4 millions, €6.1 million and €10 million, respectively, and for a total of €23.4 million. Appointments:In January 2020, Biophytis appointed Evelyne Nguyen as Chief Financial Officer in replacement of Daniel Schneiderman. 2021 Outlook: Programs: The COVA study: The full results (Part 1 and Part 2) are expected in Q2 2021. Subject to any COVID-19 related delays, the Company anticipates applying for Emergency Use Authorization from FDA, and Conditional Market Approval from EMA in Q2 2021. The SARA -INT study: Following the last visit completion of the last patient in December 2020, the Company is preparing to release top-line results of this Phase 2 trial during Q2 2021. The MYODA study: Depending on the evolution of the COVID-19 pandemic, the Company is intending to start in H1 2021 the Phase 1-3 MYODA trial. These plans remain subject to any delays in patient recruitment or retention, interruptions in sourcing or supply chain, regulatory authorizations and procedures, COVID-19-related delays, and the impact of the current pandemic. Nasdaq IPO: On February 12, 2021, the Company closed its previously announced initial public offering on the Nasdaq Capital Market by way of a capital increase of 12,000,000 ordinary shares represented by 1,200,000 American Depositary Shares (“ADSs”), with each ADS representing 10 ordinary shares, at a price of $16.75 per ADS. Total gross proceeds were approximately $20.1 million. The Company received net proceeds of approximately $16.35 million or €13.5 million, after deducting underwriting discounts and commissions, management fee and estimated offering expenses payable by the Company. Since February 10, 2021, Biophytis ADSs are listed on Nasdaq Capital Market (US trading ticker: BPTS) Coronavirus StatementWe are closely monitoring how the spread of COVID-19 is affecting our employees, business, preclinical and clinical studies. As part of our COVID-19 pandemic response, most of our employees have transitioned to working remotely and travel has been restricted. During the pandemic, we instructed our employees to work remotely as much as possible except for essential and required activities that needed to be performed in laboratories. Such access and work must comply with social distancing and other local government and facility requirements and policies were implemented during initial and subsequent waives of COVID-19. While we have substantially completed enrollment dosing of Sarconeos (BIO101) in our SARA-INT study, limitations on in-office visits due to study site closures during the initial COVID-19 wave required adaptation of the study protocol including closing on-site activities, organizing patient follow-ups to take place at home, and expanding treatment from six to nine months for some patients. All such changes to the protocol were submitted to, reviewed and approved by reviewing IRBs. Despite these impediments, the last patient completed his final on treatment visit in December 2020.However, the impact of continued and prolonged disruptions caused by the COVID-19 pandemic may result in further difficulties or delays in initiating, enrolling, conducting or completing our ongoing and planned clinical trials, which could result in additional unforeseen costs. The impact of COVID-19 on our future clinical research and development progress will largely depend on future developments of the pandemic. These future COVID-19 developments are highly uncertain and cannot be predicted with confidence, and include issues such as: the rate and ultimate geographic spread of the disease; the duration of the pandemic; travel restrictions and social distancing requirements in the U.S., Brazil, the UK, France and other countries; business disruptions and closures; impact on financial markets and the global economy; and the effectiveness of actions taken to contain, treat and prevent the disease. About BIOPHYTISBiophytis SA is a clinical-stage biotechnology company specialized in the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19. Sarconeos (BIO101), our leading drug candidate, is a small molecule, administered orally, being developed as a treatment for sarcopenia in a Phase 2 clinical trial in the United States and Europe (SARA-INT). It is also being studied in a clinical two-part Phase 2-3 study (COVA) for the treatment of severe respiratory manifestations of COVID-19 in Europe, Latin America, and the US. A pediatric formulation of Sarconeos (BIO101) is being developed for the treatment of Duchenne Muscular Dystrophy (DMD). The company is based in Paris, France, and Cambridge, Massachusetts. The company's common shares are listed on the Euronext Growth Paris market (Ticker: ALBPS - ISIN: FR0012816825), and ADSs are listed on Nasdaq Capital Market (Ticker BPTS – ISIN: US09076G1040). For more information visit www.biophytis.com DisclaimerThis press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. These forward-looking statements include statements regarding Biophytis’ anticipated timing for its Interim Analysis of Part 1 and release of full study results. Such forward-looking statements are based on assumptions that Biophytis considers to be reasonable. However, there can be no assurance that the statements contained in such forward-looking statements will be verified, which are subject to various risks and uncertainties including, without limitation, delays in patient recruitment or retention, interruptions in sourcing or supply chain, its ability to obtain the necessary regulatory authorizations, COVID-19-related delays, the impact of the current pandemic on the Company’s clinical trials and other risks described in our filings with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release are also subject to risks not yet known to Biophytis or not currently considered material by Biophytis. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. In France, please also refer to the "Risk Factors" section of the Company's Annual 2019 Report and the Company’s Half Year 2020 Report available on BIOPHYTIS website (www.biophytis.com). We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Biophytis Contact for Investor RelationsEvelyne Nguyen, CFO evelyne.nguyen@biophytis.com Media contactLife Sci Advisor Sophie Baumont/Chris Maggos/John HodgsonE: sophie@lifesciadvisors.comT: +33 6 27 74 74 49 Investor RelationsLifeSci Advisors, LLC Sandya von der Weid E: svonderweid@lifesciadvisors.comT: +41 78 680 05 38
Emre Gürsoy CEO of Agillic Emre Gürsoy, CEO of Agillic:“In 2020, revenue amounted to DKK 50.5 million and total annual recurring revenue (ARR) to DKK 46.5 million. While it has been a year of challenges, our new strategy has already shown results. We completed a financial turnaround, resulting in a positive EBITDA for 2020 as a consequence of a DKK 15.7 million EBITDA improvement. I am pleased to see that our ARR in Q4 increased by DKK 2.4 million due to a combination of winning new clients and uplifting existing clients. With the capital raises in 2020 and January 2021, we have a strong foundation to pursue our strategic growth and internationalisation plans. Our three main financial goals towards 2023 remain: Double-digit percentage growth rate in ARR subscriptions, positive cash flow from operations, and a positive EBITDA.” Announcement no. 8 2021 Copenhagen – 26 February 2021 - Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) publishes its Q4 results and annual report 2020. In 2020, revenue from subscriptions, gross profit and number of clients were at an all-time high. For the first time since the IPO in 2018, EBITDA in 2020 was positive and amounted to DKK 0.3 million. In Q4 2020, the annual recurring revenue (ARR) increased by DKK 2.4 million compared to Q3 2020. Emre Gürsoy, CEO of Agillic comments:“In 2020, revenue amounted to DKK 50.5 million and total annual recurring revenue (ARR) to DKK 46.5 million. While it has been a year of challenges, our new strategy has already shown results. We completed a financial turnaround, resulting in a positive EBITDA for 2020 as a consequence of a DKK 15.7 million EBITDA improvement. I am pleased to see that our ARR in Q4 increased by DKK 2.4 million due to a combination of winning new clients and uplifting existing clients. With the capital raises in 2020 and January 2021, we have a strong foundation to pursue our strategic growth and internationalisation plans. Our three main financial goals towards 2023 remain: Double-digit percentage growth rate in ARR subscriptions, positive cash flow from operations, and a positive EBITDA.” Performance highlights 2020 2019 2020 2019 DKK million FY FY Change Q4 Q4 ChangeINCOME STATEMENT Revenue subscriptions 43.9 41.2 7% 10.5 10.8 -3% Revenue transactions 5.5 11.2 -51% 1.4 2.4 -42% Other revenue 1.1 1.4 -21% 0.4 0.5 -20%Total revenue 50.5 53.8 -6% 12.4 13.7 -9%Gross profit 44.2 41.7 6% 10.7 10.8 -1%Gross margin 88% 78% - 87% 79% -Employee costs -29.8 -35.8 17% -6.3 -9.0 30%Operational costs -14.1 -21.3 34% -3.9 -6.1 36%EBITDA 0.3 -15.4 0.5 -4.3 Net profit for the year -8.0 -25.1 68% -1.4 -6.5 78%FINANCIAL POSITION Cash1 16.3 -4.0 16.3 -4.0 ARR DEVELOPMENT ARR subscriptions 40.7 45.5 -11% 40.7 45.5 -11% ARR transactions 5.8 9.6 -40% 5.8 9.6 -40%Total ARR2 46.5 55.1 -16% 46.5 55.1 -16%Change in ARR (DKK) -8.6 5.0 - 2.4 3.4 -Change in ARR (%) -16% 10% - 5% 7% - 1. Cash is defined as available funds less bank overdraft withdrawals2. ARR, i.e. the annualised value of subscription agreements and transactions at the end of the actual reporting period Highlights Q4 2020 In Q4, Agillic successfully renewed and uplifted its two largest clients as well as other strategically important clients. Seven new client contracts across several industries were signed, in Denmark and internationally. As of 31 December 2020, Agillic had 82 clients, which is an all-time high.ARR increased by DKK 2.4 million in Q4 compared to Q3 2020 (+5%). The net uplifts and new clients increased the subscription part of ARR from DKK 40.1 in Q3 to 40.7 million in Q4. The transaction part of ARR was higher than Q3 due to the seasonality of Black Week and Christmas. This year, Agillic’s Customer Marketing Platform again delivered a high performance to all clients during Q4.The Company moved to new facilities. Financial Highlights FY 2020 Total revenue amounted to DKK 50.5 million compared to 53.8 million (-6%) in 2019. However, revenue from subscriptions increased by 7% to DKK 43.9 million, which was an all-time high.Gross profit was at an all-time high, with DKK 44.2 million for the year (+6%).EBITDA amounted to DKK 0.3 million, an improvement of DKK 15.7 million compared to year-end 2019. The positive development resulted from an improved gross profit of DKK 2.5 million and reduced operational costs of DKK 13.2 million. It is the first time since the IPO in 2018 that the Company can present a positive EBITDA.Time to recover CAC declined from 18 months to 12 months.As of 31 December 2020, ARR amounted to DKK 46.5 million.As of 31 December 2020, cash at bank amounted to DKK 16.3 million. Comments on ARR development As of 31 December 2020, ARR amounted to DKK 46.5 million, compared to DKK 55.1 million as of 31 December 2019, a decrease of DKK 8.6 million (-16%), which was mainly driven by COVID-19 and its negative impact on the retail and travel & leisure segments.The transactional part of ARR was also lower in Q4 2020 than Q4 2019 due to the impact of COVID-19, especially on the above-mentioned segments.Although Agillic won 20 new clients in 2020, the subscription part of the ARR decreased. Following the business impact of COVID-19, some clients downgraded, and some clients churned. Seeking to offset the negative effect of COVID-19, Agillic focused on adjusting the subscription fees in exchange for an increase in the clients’ subscription period commitment. Financial guidance 2021 & 2022The Company published its financial guidance on 19 January 2021 DKK million20212022Revenue49 - 5357 - 63EBITDA-5 to -1-3 to +3 ARR subscriptions45 - 49 ARR transactions5 - 7 Total ARR*50 - 5665 - 70Growth rate in total ARR 30-40% *) The growth rate in ARR subscriptions is expected to be higher than in ARR transactions. Strategy toward 2023 Since the Initial Public Offering (IPO) in March 2018, Agillic has pursued growth and internationalisation. Apart from the domestic market, markets of particular interest are the DACH region, North America, Norway, Sweden, the UK, and, as of 2021, Central and Eastern Europe. Together with Agillic’s strategic partners across geographies, the Company continues to target digitally mature and data-driven B2C-businesses with a substantial customer base within the following sectors: retail, finance, travel & leisure, NGO & charities and subscription businesses. Please find Agillic’s annual report 2020 here:Agillic annual report 2020 Financial calendar 2021 Annual general meeting: 30 March 2021 Financial results 1st quarter 2021: 4 May 2021 Half-year report 2021: 26 August 2021 Financial results 3rd quarter 2021: 22 October 2021 For further information, please contact:Emre Gürsoy, CEO, Agillic A/S +45 30 78 42 00 emre.gursoy@agillic.com Bent Faurskov, CFO, Agillic A/S+45 25 16 21 03 bent.faurskov@agillic.com Certified AdviserJohn Norden, Norden CEFKongevejen 365, 2840 HolteDenmark+ 45 20 72 02 00jn@nordencef.dk Disclaimer The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report. About Agillic A/S Agillic is a Danish software company enabling marketers to maximise the use of data and translate it into relevant and personalised communication, thereby establishing strong relations between people and brands. Our customer marketing platform uses AI to enhance the business value of customer communication. By combining data-driven customer insights with the ability to execute personalised communication, we provide our clients with a head start in the battle of winning markets and customers. Besides the Company’s headquarters in Copenhagen, Denmark, Agillic has sales offices in London (UK) and Stockholm (Sweden), as well as a development unit in Kyiv (Ukraine). For further information, please visit www.agillic.com. Agillic A/S (publ) (Nasdaq First North Growth Market Denmark: AGILC) is obligated to publish the above information in compliance with the EU Market Abuse Regulation. The information was published via agent by Agillic A/S on 26 February 2021. Appendix: Financial development per quarter 2018 2019 2020 DKK million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4INCOME STATEMENT Revenue subscriptions 5.9 6.3 6.6 8.7 9.3 10.5 10.6 10.8 12.0 10.8 10.5 10.5 Revenue transactions 1.9 2.2 2.0 2.6 3.1 3.4 2.2 2.4 2.2 0.8 1.0 1.4 Other revenue 0.4 1.0 0.5 0.8 0.4 0.3 0.2 0.5 0.5 0.1 0.2 0.4Total revenue 8.2 9.5 9.1 12.2 12.8 14.3 13.0 13.7 14.7 11.8 11.7 12.4Gross profit 5.3 7.2 7.1 9.7 9.7 11.1 10.1 10.8 11.9 11.1 10.5 10.7Gross margin 65% 76% 78% 79% 76% 78% 78% 79% 81% 94% 90% 87%EBITDA -5.4 -4.0 -3.4 -6.3 -3.5 -4.8 -2.8 -4.3 -0.4 0.6 -0.4 0.5Net profit for the year -7.2 -6.1 -5.8 -6.7 -5.9 -8.6 -4.1 -6.5 -2.7 -0.5 -3.4 -1.4 BALANCE SHEET Cash1 35.1 24.1 15.6 12.3 2.7 1.0 -1.0 -4.0 -6.1 15.2 14.8 16.3Total assets 60.4 53.9 50.0 47.4 36.1 40.5 40.9 37.7 38.4 59.3 55.7 63.8Equity 21.4 15.4 9.9 3.5 -2.1 -10.5 -14.3 -20.6 -18.7 -1.4 -4.6 -5.8Borrowings 13.0 11.6 9.0 11.3 10.5 16.3 21.3 24.4 28.5 28.3 28.9 28.9 EMPLOYEES & CLIENTS Employees end of period 33 43 50 56 60 63 67 64 64 61 57 53Clients end of period 55 59 65 73 73 79 77 81 84 83 79 82 ARR & SAAS METRICS ARR subscriptions 27.6 29.5 33.4 39.6 40.7 44.5 43.0 45.5 47.0 43.6 40.1 40.7 ARR transactions 7.4 9.3 8.5 10.5 12.6 13.8 8.7 9.6 8.9 3.3 4.0 5.8Total ARR2 35.1 38.8 41.9 50.1 53.3 58.2 51.7 55.1 55.8 46.9 44.1 46.5Change in ARR (DKK) 1.9 3.7 3.1 8.2 3.2 5.0 -6.5 3.4 0.8 -8.9 -2.8 2.4Average ARR3 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6Yearly CAC4 0.5 0.8 0.5Months to recover CAC5 11 18 12 1. Cash is defined as available funds less bank overdraft withdrawals.2. ARR, i.e., the annualised value of subscription agreements and transactions at the end of the actual reporting period.3. Average ARR, i.e. the average ARR per client.4. Customer Acquisition Costs (CAC), i.e., the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office divided by the number of new clients. CAC is calculated end of year. Former CAC numbers have been restated. 5. Months to recover CAC YTD, i.e., the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost. Attachments Emre Gürsoy CEO of Agillic Company Announcement no 8 2021 Agillic Annual Report 2020
Stockholm, February 26, 2021 – Anoto Group AB (“Anoto” or the “Company”) announces that the Company’s total number of shares and votes has increased by 30,000,000 shares and votes, respectively. The number of shares and votes in Anoto has increased as a result of the directed rights issue resolved by the Company’s board of directors on December 28, 2020, based on an authorization from the Annual General Meeting held on May 18, 2020, and announced through the press release of December 29, 2020, together with the directed rights issue resolved by the board of directors on January 20, 2021, announced through the press release of the same date and approved by the Extraordinary General Meeting held on February 15, 2021. As of February 26, 2021, the total number of shares and votes in Anoto amounts to 215,658,150 shares and votes, respectively. For further information, please contact: Johannes Haglund, Chief of Staff, Anoto Group AB For more information about Anoto, please visit www.anoto.com or email ir@anoto.com Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm This information is information that Anoto Group AB (publ) is obliged to make public pursuant to the Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out above, on February 26, 2021 at 08:00 CET. About Anoto GroupAnoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a leader in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and the related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also owns Knowledge AI, a leading AI based education solution company, as its majority-controlled subsidiary. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT. Attachment Change in number of shares and votes_February 2021 (En)
Šiaulių Bankas AB, company code 112025254, domicile address Tilžės st. 149, LT-76348 Šiauliai, Lithuania. Šiaulių Bankas Group earned EUR 43.0 million of unaudited net profit in year 2020The assets grew by 21% and exceeded EUR 3 billion The loan portfolio increased by 5% and reached EUR 1.76 billionThe Bank became an active and significant participant of mortgage market - the portfolio increased almost 3 times and reached EUR 297 million The deposit portfolio grew by 15% and reached EUR 2.35 billionWhile overcoming the pandemic challenges, the Group managed to provide all services to customers, offered support solutions to residents and businesses impacted by COVID-19 Overview of the key performance indicators The Šiaulių Bankas Group earned EUR 43.0 million of the unaudited net profit in year 2020 (EUR 51.5 million in 2019). Operating profit before impairment losses and income tax amounted to EUR 64.8 million, which is by 5% less than in 2019. The net profit for Q4 was EUR 8.8 million, and the operating profit before impairment losses and income tax amounted to EUR 13.5 million. Net interest income increased by 5% compared to year 2019 and amounted to EUR 75.7 million. Net fee and commission decreased moderately to EUR 16.0 million, which is by 4% less than in year 2019. There are no signs of significant decrease of credit quality or increase of loan repayment delays noticed, however, taking into account the findings of ECB asset quality review process, the Bank has changed the clients’ credit quality evaluation criteria, which lead to the increase of non-performing exposures in the portfolio to 6.9%. The total amount of impairment losses for Q4 was EUR 2.9 million, and the total provisions for year 2020 amounts to EUR 12.0 million (EUR 8.4 million in 2019). The loans portfolio cost-of-risk (CoR) in year 2020 was 0.6% (0.5% in year 2019). The cost-to-income ratio was 42.7% at the end of the year (42.5% in year 2019), and the return-on-equity (ROE) was 12.7% (17.6% in year 2019). The capital and liquidity positions remain sound and the prudential requirements are met with a large reserve – with a liquidity coverage ratio (LCR) of 283%* and a capital adequacy ratio (CAR), not including net profit for the year 2020, of 17.2%*. Overview of Business Segments Business and Private Clients Financing The loan and finance lease portfolio increased by 5% and exceeded EUR 1.76 billion (+1% quarter-on-quarter) at the end of 2020. The new credit agreements signed in 2020 amount to EUR 700 million, which is 22% less than during year 2019. Due to the uncertainty and government support, the business financing demand continued to decrease - during the Q4 business financing portfolio has decreased by 2% to EUR 1.06 billion (-9% year-on-year). On the other hand, despite the restrictions of second quarantine, we have recorded a strong demand for household lending. Mortgage loan portfolio during Q4 has increased by 11%, to EUR 297 million (+192% year-on-year). Consumer financing portfolio during Q4 decreased by 2%, to EUR 160 million and remained unchanged throughout the year. The Bank remains active in financing energy efficiency projects, the loan agreements for modernisation of multi-apartment buildings signed amounted to EUR 26 million during the Q4 (+258% year-on-year) and to EUR 81 million during the whole year (+176% year-on-year). In Q4, the Bank continued intensively working to set up a EUR 200 million renovation fund with the European Investment Bank (EIB) with the purpose of attract private and international investors, and thus encourage them to invest in multi-apartment building modernisation projects through the fund. The fund’s launch date is moved to Q3, 2021. During Q4, a deferral period applied to EUR 161 million of corporate loans deferred due to COVID-19 had expired. As of 31 December, only 8% of them have applied for additional restructuring. EUR 41 million of corporate loans, deferred due to COVID-19, had not reached the end of deferral period by the end of year 2020. An increase of loans payment delays, affected by COVID-19, is not expected, however, there is still uncertainty due to the pandemic, so it is difficult to predict future tendencies. Daily Banking The customer activity in using the Bank’s services have been affected by the second quarantine that took place during major part of Q4. Net fee and commission income decreased by 7% to EUR 4.0 million, compared to Q3. Over 21 thousand of new private customers and over 2 thousand of new business customers have started using the Bank’s services in 2020. The service plans portfolio increased by 14% for private customers, and by 2% for business customers (49% of private and 55% of business customers, respectively, have already subscribed to service plans). The updated digital services for customers during the third quarter - on-line banking and mobile application - have allowed to improve customer experience in the Bank’s digital channels. The number of users in e-channels exceeded 190 thousand, number of logins to the e-channels increased by 26% during the year, and, in December 2020, for the first time, there were over 1 million logins to the e-channels. All in all, the customer stream for the remote service has increased twice. The number of payment cards increased by 9% (up to 174 thousand), compared to the end of year 2019. The number of operations and turnover increased by 23% and 21%, respectively, compared to year 2019. The demand for cash has also increased - although the number of operations did not change, the turnover of cash operations increased by 10%, compared to year 2019. Customer service units are subject to early registration of clients for the visit. Customers wishing to keep their distance are served remotely. Only 7 out of 59 customer service units, which locate in the biggest Lithuanian cities, were closed during second quarantine. Considering the restrictions of moving between the municipalities, the Bank aims to ensure an access to the Bank’s services for the customers. Saving and Investing The deposit portfolio has increased by 15% during the year and amounted to EUR 2.35 billion at the end of 2020. The demand deposits increased by 32%, or EUR 353 million, during the year, while the term deposits decreased by EUR 40 million (- 4% year-on-year). The loan-to-deposit ratio stood at 75% at the end of Q4 (82% at the end of year 2019). While having high liquidity buffers and in order to lower funding costs, interest rates on term deposits have been reduced again from January 2021. *- forecast data Šiaulių bankas invites shareholders, investors, analysts and other stakeholders to join its investor conference webinar scheduled on March 9th, 2021 at 4:00 PM (GMT + 2). The presentation will be held in English. For more information click here. Additional information:Head of Finance and Risk Management DivisionDonatas Savickas +370 41 595 602, donatas.savickas@sb.lt Attachment 2020-4q en (1)
CAMBRIDGE, United Kingdom, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Abcam plc (AIM: ABC; Nasdaq: ABCM) (“Abcam” or the “Company”), a global leader in the supply of life science research tools, will report its Interim Results for the six-month period ended 31 December 2020 at 12.00 p.m. GMT (7.00 a.m. EST) on Monday, March 8, 2021. Following the announcement, the Company will host a live teleconference and webcast at 2:00 p.m. GMT (9:00 a.m. EST) that same day (details below). To access the webcast, please use the following link: https://edge.media-server.com/mmc/p/zejeosdn To participate in the call, please find details below: Date:Monday, March 8, 2021Time:0900 EST / 1400 GMTDial-in:United Kingdom +44 (0) 800 694 1461(Toll Free) / +44 (0) 844 493 6766 (Local)United States +1 866 280 1157 (Toll Free) / +1 646 787 1226 (Local)All other locations +44 (0) 203 009 5709Conference ID:7268122 The press release and the live audio webcast will also be available in the investor section of Abcam’s corporate website at corporate.abcam.com/investors/reports-presentations/. An archive will be available after the call at that same address. For further information, please contact: Abcam James Staveley, VP Investor Relationsjames.staveley@abcam.com + 44 (0) 1223 696 000 Numis - Nominated Adviser & Joint Corporate BrokerGarry Levin / Duncan Monteith / Huw Jeremy+ 44 (0) 20 7260 1000 About Abcam plcAs an innovator in reagents and tools, Abcam's purpose is to serve life science researchers globally to achieve their mission, faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays and other research tools to address important targets in critical biological pathways. Already a pioneer in data sharing and ecommerce in the life sciences, Abcam's ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health. Abcam's worldwide customer base of approximately 750,000 life science researchers uses Abcam's antibodies, reagents, biomarkers and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent programme of customer reviews and datasheets, combined with an industry-leading validation initiative, gives researchers increased confidence in their results. Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s ordinary shares are listed on the London Stock Exchange (AIM: ABC) and its American Depositary Shares (ADSs) trade on the Nasdaq Global Market (Nasdaq: ABCM). For more information, please visit www.abcam.com or www.abcamplc.com Forward-Looking Statements This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam’s expectation of reporting Interim Results and holding the related teleconference on March 08, 2021, Abcam's portfolio and ambitions, expected performance for first half 2021, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: a regional or global health pandemic, including the novel coronavirus (“COVID-19”), which has adversely affected elements of our business, could severely affect our business, including due to impacts on our operations and supply chains; challenges in implementing our strategies for revenue growth in light of competitive challenges; developing new products and enhancing existing products, adapting to significant technological change and responding to the introduction of new products by competitors to remain competitive; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; if our customers discontinue or spend less on research, development, production or other scientific endeavours; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; if our products fail to satisfy applicable quality criteria, specifications and performance standards; failing to maintain our brand and reputation; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and the important factors discussed under the caption “Risk Factors” in Abcam's prospectus pursuant to Rule 424(b) filed with the U.S. Securities and Exchange Commission (“SEC”) on 22 October 2020, which is on file with the SEC and is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam's other filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
4D pharma plc (AIM: DDDD), a pharmaceutical company leading the development of Live Biotherapeutic products (LBPs) - a novel class of drug derived from the microbiome, today announces that the United States Securities and Exchange Commission ("SEC") has declared effective its registration statements on Form F-4 with respect to the issuance of 4D pharma American Depositary Shares ("ADSs") to the shareholders of Longevity Acquisition Corporation (NASDAQ: LOAC) ("Longevity"), a NASDAQ-listed special purpose acquisition company ("SPAC"), in connection with the previously announced merger between 4D pharma and Longevity.
Brexit, COVID-19 and overseas competition are challenging fintech's future, and Britain should act to stay competitive for the sector, a government-backed review said on Friday. Britain's departure from the European Union has cut the sector's access to the world's biggest single market, making the UK less attractive for fintechs wanting to expand cross-border. The review headed by Ron Kalifa, former CEO of payments fintech Worldpay, sets out a "strategy and delivery model" that includes a new billion pound start-up fund and fast-tracking work visas for hiring the best talent globally.
Takeda Pharmaceutical Company Limited (TOKYO:4502) (NYSE:TAK) ("Takeda") today announced that it has entered into an agreement to transfer the assets, marketing rights and, eventually, marketing authorization associated with a portfolio of select non-core products in Japan to Teijin Pharma Limited ("Teijin Pharma"), a Tokyo-based pharmaceutical company, for JPY 133.0 billion, subject to customary legal and regulatory closing conditions.
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