As Texas was reeling from last week's historic freeze, the state's attorney general was in Utah for previously scheduled meetings, a spokesman said Monday.
As Texas was reeling from last week's historic freeze, the state's attorney general was in Utah for previously scheduled meetings, a spokesman said Monday.
Nubia is back with the Snapdragon 888-based Red Magic 6 series gaming phone, which boasts a faster internal fan, along with two world firsts in the mobile market: a 165Hz display and up to 18GB of RAM.
GOFORE PLC COMPANY ANNOUNCEMENT 5 MARCH 2021 AT 9.10 EET Gofore Plc's Annual Report 2020 published Gofore Plc's Annual Report for the year 2020 has been published in Finnish and in English on the company’s website at www.gofore.com. The Annual Report contains the Board of Directors' Report, Auditor's Report and Financial Statements 2020. Gofore has also published a Remuneration Statement for 2020. Additionally, for 2020, the company has published a Sustainability Report in Finnish. The English version of the report will be available on the company website during March. All PDF files of these publications are attached to this company announcement. Further enquiries: Mikael Nylund, CEO, Gofore Plc tel. +358 40 540 2280 email@example.com Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210 Gofore Plc is a Finland-based digitalisation specialist with international growth plans. Together with our customers, we are pioneering an ethical digital world. We're made up of over 700 impact-driven people across Finland, Germany, Spain and Estonia – top experts in our industry who are our company's heart, brain, and hands. We use consulting, coding and design as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2020, our revenue amounted to EUR 78 million. Gofore Plc's shares are quoted in the Nasdaq First North Growth Market Finland. Learn more: www.gofore.com. Attachments Gofore Plc Remuneration Statement 2020 Gofore Plc Annual Report 2020 Gofore Plc Sustainability Report (in Finnish) 2020
(Bloomberg) -- Asian stocks pared losses Friday and U.S. and European futures stabilized as investors digested comments from Federal Reserve Chair Jerome Powell that fell short of trying to rein in bond yields. Treasuries held a drop.Stocks dipped in South Korea and fluctuated in China, where officials set a conservative growth target of more than 6% for 2021 that signals restrained monetary and fiscal policies. On Thursday, the tech-heavy Nasdaq 100 extended its decline to almost 10% from February’s peak, and the S&P 500 erased nearly all its 2021 gains. U.S. and European equity futures came off their lows.Australian bond yields surged, tracking a selloff in the U.S. 10-year that lifted the yield curve to its steepest point since 2015. Japan’s sovereign debt extended a rally after the central bank governor quashed speculation that the trading band for the 10-year might be widened. The U.S. dollar strengthened against nearly all major peers.Oil prices leapt after the OPEC+ alliance surprised traders with its decision to keep output unchanged. Bitcoin fell with other risk assets.Powell noted the recent runup in yields without hinting at intervention, saying that he would be “concerned by disorderly conditions.” While some investors view the rates moves as a sign of economic strength amid the recovery from the pandemic, others are growing concerned about rising inflation and the impact of higher yields on elevated stock valuations.“It makes logical and intuitive sense that Treasury yields should move back up to 1.50% or 2%, but we are concerned with the rest of the market about the speed at which it’s getting there,” said Mona Mahajan, investment strategist at Allianz Global Investors LLC.Stock-Market Momentum Comeuppance Gets No Sympathy From the FedMeanwhile, the U.S. Senate voted to take up a $1.9 trillion relief bill backed by President Joe Biden, setting off a debate expected to end this weekend with approval of the nation’s sixth stimulus since the pandemic-triggered lockdowns that began a year ago.The February U.S. employment report on Friday will provide an update on the speed and direction of the country’s labor-market recovery.These are some of the main moves in markets as of 7:00 a.m. in London:StocksS&P 500 futures dropped 0.1%. The gauge retreated 1.3% on Thursday.Japan’s Topix index added 0.6%.South Korea’s Kospi index fell 0.6%.Australia’s S&P/ASX 200 index declined 0.7%.Hong Kong’s Hang Seng index rose 0.2%.Shanghai Composite was little changed.Euro Stoxx 50 futures slipped 0.7%.CurrenciesThe Bloomberg Dollar Spot Index climbed 0.1%.The euro dipped 0.2% to $1.1951.The Japanese yen fell 0.3% to 108.30 per dollar.BondsThe yield on 10-year Treasuries held at 1.56%.Australia’s 10-year yield was up six basis points at 1.83%.CommoditiesWest Texas Intermediate crude jumped 1.5% to $64.81 a barrel.Gold dropped 0.1% to $1,695 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.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that ICE Benchmark Administration Limited (IBA), the authorized and regulated administrator of LIBOR®, has today published a feedback statement for the consultation on its intention to cease the publication of LIBOR® settings.
GOFORE PLC COMPANY ANNOUNCEMENT 5 MARCH 2021 AT 9.05 EETSummons to Gofore Plc’s annual general meeting Gofore Plc’s shareholders are hereby invited to the annual general meeting that will be held at Töölönlahdenkatu 2, 00100 Helsinki at 2.00 pm on Friday, 26 March 2021. The company's shareholders and their proxy representatives may attend the meeting and exercise their shareholder rights only by voting in advance and by submitting counterproposals and questions in advance. Shareholders may not attend the meeting in person. Instructions for shareholders can be found below in part C. Instructions for the participants to the meeting. Shareholders may not attend the meeting in person. The meeting will be held in accordance with the temporary law (677/2020) that came into force on 3 October 2020. The company has decided upon measures enabled by the temporary law whose purpose is to enable the company to organise the meeting in a predictable manner while taking into consideration the health and safety of the company’s shareholders, employees and other interest groups. All shareholders who have registered for the meeting may watch the meeting as a live broadcast and use the chat function to ask questions or comment on the proceedings during the meeting. Shareholders will not be considered to be officially participating in the meeting or to be exercising their right to ask questions or to speak at the meeting when they watch the live broadcast or use the chat function to ask questions or comment on the proceedings. Correspondingly, any questions submitted via the chat function will not constitute questions asked in the manner required by Chapter 5 Section 25 of the Finnish Limited Liability Companies Act. In order for the shareholders’ questions to be considered valid under the applicable law, they must be submitted in advance as described below. After the annual general meeting has concluded, the live broadcast will continue as a separate Q&A session where the company’s representatives will discuss the questions and comments submitted via the chat function. This Q&A session is not part of the annual general meeting. Link to the webcast will be available at company`s website: http://gofore.com/agm2021. Matters on the agenda of the annual general meeting The following matters will be discussed at the annual general meeting: 1. Opening of the meeting 2. Calling the meeting to order - Attorney-at-Law Jari Gadd will serve as the Chair of the meeting. In the event that Jari Gadd is unable to serve as the Chair of the meeting for a well-justified reason, the Board of Directors will appoint the person it considers the most suitable to serve as the Chair. The company’s General Counsel Kalle Mäki will serve as the secretary of the meeting. In the event that Kalle Mäki is unable to serve as the secretary, the Chair will call upon another person to serve as the secretary of the meeting. 3. Election of persons to scrutinise the minutes and to supervise the counting of votes - Master of Laws Markus Vanhanen will scrutinise the minutes and supervise the counting of votes. In the event that Markus Vanhanen is unable to serve in this role for a well-justified reason, the Board of Directors will appoint the person it considers the most suitable to carry out these duties. 4. Recording the legality of the meeting 5. Recording attendance at the meeting and adoption of the list of votes - Shareholders who have voted in advance before the expiry of the deadline for advance voting and who have the right to participate in the meeting under Chapter 5 Sections 6 and 6a of the Finnish Limited Liability Companies Act are considered to constitute participating shareholders. The list of votes will be adopted based on the information provided by Euroclear Finland Oy and Innovatics Oy. 6. Presentation of the financial statements, the report of the Board of Directors and the auditor’s report for the year 2020 - As the shareholders can participate in the meeting possibly only in advance, the company's financial statements, the report of the Board of Directors and the auditor’s report, which the company published on 5 March 2021 and which are available on the company’s website at http://gofore.com/agm2021, are considered to have already been presented to the annual general meeting. 7. Adoption of the financial statements 8. Deciding on the use of the profit shown in the balance sheet and on the payment of dividend - The company’s Board of Directors proposes to the annual general meeting that the company pay EUR 0.24 in dividend per share for the year 2020, i.e. altogether EUR 3,368,862.48 based on the number of all outstanding shares as of the date of this summons. Dividend will be paid to shareholders who are recorded as shareholders in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of 30 March 2021. Pursuant to the proposal, the dividend will be paid on 8 April 2021. 9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability 10. Non-binding discussion of the remuneration report for governing bodies 2020 - The remuneration report for governing bodies 2020 is enclosed with this summons and available on the company’s website at http://gofore.com/agm2021. As shareholders can attend the annual general meeting only through advance voting, the remuneration report for governing bodies 2020 is considered to have already been presented to the general meeting for the purposes of non-binding discussion. 11. Resolution on the remuneration of the Board Members - The Shareholders’ Nomination Board proposes that the Chair of the Board be paid EUR 3,500 per month and each Board Member EUR 2,000 per month in remuneration. - Furthermore, the Shareholders’ Nomination Board proposes that each Board Member be paid a fee for each committee meeting as follows: the Chair of the committee should be paid EUR 800 and the other committee members EUR 400 for each meeting. In addition, all members will be reimbursed for their travel costs against receipts in accordance with the company’s travel rules. 12. Resolution on the number of Board Members - The Shareholders’ Nomination Board proposes to the annual general meeting that it decide to set the number of Board Members at five (5) persons. 13. Election of the Board Members - The Shareholders’ Nomination Board proposes to the annual general meeting that Juha Eteläniemi, Mammu Kaario, Timur Kärki and Sami Somero be re-elected as members of the Board of Directors. - The Shareholders’ Nomination Board proposes that Piia-Noora Kauppi be elected as a new Board Member. - Ms Kauppi has served as the Managing Director of Finance Finland (FFI) since 2009. Prior to that, Ms Kauppi served e.g. as a member of the European Parliament and several Parliament committees from 1999 to 2008 and as the head of the Finnish delegation in the European Parliament’s EPP-ED group from 2004 to 2008. Ms Kauppi serves as a member on the boards of e.g. the following entities: UPM Kymmene Oyj, SOS-Lapsikyläsäätiö (Chair of the Board) and the Finnish Financial Ombudsman Bureau FINE. Ms Kauppi has received a Bachelor of Laws degree from the University of Helsinki. - All proposed members are independent of the company and its significant shareholders with the exception of Timur Kärki, who is the company’s largest shareholder and served as the company’s CEO until 2019. All board member candidates have consented to being elected to the position of Board Member. 14. Resolution on the remuneration of the auditor - The Board of Directors proposes that the auditor’s fee be paid in accordance with an invoice approved by the company. 15. Election of the auditor - The Board of Directors proposes that KPMG Oy Ab, an authorised audit firm, be elected as the company’s auditor for a term expiring at the end of the next annual general meeting. KPMG Oy Ab has stated that Authorised Public Accountant Lotta Nurminen would serve as the auditor with principal responsibility. 16. Authorising the Board of Directors to decide on the acquisition of the company’s own shares and/or on accepting them as a pledge - The Board of Directors proposes to the annual general meeting that the annual general meeting authorise the Board to decide upon the acquisition of a maximum of 1,403,692 of the company’s own shares in one or several tranches with the company's unrestricted shareholder's equity and/or on accepting the same number of the company’s own shares as a pledge in one or several tranches. The maximum total of shares that will be acquired and/or accepted as a pledge corresponds to approximately 10% of all shares in the company as of the date of this summons. However, the company, together with its subsidiaries, may not at any point own or accept as a pledge more than 10% of all shares in the company. - The shares will be acquired otherwise than in proportion to the holdings of the shareholders via public trading arranged by Nasdaq Helsinki Ltd at the market price that applies on the date of acquisition or otherwise at a price formed on the market. Shares can be acquired and/or accepted as a pledge e.g. in order to execute a transaction or implement share-based incentive schemes or for other purposes as decided by the Board of Directors or otherwise for the purposes of further assignation, retention or cancellation. The Board of Directors is authorised to decide on all other terms and conditions that will apply to the acquisition and/or acceptance as a pledge of the company’s own shares. - The Board of Directors proposes for this authorisation to cancel the authorisation to decide upon the acquisition of the company’s own shares that was granted by the annual general meeting held on 29 April 2020. - The Board of Directors proposes that the authorisation remain in force until the end of the next annual general meeting, however not for longer than until 30 June 2022. 17. Authorising the Board of Directors to decide on a share issue as well as the issuance of options and other special rights entitling to shares - The Board of Directors proposes that the annual general meeting authorise the Board to decide upon a share issue and the issuance of option rights and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act in one or more trances and either against or without consideration. - The number of shares to be issued, including the shares received on the basis of the option rights and other special rights, may not exceed 2,105,540 shares, which amounts to approximately 15% of all shares in the company as of the date of this summons. The Board of Directors may decide to either issue new shares or to assign company shares that are held by the company. - The authorisation entitles the Board of Directors to decide on all terms and conditions that will apply to the share issue and to the issuance of option rights or other special rights entitling to shares, including the right to derogate from the shareholders' pre-emptive right. The shares can be used as consideration in transactions, as part of the company’s incentive schemes or for other purposes as decided by the Board of Directors. - The Board of Directors proposes that the authorisation remain in force until the end of the next annual general meeting, however not for longer than until 30 June 2022. This authorisation will cancel any existing, unused authorisations to decide on a share issue and the issuance of option rights or other special rights entitling to shares. 18. Closing of the meeting B. Documents of the meeting The aforementioned proposals that are included on the agenda of the annual general meeting as well as this summons are available on Gofore Plc’s website at http://gofore.com/agm2021. Gofore Plc’s financial statements, annual report and auditor's report as well as the remuneration report will be available on the aforementioned website on 5 March 2021. Copies of the financial statements and the other documents will be provided to shareholders upon request. The minutes of the annual general meeting will be published on the company’s aforementioned website on 8 April 2021 at the latest. C. Instructions for the participants to the annual general meeting Shareholders and their proxy representatives may participate in and exercise their rights at the annual general meeting only in advance and in accordance with the instructions provided below. 1. Shareholders recorded in the shareholders’ register Shareholders that are recorded in the shareholders’ register maintained by Euroclear Finland Ltd as of 16 March 2021 are entitled to participate in the annual general meeting. Shareholders whose shares are registered in their personal Finnish book-entry accounts are registered in the company’s shareholder register. Shareholders may participate in the meeting only by voting in advance and by submitting their counterproposals and questions in advance as described below. 2. Registration and voting in advance Registration and advance voting will begin at 2 pm on 9 March 2021 once the deadline for submitting counterproposals that will be subjected to a vote has expired. Shareholders who are recorded in the shareholders’ register and who wish to participate in the annual general meeting must register for the meeting and vote in advance by 4 pm on 19 March 2021 at the latest, by which time the registration and the votes must be received. Shareholders with Finnish book-entry accounts may register and vote in advance on some of the matters on the agenda of the annual general meeting. Registration and advance voting begins at 2 pm on 9 March 2021 and ends at 4 pm on 19 March 2021. Registration and advance voting must be conducted as follows: a) via the company’s website at http://gofore.com/agm2021 Please note that the secure digital identification process for registration and advance voting requires a Finnish or Swedish bank ID or mobile ID. Shareholders must also disclose their personal identity code or business ID, email address and/or phone number. b) by mail or email Shareholders may submit an advance voting form that will be available on the company’s website from 2 pm on 9 March 2021 onwards by mail to Innovatics Oy by addressing the envelope to Innovatics Oy, Annual General Meeting/Gofore Oyj, Ratamestarinkatu 13 A, 00520 Helsinki, Finland or by email to firstname.lastname@example.org. In the event that a shareholder participates in the annual general meeting by sending their advance votes by mail or email to Innovatics Oy and they are received before the expiry of the deadline for advance voting and registration, the shareholder will be considered to have registered for the annual general meeting provided that information regarding the shareholder that is required for registration has been submitted as well. Instructions for advance voting will also be available on the company's website at http://gofore.com/agm2021 before advance voting begins. Additional information concerning registration and voting in advance is available by phone at 010 2818 909 from Monday to Friday from 9 am to 12 pm and from 1 pm to 4 pm. The name of the shareholder, their personal identity code or business ID, phone number as well as the names and personal identity codes of any proxy representatives must be disclosed in connection with registration. This personal data will only be used in connection with the annual general meeting and the Q&A session that will follow and when processing related registrations. 3. Proxy representatives and powers of attorney Shareholders may participate in the annual general meeting and exercise their rights by way of a proxy representative. The shareholder’s proxy representative must also participate by voting in advance as described in this summons. The proxy representative must produce a dated power of attorney or otherwise prove in a reliable manner that they are entitled to represent the shareholder at the annual general meeting. In the event that a shareholder participates in the annual general meeting by means of several proxy representatives that represent the shareholder based on shares held in different securities accounts, the shares represented by each proxy representative must be disclosed when registering for the annual general meeting. A power of attorney template and the advance voting form will be available on the company’s website at http://gofore.com/agm2021 by 2 pm on 9 March 2021 at the latest. Shareholders are kindly requested to submit any powers of attorney primarily via digital registration, by email to email@example.com or by mail or courier in their original to Innovatics Oy, Annual General Meeting/Gofore Plc, Ratamestarinkatu 13 A, 00520 Helsinki, Finland before the expiry of the deadline for advance voting. Any shareholder that submits a power of attorney before the expiry of the deadline for registration and advance voting will be considered to have registered for the annual general meeting provided that information concerning the shareholder that is required for registration has also been provided. 4. Holders of nominee registered shares The holders of nominee registered shares are entitled to participate in the annual general meeting by virtue of the shares based on which they would be entitled to be registered in the shareholders’ register maintained by Euroclear Finland Ltd as of the record date of the annual general meeting, i.e. 16 March 2021. Participation in the annual general meeting also requires for such shareholders to be registered, where entitled by the aforementioned shares, in the temporary shareholders’ register maintained by Euroclear Finland Ltd by 10 am on 23 March 2021 at the latest. As regards nominee registered shares, this is considered to constitute due registration for the annual general meeting. Any changes that have occurred in a shareholder’s holdings after the record date of the annual general meeting have no impact on the shareholder’s right to participate in the annual general meeting or their right to vote at the meeting. Holders of nominee registered shares are advised to consult with their asset managers without delay in order to receive instructions on how to register their shares in the temporary shareholders’ register, how to issue powers of attorney and how to register for the annual general meeting. The asset manager’s account management organisation will request the registration of any holders of nominee registered shares that wish to participate in the annual general meeting in the company’s temporary shareholders’ register by the deadline provided above. The asset manager’s account management organisation must ensure that advance votes are submitted on behalf of the holder of nominee registered shares by the registration deadline that applies to nominee registered shares. 5. Issuing counterproposals to proposed decisions and submitting questions in advance Shareholders that hold at least one hundredth of all the company's shares are entitled to submit a counterproposal that will be subjected to a vote with regard to any decision proposed on the agenda of the general meeting. Counterproposals must be submitted to the company by email at InvestorRelations@gofore.com by 4 pm on 8 March 2021 at the latest. Shareholders that submit a counterproposal must provide sufficient proof of their holdings in connection with the submission of their counterproposal. The counterproposal will be processed at the annual general meeting if the shareholder is entitled to participate in the annual general meeting and owns at least one hundredth of all the company’s shares on the record date of the annual general meeting. If the counterproposal is not accepted for consideration at the annual general meeting, the votes cast in favour of the counterproposal will be disregarded. The company will publish any counterproposals that will be subjected to a vote on the company's website at http://gofore.com/agm2021 at 2 pm on 9 March 2021 at the latest. Shareholders are entitled to request information on the matters that will be processed at the meeting pursuant to Chapter 5 Section 25 of the Finnish Limited Liability Companies Act by submitting their questions via digital registration or email to InvestorRelations@gofore.com or by mail to Gofore Plc at Kalevantie 2, 33100 Tampere by 2 pm on 12 March 2021. All questions must be submitted to the company by the aforementioned deadline. The questions submitted by the shareholders, the answers provided thereto by the company’s management and any counterproposals that have not qualified for a vote will be available on the company’s website at http://gofore.com/agm2021 by 4 pm on 17 March 2021 at the latest. Shareholders must provide sufficient proof of their holdings when submitting their questions. 6. Other instructions and information As of the date of this summons, Gofore Plc has altogether 14,036,927 shares, which entitle to an equal number of votes. Tampere, 5 March 2021 GOFORE PLCBoard of Directors Appendix 1: Remuneration Statement 2020Further enquiries:Timur Kärki, Chairman of the Board of Directors, Gofore Plc tel. +358 40 828 5886 firstname.lastname@example.org Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210 Gofore Plc is a Finland-based digitalisation specialist with international growth plans. Together with our customers, we are pioneering an ethical digital world. We're made up of over 700 impact-driven people across Finland, Germany, Spain and Estonia – top experts in our industry who are our company's heart, brain, and hands. We use consulting, coding and design as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2020, our revenue amounted to EUR 78 million. Gofore Plc's shares are quoted in the Nasdaq First North Growth Market Finland. Learn more: www.gofore.com. Attachment Gofore Plc Remuneration Statement 2020
Grant Brebner and Patrick Kisnorbo will bring a hint of one of British football's most iconic rivalries to the A-League when they lock horns as coaches for the first time in Saturday night's Melbourne derby.Melbourne City boss and former Socceroos defender Kisnorbo this week recalled picking fights in the players' tunnel as he led Heart of Midlothian into battle with Hibernian in the famous Edinburgh derby - a rivalry that began in 1875.
Pope Francis left Rome on Friday to start a four-day trip to Iraq, his most risky foreign trip since his election in 2012 and the first visit by a pontiff to the country. An Alitalia airplane carrying the pope, his entourage, a security detail, and about 75 journalists, left Rome's Leonardo da Vinci airport for the 4-1/2-hour flight to the Iraqi capital, Baghdad. Iraq is deploying thousands of additional security personnel to protect Francis during the visit, which comes after a spate of rocket and suicide bomb attacks raised fears for the Catholic leader's safety.
Aktia Bank Plc Stock Exchange Release 5 March 2021 at 9.00 am Notice to Aktia Bank Plc’s Annual General Meeting 2021 Notice is hereby given to Aktia Bank Plc’s shareholders that the Annual General Meeting will be held on 13 April 2021 at 4.00 pm at Aktia Bank Plc’s head office, Arkadiankatu 4–6 A in Helsinki. The Board of Directors of the company has decided on a special meeting procedure in accordance with the temporary legislation to limit the spread of the coronavirus pandemic. The company has decided on arranging the Annual General Meeting 2021 based on the prerequisites provided by the law in order to be able arrange the Annual General Meeting in a predictable way and to ensure the health and safety of the company’s shareholders, employees and other stakeholders. Shareholders of Aktia Bank Plc and their representatives can attend the Annual General Meeting and practice their rights as shareholders only by voting in advance and by making a counterproposal or asking questions in advance. It is not possible to attend the General Annual Meeting at the actual premises. Instructions to shareholders are available in this summons under the headline C. Instructions for the attendees of the Annual General Meeting and at www.aktia.com. All shareholders will be invited to watch the Annual General Meeting that starts at 16.00, during which the shareholders can follow the presentations of the Chairman of the Board and the CEO and after the Annual General Meeting there is a virtual Q&A session. Shareholders are asked to consider that questions that are asked during the Q&A session are not questions according to chapter 5, section 25 of the Finnish Limited Liability Companies Act. Questions according to chapter 5, section 25 of the Finnish Limited Liability Companies Act must be asked separately in advance. For further information on how to attend the virtual shareholder event and on how to ask questions in accordance with chapter 5, section 25 of the Finnish Limited Liability Companies Act, see heading C.4 Further instructions for the attendees of the Annual General Meeting. A. Matters on the agenda of the Annual General Meeting The agenda of the Annual General Meeting will be as follows: Opening of the meeting Calling the meeting to order Attorney-at-Law Mårten Knuts will act as Chairman of the Annual General Meeting. If Mårten Knuts due to weighty reasons is not able to act as Chairman, the Board of Directors will appoint a person that the Board of Directors considers to be best suited to act as Chairman. 3. Election of persons to scrutinize the minutes and to supervise the counting of votes General Counsel Ari Syrjäläinen will scrutinize the minutes and supervise the counting of votes. If Ari Syrjäläinen due to weighty reasons is not able to scrutinize the minutes and supervise the counting of votes, the Board of Directors will appoint a person that the Board of Directors considers to be best suited for scrutinizing the minutes and to supervise the counting of votes. Recording the legality of the meeting Recording the attendance at the meeting and adoption of the list of votes Shareholders considered present at the Annual General Meeting are shareholders who have voted in advance during the advance voting period and that according to chapter 5, sections 6 and 6b of the Finnish Limited Liability Companies Act are authorised to attend the Annual General Meeting. The voting list is confirmed based on information that Euroclear Finland Oy has handed to Innovatics Oy. 6. Presentation of the financial statements, consolidated financial statements, report by the Board of Directors and Auditor’s report for 2020 Because it is possible to attend the Annual General Meeting only in advance, the company’s financial statement and Annual Report, including the report by the Board of Directors and the Auditor’s Report, that the company will publish no later than 23 March 2021 and that thereafter are available on the company’s website www.aktia.com, are considered to have been put forward to the Annual General Meeting. CEO’s presentation. 7. Adoption of the financial statements and the consolidated financial statements The Board of Directors proposes that the Annual General Meeting will decide on confirming the financial statements. The company’s auditor has recommended confirming the financial statement. 8. Resolution on the use of the profit shown in the balance sheet and the payment of dividend Considering the recommendations issued by the authorities, the Board proposes that Aktia Bank Plc's Annual General Meeting authorises the Board to later decide on the payment of a maximum dividend of 0.43 euro per share for the financial year 2020, so that the payment may be carried out at one or more occasions. The authorisation would be in force until the Annual General Meeting 2022. The Board is also proposed to be authorised to decide on the record date and the date of payment of a possible dividend. Resolution on the discharge from liability of the members of the Board of Directors, the CEO and his deputy Aktia Bank Plc's Remuneration Report for 2020 The Board of Directors proposes to the Annual General Meeting that the Remuneration Report for the company’s governing bodies be confirmed. Because it is possible to attend the Annual General Meeting only in advance, the Remuneration Report for 2020 that the company will publish no later than 23 March 2021 and that thereafter is available on the company’s website www.aktia.com, is considered to have been put forward to the Annual General Meeting. 11. Resolution on remuneration for the members of the Board The Shareholders’ Nomination Board proposes that the remuneration for the Board of Directors for the term be determined as follows: • Chairman, EUR 64,300 (2020: EUR 64,300) • Deputy Chairman, EUR 43,000 (2020: EUR 36,400) • Member, EUR 35,000 (2020: EUR 28,500) In addition it is proposed that the Chairman of each Committee will further receive an annual remuneration of EUR 8,000. The proposed meeting remuneration for the Board and Committee meetings is EUR 500 per person and per attended meeting. Compensation for travel and accommodation expenses as well as a daily allowance is paid in line with the Finnish Tax Administration's guidelines. The Nomination Board proposes that 40% of the annual remuneration (gross amount) shall be paid to the members in the form of Aktia shares. The company will on account of the Board members acquire Aktia shares on the market to the price that is formed through public trading and the rest of the annual remuneration payable is paid in cash. The shares are acquired during a two-week time period from the time that the company’s interim report for 1 January 2021–31 March 2021 is disclosed or as soon as possible in accordance with applicable legislation. The company will be responsible for all expenses and the possible transfer tax for acquiring the shares. 12. Resolution on the number of members of the Board of Directors The Shareholders’ Nomination Board proposes that the number of members of the Board of Directors be decreased from nine and set at eight members. 13. Election of members of the Board of Directors The Shareholders’ Nomination Board proposes that of the current members of the Board of Directors, Johan Hammarén, Maria Jerhamre Engström, Harri Lauslahti, Olli-Petteri Lehtinen, Johannes Schulman, Lasse Svens and Arja Talma based on their consent, be re-elected for a term continuing up until the end of the next Annual General Meeting. For more information on the Board members proposed to be re-elected, please see the company’s website at www.aktia.com. The Shareholders’ Nomination Board also proposes that Timo Vättö be elected as new Board member for the same term, based on his consent. Further information on the new Board member proposed to be elected has been attached to this release and can be found closer to the Annual General Meeting on the company’s website www.aktia.com. All the proposed persons are independent in relation to the company according to the definition of the Corporate Governance Code. Only Timo Vättö is not independent of a significant shareholder since he is a member of the Board of Rettig Group Oy Ab, which is the largest owner of RG Partners Oy – the largest shareholder (10.16%) of Aktia Bank. All the proposed persons have informed that they intend, if they are elected, to re-elect Lasse Svens amongst them as Chairman of the Board of Directors and to elect Timo Vättö as Deputy Chairman. The Board members Christina Dahlblom and Kari A.J. Järvinen have informed that they will not be available for re-election. 14. Resolution on the auditor's remuneration The Board of Directors proposes, based on the recommendation of the Board of Directors' Audit Committee, that remuneration shall be paid to the auditor against the auditor’s reasonable invoice. 15. Determination of the number of auditors The Board of Directors proposes, based on the recommendation of the Board of Directors' Audit Committee, that the number of auditors shall be one (1). 16. Election of the auditor The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, a firm of authorised public accountants, shall be elected as auditor, with Marcus Tötterman, M.Sc. (Econ.), APA, as auditor-in-charge for a term of office beginning when the Annual General Meeting 2021 is closed and continuing up until the Annual General Meeting 2022 has ended. 17. Authorising the Board of Directors to decide on one or more issues of shares or special rights entitling to shares referred to in Chapter 10 of the Limited Liability Companies Act The Board of Directors proposes that the General Meeting authorises the Board of Directors to issue shares, or special rights entitling to shares referred to in Chapter 10 of the Limited Liability Companies Act, as follows: A maximum amount of 6,967,000 shares can be issued based on this authorisation, which corresponds to approximately 10% of all shares in the company. The Board of Directors is authorised to decide on all terms for issues of shares and of special rights entitling to shares. The authorisation concerns the issuance of new shares. Issues of shares or of special rights entitling to shares can be carried out in deviation from the shareholders' pre-emptive subscription right to the company’s shares (directed share issue). The Board of Directors has the right to use this authorisation, among other things, to strengthen the company's capital base, for the company's share-based incentive scheme, acquisitions and/or other corporate transactions. The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to issue shares given by the Annual General Meeting on 16 April 2020. 18. Authorising the Board of Directors to decide on acquisition of own shares The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on the acquisition of 500,000 shares at a maximum, corresponding to approximately 0.7% of the total number of shares in the company. The company's own shares may be acquired in one or several tranches using the unrestricted equity of the company. The company's own shares may be acquired at a price formed in public trading on the date of the acquisition, or at a price otherwise prevailing on the market. The company's own shares may be acquired in a proportion other than that of the shares held by the shareholders (directed acquisition). The company's own shares may be acquired to be used in the company's share-based incentive schemes and/or for the remuneration of the members of the Board of Directors, for further transfer or retention. The Board of Directors is authorised to decide on all additional terms concerning the acquisition of the company's own shares. The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to purchase the company's own shares given by the Annual General Meeting on 16 April 2020. 19. Authorising the Board of Directors to decide to divest the company’s own shares The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on divesting own shares held by the company, as follows: Based on the authorisation, a maximum of 500,000 shares may be divested. The Board of Directors is authorised to decide on all additional terms concerning the divestment of the company's own shares. The divestment of the company's own shares can be carried out in deviation from the shareholders’ pre-emptive subscription rights to shares in the company (directed share issue), e.g. for implementing the company's incentive programs and for remuneration. The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to divest the company's own shares given by the Annual General Meeting on 16 April 2020. 20. Resolution on the forfeit of the right to shares in the collective account and the rights the shares carry The Board of Directors proposes that the Annual General Meeting resolves, in accordance with Chapter 3 Section 14 a Sub-section 3 in the Finnish Limited Liability Companies Act, on that the right to a share incorporated in the book-entry system and the rights that the share carries have been forfeited for the shares in Aktia Bank Plc’s collective account. The Board of Directors proposes that the forfeiture in accordance with the Limited Liability Companies Act would concern those shares still in the company’s collective account and for which a request for registration to the book-entry account has not been put forward before the Annual General Meeting’s decision on the matter on 13 April 2021. The proposition concerns a maximum of 47,920 shares which on the day of this summons to the Annual General Meeting were registered on Aktia Bank Plc's collective account. The number of shares for which a request for registration has been put forward before the resolution from the Annual General Meeting and for which an exchange is performed at the latest on 13 April 2021 are deducted from the number of shares mentioned above. The Board of Directors of the company proposes that the forfeited shares will be used to implementing the company’s share incentive programme and remuneration. The shares that are now subject to forfeiture are the maximum 47,920 Aktia shares that are still in the company’s collective account. The shares were issued as a buffer in connection with the merger of Veritas Mutual Non-Life Insurance Company to Aktia Plc on 1 January 2009. Based on paid insurance premiums, the owner-customers of Veritas Mutual Non-Life Insurance Company received shares as a merger consideration. 21. Closing of the meeting B. Documents of the Annual General Meeting The proposals for the decisions on the matters on the agenda of the Annual General Meeting as well as this summons are available on Aktia Bank Plc’s website www.aktia.com. Aktia Bank Plc’s Annual Report including the company’s financial statements, the report by the Board of Directors and the Auditor’s Report as well as the Remuneration Report for 2020 will be available on the above-mentioned website on 23 March 2021, at the latest. Copies of the above-mentioned documents will be sent to shareholders on request. The minutes of the Annual General Meeting will be available on the website mentioned above on 27 April 2021, at the latest. C. Instructions for the attendees of the Annual General Meeting 1. Shareholders registered in the shareholders' register To limit the spread of the coronavirus pandemic, the Annual General Meeting will be arranged so that neither shareholders nor their representatives can attend the Annual General Meeting in person. Shareholders and their representatives cannot attend the meeting through a live broadcast in real-time with the help of technical tools. Shareholders and their representatives can attend the Annual General Meeting and practice their rights as shareholders only by voting in advance and by making a counterproposal or asking questions in advance in accordance with the instructions below. Shareholders that have registered their intention to attend the Annual General Meeting can watch the Annual General Meeting live online. Shareholders that are watching the Meeting in this way are not considered attendees of the Annual General Meeting and will therefore have no right to ask questions or vote at the Annual General Meeting. Shareholders are asked to note that the online broadcast is only arranged if it can be arranged so that all rules and recommendations in terms of the coronavirus pandemic issued by the authorities can be followed. Additional information about and instructions for watching the online broadcast are available on the company’s website www.aktia.com. Each shareholder, who is registered in the company’s register of shareholders maintained by Euroclear Finland Ltd on 30 March 2021, has the right to attend the Annual General Meeting. Shareholders whose shares are registered in their personal Finnish book-entry account are registered in the company’s register of shareholders. The registration to attend and advance voting will be initiated on 12 March 2021 at 10.00 a.m. when the time period assigned for submitting counterproposals that are subject for voting has ended. Shareholders who are registered in the company's register of shareholders and who wish to attend the Annual General Meeting by voting in advance must register their intention to attend and vote in advance by 4.00 p.m. on 6 April 2021, at the latest. When registering to attend, the requested information, such as the shareholder’s name, personal ID or business identity code, address, e-mail address and telephone number must be given. If a shareholder is authorising a representative, the requested information about the representative, such as name and personal ID must also be given. The personal details that shareholders give to Aktia Bank Plc, Innovatics Oy or another representative appointed by the company will only be used for purposes associated with the Annual General Meeting and processing the relevant registrations. Shareholders with a Finnish book-entry account can register and vote in advance on certain items of the agenda during 12 March–6 April 2021 as follows: a) through the company’s website www.aktia.com For electronic registration and advance voting, Finnish personal ID or business identity code as well as strong identification of the shareholders or their representatives with Finnish banking codes or a mobile certificate are needed. The terms and instructions for the electronic advance voting are available on the company’s website at www.aktia.com. b) by mail or e-mail Shareholders can send the advance voting form that as of 12 March 2021 is available on the company’s website www.aktia.com or corresponding information by mail to Innovatics Oy at the address Innovatics Oy, Annual General Meeting/Aktia Bank Plc, Ratamestarinkatu 13 A, 00520 Helsinki or by email to email@example.com. If shareholders are attending the Annual General Meeting by sending votes in advance to Innovatics Oy by mail or email before the end of the registration or advance voting period, this is considered a registration to attend the Annual General Meeting, provided that the above-mentioned information needed to register is included. Representatives of shareholders, when returning an advance voting form, shall show a dated power of attorney or shall in some other reliable way be able to prove that they are entitled to represent the shareholder at the Annual General Meeting. Instructions for the advance voting are also available on the company’s website at www.aktia.com before the advance voting is initiated. More information is also available during the registration period by calling 010 2818 909 Monday–Friday at 9.00 am–12.00 pm and 1.00–4.00 pm. 2. Owners of nominee registered shares A holder of nominee registered shares has the right to attend the Annual General Meeting by virtue of such shares, based on which he/she on the record date of the Annual General Meeting 30 March 2021 would be entitled to be registered in the company's register of shareholders maintained by Euroclear Finland Ltd. Attendance also requires that the shareholder has been entered into the company's temporary register of shareholders, maintained by Euroclear Finland Ltd, on the basis of such shares by 8 April 2021 at 10.00 am at the latest. For nominee registered shares this also constitutes registration to the Annual General Meeting. Owners of nominee registered shares are advised in good time to request their custodian bank for the necessary instructions on being entered into the temporary register of shareholders, the granting of powers of attorney and registration for the Annual General Meeting. The account management organisation of the custodian bank registers a holder of nominee registered shares who wants to attend the Annual General Meeting into the company's temporary register of shareholders at the latest by the above-mentioned time. Additionally, the account management organisation of the custodian bank must see to that the advance voting takes place on behalf of the owners of nominee registered shares within the registration period for nominee registered shares. 3. Representatives and powers of attorney Shareholders may attend the Annual General Meeting and exercise their rights through a representative. Shareholders’ representatives need to present a dated power of attorney or in some other reliable way demonstrate their right to represent the shareholder at the Annual General Meeting. If a shareholder is represented by more than one representative at the General Meeting, each of whom represents the shareholder with shares by the shareholder in different book-entry accounts, the shares by which each representative represents the shareholder shall be identified in connection with the registration for the Annual General Meeting. A power of attorney model and instructions on voting are available on the company’s website at www.aktia.com on 12 March 2021 at the latest. Possible powers of attorney are primarily to be sent as an attachment to the registration to attend and the advance voting form or alternatively by email to firstname.lastname@example.org or as an original by mail to the address Innovatics Oy, Annual General Meeting/Aktia Bank Plc, Ratamestarinkatu 13 A, 00520 Helsinki. The powers of attorney must be received by the addressee before the end of the registration period on 6 April at 4.00 p.m. The representatives of shareholders must register and vote in advance and can also leave counterproposals and ask questions in a way that are described in the summons. Sending a power of attorney and advance votes before the end of the registration and advance voting period are considered as a registration to the Meeting if all the above-mentioned information necessary for registration has been provided. Returning a power of attorney and advance votes to Innovatics Oy before the end of the time period for advance voting is considered a registration to attend the Annual General Meeting provided that the power of attorney and instructions on voting include the details mentioned under C.1. that are required for registration. 4. Further instructions for attendees of the Annual General Meeting A shareholder that owns at least one hundredth of all the shares in the company is entitled to give a counterproposal for all the proposals that have been presented on the agenda of the Annual General Meeting. Such counterproposals must be sent to the company by email to email@example.com by 10 March 2021 at 4.00 pm. Shareholders that are putting forward a counterproposal must be able to show a report on their holding of shares when putting forward their counterproposal. A counterproposal is addressed at the Annual General Meeting only if the shareholder is entitled to attend the Annual General Meeting and if the shareholder on the record date for the Annual General Meeting owns at least one hundredth of all shares in the company. If a counterproposal is not addressed at the Annual General Meeting, the votes that have been given for the proposal are not considered. The company publishes possible counterproposals that are subject to voting on the company’s website www.aktia.com by 12 March 2021. Shareholders can ask questions about matters that are being considered at the Meeting in accordance with chapter 5, section 25 of the Finnish Limited Liability Companies Act up until 26 March 2021 by sending them by email to the address firstname.lastname@example.org. Such questions from shareholders, the company’s management’s answers to them as well as other counterproposals than those put up to a vote are available on the company’s website at www.aktia.com on 31 March 2021 at the latest. The prerequisite to be able to ask questions and put forward a counterproposal is that shareholders can show an adequate statement on their ownership of shares. On the date of this summons to the Annual General Meeting, the total number of shares in Aktia Bank Plc is 69,674,173 shares, representing 69,674,173 votes. Helsinki, 5 March 2021 AKTIA BANK PLC BOARD OF DIRECTORS Further information: Lasse Svens, Chairman of the Board, tel. 020 786 1411 Mikko Ayub, CEO, tel. 010 247 6210 Distribution: Nasdaq Helsinki Ltd Central news media www.aktia.com Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 830 people around Finland. Aktia's assets under management (AuM) on 31 December 2020 amounted to EUR 10.4 billion, and the balance sheet total was EUR 10.6 billion. Aktia's shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com. Attachment 1. attachment
KEY FIGURES OF DASSAULT AVIATION GROUP 20202019Order intake € 3,463 M OCEAN support contract15 Falcon € 5,693 M RAVEL support contract40 Falcon Adjusted net sales (*) € 5,489 M 13 Rafale Export34 Falcon € 7,341 M 26 Rafale Export40 Falcon Backlogas of December 31 € 15,895 M 62 Rafaleof which 28 Rafale Franceand 34 Rafale Export 34 Falcon € 17,798 M 75 Rafaleof which 28 Rafale Franceand 47 Rafale Export 53 Falcon Adjusted operating income (*) Adjusted operating margin € 261 M 4.8% of net sales € 765 M 10.4% of net salesResearch and Development € 538 M 9.8% of net sales € 527 M 7.2% of net sales Adjusted net income (*) Adjusted net margin Earnings per share € 396 M 7.2% of net sales € 47.6 per share € 814 M 11.1% of net sales € 97.9 per shareAvailable cashas of December 31€ 3,441 M€ 4,585 MDividends € 103 M € 12.3 per share Proposed Feb. 2020: € 212 M Revised April 2020: € 0 M Employee profit-sharing and incentives incl. 20% correlated social taxHeadcount as of December 31 € 85 M 12,441€ 187 M 12,757 Note: Dassault Aviation recognizes Rafale Export contracts in their entirety (including the Thales and Safran parts). Main IFRS aggregates (see reconciliation table in the Appendix) (*) Consolidated net sales € 5,492 M€ 7,371 M(*) Consolidated operating income € 246 M€ 796 M(*) Consolidated net income € 303 M€ 713 M Saint-Cloud, March 5, 2021 – The Board of Directors approved the 2020 accounts at a Board meeting chaired by Mr. Éric Trappier yesterday. The audit procedures have been completed and the audit opinion is in the process of being issued. “2020 was an extraordinary year, dominated by the Covid-19 pandemic that plunged the entire world into a health and economic crisis. This crisis allowed Dassault Aviation to demonstrate the relevance of its dual model as well as its resilience ability. Following the initial shock, our organizations have had to adapt by implementing a robust health protocol to ensure the safety of our employees, and “under crisis remote working” for most of them. In this extraordinary context, we focused on meeting our commitments: providing support for the armed forces and Falcon customers,completing Rafale Export and Falcon deliveries,continuing to develop the Falcon 6X. In addition, some delays were caused by the necessary changes in work organization (workplace shutdown, “under crisis remote working”, sub-contractor delays, etc.). The aviation sector has been hit hard by the shutdown of a large part of air traffic. The French government has supported the sector through state-guaranteed loans and a furlough scheme. It has also launched a plan to support and modernize the sector in association with GIFAS. In 2020, Dassault Aviation: received € 6 million of state temporary furlough allowance,paid € 1 million to the investment fund out of the € 13 million commitment,received € 8 million from CORAC. In these exceptional circumstances, our shareholders have shown their support by waiving their 2020 dividends due in respect of the 2019 earnings. As guided, we delivered 13 Rafale Export and continued to explore new Export opportunities. This led to the successful sale to Greece, in January 2021, of 18 Rafale (6 new aircraft and 12 aircraft recently put into service with the French Air and Space Force). Following the sale, France announced the order of a further 12 Rafale to replace those to be delivered to Greece. We also successfully delivered 34 Falcon (despite the travel restrictions), continued working on the Falcon 6X which completed its virtual rollout in December 2020 and that is expected to enter into service in late 2022 and continued to develop the future Falcon to be announced in the first half of 2021. The 2020 order intake amounted to EUR 3,463 million, versus EUR 5,693 million in 2019. This year, it included the integrated support contract for the Atlantique 2 (OCEAN) for France and 15 Falcon, including the “Albatros” maritime surveillance aircraft program for the French Navy. In 2019, it chiefly comprised the RAVEL contract and 40 Falcon. Net sales in 2020 amounted to EUR 5,489 million, versus EUR 7,341 million in 2019. This reduction, as planned, is mainly due to a lower number of Rafale Export deliveries (13 vs. 26 in 2019) and Falcon deliveries (34 vs. 40 in 2019). Operating margin was 4.8%, versus 10.4% in 2019. It is directly affected by: the financial impacts due to the health crisis (under-used capacity, cost of health measures, decline in activity at Falcon maintenance centers, etc.). The savings associated with the action plans implemented by the Group have cushioned these impacts,the significant level of self-financed R&D, representing 9.8% of net sales, compared with 7.2% in 2019. Despite the crisis, we aimed at keeping our current developments going, particularly the Falcon 6X and the future Falcon,less absorption of fixed costs due to the 25% drop in net sales. 2020 adjusted net income, down 51%, stood at EUR 396 million, representing a net margin of 7.2% of net sales, versus 11.1% in 2019. This decrease is mainly due to the lower operating income and the smaller contribution to net income from Thales. This result leads to a dividend proposal of EUR 103 million (EUR 12.3 per share) for shareholders and to a payment to employees of EUR 85 million, including the correlated social tax, by way of profit-sharing and incentive schemes. We continued implementing our transformation plan, and particularly the digitalization of the Company. Digitalization is essential for our processes, from design to support, while mastering our data. We also put emphasize on our industrial performance and on modernizing our infrastructures. Looking ahead, 2021 will still to be dominated by the pandemic and its consequences for public health and economy. In this context, our efforts and strategy will be: Export Rafale: perform contracts and continue to explore new business opportunities,Falcon: increase sales,Falcon 6X: continue development with aiming at its entry into service in late 2022,Military developments: pursue the current programs (F4 standard, Archange, Albatros, etc.),Preparation of the future: keep to the schedule for the future Falcon,New Generation Fighter: obtain the launch of phases 1B and 2,Eurodrone: secure a contract,5th batch of the Rafale France: prepare for the productability contract,Aircraft support and availability: maintain the highest standards,Energy transition: secure CORAC orders,Make in India: continue developing the activities transferred to DRAL. We plan to deliver 25 Rafale and 25 Falcon. Net sales will increase.” Éric Trappier, Chairman and Chief Executive Officer of Dassault Aviation. 1. ADJUSTED CONSOLIDATED 2020 RESULTS (see reconciliation table in the appendix) 1.1 Order intake 2020 order intake was EUR 3,463 million versus EUR 5,693 million in 2019. Export order intake represented 41%. The change in order intake was as follows, in EUR million: 20202019201820172016 Defense1,5463,3852,7109058,139 Defense Export2247691,6723537,443 Defense France1,3222,6161,038552696 Falcon1,9172,3082,3142,3841,419 Total order intake3,4635,6935,0243,2899,558 % Export41%49%80%82%92% The order intake is composed entirely of firm orders. Defense programs In 2020, Defense order intake totaled EUR 1,546 million, compared with EUR 3,385 million in 2019. The Defense Export share of the intake was EUR 224 million in 2020, compared with EUR 769 million in 2019, a year that saw significant military support. The Defense France portion amounted to EUR 1,322 million in 2020, compared with EUR 2,616 million in 2019. Order intake includes the 10-year integrated support contract (excluding engines) for the ATL2 with the French Naval Air Force (“OCEAN”), the exercise of complementary options for the F4 standard, and the first study phases for the NGWS (“Next Generation Weapon System”). In 2019, it included the contractualization of the French 10-year integrated support contract for the Rafale (“RAVEL”). Falcon programs In 2020, 15 Falcon orders were recorded, compared with 40 in 2019. Order intake totaled EUR 1,917 million, versus EUR 2,308 million in 2019. This includes the “AVSIMAR” contract with France, for the development and acquisition of 7 Falcon 2000 LXS Albatros for maritime surveillance aircraft and associated support. 1.2 Adjusted net sales Net sales for 2020 were EUR 5,489 million versus EUR 7,341 million in 2019. Export net sales represented 89%. The change in net sales was as follows, in EUR million: 20202019201820172016 Defense3,2635,1482,4851,8751,244 Defense Export2,6994,2611,4191,402719 Defense France5648871,066473525 Falcon2,2262,1932,5993,0012,342 Total adjusted net sales5,4897,3415,0844,8763,586 % Export89%88%78%89%83% Defense programs As forecast, 13 Rafale Export were delivered in 2020, versus 26 Rafale in 2019. For the record, on February 27, 2020, we published a guidance of 13 Rafale deliveries. After having suspended this guidance on April 1 due to the Covid-19 crisis, on July 23, 2020, we confirmed the guidance of 13 Rafale deliveries. Defense net sales in 2020 were EUR 3,263 million versus EUR 5,148 million in 2019. The Defense Export share was EUR 2,699 million versus EUR 4,261 million in 2019. This decrease was mainly due to a lower number of Rafale deliveries. The Defense France share was EUR 564 million versus EUR 887 million in 2019. In accordance with the French Military Procurement Law, 2020 net sales for Defense France do not include any deliveries of the Rafale. However, they do include Rafale support services under the RAVEL contract. For the record, 2019 saw the delivery of developments for the upgrade of the ATL2 combat system and delivery of the first two upgraded aircraft to the French Navy. Falcon programs There were 34 Falcon delivered in 2020 (while 30 were guided), versus 40 in 2019. For the record, on February 27, 2020, we published a guidance of 40 Falcon deliveries. After having suspended this guidance on April 1 due to the Covid-19 crisis, on July 23, 2020, we published a new guidance of 30 Falcon deliveries. Falcon net sales in 2020 totaled EUR 2,226 million, versus EUR 2,193 million in 2019. Net sales are stable, despite a lower number of deliveries of new aircraft, offset by an increase in the number of pre-owned aircraft delivered. **** The “book-to-bill ratio” (order intake/net sales) is 0.63 for 2020. 1.3 Backlog The consolidated order backlog as of December 31, 2020 was EUR 15,895 million versus EUR 17,798 million as of December 31, 2019. It consisted of: the Defense Export backlog, which was EUR 8,249 million versus EUR 10,725 million as of December 31, 2019. This consisted mainly of 34 Rafale, versus 47 Rafale as of December 31, 2019,the France Defense backlog, which was EUR 5,499 million, compared to EUR 4,740 million as of December 31, 2019. This included 28 Rafale (as of December 31, 2019), the RAVEL support contract for the Rafale, the OCEAN support contract for the ATL2, the Rafale F4 standard and the first study phases for the NGWS,the Falcon backlog (including the Albatros and Archange mission aircraft), which was EUR 2,147 million, compared with EUR 2,333 million as of December 31, 2019. It includes 34 Falcon, versus 53 as of December 31, 2019. 1.4 Adjusted results Operating income Adjusted operating income for 2020 was EUR 261 million, compared with EUR 765 million in 2019. Operating margin was 4.8%, versus 10.4% in 2019. It is directly affected by: the financial impacts due to the health crisis (under-used capacity, cost of health measures, decline in activity at Falcon maintenance centers, etc.). The savings associated with the action plans implemented by the Group have cushioned these impacts,the significant level of self-financed R&D, representing 9.8% of net sales, compared with 7.2% in 2019. Despite the crisis, we aimed at keeping our current developments going, particularly the Falcon 6X and the future Falcon,less absorption of fixed costs due to the 25% drop in net sales. The foreign exchange hedging rate was 1.18 $/€ in 2020, as in 2019. Financial income 2020 adjusted financial income was EUR -34 million compared to EUR -52 million in 2019. In 2020, the impact associated with the financing component recorded under long-term military contracts was less significant due to deliveries of the Rafale Export. Financial income for 2020 was also positively impacted by the reduction in financial expenses following the repayment of borrowings in late 2019 and early 2020. Net income Adjusted net income for 2020 was down 51% at EUR 396 million, compared with EUR 814 million in 2019. Thales’ contribution to the Group’s net income was EUR 231 million, versus EUR 346 million in 2019. As a result, adjusted net margin was 7.2% in 2020, as against 11.1% in 2019. This decrease is mainly due to the fall in operating income and the smaller contribution to net income from Thales (4.2% of net sales in 2020, versus 4.7% in 2019). Net income per share for 2020 was EUR 47.6, compared with EUR 97.9 in 2019. 2. Financial structure 2.1 Available cash The Group uses a specific indicator called “Available cash”, which reflects the amount of total cash available to the Group, net of financial debts. It includes the following balance sheet items: cash and cash equivalents, current financial assets (at market value) and financial debt; it excludes lease liabilities recognized following the application of IFRS 16. The Group’s available cash stands at EUR 3,441 million, EUR 1,144 million less than at December 31, 2019. The decrease is primarily due to the additional working capital requirement (resulting from the reduction in advances and progress payments received under export contracts following deliveries), and to the significant investments made during the period (including the purchase of land and buildings previously leased). These items are partially offset by operating cash flows generated during the year. In 2020, no dividends were paid to shareholders. 2.2 Balance sheet (IFRS Data) Total equity stood at EUR 4,560 million as of December 31, 2020, versus EUR 4,446 million as of December 31, 2019. Borrowings and financial debt totaled EUR 270 million as of December 31, 2020, against EUR 558 million as of December 31, 2019. EUR 250 million of bank borrowings were repaid in early 2020. Borrowings and financial debt mostly consist of locked-in employees’ profit-sharing funds, for EUR 123 million, and lease liabilities recognized following the implementation of IFRS 16, for EUR 147 million. Inventories and work-in-progress rose slightly to EUR 3,382 million as of December 31, 2020, compared with EUR 3,368 million as of December 31, 2019. The increase in Defense France inventories and work-in-progress was offset by the decrease in Defense Export inventories and work-in-progress, following the delivery of services under the Rafale Export contracts and the reduction in pre-owned Falcon inventory. Advances and progress payments received on orders, net of advances and progress payments paid, fell by EUR 649 million as of December 31, 2020. This was mainly due to the reduction in progress payments following delivery of the Rafale Export during the period. Derivative financial instruments had a market value of EUR 81 million as of December 31, 2020, compared with EUR -71 million as of December 31, 2019. This increase is essentially due to the change in the US dollar exchange rate between December 31, 2020 and December 31, 2019 (1.2271 $/€ versus 1.1234 $/€). 3. Dividends and profit-sharing/incentives The Board of Directors decided to propose to the Annual General Meeting a dividend distribution, in 2021, of EUR 12.3 per share, corresponding to a total of EUR 103 million, i.e., a payout of 26%. For 2020, the Group will pay EUR 85 million in employee profit-sharing and incentives, including 20% correlated social tax, whereas the application of the legal formula would have resulted in a EUR 2 million payment. 4. SPLIT of the PAR value OF THE SHARE To align the share value with peers of the industry, to allow a better accessibility to individual investors, and to promote the liquidity of the stock, the Board of Directors decided to submit for the approval of the Annual General Meeting of May 11, 2021 a ten-for-one stock split, reducing the par value of Dassault Aviation shares from EUR 8 to EUR 0.80. This split would occur during the second half of 2021. This Financial Press Release may contain forward-looking statements which represent objectives and cannot be construed as forecasts regarding the Company's results or any other performance indicator. The actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Directors’ report. CONTACTS Corporate CommunicationStéphane Fort - Tel. +33 (0)1 47 11 86 90 - email@example.com Investor RelationsArmelle Gary - Tel. +33 (0)1 47 11 84 24 - firstname.lastname@example.org dassault-aviation.com APPENDIX Definition of alternative performance indicators To reflect the Group’s actual economic performance, and for monitoring and comparability reasons, the Group presents an adjusted income statement with the following elements: gains and losses resulting from the exercise of hedging instruments which do not qualify for hedge accounting under IFRS standards. This income, presented as financial income in the consolidated financial statements, is reclassified as net sales and thus as operating income in the adjusted income statement,the valuation of foreign exchange derivatives which do not qualify for hedge accounting, by neutralizing the change in fair value of these instruments (the Group considering that gains or losses on hedging should only impact income as commercial flows occur), with the exception of derivatives allocated to hedge balance-sheet positions whose change in fair value is presented as operating income,amortization of assets valued as part of the purchase price allocation (business combinations), known as “PPA”,adjustments made by Thales in its financial reporting. The Group also presents the “available cash” indicator which reflects the amount of the Group’s total liquidities, net of financial debt. It covers the following balance sheet items: cash and cash equivalents,other current financial assets (essentially available-for-sale marketable securities at their market value),financial debt, except for lease liabilities recorded following the application of IFRS 16 “Leases”. Only consolidated financial statements are audited by statutory auditors. Adjusted financial data are subject to the verification procedures applicable to all information provided in the annual report. Impact of ajustements The impact in 2020 of adjustments to income statement aggregates is presented below: (in EUR thousands)2020 consolidated income statementForeign exchange derivativesPPAAdjustments applied by Thales2020 adjusted income statementForeign exchange gain/lossChange in fair valueNet sales5,491,592-873-1,608 5,489,111Operating income246,163-87311,4884,221 260,999Net financial income/expense12,216873-46,811 -33,722Share in net income of equity associates121,282 2,852111,924236,058Income tax-76,902 9,992-802 -67,712Net income302,7590-25,3316,271111,924395,623Group share of net income302,7590-25,3316,271111,924395,623Group share of net income per share (in euros)36.4 47.6 The impact in 2019 of adjustments to income statement aggregates is presented below: (in EUR thousands)2019 consolidated income statementForeign exchange derivativesPPAAdjustments applied by Thales2019 adjusted income statementForeign exchange gain/lossChange in fair valueNet sales7,370,616-28,520-1,578 7,340,518Operating income796,252-28,520-3,2721,036 765,496Net financial income/expense-95,62528,52014,858 -52,247Share in net income of equity associates258,673 22,22869,947350,848Income tax-246,578 -3,211-273 -250,062Net income712,72208,37522,99169,947814,035Group share of net income712,70408,37522,99169,947814,017Group share of net income per share (in euros)85.7 97.9 Attachment Dassault Aviation Financial Release - Full year results 2020
The preliminary sales revenue of the Company’s oil terminals for February 2021 comprises EUR 1.3 million and is lower by EUR 0.8 million or by 38.1 % compared to February of 2020. The preliminary sales revenue of the Company’s oil terminals for the two months of 2021 comprises EUR 3.6 million and is lower by 12.2 % compared to the same period of 2020. The preliminary sales revenue of the Company’s Klaipėda LNG terminal for February 2021 comprises EUR 2.7 million (during the same month of 2020 – EUR 3.6 million). Klaipėda LNG terminal revenue from regulated activities consists of the regasification tariff fixed part (for booked annual capacities), variable part for amount of re-gasified LNG and reloading revenue. The level of Klaipėda LNG terminal revenue (for booked annual capacities) does not depend on regasification volume. Revenue is confirmed by the National Energy Regulatory Council (NERC) based on the approved methodology of State regulated prices in the natural gas sector and is calculated for the whole upcoming year. The preliminary sales revenue of Klaipėda LNG terminal for the two months of 2021 decreased by 25.3 % compared to the same period of 2020. The main reasons for the lower revenue are both due to lower regasification volumes during first two months of 2021, compared to the same period last year, and because of proportionate reduction of security supplement in 2021, based onthe surplus of LNG return from the period 2014-2019, which was established for the regulated activities of the Company, and is equal to EUR 1.9 million. The preliminary sales revenue of the Company’s commercial LNG activity for February 2021 comprises EUR 0.2 million and is lower by EUR 0.1 million or by 33.3 % compared to February of 2020. The preliminary sales revenue is higher due to the decrease in consultations of business development projects compared to the same period of 2020. The preliminary sales revenue of the Company’s commercial LNG activity for the two months of 2021 comprises EUR 0.5 million. Total preliminary sales revenue of the Company for January-February 2021 amounts to EUR 10.0 million and is lower by 20.6 % compared to the same period of 2020 – EUR 12.6 million. Preliminary revenue of the Company, EUR million: February January - February 2021 2020 Change 2021 2020 Change Oil terminals activity 1.3 2.1 -38.1% 3.6 4.1 -12.2% LNG terminal activity 2.7 3.6 -25.0% 5.9 7.9 -25.3% Commercial LNG activity 0.2 0.3 -33.3% 0.5 0.6 -16.7% Total 4.2 6.0 -30.0% 10.0 12.6 -20.6% Jonas Lenkšas, Chief Financial Officer, +370 694 80594.
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Cavotec will focus resources and make investments to further develop its leading position within electrification and automation for improved sustainability in its fast-growing ports & maritime and specialized industrial applications markets and, as a consequence, will divest its Airports business. As the market trends and regulatory requirements are expected to drive significant growth in demand for shore power, automated mooring and port and industry electrification, Cavotec has decided to focus resources and investments in these areas to further strengthen its position and accelerate its growth. Cavotec has subsequently taken a decision to initiate a process to divest its Airports business. Currently, Airports accounts for approximately 25 per cent of Cavotec’s revenue with about 240 employees. Cavotec estimates that a sale of the Airports business can be completed during 2021. In future Cavotec will report Airports separately, commencing with the interim report for the first quarter of 2021. This report will now be published on Wednesday May 12, 2021. “We are now optimizing and streamlining our portfolio to enable us to focus on the fast-growing ports & maritime market for profitable sustainability solutions as well as leveraging on the technology synergies with our Industry business, such as connectivity and high power and high speed electrical charging”, says Mikael Norin, CEO of Cavotec. “Our Airports business is a fine business, and we have a strong position in offering flexible gate solutions to airports. However, as the Airports business in many ways is quite different to Cavotec’s core and with few technology synergies, we believe the business would be better suited to develop and grow under the leadership of a company that has a broader position in the aviation industry”, Norin adds. The decision is the result of a strategic assessment with a thorough market analysis of the electrification and efficiency trends in the ports & maritime market as well as the segments Cavotec operates in for industrial equipment. With an expected accelerated adoption of electrification and automation solutions at thousands of ports around the world and for millions of pieces of industry assets, Cavotec has an opportunity to strengthen its market leading position by focusing on its core products such as shore power, automated mooring (MoorMaster), reels, electrical charging of commercial vehicles as well as its wide service portfolio to support its customers. “Through this strategic change, we will advance our position to enable a future world that is cleaner, safer and more efficient through our profitable sustainability solutions for ports & maritime and industry applications”, Norin adds. “We will during the coming months make further announcements on investments in products, technology and capabilities as part of the implementation of our new focused strategy”, Norin concludes. Cavotec will hold a conference call today 5 March 2021 at 12:00 CET to answer questions with regards to today´s announcement. Mikael Norin, CEO, and Glenn Withers, CFO will participate in the call. For call-in details, please see below. Conference call in connection with publication of the press release Conference call Dial-in numbers:Sweden: +46850558355United Kingdom: +443333009260United States: +18338230587Weblink: https://tv.streamfabriken.com/cavotec-press-conference ENDS For further details please contact: Johan HähnelInvestor Relations ManagerTelephone: +46 70 605 63 34. Email: email@example.com This is information that Cavotec SA is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 5 March 2021. About CavotecCavotec is a leading engineering group that designs and manufactures automated connection and electrification systems for ports and industrial applications worldwide. Cavotec’s innovative technologies ensure safe, efficient and sustainable operations. To find out more about Cavotec, visit our website at cavotec.com. Attachment Press Release 5 March 2021
Panini, a leading chain of healthy fast-food has, as a result of an in-depth assessment, chosen Westpay as their payment solution provider. – Panini knew that they wanted a payment solution that adds value and contributes to a greater customer experience. Of course, it feels nice when they now choose Westpay. Thanks to this, Panini can focus on its core business with the knowledge that they have a payment solution that handles today's and tomorrow's payment methods, says, Hans Edin, CCO at Westpay. Panini was established 1990 by Alexandro, Christo, Pierre and Ricard Constantinou. They were first in Stockholm to offer halloumi, dry-cured ham, sun-dried tomato, ingredients that were not even sold in the grocery stores then. Today, still family-owned, they are a chain of 29 meal shops in Stockholm. – We are always aiming for ways that strengthen our overall business. We have a strong focus, so we must team up with partners that simplify our work. Westpay has a flexible solution that makes it possible for us to expand features as we like, says Christo Constantinou at Panini. For additional information, please contact: Sten Karlsson, CEO Westpay AB Mobile: +46 70-555 6065 Email: firstname.lastname@example.org Hans Edin, CCO Westpay AB Mobile: +46 70-688 02 05 Email: email@example.com Westpay’s Certified Adviser is Erik Penser Bank, phone: +46 8-463 80 00, email: firstname.lastname@example.org Attachment Pressrelease_20210304_Panini-WESTPAY
VANCOUVER, British Columbia, March 05, 2021 (GLOBE NEWSWIRE) -- BC Craft Supply Co. Ltd. (the “Company” or “BC Craft”) (CSE: CRFT) (OTC:CRFTF) (FSE:ZZD1) announces that further to the news release issued on January 18, 2021, it has entered into a definitive agreement dated March 4, 2021 (the “Definitive Agreement”), to acquire 100% of the issued and outstanding shares of Ava Pathways Inc. (“Ava Pathways”), from arm’s length parties (the “Acquisition”). Based in Vancouver, BC, Ava Pathways is an innovative company that is exploring the therapeutic scientific benefits of proprietary formulations, using compounds from mushrooms. Ava Pathways was founded by scientists and researchers focused on neuroplasticity and alternative ways to treat common and debilitating medical conditions such as depression, anxiety, PTSD, and substance use disorder, through the use of psychedelic-based treatments. Similar to craft cannabis, both plant-based treatments require a cultivation supply network to create proprietary strains that produce optimal results for the patient or end-user. Ava Pathways brings exceptional access to tested and standardized naturally-derived and synthetic materials which allows for the production of superior psychoactive and non-psychoactive formulations. Terms of the Acquisition Under the terms the Definitive Agreement, BC Craft has acquired all of the ownership interests in Ava Pathways, and Ava Pathways has become a wholly owned subsidiary of BC Craft. As consideration, BC Craft has issued 41,000,000 units (“Units”) of the Company to the shareholders of Ava Pathways on a pro-rata basis, issued at a deemed value of $0.105 per Unit. Each Unit is comprised of one common share (each a “Share”) and one transferable common share purchase warrant (each a “Warrant”) that is exercisable to acquire one additional Share at a price of $0.14 for a period of two years. The Company relied on the take-over bid exemption under Section 2.16 of National Instrument 45-106 – Prospectus Exemptions to issue the Units. In this regard, the Units are not subject to a four month and one day hold period. Matthew Watters, CEO of BC Craft, stated, “We are thrilled to announce the closing of the Acquisition and look forward to integrating Ava Pathways’ team into a newly formed psychedelic division within BC Craft that will focus on research and development, clinical trials, and product formulation using psilocybin, the active compound found in psychedelic mushrooms. We are elated that BC Craft will explore innovative opportunities to commercialize its psychedelic assets as the legal framework evolves and enthusiastic to be at the forefront of an industry with the potential to benefit millions of people worldwide.” For further information please contact Matthew Watters, Director, at (604) 687-2038. About BC Craft Supply Co. Ltd. Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada's craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada. BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada. Click here to connect with BC Craft Supply Co. on Instagram, Twitter, LinkedIn and Facebook, and click here to find more information on the Company. CONTACT Matthew Watters, DirectorPhone: 604-687-2038Email: email@example.com Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management. This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking information in this press release includes statements relating to Ava Pathways ability to provide access to tested and standardized naturally-derived and synthetic materials for the production of superior psychoactive and non-psychoactive formulations and the emerging psychedelic space becoming legal and social acceptable from the broader population. Although the Company believes that the material factors, expectations and assumptions expressed in such forward- looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact: Oak Fund Services (Guernsey) LimitedCompany Administrator Attn: Mark WoodallTel: +44 1481 723450 Eurocastle Releases Fourth Quarter and Year End 2020 Financial Results Guernsey, 5 March 2021 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its annual report for the year ended 31 December 2020. Adjusted Net Asset Value (“NAV”) of €16.7 million1, or €9.00 per share2 up €1.54 per share vs. €7.46 per share at Q3 2020 (up €0.68 per share vs. €8.32 per share at YE 2019) due to: Valuation movements: €0.20 per share, or 4%, increase in Q4 2020 (€1.03 per share3 decrease for the FY 2020) on the remaining three real estate fund investments.€0.02 per share, or 4%, increase in Q4 2020 (€0.05 per share increase for the FY 2020) on the remaining three NPL and other loan interests. Positive reserve and legacy movements of €1.32 per share in Q4 2020 (€1.66 per share increase for the FY 2020) IFRS NAV of €32.9 million, or €17.72 per share 2020 Capital Distribution of €1.0 million, or €0.54 per share declared on 4 March 2021 and to be paid on 30 March 2021 to shareholders of record at close of business on 11 March 2021 with an ex-dividend date of 10 March 2021. This distribution is being treated as a return of capital because there are no current year or carry-forward profits available at the Company. It will be reflected in the “Share Capital” column in the Statement of Changes in Equity in the Company’s financial statements. The tables below summarise the Adjusted NAV by segment: YE 2020 NAV YE 2019 NAV Q3 2020 NAV € million€ per share € million€ per share € million€ per shareReal Estate Funds 7.44.01 13.97.52 8.54.58Italian NPLs & Other Loans 1.20.67 1.20.67 1.20.67Net Corporate Cash4 8.04.32 0.30.13 4.12.21Adjusted NAV 16.79.00 15.48.32 13.87.46 The Company’s current assets comprise: Interests in two real estate redevelopment funds where construction is fully completed. The units are in the process of being sold but encountering delays due to the COVID-19 outbreak. Both developments offer luxury residential apartments with high specification furnishings in Rome. Interest in a public fund which is in the process of being liquidated and which recently declared its last expected material distribution of €0.4 million to be paid to Eurocastle on 10 March 2021. Residual minority interests in three predominantly secured NPL & Other Loan pools. Net corporate cash of €8.0 million, comprising corporate cash net of liabilities and additional reserves. 2020 BUSINESS HIGHLIGHTS Overview in light of COVID-19 The Company started 2020 having successfully executed on the first and largest part of its Realisation Plan by selling its NPL portfolio and tendering its stake in doValue, via a share for share tender. As part of this process the Company set aside Additional Reserves determined by the Board of Directors in order to take into account anticipated future costs and potential liabilities. These steps left the Company well capitalised and in a strong position to weather the extraordinary circumstances that have followed theoutbreak of COVID-19. During the year, the Company reviewed its underlying cash flow models and adjusted them accordingly by applying haircuts and extending out the cash flows of its remaining investments to take into account the anticipated impact of COVID-19, with the resultant impact reflected in the valuation of the Company’s assets at the end of YE 2020. Investment Realisations & Highlights COVID-19 has had an extraordinary impact across all sectors of the economy. The Company’s move to realise the majority of its assets in YE 2019 and its prudent management of cash reserves have left the Company well placed to maximize the value of its remaining assets. This has been evidenced in their performance during 2020 where the Company achieved the following milestones: During the year, the Company realised €4.7 million from its investments, of which €4.6 million came from its Real Estate Funds (~33% of YE 2019 NAV after asset specific reserves) and €0.1 million from its minority NPL and Other Loan holdings (~8% of YE 2019 NAV). RE Redevelopment Funds - REFI II & REFI V: Closed or collected offers under contract on 50% of the remaining real estate units available for sale as at 1 January 2020 in Real Estate Fund Investment II and 47% in Real Estate Fund Investment V, with a significant portion of this activity occurring in H2 2020, after the initial lockdown. Assuming that all these offers close, only 13% of units in one building in Real Estate Fund Investment II (with the second building already fully sold) and 33% of the units in Real Estate Fund Investment V will remain to be sold. The renewed interest in the apartments that was evidenced after the end of the first lockdown in Italy in May 2020 has continued, reflecting the pent-up demand in the market for quality, semi-central residential real estate in Rome. REFI I: Following the sale of all of the assets in Real Estate Fund Investment I in 2019, the Company received €2.2 million, or 89% of its YE 2019 NAV, during 2020. The fund is in the process of being liquidated with its last expected material distribution of €0.4 million to be paid to Eurocastle on 10 March 2021, €0.1 million above Eurocastle’s YE 2020 carrying value.Italian NPLs & Other Loans: The residual NPL & Other Loan interests, which are predominantly secured, have continued to generate cash proceeds, in spite of the turmoil created by COVID-19. During the year the pools generated and distributed €0.1 million, or ~8% of YE 2019 NAV. Legacy Realisations: The Company successfully negotiated the positive resolution of a claim relating to its legacy debt business. Given the uncertainty ascribed to the outcome of the claim, the Company did not attribute any value in its accounts other than reserving for its share of the associated costs. The Company received approximately €2.2 million and after taking into account costs previously reserved for, the net positive impact to Eurocastle’s Adjusted Net Asset Value is €2.3 million.Additional Reserves: The Company reduced its Additional Reserves (excluding asset specific reserves) from €18.7m to €16.2m during the financial year. €1.8m of this reduction relates to reserves being utilised, in line with anticipated costs, along with €0.7m of net reserve savings having been achieved in 2020. SUBSEQUENT EVENTS TO 31 DECEMBER 2020 The market turmoil and global distress caused by the COVID-19 pandemic has created a number of potentially attractive investment opportunities. In light of this and the Company’s parallel efforts to expedite the resolution of certain key reserves, the Board has decided to undertake a review of the Company’s strategic options, including use of available capital.The Company's current strategy was approved by shareholders as part of the Realisation Plan announced in November 2019. The Board presently anticipates that the outcome of the current review will be announced to shareholders during the second half of 2021. Income Statement for the Full Year and Fourth Quarter 2020FY 2020Q4 2020 € Thousands€ ThousandsPortfolio Returns Italian NPLs & Other Loans9933Real Estate Funds(2,233)371Fair value movement on Italian investments(2,134)404Fair value movements on residual Legacy entities2,5012,294Other income15-Gains on foreign currency translation 23Total gain3842,701 Operating Expenses Interest expense43- Manager base and incentive fees11137 Remaining operating expenses1,749316Other Operating expenses1,860353Total expenses1,903353 Net (loss) / profit for the period(1,519)2,348€ per share(0.82)1.27 Balance Sheet and Adjusted NAV Reconciliation as at 31 December 2020 Italian Investments € Thousands Corporate € ThousandsTotal € ThousandsAssets Cash and cash equivalents -25,34125,341Other assets -119119Investments: Italian NPLs & Other Loans 1,248-1,248 Real Estate Funds 7,435-7,435Total assets 8,68325,46034,143 Liabilities Trade and other payables -1,1701,170Manager base and incentive fees -140140Total liabilities -1,2741,274 IFRS NAV 8,68324,18632,869 Additional Reserves5 -(16,183)(16,183)Adjusted NAV 8,6838,00316,686Adjusted NAV (€ per share)6 4.684.329.00 NOTICE: This announcement contains inside information for the purposes of the Market Abuse Regulation 596/2014. ADDITIONAL INFORMATION For investment portfolio information, please refer to the Company’s most recent Financial Report, which is available on the Company’s website (www.eurocastleinv.com). ABOUT EUROCASTLE Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company, focused on Italian performing and non-performing loans, Italian loan servicing platforms and other real estate related assets in Italy. On 18 November 2019, the Company announced a plan to realise the majority of its assets with the aim of accelerating the return of value to shareholders. The Company will not currently seek material new investments from the proceeds of the realisation but will continue to support its existing investments to the extent required in order to optimise returns and distribute cash to shareholders when available (the “Realisation Plan”). For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com. FORWARD LOOKING STATEMENTS This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may”, “will”, “should”, “potential”, “intend”, “expect”, “endeavor”, “seek”, “anticipate”, “estimate”, “overestimate”, “underestimate”, “believe”, “could”, “project”, “predict”, "project", “continue”, “plan”, “forecast” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company’s ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause the Company’s actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle’s ability to declare dividends or achieve its targets regarding asset disposals or asset performance. 1 In light of the Realisation Plan announced in November 2019, the Adjusted NAV as at 31 December 2020 reflects additional reserves for future costs and potential liabilities, which have not been accounted for under the IFRS NAV. No commitments for these future costs and potential liabilities existed as at 31 December 2020. 2 Per share calculations for Eurocastle throughout this document are based on 1.9 million shares. 3 FY 2020 decrease of €1.03 per share, includes fair value decrease on real estate fund investments of €1.21 per share net of a release of additional asset specific reserves of €0.18 per share. 4 Reflects corporate cash net of liabilities and additional reserves. 5 In light of the Realisation Plan, the Adjusted NAV as at 31 December 2020 reflects the additional reserves for future costs and potential liabilities of €16.2 million which have not been accounted for under the IFRS NAV. 6 Amounts per share calculated on 1.9 million outstanding ordinary shares.
Company announcement, Helsinki, 5 March 2021 at 09.00 am (EET) Nexstim Plc Publishes 2020 Annual Report Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") announces the publication of its 2020 Annual Report. These documents are available on the "Investor Relations" section of the Company's website at nexstim.com/investors/financial-reports-and-presentations. The Annual Report includes the Report of the Board of Directors, the Financial Statements and Consolidated Financial Statements and the Auditor's Report. A copy of the Annual Report is attached to this announcement. NEXSTIM PLC Mikko Karvinen, CEO Further information is available on the website www.nexstim.com, or by contacting: Mikko Karvinen, CEO +358 50 326 4101 firstname.lastname@example.org Erik Penser Bank AB (Certified Adviser) +46 8 463 83 email@example.com About Nexstim Plc Nexstim is a Finnish, globally operating medical technology company. Our mission is to enable personalized and effective therapies and diagnostics for challenging brain diseases and disorders. Nexstim has developed a world-leading non-invasive brain stimulation technology called SmartFocus®. It is a navigated transcranial magnetic stimulation (nTMS) technology with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain. SmartFocus® technology is used in Nexstim’s proprietary Navigated Brain Therapy (NBT®) system, which is FDA cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBT® system is CE marked for the treatment of major depression and chronic neuropathic pain. In addition, Nexstim is commercializing its SmartFocus® based Navigated Brain Stimulation (NBS) system for diagnostic applications. The NBS system is the only FDA cleared and CE marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain. Nexstim shares are listed on the Nasdaq First North Growth Market Finland and Nasdaq First North Growth Market Sweden. For more information please visit www.nexstim.com Attachments Nexstim Plc_Company Announcement_Annual Report 2020_EN Nexstim_AR20_BOOK_English_WEB
GOFORE PLC COMPANY ANNOUNCEMENT 5 MARCH 2021 AT 9.00 EET Gofore Plc's Financial Statements Release 1 January–31 December 2020Gofore continued strong growth – profitability improvedJanuary–December 2020 in brief Revenue grew 21.7% to EUR 78.0 (64.1) million.Adjusted EBITA1 was EUR 10.8 (7.7) million, corresponding to 13.8% of revenue (12.0%).Operating profit (EBIT) was EUR 8.8 (6.6) million, corresponding to 11.2% of revenue (10.3%).The number of employees increased by approximately 24% to a total of 724 people (582).Acquisition of Qentinel Finland Oy, a specialist in digital quality assurance and testing automation, in September 2020. July–December 2020 in brief Revenue grew 32.5% to EUR 40.6 (30.6) million.Adjusted EBITA1 was EUR 5.1 (2.9) million, corresponding to 12.7% of revenue (9.4%).EBIT was EUR 4.3 (2.4) million, corresponding to 10.5% of revenue (7.9%). The figures presented in this release are based on audited financial statements that have been prepared in accordance with the International Financial Reporting Standards (IFRS). The company adopted the IFRS-based reporting for the financial period ended 31 December 2020. The quarterly and half-yearly figures are unaudited. The figures presented in parentheses in this review refer to the comparison period, the same period in 2019, unless otherwise specified. 1 The company uses adjusted EBITA as a measure for operative profitability. Adjusted EBITA is defined in the formulas of key figures in the table section. Reconciliation calculations are presented at the end of the section. Dividend proposalThe Board of Directors proposes to the Annual General Meeting 2021 a dividend of EUR 0.24 (0.20) per share for the financial period 1 January–31 December 2020. Financial guidance for 2021Gofore estimates its 2021 revenue to grow compared to 2020 and its adjusted EBITA to grow in 2021 compared to 2020. The company publishes a monthly business review, which includes management’s assessment of business development during the review period. This facilitates monthly monitoring of the company‘s growth strategy. Key figures (IFRS) EUR thousand, unless otherwise specified 7–12/20207–12/20191–12/202021–12/20191Revenue40,57730,61377,95364,066Growth of revenue, %32.5%18.2%21.7%26.7%EBITDA6,2273,81812,3299,223EBITDA margin - %15.3%12.5 %15.8 %14.4%EBITA, adjusted5,1492,87510,7787,710EBITA, adjusted, margin - %12.7%9.4%13.8%12.0%EBITA4,9982,8309,9087,296EBITA margin - %12.3%9.2%12.7%11.4%Operating profit (EBIT)4,2552,4148,7506,620Operating profit (EBIT) margin - %10.5%7.9%11.2%10.3%Profit for the period 3,6691,8796,9035,096Earnings per share, EPS (diluted)30.260.130.490.37Return on equity (ROE), %20.4%12.0%20.2%18.7%Return on investment (ROI), %17.4%11.0%17.6%17.2%Equity ratio - %47.0%58.1%47.0%58.1%Net gearing - %-15.4%-31.9%-15.4%-31.9%Average overall capacity, FTE636534597517Average subcontracting, FTE94498354Number of employees at the end of the period 724582724582 1 Silver Planet Oy’s figures have been combined with the Gofore Group figures from 15 February 2019 and mangodesign Finke-Anlauff & Anlauff GbR:n figures from 1 July 2019. 2 Qentinel Finland Oy figures have been combined with the Gofore Group figures from 1 September 2020.3 Diluted EPS equals to undiluted EPS.Quarterly development (IFRS) Group (consolidated)Q1/2020Q2/2020Q3/20201Q4/2020Revenue, MEUR 18.818.616.324.3 EBITA, MEUR, adjusted 126.96.36.199.3EBITA-%, adjusted16.8%13.3%11.5%13.5%Group (consolidated)Q1/20192Q2/2019Q3/20192Q4/2019Revenue, MEUR16.716.813.317.3EBITA, MEUR, adjusted 2.82.01.11.7EBITA-%, adjusted16.9%12.0%8.5%10.1%Growth-%Q1/2020Q2/2020Q3/20201Q4/2020Revenue, growth-% 12.8%10.6%22.1%40.6%EBITA, adjusted, growth-% 12.1%22.5%66.0%87.5% 1 Qentinel Finland Oy figures have been combined with the Gofore Group figures from 1 September 2020.2 Silver Planet Oy figures have been combined with the Gofore Group figures from 15 February 2019 and mangodesign Finke-Anlauff & Anlauff figures from 1 July 2019. CEO Mikael Nylund comments on year 2020: 2020 did not let us and our customers off very easy, but we managed the roller coaster caused by the Covid-19 pandemic well. Continuous change and agility are the strengths of Gofore’s culture that helped us even in this new situation. At Gofore, the transition to working remotely was a great success, and this further deepened our strengths: our sense of community, transparency, and openness. Although general uncertainty in the business environment increased, 2020 was a good year in business terms. Compared to the previous year, our revenue increased by approximately 22% to EUR 78 million and adjusted EBITA grew by approximately 40% to EUR 10.8 million. Revenue growth has now continued uninterrupted for 16 consecutive financial years. Our customer projects were mainly carried out as planned, and demand in different business areas developed well. We estimate that the Covid-19 pandemic will accelerate the digitalisation of societies and businesses in both the short and long term. The last quarter of the year was particularly strong. Our revenue grew by approximately 40% from the comparison period the year before and adjusted EBITA, adjusted for revenue development, grew by 87.5%. Organic growth accounted for about half of the growth, with Qentinel Finland bringing in the other half. An excellent last quarter provides a great starting point for delivering on our growth even in the year that started. Especially in Finland, we strengthened our position as an agile expert partner to our customers that creates sustainable value. We are a trusted partner of the public sector in particular – it accounted for as much as 74% of our revenue last year. Our international business also grew and developed especially supported by our large customers. With our growth, we have continued to deepen many of our customer relationships. We strive to be a partner with whom our customers succeed in developing more sustainable solutions using technology. Our indicators of sustainability are, in particular, the positive social, human, every day and environmental impacts of development. Digital solutions are clearly playing an important role in the fight against climate change. With the new Gofore Good Growth concept, we aim to integrate a sustainable development perspective into our customer projects. With Qentinel Finland Oy’s acquisition, completed in September, we expanded our service offering to quality assurance and test automation of information systems and digital services. This improves significantly our ability to serve our customers comprehensively throughout the value chain and act as the lead provider in demanding, large-scale projects. People are at the core of digitalisation, and Gofore’s success depends on the best experts. We do our best at every moment to ensure that our appeal and employee experience are top-notch. In 2020, we received a record number of approximately 2,800 outstanding applications and recruited over 100 new goforeans. In addition, our ranks were strengthened by Qentinel Finland’s 104 experts. The large-scale remote work experiment caused by the Covid-19 pandemic shows that a more location-independent approach is possible. Not all work can continue to be done remotely and virtually, but in an industry plagued by a shortage of experts, new opportunities open up for us to find suitable expertise for our customers' needs. In December, we updated our strategy for the period of 2021–2023 as well as our long-term financial targets. With the strategy update, we affirmed our vision to be one of the most significant digital transformation consultancies in Europe.We aim to grow faster than the overall IT services market. Business growth is pursued in three areas: continued growth in Finland, growth in international markets and growth through acquisitions. Supported by the updated strategy, we are seeking to continue profitable growth and to strengthen our position as an agile, culturally strong and continuously evolving top digital transformation consultancy. In December, we also specified the schedule to transfer to Nasdaq Helsinki main market, which will take place during March. The transition will improve our visibility and awareness of us as well as elevate us both domestically and internationally to a new reference group in the eyes of investors, customers, partners. In 2020, Gofore faced significant changes that we will manage and make the most of. The year was demanding for us goforeans and our customers, but cooperation and trust in the future took us forward. Together, we will continue to build a better world; this work’s motto is well aligned with our new brand promise “Pioneering an ethical digital world”. I would like to thank all our stakeholders, especially goforeans and customers, for 2020 – the new year has begun, and I believe that 2021 will be a successful year! Strategy Gofore published its updated strategy for 2021–2023 and long-term financial targets on 16 December 2020. The company's strategy was presented in more detail at the Capital Markets Day held on 14 January 2021. Gofore's vision is to be one of the most significant digital transformation consultancies in Europe. Gofore wants to strengthen its position as an agile and culturally strong, continuously evolving top expert organisation. Gofore prides itself on its positive impact on society and believes that the value-based responsibility shared among its employees will help in the pursuit of sustainable success.Gofore strives for growth in all its operating areas and customer segments. The advancement of digitalisation in society and within businesses means that in addition to leveraging cutting-edge technology, customers must have the ability to implement change in their business, organisation, and practices. Gofore aims to differentiate itself from its competitors by serving its customers extensively as a partner in agile digital transformation.The company provides expert services for comprehensive digital transformation, including digital transformation advisory and digital service implementation, as well as digital quality assurance and testing automation. Business growth is pursued in three areas: continued growth in Finland, growth in internationalmarkets and growth through acquisitions. 1. Continued growth in FinlandIn the public sector in Finland, Gofore aims to continue developing into a leading provider of expert services for digital transformation and further strengthening its strong position. Finland is one of the world's leading countries in public digital services, and significant investments in the development of digital services are expected to continue. Gofore strives to support its public sector customers with its extensive and continuously evolving expertise and service offering. Gofore strives to develop its service capabilities to be the most attractive provider of major public sector development projects, providing exceptional customer experience and success stories.In the private sector, Gofore aims to strengthen its position as a digitalisation service provider. The aim is to grow and develop into a significant partner for companies that develop their business through digital services and better use of data. Gofore's strengths are its versatile, extensive experience gained in large-scale and demanding public sector transformation projects, an agile and efficient operating model and a strong company culture. Through its expertise and commitment, Gofore strives to deliver success to its customers and this way grow into one of the most significant companies serving the private sector in providing digital transformation services.Gofore expects demand for digital transformation expert services in Finland to remain good among public and private sector customers. This supports Gofore to continue its growth outpacing the overall growth rate of the Finnish IT service market. 2. Growth in international markets Gofore aims to continue its international growth by leveraging its flexible, scalable and location-independent service platform and by differentiating itself as an agile, technology-independent expert partner in digital transformation. Gofore of the future is an international and diverse company that is able to serve its large international customers in the best possible way. International business is directed to both the public and private sector IT service markets. Gofore actively seeks possibilities to acquire internationally operating private and public sector customers that the company is able to serve with its current strengths and existing resources independently of location. The company has identified Germany as an attractive growth market in which it wants to increase its presence both through organic growth and acquisitions. Germany has a large industrial manufacturing sector where the company can take advantage of its existing industry experience to serve its customers. In Germany, Gofore has an established business and offices in Munich and Brunswick. Sales and customer relationship development in the German-speaking market are carried out by the local organisation. The aim is to achieve international growth at the same pace as the Group's net sales growth. 3. Growth through acquisitionsAs part of its growth, Gofore aims to make acquisitions that support its strategy. Gofore has an excellent track-record in acquisitions during 2017–2020: acquisitions have improved the company's expertise and ability to serve its customers, and increased shareholder value. Gofore continues to develop its capabilities to make successful acquisitions. In the coming years, approximately half of the growth will be targeted through business and company acquisitions that are well suited to Gofore's business model and culture. Through acquisitions Gofore aims to achieve expertise that supports its strategy, expand its customer base or strengthen its geographical position, while simultaneously ensuring synergies.Long-term financial targetsGofore aims for annual revenue growth exceeding 20%, of which organic growth accounts for approximately half. In terms of profitability, Gofore’s target is an adjusted EBITA margin of 15%. Market outlook and operating environment Gofore estimates that the IT services market in Finland will be divided into a public sector market of approximately EUR 1 billion and a private sector market of approximately EUR 3.2 billion. Gofore’s market shares in these sectors are estimated at approximately 4% and approximately 1%, respectively.In Finland, the public sector’s investment in digitalisation is estimated to continue previous growth. The long time span inherent in public sector IT investments and long cooperation agreements make demand relatively predictable. Future public sector restructurings will create new opportunities to invest in digital services. The investment in the green transition and digitalisation enabled by the EU's recovery instrument for 2021–2023 (Finland's Sustainable Growth Program) is estimated to create more demand for Gofore's services in the form of public investment. In Finland, public sector customers are mainly competed by traditional large Finnish and global IT service providers as well as agile, domestic providers of new digital services.In the private sector in Finland, digitalisation has become one of the most important strategic priorities at present. The dip in business caused by the coronavirus pandemic is levelling off in many industries. IT development is still partly an internal activity within companies and organisations, and specialists in the field are hired by companies and organisations for various IT tasks. The provision of top external expertise to private sector in Finland is carried out by both domestic and international IT service providers.The development of the market outside Finland relevant to Gofore broadly follows the development of the market in Finland. Outside Finland, Gofore's customers are mainly in the private sector. These customers have been affected by the pandemic, but in the longer term, the company expects the demand for its services to increase due to their high market potential.Covid-19The coronavirus pandemic has caused uncertainty in the operating environment. In the public sector, which is important to Gofore, the immediate effects of the pandemic have been minor. Government administration organisations have kept their development projects going. The transition to remote working has affected customers' ability to continue their development projects, but less than expected. For municipalities and joint municipal authorities, the impact has been greater, but especially the largest customers have kept major development projects going. The company estimates that the situation in the public sector will remain similar in 2021 and the impact of the pandemic on demand will vary greatly. In the longer term, demand is influenced by the development of public sector finances and political decisions on investing in digitalisation. In the private sector, the pandemic has had a greater direct impact, which has been reflected as delays in development projects and cancellations of projects in single cases. Disruptions in customers' own business have also affected customer prices. The labor market is expected to normalise from lower activity caused by the coronavirus pandemic. Demand is expected to remain strong for skilled employees. The competition for experts continues, with traditional IT companies as well as small and medium, agile companies participating in it.The company believes that in the long term, the coronavirus pandemic will accelerate digitalisation. Challenges faced by organisations in working remotely and the change in the behaviour of end customers due to the pandemic have shown that digital solutions are increasingly replacing traditional solutions. However, customers' willingness to invest in digital transformation depends on economic development in both the public and private sector. Financial review 1 January–31 December 2020 Revenue development January–December 2020In January–December 2020, revenue grew by 21.7% from the previous year, amounting to EUR 78.0 (64.1) million. The increase was mainly due to the increase in demand, but also to the acquisition of Qentinel Finland Oy as of September. 74% (70%) of Gofore's revenue came from public sector customers, amounting to EUR 57.8 million (EUR 44.8 million) and 26% (30%) from private sector customers, amounting to EUR 20.1 million (EUR 19.3 million). In geographical terms, 90% (91%) of combined revenue came from Finland, amounting to EUR 69.9 million (EUR 58.6 million), and a total of 10% (9%) from other countries, amounting to EUR 8.1 million (EUR 5.5 million). Subcontracting accounted for 19% (16%) of revenue, amounting to EUR 14.6 million (EUR 9.9 million). Monthly development of revenue in January–December 2020 Month (2020) Revenue, MEUR (revenue 2019)1 Number of employees2 Number of working days in Finland (number of working days 2019) Overall capacity, FTE3 Subcontracting FTE4 January 6.1 (5.2) 587 21 (22) 548 60 February 5.9 (5.3) 578 20 (20) 539 68 March 6.8 (6.1) 585 22 (21) 549 73 April 6.4 (5.5) 596 20 (20) 559 80 May 6.0 (6.2) 606 19 (21) 572 75 June 6.1 (5.1) 610 21 (19) 579 71 July 2.4 (2.2) 609 23 (23) 569 33 August 5.6 (5.3) 612 21 (22) 579 64 September 8.3 (5.9) 716 22 (21) 666 107 October 8.7 (6.6) 718 22 (23) 663 127 November 8.5 (6.0) 727 21 (21) 670 128 December 7.1 (4.6) 724 21 (18) 669 105 1 Revenue, MEUR (revenue in 2019) indicates the revenue (unaudited) for the month concerned. 2 The number of employees at the end of the review period. 3 Overall capacity, FTE (Full Time Equivalent) figure shows the overall capacity of the Group's personnel, converted into a value corresponding to the number of full-time employees. The figure includes the entire personnel, regardless of their role. The figure is not affected by annual leave, time-off in lieu of overtime, sick leave or other short-term absences. Part-time agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. The capacity of acquired companies personnel is included as of the acquisition date.4 Subcontracting, FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in invoiced work, converted into a value corresponding to the number of full-time employees. Subcontracting used by acquired companies is included as of the acquisition date. July–December 2020July–December 2020 revenue grew 32.5% from the comparison period in the previous year, to EUR 40.6 million (EUR 30.6 million). The growth reflected the acquisition of Qentinel Finland Oy.Profitability January–December 2020Adjusted EBITA in January–December 2020 was EUR 10.8 million (EUR 7.7 million), corresponding to 13.8% of revenue (12.0%). EBITA in January–December 2020 was EUR 9.9 million (EUR 7.3 million), corresponding to 12.7% of revenue (11.4%). Operating profit (EBIT) in January–December 2020 was EUR 8.8 million (EUR 6.6 million), corresponding to 11.2% of revenue (10.3%). Profit for the period was EUR 6.9 million (EUR 5.1 million). Due to the growth of the number of personnel, the Group's employee benefit expenses increased to EUR 44.4 million (EUR 37.1 million) in January–December 2020, corresponding to 57.0% of revenue (57.8%). Other operating expenses amounted to EUR 9.8 million (EUR 9.4 million). The largest expense items were other indirect employee expenses, facility expenses and expenses for machinery and equipment. Other operating expenses for the review period include a non-recurring expense of EUR 0.6 million related to the divestment of the operations of the UK subsidiary (Gofore UK Ltd.).July–December 2020 Adjusted EBITA in July–December 2020 was EUR 5.1 million (EUR 2.9 million) corresponding to 12.7% of revenue (9.4%). EBITA in July–December 2020 was EUR 5.0 million (EUR 2.8 million), corresponding to 12.3% of revenue (9.2%). Operating profit (EBIT) in July–December 2020 was EUR 4.3 million (EUR 2.4 million), corresponding to 10.5% of revenue (7.9%). Balance sheet, funding and cash flowThe Group’s balance sheet total at the end of December 2020 was EUR 78.4 million (EUR 57.5 million), of which equity amounted to EUR 36.1 million (EUR 32.4 million). Net debt at the end of the review period was EUR -3.8 million (EUR -12.7 million).The Group's liquidity was good and its financial position strong. The equity ratio was 47.0% (58.1%), with a net gearing of -15.4% (-31.9%).Cash flow from operating activities in January–December 2020 was EUR 9.0 million (EUR 12.3 million). Cash flow from investments during the review period was EUR -7.1 million (EUR -4.3 million). Cash flow from financing activities during the period was EUR -1.8 million (EUR -2.0 million), including dividends paid of EUR -2.8 million, repayment of lease liabilities EUR -2.2 million, proceeds from borrowings EUR 10.0 million, repayment of borrowings of EUR -6.4 million and treasury shares acquired of EUR -0.5 million.Group structureAt the end of the review period, the Gofore Group consisted of the parent company Gofore Plc and the 100% owned subsidiaries Gofore Germany GmbH, Gofore Spain SL, Gofore Estonia Oü, Silver Planet Oy, Gofore Vantaa Oy, Gofore UK Limited and Qentinel Finland Oy, which joined the Group in an acquisition completed on 1 September 2020. Additionally, the Group included Rebase Consulting Oy, which is 70% owned by the parent company, established during the review period. The operations of Gofore UK Limited were divested in the first quarter of 2020. The name of Silver Planet Oy has changed to Gofore Lead Ltd as of 1 January 2021.AcquisitionsOn 1 September 2020, Gofore completed the acquisition of Qentinel Finland Oy, a specialist in digital quality assurance and testing automation, announced on 10 August 2020. The debt-free purchase price was EUR 8.9 million, paid in cash. The transaction also included an additional purchase price based on EBITDA for the financial year 2020, which amounted to EUR 3.4 million, as well as a correction related to working capital and net debt of EUR 0.7 million. The additional purchase price will be paid in March 2021. Qentinel Finland Oy operates as an independent company as part of the Gofore Group and it has been reported as part of the Group as of 1 September 2020. Personnel and officesAt the end of December 2020, the Group employed 724 (582) people. The number of employees grew due to the organic growth of the business and the acquisition of Qentinel Finland Oy. A total of 692 (540) people worked in Finland and 32 (42) in other operating countries. In Finland, the company has offices in Helsinki, Espoo, Jyväskylä, Tampere and Turku. The offices abroad are located in Brunswick and Munich in Germany, Madrid in Spain and Tallinn in Estonia. Changes in the Group Executive TeamTeppo Talvinko was appointed CFO and member of the Group Executive Team on 17 April 2020. He took up his position and as a member of the Group Executive Team on 1 May 2020. At the same time, Petteri Venola, who previously held the position of CFO, left his position and the Group Executive Team. Elja Kirjavainen was appointed Director, Digital transformation and a member of the Group Executive Team on 17 April 2020. He took up his position and as a member of the Group Executive Team on 1 May 2020. Research and developmentIn 2020, Gofore was engaged in the ”Robins” research project funded by Business Finland. In addition to the Tampere Universities and Gofore, the project consortium includes five other expert companies in Finland. Gofore’s ”Robins” project consists of the strategic development projects called ”Capability Accelerator” and ”Digital Gofore”. The “Capability Accelerator” project entails researching methods for the continuous renewal of the company’s competencies and, thereby, of its service offering. The “Digital Gofore” project entails studying the company’s transformation into an internationally operating player that serves as more of a platform. In 2020, the project costs amounted to approximately EUR 1.0 million. The Business Finland subsidy is no more than 40% of the acceptable overall costs of the project, which are estimated to amount to approximately EUR 1.6 million from 1 April 2019 to 30 April 2021.Additionally, in 2020, the company was engaged in another project funded by Business Finland, which aims to support business continuity in the coronavirus pandemic and to find new ways to generate customer value in a changed environment. In the project new methods for remote working has been developed, among others. The Business Finland subsidy is no more than 80% of the acceptable overall costs of the project, which are estimated to amount to approximately EUR 0.13 million from 24 March 2020 to 31 March 2021.In 2020, the company completed a security management system development project launched towards the end of 2019, which resulted in an ISO/IEC 27001 certificate issued for the Group’s information systems and data processing processes at the end of December 2020.Capital expenditureThe company's largest investments comprised the purchase of subsidiary shares and investments in tangible and intangible assets. Investments amounted to EUR 15.1 million in the financial year ended 31 December 2020, 19.4% of revenue.In 2020, the most significant single investment was the ERP development project launched in 2019. The project aimed to improve the Group's financial reporting and the formation of a continuous situational picture. Approximately EUR 0.7 million of the project's costs have been capitalised as intangible assets to the consolidated balance sheet during the review period. Resolutions of the Annual General Meeting The Annual General Meeting of Gofore Plc was held in Tampere on 29 April 2020. The Annual General Meeting resolved to adopt the financial statements for 2019, and discharged the members of the Board of Directors and the CEO from liability for the financial period 2019. The Annual General Meeting authorised the Board of Directors to resolve on the acquisition of the company’s own shares and the issuance of shares as well as the issuance of option rights and other special rights entitling to shares. Additionally, the Annual General Meeting adopt the remuneration policy for governing bodies of the company. The Annual General Meeting resolved, in accordance with the proposal of the Nomination Committee, that the members of the Board be paid a fee of EUR 1,500 per month and the Chairman of the Board EUR 2,500 per month and, in addition, the Chairman of the Audit Committee be paid a fee of EUR 500 per month provided that he or she does not act as the Chairman of the Board at the same time. The Annual General Meeting elected five members to the company’s Board of Directors. Timur Kärki, Sami Somero and Stefan Baggström were re-elected as members of the Board of Directors and Mammu Kaario and Juha Eteläniemi were elected as new members. The Board of Directors elected Timur Kärki to continue as its Chairman. The Board of Directors’ term of office will continue until the end of the next Annual General Meeting. KPMG Oy Ab was elected as the company’s auditor for a term that will continue until the end of the next Annual General Meeting. KPMG Oy Ab has announced that Lotta Nurminen, APA, will be the auditor with principal responsibility. The Annual General Meeting resolved that a Shareholders’ Nomination Board be established, and the rules of procedure of the Shareholders’ Nomination Board as proposed by the Board of Directors were approved. In accordance with the proposal of the Board of Directors, the Annual General Meeting resolved to pay a dividend of EUR 0.20 per share, totalling EUR 2,800,973, based on the adopted financial statements for the financial period ended 31 December 2019. The dividend payment date was 11 May 2020. Authorisation of the Board of Directions on the acquisition of the company’s own shares and the issuance of shares, share options and other special rights The Annual General Meeting of Gofore Plc on 29 April 2020 authorised the Board of Directors to resolve on the acquisition of the company’s own shares in one or more tranches. The maximum number of shares to be acquired and/or accepted as a pledge is 1,401,280 shares, which corresponds to approximately 10% of the total number of shares of the company as at the date of the notice of the Meeting. Additionally, the Annual General Meeting authorised the Board of Directors to resolve on the issuance of shares as well as the issuance of option rights and other special rights entitling to shares referred to in chapter 10, section 1 of the Finnish Limited Liability Companies Act, in one or several tranches, either against payment or without payment. The total number of shares to be issued, including shares under options and other special rights, may amount to a maximum of 1,401,280 shares, equivalent to approximately 10% of the total number of shares of the company on the date of the notice of the meeting. These authorizations are valid until 30 June 2021 and revoke the previous authorisations given by the Annual General Meetings. Shares and shareholders At the end of December 2020, Gofore Plc’s registered share capital amounted to EUR 80,000.00 (EUR 80,000.00), which corresponded to a total of 14,036,927 (14, 012,802) shares. At the end of the review period, the company held 0 (174) own shares. At the end of December 2020, the company had 5,101 (2,771) registered shareholders. There were 298,497 (54,753) nominee-registered shares, which corresponds to approximately 2.1% (0.4%) of total shares. In January–December 2020, Gofore Plc’s shares were quoted in the First North Growth Market Finland maintained by Nasdaq Helsinki Ltd using the share trading code GOFORE. Share price development and share trading During 2020, 2.95 (1.22) million of the company's shares were traded, which is approximately 21% (9%) of the average number of shares outstanding. The total value of the shares traded was EUR 30.0 (9.8) million.At the end of December 2020, the company’s market capitalisation was EUR 240.7 (105.1) million. The closing price on the last day of December (31 December 2020) was EUR 17.15 (7.50). The average price of the company’s shares, as weighted by the trading volume, was EUR 10.16 (8.01). The highest share price was EUR 17.80 (9.28) and the lowest EUR 4.80 (7.00). Repurchase of own shares In the review period, Gofore carried out the repurchase programme of the company's own shares based on the authorisation given by the 2019 Annual General Meeting (26 March 2019). The shares were acquired between 26 March 2020 and 30 June 2020. During this time, the authorisation given by the Annual General Meeting held on 29 April 2020 revoked the authorisation given by the Annual General Meeting held on 26 March 2019. During the repurchase program, the company acquired 57,839 of its own shares at an average price of EUR 7.08. The shares were acquired in public trading on Nasdaq Helsinki Oy at the market price at the time of acquisition. The purpose of the repurchase of shares is to use the shares as a part of purchase price in potential corporate acquisitions, as a part of the company’s share-based incentive schemes, and otherwise to be transferred, held by the company, or nullified. Share-based commitment and incentive plans In connection with the personnel offering in the company’s listing on First North Growth Market Finland in 2017, a Matching Share plan was offered for personnel. In the plan, employees who subscribed for shares in the personnel offering would receive one matching share for every three shares subscribed, provided they remain employed by the Group three years after the start of share subscription, and that they have held the acquired shares for the entire period. At the end of the Matching Share plan 2017 on 30 November 2020, it included 172 persons entitled to a total of 78,156 additional shares under the plan. Under the terms of the plan, approximately half of the amount will be transferred in shares and half will be paid in cash to be used for withholding taxes. The share reward was paid on 30 November 2020 and consisted of a total of 33,859 shares. In autumn 2018, Gofore's Board of Directors resolved to launch the CrewShare share savings plan for Group personnel. The Board of Directors decides annually on any savings periods to be initiated under the plan. As an incentive for participants in the plan, Gofore will offer one matching share per three shares acquired with savings after a two-year share ownership period. Dividends paid on shares purchased with savings are automatically used to purchase the shares on the next possible purchase date. At the end of 31 December 2020, there were three savings periods in the CrewShare share savings plan. The first savings period was from 1 November 2018 to 28 February 2019. On 31 December 2020, the company had 128 employees entitled to a total of 5,109 matching shares. In the second savings period from 1 March 2019 to 29 February 2020, there were 152 employees entitled to 14,743 matching shares on 31 December 2020. On 12 February 2020, the company’s Board of Directors decided on the third savings period to be launched under the share savings plan for 2020–2021. The third savings period was from 1 March 2020 to 28 February 2021. On 11 September 2020, the company’s Board of Directors decided to issue a total of 24,125 new shares as part of the CrewShare share savings plan. The new shares are the matching shares acquired for the participants with the savings accumulated during the savings period from 1 March to 31 August 2020. The shares were subscribed for at a price of EUR 7.9466 per share, based on the volume-weighted average share price on Nasdaq Helsinki Oy's First North Growth Market Finland in the period 1–31 August 2020 and a 10% discount calculated therefrom. As at 31 December 2020, 171 Group employees entitled to 7,914 matching shares participated in the share savings plan.Additionally, based on the incentive program targeted at Silver Planet Oy's personnel, a total of 24,154 Gofore shares were granted without compensation to Silver Planet Oy’s personnel on 28 April 2020. Significant events after the review periodAs part of the updated company strategy, announced on 16 December 2020, Gofore also announced nominations to the Group Executive Team as follows, as of 1 January 2021: Kalle Mäki, General Counsel; Sanna Hilden, Director, People Operations, and Miika Nurminen, Director, Digital Quality Assurance and CEO of Qentinel Finland Oy.On 21 January 2021, Gofore announced that the Tax Administration in Finland has selected Qentinel Finland, part of the Gofore Group, as its primary provider of technical project management services supporting the development and maintenance of information systems. The duration of the framework agreement is six years and assignments made during the framework agreement period may continue for four years after the end of the framework agreement. The estimated total value of the agreement is approximately EUR 10–12 million. The agreement is a continuation of an earlier agreement between Tax Administration and Gofore.On 16 February 2021, Gofore announced that the Board of Directors has resolved on the fourth CrewShare share savings period targeted at Group’s personnel. The details of the new plan period will mainly be conformed to follow the previous program period's particulars. The new period commenced on 1 March 2021 and end on 28 February 2022.On 18 February 2021, Gofore announced that Gofore Plc and the sellers of CCEA Ltd., a company specialising in change execution consulting, have signed an agreement whereby Gofore will acquire 95% of the share capital of CCEA Ltd for a purchase price of EUR 6.4 million. The purchase price consisted of a debt-free price of EUR 6.175 million for the business and a compensation for net cash, estimated at EUR 0.255 million. The purchase price is paid in full as a cash consideration of EUR 6.4 million. Gofore estimates the revenue impact of the acquisition to be approximately EUR 6 million in the Group's financial statements for 2021. The acquisition was completed on 1 March 2021.The digital transformation consultancy business of Gofore Plc was transferred to Gofore Lead Oy in a business transfer on 1 January 2021. Gofore Group's revenue in January 2021 was EUR 7.5 million (EUR 6.1 million). The number of employees at the end of the review period was 727. The number of working days in Finland during the period was 19. The total capacity Full Time Equivalent (FTE) was 679 and the subcontracting FTE 109. Month (2021)Revenue,MEUR(revenue 2020) 1Number of personnel2 Number of working days in Finland (working days in 2020) Overall capacity,FTE 3Subcontracting, FTE 4January7.5 (6.1)72719 (21)679109 1 Revenue, MEUR (revenue in 2020) indicates the revenue (unaudited) for the month concerned. 2 The number of employees at the end of the review period. 3 Overall capacity, FTE (Full Time Equivalent) figure shows the overall capacity of the Group's personnel, converted into a value corresponding to the number of full-time employees. The figure includes the entire personnel, regardless of their role. The figure is not affected by annual leave, time-off in lieu of overtime, sick leave or other short-term absences. Part-time agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. 4 Subcontracting, FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in invoiced work, converted into a value corresponding to the number of full-time employees. Short-term risks and uncertainties The most significant short-term risks are related to changes caused by the coronavirus pandemic in the company's operating environment. The protracted pandemic situation creates uncertainty regarding the development of customer demand and the well-being of the company’s personnel. Apart from the pandemic situation, the company's short-term risks are similar in relation to previous years. The company sees that negative changes in the investments in public sector IT development would pose challenges to the implementation of the company's growth strategy. Similarly, the tightening of the competitive situation in the company's business areas could affect the company's profitability and growth. The success of recruiting skilled experts and ensuring employee satisfaction are of paramount importance where failure would have a negative impact on the achievement of the company's financial targets. Acquisitions and growing international business are an important part of the company's strategy. Both of these growth-oriented actions include risks that, if realised, would pose challenges in maintaining employee and customer satisfaction and, thus, achieving the company's financial objectives.The company publishes a monthly business review, which also includes management's assessment of the development of the business during the review period. This means monthly monitoring of the potential realisation of risks. Board of Directors’ proposal for the distribution of dividend The parent company's distributable equity as at 31 December 2020 amounted to EUR 36.3 million, including the profit for the period, EUR 6.3 million. The Board of Directors proposes to the Annual General Meeting to be held on 26 March 2021, that a dividend of EUR 0.24 per share be distributed on the basis of the balance sheet for the financial year 1 January–31 December 2020. According to the proposal, a total of EUR 3.37 million will be distributed as dividends and the remaining profit for the period EUR 2.89 million will be retained in equity. The proposed dividend is 49% of earnings per share. No material changes have taken place in the company's financial position after the balance sheet date, nor does the solvency test referred to in chapter 13, section 2 of the Limited Liability Companies Act affect the amount of distributable funds. The dividend will be paid to a shareholder who is registered in the company's shareholder register maintained by Euroclear Finland Oy on the record date for the dividend payment, 30 March 2021. No dividend will be paid on treasury shares held by the company on the record date. It is proposed that the dividends be paid on 8 April 2021. Publication of Annual Report, and Annual General Meeting The Annual Report for the year 2020 will be published on 5 March 2021, and it includes the Board of Directors’ Report, Auditor’s Report and financial statements 2020. Additionally, a separate Remuneration Statement will be published. The Annual General Meeting will be held on Friday, 26 March 2021. Financial calendar in 2021During the year 2021, Gofore Plc will publish its financial reviews as follows: Business Review Q1/2021Half-year financial report H1/2021Business Review Q3/2021 Mon, 19 April 2021Fri, 13 August 2021Thu, 14 October 2021 In addition, Gofore publishes a monthly business review that includes the number of employees and monthly revenue with comparable information, management’s assessment of the development of the business during the review period, and other key figures that facilitate the monitoring of the company’s growth strategy. Tables section (IFRS)This financial statements release was prepared applying the same accounting principles and calculation formulas than in the audited 2020 financial statements. The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS). Gofore adopted IFRS in its reporting for the financial period ended 31 December 2020. Presented half-year 2020 figures are unaudited. Consolidated Statement of Profit and Loss and Other Comprehensive IncomeEUR Thousand7–12/20207–12/20191.1.–31.12.20201.1. –31.12.2019Revenue (net sales)40,57730,61377,95364,066Production for own use407121738139Other operating income353138599175Materials and Services Purchases-170-123-225-178 External services-7,241-3,883-12,519-8,493Total materials and services-7,411-4,006-12,744-8,671Employee benefit expenses Salaries and compensations-19,144-15,273-37,344-30,811 Pensions-2,914-2,459-5,587-5,034 Other indirect employee expenses-748-614-1,502-1,210Total employee benefit expenses-22,806-18,345-44,433-37,056Depreciations, amortisations and impairment-1,971-1,403-3,579-2,603Other operating expenses-4,894-4,703-9,785-9,430Operating profit (EBIT)4,2552,4148,7506,620Finance costs-76-62-202-135Finance income33276742Profit before tax4,2122,3808,6156,526Income tax-543-501-1,712-1,430Profit for the financial period3,6691,8796,9035,096 Other Comprehensive Income Net other comprehensive profit or loss to be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations-341-3321Other comprehensive income, net of tax-341-3321 Total comprehensive income for the financial period3,6661,9206,8705,116 EUR Thousand7-12/20207-12/20191.1.-31.12.20201.1.-31.12.2019Profit/loss for the financial period attributable to: Equity holders of the parent3,6591,8796,8955,096 Non-controlling interests10080 3,6691,8796,9035,096 Total comprehensive income for the financial period attributable to: Equity holders of the parent3,6561,9206,8625,116 Non-controlling interests10080 3,6661,9206,8705,116 Earnings per share Earnings per share, undiluted0.260.130.490.37 Earnings per share, diluted0.260.130.490.37 Consolidated statement of Financial PositionEUR thousand31.12.202031.12.20191.1.2019Assets Non-current assets Goodwill23,31116,1808,626 Other intangible assets10,5063,81217 Tangible assets461585541 Right-of-use assets6,8355,3094,560 Investments05151 Other receivables77200 Deferred tax assets14357Total non-current assets41,89925,97113,802 Current assets Trade receivables11,4788,0118,544 Contract assets434190179 Other current assets2,4411,3431,104 Income tax receivables174200 Securities5446310 Cash and cash equivalents21,39421,35815,424Total current assets36,46531,55325,252Total assets78,36357,52439,054 Equity and liabilities Equity Share capital808080 Translation differences-12210 Fund for unrestricted equity20,51520,32312,859 Retained earnings15,47612,0089,037Equity attributable to equity holders of the parent36,05932,43221,976 Non-controlling interests2300Total equity36,08232,43221,976 Non-current liabilities Interest-bearing loans and borrowings7,5004,4722,614 Other interest-bearing liabilities00516 Other payables7671540 Lease liabilities4,4953,3052,952 Deferred tax liabilities1,9717820Total non-current liabilities14,7338,7126,082 Current liabilities Trade and other payables12,1134,6464,261 Contract liabilities1,6851,73436 Interest-bearing loans and borrowings2,0001,3901,069 Other interest-bearing liabilities04970 Lease liabilities2,3752,0251,608 Accrued expenses9,1375,9274,020 Income tax payable2391612Total current liabilities27,54916,38010,996Total liabilities42,28225,09217,078Total equity and liabilities78,36357,52439,054 Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity 2020Attributable to the equity holders of the parent EUR thousandShare capitalFund for unrestricted equityTranslation differencesRetained earningsTotal Non-controlling interestsTotal equityEquity on 1.1.20208020,3232112,00832,432 032,432Profit for the period 6,8956,895 86,903Other comprehensive income -33 -33 0-33Total comprehensive income00-336,8956,862 86,870 Share-based payments 192 -1892 2Dividends -2,801-2,801 -2,801Purchase of own shares -468-468 -468Acquisition of a subsidiary paid in shares 0 0Acquisition of non-controlling interests 0 1515Other changes 3131 31Equity on 31.12.20208020,515-1215,47636,059 2336,082 2019Attributable to the equity holders of the parent EUR thousandShare capitalFund for unrestricted equityTranslation differencesRetained earningsTotal Non-controlling interestsTotal equityEquity on 1.1.2019 before IFRS adjustments8012,859119,05522,006 022,006Adjustments of Expected Credit Losses -30-30 -30Adjustments of IFRS 1 Translation differences -11110 0Adjusted equity on 1.1.20198012,85909,03721,976 021,976Profit for the period 5,0965,096 5,095Other comprehensive income 21 21 21Total comprehensive income00215,0965,116 05,116 Share-based payments 314 360674 674Dividends -2,496-2,496 -2,496Purchase of own shares 0 0Acquisition of a subsidiary paid in shares 7,150 7,150 7,150Acquisition of non-controlling interests 0 0Other changes 1212 12Equity on 31.12.20198020,3232112,00832,432 032,432 Consolidated Statement of Cash Flows EUR thousand20202019Operating activities Profit before tax8,6156,526Adjustments to reconcile profit before tax to net cash flows: Depreciation and impairment 3,5792,603 Finance income and expenses 14973 Other adjustments -21751Change in working capital-1,2034,155Interest received and paid-161-137Income tax paid-2,003-1,708Net cash flow from operating activities8,95512,263 Net cash flow from investing activities Proceeds from sale of tangible and intangible assets3116Purchase of intangible assets-698-139Purchase of tangible assets-75-192Proceeds from sale of financial instruments1390Acquisition of a subsidiary, net of cash acquired-6,492-3,986Net cash flow from investing activities-7,095-4,301 Net cash flow from financing activities Treasury shares acquired-4680Repayment of lease liabilities-2,192-1,711Proceeds from borrowings10,0003,500Repayment of borrowings-6,362-1,321Dividends paid to equity holders of the parent-2,801-2,496Net cash flow from financing activities-1,823-2,028 Net increase in cash and cash equivalents365 934Cash and cash equivalents at 1.1.21,35815,424Cash and cash equivalents at 31.12.21,39421,358 Formulas of Key Figures (APM) EBITDA=Operating profit + depreciations and amortisation EBITDA margin, %=Operating profit + depreciations and amortisationx 100 Net sales Operating profit before amortisation of intangible assets identified in PPA and impairment of goodwill (EBITA)=Operating profit + amortisation of intangible assets identified in PPA + impairment of goodwill Operating profit before amortisation of intangible assets identified in PPA and impairment of goodwill (EBITA) margin -%=Operating profit + amortisation of intangible assets identified in PPA + impairment of goodwillx 100 Net sales Operating Profit (EBIT) margin -%=Operating profitx 100 Net sales Earnings per share (EPS), diluted, euros=Profit for the period attributable for shareholders of the companyx 100 Weighted average number of shares outstanding during the financial period adjusted for share issues Return on equity (ROE) -%=Profit for the period (annualised)x 100 Average shareholder's equity Return on investment (ROI) -%=Profit before taxes (annualised) + financial income and expenses (annualised)x 100 Average shareholder's equity + average interest-bearing loans and borrowings Equity ratio, %=Shareholders’ equityx 100 Balance sheet total – advances received Net gearing, %=Non-current interest-bearing liabilities + Non-current lease liabilities + Current interest-bearing liabilities + Current lease liabilities – Cash and cash equivalents – Other rights of ownership under Current and Non-current investmentsx 100 Shareholders’ equity Average overall capacity, FTE=The Average overall capacity, FTE (Full Time Equivalent) figure shows the overall capacity of the Group's personnel, converted into a value corresponding to the number of full-time employees. The figure includes the entire personnel, regardless of their role. The figure is not affected by annual leave, time-off in lieu of overtime, sick leave or other short-term absences. Part-time agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. The capacity of acquired companies personnel has been considered as of the acquisition date. Average subcontracting, FTE=The Average subcontracting, FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in invoiced work, converted into a value corresponding to the number of full-time employees. Subcontracting used by acquired companies has been included as of the acquisition date. Number of employees at the end of financial period=The number of employees at the end of the financial period. Alternative Performance Measures The Company determines term “Adjusted EBITA” as follows: Adjusted EBITA =Reported EBITA + (+ goodwill impairment +/- costs/gains directly related to acquiring business combinations + restructuring costs of business structure - gains of sales of fixed assets + losses of sales of fixed assets). Gofore applies ESMA (European Securities and Markets Authority) guidelines on alternative performance measures effective from 2016. Gofore uses and presents the following alternative performance measures to better illustrate the operative development of its business: operating profit before amortization of PPA (EBITA), EBITDA, ROI, ROE, equity ratio and net gearing. PPA amortizations arise from assets recognised in fair value in acquired business combinations.The items included in the EBITA, adjusted EBITA and EBITDA consist of the following:Adjusted EBITA and EBITDA1.1. –31.12.20201.1. –31.12.2019EBIT8,7506,620Amortisation of intangible assets identified in PPA1,158677EBITA9,9087,296Transaction costs from business combinations321414Restructuring costs5620Gains or losses from sales of fixed assets-130Adjusted EBITA10,7787,710 EBIT8,7506,620Depreciations2,4211,926Amortisation of intangible assets identified in PPA1,158677EBITDA12,3299,223 Further enquiries: Mikael Nylund, CEO, Gofore Plc tel. +358 40 540 2280 firstname.lastname@example.orgTeppo Talvinko, CFO, Gofore PlcTel. +358 40 715 email@example.comCertified Adviser: Evli Bank Plc, tel. +358 40 579 6210 Gofore Plc is a Finland-based digitalisation specialist with international growth plans. Together with our customers, we are pioneering an ethical digital world. We're made up of over 700 impact-driven people across Finland, Germany, Spain and Estonia – top experts in our industry who are our company's heart, brain, and hands. We use consulting, coding and design as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2020, our revenue amounted to EUR 78 million. Gofore Plc's shares are quoted in the Nasdaq First North Growth Market Finland. Learn more: www.gofore.com. Attachment Gofore Plc Financial Statements Release 2020
DUBLIN, Ireland, March 05, 2021 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ: HTOO), a green hydrogen technology company, is pleased to announce that it has signed an MoU with BGR Energy Systems Limited (NSE: BGRENERGY), one of India’s leading EPC companies, to develop green hydrogen projects in India. The companies intend to establish an initial demonstrator plant in India in 2021 and thereafter develop larger-scale projects in the region for the supply of hydrogen for the production of green ammonia and bio-ethanol, and as a feedstock for other heavy industrial applications. Fusion Fuel will install a small demonstrator facility for BGR Energy in the region of Cuddalore, Tamil Nadu, India in the second half of 2021 using its market-leading HEVO-SOLAR technology to generate cost-competitive green hydrogen. The companies will then co-develop projects throughout India, leveraging BGR Energy’s extensive client network and existing commercial footprint. The companies will also explore broader areas of potential cooperation given BGR Energy’s broad competencies in the energy, environmental and industrial sectors. Since its inception, BGR Energy has developed more than 12,000 MW of power plants and Balance of Plant related services in India, and it also has substantial capabilities in the design and manufacture of high-tech equipment, which leaves BGR well-positioned to take the lead in developing green hydrogen production infrastructure in the region. Hydrogen already plays a critical role in the Indian economy, with roughly 6 million tons of hydrogen consumed annually, primarily in the production of ammonia and methanol, as well as for use in refineries. A recent study from The Energy and Resources Institute estimated that demand could grow to as much as 28 million tons by 2050. Virtually all the hydrogen consumed in India today is grey hydrogen, the production of which emits roughly 9 tons of CO2 per ton of hydrogen. Enabling cost-effective domestic production of green hydrogen will be critical to reduce the carbon intensity of heavy industry and help India achieve its energy security and emissions targets. João Wahnon, Fusion Fuel’s Head of Business Development, noted, “We are excited to open up this new market for Fusion Fuel and develop India as a leader of the global hydrogen economy. We could not ask for a better partner in this undertaking than BGR Energy, with its extensive experience developing turnkey solutions in India’s power and industrial sector.” Arjun Govind Raghupathy, Managing Director of BGR Energy commented, “BGR Energy has long been an innovator in India’s energy and industrial sectors, and we are excited now to be taking these steps to establish a foothold in the burgeoning green hydrogen industry. We look forward to working with Fusion Fuel to scale the development of local green hydrogen production and play a leading role in creating a green hydrogen ecosystem in the region.” About Fusion Fuel Green plc. Fusion Fuel Green plc. is an emerging leader in the green hydrogen space, committed to accelerating the energy transition and decarbonizing the global energy system by making zero-emissions green hydrogen commercially viable and accessible. Fusion Fuel has created a revolutionary proprietary electrolyzer solution that allows it to produce hydrogen at highly competitive costs using renewable energy, resulting in zero-carbon emissions. Fusion Fuel’s business lines include the sale of electrolyzer technology to customers interested in building their own green hydrogen capacity, the development of hydrogen plants to be owned and operated by Fusion Fuel and active management of the portfolio of such hydrogen plants as assets, and the sale of green hydrogen as a commodity to end-users through long-term hydrogen purchase agreements. For more information, please visit https://www.fusion-fuel.eu/. About BGR Energy Systems Limited BGR Energy Systems Limited is an Indian public limited company incorporated under the provisions of the Companies Act, 1956. Its equity shares are listed on Bombay Stock Exchange (‘BSE’) and National Stock Exchange (‘NSE’). The Company is a manufacturer of capital equipment for Power Plants, Petrochemical Industries, Water Treatment & Desalination Plants, Refineries, Process Industries and undertakes turnkey Balance of Plant (‘BOP’) and Engineering Procurement and Construction (‘EPC’) contracts. The Company has been achieving its objectives through its five business units: Power projects, Electrical projects, Oil and Gas equipment, Environmental engineering and Air Fin Coolers. For more information, please visit http://www.bgrcorp.com. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Investor Relations Contactir@fusion-fuel.eu
A late rally in Chinese shares on Friday helped pull Asian stocks off one-month lows as investors picked bargains while attention shifted to U.S. non-farm payrolls due later in the day. E-Mini futures for S&P 500, which were down 0.5% during early Asian trading, gave up all losses by afternoon to be a shade higher. In Asia, Australian stocks dropped more than 0.7%, Japan's Nikkei share average shed 0.2%, after earlier being down more than 1%, and shares in Seoul fell 0.4%.
Sinovac Biotech's COVID-19 vaccine may not trigger sufficient antibody responses against a new variant identified in Brazil, a small-sample lab study showed. The emergence of variants of the new coronavirus has raised concern that vaccines and treatments that were developed based on previous strains may not work as robustly. Plasma samples taken from eight people vaccinated with Sinovac's CoronaVac failed to efficiently neutralize the P.1 lineage variant, or 20J/501Y.V3, researchers said in a paper published on Monday ahead of peer-review.