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Biofrontera AG resolves mandatory conversion of subordinated mandatory convertible bonds

Leverkusen, Germany, Nov. 12, 2020 (GLOBE NEWSWIRE) — Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the “Company”), an international biopharmaceutical company, has issued a 1.00% qualified subordinated mandatory convertible bond 2020/2021 (ISIN: DE000A3E4548 / WKN: A3E454) in August 2020. Within the scope of the issuance, 2,638,150 qualified subordinated mandatory convertible bearer bonds (“Bonds”) with a nominal value of EUR 3.00 each were issued. The term of the Bonds began on August 20, 2020 and will end on December 20, 2021. Pursuant to Section 8 (2) of the Bond terms and conditions, however, the Company is entitled to a mandatory conversion at any time without limitation in time after the price of the Company’s share has exceeded EUR 4.50 (“Mandatory Conversion Trigger Price”). The Mandatory Conversion Trigger Price was exceeded after the commencement of the term of the Bonds.

The Management Board with the approval of the Supervisory Board decided today to exercise the right to mandatory conversion pursuant to Section 8 (2) of the Bond terms and conditions. The notice of mandatory conversion will be published shortly in the Federal Gazette.

Biofrontera AG, Hemmelrather Weg 201, 51377 Leverkusen

ISIN: DE0006046113
WKN: 604611

Contact: Biofrontera AG
Tel.: +49 (0214) 87 63 2 0, Fax.: +49 (0214) 87 63 290
E-mail: [email protected]

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the public offering and the intended use of proceeds from the offering. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate” and “intend,” among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the Registration Statement on Form F-1 filed with the SEC, including in the section “Risk Factors,” and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.

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Pershing Square Capital Management, L.P. Selects Northern Trust for Multi-Jurisdictional Fund Administration Services

Pershing Square Capital Management, L.P. Selects Northern Trust for Multi-Jurisdictional Fund Administration Services

GUERNSEY–(BUSINESS WIRE)–
Northern Trust (Nasdaq: NTRS) was recently appointed to provide fund administration services for Pershing Square Capital Management, L.P. (“Pershing Square”). Under the mandate, Northern Trust will support Pershing Square’s Guernsey, Cayman and Delaware domiciled funds.

“Northern Trust has all the capabilities we were looking for in our administration partner,” said Pershing Square chief financial officer Michael Gonnella. “Northern Trust is able to execute the complex daily, weekly and monthly requirements for our funds and deliver seamless service across geographies and products.”

“We’re very excited to begin this relationship with Pershing Square,” said Jeff Boyd, chief executive officer, Northern Trust Hedge Fund Services. “We pride ourselves on our global reputation and are thrilled to support Pershing Square’s investment business with a consistent high-quality service across regions.”

Dave Sauvarin, country head, Channel Islands, Northern Trust, said: “We are delighted that Northern Trust in Guernsey has been named Administrator and Company Secretary to Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) and look forward to playing an important role in this multi-jurisdictional relationship with Pershing Square.”

Northern Trust offers an extensive range of asset servicing solutions for many of the world’s leading asset managers and asset owners across sectors including private equity, private debt, real estate, infrastructure and hedge funds. Its broad range of services includes fund administration, depositary, custody, middle office, banking, treasury and sophisticated reporting solutions.

About Pershing Square Capital Management, L.P.

Pershing Square Capital Management, L.P. (“PSCM”) is an investment adviser registered with the U.S. Securities and Exchange Commission and based in New York. PSCM was formed in 2003 under the laws of the State of Delaware in the United States. PSCM has assets under administration of US $9.4B as of September 30, 2020.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2020, Northern Trust had assets under custody/administration of US $13.1 trillion, and assets under management of US $1.3 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

Europe, Middle East, Africa & Asia-Pacific:

Camilla Greene

+44 (0) 20 7982 2176

[email protected]

Marcel Klebba

+44 (0) 207 982 1994

[email protected]

US & Canada:

John O’Connell

+1 312 444 2388

John_O’[email protected]

KEYWORDS: North America United States United Kingdom Europe Guernsey Illinois

INDUSTRY KEYWORDS: Consulting Banking Professional Services Finance

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Renesas Launches New “Sustainability at Renesas” Website

Renesas Launches New “Sustainability at Renesas” Website

Introducing Renesas’ Initiatives Contributing to the Development of Sustainable Society

TOKYO–(BUSINESS WIRE)–
Renesas Electronics Corporation (TSE:6723), a premier supplier of advanced semiconductor solutions, today launched a new sustainability website, “Sustainability at Renesas”, that provides all stakeholders with information on Renesas’ commitments and initiatives on realizing a sustainable society. Visit http://www.renesas.com/sustainability to view the company’s new sustainability reporting website and learn more.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201112005453/en/

Sustainability at Renesas (Graphic: Business Wire)

Sustainability at Renesas (Graphic: Business Wire)

“In the midst of the current COVID-19 global pandemic, Renesas remains even more committed to the contributions we make to realizing a sustainable society,” said Hidetoshi Shibata, President and CEO at Renesas. “Renesas has been providing various non-financial information through Corporate Governance Reports and Environmental Reports. We launched the new Sustainability website today to provide our stakeholders with easy access to information regarding our Environmental, Social and Governance (ESG) efforts. We will continue to report the progress of our commitments on our website to meet the needs of all of our stakeholders in order to have our direction and efforts better understood.”

The new sustainability website addresses 8 topics that the company has identified as its key drivers of sustained value: Our Business; Environment; Our People; Supply Chain; Innovation; Governance; Quality; and Giving Back to the Community, each category introducing our efforts to realizing a sustainable society. The “Sustainable Products and Solutions” in the Our Business category highlights our products and solutions that contribute to realizing a society that is energy efficient and is safe and secure.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, infrastructure, and IoT applications that help shape a limitless future. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, and YouTube.

(Remarks) All registered trademarks or trademarks are the property of their respective owners.

Japan

Kyoko Okamoto

Renesas Electronics Corporation

+ 81-3-6773-3001

[email protected]

KEYWORDS: Japan Asia Pacific

INDUSTRY KEYWORDS: Electronic Design Automation Semiconductor Environment Technology Software Internet Hardware

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Sustainability at Renesas (Graphic: Business Wire)
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Georgia Capital PLC 3Q20 and 9M20 Results

Georgia Capital PLC 3Q20 and 9M20 Results

TBILISI, Georgia–(BUSINESS WIRE)–
Georgia Capital PLC (“the Group”) has published today its third quarter and first nine months 2020 financial results.

KEY POINTS

  • NAV per share up 19.5% in 3Q20

    • The first time valuation of GHG as a wholly owned private company, performed by an independent valuation company, contributed growth of 36% in NAV per share
    • NAV per share was negatively impacted by valuation of our listed asset and FX loss on GCAP net debt
  • Solid 3Q20 results across our portfolio, with aggregated revenues growing 4.7% y-o-y in 3Q20 (up 6.9% y-o-y in 9M20)
  • Outstanding growth in aggregated net operating cash flow generation, up 125.1% in 3Q20 and up 106.2% in 9M20
  • GEL 10m dividends collected from private businesses in 3Q20 (Water Utility – GEL 5m; P&C Insurance – GEL 5m)
  • Aggregated cash balances of portfolio companies almost doubled in 9M20 to GEL 361m at 30-Sep-20 (GEL 282m at 30-Jun-20 and GEL 183m at 31-Dec-19)
  • GCAP liquidity remained high at GEL 267m, down only 4.6% in 3Q20 notwithstanding US$ 9m coupon payment

The results announcement together with the supplementary financial information (Excel file) is available on the Group’s website at https://georgiacapital.ge/ir/financial-results. Additionally, the members of Georgia Capital management team will host a virtual Investor Day today for analysts and investors. An investor/analyst webinar, organised by the Group, will be held today, at 11:00 UK / 12:00 CET / 6:00 U.S Eastern Time. Please register for the webinar at Registration link.

Management Commentary

“Against the challenging economic backdrop created by COVID-19, Georgia Capital’s performance during the third quarter of 2020 has been robust. This performance reflects the high level of resilience of our private portfolio companies and continued delivery on our strategic priorities.”

This announcement contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct.

Irakli Gilauri

Chairman and Chief Executive

[email protected]

Giorgi Alpaidze

Chief Financial Officer
+995 322 005 000

[email protected]

Nino Rekhviashvili

Head of Investor Relations

+995 322 005 045

[email protected]

KEYWORDS: Georgia United States United Kingdom North America Asia Pacific Europe

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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XPeng Reports Third Quarter 2020 Unaudited Financial Results

XPeng Reports Third Quarter 2020 Unaudited Financial Results

GUANGZHOU, China–(BUSINESS WIRE)–
XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Operational Highlights

  • Deliveries of vehicles reached 8,578, representing an increase of 265.8% from 2,345 in the third quarter of 2019 and an increase of 165.7% from 3,228 in the second quarter of 2020.
  • Deliveries of the P71reached 6,210, compared with 325 in the second quarter of 2020.
  • Among the total P7s delivered for the quarter, 98% can support XPILOT 2.5 or XPILOT 3.0.
  • As ofSeptember 30, 2020,XPeng’s physical sales and service network consisted of atotal of 116 stores and 50 service centers, covering 58 cities.
  • As of September 30, 2020, Xpeng-branded super charging stations expanded to 135, covering 50 cities.

1 XPeng started mass delivery of the P7 in late June 2020.

Third Quarter 2020 Financial Highlights

  • Total revenues were RMB1,990.1 million (US$293.1 million) for the third quarter of 2020, representing an increase of 342.5% from RMB449.7 million for the same period of 2019 and an increase of 236.9% from RMB590.8 million for the second quarter of 2020.
  • Revenues from vehicle sales were RMB1,898.0 million (US$279.6 million) for the third quarter of 2020, representing an increase of 376.0% from RMB398.8 million for the same period of 2019, and an increase of 250.8% from RMB541.1 million for the second quarter of 2020.
  • Gross margin was 4.6% for the third quarter of 2020, compared with negative 10.1% for the same period of 2019 and negative 2.7% for the second quarter of 2020.
  • Vehicle margin, which is gross profit or gross loss of vehicle sales as a percentage of revenues from vehicle sales, was 3.2% for the third quarter of 2020, compared to negative 10.8% for the same period of 2019 and negative 5.6% for the second quarter of 2020.
  • Net loss was RMB1,148.8 million (US$169.2 million) for the third quarter of 2020, compared with RMB776.3 million for the same period of 2019 and RMB146.0 million for the second quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB864.9 million (US$127.4 million) in the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.
  • Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US$298.4 million) for the third quarter of 2020, compared with RMB982.6 million for the same period of 2019 and RMB1,141.5 million in the second quarter of 2020. Fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value were non-cash events and will no longer recur after the listing of the Company on the New York Stock Exchange on August 27, 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.
  • Basic and diluted net loss per American depositary share (ADS)were both RMB5.07 (US$0.75) for the third quarter of 2020. Non-GAAP basic and diluted net loss per ADSwere both RMB2.16 (US$0.32) for the third quarter of 2020. Each ADS represents two Class A ordinary shares.
  • Cash and cash equivalents, restricted cash and short-term investments were RMB19,998.4 million (US$2,945.4 million) as of September 30, 2020.

“In our first quarter as a public company we achieved strong operating and financial results, highlighted by the rapid growth in deliveries of our P7 Smart EV,” said Mr. He Xiaopeng, Chairman and CEO of XPeng.

“Our commitment to innovation through end-to-end in-house R&D and data-driven capabilities is the cornerstone of our business. This will not only keep XPeng at the forefront of the technologies of Smart EV but also position us well in capturing the significant growth potential in the Smart EV industry. Looking ahead, XPeng will continue to capitalize on its core strengths in technology, while heightening sales and marketing efforts, further enhancing manufacturing capability, and developing our global strategy,” Mr. He concluded.

Following its official launch in April this year, P7 deliveries helped to more than triple the total Smart EV delivery number in the third quarter, fueling a 342.5% increase in total revenues, on a year-over-year basis.

“The robust results we achieved in the third quarter, from delivery numbers, production ramp-up, and advancement in R&D, to expansion plans for the new factory and overseas business, reflect the strong market appeal of our products, the resonance of our strategy, and our ability to adeptly execute our operational plan,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Achieving our first positive gross profit also underscores our growth and our ability to realize economies of scale.”

Closing Initial Public Offering (“IPO”)

The Company closed its initial public offering of 114,693,333 American depositary shares (“ADSs”), each representing two Class A ordinary shares, on August 31, 2020. At a price to the public of US$15.00 per ADS, the total offering size was over US$1.72 billion. The number of ADSs issued at closing included the exercise in full of the underwriters’ option to purchase 14,959,999 additional ADSs to cover over-allotments.

Recent Developments

Deliveries in October 2020

Total Smart EV deliveries reached 3,040 units in October 2020, representing a 229.0% increase year-over-year. The deliveries consisted of 2,104 P7s, XPeng’s smart sports sedan, and 936 G3s, XPeng’s compact smart SUV. As of October 31, 2020, a cumulative total of 8,639 P7s were delivered.

New Smart EV Manufacturing Base

On September 28, 2020, the Company announced the cooperation agreement (“Cooperation Agreement”) with Guangzhou GET Investment Holdings Co., Ltd, a wholly owned investment company of Guangzhou Economic and Technological Development Zone (“GETDZ”), for developing and building a new Smart EV manufacturing base (“Smart EV Manufacturing Base”) for XPeng in Guangzhou. Pursuant to the cooperation agreement, Guangzhou GET Investment will invest RMB4 billion to support the development and construction of the Smart EV Manufacturing Base in the GETDZ.

The Smart EV Manufacturing Base is expected to commence production by December 2022 and will provide a comprehensive range of facilities for R&D, manufacturing, vehicle testing, sales and other smart mobility functions.

The Cooperation Agreement marks another milestone in XPeng’s strategy to expand its manufacturing capabilities, and bolsters the Company’s leadership position in the Smart EV market. In addition to its wholly owned plant in Zhaoqing, Guangdong province, which has an annual production capacity of 100,000 units, XPeng’s new Smart EV Manufacturing Base in Guangzhou will significantly expand the Company’s production capacity and accelerate XPeng’s momentum to achieve its goals in innovation, technological advancement and growth.

XPeng 2020 Tech Day

On October 24, 2020, XPeng held its second annual Tech Day where it showcased its differentiated end-to-end R&D capabilities, featuring an array of cutting-edge autonomous driving and in-car smart technologies. These innovative features include Navigation Guided Pilot (NGP) for highways and memory auto parking for carparks, both are features of XPILOT 3.0, our upcoming advanced autonomous driving system. In conjunction with this event, XPeng also launched another OTA upgrade to its Xmart OS operating system, which features a prominent in-car voice system that is able to engage in continuous driver-vehicle dialogues.

Third Quarter 2020 Unaudited Financial Results

Total revenues were RMB1,990.1 million (US$293.1 million) for the third quarter of 2020, representing an increase of 342.5% from RMB449.7 million for the same period of 2019 and an increase of 236.9% from RMB590.8 million for the second quarter of 2020.

Revenues from vehicle sales were RMB1,898.0 million (US$279.6 million) for the third quarter of 2020, representing an increase of 376.0% from RMB398.8 million for the same period of 2019 and an increase of 250.8% from RMB541.1 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to the acceleration in deliveries of the P7 since we began its mass delivery in late June this year.

Revenues from services and others were RMB92.1 million (US$13.6 million) for the third quarter of 2020, representing an increase of 80.8% from RMB50.9 million for the same period of 2019 and an increase of 85.4% from RMB49.7 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to the increased revenue recognized from the after-sales services which was associated with the increase in the accumulated number of vehicles we delivered.

Cost of sales was RMB1,898.6 million (US$279.6 million) for the third quarter of 2020, representing an increase of 283.5% from RMB495.0 million for the same period of 2019, and an increase of 212.8% from RMB607.0 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to the increase in the number of vehicles delivered as described above.

Gross margin was 4.6% for the third quarter of 2020, compared to negative 10.1% and negative 2.7% for the third quarter of 2019 and the second quarter of 2020, respectively.

Vehicle margin was 3.2% for the third quarter of 2020, compared to negative 10.8% for the same period of 2019 and negative 5.6% for the second quarter of 2020, primarily due to better product mix, decrease in material costs and improvement of manufacturing efficiency.

Research and development expenseswere RMB635.4 million (US$93.6 million) for the third quarter of 2020, representing an increase of 46.1% from RMB435.0 million for the same period of 2019 and an increase of 98.7% from RMB319.8 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to a significant amount of share-based compensation expenses recognized related to the share-based awards granted to the Company’s employees with a performance condition of an IPO. Excluding the share-based compensation expenses, (i) research and development expenses decreased year-over-year primarily because the Company incurred significant amounts of expenses relating to the development of the P7 in the same period of 2019, and (ii) research and development expenses increased quarter-over-quarter mainly due to the increase in design and development expenses relating to the development of the new model to be launched next year.

Selling, general and administrative expenses were RMB1,203.8 million (US$177.3 million) for the third quarter of 2020, representing an increase of 320.8% from RMB286.0 million for the same period of 2019 and an increase of 152.3% from RMB477.1 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to a significant amount of share-based compensation expenses recognized for the reason mentioned above. Excluding the share-based compensation expenses, the increases mainly resulted from the higher marketing, promotional and advertising expenses to support new vehicle sales.

Loss from operations was RMB1,744.2 million (US$256.9 million) for the third quarter of 2020, compared with RMB761.5 million for the same period of 2019 and RMB779.1 million for the second quarter of 2020.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB822.6 million (US$121.2 million) in the third quarter, compared with RMB761.4 million for the same period of 2019 and RMB779.1 million for the second quarter of 2020.

Net loss was RMB1,148.8 million (US$169.2 million) for the third quarter of 2020, compared with RMB776.3 million for the same period of 2019 and RMB146.0 million for the second quarter of 2020.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.

Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US$298.4 million) for the third quarter of 2020, compared with RMB982.6 million for the same period of 2019 and RMB1,141.5 million in the second quarter of 2020.

Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.

Basic and diluted net loss per ADSwere both RMB5.07 (US$0.75) for the third quarter of 2020, compared to RMB5.62 for the third quarter of 2019 and RMB6.29 for the second quarter of 2020.

Non-GAAP basic and diluted net loss per ADSwere both RMB2.16 (US$0.32) for the third quarter of 2020, compared to RMB4.30 for the third quarter of 2019 and RMB4.24 for the second quarter of 2020.

Balance Sheets

As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB19,998.4 million (US$2,945.4 million), compared to RMB2,815.6 million as of December 31, 2019. The increase was primarily due to net proceeds received from the Company’s IPO in August 2020 and Series C+ round financing.

Business Outlook

For the fourth quarter of 2020, the Company expects:

  • Deliveries of vehicles to be approximately 10,000 vehicles, representing a year-over-year increase of approximately 210.8%.
  • Total revenues to be approximately RMB2,200 million, representing a year-over-year increase of approximately 243.7%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 12, 2020 (9:00 PM Beijing/Hong Kong time on November 12, 2020).

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

 

 

United States:

 

+1-833-350-1333

 

 

United Kingdom

 

+44-0203-547-8612

 

 

International:

 

+1-236-389-2427

 

 

Hong Kong, China:

 

+852-3012-6671

 

 

Mainland China:

 

400-820-9391

 

 

Conference ID:

 

7269200

Participants should dial-in at least 5 minutes before the scheduled start time to be connected to the call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until November 19, 2020, by dialing the following telephone numbers:

United States:

+1-800-585-8367

International:

+1-416-621-4642

Replay Access Code:

7269200

About XPeng Inc.

XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego in the U.S. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and/or accretion on preferred shares to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7896 to US$1.00, the exchange rate on September 30, 2020 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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. Statements that are not historical facts, including statements about XPeng’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services; XPeng’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the SEC. All information provided in this press release is as of the date of this press release, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

As of

 

 

December 31, 2019

 

September 30, 2020

 

September 30, 2020

 

 

(audited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

USD

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

1,946,931

 

12,221,210

 

1,799,990

Restricted cash

 

460,812

 

2,008,811

 

295,866

Short-term investments

 

407,844

 

5,768,347

 

849,586

Accounts receivable, net

 

539,199

 

893,567

 

131,608

Current portion of finance lease

receivables, net

 

45,836

 

61,649

 

9,080

Inventory

 

454,116

 

860,919

 

126,800

Amounts due from related parties

 

22,605

 

8,441

 

1,243

Prepayments and other current assets

 

1,083,307

 

1,438,787

 

211,910

Total current assets

 

4,960,650

 

23,261,731

 

3,426,083

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

Property, plant and equipment, net

 

3,229,952

 

3,107,556

 

457,694

Right-of-use assets

 

440,097

 

402,641

 

59,303

Intangible assets, net

 

117,932

 

607,340

 

89,452

Land use rights, net

 

255,257

 

251,265

 

37,007

Finance lease receivables, net

 

109,965

 

104,154

 

15,340

Other non-current assets

 

137,512

 

60,905

 

8,970

Long-term investments

 

–

 

1,000

 

147

Total non-current assets

 

4,290,715

 

4,534,861

 

667,913

Total assets

 

9,251,365

 

27,796,592

 

4,093,996

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

As of

 

 

December 31, 2019

 

September 30, 2020

 

September 30, 2020

 

 

(audited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

USD

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Short-term borrowings

 

419,950

 

227,900

 

33,566

Accounts and notes payable

 

953,946

 

3,491,965

 

514,311

Amount due to a related party

 

678

 

8,301

 

1,223

Current portion of lease liabilities

 

90,740

 

100,174

 

14,754

Current portion of deferred revenue

 

16,382

 

72,034

 

10,609

Current portion of long-term

borrowings

 

60,000

 

52,500

 

7,732

Accruals and other liabilities

 

1,755,995

 

1,979,582

 

291,562

Total current liabilities

 

3,297,691

 

5,932,456

 

873,757

Non-current liabilities

 

 

 

 

 

 

Long-term borrowings

 

1,690,000

 

1,667,490

 

245,595

Lease liabilities

 

361,404

 

309,065

 

45,520

Deferred revenue

 

69,116

 

85,157

 

12,542

Other non-current liabilities

 

73,015

 

56,844

 

8,372

Derivative liabilities

 

897,091

 

17,570

 

2,588

Total non-current liabilities

 

3,090,626

 

2,136,126

 

314,617

Total liabilities

 

6,388,317

 

8,068,582

 

1,188,374

 

 

 

 

 

 

 

Mezzanine Equity

 

 

 

 

 

 

Convertible redeemable preferred

shares

 

9,693,478

 

–

 

–

Total mezzanine equity

 

9,693,478

 

–

 

–

 

 

 

 

 

 

 

Shareholder’s equity

 

 

 

 

 

 

Class A Ordinary shares

 

2

 

56

 

8

Class B Ordinary shares

 

19

 

26

 

4

Class C Ordinary shares

–

 

12

 

2

Additional paid in capital

–

 

30,427,485

 

4,481,484

Accumulated other comprehensive

loss

(5,948)

 

(164,567)

 

(24,238)

Accumulated deficit

(6,824,503)

 

(10,535,002)

 

(1,551,638)

Total shareholders’ equity

 

(6,830,430)

 

19,728,010

 

2,905,622

Noncontrolling interests

 

-　

 

–

 

–

Total shareholders’ equity

 

(6,830,430)

 

19,728,010

 

2,905,622

Total liabilities, mezzanine equity

and shareholders’ equity

 

9,251,365

 

27,796,592

 

4,093,996

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

-Vehicle sales

 

398,775

 

541,118

 

1,898,041

 

279,551

 

-Services and others

 

50,942

 

49,663

 

92,078

 

13,562

 

Total revenues

 

449,717

 

590,781

 

1,990,119

 

293,113

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

 

 

-Vehicle sales

 

(441,728)

 

(571,400)

 

(1,836,756)

 

(270,525)

 

-Services and others

 

(53,293)

 

(35,624)

 

(61,822)

 

(9,105)

 

Total cost of sales

 

(495,021)

 

(607,024)

 

(1,898,578)

 

(279,630)

 

 

 

 

 

 

 

 

 

 

 

Gross loss

 

(45,304)

 

(16,243)

 

91,541

 

13,483

 

Operating expenses

 

 

 

 

 

 

 

 

 

Research and development

 

(435,002)

 

(319,796)

 

(635,373)

 

(93,580)

 

Selling, general and administrative

expenses

 

(286,049)

 

(477,149)

 

(1,203,792)

 

(177,299)

 

Total operating expenses

 

(721,051)

 

(796,945)

 

(1,839,165)

 

(270,879)

 

Other income

 

4,808

 

34,096

 

3,440

 

507

 

Loss from operations

 

(761,547)

 

(779,092)

 

(1,744,184)

 

(256,889)

 

Interest income

 

22,575

 

10,295

 

23,216

 

3,419

 

Interest expense

 

(10,468)

 

(7,676)

 

(3,926)

 

(578)

 

Fair value (loss)/gain on derivative

liabilities

 

(25,364)

 

623,410

 

620,209

 

91,347

 

Other non-operating (loss)/income, net

 

(1,472)

 

7,021

 

(44,070)

 

(6,491)

 

Loss before income taxes

 

(776,276)

 

(146,042)

 

(1,148,755)

 

(169,192)

 

Income tax expenses

 

–

 

–

 

(6)

 

(1)

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

 

Accretion on Preferred Shares to redemption value

 

(206,328)

 

(995,444)

 

(877,007)

 

(129,169)

 

Net loss attributable to ordinary shareholders of XPeng Inc.

 

(982,604)

 

(1,141,486)

 

(2,025,768)

 

(298,362)

 

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of nil tax

 

30,621

 

(3,423)

 

(143,220)

 

(21,094)

 

Total other comprehensive loss

 

30,621

 

(3,423)

 

(143,220)

 

(21,094)

 

Total comprehensive loss

 

(745,655)

　

(149,465)

　

(1,291,981)

 

(190,287)

 

 

 

 

 

 

 

 

 

 

 

Accretion on Preferred Shares to redemption value

 

(206,328)

　

(995,444)

　

(877,007)

 

(129,169)

 

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

 

(951,983)

　

(1,144,909)

　

(2,168,988)

 

(319,456)

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Weighted average number of ordinary shares used in computing net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

349,414,050

 

362,747,375

 

799,364,696

 

799,364,696

 

 

 

 

 

 

 

 

 

Net loss per share attributable to ordinary shareholders

 

 

 

 

 

 

 

 

Basic and diluted

 

(2.81)

 

(3.15)

 

(2.53)

 

(0.37)

 

 

 

 

 

 

 

 

 

Weighted average number of ADS used in computing net loss per ADS

 

 

 

 

 

 

 

 

Basic and diluted

 

174,707,025

 

181,373,688

 

399,682,348

 

399,682,348

 

 

 

 

 

 

 

 

 

Net loss per ADS attributable to ordinary shareholders

 

 

 

 

 

 

 

 

Basic and diluted

 

(5.62)

 

(6.29)

 

(5.07)

 

(0.75)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Loss from operations

 

(761,547)

 

(779,092)

 

(1,744,184)

 

(256,889)

Share-based compensation expenses

 

130

 

–

 

921,610

 

135,738

Non-GAAP loss from operations

 

(761,417)

 

(779,092)

 

(822,574)

 

(121,151)

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

Fair value change on derivative

liabilities

 

25,364

 

(623,410)

 

(637,779)

 

(93,935)

Share-based compensation expenses

 

130

 

–

 

921,610

 

135,738

Non-GAAP net (loss)/Gain

 

(750,782)

 

(769,452)

 

(864,930)

 

(127,390)

 

 

 

 

 

 

 

 

 

Net loss attributable to ordinary shareholders

 

(982,604)

 

(1,141,486)

 

(2,025,768)

 

(298,362)

Fair value change on derivative

liabilities

 

25,364

 

(623,410)

 

(637,779)

 

(93,935)

Share-based compensation

expenses

 

130

 

–

 

921,610

 

135,738

Accretion on Preferred Shares to redemption value

 

206,328

 

995,444

 

877,007

 

129,169

Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.

 

(750,782)

 

(769,452)

 

(864,930)

 

(127,390)

 
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

349,414,050

 

362,747,375

 

799,364,696

 

799,364,696

 
Non-GAAP net loss per ordinary share

 

 

 

 

 

 

 

 

Basic and diluted

 

(2.15)

 

(2.12)

 

(1.08)

 

(0.16)

 
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS
Basic and diluted

174,707,025

181,373,688

399,682,348

399,682,348

Non-GAAP net loss per ADS
Basic and diluted

(4.30)

(4.24)

(2.16)

(0.32)

 

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: [email protected]

Jenny Cai

The Piacente Group

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: [email protected]

For Media Enquiries

Marie Cheung

XPeng Inc.

Tel: +852 9750 5170 / +86 1550 7577 546

E-mail: [email protected]

KEYWORDS: China Asia Pacific

INDUSTRY KEYWORDS: General Automotive Aftermarket Automotive Alternative Vehicles/Fuels

MEDIA:

Posted on

TELUS launches fresh new TELUS Agriculture business to digitally transform the global food system

Global-leading innovators across the world have been brought together under one business to optimize food production and contribute to a better yield of food supply to meet the ever-growing requirements of our hungry planet

TELUS Agriculture acquires AFS Technologies, a global leader in sales and distribution solutions to the consumer goods market; and Agrian, a unified management platform for precision, agronomy, sustainability, analytics, and compliance

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Today, TELUS announced the launch of TELUS Agriculture, a new business unit dedicated to providing innovative solutions to support the agriculture industry with connected technology. TELUS Agriculture optimizes the food value chain by leveraging data in new ways to increase efficiency, production, and yields, delivering better food outcomes for businesses and the end consumer. Connecting each piece of the agriculture value chain empowers farmers and ranchers, the agri-business industry, and agri-food, consumer goods and retail companies to leverage advanced data systems and artificial intelligence to streamline operations, improve food traceability, and provide consumers with fresher and healthier food. TELUS Agriculture currently supports more than 100 million acres of agricultural land, backed by a team of more than 1,200 experts across Canada, the USA, Mexico, Brazil, the United Kingdom, Slovakia, Armenia, Germany, China, and Australia.

“The launch of TELUS Agriculture reflects TELUS’ unwavering commitment to our social purpose to leverage our world-leading technology to create remarkable human and social outcomes as, together, we help to protect and improve the global food system,” said Darren Entwistle, President and CEO of TELUS. “By means of our technology innovation, artificial intelligence and human compassion, we will help farmers and ranchers produce food for the world’s ever-expanding population more efficiently, safely and in a more environmentally friendly manner. Our efforts to optimize food production will contribute to a better yield of food supply to meet the ever-growing requirements of our hungry planet. From farm to fork, by digitizing the entire value chain and linking these technologies together for the first time, we will facilitate a secure exchange of information to allow farmers and ranchers, agri-business organizations, the agri-food industry and the consumer to make smarter decisions. Importantly, we are striving to provide innovative solutions to advance the agriculture sector on a worldwide basis, whilst positioning Canada as a preferred global supplier of safe, sustainable food. TELUS Agriculture is the latest addition to our unique portfolio of compelling growth assets, which includes TELUS International and TELUS Health and will leverage our team’s expertise in technology and digital transformation. TELUS Agriculture will make a significant contribution to this fast-growing portfolio, driving strong financial and operating performance as well as material shareholder value creation. Moreover, our Agriculture strategy also represents another significant investment in the communities where we live, work and serve, supporting TELUS’ world leadership in social capitalism.”

Over the course of the last year, TELUS has completed several key acquisitions, assembling a suite of assets that is unmatched in the agriculture industry. Together under TELUS Agriculture, our team now has the expertise, experience, and relationships to connect every participant in the agriculture value chain, from seed manufacturers and farmers through to grocery stores and restaurants.

“TELUS Agriculture is tackling agriculture and agri-food’s complex data management challenges by linking systems together in new ways. Connecting the value chain and building solutions that make it convenient and valuable to shift to digital will help our customers drive industry-wide profitability while delivering better, healthier products to the consumer,” said Francois Gratton, EVP and Group President TELUS and Chair TELUS Health and TELUS Agriculture.

“The agriculture industry has long waited for a solution that not only optimizes the food supply chain, but provides benefit to each contributor along the way, and we are confident that TELUS Agriculture can provide these solutions. While we are humbled to be in a position to make such an impact, we are more driven than ever to deliver on that promise for the industry at-large,” said Thad Armbruster, CEO, TKXS.

In addition, today, TELUS Agriculture is proud to announce our most recent cornerstone acquisitions, global sales and distribution solutions powerhouse AFS Technologies and SaaS farm management platform Agrian. Tampa, Florida-based AFS Technologies is a global leader in delivering value to the consumer goods industry with purpose-built integrated business planning, trade promotion management, and supply-chain management technology that drives efficiency, improves agility, and increases profitability. Fresno, California-based Agrian combines the industry’s deepest label resource with a holistic platform that manages precision agriculture, agronomy, sustainability, analytics, and compliance with striking ease and effectiveness. With the addition of AFS and Agrian, TELUS Agriculture is now a global leader with customers in more than 50 countries.

“2020 has been a year of uncertainty for most, and that holds especially true for the consumer goods and agri-food industry. The global pandemic has not only drastically impacted the supply chain, but highlighted the urgency to tackle existing challenges,” said Richard Nicholas CEO, AFS. “With TELUS Agriculture, we are helping companies achieve improved continuity of supply, protect their brand, and drive efficiency and profitability, all while delivering better, healthier products in a sustainable way to the consumer.”

By bringing together innovative, market-leading companies at each stage of the value chain, TELUS Agriculture has built incredible scale and scope in the industry to be uniquely positioned to transform collaboration across the global agriculture industry as an independent player. This includes a billion acres of historical acre data and 170 million acres of real-time data across the most diverse crop markets in the world that can be leveraged to build industry leading AI and machine learning-based insights. At launch, the companies acquired include:

Acquisitions


  • AFS Technologies
     – Florida, USA – Comprised of AFS, Exceedra and Ignition, a global leader in supply chain management, and sales and distribution

  • AGIntegrated
     – Pennsylvania, USA – Seamless API integration

  • Agrian
     – California, USA – Unified management platform for precision, agronomy, sustainability, analytics, and compliance

  • Decisive Farming
     – Alberta, Canada – Precision agronomy and farm management expertise

  • Farm At Hand
     – British Columbia, Canada – Simplified farm management software

  • Muddy Boots
     – Ross-on-Wye, United Kingdom – Farm-to-food traceability and supply chain management

  • TKXS
     – North Carolina, USA – Custom data and program management

  • Feedlot Health Management Solutions
    * – Alberta, Canada – Critical insights and data-based knowledge

Partnerships


  • Hummingbird
     – London, United Kingdom – Advanced imagery analytics

For full details about TELUS Agriculture, please visit telus.com/agriculture.

*TELUS has entered into an agreement to acquire Feedlot Health Management Solutions. Transaction closing is subject to satisfaction of certain conditions precedent.

About TELUS

TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications and information technology company with $15.3 billion in annual revenue and 15.7 million customer connections spanning wireless, data, IP, voice, television, entertainment, video and security. We leverage our global-leading technology to enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. TELUS Health is Canada’s largest healthcare IT provider, and TELUS International delivers the most innovative business process solutions to some of the world’s most established brands.

Driven by our passionate social purpose to connect all Canadians for good, our deeply meaningful and enduring philosophy to give where we live has inspired our team members and retirees to contribute more than $700 million and 1.3 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world.

For more information about TELUS, please visit telus.com, follow us @TELUSNews on Twitter and @Darren_Entwistle on Instagram.

Media Contact

Doug Self
[email protected]
+1-403-616-8741

Posted on

Verisk Maplecroft releases world’s first subnational human rights risk indices

New data maps risk exposure of assets, suppliers and investments across 3600 regions, 10 issues

London, UK, Nov. 12, 2020 (GLOBE NEWSWIRE) — After two years in development, global risk data and forecasting company Verisk Maplecroft has released the world’s only Subnational Human Rights Dataset to enable multinational organizations and financial institutions to undertake risk assessments of their global operations, supply chains and investments in more granular detail than has been possible to date. 

The Dataset, which encompasses risk scores for 3,600 states and administrative regions in 198 countries, can be used by companies and asset managers to accurately map their exposure to 10 key human rights issues:

  • Arbitrary Arrest and Detention
  • Child Labour
  • Extrajudicial or Unlawful Killings
  • Forced Labour
  • Freedom of Assembly
  • Kidnappings
  • Migrant Workers
  • Occupational Health and Safety
  • Security Forces and Human Rights
  • Torture and Other Ill-treatment

“This data is unique, as there is nothing else in the marketplace that can match its comprehension of a wide degree of human rights issues on such a large scale,” says Matt Moshiri, President of Verisk Maplecroft. “In a time where greater emphasis is being placed on the social element of ESG (environmental, social and governance) risks by investors and consumers alike, it will provide the more refined intelligence companies need to take the assessment of human rights to a new level.”

Dynamic human rights monitoring captures local-level risks for 198 countries

The indices bring together data science with expert derived judgements and existing methodologies from Verisk Maplecroft’s internationally recognised country-level human rights indices.

‘Events gathering’ of reported violations or issues related to a specific human right is a key component. The benefit of this approach is that Verisk Maplecroft is able to more accurately capture the situation as reported ‘on the ground’ as well as being able to swiftly react to any major event, including conflicts, protests, riots or any other severe human rights infringements. Furthermore, using a dynamic event gathering approach means the indices will be updated quarterly to provide up-to-date metrics for each of the 3,600 regions.

With the human rights situation not only varying between countries, but also between the administrative areas, such a view is particularly beneficial for organizations with global footprints, multinational supply chains or diversified investment portfolios.

Fine-tuning human rights risk assessments

The indices provide an important risk assessment tool for a range of functions, including for the sustainable procurement departments of global brands that may be worried about the use of child labour or forced labour in the creation of their company’s products. These organizations may have 10,000 suppliers from 120 countries, but a budget that only allows for an audit of 10% of them. The Subnational Human Rights Dataset will support them with prioritising which suppliers to audit to have the best chance of addressing these issues from their supply chain.

Asset managers seeking to understand their ESG exposure, especially in relation to corporates and real assets, can also use Verisk Maplecroft’s Subnational Human Rights Dataset, alongside its environmental and governance indices, to monitor risk at the portfolio level.

“While our country-level human rights data remains market leading, the more granular geographic view of the new dataset allows for a fine-tuned approach to risk management,” adds Mr Moshiri. “It will also simplify compliance with emerging supply chain legislation and provide greater assurance to ethical consumers and responsible investors that companies are taking the extra steps necessary to minimize their human rights impact.”

About Verisk Maplecroft

With over 15 years standing at the forefront of data modelling, risk analysis and strategic forecasting, Verisk Maplecroft offers an unparalleled perspective on the complexities of the global risk landscape and the challenges it presents to business and investors.

With a unique holistic approach to risk, combining the world’s most extensive portfolio of global risk indices with expert analysis and specialist advisory capabilities, Verisk Maplecroft helps businesses identify, map and manage the exposure of their operations, supply chains and investments to the full spectrum of risks. From emerging ESG trends, political instability and climate change to resource nationalism, labour rights and security issues, its flexible solutions and tailored services give companies the actionable insight they need to make more effective decisions and succeed in an increasingly volatile world.

Verisk Maplecroft is part of the Verisk family of companies (NASDAQ: VRSK). Verisk is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Around the world, Verisk helps customers protect people, property, and financial assets for more information visit www.verisk.com.


www.maplecroft.com

Press contact:

Jason McGeown
Head of Media Relations
Verisk Maplecroft
Tel: +44 (0)1225 472846
Email: [email protected]

Posted on

Wolters Kluwer FRR Named Technology Partner for Regulatory Compliance in Central Banking Awards

Wolters Kluwer FRR Named Technology Partner for Regulatory Compliance in Central Banking Awards

LONDON–(BUSINESS WIRE)–
Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has won a major award from Central Banking magazine, being named Technology Partner For Regulatory Compliance, in the publication’s annual FinTech and RegTech Awards.

The awards, which celebrate excellence and innovation, were decided by an expert panel of judges, including Central Banking magazine’s editorial team. Central Banking is published by Infopro Digital and is a sister title to Risk magazine. It specializes in public policy and financial markets, with an emphasis on central banks and their relationship with international financial institutions. The magazine was founded in 1990 and has an impressive editorial board which includes Nobel prize winning economists and former governors of central banks in Asia, Europe and the Americas.

“As regulators upgrade their technology, the industry is having to do the same. For a number of years Wolters Kluwer FRR has been providing financial institutions with integrated regulatory compliance and reporting solutions. Its OneSumX for FRR platform allows reporting to central banks and other regulatory bodies,” the judges said. “Wolters Kluwer leads the way on technology for regulatory compliance. The firm harnesses technology to help market players cope with the growing scope and volume of financial regulation.”

OneSumX for FRR, Wolters Kluwer FRR’s best-in-class integrated regulatory compliance and reporting solution suite, establishes a single source of data for finance, risk and regulatory reporting that is enriched with value-added content from in-house experts.

“Wolters Kluwer’s strong reputation and the success of our regulatory reporting and risk offerings have largely been based on ability to accurately connect the regulatory and reporting workflow processes and combine the data elements involved with the highest level of integrity. Our updated Regulatory Engine and launch of our SaaS solution mean our clients have access to a truly integrated offering covering finance, risk and regulatory reporting,” says Claudio Salinardi, General Manager and Executive Vice President of Wolters Kluwer FRR. “Awards like these are based on all important client feedback and, as such, provide independent recognition of our leading capabilities. On behalf of Wolters Kluwer I’d like to sincerely thank the judges for this prestigious accolade. 2020 has, of course, been a momentous year and our team’s commitment to ensuring the highest levels of service for our valued clients remains as focused as ever.”

Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.

Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.

Paul Lyon

Director of Global Corporate Communications

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

[email protected]

KEYWORDS: Europe Ireland United Kingdom Netherlands

INDUSTRY KEYWORDS: Professional Services Data Management Technology Legal Software Finance Banking

MEDIA:

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Amcor’s responsible packaging strategy unlocks industry-leading sustainability progress

Amcor’s sustainability report highlights including increased design for recyclability products, greater PCR use and expansions to partnership activity

PR Newswire

ZURICH, Nov. 12, 2020 /PRNewswire/ — Amcor, a global leader in packaging, continues to achieve significant progress in its efforts to enhance sustainability and reduce plastic waste. In this year’s sustainability report, Amcor reveals its delivery against key target areas and re-establishes the central role that sustainability plays in its business.

The report details efforts Amcor has taken across its rigids, flexibles and specialty cartons businesses.

Highlights include:

  • Amcor’s progress in bringing its product offerings in line with its sustainable commitments – as a result, $7.71 bn of Amcor’s revenue is now generated from products that have been designed to be recyclable.
  • Amcor’s increased use of post-consumer recycled resin – which reached over 83,000 tonnes this year. This higher utilization of PCR also reduced over 100,000 tonnes of CO2 emissions – as recycled resin has a lower carbon footprint than virgin material.
  • Continued efforts to run its operations efficiently and in line with the highest environmental standards have seen the company reduce waste disposal from operations by over 3,200 tonnes – a 10% reduction – this year.
  • Amcor’s partnerships activity increased as Amcor joined WWF ReSource: Plastic initiative; a global consortium of companies and organizations collaborating to keep waste out of the environment.

David Clark, Vice President for Sustainability at Amcor said: “At Amcor we believe that winning for the environment means that we are winning as a business. As a market leader, we’re committed to using our innovation capabilities to ensure that all of our products are recyclable or reusable by 2025 – but we know that this is only one stage of the cycle. A sustainable, responsible approach to packaging requires more than just recyclable products, it also needs infrastructure development and customer action. This year’s sustainability report outlines our continued work to achieve more sustainable outcomes and to use our unique position to accelerate more sustainable solutions.”

Amcor’s 2020 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core option and Sustainability Accounting Standards Board (SASB) Containers & Packaging Sustainability Accounting Standard version 2018-10. This is the ninth year that Amcor has reported in accordance with GRI and the first year it has reported using the SASB Standards.

The report will be released on Thursday 12th November at 08:00 CET time and is accessible alongside previous year’s reports and our Sustainability Review – which lays out Amcor’s sustainability strategy and details our progress against our objectives.

Learn more about Amcor’s sustainability activities at www.amcor.com/sustainability

About Amcor

Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that uses less materials, is increasingly recyclable and reusable, and is made with more recycled content. Around 47,000 Amcor people generate $12.5 billion in annual sales from operations that span about 230 locations in 40-plus countries. NYSE: AMCR; ASX: AMC

www.amcor.com  I  LinkedIn  I  Facebook  I  Twitter  I  YouTube

 

Cision View original content:http://www.prnewswire.com/news-releases/amcors-responsible-packaging-strategy-unlocks-industry-leading-sustainability-progress-301171672.html

SOURCE Amcor

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BevCanna Partners with Naturo to Launch Beyond Energy All-Natural Hemp Energy Drink

BevCanna Partners with Naturo to Launch Beyond Energy All-Natural Hemp Energy Drink

Partnership with Naturo to bring access to over 3,000 points of distribution as well as significant retail and manufacturing expertise, with all necessary licenses already in place

VANCOUVER, British Columbia–(BUSINESS WIRE)–
Emerging leader in infused innovations BevCanna Enterprises Inc. (“BevCanna” or the “Company”) (CSE:BEV, OTCQB:BVNNF, FSE:7BC), is excited to announce the development of a new Beyond Energy all-natural hemp energy drink. Launched in partnership with experienced beverage company, Naturo Group, the beverage will be sold under BevCanna’s flagship house brand, Anarchist Mountain Beverages™.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201112005424/en/

Beyond Energy natural hemp energy drink (Photo: Business Wire)

Beyond Energy natural hemp energy drink (Photo: Business Wire)

Formulated with natural mineral spring water, Beyond Energy features all-natural vegan friendly ingredients, including natural yuzu and lime flavours, caffeine from natural tea, ginseng, B & D vitamins, and hemp seed extract, which is a functional source of omegas and promotes brain function and overall wellbeing. Additionally, the presence of essential B and D vitamins such as B12 and D3 combats a global vitamin deficiency within consumers today. The innovative fortified hemp seed extract formulation does not require Health Canada cannabis licensing and will allow the beverage to be sold in traditional mass retail points of distribution and through direct to consumer e-commerce channels.

“The launch of the Beyond Energy beverage will not only expand BevCanna’s Anarchist Mountain brand into traditional points of retail and ecommerce, but will also allow BevCanna to sell product into Naturo’s extensive retail distribution network,” said John Campbell, CSO of BevCanna.

Naturo Group offers a full service white-label beverage manufacturing vertical for traditional CPG clients and owns and operates nationally distributed house brands across Canada. Naturo’s house brand beverages are currently sold in more than 3000 Canadian retailers, including 7/11, Loblaws, London Drugs, Metro and Farm Boy, as well as online direct-to-consumers, via Amazon; and is expanding into the U.S. market in 2021. Naturo’s significant and established distribution network will allow BevCanna to scale its retail distribution quickly and to leverage this network for its range of infused beverages.

“Naturo has been exceptionally successful in growing its retail and e-commerce distribution network, along with its robust manufacturing capabilities,” said Marcello Leone, Founder of Naturo Group & CEO of BevCanna “Now that the market for cannabis and hemp-derived beverages is exploding, Naturo is excited to further strengthen it’s relationship with BevCanna to launch these innovative new natural products through Naturo’s robust manufacturing and distribution network, and for continued collaboration with BevCanna.”

Beyond Energy will represent the first beverage to launch under the Anarchist Mountain banner in traditional sales channels. The Anarchist Mountain brand represents iconic West Coast attributes in all aspects of its brand identity and is formulated based on extensive consumer trends research. Inspired by the site of BevCanna’s bottling operations and pristine alkaline spring water source in the BC interior, Anarchist Mountain is a nod to the rich history of cultivation in the iconic region – both a longstanding legacy and notoriety within cannabis, and the 100+ wineries spread throughout the region.

The full Anarchist Mountain brand portfolio will include non-cannabinoid options, including Beyond Energy, which will use hemp seed extract, and which will be sold through traditional retail and ecommerce; as well as cannabis-infused options, which will be sold through licensed dispensaries. As domestic and international markets evolve regulations to allow for a broader distribution of cannabinoid based products, BevCanna will leverage the distribution network established through the non-cannabinoid options to broaden the distribution for cannabinoid infused beverages, consistent with their overall growth strategy of scaling into traditional points of retail to the maximize addressable market and leverage brand equity.

About BevCanna Enterprises Inc.

BevCanna Enterprises Inc. (CSE:BEV, OTCQB:BVNNF, FSE:7BC) develops and manufactures cannabinoid–infused beverages and consumer products for in–house brands and white label clients. With decades of experience creating, branding and distributing iconic brands that have resonated with consumers on a global scale, the team demonstrates an expertise unmatched in the emerging cannabis beverage category. Based in British Columbia, Canada, BevCanna owns the exclusive rights to a pristine spring water aquifer, access to a world–class 40,000–square–foot, HACCP certified manufacturing facility, with a current bottling capacity of up to 210M bottles per annum. BevCanna also recently acquired US natural health and wellness e-commerce platform Pure Therapy. BevCanna’s vision is to be a global leader in infused innovations.

On behalf of the Board of Directors:

John Campbell, Chief Financial Officer and Chief Strategy Officer

Director, BevCanna Enterprises Inc.

Forward-Looking Information

This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including the statements regarding: the partnership with Naturo will bring access to over 3,000 points of distribution as well as significant retail and e-commerce expertise; the beverage will be sold in traditional mass retail points of distribution and through direct to consumer e-commerce channels, expand BevCanna’s Anarchist Mountain brand into traditional points of retail and ecommerce, and will also allow BevCanna to sell product into Naturo’s extensive retail distribution network; Naturo’s significant and established distribution network will allow BevCanna to scale its retail distribution quickly and to leverage this network for its range of infused beverages; the full Anarchist Mountain brand portfolio will include non-cannabinoid options, including Beyond Energy, which will use hemp seed extract and which will be sold through traditional retail and ecommerce; as well as cannabis-infused options, which will be sold through licensed dispensaries; as domestic and international markets evolve regulations to allow for a broader distribution of cannabinoid based products, BevCanna will leverage the distribution network established through the non-cannabinoid options to broaden the distribution for cannabinoid infused beverages, consistent with their overall growth strategy of scaling into traditional points of retail to the maximize addressable market and leverage brand equity; and other statements regarding the business plans of the Company.

Forward-looking statements are based on certain assumptions regarding the issuances of licenses by Health Canada to the Company under the Cannabis Act; future positive legislative, tax and regulatory developments with respect to cannabis; a continued high regulatory barrier entry for cannabis-infused beverages; successful and timely commercialization of the company’s products; successful and timely negotiation of various agreements; and expectations with respect to the future growth of recreational cannabis products. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. The assumptions of the Company, although considered reasonable by it at the time of preparation, may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, the Company not being issued licenses by Health Canada; risks associated with general economic conditions; risks associated with climate and agriculture; changes in consumer preferences; adverse industry events; future legislative, tax and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the inability to implement business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of the Company which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

For media enquiries or interviews, please contact:

Wynn Theriault, Thirty Dash Communications

416-710-3370

[email protected]

For investor inquiries, please contact:

Luca Leone, BevCanna Enterprises Inc.

604-880-6618

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Alternative Medicine Retail Health Fitness & Nutrition Specialty Food/Beverage

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Beyond Energy natural hemp energy drink (Photo: Business Wire)