Tag: Artificial Intelligence

selvita-group-continues-its-dynamic-growth-in-the-first-quarter-of-2022

Selvita Group continues its dynamic growth in the first quarter of 2022

June 1, 2022 Published by

 

Selvita S.A. – (WSE: SLV) – one of the largest preclinical contract research organizations in Europe, continues its development in all business segments in the first quarter of 2022.

The increase in the scale of operations along with high margins

In the first quarter of 2022, Selvita Group reported revenues in the amount of EUR 20.5 million, indicating an increase of 35% y/y. EBITDA and net profit (excluding the impact of the non-cash incentive program) amounted to EUR 6.0 million and EUR 3.6 million, respectively, which translates into an increase of 56% and 119%. Margins grew in line with the expanding scale of the business. The EBITDA margin increased from 25.2% in the previous year to 29.1% in 2022, while the net profit margin increased from 10.9% to 17.7%.

Services provided in Poland closed the first quarter of 2022 with revenues of EUR 9.8 million, an increase of 43% y/y. EBITDA in the reporting period amounted to EUR 2.9 million, achieving the annual growth dynamics of 110%. The segment also significantly improved the EBITDA margin, which increased from 19.0% in the previous year to 28.1% in 2022. A significant increase in the revenues in the area of regulatory research was noted, from EUR 1.5 million achieved in in the first quarter of 2021, to EUR 2.7 million in 2022 (+ 83% y/y).

The segment of services provided in Croatia increased the commercial revenues generated by 22% y/y, reaching EUR 7.8 million. EBITDA in the analyzed period amounted to EUR 2.4 million, showing an increase of 21% y/y. The margin on the services remained at a similar level, 31.3% in Q1 2021 vs. 31.1% in Q1 2022.

In the reporting period, Ardigen generated EUR 2.2 million in commercial revenues, compared to EUR 1.4 million last year, which translated into an improvement of 60% y / y. EBITDA increased from EUR 0.4 million to EUR 0.6 million (+44% y/y), and the EBITDA margin was 24.3%, which means a minimal decrease compared to Q1 2021 (-2 pp).

“I am very pleased with the results achieved. The high pace of growth in all our business segments, as well as the improvement in EBITDA profitability and net profit, show that dynamic development can go hand in hand with good margins. This is the result of the work of our scientists who strive to provide our clients with high quality services every day. At Selvita, we believe that people are the most important asset, and our financial results reflect this,” comments Bogusław Sieczkowski, Chief Executive Officer at Selvita S.A.

The backlog of Selvita Group also grew dynamically in the reported period, and currently amounts to EUR 58.8 million, indicating an increase of 38% y/y. In the area of drug discovery, backlog reached EUR 44.6 million, increasing by 30% as compared to the same period previous year. The regulatory research segment has been growing even faster, with backlog amounting to EUR 6.2 million (+ 111% y/y). Ardigen reported EUR 6.5 million of backlog, almost EUR 2.0 million more than in 2021.

“The high value of contracted orders allows us to be optimistic about the entire year 2022,” adds Sieczkowski.

New Development Strategy 2022 – 2025

“During the first quarter of this year, we worked intensively on our new strategy. Rapid development of the Group over the last years meant that our previous, four-year strategy, was implemented in a little over two years. As part of the assumptions of the new development plan, we plan to grow three times by 2025, and achieve annual revenues of EUR 200 million, while maintaining a stable, high margin. We are convinced that the implementation of these goals will allow us to become a global, preclinical CRO, offering clients an increasingly comprehensive range of services,” said Sieczkowski.

In the first months of 2022, Selvita made several operational steps supporting further development of the Group. Integration of services in the area of drug discovery, integration of sales and business development, as well as creation of a department supporting the management of operational activities, investments, and infrastructure, constitute a strong foundation for the implementation of the assumptions of the new strategy for 2022-2025.

svkm’s-nmims-common-entrance-test-2022-for-admissions-in-engineering-and-pharmacy-programs-open-till-june-2022

SVKM’s NMIMS Common Entrance Test-2022 for admissions in Engineering and Pharmacy programs open till June 2022

May 31, 2022 Published by

 

SVKM’s Narsee Monjee Institute of Management Studies (NMIMS), Deemed-to-be University with an academic legacy of 41 years has announced Common Entrance Test (CET) 2022 for undergraduate program in Engineering and Pharmacy – at Mumbai, Indore, Navi Mumbai, & Shirpur campuses.

The curriculum is designed to prepare students for successful careers in the field of engineering, technology and pharmacy and provide them with job opportunities in Top notch companies.

With the digital era firmly in place, the world will soon witness huge demands for engineers in the domains of AI & Machine learning, Data Science and Cyber security along with sound fundamental knowledge of core engineering. The Mukesh Patel School of technology management & Engineering (MPSTME), NMIMS University thus offers programmes not only in these emerging areas but also in core engineering viz; Mechanical, Civil, Electronics & Telecommunication and Mechatronics with a lot of interdisciplinary focus and choice to the learners.

The institute’s flagship programme- the MBA Tech program has given a large number of techno-managers to the industry over the years and is one of its most successful programmes. It is a unique opportunity to study management principles along with core technical knowledge. The program enables students to get a sound knowledge of various work fields like the digital sectors, finance, marketing, Pharmacy, Research, and in various other industries too, bringing them at par with the MBA graduates and equally accepted by the industry.

Since its establishment, the university has a track record of 100% placement assistance. Top brands like E&Y, Ingram Micro, Zycus, HDFC Bank, Jio, Cipla, Glenmark, Sun Pharma, Cognizant, Novartis are a few names where the students have been placed

Dean, Dr. Alka Mahajan, SVKM’s Mukesh Patel School of Technology Management & Engineering said, “What an engineering aspirant needs to look for in a university/institute is a robust forward looking curriculum and structure, choice & flexibility of learning, experienced and well qualified faculty, and an opportunity to pursue other interests. A diverse peer group and opportunities for further education abroad matter too. At the MPSTME, NMIMS University we offer all of these and much more.”

Dean, Dr. Bala Prabhakar, SVKM’s Shobhaben Pratapbhai Patel School of Pharmacy & Technology Management (SPPSPTM) said, “The revolutionary technological advancements in all the disciplines has brought about a great metamorphosis in the world. The current and future generations will have to learn differently and excel multidisciplinary skill sets to have a successful career and to contribute meaningfully to the Society. NMIMS, a Deemed-to-be university with visionary and progressive approach to the future world, offers dynamic, contemporary and futuristic programmes, one of the most popular being, MBA Pharma.Tech, where the student acquires multidisciplinary skills in the areas of Pharmacy, healthcare and management. The graduates are well received by the industry and are contributing in a major way to the health care sector, with the emerging trend being becoming entrepreneurs in healthcare and related sectors. They are well established globally in countries like USA, UK, Australia, and Germany to name a few.”

dsm-and-firmenich-to-merge,-becoming-the-leading-creation-and-innovation-partner-in-nutrition,-beauty-and-well-being

DSM and Firmenich to merge, becoming the leading creation and innovation partner in nutrition, beauty and well-being

May 31, 2022 Published by

 

DSM and Firmenich today announce that they have entered into a business combination agreement (the “BCA”) to establish the leading creation and innovation partner in nutrition, beauty and well-being (“DSM-Firmenich”). The combination will bring together Firmenich’s unique leading Perfumery and Taste businesses, its world-class science platforms and associated co-creation capabilities with DSM’s outstanding Health and Nutrition portfolio and renowned scientific expertise. The new company will have four high-performing and complementary businesses, each with leading positions and underpinned by world-class science.

DSM-Firmenich will benefit from complementary capabilities across fragrance, taste, texture and nutrition, fueled by world-class science. The company will have unparalleled proprietary capabilities to partner with customers to fulfill their ambitions. DSM-Firmenich will be able to better anticipate and to address the needs of today’s conscious consumers who prioritize sustainability, health and well-being.

The merger of DSM-Firmenich will further accelerate innovation for the industry and generate new growth opportunities for customers. It will form a new global-scale partner to serve the food and beverage industry, combining DSM’s Food & Beverage and Firmenich’s Taste & Beyond businesses. Firmenich’s world-leading global Perfumery and Ingredients business will expand further into Beauty through the addition of DSM’s Personal Care & Aroma business. These new combined businesses will be joined by DSM’s high-performing Health, Nutrition & Care and Animal Nutrition & Health businesses.

The combined company’s extensive global footprint will provide customers with access to an unprecedented network of R&D, creation and application capabilities, informed by local consumer preferences, across regional and local hubs around the world. Both businesses have successful track records of investing in and delivering ground-breaking innovations that create and reshape markets. Opportunities from new pioneering and complementary digitally-powered business models will build upon the 125+ year heritages of each company in purpose-led scientific discovery and innovation.

DSM-Firmenich will bring together both companies’ relentless commitment to sustainability across the value chain, and in doing so help to drive environmental, social and governance leadership globally. Sustainability considerations have long been embedded within both companies’ strategies and DSM-Firmenich combines two companies with shared values and longstanding action on climate change, embracing nature and care for people.

The compelling strategic rationale for this combination is reflected in the attractive synergy potential, resulting in double-digit EPS accretion1 and an enhanced strategic position across the markets in which DSM-Firmenich will operate.

Thomas Leysen, Chairman of the DSM Supervisory Board, commented: “DSM-Firmenich will bring together leading creativity and cutting-edge science and innovation. Together we will be able to better serve the needs of customers and deliver compelling growth and returns. However, successful mergers require more than complementary capabilities or compelling financials; they not only require balanced governance and a respect of the interests of all stakeholders, but they crucially require shared values. My colleagues and I are convinced we have all of those elements, and it is for this reason that the Supervisory Board of DSM concluded that this is truly a merger which is in the interest of all stakeholders.”

Patrick Firmenich, Chairman of Firmenich, commented: “The combination of DSM and Firmenich is transformational, and brings together two culturally aligned and iconic businesses, each with over 125 years’ heritage of innovation. Our shared purpose and common values, combined with our highly complementary capabilities gives me confidence we can accelerate our growth further through innovation and new creations. I am confident that for all stakeholders of the future DSM-Firmenich business, the most exciting times are still to come.”

Geraldine Matchett and Dimitri de Vreeze, Co-CEOs of DSM, commented: “We are honored to propose the combination of DSM and Firmenich, and the opportunity to bring together 28,000 passionate people with a common commitment to enable our customers to realize their ambitions as we better the health and well-being of people and the planet. Together DSM-Firmenich will enjoy complementary capabilities, including one of the largest creation communities in the industry, enabling us to unlock new opportunities for customers as well as position us to deliver enhanced long-term growth and shareholder value, sustainably. By coming together, we will establish a company where anyone, anywhere in the world, wishing to make a positive impact should aspire to work.”

Gilbert Ghostine, CEO of Firmenich, added: “This is the natural next step in Firmenich’s evolution. We are excited to build on Firmenich’s tradition of entrepreneurial excellence and create a global leader that will be able to bring breakthrough innovation and technologies to our customers, addressing the most pressing needs of consumers. DSM shares our purpose-led values and, like us, creates value for its customers through its science-based approach and pioneering technologies, making a real difference to people and planet. I am excited that the legacy of Firmenich will shape a new industry leader that will innovate for a better world.”

The combination of Firmenich and DSM will establish the leading creation and innovation partner in nutrition, beauty and well-being with four high-performing and complementary businesses, each with pioneering, leadership positions:

  • Perfumery & Beauty, with combined revenues of €3.3bn, will be the foremost creator of positive fragrances and beauty products and a global aroma ingredients business that together have leadership in renewable, natural, proprietary biodegradable and biotechnology-derived ingredients. Firmenich’s leading global Perfumery and Ingredients business will expand into Beauty through the addition of DSM’s Personal Care & Aroma business to delight consumers with superior sensorial experiences and differentiated performance, delivering active benefits, addressing clean & hygiene, health & reassurance and emotion & well-being
  • Food & Beverage / Taste & Beyond, with combined revenues of €2.7bn, will form a global-scale partner to the food and beverage industry with extensive capabilities in taste, nutrition and functionality in order to provide delicious, nutritious and sustainable products that deliver unique and superior consumer experiences. The new business will lead the diet transformation in creating healthier, great-tasting, accessible food and beverages with more natural and sustainable ingredients, including market and innovation leadership in naturals and clean label products; in plant-based foods; and in supporting a superior taste experience whilst enhancing food’s nutritional profile (for example with vitamins, probiotics, and lipids and reducing sugar and salt)
  • Health, Nutrition & Care, with revenues of €2.2bn, will continue its development as an end-to-end partner providing customized quality solutions that support the health of people at every life stage. It will aim to keep the world’s growing population healthy through a broad portfolio of sustainable, science-backed innovative solutions, addressing consumers’ health and lifestyle needs, for customers in the dietary supplements, early-life nutrition, pharmaceuticals, medical nutrition, nutrition improvement for the under-nourished, and medical devices markets
  • Animal Nutrition & Health, with revenues of €3.3bn, will continue to focus on specialty science- and technology-driven solutions to the ever-increasing demand for protein such as meat but also eggs, fish and dairy, while also alleviating the pressure on the planet’s finite natural resources. The business is leading a robust and achievable transformation to make animal farming worldwide radically more sustainable by empowering farmers with essential products such as vitamins. It is one of the world’s largest suppliers of eubiotics, enzymes, and mycotoxin risk management, as well as a wide range of impactful innovations such as methane inhibitor Bovaer® and fish-oil algae-alternative Veramaris®

The four businesses will be supported by a world-class foundation in science and technology, a vertically integrated portfolio of nutrition, natural and renewable ingredients, as well as best-in-class business functions. Both DSM and Firmenich have successful track records of delivering ground-breaking innovations that create and reshape markets for growth (for example Bovaer®, Veramaris®, biodegradable fragrance encapsulation, renewable fragrance materials, sugar and salt reduction, plant-based foods, fermentation processes for human milk oligosaccharides, and lipids). DSM-Firmenich will operate at the highest safety and quality standards, with strong regional manufacturing presence ensuring supply continuity, resilience and trust for our customers. DSM-Firmenich will continue the two companies’ relentless commitment to sustainability across the value chain.

1

Earnings impact compares pro forma DSM-Firmenich EPS assuming full disposal of Materials (in line with the pro forma framework for DSM-Firmenich financials as presented on page 32 of the accompanying presentation introducing the merger dated May 31, 2022), relative to DSM Group EPS excluding Materials.
A common 125+ year heritage of purpose-led scientific discovery and innovation

Both companies bring scientific excellence across a network of 15 global R&D facilities, addressing all major and emerging disciplines in the markets served. The combination brings together leading capabilities in and a continued commitment to discovery, scale-up and commercialization including a portfolio of more than 16,000 patents across approximately 2,600 patent families. At DSM-Firmenich’s core will be deep science capabilities, with significant cross-fertilization opportunities in bioscience, fermentation, green chemistry, receptor biology, sensory perception and formulation, augmented by analytical sciences, data sciences and artificial intelligence.

The merger will build on both companies’ track record of delivering groundbreaking innovations; for DSM, currently structured around its four platforms of Precision, Prevention, Protein and Pathways. Firmenich research delivers groundbreaking innovations addressing differentiated creation, sustainability, and wellness.

Unparalleled proprietary, complementary capabilities

DSM-Firmenich will bring locally differentiated co-creation and innovation to best serve global companies, regional champions, and emerging brands and start-ups to bring new ideas to market with agility. The combination will enable further competitive advantages through critical mass in creation and application capabilities in all regional and local hubs worldwide to address specific consumer preferences and serve customers anywhere they operate.

Firmenich’s leadership in developing creations and applications that delight consumers, while leveraging superior consumer insights to bring attributes that consumers value, will be enriched by DSM’s outstanding health and nutrition portfolio, capabilities and expertise. Both companies have pioneering and complementary digitally-powered business models (for example Hologram Sciences, Sustell™, Verax™ Scentmate™, and d-lab™) where there is potential to cross-fertilize and accelerate growth.

DSM-Firmenich’s unique co-creation capabilities will be exemplified by their perfumers and flavorists, enabling partnerships with customers to fulfil their ambitions. These artisans already harness an industry-leading ingredient palette, building on breakthrough technologies to drive true differentiation for customers. Under DSM-Firmenich these experts will continue to be supported by strong investment in internal research and development teams, delivering the sensorial experiences and unique signatures that help customers delight consumers.

A purpose-led company committed to people and the planet

DSM-Firmenich will be a global company where anyone who has a desire to make a positive impact in the world should aspire to work. The merger will bring together two purpose-led, growing companies with shared values and an engaging culture that puts people first.

28,000 passionate, talented and diverse people are the basis of the success of both companies, where caring for people’s safety, health and well-being has long been core to the culture of both companies and will remain so. The merger will bring the opportunity to combine talent, best practices and learnings from across both companies to create a stronger environment for employees to thrive. DSM and Firmenich are bound by a shared dedication to create and innovate, to deliver value for customers, and to contribute to the health and well-being of people and the planet. It will also create new and varied career development opportunities with ongoing commitments to maintain strong community connections everywhere DSM-Firmenich operates.

With a unique legacy as responsible businesses, DSM-Firmenich will build on a pioneering track record of environmental and social action over many decades. DSM-Firmenich will uphold each company’s world-class ESG performance of acting on climate change, embracing nature and caring about people throughout its value chain. These actions are backed by industry-leading credentials. The United Nations Sustainable Development Goals (UN SDGs) are embedded within both companies’ strategies with a focus on generating positive and measurable impact demonstrated by, amongst other initiatives, DSM’s food system commitments and Firmenich’s commitment to reducing inequalities in the workplace as well as addressing the global sanitation crisis through the deployment of its malodor technologies. Both companies have a strong history of and reputation for operating to the highest international public company standards.

Sustainable, superior growth prospects supported by innovation and client partnership

DSM-Firmenich’s leadership anticipates sustainable mid-single-digit organic sales growth moving to the 5-7% range over the medium term and high single-digit adjusted EBITDA growth, supported by growth synergies and innovation opportunities. This is coupled with a resilient 20%+ adjusted EBITDA margin at the outset and moving to the 22-23% range over the medium term, supported by synergies.

The combination is expected to realize recurring run-rate pre-tax synergies of approximately €350m adjusted EBITDA per year by 2026, including an uplift of around €500m in annualized revenues as a result of accelerating innovation with customers. Substantial revenue synergy potential is expected from the integration of DSM’s Food & Beverage and Firmenich’s Taste & Beyond businesses. To realize the total synergies, DSM-Firmenich expects to incur one-time implementation costs of approximately €250m. Given the complementary nature of the merger, the integration execution risks are considered to be limited.

DSM-Firmenich will be a highly free cash flow generative company with disciplined capital allocation and a commitment to maintaining a strong investment grade credit rating, with Net Debt/EBITDA of 1.5-2.5x over the medium term, and a dividend policy based on a payout ratio of 40-60% of adjusted earnings.

Experienced Board and strong joint leadership team with proven track records of strategic execution and shareholder value creation

DSM-Firmenich’s Board of Directors, under Swiss governance, will comprise three nominees from the Firmenich shareholders, seven independent directors from DSM’s Supervisory Board, as well as one independent director from the existing Firmenich Board and one new independent member.

The DSM-Firmenich Board and leadership roles will include:

  • Thomas Leysen, current Chairman of the Supervisory Board of DSM, to be appointed Chairman of DSM-Firmenich and Patrick Firmenich, currently Chairman of Firmenich, to be appointed Vice Chairman
  • Geraldine Matchett and Dimitri de Vreeze, currently Co-CEOs of DSM, to be appointed Co-CEOs of DSM-Firmenich (including CFO and COO responsibilities respectively)
  • Emmanuel Butstraen, currently President of Taste & Beyond at Firmenich to be appointed Chief Integration Officer

DSM-Firmenich will have a balanced leadership team of talented individuals, representing its diversity, skillset, and ambitions.

Governance

DSM-Firmenich will be domiciled in Switzerland with the seat of the principal in Kaiseraugst (CH) and listed on Euronext Amsterdam. The effective tax rate of DSM-Firmenich is expected to be approximately at the level of DSM today.

DSM-Firmenich will have a dual headquarter in Switzerland (Kaiseraugst) and the Netherlands (Maastricht). With regards to the businesses and research:

  • Perfumery & Beauty will be led out of Geneva (CH)
  • Food & Beverage / Taste & Beyond will be led out of Delft (NL)
  • Health, Nutrition & Care will be led out of Kaiseraugst (CH)
  • Animal Nutrition & Health will be led out of Kaiseraugst (CH)
  • Perfumery, Ingredients and Taste Research will be led out of Geneva (CH)
  • Global biotechnology research and network will be led out of Delft (NL)
Transaction process

At inception, DSM shareholders will own in aggregate 65.5% of DSM-Firmenich and the various shareholders of Firmenich will own in aggregate 34.5% of DSM-Firmenich and receive €3.5bn in cash (subject to potential adjustments). This valuation reflects a DSM market capitalization of €25.3bn2 and implied enterprise value adjusted for the Materials business (“EV”) of €21.6bn3.  Firmenich expects to finish its fiscal year ending June 2022 with organic revenue growth above 9%4 (CHF 4.6bn+) and to deliver Adj. EBITDA above CHF 900m, growing double-digit year-over-year on an organic basis5 or above CHF 910m when including the 12-month pro forma impact of acquisitions.6

Once the merger is completed, DSM-Firmenich, a newly incorporated Swiss-domiciled company, will hold the DSM and Firmenich businesses and DSM-Firmenich will be listed on Euronext Amsterdam. The transaction process is described in more detail below.

As a first step, the DSM shareholders will be given the opportunity to exchange their DSM shares for DSM-Firmenich shares through a public exchange offer (the “Offer”). The consideration under the Offer will be one ordinary share in the capital of DSM-Firmenich for each tendered ordinary share in the capital of DSM. The terms and conditions of such an offer will be set out in an offer memorandum (such document, together with the listing prospectus, the “Offering Circular”) which is expected to be published in the second half of 2022. Subject to regulatory approvals, the Offer will be extended only to eligible ordinary shareholders. Non-eligible shareholders will be US persons that do not qualify as an institutional buyer or qualified purchaser under US securities laws and/or that are not tax resident in the EU, the EEA, the overseas parts of the Kingdom of the Netherlands, or in a jurisdiction that has concluded a double tax treaty with the Netherlands that includes a dividend clause.

Furthermore, DSM and Firmenich have agreed that if DSM-Firmenich, after settlement of the Offer, holds less than 95%, but at least 80% of the ordinary share capital of DSM, DSM-Firmenich may decide to implement a customary pre-wired back-end structure. This first step consists of a legal triangular merger involving DSM and two newly incorporated subsidiaries of DSM (“Company Holdco” and “Company Sub”). In this legal triangular merger, DSM (as disappearing company) merges with and into Company Sub (as acquiring company), and Company Holdco issues shares to the shareholders of DSM. Subsequently Company Holdco sells its shares in Company Sub to DSM-Firmenich (the “Share Sale”) for a consideration consisting of a note (the “Note”) that gives the holder of the note the right to require DSM-Firmenich to deliver to it, on first demand, such number of DSM-Firmenich shares that is equal to the number of DSM ordinary shares held by DSM-Firmenich plus the DSM ordinary shares held by the non-tendering DSM shareholders (the “Share Sale Consideration”). As a final step, Company Holdco is liquidated, and as soon as practicable after completion of the Share Sale, the liquidator will arrange for an (advance) liquidation distribution. For the non-tendering DSM shareholders the gross (advance) liquidation distribution will, subject to regulatory restrictions, consist of ordinary shares in the capital of DSM-Firmenich plus an amount in cash reflecting the amount of Dutch dividend withholding tax due in respect of the distribution and a cash payment in lieu of any fractional DSM-Firmenich ordinary shares. Company Holdco will receive such ordinary shares in the capital of DSM-Firmenich and cash through a settlement of part of the Note. Non-tendering DSM shareholders are advised that such distribution will be subject to a Dutch dividend withholding tax that will be deducted from the gross (advance) liquidation distribution. The (advance) liquidation distribution to DSM-Firmenich will consist of the (remaining part of) the Note (such merger, Share Sale and liquidation, together the “Post-Closing Merger”). Further details of the Post-Closing Merger will be set out in the Offering Circular.

Furthermore, if after settlement of the Offer, DSM-Firmenich holds at least 95% of the ordinary shares in the capital of DSM, DSM-Firmenich will commence a statutory buy-out procedure in accordance with Dutch law.

After settlement of the shares tendered in the post-acceptance period of the Offer, the Firmenich shareholders will contribute 100% of the shares in the capital of Firmenich to DSM-Firmenich in exchange for DSM-Firmenich shares and €3.5bn in cash (subject to potential adjustments) (the “Contribution”). Immediately following completion of the Contribution, the various Firmenich shareholders would own in aggregate 34.5% of DSM-Firmenich’s issued capital. Shareholders of Firmenich will be long-term, committed shareholders of DSM-Firmenich. With this in mind, DSM-Firmenich has entered into relationship agreements with different Firmenich shareholders setting out the conditions and mechanisms for nominating DSM-Firmenich’s board members.

The DSM-Firmenich shares will be admitted to listing and trading on Euronext Amsterdam on or shortly after the settlement of the Offer.

2

Figures based on share price of €145.65, 174m DSM fully diluted share count.

3

As per broker SOTP value of Materials of €4.7bn, and based on €1.0bn Net Debt.

4

Reflects organic growth at constant currency.

5

Reflects organic growth at constant currency.

6

Pro-forma EBITDA includes the 12-month pro-forma impact of acquisitions that have been completed during FY22 with an acquisition spend of c. CHF 110m since 1 January 2022. Firmenich Net Debt (S&P) was CHF 2.5bn at the end of December 2021 including 100% debt treatment for the hybrid instrument.
Dividends

As part of the transaction, DSM and Firmenich have agreed the following regarding dividends to be paid in the period until completion of the merger:

  • for its FY 2021 (ending December 2021), DSM will pay €292m gross final dividend in June 2022;
  • for its FY 2022 (ending 31 December 2022), DSM will pay €163m gross interim dividend in August 2022; and for its FY 2022 (ending June 2022), Firmenich will pay €250m gross dividends between September and closing.

In addition, DSM and Firmenich have agreed that within two months after completion of the merger, DSM-Firmenich will resolve to pay a gross dividend, to be paid fully out of Swiss recognized capital contribution reserves, of €423m to be paid as soon as possible after the necessary corporate resolutions have been adopted by DSM-Firmenich.

Conditions

The obligation of the parties to effect the merger, including for DSM-Firmenich to declare the Offer unconditional and for the Firmenich shareholders to implement the Contribution, is subject to the satisfaction or waiver (as applicable) of customary conditions, including:

  • minimum acceptance condition of 95% DSM’s ordinary share capital, automatically reduced to 80% if a pre-wired back-end structure is approved at the DSM EGM;
  • receipt of the relevant competition clearances, or where applicable, expiration or termination of applicable waiting periods in lieu of such consents or approvals;
  • clearance from the relevant Dutch and Swiss financial supervision authorities;
  • receipt of the relevant foreign direct investment approvals;
  • DSM’s general meeting of shareholders having approved the business combination and the repurchase and redemption of the DSM cumulative preference shares A;
  • relevant agreements with the holders of DSM’s cumulative preference shares A in relation thereto remaining in full force and effect and not having been amended or modified;
  • DSM’s employee information and consultation obligations having been completed;
  • the DSM preference shares foundation having agreed to cancel its call option (and any outstanding preference shares B);
  • Euronext’s approval of DSM-Firmenich’s listing application;
  • the Offering Circular having been approved by the AFM and the approval of any other securities regulatory authority required to implement the merger;
  • confirmation by Euroclear Nederland that the DSM-Firmenich ordinary shares have been accepted for book-entry transfer;
  • no court, arbitral or governmental ruling or governmental regulations having been enacted which prohibits the consummation of the merger in any material respect;
  • no breach of warranties given by DSM or Firmenich, respectively (except as would not have a material adverse effect on the relevant party or its ability to complete the merger);
  • no material adverse effect having occurred;
  • no material breach by DSM or Firmenich of its obligations under the BCA and the BCA not being terminated.
Recommendation by DSM’s Managing Board and Supervisory Board

After careful consideration, the Supervisory Board and the Managing Board of DSM believe that the merger is in the best interests of DSM, its stakeholders (including the DSM shareholders) and the sustainable success of the DSM-Firmenich business, and therefore unanimously support the merger and recommend the Offer for acceptance to the DSM shareholders.

Each of Centerview Partners UK LLP and J.P. Morgan Securities plc has issued a separate fairness opinion to the Supervisory Board and the Managing Board of DSM, in each case to the effect that, as of such date and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations as set forth in each opinion, (a) the Offer Consideration provided for pursuant to the business combination agreement between DSM and Firmenich is fair, from a financial point of view, to the DSM shareholders (other than in respect of the shares held by DSM or any of its affiliates), and (b) the Share Sale Consideration to be paid to Company Holdco under the proposed Share Sale in connection with the Post-Closing Merger pursuant to the business combination agreement between DSM and Firmenich, is fair from a financial point of view, to Company Holdco. The full text of such fairness opinions, each of which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken in connection with each such opinion, will be included in DSM’s position statement. The opinion of each of Centerview Partners UK LLP and J.P. Morgan Securities plc has been given to the Supervisory Board and Managing Board only, and not to DSM shareholders. As such, the fairness opinions do not contain a recommendation to DSM shareholders as to whether they should tender their Shares under the Offer (if and when made) or how they should vote or act with respect to any resolutions or any other matter.

During the acceptance period of the Offer, DSM will, as required by the Dutch tender offer rules, hold the EGM to, amongst other items, discuss the Offer, approve the business combination, approve the repurchase and cancellation of the DSM preference shares A (together with the approval of the business combination, the “Transaction Resolutions”) and approve the pre-wired back-end structure. Subject to the terms of the BCA, the Supervisory Board and the Managing Board of DSM unanimously recommend to the DSM shareholders to vote in favor of such resolutions.

Firmenich Shareholder Approval

The Board of Directors of Firmenich unanimously supports and recommends the transaction. The Firmenich shareholders have approved the transaction.

Financing

DSM will finance the cash payment to be made in connection with the Combination from available cash resources. To assist DSM therein, it has entered into a bridge financing facility of €3.0bn as borrower with J.P. Morgan Chase Bank NA, London Branch as underwriter. At the date hereof, DSM has no reason to believe that the conditions precedent set out in the bridge financing facility will not be satisfied at the time of the Contribution.

DSM and Firmenich have agreed that any cash payments to be made by DSM-Firmenich in connection with the pre-wired back-end structure or the buy-out procedure, as the case may be, will be financed by selling DSM-Firmenich treasury shares prior to the end of 2023 that will be created prior to the Contribution.

Pursuant to the Dutch tender offer rules, DSM-Firmenich confirms that it will hold an extraordinary general meeting no later than seven business days prior to the end of the acceptance period under the Offer in order to issue the DSM-Firmenich shares required to settle the Offer. DSM, being the sole shareholder of DSM-Firmenich up to settlement of the Offer, has undertaken to vote in favor of the issuance of such DSM-Firmenich shares at such DSM-Firmenich general meeting.

Termination of the BCA

DSM and Firmenich have agreed on customary BCA termination grounds:

  • non-satisfaction of the conditions before the long stop date of 1 June 2023;
  • material breach of the BCA that is not or cannot be remedied;
  • a material adverse effect having occurred or become known at either DSM or Firmenich;
  • the DSM EGM not having approved the Transaction Resolutions, or the minimum acceptance level condition not being satisfied;
  • the DSM preference shares foundation having exercised its call option (except if the Transaction Resolutions have been approved by the DSM EGM) or the call option is not cancelled;
  • Firmenich having accepted a superior proposal, which is an unsolicited third party bona fide written proposal for all of the Firmenich shares or assets that provides for a cash consideration of at least CHF 28bn and for which such third party has obtained fully committed certainty of funds (a “Superior Proposal”); and
  • an order, stay, judgment or decree has been issued which in any such case prohibits the making and/or consummation of the transactions in accordance with the BCA in any material respect.

If the BCA is terminated in connection with Firmenich having accepted a Superior Proposal, Firmenich would owe DSM a €400m termination fee.

If the BCA is terminated in connection with the EGM not having approved the Transaction Resolutions or the minimum acceptance level not having been satisfied or the DSM preference shares foundation having exercised its call option, DSM would owe Firmenich a €400m reverse termination fee.

Indicative timetable

DSM and Firmenich will seek to obtain all the necessary approvals and competition clearances as soon as is practicable and will initiate the information and applicable consultation procedures, with DSM’s works councils and unions as soon as possible.

The Offering Circular is expected to be made public in the second half of 2022.

The merger is expected to ultimately close in the first half of 2023.

Transaction advisers

In connection with the merger, Firmenich’s lead financial adviser is Goldman Sachs International. Firmenich also received financial advice from BDT & Company Europe GmbH. Its legal advisers are Stibbe N.V. and Bär & Karrer AG. Oberson Abels SA is Firmenich’s adviser on Swiss tax aspects. DSM’s financial advisers are Centerview Partners UK LLP and J.P. Morgan Securities plc and its legal advisers are Allen & Overy LLP and Walder Wyss Ltd.

Transaction website

Please visit www.creator-innovator.com for additional material on today’s announcement.

Media webinar information

DSM and Firmenich will hold a joint webcast for journalists at 10:00 CEST on Tuesday, 31 May 2022 at https://view.knowledgevision.com/presentation/8f16b9a5f51246f7913c7619f48afffb.

Journalists who want to ask questions in the Q&A session have to register additionally via the following audio conference link: https://www.kpneventcall.nl/EventRegistration/c76a8004-fced-4f95-805a-7bb358f1e772.

Investor & analyst webinar information

DSM and Firmenich will host a joint analyst call at 15:00 CEST on Tuesday, 31 May 2022 at https://view.knowledgevision.com/presentation/3b964f3c70de4acb87bc9010d82264ad.

Sell side analysts who want to ask questions in the Q&A session have to register additionally via the following audio conference link: https://www.kpneventcall.nl/EventRegistration/1b6ef99d-acb2-46e5-9553-fe5ecee45500.

All other participants can listen in to this Q&A session via the live stream.

Capital Markets Day

On 13 June 2022, DSM and Firmenich will jointly organize a Capital Markets Day. More information will be published on the transaction website, www.creator-innovator.com.

wartsila-and-anglo-eastern-reach-major-milestone-in-‘connecting-ships’-to-improve-safety-and-environmental-sustainability

Wärtsilä and Anglo-Eastern reach major milestone in ‘connecting ships’ to improve safety and environmental sustainability

May 31, 2022 Published by

 

Wärtsilä Voyage, part of the technology group Wärtsilä, and ship manager Anglo-Eastern are proud to announce a significant milestone in their joint project to improve safety and environmental sustainability at sea. As of April 2022, more than 500 vessels in Anglo-Eastern’s fleet have been fitted with Wärtsilä Voyage’s Fleet Optimisation Solutions (FOS), a cutting-edge decision support software platform for voyage planning, charter-party compliance, fuel efficiency, and fleet performance management.

“Wärtsilä Voyage has invested heavily in new digitally enabled strategies, and by partnering with them, we gain capabilities that assist us and our shipowner clients to be the leaders in digitalisation, safety, and sustainability. Wärtsilä Voyage is leading in the digital journey of the maritime industry, which makes them the ideal partner for us and our own digital journey,” said Bjorn Hojgaard, CEO, Anglo-Eastern.

“By working in close cooperation, Anglo-Eastern and Wärtsilä have been able to create a valuable and much needed software solution that greatly benefits merchant fleet operations. With our input incorporated in product development, the result is a fantastic, holistic solution that helps us with every aspect of fleet management,” commented Capt. Pradeep Chawla, Managing Director of Group QHSE and Training, Anglo-Eastern.

Wärtsilä Voyage’s FOS is a shared digital platform that helps to monitor, manage and optimise everyday processes on board and onshore. By combining cloud-based analytics and artificial intelligence, FOS reduces workload and provides all stakeholders with a clear overview of their fleet’s performance.

“One of the key advantages of our FOS platform is that it’s flexible and scalable, remaining responsive to the maturity of each shipping company’s own digital journey. We believe in digitalisation as the path towards decarbonisation, and that means delivering a solution that can future-proof a fleet and optimise not just the ‘right now’, but also the long-term,” said Sean Fernback, President, Wärtsilä Voyage, and Executive Vice President, Wärtsilä. “Passing the 500 installations milestone with Anglo-Eastern is an important step in the mission of both companies to drive sustainability through cutting-edge technology.”

Anglo-Eastern is a leading global provider of independent ship management services, with 650 vessels under full technical management, over 250 under crew management, and a technical services division that has overseen more than 450 new buildings and conversions. Anglo-Eastern and Wärtsilä have a long-term partnership spanning almost three decades.

The original order for the FOS deliveries was placed in October 2019 and was reported to be the maritime industry’s largest software contract ever at the time.

gate.io-marks-9th-birthday-with-new-brand-identity

Gate.io Marks 9th Birthday With New Brand Identity

May 31, 2022 Published by

 

Gate.io, one of the world’s earliest cryptocurrency exchanges and a leader among digital asset platforms, is celebrating its 9th birthday starting today. The company has also announced a brand refresh to better reflect its values and commitments to its users. As part of the revamped brand identity, Gate.io is unveiling a new slogan, color scheme, and logo.

Dr. Lin Han, CEO and founder of Gate.io, said:

“Gate.io continuously seeks breakthroughs and advancements while remaining steadfast in its determination to help develop and drive progress in the crypto industry. We believe that the new logo and color scheme reflect the lessons we have learned in nearly a decade of service to our users, as we continue striving to create an innovative brand that is open and accessible to everyone around the world.”

Gate.io’s New Brand Identity 

Gate.io’s new slogan is “Gateway to Crypto.” One of Gate.io’s X-factors is its diverse range of altcoin options. This slogan, followed by the sentence “Trade over 1,400 cryptocurrencies safely, quickly, and easily”, encapsulates Gate.io’s key features – Gate.io is a global multi-currency platform that anyone in the world can easily access to invest in a myriad of cryptocurrencies. This messaging positions Gate.io as a formidable presence in key new and emerging markets.

Gate.io’s new logo features a 3/4 circle to represent the company’s inclusivity, security, and stability. The logo also has a “block” element, symbolizing blockchains. Together, the circle and block form the letter “G” for Gate.io, showcasing Gate.io’s commitment  to embrace the booming blockchain era to create a digital world that combines innovation, reliability, and security.

Moving forward, Gate.io is adopting a new color scheme of blue and green,  which portray Gate.io as an inclusive and mature brand with a platform that is equally accessible to everyone.

Gate.io Lite App and Mini App launch

Gate.io is also launching a notable update to its mobile app that allows users to opt for a “Lite App” version within its flagship app, offering streamlined and simplified in-app transactions for crypto trading. Through the Lite App, users can access a suite of essential, basic functions for different crypto assets on the go, such as viewing the market sentiment through easily understandable trend lines, the fiat currency deposit, currency exchange and basic account settings, etc.

The exchange is also launching a Mini App to allow users to navigate third-party crypto applications. The mobile Mini App is now live, while the web version is being fine-tuned. As Gate.io’s range of third-party crypto app partners expands, different categories like online shopping, travel, gift cards, and ticketing can be accessed through the Mini App. This allows users to access multiple services without having to sign up for a third-party merchant account. One of the channels that is already live in the Mini App is the GameFi Centre, where users can enjoy GameBox, a collection of independent games.

Contests with US$9 million in prizes

Along with 9th birthday festivities, Gate.io is launching a 9th Anniversary Series Campaign on May 27th, 2022, with a total of US$9,000,000 in prizes to be awarded.

For example, Gate.io will release 9,000 Space Travel NFTs Mystery Boxes containing Space Travel NFTs of five rarity tiers. Users collecting the Space Travel NFTs have a chance to win a seat deposit for space travel, – find out more by keeping an eye on Gate.io’s Space Travel NFT Mystery Boxes campaign.

paint-protection-film-market-to-be-worth-$4974-million-by-2030:-grand-view-research,-inc.

Paint Protection Film Market to be Worth $497.4 Million by 2030: Grand View Research, Inc.

May 31, 2022 Published by

 

The global paint protection film market size is projected to reach USD 497.4 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 5.9% from 2022 to 2030. Increasing consumer awareness about vehicle paint protection against stone chipping, bug splatters, and abrasions is expected to trigger the demand for Paint Protection Films (PPFs). On the other hand, ceramic coating technologies are likely to be used as a substitute for these films on account of their superior performance against abrasions and scratches, thus impacting the growth of the market. In addition, frequent discrepancies in raw material pricing as well as declining automotive production in several economies, such as the U.S., Korea, and Japan, are predicted to act as a restraining factor for the market players. However, the rapid growth of other end-use application sectors, such as aerospace and deference and electrical and electronics, is anticipated to provide new opportunities to them.

Key Insights & Findings from the report:

  • In 2021, the automotive and transportation segment emerged as the largest application segment and accounted for over 72.0% of the global revenue share, in which a majority of the product demand is attained from the passenger cars segment due to its superior color protection characteristics
  • The aerospace and defense application segment is poised to register the fastest CAGR of 8.3% over the forecast period. The growth of this segment can be attributed to the increasing investments in the aircraft and defense sectors in China, U.S., and India
  • In 2021, the electrical and electronics application segment accounted for 4.4% of the overall market volume. This share resulted majorly from the demand for electronic gadgets, such as mobiles, laptops, tablets, and phablets, in emerging economies of Asia Pacific and Central and South America
  • In 2021, Asia Pacific was the leading regional market, in terms of volume as well as revenue, due to high product demand. The regional market will expand further at the fastest CAGR of 7.6% from 2022 to 2030 mainly due to a significant rise in automotive sales in emerging economies, such as China, India, Vietnam, Thailand, and South Korea
  • IVIOS introduced Kaizer Paint Protection Film, a top-quality paint protection film that offers excellent paint protection as well as ground-breaking high durability. IVIOS is a top-quality film brand founded in 2021 by experts with greater film technology effects of nano and nano-coating, as well as long-standing film know-how. IVIOS Coating and Material Science Laboratory, which specializes in designing and developing automotive films, develops and markets long-lasting automotive films

Request a free sample copy or view the report summary, “Paint Protection Film Market Size, Share & Trends Analysis Report By Application (Aerospace & Defense, Automotive & Transportation), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2022 – 2030“, published by Grand View Research.

Paint Protection Film Market Growth & Trends

The market is highly competitive on account of the easy availability of raw materials and the strong presence of several key players with sufficient production capacities. Product sustainability, price, and durability are anticipated to be the key factors impacting the buyers’ decisions. The product is broadly available in retail as well as online platforms. Moreover, its installation necessitates expertise and specially trained employees for optimal results. Therefore, key industry participants are also focusing on after-purchase services. Some players have various established contracts with domestic installers to expand their geographical presence. The COVID-19 outbreak had a significant impact on trade and industry. The government directives and tight enforcement of the lockdown and other pandemic-curbing practices caused a disruption in the supply chain and demand for products and services.

Paint Protection Film Market Segmentation

Grand View Research has segmented the global paint protection film market on the basis of application and region:

Paint Protection Film Market – Application Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2017 – 2030)

  • Automotive & Transportation
  • Electrical & Electronics
  • Aerospace & Defense
  • Others

Paint Protection Film Market – Regional Outlook (Volume, Thousand Sq. Meters; Revenue, USD Million, 2017 – 2030)

  • North America
    • U.S.
  • Europe
    • Germany
    • U.K.
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Indonesia
    • Thailand
    • Malaysia
  • Central & South America
  • Middle East & Africa

List of Key Players of Paint Protection Film Market

  • KDX Composite Material
  • 3M Company
  • Eastman Chemical Company
  • Premier Protective Films International
  • Renolit
  • SWM, Inc.
  • XPEL, Inc.
  • Avery Dennison Corp.

Check out more related studies published by Grand View Research:

  • 72″ Paint Protection Film Market – The global 72″ paint protection film market size is expected to reach USD 20.6 million by 2027 registering a CAGR of 4.0% from 2020 to 2027, according to a report by Grand View Research, Inc. Increasing product demand from the automotive & transportation, aerospace & defense and a few other application industries is expected to propel market growth. Moreover, growing demand for lightweight products from these sectors is expected to be a key driver for the market.
  • Polyvinyl Alcohol Films Market – The global polyvinyl alcohol films market size is expected to reach USD 551.59 million by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.3% from 2021 to 2028. Sustainable packaging is in high demand on account of its ability to aid in the reduction of landfills and compliance with stringent regulations related to packaging. In addition, sustainable packaging solutions have gained importance on account of safety, performance, and convenience in the packaging of products.
  • Plastic Dielectric Films Market – The global plastic dielectric films market size is expected to reach USD 1.39 billion by 2025 registering a CAGR of 3.6% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to be driven by growing product demand from renewable energy system and electrical and electronics industry in the Asia Pacific (APAC). The product is widely used as an insulating material in various electrical and electronics applications.
spinal-x-ray-and-ct-market-to-reach-$1,602-million-by-2030,-says-p&s-intelligence

Spinal X-Ray and CT Market To Reach $1,602 Million by 2030, says P&S Intelligence

May 30, 2022 Published by

 

According to the market research report published by P&S Intelligence, the spinal X-ray and CT market was valued at $917.9 million in 2021, which is likely to hit $1,602.0 million by 2030, prospering at a 6.4% CAGR during 2021–2030. The growing occurrence of spinal injuries, developments in radiological technologies, increasing elderly population, and emergence of AI in medical tomography are advancing the growth of the market.

The hospitals and clinics category had an over 50% revenue share in the spinal X-ray and CT market in 2021. A large number of patients prefer hospitals over any other medical facility, making them the main diagnosis site for injuries and fractures of the spine, particularly in developing countries. Moreover, hospitals are snowballing their outlay to get their hands on innovative radiological technologies, with the purpose of offering precise results.

Get the sample pages of this report at: https://www.psmarketresearch.com/market-analysis/spinal-x-ray-ct-market/report-sample

Key Findings of Spinal X-ray and CT Market Report

  • CT devices held the major share of the revenue in the market in 2021. This is because CT scans can produce pictures that can be reformatted in numerous planes and also create a 3D image.
  • AI-enabled X-ray and CT software demand is likely to observe the fastest growth in the near future. This will be because of the progressions in the medical imaging field and the continuous demand for high-quality and cost-effective CTs and X-rays in quick time.
  • The revenue share of the North American spinal X-ray and CT market, of over 40%, was the largest in 2021. This is ascribed chiefly to the developments in the healthcare know-how, attributed to the investment-backed R&D, and the accessibility of an increasing number of CT and X-ray devices.
  • The region with the fastest growth forecast is APAC, as the developing economies here are seeing momentous progressions in radiological technology, accompanied by developments in the healthcare structure.
  • The rising frequency of spinal injuries is one of the main factors that is driving the industry. Furthermore, the elderly population is more susceptible to spinal injuries owing to their lower bone concentration.
  • The indication category likely to witness the fastest growth in the near future is spinal tumor, with more than 7% CAGR. This is credited to the growing cases of spinal cancer globally, which is pushing the need for fast and effective imaging and treatment.

Browse detailed report on Global Spinal X-Ray and CT Market Trends, Business Strategies, Regional Outlook and Analysis Through 2030

The advent of local companies in LAMEA and APAC, along with the vast growth prospects in emergent economies, offer a lucrative potential for the worldwide spinal X-ray and CT market advance. Emerging economies, for instance, India, China, Brazil, and Mexico, have a large number of inhabitants with vertebral fractures and spinal injuries. This tends to surge the volume of CT scans and X-rays, thus leading to the growth of the industry.

Future evolution in CT and X-ray systems is likely to be influenced by improved features, such as high speed and less radiation exposure. The stalwarts of the industry have been aggressively engaged in product introductions with the aim of strengthening their portfolios and achieving a larger market share. For example, GE Healthcare publicized its plans to introduce the next-gen Revolution Aspire CT scanner in India in August 2022.

Spinal X-Ray and CT Market Segmentation Analysis

By Indication

  • Spinal Tumor
  • Spinal Fracture
  • Spinal Infection

By Product

  • X-Ray Devices
  • CT Devices
  • AI-Enabled X-Ray and CT Software

By Patient Type

  • Adults
  • Pediatrics and Neonates

By End User

  • Hospitals and Clinics
  • Diagnostic Imaging Centers

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • U.K.
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America and Middle East & Africa
    • Brazil
    • Mexico
    • South Africa

Browse More Related Reports

Global Dental X-Ray Market Growth Forecast Report

Global X-Ray Imaging Market Growth Forecast Report

Global Diagnostic Imaging Systems Market Growth Forecast Report

Global In Vitro Diagnostic Market Growth Forecast Report

pharmacielo-announces-financial-results-for-the-first-quarter-ended-march-31,-2022

PharmaCielo Announces Financial Results for the First Quarter Ended March 31, 2022

May 30, 2022 Published by

 

PharmaCielo Ltd. (“PharmaCielo” or the “Company“) (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia’s premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced financial results for the first quarter ended March 31, 2022.

Management Commentary

Bill Petron, Chairman and CEO of PharmaCielo commented, “I am pleased with our performance in the first quarter, as the team’s efforts over the past several months to build the sales pipeline, generate revenue growth and manage expenses, began to pay off. While quarter to quarter top line performance may fluctuate given the size of the Company, we expect continued momentum with shipments to Germany scheduled to begin later this year, and continued progress in markets like Argentina and Brazil. Our investment in an international salesforce has translated into a growing pipeline that we expect will further accelerate growth, with continued expansion in Spain and Germany, the potential for commercial shipments to Poland, as well as growth in a short list of additional key markets such as Israel.”

Mr. Petron continued, “PharmaCielo is well positioned to continue gaining market share from incumbent exporters from developed nations such as Canada. We have effectively re-positioned the organization towards THC and higher value CBD products such as CBD Full Spectrum Oil, as well as added dried flower to our portfolio, with the Colombian government’s recent approval of its export. PharmaCielo has a deep product shelf, a structural cost advantage, a sophisticated approach to genetics and processing, and the ability to scale efficiently, which give the Company a significant competitive advantage. I look forward to continuing to update shareholders as the year progresses. This will be an exciting year for our company.”

Summary Financials

(000’s)

Q1 2022

Q1 2021

Revenue

$          1,201

$            675

Adjusted EBITDA (loss)

$      (1,571)

$        (3,299)

Net Income (Loss)

$      (2,912)

$      (6,542)

Net Income (Loss) per
Share

$        (0.02)

$          (0.05)
  • PharmaCielo had cash equivalents of $1.4 million at March 31, 2022, compared to $5.3 million at December 31, 2021. The Company is engaged in ongoing discussions with specific parties and now expects to complete the previously announced debenture financing by the end of Q2 2022.
  • For further detailed information and analysis, please see the financial statements and management’s discussion and analysis for the period ending March 31, 2022, as posted at sedar.com and pharmacielo.com
Summary of Recent Developments
  • Strengthening the Company’s sales team to support its go-to-market strategy: PharmaCielo has grown its global business development organization; recruited Technical Business Developers in Europe and appointed a President of Sales, EU. The team has already made significant early progress, with deals in Germany, Poland and Spain, as well as progress in markets such as Argentina, Brazil and Israel.
  • Streamlining the business to minimize operating costs: In the three months ended March 31, 2022, the Company reduced its Adjusted EBITDA loss from $3.3 million to $1.6 million. Management continues to focus on reducing discretionary expenses to lower the Company’s use of cash and ensure a leaner organization with a lower cost base, while continuing to invest in the sales team, to drive top line growth.
  • Preparing for the transition to dried flower export: In February 2022, the Colombian government passed regulation to enable dried flower export. With PharmaCielo’s upstream and downstream scale and quality, the Company is uniquely positioned to be a solid competitor with psychoactive flower currently being imported into the EU and other markets from Canada and other producing countries. PharmaCielo expects dried flower exports to grow throughout the second half of 2022. The Company has already ramped-up THC flower production and is prepared to shift this product into the dry flower export market.
  • Solidifying the path to EU-GMP certification: The Company is currently working toward EU-GMP certification of all of its products. Management expects the Company to achieve certification in Q4 2022. This will better position PharmaCielo to sign larger, longer term supply agreements with global pharmaceutical and cosmetics customers.
  • Successfully re-focused the Company’s product strategy: With a growing business development organization, and the short-term potential to sell dried flower into several markets globally, management has re-focused PharmaCielo’s product strategy to emphasize THC and broad-spectrum products, which are expected to have more sustainable long-term margin profiles than CBD isolate. The Company’s recent shipment of 300kg of CBD Full Spectrum Oil to a Spanish pharmaceutical company and its agreement to supply THC final products to be commercialized in Germany, are two examples of the success of this strategy.
yeahka-continues-to-empower-commercial-digitalized-ecosystem-as-a-constituent-of-the-hang-seng-china-metaverse-index

Yeahka Continues to Empower Commercial Digitalized Ecosystem as A Constituent of The Hang Seng China Metaverse Index

May 30, 2022 Published by

 

On 23 May 2022, in response to recent emerging trends, Hang Seng Indexes Company launched the Hang Seng China Metaverse Index to track the performance of Shanghai, Shenzhen, and Hong Kong-listed companies which has businesses related to the development of the metaverse. The index is aimed at helping investors capture innovative and transformative thematic investment opportunities that may emerge in the Mainland and Hong Kong stock markets. Yeahka continues to explore the metaverse to empower its commercial digitalized ecosystem and is selected as one of the 30 constituents, among other major constituents such as Tencent, NetEase, and Kuaishou.

According to public information, Yeahka had previously launched a coupon cloud platform based on blockchain technology and was included in the fourth batch of national domestic blockchain information services in October 2020. The platform provides merchant solutions for store management, customer acquisition, and traffic attraction, with the blockchain technology-driven advantage of being a tamper-proof traffic attraction mechanism, allowing transparency in customer acquisition paths. In October 2021, Yeahka formally ventured into the metaverse through Yeahka Gaming, empowering the company’s ecosystem with metaverse games and exploring the integration of virtual and reality.

The metaverse incorporates a series of cutting-edge technologies such as virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). Users are exposed to a deeper degree of Internet virtualization and a stronger sense of experience and novelty: the communication and interaction in the virtual Internet world of the metaverse closely approximate the real world, and whatever obtained within the metaverse can also be recognized in the real world, blurring the boundaries between online and offline. The development and popularity of Web 3.0 would also support the open and decentralized nature of the metaverse.

Compared with the “read-only” model of Web 1.0 and the model of user-led production and sharing of contents in Web 2.0, the public’s vision of Web 3.0 is of a brand-new Internet world that is relatively decentralized, automated, and intelligent. On the premise that personal digital identities, digital assets, and data are completely personal for users, users can truly own their data and their transactions are protected by encryption technology. Therefore, Web 3.0 is considered to have tremendous potential in the future integration of online and offline, and metaverse is a virtual formation that can thrive under Web 3.0.

As a payment-based technology platform, Yeahka has gradually expanded its business from one-stop payment services to merchant solutions and in-store e-commerce services over a period of 10+ years. It has served 7.5 million offline small and medium-sized merchants and reached over 900 million consumers. After the Pandemic, small and medium-sized offline merchants gradually realized the value of digitalization of their operations, and Yeahka has strategically seized this opportunity, launching QR Code ordering, integrated takeaway, and in-store e-commerce services under the “social + recommendation + selective” model, to solve merchants’ pain points with smart operations, helping them to revitalize consumers and attract customers.

On the consumer end, Yeahka enables the promotion of merchant brands through private domain and social recommendation marketing, promoting merchants’ local lifestyle packages and inspiring consumers’ desire to consume in-store. The interaction between merchants and consumers is not restricted to the real world, the combination of the virtual and the real world allows for more diversified interactions between merchants and consumers.

Yeahka believes that, with the rapid development of Web 3.0, the combination of the virtual and the real world is a perfect area for Yeahka to involve in. Its social recommendation properties and the interactive nature between the virtual and the reality can empower the business ecosystem of Yeahka, adding more possibilities for the in-store e-commerce business and merchant solutions.

Based on this, Yeahka Gaming launched the Year of the Tiger AR game during the Chinese New Year of the Tiger, and the game eventually had an exposure of more than 40 million times in the WeChat ecosystem, and the daily average WeChat index of related keywords was over 10,000, with the peak value exceeding 50,000. The community feedback on the game was also positive with the participation rate through sharing reaching over 26.6%, and the new customer acquisition rate through sharing was 50.1%.

This further proves that the path of empowering merchants and consumers through the metaverse is viable and that Yeahka will continue to explore how to use “meta-universe + Web 3.0” to empower its business ecosystem.

It is said that Yeahka will next launch a 3D store operation simulation game for consumers, in which players can build their own islands and operate stores related to real merchants on the islands; players can also visit each other and interact with businesses on the islands, breaking the barriers between the virtual and the reality through in-store incentives to achieve social media recommendation marketing and traffic attraction for the in-store e-commerce business of Yeahka.

SOURCE Yeahka Limited

singapore-to-host-largest-tech-event-since-reopening-of-its-borders

Singapore to host largest tech event since reopening of its borders

May 28, 2022 Published by

 

From 31 May to 3 June, Singapore is hosting Asia Tech x Singapore (ATxSG), Asia’s flagship technology event that convenes global leaders and decision-makers across the technological ecosystem to debate and address opportunities and challenges as the world taps into the potential of digital to power the next bound of global economic growth while building an inclusive digital future.

ATxSG is headlined by the exclusive invitation-only ATxSummit to be held at The Ritz-Carlton, Millenia Singapore on 31 May, where Mr. Heng Swee Keat, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies will be the Guest of Honour. With a powerhouse line up of more than 50 speakers and some 2,000 guests from government, business and industry, the event will see robust discussion on a wide gamut of topics such as quantum computing, metaverse, and sustainability for a green digital future. On the same evening, Mr. Teo Chee Hean, Singapore’s Senior Minister and Coordinating Minister for National Security, will be the Guest of Honour for the inaugural ATxSummit Social – an exclusive, by-invitation-only dinner for the Summit’s speakers and guests.

The line-up of speakers includes Mrs. Josephine Teo, Singapore’s Minister for Communications and Information, Guest of Honour for the ATxAI Conference (1 Jun), as well as a panellist at ‘Trust in the Digital Economy’ (31 May) and ‘Changing Roles of Women in Tech (1 Jun) and Mr. Ong Ye Kung, Singapore’s Minister for Health, who will be speaking at a panel session on ‘Rethinking Healthcare Within a Digital Landscape’. They will be joined by Ministers from Brazil, Estonia, European Commission, Indonesia, Malaysia, Mongolia and the United States. ATxSG will also host senior executives from the world’s biggest and fastest-growing technology companies such as Amazon Web Services, Epic Games, Google, IBM, Microsoft and Ping An Group.

“Digital and tech brings many opportunities but also challenges. That impact is felt at the intersection of Tech and Governance, Tech and Businesses, and Tech and Society. This involves building a trusted digital environment, creating economic growth, seeding innovations, and tackling society’s pressing problems. It is therefore key to bring together thought leaders across these domains, to shape that shared digital future,” said Mr. Lew Chuen Hong, Chief Executive, Singapore’s Infocomm Media Development Authority.

ATxAI and ATxInspire: Women in Tech

On 1 June, ATxSG will feature ATxAI conference that will look at the future of AI technologies, trust in AI, and how AI can be leveraged for social good. On the same day, participants at ATxInspire will hear from distinguished female leaders in the technology space. They will share their views on how to bolster the progress of women professionals in the industry while promoting greater diversity across the tech workforce. The panellists include Mrs. Josephine Teo, H.E. Bolor-Erdene Battsengel, Mongolia’s Secretary of State, Ministry of Digital Development and Communications, H.E. Makishima Karen, Japan’s Minister for Digital, Ms. Jessica Tan, Co-CEO of Ping An Group and Ms. Kathy Baxter, Principal Architect, Ethical AI practice at Salesforce.

At the side-lines of ATxSG, Mr. Tan Kiat How, Singapore’s Minister of State for Communications and Information, will be giving the keynote address as Guest of Honour at the Founders Forum (31 May), and Ms. Rahayu Mahzam, Singapore’s Parliamentary Secretary will be giving the keynote address at the InnovFest x Elevating Founders (ATxImpact) (1 Jun) as Guest of Honour.

ATxEnterprise and ATxImpact

ATxSG will showcase two popular segments: ATxEnterprise and ATxImpact, organised by Informa Tech, scheduled from 1 to 3 June, at the Singapore EXPO. Spanning 3 halls of more than 500 exhibitors from 32 countries/regions and 200 conference sessions featuring more than 350 speakers.

The three-day event will see more than 10,000 attendees and business leaders from across Asia’s Tech, Media, Telecoms and Start-up ecosystem convene in Singapore for a long-awaited return to in-person events.

The ATxEnterprise Headliners will kick-off the event with Dr Janil Puthucheary, Singapore’s Senior Minister of State, Ministry of Communications and Information & Ministry of Health, Singapore, delivering the opening address on 1 June, at 9.30am.

Tony Blair, former Prime Minister of Great Britain and Northern Ireland, and Executive Chairman of the Tony Blair Institute for Global Change, will also join virtually to deliver a keynote on Supporting Global Change through Technology.

ATxEnterprise, the flagship collection of industry events at ATxSG, features BroadcastAsia, CommunicAsia, SatelliteAsia, and TechXLR8Asia, led by top sponsors Huawei, NCS and Singtel. ATxImpact featuring InnovFest x Elevating Founders, organised in partnership with NUS Enterprise, the official start-up event of ATxSG, and largest gathering of its kind in the region, brings together more than 100 promising regional start-ups, and top names in venture capital.

“Boasting a strong line-up of renowned speakers and over 500 exhibitors from various industries including business, technology, and telecommunications, we are excited to partner with IMDA for this year’s ATxSG, the first to be conducted physically. We look forward to insights and conversations across business, tech and government leaders that will shape our shared digital future,” said Mr. Tom Cuthell, Vice President of Festivals, Informa Tech.

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