Posts

Posted on

Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020

PR Newswire

LUND, Sweden, Nov. 27, 2020 /PRNewswire/ — BioInvent International AB’s (publ) (“BioInvent”) (OMXS: BINV) Extraordinary General Meeting (the “EGM”) today resolved to approve the Board of Directors’ resolution on a directed issue of 29,395,311 new shares and 14,697,655 new warrants to CASI Pharmaceuticals Inc. including amendments of the Articles of Association, resolved on a reverse share split 1:25 and a reduction of the share capital with necessary amendments to the Articles of Association and authorized the Board of Directors to resolve on a new shares issue of a maximum of 109,378,025 shares (corresponding to 4,375,121 shares after the reverse share split).

The EGM resolved on amendment of § 4 (share capital) and § 5 (number of shares) of the Articles of Association for the purpose of enabling the directed issue of shares and warrants, as resolved by the Board of Directors on 27 October 2020 subject to the approval by the EGM. § 4 is amended in such way that the share capital shall amount to no less than 22,400,000 Swedish kronor (SEK) and no more than 89,600,000 Swedish kronor (SEK) (previously no less than 20,000,000 Swedish kronor (SEK) and no more than 80,000,000 Swedish kronor (SEK)).

The EGM resolved to approve the Board of Directors’ previous resolution on October 27, 2020 on a directed issue of 29,395,311 new shares and 14,697,655 new warrants of series 2020/2025, both to CASI Pharmaceuticals, Inc. Through the issue of the new shares, the share capital of the company will increase by SEK 2,351,624.88 and at the subscription for new shares following exercise of the warrants of series 2020/2025, the share capital of the company may increase by maximum SEK 1,175,812.40. The subscription price for each new share shall be SEK 2.09 per share and the warrants are issued at no separate option premium. Subscription can only take place of all shares and warrants together and thus not of shares or warrants separately. One (1) warrant entitle the warrant holder to subscribe for one (1) new share in the company at a subscription price of SEK 3.14 per share during the period from and including 27 November 2020 up to and including 27 November 2025. The new shares are expected to be admitted to trading around December 7, 2020.

Furthermore, the EGM resolved on a reverse share split and amendment of § 5 (number of shares) of the Articles of Association. The reverse share split will be carried out by twenty-five (25) existing shares consolidating into one (1) new share (Sw. sammanläggning 1:25). If a shareholders’ holding of shares does not correspond to a full number of new shares, the excessive shares will pass to the company at the record date of the reverse share split. Excessive shares will thereafter be sold by Aktieinvest FK AB appointed by the company at the company’s expense, whereby concerned shareholders will receive their part of the sales proceeds. The EGM also resolved to authorize the Board of Directors to determine the record date for the reverse share split. The intention is to carry out the reverse share split during December 2020 and more detailed information about the timetable is expected to be announced no later than the second week in December. Following the reverse share split, the number of shares in the company will decrease from 984,402,407 to 39,376,096. The reversed share split will result in a change of the share’s par value from SEK 0.08 to approximately SEK 2.00. The resolution on amendment of the Articles of Association means that § 5 is amended in such way that the number of shares shall be not less than 37,500,000 and not more than 150,000,000 (previously not less than 280,000,000 and not more than 1,120,000,000).

The EGM also resolved on a reduction of the share capital and amendment of § 4 (share capital) of the Articles of Association. The share capital shall be reduced by SEK 70,876,973.36. Following the reduction, the share capital amounts to SEK 7,875,219.20, allocated on in total 39,376,096 shares, each share with a quota value of SEK 0.20. The reduction amount shall be allocated to unrestricted shareholders’ equity and shall be made without retirement of shares. The reduction of the share capital requires authorization from the Swedish Companies Registration Office (Sw. Bolagsverket) or a court of general jurisdiction. Provided that the required authorization is obtained, the resolution on the reduction will be implemented in March 2021. The resolution on amendment of the Articles of Association means that § 4 is amended in such way that the share capital shall amount to no less than 7,500,000 Swedish kronor (SEK) and no more than 30,000,000 Swedish kronor (SEK) (previously no less than 22,400,000 Swedish kronor (SEK) and no more than 89,600,000 Swedish kronor (SEK)).

Finally, the EGM resolved to authorize the Board of Directors to, on one or several occasions during the period up to the next Annual General Meeting, resolve on the issue of a maximum of 109,378,025 shares (corresponding to 4,375,121 shares after the reverse share split). The issue may take place with or without a deviation from the shareholders’ preferential right and against payment in cash or with or without provisions on contribution in kind or set-off or any other terms. The purpose of the authorization is to increase the company’s financial flexibility and enable acquisitions by payment of shares. The above authorization replaces the authorization the Board of Directors was granted at the Annual General Meeting 2020, regarding the time after the resolution of the general meeting at this EGM.

The minutes from the extraordinary general meeting will be available on the company’s website, www.bioinvent.com.

About BioInvent

BioInvent International AB (OMXS: BINV) is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of hematological cancer and solid tumors, respectively. Two preclinical programs in solid tumors are expected to have entered clinical trials by the end of 2020. The company’s validated, proprietary F.I.R.S.T™ technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the company’s own clinical development pipeline or for additional licensing and partnering.

The company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the company’s fully integrated manufacturing unit. More information is available at www.bioinvent.com.

For further information, please contact:

Martin Welschof, CEO 
+46 (0)46 286 85 50  
[email protected]    

BioInvent International AB (publ)

Co. Reg. No. Org nr: 556537-7263
Visiting address: Sölvegatan 41
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
www.bioinvent.com

This information was brought to you by Cision http://news.cision.com

The following files are available for download:

Cision View original content:http://www.prnewswire.com/news-releases/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020-301181123.html

SOURCE BioInvent

Posted on

Xinyuan Real Estate Co., Ltd. Announces Third Quarterly Dividend for 2020

PR Newswire

BEIJING, Nov. 27, 2020 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and also in other countries, today announced that its Board of Directors has declared a cash dividend for the third quarter of 2020 of US$0.0125 per common share, or US$0.025 per American Depositary Share, which will be payable before January 8, 2021, to shareholders of record as of December 18, 2020.

About Xinyuan Real Estate

Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is an NYSE-listed real estate developer and property manager primarily in China and recently in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi’an, and Suzhou. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.

For more information, please contact:

In China:

Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: [email protected]

The Blueshirt Group
Ms. Susie Wang
Mobile: +86 (138) 1081-7475
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: [email protected]

Cision View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarterly-dividend-for-2020-301181110.html

SOURCE Xinyuan Real Estate Co., Ltd.

Posted on

Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2020 Financial Results

PR Newswire

BEIJING, Nov. 27, 2020 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and in the U.S., today announced its unaudited financial results for the third quarter ended September 30, 2020.


Third


 Quarter


 2020 Highlights

  • Total revenue in the third quarter of 2020 increased 130.5% to US$ 655.4 million from US$284.4 million in the second quarter of 2020.
  • Net income in the third quarter of 2020 increased 198.0% to US$ 29.5 million from net loss of US$30.1 million in the second quarter of 2020.
  • Diluted net income per ADS attributable to shareholders in the third quarter of 2020 increased 193.3% to US$0.46 from diluted net loss of US$0.49 in the second quarter of 2020.

Mr. Yong Zhang, Xinyuan’s Chairman, stated, “I am glad to share our third quarter business results, in which we made remarkable progress from last quarter. We believe that consumer spending has broadly been restored across China, driving better business conditions. Our contract sales recovered with several major projects in Zhengzhou and Qingdao launched for presale as planned, reaching around 11.8 billion RMB or US$1.68 billion accumulatively by the end of third quarter. We also made encouraging progress on projects in Beijing and Xi’an, which should be able to launch in the fourth quarter. With a burgeoning pipeline in Tier-1 and Tier-2 cities, we are confident that Xinyuan can withstand market fluctuations and capitalize on opportunities.”

Mr. Zhang continued: “Balance sheet optimization has always been our top mission. In this quarter, we further reduced the proportion of short-term debt from 46% in December 2019 to 37% in September 2020, a $240 million reduction from $1.49 billion to $1.25 billion, and it’s fully covered by our cash position. Liquidity improved due to ample cash collection and issuance of offshore bonds in third quarter, and recently further strengthened after the landing of RMB 900 million onshore corporate bonds. Stronger balance sheet brings additional resources needed to drive our growth strategy and to build a diverse and dynamic real estate ecosystem.”


Third Quarter


 2020 Financial Results

Revenue

In the third quarter of 2020, the Company’s total revenue increased 31.7% to US$ 655.4 million from US$497.6 million in the third quarter of 2019 and increased 130.5% from US$284.4 million in the second quarter of 2020.

Gross Profit

Gross profit for the third quarter of 2020 was US$ 105.3 million, compared to gross profit of US$123.5 million in the third quarter of 2019 and a gross profit of US$19.2 million in the second quarter of 2020.

Selling, General and Administrative Expenses

SG&A expenses were US$ 57.9 million for the third quarter of 2020 compared to US$57.6 million for the third quarter of 2019 and US$51.4 million for the second quarter of 2020. As a percentage of total revenue, SG&A expenses were 8.8% compared to 11.6% in the third quarter of 2019 and 18.1% in the second quarter of 2020.

Net Income

Net income for the third quarter of 2020 was US$ 29.5 million compared to net income of US$5.4 million for the third quarter of 2019 and net loss of US$30.1 million for the second quarter of 2020. Net margin was 4.5% compared to 1.1% in the third quarter of 2019 and negative 10.6% in the second quarter of 2020. Diluted net earnings per ADS was US$0.46 compared to diluted net earnings of US$0.07 per ADS in the third quarter of 2019 and diluted net loss of US$0.49 per ADS in the second quarter of 2020.

Balance Sheet

As of September 30, 2020, the Company’s cash and restricted cash was US$ 1,252.0 million, which reflects an increase of US$ 252.2 million from US$ 999.8 million as of June 30, 2020.

As of September 30, 2020, short term debt outstanding was US$ 1,255.6 million, total debt outstanding was US$ 3,374.6 million.

The balance of the Company’s real estate properties under development at the end of the third quarter of 2020 was US$ 2,592.0 million compared to US$ 3,094.9 million at the end of the second quarter of 2020.


Real Estate Project Status in China

The Company commenced pre-sales of two new project in the third quarter of 2020, Zhengzhou Xinyuan Palace I and Qingdao Lingshan Bay Dragon Seal.

Below is a summary table of projects that were active and available for sale in the third quarter of 2020.


Project


GFA


(m2, 000s)


Total Active
Projects as of
September 30,
2020


Sold as of
September 30,
2020


Unsold as of
September 30,
2020

Xingyang Splendid II

118.5

98.3

20.2

Jinan Royal Palace

449.8

441.5

8.3

Xuzhou Colorful City

130.8

123.3

7.5

Sanya Yazhou Bay No.1

119.2

119.0

0.2

Xi’an Metropolitan

286.0

276.3

9.7

Jinan Xin Central

195.7

192.0

3.7

Henan Xin Central I

261.5

253.4

8.1

Zhengzhou Fancy City I

166.7

160.4

6.3

Tianjin Spring Royal Palace I

139.7

131.6

8.1

Zhengzhou International New City I

356.7

353.1

3.6

Xingyang Splendid III

120.9

119.2

1.7

Zhengzhou International New City II

176.0

170.3

5.7

Zhengzhou Fancy City II (North)

108.7

102.4

6.3

Tianjin Spring Royal Palace II

144.6

91.4

53.2

Zhengzhou International New City III D

46.1

45.2

0.9

Zhengzhou Hangmei International Wisdom City I

64.7

59.0

5.7

Zhengzhou International New City III B

118.8

118.5

0.3

Changsha Furong Thriving Family

72.0

72.0

0.0

Chengdu Xinyuan City

741.6

402.9

338.7

Kunshan Xinyu Jiayuan

107.9

64.2

43.7

Xingyang Splendid IV

151.8

107.8

44.0

Suzhou Suhe Bay *

62.6

62.6

–

Zhengzhou Hangmei International Wisdom City II

78.4

42.4

36.0

Qingdao Royal Dragon Bay

161.9

108.1

53.8

Jinan Royal Spring Bay

116.9

80.5

36.4

Xinyuan Golden Water View City-Zhengzhou

331.4

120.2

211.2

Zhengzhou Fancy City III

80.6

77.4

3.2

Zhengzhou International New City III C

82.3

75.7

6.6

Zhengzhou International New City IV A12

199.7

185.4

14.3

Zhengzhou International New City IV B10

92.3

69.5

22.8

Suzhou Galaxy Bay

76.5

73.4

3.1

Suzhou Gusu Shade I

12.0

9.4

2.6

Dalian International Health Technology Town I

103.8

63.8

40.0

Xingyang Splendid V

80.5

66.1

14.4

Suzhou Gusu Shade II **

14.3

10.0

4.3

Zhengzhou International New City V A04

104.9

51.3

53.6

Huzhou Silk Town ***

146.7

33.4

113.3

Foshan Xinchuang AI International Science and
Technology Innovation Valley

194.4

42.4

152.0

Suzhou Linhu Lake****

156.4

12.6

143.8

Zhengzhou Xinyuan Palace I

122.0

19.0

103.0

Qingdao Lingshan Bay Dragon Seal*****

381.2

25.5

355.7

Others

56.5

56.5


Total active projects


6,733.0


4,730.5


2,002.5

* The Company owns a 16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd.. which develops Suzhou Suhe Bay. The Company accounts for its investment under the equity method.

** The Company owns a 19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which develops Suzhou Gusu Shade II. The Company accounts for its investment under the equity method.

*** The Company owns a 51% equity interest indirectly in Huzhou Xinhong Renju Construction Development Co., Ltd., which develops Huzhou Silk Town. Based on the articles of association, the company cannot exercise control of Huzhou Silk Town, but has the ability to exercise significant influence over Huzhou Silk Town’s operating and financial decisions and accounted for it as an equity method investment.

**** The Company owns a 24% equity interest in Suzhou Rongjingchen Real Estate Co., Ltd., which develops Suzhou Linhu Lake. The Company accounts for its investment under the equity method.

***** The Company owns a 49% equity interest in Qingdao Wisdom City Industry Development Co., Ltd. , which develops Qingdao Lingshan Bay Dragon Seal. The Company has the land use rights and property development and accounted for it as an equity method investment.

As of September 30, 2020, the Company’s total saleable GFA was approximately 4,056,500 square meters for active projects and under planning stage projects in China. Below is a summary of all of the Company’s projects in China:


Unsold GFA as of

September 30,
2020


 (m2
, 000s)


Pre-sales


Scheduled

Tongzhou Xinyuan Royal Palace-Beijing

102.3

Q4, 2020

Xinyuan Chang’an Royal Palace-Xi’an

226.0

Q4, 2020

Zhengzhou International New City Land Bank(all land is grouped together and
will be developed gradually)

862.4

To be determined

Zhuhai Xin World

70.0

To be determined

Zhengzhou Hangmei Project Land Bank(all land is grouped together and will be
developed gradually)

201.1

To be determined

Wuhan Hidden Dragon Royal Palace

182.9

To be determined

Dalian International Health Technology Town II

44.4

To be determined

Foshan Xinchuang AI International Science and Technology Innovation Valley II

236.8

To be determined

Taizhou Yihe Yayuan *

128.1

To be determined


Total projects under planning


2,054.0


Total active projects


2,002.5


Total of all Xinyuan unsold projects in China


4,056.5

* The Company owns 40% equity interest in Taizhou Yiju Real Estate Co., Ltd. which develops Taizhou Yihe Yayuan.


Update on United States Real Estate Projects

At the Oosten project in Brooklyn, New York City, as of September 30, 2020, a total of 179 units out of 216 units were sold. Total revenue from this project has reached US$261.0 million. Of the remaining 37 unsold units, 21 are rented with lease terms ranging from 12 months to 24 months.

At the Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell’s Kitchen area of Manhattan, New York City, as of September 30, 2020, the Company had completed superstructure construction, precast concrete facade, and windows installation. Of the total sellable 34,903 square feet of retail/commercial space, a total of 28,090 square feet have been leased to the U.S. department store retailer Target for a 20 year term and another 1,910 square feet have been leased to a dermatologist’s office for a 15 year lease term. Target’s grand opening was on October 25, 2020.

The substantial completion of construction is expected in December 2020 and under budget. The temporary certification of occupancy of entire building is expected by the end of December 2020. The onsite sales office and model apartments were fully furnished during the second quarter 2020. The residential unit sales strategy started with a first phase launch in China during Q4 2019 in which we exhibited in five Tier 1 and Tier 2 cities, leveraging Xinyuan’s own client database and established third-party channels. The second phase of sales was officially launched in New York City during Q3 2020.

At the RKO project in Flushing, New York, the Company continued to execute on the planning, governmental approvals, and pre-development activities. As of September 30, 2020, we have engaged GKV Architects to develop new architectural plans, and completed the schematic design for the condo and hotel mixed-use development. The demolition is expected to be completed by the end of the first quarter 2021. The procurement of general contractor for the construction started during Q3 2020.


Update on the United Kingdom Real Estate Project

During the third quarter of 2020, work on site continued to progress, primarily focused on internal fit out, but completion will be delayed from the contract completion date of October 2020 due to the impact of Covid-19 on construction sites. Our current forecast is that construction will be completed in first quarter 2021, assuming no further restrictions on working conditions.

Of the 423 residential units in The Madison, all of the 104 Affordable Housing apartments have been pre-sold to a regulated affordable housing provider. Of the remaining 319 apartments, 151 apartments have been sold.


Business Outlook

We remain optimistic and positive for the remainder of 2020. But in light of future uncertainties relating to COVID-19 developments and economical fluctuations, as well as the government restrictions on the real estate industry, the Company expects 2020 contract sales of around RMB 18 billion.

Conference Call Information

The Company will hold a conference call at 8:00am ET on November 27, 2020, to discuss its third quarter 2020 results. Listeners may access the call by dialing:

US Toll Free:

1-800-458-4121

Toll/International:

1-323-794-2093


Mainland China:

4001 209101

Hong Kong Toll Free:

800 961 105

United Kingdom Toll Free:

0800 358 6377

A webcast will also be available through the Company’s investor relations website at http://ir.xyre.com.

A replay of the conference call may be accessed by phone at the following numbers until December 4, 2020:

US:

1-844-512-2921

International:

1-412-317-6671

Access code:

4456736

A live and archived webcast of the conference call will be available at http://ir.xyre.com.

About Xinyuan Real Estate Co., Ltd.

Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is an NYSE-listed real estate developer and property manager primarily in China and in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi’an, and Suzhou, among others. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York City. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.

Forward Looking Statements

Certain statements in this press release constitute “forward-looking statements”. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements includes statements about estimated financial performance and sales performance and activity, among others, and can generally be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter successfully into new geographic markets and new business lines and expand our operations; the impact of the COVID-19 pandemic on the real estate markets and economies of the cities and countries in which we operate; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2019. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.

Notes to Unaudited Financial Information

This release contains unaudited financial information which is subject to year-end audit adjustments. Adjustments to the financial statements may be identified when the audit work is completed, which could result in significant differences between our audited financial statements and this unaudited financial information.

For more information, please contact:

Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: [email protected]

The Blueshirt Group

In U.S.: Ms. Julia Qian
Email: [email protected]

In China: Ms. Susie Wang
Mobile: +86 (138) 1081-7475
Email:  [email protected]

 

 


XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(All US$ amounts and number of shares data in thousands, except per share data)

Three months ended

September 30,

June 30,

September 30,

2020

2020

2019

(unaudited)

(unaudited)

(unaudited)

Total revenue

655,412

284,361

497,638

Total costs of revenue

(550,074)

(265,143)

(374,134)

Gross profit

105,338

19,218

123,504

Selling and distribution expenses

(20,327)

(15,943)

(21,067)

General and administrative expenses

(37,581)

(35,434)

(36,556)

Gain on disposal of property held for lease

82,806

–

–

Operating income/(loss)

130,236

(32,159)

65,881

Interest income

3,409

4,322

4,245

Interest expense

(36,496)

(30,434)

(31,338)

Gain on short-term investments

3,410

3,460

2,486

Other (loss)/gain

(330)

(1,114)

6,493

Net (loss)/income on debt extinguishment

(277)

332

(2,272)

Exchange gain/(loss)

1,656

(1,960)

(7,655)

Share of gain/(loss) of equity investees

8,851

473

(2,142)

Income/(loss) from operations before income taxes

110,459

(57,080)

35,698

Income tax (expenses)/benefits

(80,910)

27,021

(30,256)

Net income/(loss)

29,549

(30,059)

5,442

Net (loss)/income attributable to non-controlling interest

(6,181)

3,819

(1,298)

Net income/(loss) attributable to Xinyuan Real Estate Co.,
Ltd. shareholders

23,368

(26,240)

4,144

Earnings /(loss) per ADS:

Basic

0.46

(0.49)

0.07

Diluted

0.46

(0.49)

0.07

ADS used in computation:

Basic

53,588

53,639

56,329

Diluted

53,591

53,639

56,624

 

 


XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES


UNA
UDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(All US$ amounts and number of shares data in thousands, except per share data)

Nine months ended

September 30,

September 30,

2020

2019

(unaudited)

(unaudited)

Total revenue

1,065,542

1,575,930

Total costs of revenue

(912,880)

(1,162,162)

Gross profit

152,662

413,768

Selling and distribution expenses

(42,610)

(61,106)

General and administrative expenses

(110,693)

(115,543)

Gain on disposal of property held for lease

82,806

–

Operating income/(Loss)

82,165

237,119

Interest income

11,900

13,294

Interest expense

(97,193)

(84,028)

Gain on short-term investments

7,771

4,162

Other (expense)/income

(1,652)

5,720

Net loss on debt extinguishment

(1,055)

(8,816)

Exchange loss

(1,154)

(8,464)

Share of gain/(loss) of equity investees

8,300

(5,444)

Income from operations before income taxes

9,082

153,543

Income taxes

(48,732)

(110,086)

Net (loss)/income

(39,650)

43,457

Net loss attributable to non-controlling interest

(2,745)

(9,050)

Net (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders

(42,395)

34,407

(Loss)/earnings per ADS:

Basic

(0.79)

0.60

Diluted

(0.79)

0.60

ADS used in computation:

Basic

53,710

57,404

Diluted

53,710

57,758

 

 


XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS


(All US$ amounts and number of shares data in thousands)

September 30,

June 30,

December 31,

2020

2020

2019

(unaudited)

(unaudited)

(audited)


ASSETS

Current assets

Cash and restricted cash

1,068,754

820,769

989,587

Short-term investments

22,431

5,850

5,596

Accounts receivable

95,474

88,103

97,912

Other receivables

412,095

330,833

287,300

Deposits for land use rights

29,956

28,816

26,375

Other deposits and prepayments

318,785

300,348

277,463

Advances to suppliers

75,029

66,317

44,358

Real estate properties development completed

657,079

415,430

458,205

Real estate properties under development

2,591,955

3,094,871

3,254,388

Amounts due from related parties

251,950

266,735

200,758

Amounts due from employees

3,480

1,594

2,351

Other current assets

5,279

18,186

772


Total current assets

5,532,267

5,437,852

5,645,065

Restricted cash, non-current

183,206

179,059

112,998

Real estate properties held for lease, net

490,391

511,800

515,869

Property and equipment, net

40,561

40,043

43,004

Long-term investment

614,611

593,547

613,620

Deferred tax assets

198,536

188,034

260,153

Deposits for land use rights and properties

33,773

32,488

32,969

Amounts due from related parties

41,188

39,465

82,687

Contract cost assets

21,945

20,703

23,093

Operating lease right-of-use assets

7,266

8,635

11,801

Other assets

85,855

76,415

80,405


TOTAL ASSETS

7,249,599

7,128,041

7,421,664

 

 


XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS


(All US$ amounts and number of shares data in thousands)

September 30,

June 30,

December 31,

2020

2020

2019

(unaudited)

(unaudited)

(audited)


LIABILITIES AND


SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable and notes payable

902,557

992,679

1,166,660

Short-term bank loans and other debt

16,420

56,881

73,419

Customer deposits

973,004

1,224,998

1,106,099

Income tax payable

152,639

155,914

298,228

Other payables and accrued liabilities

455,920

530,436

323,164

Payroll and welfare payable

10,554

10,269

24,224

Current portion of long-term bank loans and other debt

1,239,211

1,177,657

1,418,955

Lease liability, current portion

6,412

7,143

11,284

Mandatorily redeemable non-controlling interests

7,326

6,981

8,857

Amounts due to related parties

88,302

53,667

53,682


Total current liabilities

3,852,345

4,216,625

4,484,572

Non-current liabilities

Long-term bank loans

734,282

747,387

686,065

Other long-term debt

1,384,679

1,026,103

1,036,691

Deferred tax liabilities

377,434

299,468

338,593

Unrecognized tax benefits

116,309

114,085

73,605

Lease liability

2,574

3,373

10,187

Amounts due to related parties

–

24,853

–


TOTAL LIABILITIES

6,467,623

6,431,894

6,629,713

Shareholders’ equity

Common shares

16

16

16

Treasury shares

(115,091)

(114,454)

(113,720)

Additional paid-in capital

562,505

546,022

543,291

Statutory reserves

175,002

175,002

175,008

Retained earnings

77,247

37,301

135,873

Accumulated other comprehensive loss

(25,152)

(44,843)

(50,167)

Total Xinyuan Real Estate Co., Ltd. shareholders’ equity

674,527

599,044

690,301

Non-controlling interest

107,449

97,103

101,650

Total equity

781,976

696,147

791,951


TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

7,249,599

7,128,041

7,421,664

 

 

Cision View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarter-2020-financial-results-301181115.html

SOURCE Xinyuan Real Estate Co., Ltd.

Posted on

Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three and Nine Month Periods Ended September 30, 2020

PR Newswire

TEL-AVIV, Israel, Nov. 27, 2020 /PRNewswire/ — Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported the publication in Israel of financial statements for the three and nine months ended September 30, 2020 of Dorad Energy Ltd. (“Dorad“), in which Ellomay currently indirectly holds approximately 9.4%.

On November 25, 2020, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group“), an Israeli public company that currently holds 50% of U. Dori Energy Infrastructures Ltd. (“Dori Energy“), which, in turn, holds 18.75% of Dorad, published its quarterly report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the quarterly report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad for the quarter ended September 30, 2020 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Dori Energy) in its financial results for this period, which are currently expected to be published on or about December 31, 2020.  In an effort to provide Ellomay’s shareholders with access to Dorad’s financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation of Dorad’s financial results.

Dorad Financial Highlights

  • Dorad’s unaudited revenues for the three months ended September 30, 2020 – approximately NIS 697.1 million.
  • Dorad’s unaudited operating profit for the three months ended September 30, 2020 – approximately NIS 112.7 million.

Dorad’s financial statements for the three and nine month periods ended September 30, 2020 note that following the outbreak of the coronavirus (COVID-19) in China in December 2019, and the spreading of the coronavirus to many other countries in early 2020, there has been a decline in economic activity in many regions of the world, as well as in Israel. The spreading of the coronavirus caused, among other things, a disruption in the supply chain, a decrease in global transport volume, traffic and employment restrictions declared by the Israeli government and other governments around the world, as well as declines in the value of financial assets and commodities in markets in Israel and around the world. Dorad notes that it is operating in accordance with the guidelines of the Israeli Ministries of Energy and Health on dealing with the coronavirus crisis, including preparations of the operation and maintenance employees of the power plant and shift work as required. Dorad’s financial statements further note that in light of the crisis, there is a certain decrease in the electricity consumption of various customers, and there is also a certain decrease in the demand of the Israel Electric Company and such reduction has not resulted in a material effect at this time. Dorad notes that it is continuously examining its potential methods of action in the event of a material decline in its income as a result of the spread of the coronavirus.

The Luzon Group’s quarterly report updates that Dorad is considering the possibility of constructing another power plant near the existing station, that on July 13, 2020 Dorad submitted to the National Infrastructure Committee (“NIC“) plans for public objections and that in August 2020 the NIC approved the transfer of the plans to the District Committee and public comments, subject to certain changes and amendments. As of the date of the report, Dorad has not yet made a final decision as to the construction of the additional power plant, as, among other things, the procedure for the adoption of such decision is currently the subject of legal proceedings among Dorad’s shareholders and Dorad, as further detailed in our financial statements for the six months ended June 30, 2020, submitted to the Securities and Exchange Commission on a Form 6-K dated September 24, 2020.

The Luzon Group’s quarterly report further discloses that during the first half of 2020, Dorad started examining the possibility of an initial public offering of its shares and that at this stage, the management of Dorad is examining with legal and financial advisors the stages required and the feasibility of the initial public offering. Any further decision or advancement in connection with such offering is subject to, among other things, the approval of Dorad’s shareholders and the prevailing market terms and there is no certainty as to whether or when any of these or other conditions will be fulfilled. 

 Based on the information provided by Dorad, the demand for electricity by Dorad’s customers is seasonal and is affected by, inter alia, the climate prevailing in that season. The months of the year are split into three seasons as follows: the summer season – the months of July and August; the winter season – the months of December, January and February; and intermediate seasons – (spring and autumn), the months from March to June and from September to November. There is a higher hourly demand for electricity during the winter and summer seasons, and the average electricity consumption per hour is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad’s revenues are affected by the change in load and time tariffs – TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Therefore, the results presented for the quarter ended September 30, 2020, which include the summer months of July and August and the intermediate month June, are not indicative of full year results. In addition, due to various reasons, including the effects of the spread of Covid-19 and the economic impact of such spread and of actions taken by governments and authorities, the results included herein may not be indicative of second quarter results in the future.

A translation of the financial results for Dorad as of and for the year ended December 31, 2019 and as of and for the three and nine month periods ended September 30, 2019 and 2020 is included at the end of this press release. Ellomay does not undertake to separately report Dorad’s financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Amos Luzon Entrepreneurship and Energy Group Ltd., Dori Energy or Dorad with respect to the financial results included in this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

  • Approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
  • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 860MW, representing about 6%-8% of Israel’s total current electricity consumption;
  • 51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
  • 100% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively;
  • 75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other parties), which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel’s prominent businessmen and the former Chairman of Israel’s leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay’s dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay’s controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad and changes in the prices of natural gas and the impact of the coronavirus pandemic on Dorad’s operations and projects, including in connection with reductions in the consumption of electricity by Dorad’s customers and the Israeli Electricity Company, delays in supply of gas, steps taken by Israeli authorities, regulatory changes, changes in the supply and prices of resources required for the operation of the Dorad’s facilities (and in the price of oil and electricity, and technical and other disruptions in the operation of Dorad), in addition to other risks and uncertainties associated with the Company’s business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Kalia Weintraub

CFO
Tel: +972 (3) 797-1111
Email: [email protected]   

 

Dorad Energy Ltd.


Condensed Interim Statement of Financial Position


September 30


September 30


December 31


2020


2019


2019


(Unaudited)


(Unaudited)


(Audited)


NIS thousands


NIS thousands


NIS thousands


Current assets

Cash and cash equivalents


418,733

393,646

266,021

Trade receivables and accrued income


218,858

253,309

292,759

Other receivables


8,448

8,734

22,685


Total current assets


646,039

655,689

581,465


Non-current assets

Restricted deposit


446,966

424,078

438,032

Prepaid expenses


35,729

40,116

37,225

Fixed assets


3,557,177

3,721,981

3,698,716

Intangible assets


5,528

2,214

2,247

Right of use assets


60,985

57,224

64,161


Total non-current assets


4,106,385

4,245,613

4,240,381


Total assets


4,752,424

4,901,302

4,821,846


Current liabilities

Current maturities of loans from banks


272,762

267,032

231,380

Current maturities of lease liabilities


3,039

4,546

4,551

Trade payables


262,785

268,305

288,127

Other payables


25,297

15,846

10,509

Financial derivatives


515

2,339

–


Total current liabilities


564,398

558,068

534,567


Non-current liabilities

Loans from banks


2,669,511

2,911,651

2,803,975

Long-term lease liabilities


55,929

52,385

54,052

Provision for dismantling and restoration


50,058

35,950

36,102

Deferred tax liabilities


202,706

159,165

170,676

Liabilities for employee benefits, net


160

160

160


Total non-current liabilities


2,978,364

3,159,311

3,064,965


Equity

Share capital


11

11

11

Share premium


642,199

642,199

642,199

Capital reserve from activities with shareholders


3,748

3,748

3,748

Retained earnings


563,704

537,965

576,356


Total equity


1,209,662

1,183,923

1,222,314


Total liabilities and equity


4,752,424

4,901,302

4,821,846

 

 

Dorad Energy Ltd.


Condensed Interim Statement of Income


For the nine months ended


For the three months ended


Year ended


September 30


September 30


December 31


2020


2019


2020


2019


2019


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Audited)


NIS thousands


NIS thousands


NIS thousands


NIS thousands


NIS thousands


Revenues


1,884,621

2,069,997


697,061

765,384

2,700,766


Operating costs of the


 Power Plant

Energy costs


417,892

564,179


143,458

214,253

708,662

Electricity purchase and

 infrastructure services


922,584

896,575


332,330

291,419

1,208,223

Depreciation and

 amortization


179,889

161,028


72,833

55,660

214,248

Other operating costs


111,671

119,556


35,729

37,788

151,116


Total operating costs


 of Power Plant


1,632,036

1,741,338


584,350

599,120

2,282,249


Profit from operating


 the Power Plant


252,585

328,659


112,711

166,264

418,517

General and

 administrative expenses


19,011

14,832


5,590

5,105

20,676


Operating profit


233,574

313,827


107,121

161,159

397,841

Financing income


2,479

3,162


635

1,225

4,237

Financing expenses


96,675

157,694


40,294

25,072

192,881


Financing expenses, net


94,196

154,532


39,659

23,847

188,644


Profit before


 taxes on income


139,378

159,295


67,462

137,312

209,197

Taxes on income


32,030

36,362


15,497

31,574

47,873


Profit for the period


107,348

122,933


51,965

105,738

161,324

 

 

Dorad Energy Ltd.


Condensed Interim Statement of Changes in Shareholders’ Equity


Capital reserve


for activities


Share


Share


with


Retained


capital


premium


shareholders


earnings


Total Equity


NIS thousands


NIS thousands


NIS thousands


NIS thousands


NIS thousands


For the nine months


 ended September 30, 2020


 (Unaudited)


Balance as at


 January 1, 2020 (Audited)


11


642,199


3,748


576,356


1,222,314

Profit for the period


–


–


–


107,348


107,348

Dividend to the Company’s

 shareholders

–

–

–


(120,000)


(120,000)


Balance as at


 September 30, 2020 (Unaudited)


11


642,199


3,748


563,704


1,209,662


For the nine months


 ended September 30, 2019


 (Unaudited)


Balance as at


 January 1, 2019 (Audited)

11

642,199

3,748

415,032

1,060,990

Profit for the period

–

–

–

122,933

122,933


Balance as at


 September 30, 2019 (Unaudited)

11

642,199

3,748

537,965

1,183,923


For the three months


 ended September 30, 2020


 (Unaudited)


Balance as at


 July 1, 2020 (Unaudited)


11


642,199


3,748


511,739


1,157,697

Profit for the period


–


–


–


51,965


51,965


Balance as at


 September 30, 2020 (Unaudited)


11


642,199


3,748


563,704


1,209,662


For the three months


 ended September 30, 2019


 (Unaudited)


Balance as at


 July 1, 2019 (Unaudited)

11

642,199

3,748

432,227

1,078,185

Profit for the period

–

–

–

105,738

105,738


Balance as at


 September 30, 2019 (Unaudited)

11

642,199

3,748

537,965

1,183,923

 

 

 

Dorad Energy Ltd.


Condensed Interim Statement of Changes in Shareholders’ Equity (cont’d)


Capital reserve


for activities


Share


Share


with


Retained


capital


premium


shareholders


earnings


Total Equity


NIS thousands


NIS thousands


NIS thousands


NIS thousands


NIS thousands


For the year ended


 December 31, 2019 (Audited)


Balance as at


 January 1, 2019 (Audited)

11

642,199

3,748

415,032

1,060,990

Profit for the year

–

–

–

161,324

161,324


Balance as at


 December 31, 2019 (Audited)

11

642,199

3,748

576,356

1,222,314

 

 

Dorad Energy Ltd.


Interim Condensed Statements of Cash Flows


For the nine months ended


For the three months ended


Year ended


September 30


September 30


December 31


2020


2019


2020


2019


2019


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Audited)


NIS thousands


NIS thousands


NIS thousands


NIS thousands


NIS thousands


Cash flows from


 operating activities:

Profit for the period


107,348

122,933


51,965

105,738

161,324

Adjustments:

Depreciation and amortization

 and fuel consumption


182,508

185,403


73,127

65,427

239,323

Taxes on income


32,030

36,362


15,497

31,574

47,873

Financing expenses, net


94,196

154,532


39,659

23,847

188,644


308,734

376,297


128,283

120,848

475,840

Change in trade receivables


73,901

44,688


(7,465)

2,894

5,238

Change in other receivables


14,234

39,345


6,576

26,454

25,394

Change in trade payables


(26,120)

(76,871)


26,227

(2,782)

(57,719)

Change in other payables


14,791

9,884


22,629

2,100

4,543


76,806

17,046


47,967

28,666

(22,544)


Net cash flows provided


 by operating activities


492,888

516,276


228,215

255,252

614,620


Cash flows used in


 investing activities

Proceeds (payment) for settlement of

 financial derivatives


(696)

(2,567)


(817)

(1,697)

(4,551)

Insurance proceeds in respect of

 damage to fixed asset


–

8,336


–

–

8,336

Investment in long-term

 restricted deposit


(6,000)

–


–

–

(14,000)

Investment in fixed assets


(21,853)

(31,789)


(14,135)

(11,133)

(60,476)

Investment in intangible assets


(4,367)

(615)


(2,557)

(596)

(939)

Interest received


2,473

3,140


633

1,222

4,213


Net cash flows used in


 investing activities


(30,443)

(23,495)


(16,876)

(12,204)

(67,417)


Cash flows from


 financing activities:

Repayment of lease liability principal


(441)

(4,399)


(147)

(154)

(8,513)

Repayment of loans from

 related parties


–

(17,704)


–

–

(17,704)

Repayment of loans from banks


(102,653)

(101,430)


–

–

(189,893)

Dividends and exchange rate

 paid


(123,739)

–


–

–

–

Interest paid


(86,680)

(92,970)


(151)

(172)

(182,435)


Net cash flows used in


 financing activities


(313,513)

(216,503)


(298)

(326)

(398,545)


Net increase in
 cash


 and cash equivalents for


 the period


148,932

276,278


211,041

242,722

148,658

Effect of exchange rate fluctuations

 on cash and cash equivalents


3,780

148


(170)

28

143


Cash and cash equivalents at


 beginning of period


266,021

117,220


207,862

150,896

117,220


Cash and cash equivalents at end


 of period


418,733

393,646


418,733

393,646

266,021

 

 

Cision View original content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-statements-of-dorad-energy-ltd-for-the-three-and-nine-month-periods-ended-september-30-2020-301181061.html

SOURCE Ellomay Capital Ltd

Posted on

JinkoSolar Sells Its Stake in Abu Dhabi Sweihan Power Station

PR Newswire

SHANGRAO, China, Nov. 27, 2020 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE:JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its wholly-owned subsidiary JinkoSolar Sweihan (HK) Limited (“Sweihan HK”) has signed a share and debt purchase agreement with Jinko Power (HK) Company Limited (“Jinko HK”), an indirectly wholly-owned subsidiary of Jinko Power Technology Co., Ltd. (“JinkoPower”) .

Pursuant to the agreement, Sweihan HK will sell its 50% equity interest in Sweihan Solar Holding Company Limited (“Sweihan Holding”) to Jinko HK. Sweihan Holding holds a 40% equity interest in Sweihan PV Power Company PJSC (the “Project Company”), the operating entity of a 1,200 MW photovoltaic power plant in Abu Dhabi (the “Sweihan Power Station”). Upon completion of the transaction, which is subject to the closing conditions set forth in the agreement, Jinko HK will indirectly hold a 20% equity interest in the Project Company. The closing of this transaction is subject to approvals by Emirates Water and Electricity Company (“EWEC”), other shareholders of Sweihan Holding and the Project Company, and the project finance lenders.

The Sweihan Power Station is located in the Eastern Region of the Emirate of Abu Dhabi. In September 2016, JinkoSolar and Marubeni Corporation (“Marubeni”) formed a consortium that won the bid for the project. All the power generated for an initial period of 25 years will be contractually sold to EWEC.

Mr. Kangping Chen, Chief Executive Officer of JinkoSolar, commented, “We are glad to have reached this agreement with JinkoPower. This divestiture will help JinkoSolar focus on its core business, enhance our strength and further sustain our long term growth in the global PV industry.”

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 20 GW for mono wafers, 11 GW for solar cells, and 25 GW for solar modules, as of June 30, 2020.

JinkoSolar has 9 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

To find out more, please see: www.jinkosolar.com. 

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: [email protected]

Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: [email protected] 

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: [email protected]

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-sells-its-stake-in-abu-dhabi-sweihan-power-station-301181118.html

SOURCE JinkoSolar Holding Co., Ltd.

Posted on

BioInvent strengthens Investor Relations

PR Newswire

LUND, Sweden, Nov. 27, 2020 /PRNewswire/ — BioInvent International AB (“BioInvent”) (OMXS: BINV), a biotech company focused on the discovery and development of novel and first-in-class immune-modulatory antibodies for cancer immunotherapy, announced today the appointment of Cecilia Hofvander as Senior Director Investor Relations, a new position at BioInvent covering external communications and investor relations. She will take office within three months and report directly to CEO Martin Welschof.

Cecilia has broad experience within investor relations from positions within publicly listed companies in the biotech industry, including Active Biotech, Abliva and most recently at Alligator Bioscience. She holds a B.Sc in Chemistry and Molecular Biology from Lund University and has completed the Communication Executive Program at the Stockholm School of Economics. Apart from IR and Communication, Cecilia Hofvander’s experience includes business development and international clinical drug trials.  

“We are pleased to recruit Cecilia to the BioInvent team,” said Martin Welschof, CEO of BioInvent. “She has broad experience from both investor relations and from the science field, a welcome addition to our team as BioInvent advances its position within the immune therapy area and builds international relationships.”

“I am delighted of the opportunity to join BioInvent and to be part of its exciting journey. BioInvent has an expanding clinical portfolio within immuno-oncology, an area which over the past decade has emerged as a novel and important approach to cancer treatment,” said Cecilia Hofvander. “I look forward to joining Martin and his team to contribute further to communication openness and clarity as a means of building long-term relationships with the company’s stakeholders.”

About BioInvent

BioInvent International AB (OMXS: BINV) is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of hematological cancer and solid tumors, respectively. Two preclinical programs in solid tumors are expected to have entered clinical trials by the end of 2020. The Company’s validated, proprietary F.I.R.S.T™ technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company’s own clinical development pipeline or for additional licensing and partnering.The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company’s fully integrated manufacturing unit. More information is available at www.bioinvent.com.

For further information, please contact:

Martin Welschof, CEO

Mary-Ann Chang, LifeSci Advisors

+46 (0)46 286 85 50

+44 7483 284 853

[email protected]

[email protected]

BioInvent International AB (publ)

Co. Reg. No. Org nr: 556537-7263
Visiting address: Ideongatan 1
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
www.bioinvent.com

The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as the date they are made and are, by their very nature, in the same way as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios described in this press release.

This information was brought to you by Cision http://news.cision.com

The following files are available for download:

Cision View original content:http://www.prnewswire.com/news-releases/bioinvent-strengthens-investor-relations-301181105.html

SOURCE BioInvent

Posted on

Zoomlion Wows at bauma China 2020 Exhibition with Launch of Next-Gen Intelligent Construction Machinery Securing Over $US3 Billion in Orders

PR Newswire

SHANGHAI, Nov. 27, 2020 /PRNewswire/ — Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion) has presented its largest outdoor exhibition at bauma China 2020 in Shanghai and launched multiple high-end intelligent products during the three-day international trade fair.

Zoomlion is exhibiting over 50 sets of construction equipment products from nine product lines at bauma China 2020. Through new product releases and online livestreaming events to interact with global customers, Zoomlion has signed orders totaling CNY20 billion ($US3.04 billion) at bauma China as of 26 November.

“The exhibition highlights Zoomlion’s high-end 4.0 generation products and innovative achievements that represent a qualitative leap of intelligence,” said Mr. Guo Xuehong, Vice President of Zoomlion.

Taking the lead in the industry with high-end, innovative intelligent products

Zoomlion’s exhibition at bauma China 2020 offered a glimpse into the future of construction machinery with a demonstration of intelligent hoisting minus the operation cab but with a 5G remote control experience center giving the “intelligence” part of the equipment the ability to touch, sense and see.

The ZTC-250NEV is the world’s first electric truck crane which has integrated machine vision, artificial intelligence and 5G communication, it’s a cab-less crane but with “eyes and a brain” to complete smart hoisting tasks with the push of a button.

The ZCC18000 crawler crane has the highest tonnage at the trade fair, boasting great hoisting capacity that makes it a perfect model for wind power hoisting on land and at sea. It’s equipped with Zoomlion’s self-developed no-landing overloading counterweight technology that reduces the area of operation by 60% and delivers industry-leading lifting performance.

Zoomlion also released the ZT68J, a self-propelled straight-arm aerial work platform that sets a world record of 67.5 meters in height, while guaranteeing better performance in off-road operation and intelligent control.

The company’s dry-mix mortar equipment has adopted the patented ultra-high-precision automatic powder metering system Powerdos. The intelligent functions such as hollow boom technology, carbon fiber concrete pipe and man-machine voice interaction and a tower crane ETI smart control system were widely acclaimed by visitors to the fair and global livestreaming audiences alike.

As the global market recovers from the impacts of COVID-19, Zoomlion is persisting with innovative research and development and looks forward to creating and sharing with all partners. The exhibitor hosted a 24-hour livestream in Chinese and English allowing global customers to participate in bauma China 2020.

“Zoomlion has never changed its vision to share the industry’s achievements and co-build the industry’s ecosphere. We are expecting to shape an intelligent and ultimate future in the principles of extensive consultation, joint contribution and shared benefits,” said Mr. Guo.

About Zoomlion

Founded in 1992, Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK) is a high-end equipment manufacturing enterprise that integrates engineering machinery, agricultural machinery, and financial services. The company now sells more than 600 cutting-edge products from 56 product lines covering ten significant categories.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/zoomlion-wows-at-bauma-china-2020-exhibition-with-launch-of-next-gen-intelligent-construction-machinery-securing-over-us3-billion-in-orders-301181103.html

SOURCE Zoomlion

Posted on

LeoVegas contemplates to issue a senior unsecured bond and communicates a leverage target

PR Newswire

STOCKHOLM, Nov. 27, 2020 /PRNewswire/ — LeoVegas AB (publ) (“LeoVegas”) has mandated SEB and Swedbank as joint bookrunners to arrange investor meetings commencing on 30 November 2020 to explore the conditions to issue a senior unsecured bond with an expected volume of SEK 500m, within a framework of SEK 1,200m with a tenor of three years. Subject to market conditions, a capital markets transaction may follow. The proceeds from the potential bond issue will be used to facilitate LeoVegas’ expansion strategy, refinance existing debt and for potential acquisitions. In conjunction with the transaction, LeoVegas also enters into a new three-year revolving credit facility agreement of EUR 40m.

Financial targets – leverage target introduced

In conjunction with the transaction, LeoVegas publishes that the leverage ratio (net debt to adjusted EBITDA) shall not, over the long term, exceed 1.0x. However, LeoVegas may, under certain circumstances, choose to exceed this level during short time periods in connection with, for instance, larger acquisitions or other strategic initiatives.

LeoVegas’ existing long-term financial targets are unchanged which include:

  • Long-term organic growth that outperforms the online gaming market
  • Long-term EBITDA margin of at least 15 percent, under the assumption that 100% of the revenue is generated in locally regulated markets where gaming tax is paid
  • To pay dividend, over time, of at least 50 percent of the profit after tax

“With this, we ensure a long-term and stable financing for LeoVegas. We strengthen the company’s financial flexibility and diversify our financing with the combination of a bond and new bank loans. This enables us to continue to deliver on our expansion strategy where we focus on regulated markets and markets soon to become regulated. Further, we continuously evaluate strategic and complementary acquisitions that may fit into the LeoVegas Group”, Gustaf Hagman, Group CEO

This information is such that LeoVegas AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at the time stated by LeoVegas AB’s (publ) news distributor Cision, upon publication of this press release. The persons indicated below can also be contacted for further information.

for further information, please contact:

Gustaf Hagman, Group CEO
+46 (0) 8 410 367 66, [email protected]

Stefan Nelson, Group CFO
+356 993 942 68, [email protected]

Philip Doftvik, Director of Investor Relations and Corporate Finance
+46 73 512 07 20, [email protected]

About leovegas mobile gaming group:

LeoVegas vision and position is “King of Casino”. The global group LeoVegas Mobile Gaming Group offers games on Casino, Live Casino, Bingo and Sport. The parent company LeoVegas AB (publ.) is located in Sweden and its operations are mainly located in Malta. The company’s shares are listed on Nasdaq Stockholm. www.leovegasgroup.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/leovegas-mobile-gaming-group/r/leovegas-contemplates-to-issue-a-senior-unsecured-bond-and-communicates-a-leverage-target,c3243761

The following files are available for download:

https://mb.cision.com/Main/17434/3243761/1340663.pdf

LeoVegas contemplates to issue a senior unsecured bond and communicates a leverage target

Cision View original content:http://www.prnewswire.com/news-releases/leovegas-contemplates-to-issue-a-senior-unsecured-bond-and-communicates-a-leverage-target-301181097.html

SOURCE LeoVegas Mobile Gaming Group

Posted on

JinkoSolar to Report Third Quarter 2020 Results on December 7, 2020

PR Newswire

SHANGRAO, China, Nov. 27, 2020 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it plans to release its unaudited financial results for the third quarter ended September 30, 2020 before the open of U.S. markets on Monday, December 7, 2020.

JinkoSolar’s management will host an earnings conference call on Monday, December 7, 2020 at 7:30 a.m. U.S. Eastern Time (8:30 p.m.Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

27311972#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, December 14, 2020. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319339095#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial, and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 20 GW for silicon wafers, 11 GW for solar cells, and 25 GW for solar modules, as of June 30, 2020.

JinkoSolar has 9 production facilities globally, and 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, and Australia, and global sales teams in China, United  Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland, and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: [email protected]

Mr. Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: [email protected]

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: [email protected]

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-to-report-third-quarter-2020-results-on-december-7-2020-301181096.html

SOURCE JinkoSolar Holding Co., Ltd.

Posted on

EWPG Holding AB: Interim report for the period 1 January – 30 September 2020

Third quarter of 2020

PR Newswire

STOCKHOLM, Nov. 27, 2020 /PRNewswire/ —

Numbers in parentheses refers to outcomes during the corresponding period of the previous year.

  • Revenues of SEK 0 million (0).
  • Other operating income of SEK 0.3 million (0.9) mainly pertaining to grants.
  • Operating costs decreased to SEK 0.7 million (1.3). Administrative expenses decreased to SEK 3.3 million (7.1). The comparable period last year was affected by IPO related costs.
  • Profit (loss) for the period amounted to SEK -3.5 million (-8.2).
  • Earnings per share of SEK -0.1 (-0.3).
  • As of 30 September 2020, cash and cash equivalents amounted to SEK 93 million (108) and shareholders’ equity amounted to SEK 91 million (105). Total number of outstanding shares amounted to 35,194,844 (34,997,194).
  • Cash flow from operating activities increased to SEK -5.3 million (-14.6) due to lower costs.
  • Average number of employees of 17 (14).

Significant events in the quarter

  • EWP EDF One Project- In a significant regulatory milestone, Eco Wave Power secured an engineering coordination permit from the Municipality of Tel-Aviv Jaffa (permit number 2020-4345) required for the deployment of the grid-connection works of the EWP-EDF One wave energy project in the Port of Jaffa, Israel.

  • Portugal–     Eco Wave Power established EW Portugal – Wave Energy Solutions, Unipessoal lda, a wholly owned subsidiary in Porto, Portugal. The strategic decision will enable Eco Wave Power to commence official licensing procedures for its planned wave energy project in Portugal, as part of the company’s newly signed 20MW Concession Agreement with the Port Authority of Leixões, APDL.

  • Gibraltar–     Eco Wave Power announced performance improvements and significant cost reductions from its Gibraltar wave energy project. In 2018-2019, power production performance of the array reached 70% of the forecasted output for the site, as compared to 31% in 2017-2018. Furthermore, direct maintenance and repair costs decreased from 18% of project cost in 2017, to 9% in 2018 and 4% in 2019. The results will undergo independent verification by Dr. Guang Li, an expert in ocean energy at the Queen Mary University of London.
  • New Projects in the Pipeline- Eco Wave Power entered two new letters of Intent; a 2MW LOI with the Port of Shoreham in the UK and an LOI with Diamond Energy for an up to 20MW PPA in Australia. Given these new agreements, the company’s projects pipeline, expanded to 254MW, which is a 64MW increase from the projects pipeline communicated in 2019. This reinforces the growing global commitment and interest in the Eco Wave Power Technology.
  • Patents- Patents number 254987 and 254990 were approved for registration.
  • Awards and Recognitions- This quarter, Eco Wave Power continues to receive industry accolades. Fast Company, selected Inna Braverman, as one of the world’s 74 “Most Creative People in Business for 2020″, and Eco Wave Power was recognized by Sifted.eu as one of the “European tech pioneers shaping the post-pandemic world”, in addition to becoming the recipient of the Green Innovation Award by the UK Department of International Trade.

Significant events after the reporting date

  •  In a EWP EDF One Project- Eco Wave Power announced the development of a new preventative-predictive and corrective smart Wave Power Verification (WPV) software. The software can speed up efficiency verification of the different sub systems of wave energy generation technologies, as well as detect failures in wave modules instantly. It will achieve its first trial launch in the EWP-EDF One project, which is financed by the Israeli Energy Ministry and EDF Renewables IL.

  • Portugal–     Eco Wave Power announced a strategic collaboration with Painhas Engineering and Construction Company for the technical support for the licensing of 20MW Portugal Project. Painhas will take an integral part in the technical support needed for the official licensing procedures for the planned wave energy project in Portugal, as part of the newly signed 20MW Concession Agreement with the Port Authority of Leixões – APDL. Once licensing is obtained, the parties will work towards a continued collaboration for the execution of the project.
  • New Projects in the Pipeline- Eco Wave Power has entered a 20MW Letter of Intent with the Port of Bilbao, in Spain. In addition, Eco Wave Power has entered an MOU Agreement with MSMART Future Technology. The collaboration between the parties shall be executed in milestones. In the first phase, Eco Wave Power will perform an in-depth feasibility study, at the selected site in Vietnam and once studies are completed, the companies will work towards the establishment of a Joint Venture company for the development of a 50MW wave energy array.
  • Awards and Recognitions- Eco Wave Power has been invited to join 14 other leading entrepreneurs from across the UK & Europe for the first ever virtual iteration of the Unreasonable Impact programme, which aims to accelerate the growth of their companies. Unreasonable Impact is an innovative multi-year multi-geographic partnership between Barclays and Unreasonable Group to launch the world’s first global network focused on scaling up entrepreneurial solutions that will help employ thousands worldwide in the emerging green economy. In addition, Meaningful Business, a global platform for leaders combining profit and purpose, has recognised Eco Wave Power of as a Meaningful Business 100 (MB100) leader for 2020 and Eco Wave Power was shortlisted for the Falling Falls Science Breakthrough of the year in the Engineering and Technology Category. Falling Walls promotes ground-breaking ideas across borders and disciplines and brings together innovators from around the world. 
  • Moreover, we were extremely honored to be featured on RE:TV by the Sustainable Markets Initiative, curated by editor-in-chief, His Royal Highness, Prince Charles of Wales. It showcases inspiring innovations and ideas that point towards a sustainable future.

A Word From the CEO

“We now at last have a hugely important opportunity to reimagine our world through the lens of Sustainable Markets, and to put people and planet at the heart of global value creation.” – HRH Prince Charles, Prince of Wales.

Prior to the pandemic, more than 800 million people worldwide lacked access to electricity. Billions more have their potential diminished by unreliable or insufficient energy access, predominantly provided by carbon-emitting fuels. The energy accessibility gap has further widened because of the pandemic. This year alone, more than 100 million people have seen their electricity access severed because they couldn’t pay their bills during the pandemic, with the toll falling disproportionately on the poor and most vulnerable. The World Bank estimates that the combined impact of climate change and the damage done by Covid-19 will push 132 million people into poverty.

“There’s no going back to the past, to before-Covid. We need to reimagine the future we want,” said Dr. Rajiv J. Shah, President of the Rockefeller Foundation. “To meet this moment, we must leverage all our resources and relationships to build an equitable, sustainable future, where everyone has the opportunity to realize their full potential and climate disaster is avoided. The time to act is right now to make sure vulnerable children and families are included in the pandemic response and recovery.”

The Rockefeller Foundation committed to invest 1 Billion USD over the next three years to catalyse a more inclusive, green recovery from the Covid-19 pandemic. Other prominent leaders, governments, and organizations are also rising to the occasion and have committed to advancing significant and ground-breaking green recovery plans. For example, in June 2020, the EU launched a €750bn coronavirus recovery package of which 37% of the funding was to be allocated towards green initiatives that improve energy efficiency, reduce dependence on fossil fuels, and invest in preserving and restoring nature.4 Also, The Sustainable Markets Initiative, was launched by HRH Prince Charles of Wales, in response to the increasing threats posed by climate change and biodiversity loss.

In this quarter, Eco Wave Power is proud to be profiled in the Sustainable Market Initiative by HRH Prince of Wales, The World Economic Forum, and the Bank of America. The initiative reinforces the rising commitment of global leaders for the implementation of clean and sustainable energy production solutions, to catalyse green recovery from the Covid-19 pandemic and stresses the fact that now more than ever, wave energy is being acknowledged as a significant part of the green recovery plan.

Here, at Eco Wave Power, we are humbly accepting such acknowledgment with the understanding that we hold great responsibility for the future of our planet. As a result, in Q3, Eco Wave Power’s team has performed an admirable and mission-driven work, thus making me identify this quarter with the acronym “PAIRS”. I deem the acronym “PAIRS” as suitable, as everyone worked together in great harmony, towards a joint mission.

Personally, I found it the team work remarkable, especially given the unexpected hardships presented by Covid-19. Our efforts this quarter, have resulted in the following:

  1. Projects Progress
  2. Awareness
  3. Increasing Pipeline Projects Intake
  4. Reinforcing Financial Position
  5. Successfully Expanding the Company’s Product Offering

Projects Progress- In terms of our projects, we have seen important progress in our EWP-EDF One project (Israel) and our planned project in Portugal. During this quarter, our company has secured the engineering coordination permit necessary for the deployment of the grid-connection works and is working towards the finalization of the software for our second grid connected power station.

Whereas in Portugal we have established a local subsidiary and commenced collaboration with Painhas Engineering and Construction company in Portugal to accomplish the licensing for the APDL project in an efficient and timely manner.

Awareness- In terms of awareness and recognition, during this quarter, our company has enjoyed increased visibility in high profile media outlets and organizations; The company was  featured and recognized by Fast Company as “Most Creative People in Business”, by Sifted as “European tech pioneers shaping the post-pandemic world”, in addition to becoming the recipient of the Green Innovation Award by the UK Department of International Trade. Moreover, Meaningful Business, has recognised Eco Wave Power as a Meaningful Business 100 (MB100) leader for 2020 and Eco Wave Power was shortlisted for the Falling Falls Science Breakthrough of the year in the Engineering and Technology Category. Furthermore, we were extremely honored to be featured on RE:TV by the Sustainable Markets Initiative, curated by editor-in-chief, His Royal Highness, Prince Charles of Wales. It showcases inspiring innovations and ideas that point towards a sustainable future.

Increasing Pipeline Projects Intake- By working digitally over the past quarter we have been able to effectively respond to the continued heightened interest for our technology that we have been witnessing, due to  increase in awareness and recognition for the company’s work. Customers are vastly more accepting of digital meetings, allowing us to conduct multiple meetings with people on different continents in a single day. This resulted in three new letters of Intent; a 2MW LOI with the Port of Shoreham in the UK and an LOI with Diamond Energy for an up to 20MW PPA in Australia, as well as a 20MW LOI with the Port of Bilbao in Spain. This reinforces the growing global commitment and interest in the Eco Wave Power Technology.

Reinforcing Financial Position- During this quarter our business development team has worked towards the submission of several large-scale grants, aimed at supporting Eco Wave Power’s R&D efforts, as well as the company’s commercial roll-out plan. Securing these grants, will have significant value for the Eco Wave Power shareholders and for our commercialization process.

Successfully expanding the company’s products offering- In our annual report, we communicated that our company is planning to expand its product offering by providing increased project development products and services. One of the services presented in the report, was commencing feasibility studies for our potential clients, which will add costumer value and provide an additional revenue stream for the company. In this quarter, I am very pleased to present that we have achieved this goal, with the first MOU and Feasibility Study Agreement signed with MSMART Future Technology in Vietnam, and several additional such agreements on the way (to be announced soon). In addition, we are even further expanding our product portfolio through the development of our new preventative-predictive and corrective smart Wave Power Verification (WPV) software. As soon as we will finalize the software’s development, we will add it to our product portfolio and position Eco Wave Power not only as a technology provider, but also as a world-leader in a proprietary software for the growth of the whole industry.  We plan to release the software for use by third parties, such as other wave energy developers, as well as relevant research institutions and leading universities, through unique licensing agreements. We strongly believe that the production of clean electricity from the waves is an important segment for the fight against climate change and are looking forward to contributing to the sector’s rapid development and commercialization.

In summary, I feel content with the PAIRS quarter, as we have worked purposefully while continuously ticking off important interim goals along the way of our main objective, which is wave energy commercialization. 

Kind Regards
Inna Braverman
CEO

For the full interim report, please click here.

About EWPG Holding AB

EWPG Holding AB (publ) (“Eco Wave Power”) is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from sea and ocean waves.

EWP is recognized as a “Pioneering Technology” by the Israel’s Ministry of Energy and was labelled as an “Efficient Solution” by the Solar Impulse Foundation. Furthermore, EWP’s project in Gibraltar has received funding from the European Union Regional Development Fund and from the European Commission’s HORIZON2020 framework program. The company was also recently recognized by the United Nations in receiving the “Climate Action Award”, which was granted to the company during COP25 in Madrid, Spain.

The Eco Wave Power share (ECOWVE) is traded on Nasdaq First North Growth Market. Read more about Eco Wave Power at: www.ecowavepower.com.

FNCA Sweden AB is Certified Advisor of the Company (+46 8-528 00 399, [email protected]).

This information is information that the Company is required to disclose under the EU Market Abuse Regulation. The information was provided by the contact persons below for publication on 27 November 2020 at 08.00 CET.

For more information, please contact:

Inna Braverman, CEO
[email protected]
+972 350 940 17

Andreas Kihlblom, CFO
[email protected]
+46 (0)8 420 026 94

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ewpg-holding-ab–publ-/r/interim-report-for-the-period-1-january—30-september-2020,c3242235

The following files are available for download:

Cision View original content:http://www.prnewswire.com/news-releases/ewpg-holding-ab-interim-report-for-the-period-1-january–30-september-2020-301181095.html

SOURCE EWPG Holding AB (publ)