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Tenaris Announces 2023 Fourth Quarter and Annual Results

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The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS Accounting Standards. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the fourth quarter and year ended December 31, 2023 with comparison to its results for the fourth quarter and year ended December 31, 2022.

Summary of 2023 Fourth Quarter Results

4Q 20233Q 2023
4Q 2022
Net sales ($ million)3,4153,2385%3,620(6%)
Operating income ($ million)819868(6%)1,013(19%)
Net income ($ million)1,146547110%80343%
Shareholders’ net income ($ million)1,129537110%80740%
Earnings per ADS ($)*1.920.91110%1.3740%
Earnings per share ($)*0.960.46110%0.6840%
EBITDA ($ million)9751,004(3%)1,269(23%)
EBITDA margin (% of net sales)28.6%31.0%35.1%

*For the calculation of per share and per ADS data we have used average number of shares outstanding excluding treasury shares.

Our sales in the fourth quarter of 2023 rose 5% sequentially, boosted by a high level of shipments to the Middle East and for offshore pipeline projects, together with the inclusion of our newly acquired Shawcor pipe coating business, which offset the ongoing pricing declines in the Americas. Our EBITDA at $975 million declined mainly due to lower average selling prices in the Americas. Our net income of the quarter, of $1.1 billion was positively affected by: i)$167 million higher result from non-consolidated companies; ii) $26 million higher financial results and iii) net deferred tax gain of $360 million.

Our free cash flow for the quarter amounted to $669 million after capex payments of $167 million. Additionally, during the quarter we paid $161 million (net of cash) for the acquisition of the Shawcor pipe coating business from Mattr. Following dividend payments of $235 million and $214 million spent on share buybacks during the quarter, our net cash position increased to $3.4 billion at December 31, 2023.

Summary of 2023 Annual Results

12M 202312M 2022Increase/(Decrease)
Net sales ($ million)14,86911,76326%
Operating income ($ million)4,3162,96346%
Net income ($ million)3,9582,54955%
Shareholders’ net income ($ million)3,9182,55353%
Earnings per ADS ($)*6.654.3353%
Earnings per share ($)*3.322.1654%
EBITDA ($ million)4,8653,64833%
EBITDA margin (% of net sales)32.7%31.0%

*For the calculation of per share and per ADS data we have used average number of shares outstanding excluding treasury shares.

In 2023, our net sales, EBITDA and net income reached record levels. The year was characterized by a first half, in which prices in the Americas reached exceptional levels and we had a high level of pipeline shipments in Argentina, and a second half, in which prices in the Americas started to return to more normal levels while overall sales were supported by good activity and pricing levels in the Middle East and for offshore pipelines.

Operating margins expanded reflecting the higher prices realized on the sales of most of our products, which more than compensated for higher costs of goods sold.

Net income benefited from a net positive deferred tax effect of $194 million as well as positive financial results of $221 million.

Operating cash flow for the year amounted to $4,395 million (including a $182 million reduction in working capital). After capital expenditures of $619 million, business acquisitions of $266 million, dividend payments of $637 million and $214 million spent on share buybacks, our net cash position increased to a record level of $3.4 billion at the end of the year.

Market Background and Outlook

In an environment where oil prices remain relatively stable, oil supply and demand is balanced, and the long term outlook for natural gas, especially LNG, is promising, drilling activity in North America is stabilizing, while continuing to increase in the Middle East and offshore. In this context, and considering our expanded perimeter, with our recent acquisition of the Shawcor pipe coating business, we expect that, in the first half of 2024, our sales will be in line with those of the second half of 2023.

After the exceptional levels they reached in the post-Covid recovery, tubular price levels and margins in the Americas have returned to sustainable levels and should stabilize in the coming months. Prices and margins in the rest of the world should remain at good levels supported by strong demand for offshore operations and pipeline projects.

In Latin America, fundamental conditions remain favorable for the continued expansion of drilling activity and tubular demand, but the high level of political and economic volatility may affect these prospects.

Annual Dividend Proposal; Second Tranche of Share Buyback Program

Upon approval of the Company´s annual accounts in March 2024, the board of directors intends to propose, for approval of the annual general shareholders’ meeting to be held on April 30, 2024, the payment of a dividend per share of $0.60 (in an aggregate amount of approximately $700 million), which would include the interim dividend per share of $0.20 (approximately $235 million) paid in November 2023. If the annual dividend is approved by the shareholders, a dividend of $0.40 per share ($0.80 per ADS), or approximately $465 million, will be paid on May 22, 2024, with an ex-dividend date on May 20, 2024 and record date on May 21, 2024.

The second $300 million tranche of the Company’s previously announced $1.2 billion share buyback program is expected to begin on Monday, February 26, 2024.

Analysis of 2023 Fourth Quarter Results

Tubes Sales volume (thousand metric tons)4Q 20233Q 20234Q 2022
Seamless7607442%809(6%)
Welded24616945%15658%
Total1,00691310%9654%


Tubes4Q 20233Q 20234Q 2022
(Net sales - $ million)
North America1,5011,700(12%)2,105(29%)
South America590608(3%)802(26%)
Europe30223130%18563%
Asia Pacific, Middle East and Africa80555645%373116%
Total net sales ($ million)3,1983,0953%3,466(8%)
Operating income ($ million)780841(7%)980(20%)
Operating margin (% of sales)24.4%27.2%28.3%


Net sales of tubular products and services
increased 3% sequentially but declined 8% year on year. Volumes increased 10% sequentially but average selling prices decreased 6%. In North America, sales decreased 12% sequentially reflecting lower prices and a decline in activity in the U.S. onshore market. In South America sales decreased 3% sequentially, mainly due to lower prices of OCTG in Argentina. In Europe sales increased 30% sequentially due to higher sales for offshore line pipe products in Norway. In the Asia Pacific, Middle East and Africa sales increased 45% reflecting higher sales in Saudi Arabia and for offshore line pipe projects in Qatar and sub-Saharan Africa.

Operating income from tubular products and services, amounted to $780 million in the fourth quarter of 2023, compared to $841 million in the previous quarter and $980 million in the fourth quarter of 2022. During the quarter the operating margin decreased following a 6% decrease in average selling prices only partially compensated by a decrease in average tubes cost of 4%.

Others4Q 20233Q 20234Q 2022
Net sales ($ million)21714352%15441%
Operating income ($ million)392745%3319%
Operating margin (% of sales)18.1%19.0%21.4%


Net sales of other products and services
increased 52% sequentially and 41% year on year. The sequential increase is mainly explained by the consolidation of sales in December 2023 of the newly acquired coating business which contributed $77 million, largely related to a major project in Altamira, Mexico.

Selling, general and administrative expenses, or SG&A, amounted to $471 million (13.8% of net sales), compared to $433 million (13.4%) in the previous quarter and $454 million (12.6%) in the fourth quarter of 2022. The increase in SG&A is mainly related to higher labor costs and the integration of the newly acquired coating business headcount and amortizations.

Other operating result amounted to a $5 million loss in the fourth quarter of 2023, compared with a $36 million gain in the previous quarter and a $12 million loss in the fourth quarter of 2022. The previous quarter gain was mainly related to a non-recurring gain of $32 million corresponding to the transfer of court awards related to the Company’s Venezuelan nationalized assets.

Financial results were a gain of $93 million in the fourth quarter of 2023, compared with a gain of $67 million in the previous quarter and a gain of $36 million in the fourth quarter of 2022. Results of the quarter are mainly derived from net foreign exchange gains of $144 million, mainly related to the positive effect of the devaluation of the Argentine peso over a net short exposure in that currency. This positive FX results were partially offset by $95 million loss from the change in the fair value of U.S. dollar-denominated Argentine bonds when distributed and disposed abroad. Additionally, our net cash position yield a net interest gain of $44 million in the quarter.

Equity in earnings of non-consolidated companies generated a gain of $57 million in the fourth quarter of 2023, compared to a loss of $110 million in the previous quarter and a gain of $13 million in the same period of 2022. The result of the previous quarter included a non-cash loss of $144 million from our investment in Usiminas.

Income tax result amounted to a gain of $177 million in the fourth quarter of 2023, compared to a charge of $278 million in the previous quarter and $258 million in the fourth quarter of 2022. The gain of the quarter is mainly explained by: i) the recognition of a deferred tax asset of $550 million as a result of new business activities to be carried out at subsidiaries with tax loss carry forwards, ii) a $190 million deferred tax liability recognized mainly related to foreign exchange devaluation in Argentina, due to the decline of the fiscal values related to fixed assets and inventory.

Cash Flow and Liquidity of 2023 Fourth Quarter

Net cash provided by operations during the fourth quarter of 2023 was $836 million, compared with $1,297 million in the previous quarter and $524 million in the fourth quarter of 2022. Working capital during the quarter increased by $66 million, mainly due to the increase in trade receivables, however operating working capital days declined to 134 at year end compared to 138 at the end of the previous quarter.

With capital expenditures of $167 million for the fourth quarter of 2023 ($170 million in the previous quarter and $108 million in the fourth quarter of 2022), during the quarter we had a positive free cash flow of $669 million. Additionally, during the quarter we paid $161 million (net of cash) for the acquisition of Mattr’s pipe coating business unit.

Following dividend payments of $235 million and share buybacks of $214 million during the quarter, our positive net cash position increased to $3.4 billion at December 31, 2023.

Analysis of 2023 Annual Results

Net sales ($ million)12M 202312M 2022Increase/(Decrease)
Tubes14,18595%11,13395%27%
Others6845%6305%9%
Total14,86911,76326%


Tubes Sales volume (thousand metric tons)12M 202312M 2022Increase/(Decrease)
Seamless3,1893,1461%
Welded953387146%
Total4,1413,53317%


Tubes12M 202312M 2022Increase/(Decrease)
(Net sales - $ million)
North America7,5726,79611%
South America3,0672,21339%
Europe1,05586722%
Asia Pacific, Middle East and Africa2,4911,25798%
Total net sales ($ million)14,18511,13327%
Operating income ($ million)4,1832,86746%
Operating margin (% of sales)29.5%25.8%


Net sales of tubular products and services
increased 27% to $14,185 million in 2023, compared to $11,133 million in 2022, reflecting a 17% increase in volumes and a 9% increase in average selling prices. Volumes increased mainly in the AMEA region following the increase in activity and in South America mainly due to the delivery of welded line pipe for a gas pipeline in Argentina. Prices were higher in all regions.

Operating results from tubular products and services, amounted to a gain of $4,183 million in 2023, compared to a gain of $2,867 million in 2022 (which was net of a $63 million impairment charge). The improvement in operating results was driven by the recovery in shipment volumes and in prices which help to compensate the increase in costs.

Others12M 202312M 2022Increase/(Decrease)
Net sales ($ million)6846309%
Operating income ($ million)1339639%
Operating margin (% of sales)19.5%15.2%


Net sales of other products and services
increased 9% from $630 million in 2022 to $684 million in 2023, which includes $77 million from the pipe coating business unit acquired from Mattr on November 30, 2023. Additionally, in 2023 we had higher sales from our oilfield services business in Argentina, sucker rods and coiled tubing services, which offset the decline in sales of excess raw materials and energy and pipes for plumbing applications in Italy.

Operating results from other products and services, amounted to a gain of $133 million in 2023, compared to $96 million in 2022. Results were mainly derived from our sucker rods business and our oilfield services business in Argentina.

Selling, general and administrative expenses, or SG&A, amounted to $1,919 million (12.9% of net sales), compared to $1,635 million (13.9%) in 2022. The 2023 increase in SG&A is mainly due to higher labor costs and logistic costs (freights and taxes), while they decrease as a percentage of sales.

Financial results amounted to a gain of $221 million in 2023, compared to a loss of $6 million in 2022.
2023 results are mainly derived from net foreign exchange gains of $209 million, mainly related to the positive effect of the devaluation of the Argentine peso over a net short exposure in that currency. These positive FX results were partially offset by a $95 million loss from the change in the fair value of U.S. dollar-denominated Argentine bonds when distributed and disposed abroad. Additionally, our net cash position yield a net interest gain of $107 million in the year.

Equity in earnings of non-consolidated companies generated a gain of $95 million in 2023, compared to $209 million in 2022. These results were mainly derived from our equity investment in Ternium (NYSE:TX). The result of 2023 includes a non-cash loss of $144 million from our investment in Usiminas ($26 million from our direct investment in Usiminas and $118 million from our indirect investment in Usiminas through Ternium), related to the fair value measurement of the shares and the result of recycling Ternium´s negative accumulated currency translation reserve to the income statement. In 2022 they included $34 million impairment charges on our participations in the joint venture with Severstal ($15 million) and in Usiminas ($19 million).

Income tax charge amounted to $675 million in 2023, compared to $617 million in 2022, reflecting the improvement in results in several subsidiaries and a net positive deferred tax effect of $194 million.

Cash Flow and Liquidity of 2023

Net cash provided by operations in 2023 was $4,395 million (including a $182 million reduction in working capital), compared to $1,167 million (net of $2,131 million used in working capital) in 2022.

With capital expenditures of $619 million, we had a positive free cash flow of $3,776 million in 2023, compared to $789 million in 2022. Additionally, in 2023 we invested $266 million in the acquisition of Mattr’s pipe coating business unit plus other acquisitions.

Following dividend payments of $637 million and share buybacks of $214 million during 2023, our positive net cash position increased to $3.4 billion at December 31, 2023 compared to $921 million at December 31, 2022.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on February 22, 2024, at 09:30 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.
To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations or
https://edge.media-server.com/mmc/p/384xrvok
If you wish to participate in the Q&A session please register at the following link:

https://register.vevent.com/register/BIdf892e810d2749faba59c1f70a41aba7

Please connect 10 minutes before the scheduled start time.
A replay of the conference call will also be available on our webpage at:
ir.tenaris.com/events-and-presentations

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.



Consolidated Income Statement
(all amounts in thousands of U.S. dollars)Three-month period ended December 31, Twelve-month period ended December 31,
2023202220232022
Net sales3,414,9303,620,21014,868,86011,762,526
Cost of sales(2,120,591)(2,063,969)(8,668,915)(7,087,739)
Gross profit1,294,3391,556,2416,199,9454,674,787
Selling, general and administrative expenses(470,542)(454,478)(1,919,307)(1,634,575)
Impairment charge-(76,725)-(76,725)
Other operating income (expense), net(4,834)(11,987)35,770(212)
Operating income818,9631,013,0514,316,4082,963,275
Finance income63,62137,756213,47480,020
Finance cost(19,759)(20,237)(106,862)(45,940)
Other financial results49,24918,127114,365(40,120)
Income before equity in earnings of non-consolidated companies and income tax912,0741,048,6974,537,3852,957,235
Equity in earnings of non-consolidated companies56,85912,70195,404208,702
Income before income tax968,9331,061,3984,632,7893,165,937
Income tax176,848(258,226)(674,956)(617,236)
Income for the period1,145,781803,1723,957,8332,548,701
Attributable to:
Shareholders' equity1,129,098807,3183,918,0652,553,280
Non-controlling interests16,683(4,146)39,768(4,579)
1,145,781803,1723,957,8332,548,701



Consolidated Statement of Financial Position
(all amounts in thousands of U.S. dollars)At December 31, 2023At December 31, 2022
ASSETS
Non-current assets
Property, plant and equipment, net6,078,1795,556,263
Intangible assets, net1,377,1101,332,508
Right-of-use assets, net132,138111,741
Investments in non-consolidated companies1,608,8041,540,646
Other investments405,631119,902
Deferred tax assets789,615208,870
Receivables, net185,95910,577,436211,7209,081,650
Current assets
Inventories, net3,921,0973,986,929
Receivables and prepayments, net228,819183,811
Current tax assets256,401243,136
Trade receivables, net2,480,8892,493,940
Derivative financial instruments9,80130,805
Other investments1,969,631438,448
Cash and cash equivalents1,637,82110,504,4591,091,5278,468,596
Total assets21,081,895 17,550,246
EQUITY
Shareholders' equity16,842,97213,905,709
Non-controlling interests187,465128,728
Total equity17,030,437 14,034,437
LIABILITIES
Non-current liabilities
Borrowings48,30446,433
Lease liabilities96,59883,616
Derivative financial instruments255-
Deferred tax liabilities631,605269,069
Other liabilities271,268230,142
Provisions101,4531,149,48398,126727,386
Current liabilities
Borrowings535,133682,329
Lease liabilities37,83528,561
Derivative financial instruments10,8957,127
Current tax liabilities488,277376,240
Other liabilities422,645260,614
Provisions35,95911,185
Customer advances263,664242,910
Trade payables1,107,5672,901,9751,179,4572,788,423
Total liabilities4,051,458 3,515,809
Total equity and liabilities21,081,895 17,550,246



Consolidated Statement of Cash Flows
Three-month period ended December 31, Twelve-month period ended December 31,
(all amounts in thousands of U.S. dollars)2023202220232022
Cash flows from operating activities
Income for the year1,145,781803,1723,957,8332,548,701
Adjustments for:
Depreciation and amortization156,347179,135548,510607,723
Impairment charge-76,725-76,725
Income tax accruals less payments(277,559)139,061(143,391)257,651
Equity in earnings of non-consolidated companies(56,859)(12,701)(95,404)(208,702)
Interest accruals less payments, net(8,554)(3,672)(53,480)1,480
Changes in provisions(651)7,16421,28416,433
Reclassification of currency translation adjustment reserve(878)-(878)(71,252)
Changes in working capital(65,697)(682,115)182,428(2,131,245)
Others, including net exchange differences(56,195)17,173(21,829)69,703
Net cash provided by operating activities835,735523,9424,395,0731,167,217
Cash flows from investing activities
Capital expenditures(166,820)(107,646)(619,445)(378,446)
Changes in advance to suppliers of property, plant and equipment834(13,108)1,736(18,901)
Acquisition of subsidiaries, net of cash acquired(161,238)-(265,657)(4,082)
Investment in companies under cost method(1,126)-(1,126)-
Additions to associated companies--(22,661)-
Loan to joint-ventures(1,092)-(3,754)-
Proceeds from disposal of property, plant and equipment and intangible assets3,8581,69012,88148,458
Dividends received from non-consolidated companies25,26820,67468,78166,162
Changes in investments in securities740,15338,079(1,857,272)123,254
Net cash provided by (used in) investing activities439,837(60,311)(2,686,517)(163,555)
Cash flows from financing activities
Dividends paid(235,128)(200,658)(636,511)(531,242)
Dividends paid to non-controlling interest in subsidiaries--(18,967)(10,432)
Changes in non-controlling interests-2,0993,772(1,407)
Acquisition of treasury shares(213,739)-(213,739)-
Payments of lease liabilities(15,524)(13,560)(51,492)(52,396)
Proceeds from borrowings365,455161,7851,723,6771,511,503
Repayments of borrowings(406,774)(300,783)(1,931,747)(1,094,370)
Net cash used in financing activities(505,711)(351,117)(1,125,007)(178,344)
Increase in cash and cash equivalents769,861112,514583,549825,318
Movement in cash and cash equivalents
At the beginning of the year864,012990,8031,091,433318,067
Effect of exchange rate changes(17,276)(11,883)(58,385)(51,952)
Increase in cash and cash equivalents769,861112,514583,549825,318
At December 31,1,616,5971,091,4341,616,5971,091,433


Exhibit I – Alternative performance measures

Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals)

EBITDA is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)Three-month period ended December 31, Twelve-month period ended December 31,
2023202220232022
Income for the period1,145,781803,1723,957,8332,548,701
Income tax charge / (credit)(176,848)258,226674,956617,236
Equity in earnings of non-consolidated companies(56,859)(12,701)(95,404)(208,702)
Financial results(93,111)(35,646)(220,977)6,040
Depreciation and amortization156,347179,135548,510607,723
Impairment charge-76,725-76,725
EBITDA975,3101,268,9114,864,9183,647,723


Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)Three-month period ended December 31, Twelve-month period ended December 31,
2023202220232022
Net cash provided by operating activities835,735523,9424,395,0731,167,217
Capital expenditures(166,820)(107,646)(619,445)(378,446)
Free cash flow668,915416,2963,775,628788,771


Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments - Borrowings (Current and Non-Current).

Net cash/debt is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)Year ended December 31,
20232022
Cash and cash equivalents1,637,8211,091,527
Other current investments1,969,631438,448
Non-current investments398,220113,574
Derivatives hedging borrowings and investments-6,480
Current borrowings(535,133)(682,329)
Non-current borrowings(48,304)(46,433)
Net cash / (debt)3,422,235921,267


Operating working capital days

Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365

Operating working capital days is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)Three-month period ended December 31,
20232022
Inventories3,921,0973,986,929
Trade receivables2,480,8892,493,940
Customer advances(263,664)(242,910)
Trade payables(1,107,567)(1,179,457)
Operating working capital5,030,7555,058,502
Annualized quarterly sales13,659,72014,480,840
Operating working capital days134128


Giovanni Sardagna        
Tenaris
1-888-300-5432
www.tenaris.com


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As announced on 22 March 2024 AKVA group ASA ("AKVA group" or the "Company") has initiated repurchase of up to 200,000 of the company's own shares to be used in its share programme for employees. From 5 April through 15 April the company bought 15 746 shares at an weighted average price of NOK 69,7155. See the attached document for detailed information about the transactions made. The company has bought a total of 29 718 shares at an weighted average price of NOK 69,1760 since 22 March. After these transactions, the company owns 260 381 treasury shares. This information is made public by the Company pursuant to the EU Market Abuse Regulation article 5, as supplemented by Commission Delegated Regulation (EU) 2016/1052 and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Dated: 15 April 2024 AKVA group ASA Web: www.akvagroup.com CONTACTS: Knut Nesse Chief Executive OfficerPhone:+47 51 77 85 00Mobile:+47 91 37 62 20E-mail:knesse@akva

Solvay publishes 2023 quarterly information following restatement and new segmentation reporting15.4.2024 18:00:00 CEST | Press release

Press release published on April 15, 2024, at 6:00 p.m. CEST Solvay publishes unaudited underlying Sales and EBITDA for the four quarters of 2023, before and after the restatements announced in the March 13th 2024 press release: Summary table with Underlying EBITDA and Net Sales impacts: in € millionimpactUnderlying EBITDAUnderlying net sales 2023 underlying figures, as published 1,246 4,880 phase-out thermal insulation business scope -54 -107 phase-out third party energy supply activities scope -41 N/A Dis-synergies, net of the “Transition Services Agreement” mark-up scope -12 N/A Zhenjiang scope -8 -25 Peroxidos do Brasil APM +23 +163 2023 underlying figures, new base 1,154 4,911 This restated consolidated financial information provides for underlying Sales and EBITDA detailed information for the four quarters of 2023 for the new reporting segments: Basic Chemicals host chemical intermediate businesses focused on mature and resilient markets. Solvay is a world leader in soda ash, bic

Festi hf: Festi acquisition of all shares in Lyfja hf. – Conciliation talks begin with the Icelandic Competition Authority.15.4.2024 17:51:30 CEST | Press release

The Icelandic Competition Authority has agreed to Festi’s request to start conciliation talks on possible remedies associated with Festi’s acquisition of all shares in Lyfja hf. The conciliation talks are expected to start this week. Reference is made to Festi’s announcement, published on the 18th of March 2024, regarding the preliminary conclusions in the Icelandic Competition Authority’s investigation into the competitive effects of Festi’s purchase on the entire share capital of Lyfja hf. It is stated therein that the merger will, based on the current state of the investigation, require intervention by the Icelandic Competition Authority. In Festi’s announcement, published on the 26th of March 2024, it was reported that the company had submitted a response to the Icelandic Competition Authority‘s preliminary conclusions where Festi‘s arguments and proposals for remedies were presented. The response formally requested a conciliation talks with the Icelandic Competition Authority on p

Rapala VMC Corporation: Board member Jorma Kasslin has passed away15.4.2024 17:30:00 CEST | Press release

Rapala VMC Corporation, Changes board/management/auditors, April 15, 2024, at 06:30 p.m. EET Long-time Board member of Rapala VMC Corporation, Jorma Kasslin, has passed away. He died suddenly after a brief illness on April 14, 2024. Kasslin was 70 years old and had been a member of Rapala VMC's Board of Directors since 1998, serving as Chairman from 2016 to 2018 and as President and CEO from 1998 to 2016. The Board of Directors, management, and staff of Rapala VMC Corporation extend their deepest condolences to the family and loved ones of Jorma Kasslin. During Jorma Kasslin's tenure as CEO, Rapala VMC expanded into an international enterprise, becoming a global market leader in several segments of the sports fishing business. He was a leader who placed great importance on the well-being of the staff. Colleagues from around the world will miss Jorma dearly. "Jorma was my leader for many years, starting from 1998. He was an encouraging director who provided everyone with a common direct

Publication Annual Report – Annual Shareholders' Meeting15.4.2024 17:16:00 CEST | Press release

Publication Annual Report – Annual Shareholders' Meeting Leuven, BELGIUM – April 15, 2024 – 05:00 PM CET Oxurion NV (Euronext Brussels: OXUR), a biopharmaceutical company headquartered in Leuven, has today published its annual report for the financial year 2023. The annual report for the year ending December 31, 2023 is available in the “Investors” section of the Company’s website, and can also be downloaded as a PDF. On this day as well, the Company has convened its Annual Shareholders' Meeting. The relevant documents pertaining to this Meeting have been published in the section “Shareholder Meetings” here. About Oxurion Oxurion (Euronext Brussels: OXUR) is engaged in developing next-generation standard of care ophthalmic therapies for the treatment of retinal disease. Oxurion is based in Leuven, Belgium. More information is available at www.oxurion.com. Please contact for additional information: Oxurion NV Pascal Ghoson Chief Executive Officer pascal.ghoson@oxurion.com Backstage Comm

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