Deena Evans, 39, was knifed in the chest while on a 999 emergency call out in Wolverhampton on July 6. Three months on, she is now back to work after making an incredible recovery and started her first shift on Friday (October 16). (SWNS)
Deena Evans, 39, was knifed in the chest while on a 999 emergency call out in Wolverhampton on July 6. Three months on, she is now back to work after making an incredible recovery and started her first shift on Friday (October 16). (SWNS)
The second day of witness testimony in the extradition case of Huawei Chief Financial Officer Meng Wanzhou to the United States will kick off in a Canada courtroom on Tuesday, when her lawyers are expected to question officials involved in her 2018 arrest. The five days of scheduled hearings will focus on allegations by her lawyers of abuses of process committed by Canadian and U.S. authorities during her arrest in December two years ago at the Vancouver International Airport. Meng, 48, is facing charges in the United States of bank fraud for allegedly misleading HSBC about Huawei's [HWT.UL] business dealings in Iran, causing the bank to break U.S. sanction laws.
Newly confirmed conservative U.S. Supreme Court Justice Amy Coney Barrett faces a barrage of politically fraught cases in her first days on the job, as the court weighs election disputes and prepares to hear a challenge to the Obamacare health law. President Donald Trump, who nominated Barrett, has said he expects the court to ultimately decide the result of the election between him and Democrat Joe Biden. Barrett, 48, who will be formally sworn in by Chief Justice John Roberts on Tuesday, joins the court with two election issues already awaiting her from key battleground states North Carolina and Pennsylvania.
The "Leadership Quadrant and Strategic Positioning of Automotive Camera Suppliers" report has been added to ResearchAndMarkets.com's offering.
Amazon and Apple have surged 74% and 57%, respectively, this year, far outperforming the S&P 500's 5% gain as the coronavirus pandemic accelerates trends toward online shopping, video streaming and other technologies helping Wall Street's largest companies take market share from smaller rivals. A scathing report by a House of Representatives panel this month detailing abuses of market power by large tech companies suggests a tough road ahead should Democratic presidential candidate Joe Biden, who is leading in polls, win the Nov. 3 election.
Dublin, Oct. 27, 2020 (GLOBE NEWSWIRE) -- The "Feed Flavors & Sweeteners - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering. The Global Feed Flavors & Sweeteners market accounted for $1.30 billion in 2019 and is expected to reach $1.99 billion by 2027 growing at a CAGR of 5.4% during the forecast period. Rising demand for palatability-boosting feed additives and mounting meat and dairy goods industries are the major factors propelling market growth. However, a lack of knowledge in developing countries regarding feed flavors & sweeteners are hampering market growth.By geography, Asia Pacific is likely to experience strong demand due to an increase in disposable income which has led to enlarged urbanization and industrialization. The region is heterogeneous, with diversity in income levels, technology, and demands of end consumers to provide superior-quality feed to livestock, as the awareness among consumers about the impact of quality feed provided to livestock being linked to the quality of animal-based products is increasing, leading to improved scope for future growth.Some of the key players profiled in the Feed Flavors & Sweeteners Market include Alltech, Biomin Holding, Dupont, Eli Lilly & Co, Grupo Ferrer Internacional, Itpsa, Jefo , Kemin Industries, Kerry Group, Norel, Nutriad International Dendermonde, Pancosma , Phytobiotics Futterzusatzstoffe, Prinova Group and Solvay.What the report offers: Market share assessments for the regional and country-level segmentsStrategic recommendations for the new entrantsCovers Market data for the years 2018, 2019, 2020, 2024 and 2027Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)Strategic recommendations in key business segments based on the market estimationsCompetitive landscaping mapping the key common trendsCompany profiling with detailed strategies, financials, and recent developmentsSupply chain trends mapping the latest technological advancements Key Topics Covered: 1 Executive Summary2 Preface2.1 Abstract2.2 Stake Holders2.3 Research Scope2.4 Research Methodology2.5 Research Sources3 Market Trend Analysis3.1 Introduction3.2 Drivers3.3 Restraints3.4 Opportunities3.5 Threats3.6 Emerging Markets3.7 Impact of Covid-194 Porters Five Force Analysis5 Global Feed Flavors & Sweeteners Market, By Type5.1 Introduction5.2 Feed Sweetener5.3 Feed Flavor6 Global Feed Flavors & Sweeteners Market, By Livestock6.1 Introduction6.2 Pets6.3 Aquatic Animals6.4 Swine6.5 Ruminants6.6 Poultry7 Global Feed Flavors & Sweeteners Market, By Form7.1 Introduction7.2 Liquid7.3 Dry8 Global Feed Flavors & Sweeteners Market, By Source8.1 Introduction8.2 Synthetic8.3 Natural9 Global Feed Flavors & Sweeteners Market, By Distribution Channel9.1 Introduction9.2 Supermarkets & Hypermarkets9.3 Store-Based9.4 Convenience Stores10 Global Feed Flavors & Sweeteners Market, By Geography11 Key Developments11.1 Agreements, Partnerships, Collaborations and Joint Ventures11.2 Acquisitions & Mergers11.3 New Product Launch11.4 Expansions11.5 Other Key Strategies12 Company Profiling12.1 Alltech12.2 Biomin Holding12.3 Dupont12.4 Eli Lilly & Co12.5 Grupo Ferrer Internacional12.6 Itpsa12.7 Jefo12.8 Kemin Industries12.9 Kerry Group12.10 Norel12.11 Nutriad International Dendermonde12.12 Pancosma12.13 Phytobiotics Futterzusatzstoffe12.14 Prinova Group12.15 Solvay For more information about this report visit https://www.researchandmarkets.com/r/8037rh About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Social Security may be cut in the future -- but the wrong moves on your part could shrink your benefits even more.
Faced with sluggish sales to top export markets, virtually no foreign tourists, and decreasing restaurant sales due to COVID-19, Australian wineries are increasingly looking to locals to secure their livelihoods as coronavirus curbs ease. With overseas holidays out of bounds, locals are hitting cellar doors - or the part of the winery where visitors can sample drinks - like never before, said vintners in the Hunter Valley wine region, 160 km (100 miles) north of Sydney. "As far as our average sale is concerned, that has doubled (in recent months)," said Bruce Tyrrell, managing director of Tyrrell's Wines, adding they adapted their wine tasting service to comply with social distancing rules.
Hercules Capital, Inc. (NYSE: HTGC) ("Hercules" or the "Company"), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, is pleased to announce that its Board of Directors has declared a supplemental cash distribution of $0.02 per share.
Aker BP Selects Bulk Data Centers to Enable HPC Initiatives with efficient and cost-effective support for Aker BP’s High Performance Computing
There's a lot of buzz right now about the race to develop coronavirus vaccines. In this Fool Live video, Healthcare and Cannabis bureau Corinne Cardina and longtime Motley Fool contributor Keith Speights answer this question and discuss which method of coronavirus vaccine development is most likely to be used in treating other diseases. Corinne Cardina: We've touched on this a little bit.
Chalk Talk 'B' 3H October 27th, 2020
Spain says 355,000 more people were left unemployed in the third quarter, bringing the total jobless rate up to 16.3% from 15.3% in the previous three-month period as surging infections and new virus restrictions hurt economic development. The National Statistics Institute said Tuesday the total number of people out of work now in Spain stood at 3.7 million. Spain was only just beginning to relish a recovery from the severe 2008-2013 financial crisis when the pandemic struck this year.
A personal loan is a more affordable way to borrow than racking up credit card debt. But is it worth taking one out for holiday spending?
PARIS, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) today reported results for the third quarter ended September 30, 2020. For the third quarter of 2020: Shipments of 354 thousand metric tons, down 11% compared to Q3 2019Revenue of €1.2 billion, down 20% compared to Q3 2019Net income of €20 million compared to net income of €1 million in Q3 2019Adjusted EBITDA of €126 million, down 9% compared to Q3 2019Cash from Operations of €111 million and Free Cash Flow of €75 million For the first nine months of 2020: Shipments of 1.1 million metric tons, down 14% compared to YTD 2019Revenue of €3.6 billion, down 20% compared to YTD 2019Net loss of €43 million compared to net income of €42 million in YTD 2019Adjusted EBITDA of €354 million, down 20% compared to YTD 2019Cash from Operations of €263 million and Free Cash Flow of €129 millionNet debt / LTM Adjusted EBITDA of 4.3x as of September 30, 2020 Jean-Marc Germain, Constellium’s Chief Executive Officer said, "I am very proud of our third quarter results, including our Free Cash Flow performance of €75 million in the quarter. Packaging & Automotive Rolled Products reported record quarterly Adjusted EBITDA. Aerospace & Transportation maintained a strong focus on costs in the face of difficult market conditions. Automotive Structures & Industry benefited from better-than-expected market conditions and improved operational performance in Automotive Structures. These results further demonstrate the benefits of our end market diversification and our intense focus on costs." Mr. Germain continued, "Based on our current outlook, we expect Adjusted EBITDA of €450 million to €460 million and Free Cash Flow generation of €100 million to €150 million in 2020." Group Summary Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 354 395 (11)%1,057 1,221 (14)%Revenue (€ millions) 1,172 1,461 (20)%3,640 4,535 (20)%Net income / (loss) (€ millions) 20 1 n.m. (43)42 n.m. Adjusted EBITDA (€ millions) 126 139 (9)%354 441 (20)%Adjusted EBITDA per metric ton (€) 355 351 1%335 361 (7)% The difference between the sum of reported segment revenue and total group revenue includes revenue from certain non-core activities and inter-segment eliminations. The difference between the sum of reported segment Adjusted EBITDA and the Group Adjusted EBITDA is related to Holdings and Corporate. For the third quarter of 2020, shipments of 354 thousand metric tons decreased 11% compared to the third quarter of 2019 due to lower shipments in all three segments. Revenue of €1.2 billion decreased 20% compared to the third quarter of 2019 due to lower shipments and lower metal prices. Net income of €20 million compared to net income of €1 million in the third quarter of 2019. Adjusted EBITDA of €126 million decreased 9% compared to the third quarter of 2019 due to weaker results in the Aerospace and Transportation segment. For the first nine months of 2020, shipments of 1.1 million metric tons decreased 14% compared to the first nine months of 2019 due to lower shipments in all three segments. Revenue of €3.6 billion decreased 20% compared to the first nine months of 2019 primarily due to lower shipments and lower metal prices partially offset by improved price and mix. Net loss of €43 million compared to a net income of €42 million in the first nine months of 2019. Adjusted EBITDA of €354 million decreased 20% compared to the first nine months of 2019 due to weaker results in the Aerospace and Transportation and the Automotive Structures and Industry segments. Results by Segment Packaging and Automotive Rolled Products (P&ARP) Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 258 277 (7)%748 842 (11)%Revenue (€ millions) 672 789 (15)%1,989 2,438 (18)%Adjusted EBITDA (€ millions) 85 72 20%209 210 0%Adjusted EBITDA per metric ton (€) 332 259 28%280 250 12% For the third quarter of 2020, Adjusted EBITDA increased 20% compared to the third quarter of 2019 primarily due to strong cost control, partially offset by lower shipments. Shipments of 258 thousand metric tons decreased 7% compared to the third quarter of 2019 due to lower shipments of packaging and specialty products. Revenue of €672 million decreased 15% compared to the third quarter of 2019, primarily due to lower metal prices and lower shipments. For the first nine months of 2020, Adjusted EBITDA was comparable to the first nine months of 2019 due to strong cost control, offset by lower shipments. Shipments of 748 thousand metric tons decreased 11% compared to the first nine months of 2019 due to lower shipments across packaging, automotive and specialty products. Revenue of €2.0 billion decreased 18% compared to the first nine months of 2019, primarily due to lower shipments and lower metal prices. Aerospace and Transportation (A&T) Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 36 57 (37)%140 186 (25)%Revenue (€ millions) 202 351 (43)%811 1,112 (27)%Adjusted EBITDA (€ millions) 10 43 (77)%93 159 (41)%Adjusted EBITDA per metric ton (€) 275 740 (63)%666 854 (22)% For the third quarter of 2020, Adjusted EBITDA decreased 77% compared to the third quarter of 2019 primarily due to lower shipments due to continued challenging market conditions from the COVID-19 pandemic, partially offset by strong cost control. Shipments of 36 thousand metric tons decreased 37% compared to the third quarter of 2019 due to lower shipments of aerospace and TID products. Revenue of €202 million decreased 43% compared to the third quarter of 2019 due to lower shipments and lower metal prices. For the first nine months of 2020, Adjusted EBITDA decreased 41% compared to the first nine months of 2019 primarily due to lower shipments, partially offset by strong cost control and improved price and mix. Shipments of 140 thousand metric tons decreased 25% compared to the first nine months of 2019 due to lower shipments of aerospace and TID products. Revenue of €811 million decreased 27% compared to the first nine months of 2019 due to lower shipments and lower metal prices, partially offset by improved price and mix. Automotive Structures and Industry (AS&I) Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 60 61 (3)%169 193 (13)%Revenue (€ millions) 304 336 (9)%868 1,027 (15)%Adjusted EBITDA (€ millions) 33 26 25%66 85 (23)%Adjusted EBITDA per metric ton (€) 551 428 29%389 439 (11)% For the third quarter of 2020, Adjusted EBITDA increased 25% compared to the third quarter of 2019 due to strong cost control. Shipments of 60 thousand metric tons decreased 3% compared to the third quarter of 2019 on lower shipments of Industry products. Revenue of €304 million decreased 9% compared to the third quarter of 2019 primarily due to lower metal prices and lower shipments. For the first nine months of 2020, Adjusted EBITDA decreased 23% compared to the first nine months of 2019 primarily due to lower shipments, partially offset by strong cost control. Shipments of 169 thousand metric tons decreased 13% compared to the first nine months of 2019 on lower shipments of automotive and industry products. Revenue of €868 million decreased 15% compared to the first nine months of 2019 due to lower shipments and lower metal prices. Net Income For the third quarter of 2020, net income of €20 million compared to net income of €1 million in the third quarter of last year. The change in net income is primarily related to a favorable change in gains and losses on derivatives related to our commodity hedging positions, reduced selling and administrative expenses and lower finance costs, partially offset by lower gross profit. For the first nine months of 2020, a net loss of €43 million compared to net income of €42 million in the first nine months of last year. The change is primarily related to lower gross profit and an unfavorable change in gains and losses on derivatives related to our commodity hedging positions, partially offset by a change in income taxes and reduced selling and administrative expenses. Cash Flow Free Cash Flow was €129 million for the first nine months of 2020 compared to €157 million in the same period of the prior year. The change was primarily due to weaker Adjusted EBITDA and less of a benefit from trade working capital, partially offset by lower capital expenditures, interest expense, and income taxes. Cash flows from operating activities were €263 million for the first nine months of 2020 compared to cash flows from operating activities of €340 million in the same period of the prior year. Constellium decreased factored receivables by €76 million for the first nine months compared to an increase of €19 million in the same period of the prior year. Cash flows used in investing activities were €133 million for the first nine months of 2020 compared to cash flows used in investing activities of €265 million in the same period of the prior year. Capital spending was lower in 2020 to reflect market conditions. The first nine months of 2019 included a net €83 million outflow related to the acquisition of our partner’s 49% interest in the Bowling Green joint venture. Cash flows from financing activities were €122 million for the first nine months of 2020 compared to cash flows used in financing activities of €90 million in the same period of the prior year. In the first nine months of 2020, Constellium raised $325 million of 5.625% Senior Notes due 2028, using a portion of the proceeds to redeem the remaining balance of the 4.625% Senior Notes due 2021, and entered into a €180 million loan partially guaranteed by the French State and a CHF 20 million facility partially guaranteed by the Swiss Government. The first nine months of 2019 included a €54 million lease redemption associated with the acquisition of Bowling Green and a €100 million partial redemption of the 4.625% Senior Notes due 2021. Liquidity and Net Debt Liquidity at September 30, 2020 was €1,018 million, comprised of €432 million of cash and cash equivalents and €586 million available under our committed lending facilities and factoring arrangements. Liquidity at September 30, 2020 includes the undrawn $166 million Delayed Draw Term Loan, which can be drawn until May 1, 2021. Net debt was €2,050 million at September 30, 2020 compared to €2,183 million at December 31, 2019. Outlook Based on our current outlook, we expect Adjusted EBITDA in a range of €450 million to €460 million in 2020. We are not able to provide a reconciliation of this Adjusted EBITDA guidance to net income, the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, we are unable to forecast the timing or magnitude of realized and unrealized gains and losses on derivative instruments, metal lag, impairment or restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income in the future. Forward-looking statements Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn; disruption to business operations, including the length and magnitude of disruption resulting from the global COVID-19 pandemic; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. About Constellium Constellium (NYSE: CSTM) is a global sector leader that develops innovative, value added aluminium products for a broad scope of markets and applications, including aerospace, automotive and packaging. Constellium generated €5.9 billion of revenue in 2019. Ryan Wentling – Investor RelationsPhone: +1 443 988 0600Investorfirstname.lastname@example.org Delphine Dahan-Kocher – External CommunicationsPhone: +1 (443) 420 email@example.com Constellium’s earnings materials for the third quarter ended September 30, 2020, are also available on the company’s website (www.constellium.com). CONSOLIDATED INCOME STATEMENT (UNAUDITED) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019 Revenue 1,172 1,461 3,640 4,535 Cost of sales (1,052) (1,316) (3,298) (4,064)Gross profit 120 145 342 471 Selling and administrative expenses (55) (66) (178) (204)Research and development expenses (9) (12) (29) (36)Restructuring costs (2) (1) (13) (2)Other gains and losses - net 10 (15) (53) (29)Income from operations 64 51 69 200 Finance costs - net (37) (46) (124) (135)Share of income of joint-ventures — — — 5 Income / (loss) before income tax 27 5 (55) 70 Income tax (expense) / benefit (7) (4) 12 (28)Net income / (loss) 20 1 (43) 42 Income / (loss) attributable to: Equity holders of Constellium 19 — (45) 39 Non-controlling interests 1 1 2 3 Net income / (loss) 20 1 (43) 42 Earnings per share attributable to the equity holders of Constellium, in euros per share Basic 0.13 0.00 (0.33) 0.29 Diluted 0.13 0.00 (0.33) 0.28 Weighted average shares, in thousands Basic 139,209 137,131 139,032 136,609 Diluted 143,002 141,911 139,032 141,911 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019 Net income / (loss) 20 1 (43) 42 Other comprehensive loss Items that will not be reclassified subsequently to the Unaudited Interim Consolidated Income Statement Remeasurement on post-employment benefit obligations (12) (48) (53) (110)Income tax on remeasurement on post-employment benefit obligations 3 8 12 23 Items that may be reclassified subsequently to the Unaudited Interim Consolidated Income Statement Cash flow hedges 12 (10) 12 (15)Net investment hedges — — — 4 Income tax on hedges (4) 3 (4) 5 Currency translation differences (8) 5 (10) 4 Other comprehensive loss (9) (42) (43) (89)Total comprehensive income / (loss) 11 (41) (86) (47)Attributable to: Equity holders of Constellium 10 (42) (88) (50)Non-controlling interests 1 1 2 3 Total comprehensive income / (loss) 11 (41) (86) (47) CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) (in millions of Euros) At September 30, 2020 At December 31, 2019 Assets Current assets Cash and cash equivalents 432 184 Trade receivables and other 467 474 Inventories 607 670 Other financial assets 23 22 1,529 1,350 Non-current assets Property, plant and equipment 1,971 2,056 Goodwill 437 455 Intangible assets 64 70 Investments accounted for under the equity method 1 1 Deferred income tax assets 218 185 Trade receivables and other 67 60 Other financial assets 8 7 2,766 2,834 Total Assets 4,295 4,184 Liabilities Current liabilities Trade payables and other 1,010 999 Borrowings 85 201 Other financial liabilities 43 35 Income tax payable 20 14 Provisions 27 23 1,185 1,272 Non-current liabilities Trade payables and other 29 21 Borrowings 2,371 2,160 Other financial liabilities 31 23 Pension and other post-employment benefit obligations 714 670 Provisions 98 99 Deferred income tax liabilities 27 24 3,270 2,997 Total Liabilities 4,455 4,269 Equity Share capital 3 3 Share premium 420 420 Retained deficit and other reserves (596) (519)Equity attributable to equity holders of Constellium (173) (96)Non controlling interests 13 11 Total Equity (160) (85) Total Equity and Liabilities 4,295 4,184 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (in millions of Euros) Sharecapital Sharepremium Re-measurement Cash flowhedges Foreigncurrencytranslationreserve Otherreserves Retainedlosses Total Equityholders ofConstellium Non-controllinginterests TotalequityAt January 1, 2020 3 420 (177) (10) 4 53 (389) (96) 11 (85)Net (loss) / income — — — — — — (45) (45) 2 (43)Other comprehensive (loss) / income — — (41) 8 (10) — — (43) — (43)Total comprehensive (loss) / income — — (41) 8 (10) — (45) (88) 2 (86)Transactions with equity holders Share-based compensation — — — — — 11 — 11 — 11 At September 30, 2020 3 420 (218) (2) (6) 64 (434) (173) 13 (160) (in millions of Euros) Sharecapital Sharepremium Re-measurement Cash flowhedgesand netinvestmenthedges Foreigncurrencytranslationreserve Otherreserves Retainedlosses Total Equityholders ofConstellium Non-controllinginterests TotalequityAt January 1, 2019 3 420 (129) (8) 3 37 (448) (122) 8 (114)Net income — — — — — — 39 39 3 42 Other comprehensive (loss) / income — — (87) (6) 4 — — (89) — (89)Total comprehensive (loss) / income — — (87) (6) 4 — 39 (50) 3 (47)Transactions with equity holders Share-based compensation — — — — — 12 — 12 — 12 Transactions with non-controlling interests — — — — — — — — — — At September 30, 2019 3 420 (216) (14) 7 49 (409) (160) 11 (149) CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Net income / (loss) 20 1 (43) 42 Adjustments Depreciation, amortization and impairment 73 66 210 183 Finance costs - net 37 46 124 135 Income Tax expense / (benefit) 7 4 (12) 28 Share of income of joint-ventures — — — (5)Unrealized (gains) / losses on derivatives - net and from remeasurement of monetary assets and liabilities - net (11) 5 (2) (12)Losses on disposal 2 — 2 2 Other - net 3 3 16 9 Interest paid (45) (54) (118) (132)Income tax paid (7) 8 11 (3)Change in trade working capital Inventories 15 34 50 58 Trade receivables (19) 12 (12) (17)Trade payables 38 (29) 20 75 Margin calls — — — 5 Change in provisions and pension obligations (8) (3) (6) (18)Other working capital 8 (13) 23 (10)Net cash flows from operating activities 111 80 263 340 Purchases of property, plant and equipment (36) (50) (134) (180)Acquisition of subsidiaries net of cash acquired — — — (83)Proceeds from disposals, net of cash — — 1 1 Other investing activities — 1 — (3)Net cash flows used in investing activities (36) (49) (133) (265) Proceeds from issuance of Senior Notes — — 290 — Repayment of Senior Notes — (100) (200) (100)Proceeds from French loan — — 180 — Proceeds from Swiss credit facility — — 18 — Lease repayments (8) (9) (25) (79)(Repayments) / proceeds from U.S. revolving credit facility and other loans (8) 12 (132) 88 Payment of deferred financing costs — — (9) — Transactions with non-controlling interests — — — (2)Other financing activities (2) 3 — 3 Net cash flows from / (used in) financing activities (18) (94) 122 (90) Net increase / (decrease) in cash and cash equivalents 57 (63) 252 (15)Cash and cash equivalents - beginning of period / year 378 213 184 164 Effect of exchange rate changes on cash and cash equivalents (3) 2 (4) 3 Cash and cash equivalents - end of period 432 152 432 152 ADJUSTED EBITDA BY SEGMENT Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019P&ARP 85 72 209 210 A&T 10 43 93 159 AS&I 33 26 66 85 H&C (2) (2) (14) (13)Adjusted EBITDA 126 139 354 441 SHIPMENTS AND REVENUE BY PRODUCT LINE Three months ended September 30, Nine months ended September 30,(in k metric tons) 2020 2019 2020 2019Packaging rolled products 192 211 584 630 Automotive rolled products 60 56 145 178 Specialty and other thin-rolled products 6 10 19 34 Aerospace rolled products 15 28 64 89 Transportation, industry, defense and other rolled products 21 29 76 97 Automotive extruded products 31 31 77 92 Other extruded products 29 30 92 101 Total shipments 354 395 1,057 1,221 Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Packaging rolled products 463 560 1,443 1,676 Automotive rolled products 185 191 466 630 Specialty and other thin-rolled products 24 38 80 132 Aerospace rolled products 110 201 475 630 Transportation, industry, defense and other rolled products 92 150 336 482 Automotive extruded products 187 202 482 589 Other extruded products 117 134 386 438 Other and inter-segment eliminations (6) (15) (28) (42)Total revenue 1,172 1,461 3,640 4,535 NON-GAAP MEASURES Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Net income / (loss) 20 1 (43) 42 Income tax expense / (benefit) 7 4 (12) 28 Income / (loss) before income tax 27 5 (55) 70 Finance costs - net 37 46 124 135 Share of income of joint-ventures — — — (5)Income from operations 64 51 69 200 Depreciation and amortization 64 66 196 183 Impairment of assets 9 — 14 — Restructuring costs 2 1 13 2 Unrealized (gains) / losses on derivatives (9) 4 1 (13)Unrealized exchange (gains) / losses from remeasurement of monetary assets and liabilities – net (2) — (1) — Losses on pension plans amendments — 1 2 1 Share-based compensation costs 3 5 11 12 Metal price lag (A) (7) 9 33 40 Start-up and development costs (B) 1 3 5 8 Losses on disposals 2 — 2 2 Bowling Green one-time costs related to the acquisition (C) — — — 6 Other (D) (1) (1) 9 — Adjusted EBITDA 126 139 354 441 (A) Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium Revenue are established and when aluminium purchase prices included in Cost of sales are established. The Group accounts for inventory using a weighted average price basis and this adjustment aims to remove the effect of volatility in LME prices. The calculation of the Group metal price lag adjustment is based on an internal standardized methodology applied at each of Constellium’s manufacturing sites and is primarily calculated as the average value of product recorded in inventory, which approximates the spot price in the market, less the average value transferred out of inventory, which is the weighted average of the metal element of cost of sales, based on the quantity sold in the period. (B) Start-up and development costs in the nine months ended September 30, 2020 and 2019 were related to new projects in our AS&I operating segment.(C) Bowling Green one-time costs related to the acquisition in the nine months ended September 30, 2019, was the non-cash reversal of the inventory step-up.(D) Other in the nine months ended September 30, 2020 includes i) €4 million of procurement penalties and termination fees incurred because of the Group's inability to fulfill certain commitments due to the Covid-19 pandemic and ii) a €5 million loss resulting from the discontinuation of hedge accounting for certain forecasted sales that were determined to be no longer expected to occur in light of the Covid-19 pandemic effects. Reconciliation of net cash flows from operating activities to Free Cash Flow (a non-GAAP measure) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Net cash flows from operating activities 111 80 263 340 Purchases of property, plant and equipment (36) (50) (134) (180)Other investing activities — 1 — (3)Free Cash Flow 75 31 129 157 Reconciliation of borrowings to Net debt (a non-GAAP measure) (in millions of Euros) At September 30, 2020 At December 31, 2019 Borrowings 2,456 2,361 Fair value of cross currency basis swaps, net of margin calls 26 6 Cash and cash equivalents (432) (184)Net debt 2,050 2,183 Non-GAAP measures In addition to the results reported in accordance with International Financial Reporting Standards (“IFRS”), this press release includes information regarding certain financial measures which are not prepared in accordance with IFRS (“non-GAAP measures”). The non-GAAP measures used in this press release are: Adjusted EBITDA, Adjusted EBITDA per metric ton, Free Cash Flow and Net debt. Reconciliations to the most directly comparable IFRS financial measures are presented in the schedules to this press release. We believe these non-GAAP measures are important supplemental measures of our operating and financial performance. By providing these measures, together with the reconciliations, we believe we are enhancing investors’ understanding of our business, our results of operations and our financial position, as well as assisting investors in evaluating the extent to which we are executing our strategic initiatives. However, these non-GAAP financial measures supplement our IFRS disclosures and should not be considered an alternative to the IFRS measures and may not be comparable to similarly titled measures of other companies. In considering the financial performance of the business, management and our chief operational decision maker, as defined by IFRS, analyze the primary financial performance measure of Adjusted EBITDA in all of our business segments. The most directly comparable IFRS measure to Adjusted EBITDA is our net income or loss for the period. We believe Adjusted EBITDA, as defined below, is useful to investors and is used by our management for measuring profitability because it excludes the impact of certain non-cash charges, such as depreciation, amortization, impairment and unrealized gains and losses on derivatives as well as items that do not impact the day-to-day operations and that management in many cases does not directly control or influence. Therefore, such adjustments eliminate items which have less bearing on our core operating performance. Adjusted EBITDA measures are frequently used by securities analysts, investors and other interested parties in their evaluation of Constellium and in comparison to other companies, many of which present an Adjusted EBITDA-related performance measure when reporting their results. Adjusted EBITDA is defined as income / (loss) from continuing operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation and amortization as adjusted to exclude restructuring costs, impairment charges, unrealized gains or losses on derivatives and on foreign exchange differences on transactions which do not qualify for hedge accounting, metal price lag, share based compensation expense, effects of certain purchase accounting adjustments, start-up and development costs or acquisition, integration and separation costs, certain incremental costs and other exceptional, unusual or generally non-recurring items. Adjusted EBITDA is the measure of performance used by management in evaluating our operating performance, in preparing internal forecasts and budgets necessary for managing our business and, specifically in relation to the exclusion of the effect of favorable or unfavorable metal price lag, this measure allows management and the investor to assess operating results and trends without the impact of our accounting for inventories. We use the weighted average cost method in accordance with IFRS which leads to the purchase price paid for metal impacting our cost of goods sold and therefore profitability in the period subsequent to when the related sales price impacts our revenues. Management believes this measure also provides additional information used by our lending facilities providers with respect to the ongoing performance of our underlying business activities. Historically, we have used Adjusted EBITDA in calculating our compliance with financial covenants under certain of our loan facilities. Adjusted EBITDA is not a presentation made in accordance with IFRS, is not a measure of financial condition, liquidity or profitability and should not be considered as an alternative to profit or loss for the period, revenues or operating cash flows determined in accordance with IFRS. Free Cash Flow is defined as net cash flow from operating activities less capital expenditure, equity contributions and loans to joint ventures and other investing activities. Management believes that Free Cash Flow is a useful measure of the net cash flow generated or used by the business as it takes into account both the cash generated or consumed by operating activities, including working capital, and the capital expenditure requirements of the business. However, Free Cash Flow is not a presentation made in accordance with IFRS and should not be considered as an alternative to operating cash flows determined in accordance with IFRS. Free Cash Flow has certain inherent limitations, including the fact that it does not represent residual cash flows available for discretionary spending, notably because it does not reflect principal repayments required in connection with our debt or capital lease obligations. Net debt is defined as borrowings plus or minus the fair value of cross currency basis swaps net of margin calls less cash and cash equivalents and cash pledged for the issuance of guarantees. Management believes that Net debt is a useful measure of indebtedness because it takes into account the cash and cash equivalent balances held by the Company as well as the total external debt of the Company. Net debt is not a presentation made in accordance with IFRS, and should not be considered as an alternative to borrowings determined in accordance with IFRS.
Pliant, the leader in IT Process Automation, today announced the addition of Mike Wiley, VP and CTO of Applications at F5 Networks, to its board of directors. The addition of Wiley adds a unique perspective to the application of low code / no code automation in the industry.
ROBIT PLC STOCK EXCHANGE RELEASE 27 OCTOBER 2020 AT 12.00 P.M. ROBIT PLC’S FINANCIAL INFORMATION AND ANNUAL GENERAL MEETING IN 2021 Robit Plc will publish its financial statement release, half year financial report as well as financial reviews of January–March and January–September in 2021 as follows: 18.02.2021 Financial statement release for financial period ending on 31 December 202022.04.2021 Financial review for January–March 202110.08.2021 Half-year financial report for January–June 202128.10.2021 Financial review for January–September 2021 Robit observes a 30-day period of silence before publishing financial reports. During the silent period, Robit will not comment on the company’s financial position or prospects and shall not meet with representatives of the capital markets or financial media. Robit’s Annual General Meeting is scheduled for Thursday, 25 March 2021, in Tampere, Finland. The Board of Directors will give a separate notice of the Annual General Meeting. Possible requests from shareholders to include matters on the agenda of Robit’s 2021 AGM shall be sent to firstname.lastname@example.org, not later than 21 January 2021. The documents of the AGM will be published on the company’s website latest three weeks before the AGM, approximately during week 8, 2021. The company’s dividend payment date is the 10. banking day of the AGM, thus 12 April 2021. Robit’s financial information is published in Finnish and in English and made available on the company website at www.robitgroup.com. ROBIT PLC Tommi Lehtonen Further information: Tommi Lehtonen, Group CEOTel. +358 40 724 email@example.com Distribution:Nasdaq Helsinki LtdKey mediawww.robitgroup.com Robit is a strongly internationalized growth company servicing global customers and selling drilling consumables for applications in mining, construction and contracting, tunneling and well drilling. The company's offering is divided into two product and service ranges: Top Hammer and Down-the-Hole. Robit has 12 of its own sales and service points throughout the world as well as an active sales network in 100 countries. Robit’s manufacturing units are located in Finland, South Korea, Australia and the UK. Robit’s shares are listed on Nasdaq Helsinki Ltd. Further information is available at www.robitgroup.com.
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