Market Newsdesk

STOCKHOLM, Nov. 18, 2020 /PRNewswire/ — Embracer Group AB (“Embracer”) and its subsidiaries have as previously communicated this morning entered into 13 acquisition agreements (the “Acquisitions”). The acquired businesses are, during the financial year ending 31 March 2022, expected to contribute to Embracer Group’s net sales in the range of SEK 850-1,050 million and contribute to operational EBIT in the range of SEK 300-400 million. In addition, during FY 2021/2022 the expanded studio footprint is expected to bring savings on capitalized game development in the range of SEK 50-100 million. The combined operational EBIT and savings on game development are expected to be in the range of SEK 350-500 million and this profitability is expected to grow in the following years as more game development projects will be completed.

The aggregated day one purchase price for the Acquisitions amounts to approximately SEK 2.0 billion on a cash and debt free basis. Approximately SEK 1.7 billion is paid in cash and SEK 0.3 billion in newly issued Embracer B shares with a maximum additional consideration amounting to SEK 1.8 billion, which is subject to fulfilment of agreed milestones, both operational and financial, over a period of up to 10 years. The additional consideration comprise a maximum of approximately SEK 0.9 billion which may be paid in cash and a maximum approximately SEK 0.9 billion to be paid in Embracer B shares at a price corresponding to the volume weighted average price per Embracer B share at Nasdaq First North Growth Market during 20 trading days up until and including the date of signing of the Acquisitions (VWAP 20). The aggregated maximum consideration amounts to SEK 3.8 billion.

The total number of shares that are issued as part of the aggregate consideration, excluding shares issued as part of earn-out structures, amounts to approximately 1,723,000 Embracer B shares issued at a price of approximately SEK 174 per B share. The part of the additional consideration consisting of Embracer B shares amounts to a maximum of approximately 5,170,000 shares provided that all earn out targets are met. Approximately 1,367,000 B shares being part of the additional consideration are issued at closing of the Acquisitions and subject to such as claw back rights and lock-up restrictions. A maximum of approximately 3,803,000 B shares may be issued in the future as additional consideration subject to fulfillment of certain targets. The share issues are made pursuant to the authorization granted by the extra general meeting held on 16 November 2020.

The Acquisitions

All of Embracer’s operating units – THQ Nordic, Deep Silver/Koch Media, Coffee Stain, Amplifier Games Invest, Saber Interactive and Deca Games – are making bolt-on acquisitions. Embracer onboards more than 1,250 experienced and talented people, strengthens its developer footprint in Eastern Europe as well as its development and UA capabilities within free-to-play. In most of the transactions, earn-outs and management incentives over 5-10 years, have been put in place to ensure long term alignment with the founders and management teams joining Embracer.

The announced Acquisitions are aligned with Embracer’s growth strategy and is enabled by the group’s decentralized operating model. Over the past three years, Embracer has expanded from one to six operating units. Each of these operating units have put in place their own M&A agenda with the purpose of adding additional organic growth opportunities and to improve long term profit and cash flow generation. For Embracer’s decentralized operating model to be sustainable and scalable, it is a necessity that most acquisitions are originated and onboarded on the operating unit level. For the Embracer operating model with emphasis on decentralized decision making and independence for local management to work, it is also necessary that founders and management of acquired companies join Embracer with a long-term mindset.

Through the Acquisitions, Embracer Group grows to 58 internal studios and more than 5,700 employees and contracted employees in more than 45 countries.

Embracer’s inhouse developer footprint is expanded by 767 developers, equivalent to a 30 percent increase and brings the total number of internal developers to 3,318. The total headcounts within the group increases to more than 5,700 employees and contracted employees following the Acquisitions. The management depth is further extended by the addition of strong business leaders and local management teams with an impressive track record, where many of the acquired companies are leading premium games developers in their respective countries.

Deca Operating Unit will triple in size in terms of revenues and employees

Embracer entered the free-to-play games segment with the acquisition of Deca Games in August 2020. Today, the Deca Operating Unit is established with the addition of A Thinking Ape and IUGO, two studios based in Canada. Embracer estimate the new Deca Operating Unit will triple in size in terms of revenues and employees and create a full scale free-to-play operation with expertise across IP origination, game development, marketing, user acquisition and live operations. Deca Games, A Thinking Ape and IUGO will continue to operate as independent companies within the Deca Operating Unit free-to-play ecosystem with their respective management teams continuously responsible for day-to-day operations. Founders and management across these businesses have a long term alignment with Embracer and shares a passion for creating a substantial free-to-play business over time through a combination of organic growth and by welcoming more FTP gaming entrepreneurs to the Embracer family.

Embracer Group’s capital allocation strategy are essential for continued growth

The capital allocation priorities for Embracer are unchanged. The first priority for allocation of operational cash flow from released games to reinvest as much as possible into value enhancing organic growth opportunities, e.g. new game projects. The second priority is to use free cash flow to finance, bolt-on acquisitions in the operating units.

Embracer reiterates the ambition to maintain a strong balance sheet and strives to maintain a net cash position to maintain maximum strategic flexibility. For the right inorganic growth opportunity, financial leverage could temporarily exceed 1,0x operational EBIT to net debt, where operational EBIT is measured as management expectations for the coming twelve months. In such circumstances, leverage should at least return to below 1,0x net debt to operational EBIT over the medium term, either by retaining cash from operations or by raising primary capital in the equity market.

Cash at hand and available credit facilities post the cash payment of the Acquisitions amounts to more than SEK 8.5 billion. Furthermore, on 16 November 2020, the extra general meeting authorized the board of directors to issue B shares in the amount not exceeding ten (10) percent of the total number of shares in the Company at the time when the authorization is used the first time to fund acquisitions, parts of this mandate has been used according to the Acquisitions. The ambition is to continue to partly fund acquisitions with equity to create long term alignment with founders and management joining Embracer.

The shares and dilution

Through the Acquisitions, Embracer may in aggregate issue, including earn-out consideration shares, a total of approximately 6,893,000 shares, meaning that the number of shares in Embracer can increase from 421,139,665 to approximately 428,032,665 B shares, and that the number of votes can increase from 721,731,898 to approximately 728,624,898.

The total number of shares that are issued as part of the aggregate consideration, excluding shares issued as part of earn-out structures, are issued at a price of approximately SEK 174 per B share.

The part of the additional consideration for the Acquisitions consisting of Embracer B shares amounts to a maximum of approximately 5,170,000 shares provided that all earn out targets are met. Approximately 1,367,000 B shares being part of the additional consideration are issued at closing of the Acquisitions and subject to such as claw back rights and lock-up restrictions. A maximum of approximately 3,803,000 B shares may be issued in the future as additional consideration subject to fulfillment of certain targets. All earn-out shares are issued at a price of approximately SEK 174 per B share.

The Acquisitions will, if all earn-out consideration shares are issued, lead to a dilution of approximately 1.61 percent of the share capital and approximately 0.95 percent of the votes in Embracer based on the number of shares and votes in Embracer following completion of the Acquisitions and issuance of all earn-out consideration shares.

All shares issued as part of the consideration for the Acquisitions, excluding the earn-out consideration shares, are issued based on the authorization from the extra general meeting on 16 November 2020.

Advisers

Ernst & Young AB is providing transaction support and Baker McKenzie is acting as legal counsel to Embracer in connection with the Acquisitions.

Responsible party

This information constitutes inside information that Embracer Group AB is obliged to make public in accordance with the (EU) Market Abuse Regulation 596/2014. The information in this press release has been made public through the agency of the responsible person set out below for publication at the time stated by Embracer Group’s news distributor Cision at the publication of this press release. The responsible person below may be contacted for further information.

For additional information, please contact:

Lars Wingefors, Co-founder and Group CEO Embracer Group AB

Tel: +46 708 47 19 78

E-mail: [email protected]

About Embracer Group

Embracer Group is the parent company of businesses developing and publishing PC, console and mobile games for the global games market. Embracer Group has an extensive catalogue of over 190 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory, Wreckfest, Insurgency and World War Z, amongst many others.

With its head office based in Karlstad, Sweden, Embracer Group has a global presence through its six operative groups: THQ Nordic GmbH, Koch Media GmbH/Deep Silver, Coffee Stain AB, Amplifier Game Invest, Saber Interactive and DECA Games. Embracer Group has 46 internal game development studios and is engaging more than 4,000 employees and contracted employees in more than 40 countries.

Embracer Group’s shares are publicly listed on Nasdaq First North Growth Market Stockholm under the ticker EMBRAC B with FNCA Sweden AB as its Certified Adviser; [email protected] +46-8-528 00 399.

Subscribe to press releases and financial information:

https://embracer.com/investors/subscription/

For more information, please visit: http://www.embracer.com

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in Embracer Group in any jurisdiction, neither from Embracer Group nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in Embracer’s shares. Any investment decision regarding Embracer’s shares must be made on the basis of all publicly available information relating to the company and the company’s shares. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. This announcement does not constitute a recommendation. Each investor or prospective investor should conduct his, her or its own investigation, analysis and evaluation of the business and data described in this announcement and publicly available information. The price and value of securities can go down as well as up. Past performance is not a guide to future performance.

Forward-looking statements

This press release contains forward-looking statements that reflect the company’s intentions, beliefs, or current expectations about and targets for the company’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Embracer does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Embracer nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is not required by law or Nasdaq First North Growth Market’s rule book for issuers.

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SOURCE Embracer Group AB

TRONDHEIM, Norway, Nov. 18, 2020 /PRNewswire/ — The production capacity of the Johan Sverdrup field, where Aker BP holds 11.5733 percent working interest, is set to increase to around 500,000 barrels of oil per day by the end of this year, according to an announcement from the field’s operator Equinor. This is around 60,000 barrels more than the original basis when the field came on stream last year. 

In November, the plant capacity of the Johan Sverdrup field has been tested to verify a possible production rise. The test results have been positive, paving the way for a production increase from today’s 470,000 barrels to around 500,000 barrels of oil per day by the end of this year.

Phase 2 of the Johan Sverdrup field development is on schedule, and production start is scheduled for the fourth quarter of 2022. The capacity increase means that the full-field plateau production is expected to rise from 690,000 to around 720,000 barrels per day.

The Johan Sverdrup field is using water injection to secure high recovery of reserves and maintain production at a high level. Based on the positive results of the capacity test, an upgrade of the water injection capacity is being planned which should allow for a further increase in daily production by mid-2021.

Link to Equinor’s announcement: https://www.equinor.com/en/news/20201118-johan-sverdrup.html

Contacts: 
Investor contact:
Kjetil Bakken
VP Investor Relations
tel.: +47 918 89 889

Media contact: 
Ole-Johan Faret
Press Spokesman
tel.: +47 402 24 217

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

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SOURCE Aker BP ASA

PETAH TIKVA, Israel, Nov. 18, 2020 /PRNewswire/ — Strauss Group CEO, Giora Bardea: “Strauss Group continues to deliver robust business performance despite the substantial global impacts of the COVID-19 crisis on its activities. In the first nine months and third quarter of 2020 the company recorded an improvement, particularly in product categories suited to at-home consumption, while away-from-home (AFH) categories and channels weakened significantly, trends which grew stronger in the third quarter, among other things as a result of the second lockdown in Israel.

“Managerial stability, business diversity among categories, channels and markets, as well as financial strength, which improved significantly in the period under review, have enabled the company, which has learned to “live with COVID-19” and the accompanying complexities, to deliver organic sales growth, an improvement in the operating profit margin, and an increase in net profit.

“In the reporting period the Group continued to invest substantial resources in maintaining operational and business continuity, while making every effort to protect the health and safety of its employees across all sites worldwide. Looking ahead, the company continues to invest – and has even increased its investments – in the development of categories and business areas that have the potential for growth, including various dairy alternatives, health products, fresh foods, coffee capsules and entry to the POE (point of entry) market – a water treatment solution at the point of entry to homes and buildings – in China.

“Additionally, the Group has continued to invest in the development and upgrade of existing production lines and in the construction of new plants, including the water company’s manufacturing site in China, a modern warehouse and distribution center in Ukraine, Ta’am Hateva’s new production facility at Kibbutz Bror Hayil in Israel, and the completion of the acquisition of Mitsui’s coffee business in Brazil. The company’s financial strength, especially at this time, has enabled it to seek out business opportunities in Israel and other countries across a broad range of activities, with the aim of expanding its business. At the same time, the Group has persevered in its community investment, deepening it to support population groups harmed by the COVID crisis, and considers itself part of the effort to preserve social and economic resilience in all its countries of operations.

A month ago, with great pain and sorrow, we said goodbye to Michael Strauss, son of the founders of Strauss Group. Michael was a business leader and a moral and social compass to all people in the Group and to many in the Israeli economy. We mourn his passing and salute his great contribution to the development of Israel’s flourishing industry and economy.

Strauss Group (TASE: STRS) concluded the period with solid results against the backdrop of numerous, diverse challenges, including the second lockdown in Israel, erosion of currencies against the shekel, and others. In its retail business the company delivered sales growth, particularly in product categories suited to at-home consumption, but in parallel, the closure of restaurants, hotels and cafés for extended periods as well as the drop in impulse purchases have negatively affected the Group’s sales in most companies, the coffee company in particular.

In total, Strauss Group delivered NIS 2.17 billion in revenue in the third quarter, while in the nine-month period revenue was NIS 6.3 billion, reflecting an increase of around 3.9% and 4.5%, respectively (organic, excluding FX), over last year. As a result of the weakening currencies, the company reported a drop of around 3.1% in revenue in the third quarter and of 2.2% in the nine months, compared to the corresponding periods last year.  

The foreign currency effect on the company’s sales in the third quarter amounted to approximately NIS 163 million, of which NIS 136 million are the result of the depreciation of the Brazilian real against the shekel. In the first nine months of 2020 the foreign currency effect amounted to approximately NIS 429 million, of which NIS 351 million are due to the weakening of the real against the shekel. Operating profit was NIS 250 million, up 4.8% (excluding FX effects). On translation into shekels this reflects a drop of around 2.3% compared to the corresponding quarter last year. The operating profit (EBIT) margin was 11.5%, up 0.1% compared to the corresponding quarter.

Net profit (attributed to the shareholders of the company) was NIS 158 million in the third quarter compared to NIS 153 million in the corresponding period last year; the increase is the result of a decrease in financing and tax expenses. Net profit in the nine-month period was NIS 464 million, an increase of 4.1% compared to the first nine months of 2019.

Since the beginning of the year Strauss Group has donated over 80 thousand food parcels, and the company in Israel is currently helping thousands of families to buy food products, free of charge, as part of an initiative that began in September and will be maintained with those families through to the end of the year under the slogan “Doing Good Together”. This is in addition to other efforts underway with numerous communities in Israel and around the world.

Strauss Israel

The COVID-19 crisis continues to be the major factor that affected Strauss Israel’s business in the third quarter of 2020. Like other food manufacturers in Israel and other countries, Strauss Israel has been impacted by two conflicting trends – the first, significant growth in at-home consumption, and the second, a significant drop in AFH consumption and the consumption of food for special events and parties, mainly sweet and savory snacks. The company has worked to maintain its production capacity in order to meet the high demand for its products, while making maximum efforts to protect the health and safety of its employees. In the third quarter, Strauss Israel’s sales were approximately NIS 953 million, and in the nine months – approximately NIS 2.8 billion, reflecting 6.1% and 8.1% growth, respectively, compared to sales in the corresponding periods last year.

A breakdown according to segment reveals that revenue in the Health & Wellness segment grew by around 10.4% in the quarter, mainly as a result of an increase in purchases of products for at-home consumption – yogurts, dairy desserts, milk beverages, salads and dips and spreads, Yad Mordechai products (honey and sauces), and washed and cut vegetables and fresh foods in general. In the Fun & Indulgence segment sales dropped in the third quarter by 3.2%, mainly as a result of decreasing demand for impulse and on-the-go products – particularly sweet and salty snacks. At the same time, sales of products for home baking such as chocolate tablets rose significantly.

The increase in sales and continuing efficiency and productivity processes led to an 8.6% increase in operating profit in the third quarter, which rose to NIS 106 million, with the EBIT margin rising from 10.9% to 11.1%.

Strauss Coffee

In the third quarter, Strauss Coffee demonstrated growth both in local currency sales and in quantities sold in most of the company’s operations. However, business was also affected by the drop in sales to the AFH market, i.e. institutional customers including hotels, cafés and restaurants, as well as the discontinuation of most of the business of the Elite Café chain in Israel during the quarter as a result of the second lockdown. The coffee company’s total revenue in the third quarter was approximately NIS 851 million, up 1.4% (organic) in local currency.

The coffee company in Israel wrapped up the third quarter with approximately NIS 175 million in revenue, down 10.4% compared to the corresponding period last year, mostly as a result of the drop in sales to the AFH market and discontinuation of the activity of the Elite Coffee To Go chain in September.

The coffee business in Brazil, carried out through the Três Corações joint venture[2], which is mainly active in the home consumption market, grew by around 10.0% in the quarter in local currency thanks to growth in sales volumes. The company’s market share, which includes the market share of Mitsui’s recently acquired coffee business, was 31.0% of the Brazilian coffee market at the end of the quarter. Overall, the coffee operation in Eastern Europe recorded business growth as well as growth in operating profit in local currency, and an increase in quantities sold. The business in Russia and Ukraine grew by about 5.5% in the quarter as a result of an increase in sales volumes, and in Romania sales grew by around 4.3% in local currency. In Poland and Serbia sales volumes remained effectively unchanged.

Sabra and Obela (100%)

In the third quarter, Sabra reported a 2.4% drop in sales in local currency, which amounted to approximately NIS 327 million. In the first nine months, Sabra’s sales totaled approximately NIS 1 billion, reflecting a drop of 1.1% in local currency. The decrease is primarily the result of the impact of the COVID crisis on the company’s sales in the AFH market and lower sales of portability products, which are made to customers such as convenience stores, airports and institutional customers, including restaurants. In parallel, the at-home consumption market grew. The company’s operating profit margin improved in the quarter, rising to 11.5% compared to 7.0% in the corresponding quarter, mainly thanks to a drop in marketing expenses compared to last year as a result of the timing of these expenses. Obela’s business continues to grow and in the third quarter yielded revenue of around NIS 44 million, reflecting an improvement of 10.4% excluding foreign currency effects. In the first nine months, the company’s sales amounted to NIS 120 million, 5.2% organic growth excluding FX effects.

Strauss Water

Strauss Water posts another successful quarter, with sales amounting to around NIS 184 million – 10.5% growth arising, among other things, from an increase in the number of appliances sold and growth in the customer base. Operating profit rose 24.2% and amounted to NIS 25 million. The company’s business in China has made a fast recovery from the impacts of the lockdown in the first quarter. Third-quarter sales rose 6.8% in local currency and amounted to approximately NIS 142 million. In the first quarter, HSW’s board of directors approved an investment of approximately 375 million yuan (around NIS 190 million) for the construction of a manufacturing facility for the production and assembly of HSW’s products sold in China. Construction of the site began at the end of March 2020 and is expected to end by the second half of 2021. The company estimates that the plant will improve its competitive position, since in-house manufacturing capabilities allow for greater flexibility in developing and manufacturing innovative and unique products, shorter time-to-market and the launch of high-quality products.

[1] The data in this document are based on the company’s non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses and do not include share-based payment, mark-to-market at end-of-period of open positions in the Group in respect of financial derivatives used to hedge commodity prices and all adjustments necessary to delay recognition of gains and losses arising from commodity derivatives until the date when the inventory is sold to outside parties, other income and expenses, net, and the tax effect of excluding those items, unless stated otherwise.

[2]Três Corações (3C) – The Três Corações joint venture in Brazil – a company jointly held by the Group (50%) and by a local holding company, São Miguel Holding e Investimentos S.A. (50%). (Data reflect Strauss Coffee’s share (50%) unless expressly stated otherwise).

 

(1) The data in this document are based on the company’s non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses and do not include share-based payment, mark-to-market at end-of-period of open positions in the Group in respect of financial derivatives used to hedge commodity prices and all adjustments necessary to delay recognition of gains and losses arising from commodity derivatives until the date when the inventory is sold to outside parties, other income and expenses, net, and the tax effect of excluding those items, unless stated otherwise.

(2) Investments include the acquisition of fixed assets and investment in intangible assets.

Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.

 

 

(1)    The data in this document are based on the company’s non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses and do not include share-based payment, mark-to-market at end-of-period of open positions in the Group in respect of financial derivatives used to hedge commodity prices and all adjustments necessary to delay recognition of gains and losses arising from commodity derivatives until the date when the inventory is sold to outside parties, other income and expenses, net, and the tax effect of excluding those items, unless stated otherwise.

(2)    Fun & Indulgence figures include Strauss’s 50% share in the salty snacks business. International Coffee figures include Strauss’s 50% share in the Três Corações joint venture (3C) – Brazil – a company jointly held by the Group (50%) and by the local São Miguel Group (50%). International Dips & Spreads figures reflect Strauss’s 50% share in Sabra and Obela. Strauss Water EBIT figures include Strauss’s share in Haier Strauss Water (HSW) in China (49%).

 

Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands. Total figures for International Dips & Spreads were calculated on the basis of the exact figures for Sabra and Obela in NIS thousands.

 

 

(1)  The data in this document are based on the company’s non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses and do not include share-based payment, mark-to-market at end-of-period of open positions in the Group in respect of financial derivatives used to hedge commodity prices and all adjustments necessary to delay recognition of gains and losses arising from commodity derivatives until the date when the inventory is sold to outside parties, other income and expenses, net, and the tax effect of excluding those items, unless stated otherwise.

(2)  Investments include the acquisition of fixed assets and investment in intangible assets.

Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.

 

 

 

(1)  The data in this document are based on the company’s non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses and do not include share-based payment, mark-to-market at end-of-period of open positions in the Group in respect of financial derivatives used to hedge commodity prices and all adjustments necessary to delay recognition of gains and losses arising from commodity derivatives until the date when the inventory is sold to outside parties, other income and expenses, net, and the tax effect of excluding those items, unless stated otherwise.

(2)  Fun & Indulgence figures include Strauss’s 50% share in the salty snacks business. International Coffee figures include Strauss’s 50% share in the Três Corações joint venture (3C) – Brazil – a company jointly held by the Group (50%) and by the local São Miguel Group (50%). International Dips & Spreads figures reflect Strauss’s 50% share in Sabra and Obela. Strauss Water EBIT figures include Strauss’s share in Haier Strauss Water (HSW) in China (49%).

Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands. Total figures for International Dips & Spreads were calculated on the basis of the exact figures for Sabra and Obela in NIS thousands.

 

 

Note: Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.

 

Conference Call

Strauss Group will host an online Zoom meeting in Hebrew on Wednesday, November 18, 2020 at 14:00 (Israel time) with the participation of company management to review the financial statements of the company for the third quarter of 2020.

 

 

Strauss Group will also host a conference call in English on Wednesday, November 18, 2020 at 16:30 (Israel time) (14:30 UK, 09:30 EST) with the participation of company management to review the financial statements of the company for the third quarter of 2020.

To participate in the conference call in English, please call one of the following numbers as appropriate:

UK: 0-800-917-5108
US: 1-888-642-5032
Israel: 03-918-0650

A recording of the calls will subsequently be available on the company’s website at:   https://ir.strauss-group.com/company-presentations/conference-call-recordings/

The financial statements for the third quarter of 2020 and the presentation that will accompany the calls will be available prior to the conference calls on the following websites:

https://ir.strauss-group.com/company-presentations/quarterly-presentations/

https://ir.strauss-group.com/earning-releases/

 

 

For further information, please contact

:

 

 

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SOURCE Strauss Group Ltd.

OSLO, Norway, Nov. 18, 2020 /PRNewswire/ — Nel Hydrogen U.S., the U.S. subsidiary of Nel ASA (Nel, OSE:NEL), has received a purchase order for a 1.5 MW PEM electrolyser from a large industrial client in the US.

“We’re happy to see that our megawatt-scale PEM platform continues to be the preferred choice for a number of large industrial players across the world, where 24/7 operations and high reliability is of utmost importance, and look forward to delivering it to a high profile project,” says Tom Skoczylas, Regional Sales Manager in Nel Hydrogen Electrolyser.

The purchase order has a value of approximately USD 2.7 million, and the electrolyser will be installed in 2021.

For further information, please contact:

Jon André Løkke, CEO
Nel ASA, +47 907 44 949

Bjørn Simonsen
VP Investor Relations & Corporate Communication, +47 971 79 821

About Nel ASA |

www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. We serve industries, energy, and gas companies with leading hydrogen technology. Our roots date back to 1927, and since then, we have had a proud history of development and continuous improvement of hydrogen technologies. Today, our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles – without the emissions.

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SOURCE NEL ASA

STOCKHOLM, Nov. 18, 2020 /PRNewswire/ — Embracer Group AB (“Embracer”) has today entered into an agreement to acquire the remaining 40 percent of the shares in Coffee Stain North AB (“CSN”), from the nine original founders. CSN is a 22-person strong game studio located in Stockholm, Sweden. The acquisition makes CSN a wholly owned subsidiary of Coffee Stain Holding AB (“Coffee Stain”).

“We’re really happy to get this deal done. We’ve worked with CSN since 2013 and their team is a great addition to the Coffee Stain group. There’s some really exciting stuff being worked on that we can’t wait to share with the world!” says Anton Westbergh, CEO Coffee Stain Studios.

Background and rationale

CSN is a game development studio founded in 2013. The studio, consisting of a smaller team of 22 dedicated developers, is based in Stockholm, Sweden. CSN has been a longstanding partner of Coffee Stain Studios and a partly owned subsidiary since 2018. CSN has collaborated on the phenomena Goat Simulator and developed the original title A Story About My Uncle. CSN currently has a title in production with expected release during 2021, an ongoing collaboration with Coffee Stain Studios since 2017.

With the acquisition, Coffee Stain look forward to continuing the longstanding partnership with the team of CSN.

Purchase Price

The parties have agreed not to disclose the full transaction terms due to commercial reasons. The upfront consideration consists of a mix of cash and Embracer B shares. The earn-out consideration is based on financial targets up until 2028 (8 years).

Completion of the transaction

The transaction is not subject to any further condition and is completed as of November 18, 2020.

Advisers

Ernst & Young AB is providing transaction support and Baker McKenzie is acting as legal counsel to Embracer in the transaction.

For additional information, please contact:

Lars Wingefors, Co-founder and Group CEO Embracer Group AB
Tel: +46 708 47 19 78
E-mail: [email protected]

Anton Westbergh, CEO Coffee Stain Studios.
Tel: +46 763 24 71 28
E-mail: [email protected]

About Embracer Group

Embracer Group is the parent company of businesses developing and publishing PC, console and mobile games for the global games market. Embracer Group has an extensive catalogue of over 190 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory, Wreckfest, Insurgency and World War Z, amongst many others.

With its head office based in Karlstad, Sweden, Embracer Group has a global presence through its six operative groups: THQ Nordic GmbH, Koch Media GmbH/Deep Silver, Coffee Stain AB, Amplifier Game Invest, Saber Interactive and DECA Games. Embracer Group has 46 internal game development studios and is engaging more than 4,000 employees and contracted employees in more than 40 countries.

Embracer Group’s shares are publicly listed on Nasdaq First North Growth Market Stockholm under the ticker EMBRAC B with FNCA Sweden AB as its Certified Adviser; [email protected] +46-8-528 00 399.

Subscribe to press releases and financial information: https://embracer.com/investors/subscription/

For more information, please visit: http://www.embracer.com

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SOURCE Embracer Group AB