Highlights of this day in history: The San Francisco earthquake; What becomes known as 'Paul Revere's ride'; A suicide bomb hits the U.S. embassy in Lebanon; Physicist Albert Einstein dies; Wayne Gretzky plays his last NHL game. (April 18)
Highlights of this day in history: The San Francisco earthquake; What becomes known as 'Paul Revere's ride'; A suicide bomb hits the U.S. embassy in Lebanon; Physicist Albert Einstein dies; Wayne Gretzky plays his last NHL game. (April 18)
Solar delivered an EBITDA increase of 44% in Q1. In April, revenue and EBITDA guidance were revised upwards by DKK 200m and DKK 75m to DKK 11,750m and DKK 725m, respectively. CEO Jens Andersen says: "2021 is off to a good start with revenue and EBITDA exceeding our expectations. We have seen the first impact of the new Core+ strategy, which we introduced in February. In Q1, the gross profit margin has shown strong performance across our markets driven by the Better Business project and the positive development in concept sales. At the same time, we maintained focus on cost containment. Finally the Board of Directors has decided to distribute an extraordinary dividend of DKK 15.00 per share.” Q1 key financial messages EBITDA margin up by 2.1%-pointsNet working capital down by 0.6%-points2021 guidance: Revenue of DKK 11,750m and EBITDA of DKK 725m Financial highlights (DKK million)Q1 2021Q1 2020Revenue3,0043,045EBITDA204142Cash flow from operating activities-88-43Financial ratios (%) Organic growth adj. for number of working days-0.61.4EBITDA margin6.84.7Net working capital, period-end/revenue (LTM)11.412.0Gearing (NIBD/EBITDA), no. of times0.71.9 Audio webcast and teleconference today The presentation of Quarterly Report Q1 2021 will be made in English on 6 May 2021 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at www.solar.eu. Participation will be possible via a teleconference. Teleconference call-in numbers: DK: tel. +45 787 232 52 UK: tel. +44 333 300 9264 US: tel. +1 833 526 8397 Contacts CEO Jens Andersen - tel. +45 79 30 02 01 CFO Michael H. Jeppesen - tel. +45 79 30 02 62 IR Director Dennis Callesen - tel. +45 29 92 18 11 Attachments No. 13 2021 Quarterly Report Q1 2021 SOLA-2021-03-31
PRESS RELEASE Information regarding the arrangements for taking part in the combined general meeting of May 27, 2021, which will be held behind closed doors Conditions for obtaining or consulting the documents prepared for the meeting The shareholders of the Company are hereby informed that, due to the current context of the coronavirus epidemic, the administrative measures limiting or prohibiting travel or collective gatherings for health reasons, which prevent the physical presence at the meeting of its members in force on the date of publication of the prior notice in the Bulletin des Annonces Légales Obligatoires (BALO – French bulletin of legal notices), and in accordance with the provisions made following the issue of French Decree No. 2020-321 of March 25, 2020, as extended and amended, and French Decree No. 2020-418 of April 10, 2020, as extended and amended, the combined general meeting will be held without the shareholders and other persons entitled to attend, on Thursday, May 27, 2021, at 4:30 pm (Paris time). The general meeting will be broadcast live and a replay will also be available on the Company’s website www.fnacdarty.com. Due to the technical impossibility of identifying shareholders during the meeting, it is specified that shareholders will not be able to vote live. As the general meeting is to be held behind closed doors, no admission card will be issued. Shareholders are invited to vote remotely, either by casting a postal vote or using the online voting platform. Proxy/postal voting forms must be received by CACEIS Corporate Trust by Monday, May 24, 2021 at the latest. In addition, the Votaccess online voting platform has been open since 9 a.m. on Thursday, May 6, 2021 and will remain open until 3 p.m. on Wednesday, May 26, 2021 (Paris Time). It is specified that votes made by proxy must reach the Company no later than the fourth day preceding the date of the general meeting, i.e. on Sunday, May 23, 2021. Shareholders must submit their voting instructions no later than four days before the meeting, i.e., by May 23, 2021. The documents and information related to this general meeting will be made available to shareholders in accordance with the legal and regulatory provisions in force. Documents and information provided for by Article R.22-10-23 of the French Commercial Code will be made available on the website of Group (www.fnacdarty.com section Investors / Shareholders / Documents relating to the General Meetings / May, 27th 2021 Combined General Meetings), no later than the twenty first day preceding the meeting.In accordance with applicable regulatory provisions: Registered shareholders can, until the fifth day (inclusive) before the meeting, request from the Company to receive the documents referred to in Articles R.225-81 and R.225-83 of the French Commercial Code, including at their request, by way of an electronic mail. For holders of bearer shares, the exercise of this right is subject to the presentation of a certificate of attendance in the bearer share accounts kept by the empowered intermediary;All shareholders can make a request to email@example.com to receive by e-mail the documents referred to in Articles L.225-115 and R.225-83 of the French Commercial Code as from the date of the meeting notice. Shareholders are entitled to submit written questions before the general meeting. Any questions should be submitted, (preferably by email to firstname.lastname@example.org or by registered letter with confirmation of receipt sent to the Company’s registered office), no later than the second business day before the date of the general meeting, namely Tuesday, May 25, 2021 included. They must be accompanied by a certificate of registration. In order to maintain a continuous and open dialogue at the general meeting held behind closed doors, shareholders will be given the opportunity to submit their questions online during the meeting via the live broadcast platform available through Fnac Darty’s website. These questions will be read out loud and answered live during the general meeting. Questions will be processed during the time allotted for questions and answers and may be selected. If there are multiple questions on the same topic, they may be grouped together. Finally, the scrutineers of the meeting will be appointed in accordance with the applicable regulations: in this context, these functions will be proposed to shareholders from among the ten shareholders with the largest number of voting rights of which the company is aware on the date of convening the meeting. The identity and capacity of the persons appointed will be published in accordance with the regulations. The preliminary notice of meeting containing the agenda and the proposed resolutions has been published in the Bulletin des Annonces Légales Obligatoires (BALO – French bulletin of legal notices) dated April 16, 2021 and the notice of meeting will be published in the BALO and in a journal of legal notice on May 10, 2021. These notices will be available on the Group's website (www.fnacdarty.com section Investors / Shareholders / Documents relating to the General Meetings / May, 27th 2021 Combined General Meetings). About Fnac Darty – www.fnacdarty.com Operating in 12 countries, including France, Belgium, Spain, Portugal and Luxembourg, Fnac Darty is a European leader in the retail of cultural and leisure goods, consumer electronics and domestic appliances. As of the end of December 2020, the Group, which counts nearly 25,000 employees, has a multi-format network of 908 stores, 751 of which are in France, and is France’s second-largest e-commerce retailer in terms of audience (more than 29 million unique visitors per month) with its three commercial websites, fnac.com, darty.com and natureetdecouvertes.com. As a leading omnichannel player, Fnac Darty’s revenue was nearly €7.5 billion in 2020, 29% of which came from the Internet channel, up 10 points compared to 2019. Fnac Darty’s shares are listed on Euronext Paris. CONTACT ANALYSTS / INVESTORS Stéphanie Laval email@example.com+33 (0)1 55 21 52 53 Marina Louvard firstname.lastname@example.org+33 (0) 1 72 28 17 08 Attachment CP_Availability of documentation for the Shareholders' Meeting
Hawthorn star Tom Mitchell and his partner, lifestyle influencer Hannah Davis, have reportedly broken up. Read more about the former AFL power couple's 'quiet' split here.
Participating on the call today are Barry Davis, chairman and chief executive officer; Ben Lamb, executive vice president and chief operating officer; and Pablo Mercado, executive vice president and chief financial officer. A replay of today's call will also be made available on our website at www.enlink.com.
Image source: The Motley Fool. Upland Software Inc (NASDAQ: UPLD)Q1 2021 Earnings CallMay 5, 2021, 5:00 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorAnd welcome to the Upland Software First Quarter 2021 Earnings Call.
Thank you for standing by and welcome to Trimble First Quarter 2021 Earnings Call. On the basis of this competitive strength and the nature of the opportunities we see in the market, we plan to scale up investments in targeted areas of the company.
(Bloomberg) -- India reported its highest-ever daily tally of 412,262 new virus cases and also a record 3,980 deaths. Indian drugmakers warned that halting some cargo flights from China could disrupt the global supply chain. China supplies 60% to 70% of the raw materials used by Indian pharmaceutical firms as well as ingredients for finished medicines sent worldwide, said Mahesh Doshi, national president for the Indian Drug Manufacturers’ Association.Asian authorities are taking steps to prevent an Indian-like wave of infections happening in their countries. Tokyo will ask the Japanese government to extend a virus emergency, Jiji Press reported, with the request expected later on Thursday. Australia, Vietnam and Malaysia also toughened restrictions.Moderna Inc. said mid-stage trials showed its booster shots were effective against virus strains that emerged in Brazil and South Africa. The U.S. will support a proposal to waive intellectual-property protections for vaccines, joining an effort to increase global supply and access to the shots as the gap between rich and poor nations widens. The decision led to drops in the share prices of Asian vaccine-makers.Key DevelopmentsGlobal Tracker: Cases near 154.8 million; deaths exceed 3.23 millionVaccine Tracker: More than 1.21 billion doses have been givenModerna Covid booster shots prove effective against variants (Video)India’s struggle to track new Covid variants could worsen crisisVaccines work on this India variant. Experts fret about the nextA new wave of vaccines is coming, and they’re not all also-ransWhat are vaccine passports and how would they work?: QuickTakeSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on cases and deaths.NZ Pauses Travel Bubble With NSW (1:52 p.m. HK)New Zealand Covid-19 Response Minister Chris Hipkins said quarantine-free travel with the Australian state of New South Wales will be paused from 11:59 p.m. local time while the source of two Covid-19 cases in Sydney is investigated.Vaccine-Maker Shares Hit by IP Waiver (1:32 p.m. HK)U.S. support for a proposal to waive intellectual-property protections for Covid-19 vaccines might be good news for the global inoculation campaign, but it’s an unwelcome turn for firms whose share prices have been buoyed by profits from coronavirus shots.Shanghai Fosun Pharmaceutical Group Co., which has the rights to develop and market BioNTech SE’s mRNA shot in China, plunged as much as 26% in Hong Kong, the most ever. CanSino Biologics Inc., which makes one of China’s domestic vaccines, tanked 21%, the most in a year. Walvax Biotechnology Co. dropped as much as 16% and Chongqing Zhifei Biological Products Co. fell 14%, dragging the CSI 300 Index’s health-care gauge more than 5% lowerIndemnity Clauses Stymie Africa Vaccine Drive (1 p.m. HK)A drive to get Africans vaccinated against the coronavirus is being hamstrung by governments’ reluctance to sign indemnity clauses, a preference for Pfizer Inc. vaccines over other more readily available shots and a lack of preparedness to distribute the inoculations.Delays in vaccinating the continent’s more than 1.3 billion people will likely lead to additional resurgences of the virus, may result in mutations that will potentially be more transmissible and could lead to economic damage associated with strict lockdowns. Less than 20 million people have been inoculated in Africa, with almost half of those living in Morocco, according to Bloomberg’s Covid-19 Vaccine Tracker.Tokyo May Extend Virus Emergency (11:08 a.m. HK)Tokyo will ask the Japanese government to extend a virus emergency, Jiji Press reported, a request likely to be approved by Prime Minister Yoshihide Suga as he seeks to stem infections ahead of the capital hosting the Olympics from July.The official decision to make the request will come later Thursday, the news agency said, citing sources close to the matter. The length of the extension and details of the rules to be applied are to be discussed, Jiji said.Sydney Imposes Mask, Gathering Curbs (9:46 a.m. HK)Restrictions on gatherings are being imposed in Sydney and surrounding areas due to two Covid-19 cases detected in Australia’s most-populous city.From 5 p.m. Thursday, the maximum number of people allowed into homes will be 20, while singing and dancing in all indoor venues except those hosting weddings will be banned, New South Wales Premier Gladys Berejiklian told reporters. Masks will be compulsory on public transport and in all public indoor venues, such as retail, theaters, hospitals and aged-care facilities. The restrictions will last until at least the end of the weekend.Hong Kong Vaccinations Pass 1 Million (9:03 a.m. HK)The number of people who have received their first Covid-19 vaccine dose has exceeded 1 million on Wednesday, Hong Kong’s government said. The vaccination program has been running since Feb, 26.Still, only about 13.4% of the Hong Kong population has received at least one dose, according to Bloomberg’s Covid-19 Vaccine Tracker. That’s still well behind rival financial hubs like Singapore, London and New York.Thailand Steps Up Virus Stimulus Spending (8 a.m. HK)Thailand is planning to spend billions of dollars in providing financial relief to low-income groups to cope with the economic hit from the biggest Covid-19 outbreak sweeping the nation since the pandemic began.The cabinet gave in-principle approval on Wednesday for fiscal stimulus measures at a cost of 85.5 billion baht ($2.8 billion). It also proposed 140 billion baht worth of spending for co-payment and e-voucher programs and more cash handouts to welfare cardholders and special groups, officials said.Philippines Could Get 7 Million Doses in May (8 a.m. HK)The Philippines’ coronavirus inoculation drive could leap this month, with the possibility of increasing vaccine supplies to about 7 million shots from 4 million, which could lead to a further reopening of the economy.Kuala Lumpur Tightens Movement Restrictions (8 a.m. HK)Malaysia tightened restrictions on movements in the capital Kuala Lumpur to stem the rise in new Covid-18 infections, a day after imposing similar curbs in Selangor, its richest state.The movement control order, or MCO, will stay in force from May 7 to May 20, Defense Minister Ismail Sabri Yaakob said in a statement on Wednesday, adding the protocols already in place for other areas under MCO will apply.Case Cluster at Hanoi Hospital Grows (7:23 a.m. HK)Vietnam reported eight more infections linked to a cluster in the National Hospital for Tropical Diseases Campus of Dong Anh in Hanoi, taking the tally in the center to 22, the health ministry’s newspaper Suc Khoe Doi Song reported. Authorities in the northern province of Thai Binh ordered social distancing after reporting five infections tied to the cluster.Vietnam has ordered a strict border control and mandatory quarantines of three weeks while imposing some movement restrictions as it traces the recent flare up in coronavirus cases to overseas travelers.China Flight Halt May Snarl Supplies (6:50 a.m. HK)Drugmakers in India warn that a halt on some cargo flights from China could imperil an important link in the global pharmaceutical supply chain.The U.S. relies heavily on India to stock its medicine cabinets, and any slowdown in output could leave pharmacies short of drugs used regularly by millions of Americans.On April 26, China’s state-run Sichuan Airlines suspended cargo flights to India for 15 days amid an alarming second Covid-19 outbreak there. If the flights remain on hold, the drug industry fears “cascading effects on its entire supply chain,” Mahesh Doshi, national president for the Indian Drug Manufacturers’ Association, wrote in an April 29 letter to India’s external affairs minister.Argentina Has Record Number of Daily Deaths (6:45 a.m. HK)Argentina reported a record 663 deaths in the last 24 hours for a total of 65,865, according to the country’s evening report.There were 24,079 new Covid-19 cases reported, bringing the total to 3,071,496.Canada May Mix Vaccines Amid Supply Crunch (4:47 p.m. NY)Canada is considering allowing patients to receive two different types of vaccines as the country deals with shortages of shots from AstraZeneca Plc and Moderna Inc.Federal health officials are closely watching a U.K.-based trial in which participants received two kinds of shots. Results are expected in the next month or so, said Supriya Sharma, chief medical adviser at Health Canada.If adopted, the new protocol would mark another major deviation from original vaccine guidelines. Canada has opted to extend the length of time between mRNA vaccines from the recommended three to four weeks to as long as four months, in order to stretch supplies.Moderna Booster Effective on Variants (4:08 p.m. NY)Moderna Inc.’s booster shots gave positive results against immune system-evading strains that emerged in South Africa and Brazil, according to early results from a mid-stage trial.Two types of booster shots studied spurred higher levels of virus-halting antibodies, Moderna said in a statement. One of the boosters is an additional low-dose shot of its existing vaccine, while the other type is customized against the South Africa strain.“We are encouraged by these new data, which reinforce our confidence that our booster strategy should be protective against these newly detected variants,” Stephane Bancel, Moderna’s chief executive officer, said in a statement. “We will continue to make as many updates to our Covid-19 vaccine as necessary to control the pandemic.”U.S. to Back Waiver of Vaccine IP Protections (3:25 p.m. NY)The U.S. will back a proposal to waive intellectual-property protections for Covid-19 vaccines, joining an effort to increase global supply and access to the life-saving shots as the gap between rich and poor nations widens.“We are for the waiver at the WTO, we are for what the proponents of the waiver are trying to accomplish, which is better access, more manufacturing capability, more shots in arms,” U.S. Trade Representative Katherine Tai said in an interview on Wednesday.The Biden administration will now actively take part in negotiations for the text of the waiver at the World Trade Organization and encourage other countries to back it, Tai said. She acknowledged the talks will take time and “will not be easy,” given the complexity of the issue and the fact that the WTO is a member-driven organization that can only make decisions based on consensus.U.S. Cases Could See ‘Sharp Decline’: CDC (11:20 a.m. NY)U.S. Covid-19 cases could see a sharp decline by July if nationwide vaccination efforts continue to be successful, according to the Centers for Disease Control and Prevention.Researchers used scenario modeling techniques to show long-term projections of potential trends in Covid-19 cases, hospitalizations and deaths in data released Wednesday in the agency’s Morbidity and Mortality Weekly Report.G-7 Meeting Goes Ahead in U.K. (7:06 a.m. NY)The U.K. insisted a meeting of top Group of Seven diplomats in London should go ahead after India’s foreign minister Subrahmanyam Jaishankar said he would self-isolate over possible exposure to coronavirus.The news risked derailing a high-profile event that marked the G-7 debut of U.S. Secretary of State Antony Blinken. Britain is hosting the gathering, which began on Tuesday.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.
U.S. President Joe Biden on Wednesday threw his support behind waiving intellectual property rights for COVID-19 vaccines, bowing to mounting pressure from Democratic lawmakers and more than 100 other countries, but angering pharmaceutical companies. "We welcome this positive development and look forward to working with the US and others to find solutions that boost the global rollout of Covid-19 vaccines." "Close collaboration between governments and vaccine manufacturers will remain vital."
APPOINTMENT OF BOARD CHAIRPERSONThe Board of Bayport Management Ltd (“BML” or the “Company”) wishes to apprise its shareholders and the general public that NicholasHaag has been appointed as the Chairperson of the Board of the Company, from April 2021.Mr. Haag has served as an Independent Non-Executive Director of the Company since 2016. Mr. Haag has had a 30- year career in thefinance industry with various institutions including Barclays, ABN AMRO and the Royal Bank of Scotland. Most recently, Mr. Haag was amember of the Boards of TBC Bank Group PLC and Citadele Bank Group. Mr. Haag holds a First-Class Honours Degree from the Universityof Oxford.By order of the Board6 May 2021For additional information, please contact:David RajakInvestor Relations Executive(email@example.com / +27 11 236 7300)This information is information that Bayport Management Ltd is obliged to make public in accordance with the EU Market Abuse Regulation. The information wassubmitted for publication, through the agency of the contact person set out above, at 9:00 am CET on 6 May, 2021.DTOS LtdCompany Secretary Attachments BML Board Chair Appointment - Announcement NASDAQ May 2021 BML Board Chair Appointment - Announcement NASDAQ May 2021
The Board of Directors has assessed the company’s capital structure and decided to use the authority granted by the latest annual general meeting to distribute an extraordinary dividend. An extraordinary dividend of DKK 15.00 per share of DKK 100, totalling DKK 110m will be distributed. This was made possible partly because of the upwards revised EBITDA guidance for 2021 and partly as a result of the divestment of BIMobject in October 2020. The distribution of dividend will take place on 17 May 2021. ContactsChairman Jens Borum - tel. +45 79 30 00 00IR Director Dennis Callesen - tel. +45 29 92 18 11 Attachment No. 12 2021 Distribution of extraordinary dividend
Olympus Corporation ("Olympus" – Director, Representative Executive Officer, President and CEO: Yasuo Takeuchi) announced today it is targeting carbon neutrality by 2030, while also agreeing with recommendations by the Task Force on Climate-Related Financial Disclosures (TCFD), and adding carbon neutrality and enabling a circular economy to its environmental, societal and governance (ESG) enhancement measures.
Record-high operating result (Oslo, 6 May 2021) Higher power prices and increased generation resulted in a record-high underlying operating result. Statkraft continued to deliver on its strategy and initiated new renewable projects in the quarter. The underlying EBIT was NOK 7.2 billion in the quarter, an increase of NOK 3.1 billion from the first quarter last year. “The underlying operating result was the best ever achieved in a single quarter, following higher Nordic power prices and successful energy management”, says CEO Christian Rynning-Tønnesen. The average Nordic system price was 42.3 EUR/MWh, an increase of 26.9 EUR compared with the low price in the first quarter of 2020. Total power generation increased by 16 per cent to 20.6 TWh. A strengthening of NOK against EUR had a positive effect on net financial items, which ended at NOK 1.5 billion. Net profit was NOK 4.8 billion, an increase of NOK 6.7 billion compared with the result in the first quarter last year. Cash flow from operating activities in the quarter was solid at NOK 4 billion. The net interest-bearing debt to equity ratio was 18.6 per cent, giving room for significant new investments within renewable energy. During the quarter, Statkraft initiated several new projects. In Chile, the company has decided to build its first wind farms, broadening the company’s renewable energy portfolio in the region. The 102 MW project consists of three wind farms, which are expected to generate more than 300 GWh of renewable energy annually. In addition, Statkraft has signed a collaboration agreement with Yara and Aker Horizons, aiming to establish Europe’s first large-scale green ammonia project in Norway. Statkraft also entered into a partnership with Aker Offshore Wind to explore offshore wind in the southern North Sea outside Norway. “Statkraft continues to develop new business opportunities in the green transition, which also support sustainable development goals and value creation”, says CEO Rynning-Tønnesen. Following the transfer of the operatorship of the Roan wind farm to TrønderEnergi in February, Statkraft has divested the ownership interest in the wind farm to TrønderEnergi and Stadtwerke München. Statkraft will maintain its ownership and role as an operator of the five remaining wind farms in Fosen Vind. The sale proceeds will further strengthen Statkraft’s financial capacity to invest in renewable energy. For further information, please contact: Debt Capital Markets: Funding manager Stephan Skaane, tel: +47 905 13 652, e-mail: firstname.lastname@example.orgSenior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail: email@example.com Media:Head advisor Lars Magnus Günther, tel: +47 912 41 636, e-mail: firstname.lastname@example.org or www.statkraft.com This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4500 employees in 17 countries. Attachments Interim Report Q1 2021 Presentation Q1 2021
Global estate agency, Chestertons Global Franchise Holdings Limited, today announced that Chestertons Cyprus has joined its expanding network, which has seen rapid growth over the past year.
The results of the first quarter of 2021 are characterised by a slight decrease in operating volumes compared to the same period of last year, due to projects completed in foreign markets, and new construction contracts concluded in record volumes. The order book of Nordecon Group and the volume of contracts concluded in one quarter were the largest in the group's history. As of 31 March 2021, the volume of order book amounted to 281,431 thousand euros, which is approximately 23% more than in the comparable period last year. In the first quarter of 2021 new contracts were signed in total of 104,882 thousand euros worth. A number of large-scale contracts provide a significant volume of construction for 2022 and 2023. Sales revenue for the reporting period, which was 48,987 thousand euros, is approximately 11% lower compared to the same quarter of the previous year. An important part of the decline in sales revenue is in foreign markets, where sales revenue has decreased by 73%, whereas Estonia's sales revenue has remained at a level comparable to the same period last year. The Group ended with -92 thousand euros gross profit in the first quarter. Due to the seasonal nature of the construction, the result of the first quarter is influenced by a large share of uncovered fixed costs, especially in the segment of infrastructure. This is mainly influenced by the asphalt concrete production and installation unit in road construction, where a large part of the fixed costs are necessary technical costs. In addition, the result was significantly influenced by the one-off costs associated with the completion of construction works of Nysäter wind farm in Sweden. The net profit was influenced by the decrease in administrative expenses compared to the first quarter of 2020 and by the stronger currency exchange rate of the Ukrainian hryvnia, which had a significant impact on the financial income and costs of the group, against the euro. The net loss of the group decreased by approximately 13% compared to the same period last year, amounting to 1 911 thousand euros, of which the share of owners of the parent amounted to 1 564 thousand euros (decrease 41%). Condensed consolidated interim statement of financial position €’00031 March 202131 December 2020ASSETS Current assets Cash and cash equivalents8,41612,576Trade and other receivables42,35250,029Prepayments2,5582,678Inventories24,46722,454Total current assets77,79387,737 Non-current assets Other investments2626Trade and other receivables8,9508,654Investment property5,6395,639Property, plant and equipment17,90318,053Intangible assets14,97814,966Total non-current assets47,49647,338TOTAL ASSETS125,289135,075 LIABILITIES Current liabilities Borrowings18,16918,508Trade payables40,67847,390Other payables8,61811,814Deferred income10,3127,738Provisions9141,059Total current liabilities78,69186,509 Non-current liabilities Borrowings6,9827,352Trade payables2,7202,332Provisions1,7531,647Total non-current liabilities11,45511,331TOTAL LIABILITIES90,14697,840 EQUITY Share capital14,37914,379Own (treasury) shares (660)(660)Share premium635635Statutory capital reserve2,5542,554Translation reserve2,2422,423Retained earnings12,97914,543Total equity attributable to owners of the parent32,12933,874Non-controlling interests3,0143,361TOTAL EQUITY35,14337,235TOTAL LIABILITIES AND EQUITY125,289135,075 Condensed consolidated interim statement of comprehensive income €’000 Q1 2021Q1 20202020Revenue 48,987 54,924 296,082Cost of sales (49,079)(53,736)(285,086)Gross profit (loss) (92)1,18810,996 Marketing and distribution expenses (107)(128)(528Administrative expenses (1,471)(1,799)(7,073)Other operating income 35149453Other operating expenses (23)(53)(273)Operating profit (loss) (1,658)(643)3,575 Finance income 405562,995Finance costs (289)(1,579)(2,678)Net finance income (costs) 116(1,523)317 Share of profit (loss) of equity-accounted investees 0 (30) 734 Profit (loss) before income tax (1,542)(2,196)4,626Income tax expense (369)0(508)Profit (loss) for the period (1,911)(2,196)4,118 Other comprehensive income (expense):Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations (181)1,2481,254Total other comprehensive income (expense) (181)1,2481,254TOTAL COMPREHENSIVE INCOME (EXPENSE) (2,092)(948)5,372 Profit (loss) attributable to: - Owners of the parent (1,564)(2,669)2,466- Non-controlling interests (347)4731,652Profit (loss) for the period (1,911)(2,196)4,118 Comprehensive income (expense) attributable to: - Owners of the parent (1,745)(1,421)3,720- Non-controlling interests (347)4731,652Comprehensive income (expense) for the period (2,092)(948)5,372 Earnings per share attributable to owners of the parent: Basic earnings per share (€) (0.05)(0.08)0.08Diluted earnings per share (€) (0.05)(0.08)0.08 Condensed consolidated interim statement of cash flows €’000Q1 2021Q1 2020Cash flows from operating activities Cash receipts from customers68,07570,309Cash paid to suppliers(59,677)(63,575)VAT paid(2,338)(2,936)Cash paid to and for employees(6,215)(6,116)Income tax paid(458)0Net cash used in operating activities(613)(2,318) Cash flows from investing activities Paid on acquisition of property, plant and equipment(43)(58)Proceeds from sale of property, plant and equipment71138Loans provided(5)(5)Repayments of loans provided53Acquisition of a subsidiary 0(2)Cash received on acquisition of a subsidiary03,605Dividends received0245Interest received23Net cash from investing activities303,929 Cash flows from financing activities Proceeds from loans received5393Repayments of loans received(606)(891)Dividends paid(1,884)0Lease payments made(806)(737)Interest paid(277)(276)Other payments(10)0Net cash used in financing activities(3,578)(1,511) Net cash flow(4,161)100 Cash and cash equivalents at beginning of period12,5767,032Effect of movements in foreign exchange rates1(3)Increase (decrease) in cash and cash equivalents(4,161)100Cash and cash equivalents at end of period8,4167,129 Financial review Financial performance Nordecon ended the first quarter of 2021 with a gross loss of €92 thousand (Q1 2020: a gross profit of €1,188 thousand) and a negative gross margin of 0.2% (Q1 2020: a positive gross margin of 2.2%). Due to the seasonal nature of the construction business, first-quarter results are affected by a large share of uncovered fixed costs, particularly in the Infrastructure segment. Above all, this applies to asphalt concrete production and laying in road construction where plant and equipment costs account for a major share of fixed costs. Although the Infrastructure segment improved its gross margin year on year, its loss had a significant impact on the group’s overall performance. The segment’s gross margin for the first quarter was negative at 5.7% compared with a negative margin of 12.8% in the same period last year. Margin improvement is mainly attributable to the large-scale earthworks. The Buildings segment earned a gross profit but its gross margin weakened almost twofold, dropping to 2.1% (Q1 2020: 4.5%). A key factor in the margin decline was one-off costs incurred on the completion of work on the Nysäter wind farm. The group’s administrative expenses for the first quarter of 2021 were €1,471 thousand. Compared to the first quarter of 2020, administrative expenses decreased by around 18% (Q1 2020: €1,799 thousand), mainly through a decline in personnel expenses. The ratio of administrative expenses to revenue (12 months rolling) decreased to 2.3% (Q1 2020: 2.8%). The group’s operating loss for the first quarter of 2021 was €1,658 thousand (Q1 2020: €643 thousand). EBITDA was negative at €811 thousand (Q1 2020: positive at €194 thousand).The group’s finance income and costs are affected by exchange rate fluctuations in the group’s foreign markets. During the period, the exchange rate of the Ukrainian hryvnia strengthened against the euro by around 6.2% and the Swedish krona weakened against the euro by around 2%. Translation of the loans provided to the group’s Ukrainian and Swedish subsidiaries in euros into the local currencies gave rise to an exchange gain of €346 thousand and an exchange loss of €28 thousand (Q1 2020: an exchange loss of €1,338 thousand).The group incurred a net loss of €1,911 thousand (Q1 2020: €2,196 thousand). The loss attributable to owners of the parent, Nordecon AS, was €1,564 thousand (Q1 2020: €2,669 thousand). Cash flows Operating activities produced a net cash outflow of €613 thousand in the first quarter of 2021 (Q1 2020: an outflow of €2,318 thousand). Negative operating cash flow is typical of the first quarter and stems from the cyclical nature of the construction business. The period’s larger fixed and preparation costs cause outflows to exceed inflows. Operating cash flow is also strongly influenced by the fact that the contracts signed with most public and private sector customers do not require them to make advance payments, while the group has to make prepayments to subcontractors and suppliers. In particular, there has been growth in prepayments for materials. Cash inflow is also reduced by contractual retentions, which extend from 5 to 10% of the contract price and are released at the end of the construction period only.Investing activities resulted in a net cash inflow of €30 thousand (Q1 2020: an inflow of 3,929 thousand). Cash flow was influenced by payments made to purchase property, plant and equipment of €43 thousand (Q1 2020: €58 thousand) and proceeds from the sale of property, plant and equipment of €71 thousand (Q1 2020: €138 thousand). Cash flow for the comparative period was strongly influenced by the transformation of Embach Ehitus OÜ from an associate into a subsidiary, which generated cash inflow of €3,605 thousand.Financing activities generated a net cash outflow of €3,578 thousand (Q1 2020: an outflow of €1,511 thousand). The largest item was a dividend distribution of €1,884 thousand (Q1 2020: no dividend distribution). Loan and lease payments totalled €606 thousand and €806 thousand, respectively (Q1 2020: €891 thousand and €737 thousand, respectively). Interest payments amounted to €277 thousand (Q1 2020: €276 thousand).The group’s cash and cash equivalents as at 31 March 2021 totalled €8,416 thousand (31 March 2020: €7,129 thousand). Key financial figures and ratios Figure/ratioQ1 2021Q1 2020Q1 20192020Revenue (€’000)48,98754,92434,524296,082Revenue change(10.8)%59.1%(20.9)%26.5%Net profit (loss) (€’000)(1,911)(2,196)(1,893)4,118Net profit (loss) attributable to owners of the parent (€’000)(1,564)(2,669)(1,962)2,466Average number of shares31,528,58531,528,58531,528,58531,528,585Earnings per share (€)(0.05)(0.08)(0.06)0.08Administrative expenses to revenue3.0%3.3%4.3%2.4%Administrative expenses to revenue (rolling)2.3%2.8%3.1%2.4%EBITDA (€’000)(811)194(1,018)7,003EBITDA margin(1.7)%0.4%(2.9)%2.4%Gross margin(0.2)%2.2%0.1%3.7%Operating margin(3.4)%(1.2)%(5.1)%1.2%Operating margin excluding gain on asset sales(3.4)%(1.2)%(5.2)%1.2%Net margin(3.9)%(4.0)%(5.5)%1.4%Return on invested capital(2.1)%(3.3)%(2.9)%9.3%Return on equity(5.3)%(6.7)%(5.8)%11.8%Equity ratio28.0%28.2%30.2%27.6%Return on assets(1.8)%(2.1)%(1.8)%3.3%Gearing27.8%32.7%38.4%21.1%Current ratio0.990.950.971.01 31 March 202131March 202031 March 201931 Dec 2020Order book (€’000)281,431229,018170,509215,796 Performance by geographical market The revenue contribution of foreign markets has decreased. Revenue generated outside Estonia accounted for around 4% of the group’s total revenue for the first quarter of 2021 compared with 14% a year earlier. Q1 2021Q1 2020Q1 20192020Estonia96%86%90%82%Finland2%5%4%6%Sweden1%8%1%11%Ukraine1%1%5%1% Revenue generated in Sweden and Finland decreased year on year due the completion of large-scale contracts at the end of 2020 and the start of 2021. We continue to bid for new contracts and to prepare for new projects. The amount and proportion of revenue generated in Ukraine remained stable.Geographical diversification of the revenue base is a consciously deployed strategy by which we mitigate the risks resulting from excessive reliance on a single market. However, conditions in some of our chosen foreign markets are also volatile and strongly affect our current results. Increasing the contribution of foreign markets is one of Nordecon’s strategic goals. Performance by business line Segment revenues We strive to maintain the revenues of our operating segments (Buildings and Infrastructure) as balanced as possible in the light of market developments because this helps diversify risks and provides better opportunities for continuing construction operations in more challenging circumstances where the volumes of one subsegment decline sharply while another begins to grow more rapidly. The groups’ revenue for the first quarter of 2021 was €48,987 thousand, 10.8% less than a year earlier when revenue amounted to €54,924 thousand. The decline is largely attributable to foreign operations whose revenue contribution dropped by 73%. Revenue generated in Estonia remained comparable to the first quarter of 2020. In segment terms, revenue from the Buildings segment decreased by 23% while revenue from the Infrastructure segment grew by 86% year on year.The low volumes of infrastructure construction that affected the entire construction market also influenced the group’s revenue structure. In the first quarter of 2021, the Buildings and the Infrastructure segment generated revenue of €37,833 thousand and €11,094 thousand, respectively. The corresponding figures for the first quarter of 2020 were €48,954 thousand and €5,959 thousand. Revenue by operating segmentQ1 2021Q1 2020Q1 20192020Buildings80%89%82%72%Infrastructure20%11%18%28% Subsegment revenues In the Buildings segment, the revenues of all subsegments decreased year on year. The revenue contributions of the commercial, public and apartment buildings subsegments were practically equal and the revenue generated by the industrial and warehouse facilities subsegment continued to be modest. The largest projects under construction in the commercial buildings subsegment were a seven-floor commercial building in Rotermann City and the LEED Gold compliant Alma Tomingas office building in Ülemiste City in Tallinn and a Lidl store in Tartu. The order book of the public buildings subsegment has grown considerably, supporting the subsegment’s annual revenue growth. During the period, the subsegment’s largest projects were Kindluse Kool – a basic school in Järveküla, a sports and health centre in Kohtla-Järve, a family health centre in Tartu, an extension to the office building of the Estonian Foreign Intelligence Service at Rahumäe tee in Tallinn and a barracks in Paldiski. A significant share of the group’s apartment building projects is located in Tallinn. During the period under review, the largest of them were the design and construction of the first two phases of the Kalaranna quarter and the design and construction of the Tiskreoja residential area on the western border of the city. The group also continues to build its own housing development projects in Tallinn and Tartu (reported in the apartment buildings subsegment). During the period, work continued on the first two apartment buildings in the Mõisavahe homes project (https://moisavahe.ee) and the development of plots for Kivimäe Süda – a new residential area in the Nõmme district of Tallinn. In carrying out our own development activities, we carefully monitor potential risks in the housing development market. The share of revenue generated by the industrial and warehouse facilities subsegment remained stable year on year. The group is working on smaller-scale projects with an average cost of €2 million. The largest projects of the period were a two-floor stock-office type commercial facility in the Tähetorni Technopark and a logistics centre for the packaging supplier Pakendikeskus AS in Tallinn. Buildings breakdownQ1 2021Q1 2020Q1 20192020Commercial buildings33%36%39%23%Public buildings31%30%21%37%Apartment buildings30%27%30%28%Industrial and warehouses6%7%10%12% In the Infrastructure segment, road construction and maintenance continued to dominate with revenues almost twice larger than in the same period last year. A major share of its revenue resulted from contracts secured in 2020, the largest of which are the construction the Väo junction on the eastern border of Tallinn and the performance of earthworks on the Võõbu-Mäo section of the Tallinn-Tartu road. The group also continued to deliver road maintenance services in Järva and Hiiu counties and the Kose maintenance area in Harju county.The group has won several contracts for the construction of small harbours. During the period, work was done on the construction of Salmistu harbour and Vasknarva boat harbour, which accounted for a major share of the revenue of the specialist engineering subsegment. Infrastructure breakdownQ1 2021Q1 2020Q1 20192020Road construction88%77%65%74%Specialist engineering6%14%0%4%Environmental engineering5%4%2%1%Other engineering1%5%33%21% Order book The group’s order book (backlog of contracts signed but not yet performed) stood at €281,431 thousand at 31 March 2021, a 23% increase year on year. In the first quarter of 2021, we signed new contracts of €104,882 thousand (Q1 2020: €43,325 thousand). Both figures (total order book and volume of contracts signed per quarter) are the largest in the group’s history. 31 March 202131 March 202031 March 201931 Dec 2020Order book (€’000)281,431229,018170,509215,796 The proportions of the two main operating segments in the group’s order book have not changed substantially: the Buildings segment still dominates, accounting for 80% while the Infrastructure accounts for 20% of the total order book (31 March 2020: 81% and 19%, respectively). Compared with 31 March 2020, the order book of the Buildings segment has grown by 22% and that of the Infrastructure segment by 27%.A significant share of new contracts was secured by the Buildings segment, the largest of them including: the extension and reconstruction of the main building of the Estonian Foreign Intelligence Service of around €42,300 thousand;the construction of an IKEA concept store in Rae rural municipality near Tallinn of around €23,000 thousand;the construction of apartment buildings in the Uusmäe residential area in the Saku small town near Tallinn of around €3,400 thousand. A large share of the order book of the Buildings segment is also made up of contracts secured in prior periods, the largest of them including the construction of a dairy complex for E‑Piim in Paide, phase III of the Maarjamõisa Medical Campus of the Tartu University Hospital, the LEED Gold compliant Alma Tomingas office building in Ülemiste City in Tallinn and the first two phases of apartment buildings in the Kalaranna quarter in Tallinn. Although new contracts were also signed in other subsegments of the Infrastructure segment, the road construction and maintenance order book is still the largest, accounting for 81% of the segment’s order book. The largest contracts signed during the period include: the construction of 2+2 passing lanes on the Kärevere-Kardla section of the Tallinn-Tartu-Võru-Luhamaa road with a cost of €12,600 thousand;additional earthworks on the Võõbu-Mäo section of the Tallinn-Tartu road with a cost of around €3,900 thousand;the construction of a wind farm in the Targale rural municipality in Latvia – the total cost of the contract in which Nordecon Betoon OÜ is one of the joint contractors is around €13,500 thousand;expansion of berths in Roomassaare harbour on the island of Saaremaa with a cost of around €2,600 thousand. Based on the size of the group’s order book, including the share of work to be performed in 2022 and 2023, and fierce competition in the general contracting market, the group’s management expects that in 2021 the group’s revenue will decline somewhat compared to 2020. Customers are increasingly expecting that general contractors should lower their prices but the input prices charged by subcontractors have not decreased as anticipated. This has put profit margins under strong pressure. In an environment of stiff competition, we have avoided taking unjustified risks whose realisation in the contract performance phase would have an adverse impact on the group’s results. Our main focus is on cost control as well as pre-construction and design activities where we can harness our professional competitive advantages. People Employees and personnel expenses The group had, on average, 675 employees, including 422 engineers and technical personnel, in the first quarter of 2021. Headcount decreased by around 3% year on year. Average number of employees at group entities (including the parent and the subsidiaries): Q1 2021Q1 2020Q1 20192020ETP422429391450Workers253266271258Total average675695662708 The group’s personnel expenses for the first quarter of 2021, including all taxes, totalled €5,931 thousand compared with €6,660 thousand for the same period last year. Personnel expenses decreased by around 11% year on year, mainly through a decrease in the number of employees, a reduction of salaries carried out in the middle of 2020 and a decline in the share of performance bonuses.The service fees of the members of the council of Nordecon AS for the first quarter of 2021 amounted to €37 thousand and associated social security charges totalled €12 thousand (Q1 2020: €47 thousand and €15 thousand, respectively).The service fees of the members of the board of Nordecon AS amounted to €99 thousand and associated social security charges totalled €33 thousand (Q1 2020: €132 thousand and €44 thousand, respectively). Labour productivity and labour cost efficiency We measure the efficiency of our operating activities using the following productivity and efficiency indicators, which are based on the number of employees and personnel expenses incurred: Q1 2021Q1 2020Q1 20192020Nominal labour productivity (rolling), (€ ‘000)417.4365.8315.5418.2Change against the comparative period, % 14.1%16%(1.5)%22.8% Nominal labour cost efficiency (rolling), (€)11.09.69.210.9Change against the comparative period, %14.9%4.3%(8.4)%18.1% The group’s nominal labour productivity and nominal labour cost efficiency improved year on year. The rise is attributable to growth in revenue generated in the past four quarters. Andri HõbemägiNordecon ASHead of Investor RelationsTel: +372 6272 022Email: email@example.com Attachments Nordecon_Interim_report_Q1_2021 NCN investor presentation Q1_2021
Saint-Herblain (France), May 6, 2021 – Valneva SE (the “Company”), a specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical need, announces that trading of its ordinary shares on the regulated market of Euronext in Paris (“Euronext Paris”) will be suspended, at the Company’s request, from the opening of the market at 9:00 AM CET. This trading suspension takes place in the context of the initial public offering of the Company on the Nasdaq Global Select Market, the terms of which have been previously announced today, in order to allow for the confirmation of allocations to investors and for the commencement of trading of the Company’s American Depositary Shares (“ADSs”) on the Nasdaq Global Select Market. This trading suspension will be effective until a new communication is released by the Company. Trading on Euronext Paris is expected to resume today, May 6, 2021, at approximately 4:30 PM CET, which is the earliest time ADSs are expected to begin trading on the Nasdaq Global Select Market (09:30 AM (EST)) under the ticker symbol “VALN”. About Valneva SEValneva is a specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical need. The Company has leveraged its expertise and capabilities both to successfully commercialize two vaccines and to rapidly advance a broad range of vaccine candidates into and through the clinic, including candidates against Lyme disease, the chikungunya virus and COVID-19. Valneva Investor and Media ContactsLaetitia Bachelot-FontaineDirector Investor Relations & Corporate CommunicationsM +33 (0)6 4516 firstname.lastname@example.org Dan SharpGovernment & Public Affairs Manager T +44-(0)email@example.com Attachment 2021_05_06_VLA_Trading_Suspension_PR_EN_Final
The Independent estimates between 30 and 40 countries and territories will be on the ‘green list,’ possibly alongside some islands
(Bloomberg) -- China announced that it was suspending a ministerial economic dialogue with Australia, in a largely symbolic move showing Beijing’s growing frustration with Canberra.China will indefinitely halt all activities under the China-Australia Strategic Economic Dialogue, the National Development and Reform Commission said in a statement Thursday. While the two sides have held three rounds of talks under the mechanism since 2014, it hasn’t convened since September 2017.“It is disappointing to hear that the NDRC has made this decision,” Australian Trade Minister Dan Tehan said in a statement, calling the dialogue an “important forum” to work through economic issues. “We remain open to holding the dialogue and engaging at the ministerial level.”The Australian dollar pared earlier losses, and was down 0.2% at 77.34 U.S. cents at 3:38 p.m. in Sydney.Relations between the two sides have been deteriorating for years and has plumbed new lows over the past year as China blocked or tariffed a series of imports from Australia after Canberra sought a probe into the origins of the coronavirus pandemic. Australia decided last month to cancel agreements between China’s Belt and Road Initiative and Victoria state and is also reviewing whether to force a Chinese company to sell a lease to a strategically important port used by the Australian and U.S. militaries.The last formal bilateral ministerial meeting was in January 2019 when then-Defense Minister Chris Pyne visited Beijing, although the two nation’s foreign ministers have talked since then on the sidelines of at least one international meeting.Cold-War MindsetThe NDRC blamed Australia for the downturn in relations, accusing “some Australian government officials” of working to “disrupt the normal exchanges and cooperation between China and Australia out of Cold War mindset and ideological discrimination.”The unraveling of the relationship has come as China’s dominance of Australian trade increases, with the proportion of Australian exports to China surging to 43% by the end of 2020.The key factor behind that has been the relentless rise in the price of iron ore, with China’s early emergence from Covid-19 spurring demand for the steelmaking ingredient. Major producers have struggled to keep pace with the huge demand from Chinese steel mills, pushing the price to $193 a ton in April, just shy of its 2010 record. Some analysts even see it crashing through the $200 barrier.China‘s reprisals at Australia have hit a range of other commodities including coal, beef, barley and lobster. China was the top buyer of Australian wine before China imposed tariffs, buying close to A$1 billion ($772 million) worth of wine in 2019 and accounting for 40% of exports.The duties imposed in November 2020 effectively shut access to the market, though strong European sales helped counter the slump. Coal, barley and wood have also managed to diversify into other markets.The key danger ahead for Australia’s economy relates to international education and tourism, which are currently frozen due to international border restrictions. China accounted for 37% of Australia’s A$10 billion-a-year foreign student market and Chinese tourists spent A$12.4 billion in the country 2019, accounting for 15% of arrivals.(Updates with Australian trade minister’s response in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
International driver's licence holders from all Australian visa classes may soon be forced to convert to a NSW licence after three months in the state, the transport minister says.Andrew Constance on Thursday told reporters he was seeking legal advice on a loophole which enabled some visa class holders, such as student visa holders, to avoid switching over to a NSW licence.
India has reported a record 412,262 new COVID-19 cases in a day and a record 3980 daily death toll as a second wave of infections swamps the health system and spreads from cities into the vast countryside.COVID-19 infections in the world's second most populous nation have surged past 21 million, with a death toll of 230,168, health ministry data show.
Washington DC Metropolitan Police officer Michael Fanone lamented the ‘indifference’ he’s felt after he and his colleagues battled a horde of MAGA rioters trying to storm the Capitol