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Agfa-Gevaert: Q1 results - Regulated Informaton - The Agfa-Gevaert Group’s EBITDA increases by 22% year-on-year in an extraordinary inflationary context

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Regulated information – May10, 2022 - 7:45 a.m. CET

The Agfa-Gevaert Group’sEBITDA increases by 22% year-on-year in an extraordinary inflationary context

  • Continued top line growth driven by strong performances of Offset Solutions and Digital Print & Chemicals
  • Resilient gross profit margin due to successful price actions and strict cost management
  • Adjusted EBITDAincrease of 22% – despite extended inflationary pressure and supply chain issues
  • Continued progress in transformation programs
  • Free cash flow impacted by seasonally increased working capital, amplified by supply chain disruptions and cost inflation

Mortsel (Belgium), May10, 2022Agfa-Gevaert today commented on its results in the first quarter of 2022.

“We are living in a time of extraordinary inflation, geopolitical uncertainties and in particular the Russia-Ukraine conflict, unseen volatility in our supply chains and continuing COVID effects, particularly in China. All input costs from raw materials, energy, packaging, transportation and salaries continue to increase materially and supply chain disruptions are strongly impacting our activities. In this complex inflationary context, we are able to maintain margins through pricing and cost management actions. Driven by the strong performance of the Offset Solutions division, we significantly improved our recurring EBITDA, which shows that our pricing strategy and strict cost management are paying off. Furthermore, we again took major steps in our transformation program in recent months. The measures we have taken recently with regard to our internal IT services and our internal financial services are examples of how we are simplifying our operating model. Only a few weeks ago, we announced our plans to acquire Inca Digital Printers. This investment will strengthen our position in the high-speed wide format market as a whole and specifically in the promising packaging segment. Digital printing is a profitable growth engine for us with a tremendous potential that will be further accelerated by the addition of Inca,” said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.

Share buyback program on track
March 10, 2021, the Agfa-Gevaert Group announced a share buyback program with a volume of up to 50 million Euro. The program was launched April 1, 2021. Every week, the Group issues a press release on the status of the program. Since the beginning of the program until May 3, 2022, the Group bought 11.1 million shares. This lead to a cancellation of 9.5 million shares, or 5.69% of total shares. In the first quarter, the Group bought 2.3 million shares for a total amount of 8.5 million Euro.

Agfa-Gevaert Group –Q1 2022

in million EuroQ12022Q12021


% change
(excl.
FX effects)
Revenue4243967.2% (3.5%)
Gross profit (*)1231175.5%
% of revenue29.0%29.5%
Adjusted EBITDA (*)191522.2%
% of revenue4.4%3.9%
Adjusted EBIT (*)4(1)
% of revenue0.8%-0.1%

(*)         before restructuring and non-recurring items

The Group’s top line increased by 7.2%, mainly driven by the Digital Print & Chemicals and Offset Solutions divisions. Successful price increase actions and volume increases allowed both the Digital Print & Chemicals division and the Offset Solutions division to significantly improve their top line compared to the first quarter of 2021. In the Radiology Solutions division, the Direct Radiography business’ sales picked up following a number of slower quarters. As expected, following a strong Q4 2021, the HealthCare IT division booked a modest revenue decrease compared to the first quarter of 2021.

As price actions allowed the Group to partly mitigate cost inflation, its gross profit margin remained almost stable at 29.0% of revenue.

Selling and General Administration expenses remained stable as a % of sales, but were 8.5% above the level of the first quarter of 2021, mainly due to increased business activity impacting the selling expenses, as well as broader cost inflation and currency effects impacting the total.

R&D expenses decreased from 25 million Euro in the first quarter of 2021 to 24 million Euro.

Despite extended inflationary pressure and supply chain issues, adjusted EBITDA increased from 15 million Euro (3.9% of revenue) in the first quarter of 2021 to 19 million Euro (4.4% of revenue). Adjusted EBIT reached 4 million Euro, versus minus 1 million Euro in the first quarter of 2021.

Restructuring and non-recurring items resulted in an expense of 9 million Euro, versus an expense of 1 million Euro in the first quarter of 2021. This increase reflects investments in various transformation projects, including the organization of the Offset Solutions activities into a stand-alone legal entity structure and the partnership with Atos for Agfa’s internal IT activities.

The net finance income amounted to 2 million Euro.

Income tax expenses amounted to 3 million Euro versus 4 million Euro in the first quarter of 2021.

As a result of the elements mentioned above, the Agfa-Gevaert Group posted a net loss of 7 million Euro.

Financial position and cash flow

  • Net financial debt (including IFRS 16) evolved from a net cash position of 325 million Euro at the end of 2021 to a net cash position of 262 million Euro.
  • Due to supply chain issues, seasonal effects, currency effects and high raw material prices, trade working capital increased from 26% at the end of 2021 to 28% at the end of March 2022. In absolute numbers, trade working capital evolved from 449 million Euro at the end of 2021 to 507 million Euro.
  • The Group generated a free cash flow of minus 54 million Euro.

Outlook
The Agfa-Gevaert Group expects the full impact of cost inflation in the second quarter, which will also be affected by the uncertain geopolitical situation and the COVID-related lockdowns in China. Additional price actions are being taken to tackle cost inflation. Assuming that the uncertainty in most markets will not deteriorate, the second half of the year is expected to be better thanks to additional pricing actions coming into effect.

Overall, the Agfa-Gevaert Group continues to focus on working capital improvements and cost management. The ongoing transformation actions are expected to bring more agility and to further simplify the operations of the Group. They will also allow the Group to further reduce its costs from 2023 onwards.

HealthCare ITQ1 2022

in million EuroQ1 2022 Q12021


% change
(excl.
FX effects)
Revenue5555-0.5% (-5.2%)
Adjusted EBITDA (*)4.46.5-32.3%
% of revenue8.0%11.8%
Adjusted EBIT (*)2.54.1-38.1%
% of revenue4.6%7.4%

(*)         before restructuring and non-recurring items

As expected, the HealthCare IT division witnessed a softer Q1 2022 following a strong Q4 2021. In North America, however, the division recorded a revenue increase versus Q1 2021. Fluctuations between quarters are normal, as a significant portion of revenues and margins are realized when projects reach key milestones.

Mainly due to mix effects and increased cost inflation, the gross profit margin decreased from 45.5% of revenue in the first quarter of 2021 to 44.9%. Adjusted EBITDA reached 4.4 million Euro (8.0% of revenue) versus 6.5 million Euro (11.8% of revenue) in the first quarter of 2021. Adjusted EBIT amounted to 2.5 million Euro (4.6% of revenue) in the first quarter of 2022.

HealthCare IT’s order book remains at a very healthy level and a strong order intake was recorded in Q1. The division continues to attract new customers and expand the scope of its solutions at existing customer sites. In the first quarter, Martina Hansens Hospital became the first hospital in Norway to go live with the division’s Enterprise Imaging solution. Policlinico Umberto I in Rome – the second largest public hospital in Italy – selected Agfa HealthCare’s Enterprise Imaging solution. In the US, Agfa HealthCare has collaborated with ALKO to provide best-in-class Cloud VNA (vendor neutral archive) to the Veterans Integrated Service Network 19 - Rocky Mountain Network. The solution is powered by Agfa HealthCare’s Enterprise Imaging solution and the AWS Cloud platform.

At the HIMSS22 event, Agfa HealthCare received the prestigious recognition of Cybersecurity Transparent Leader, awarded by KLAS Research and Censinet. The designation as Cybersecurity Transparent Leader is a demonstration of Agfa HealthCare’s commitment to its clients to support them in the delivery of safe and secure patient care.
KLAS Research’s most recent Middle East & Africa PACS 2022 report highlights Agfa HealthCare as one of the most frequently considered vendors in the Middle East and Africa. Respondents to KLAS Research say Agfa HealthCare, in collaboration with a reseller and through the support delivered, has cultivated customer loyalty by fulfilling promises and keeping costs reasonable.

For the HealthCare IT division, 2022 will be a year of consolidation, as the focus is turning towards profitable growth. The division is confident that its strategy to target customer segments and geographies for which its Enterprise Imaging solution is best fit and to prioritize higher value revenue streams will ultimately allow it to reach the targeted growth of EBITDA: starting from a mid-single-digit percentage in 2019 to percentages in the high-teens over the next years.

Radiology Solutions –Q1 2022

in million EuroQ12022
Q12021


% change
(excl.
FX effects)
Revenue101992.7% (-1.0%)
Adjusted EBITDA (*)7.07.2-2.9%
% of revenue6.9%7.3%
Adjusted EBIT (*)1.01.5-35.2%
% of revenue1.0%1.5%

(*)         before restructuring and non-recurring items

The Radiology Solutions division’s top line increased by 2.7% compared to the first quarter of 2021, which is a markedly better performance than in the previous quarters.

Building on the strong order intake in the second half of 2021, the Direct Radiography’s revenue started to pick up in the first quarter of 2022. Overall, the post-COVID market volatility continues to generate uncertainty, as healthcare providers have to make choices on priorities for investments within radiology and beyond. Agfa is taking actions to increase its agility to better adapt to these market conditions.
Executing its DR transformation strategy, Agfa announced the signing of a long-term contract with Spire Healthcare, one of the UK’s largest providers of private healthcare. The organization selected Agfa’s DR solutions for a significant number of its 40 hospitals. Overall the contract is expected to include over 60 DR systems, both mobile and fixed.
To accelerate innovation and to support education of the new generation of practitioners, Agfa installed a DR 600 X-ray room at Seacroft Hospital (UK) as part of a joint venture between Leeds Teaching Hospitals NHS Trust, the University of Leeds and Agfa. This DR room was set up as a ‘hybrid’ X-ray room for both live imaging and simulations. As such, it can be used for training student radiographers, treating the hospital’s patients and supporting further innovation in DR.

Mainly in China, the COVID situation still weighed on the medical film business, with shipments and invoicing being disrupted by lockdowns. Furthermore, the current geopolitical situation also had an impact. These effects were not fully offset by the price increases for all types of medical film to tackle cost inflation.

Market driven and hampered by component shortages and transport issues, the top line of the Computed Radiography business continued to decline. Agfa continued to manage the CR business to maintain healthy profit margins.

Despite a better performance of DR, strict cost management and price actions for medical film products did not fully suffice to tackle volume decreases, mix effects and cost inflation. As a result, the gross profit margin decreased from 32.1% of revenue to 30.1%.

The division’s adjusted EBITDA margin amounted to 6.9% of revenue, versus 7.3% in the first quarter of 2021. In absolute figures, adjusted EBITDA reached 7.0 million Euro (7.2 million Euro in the first quarter of 2021). Adjusted EBIT amounted to 1.0 million Euro (1.0% of revenue), versus 1.5 million Euro (1.5% of revenue) in the previous year.

Digital Print & Chemicals –Q1 2022

in million EuroQ12022
Q1 2021


% change
(excl.
FX effects)
Revenue79739.1% (7.2%)
Adjusted EBITDA (*)4.15.2-21.8%
% of revenue5.2%7.2%
Adjusted EBIT (*)1.52.3-36.3%
% of revenue1.9%3.2%

(*)         before restructuring and non-recurring items

The Digital Print & Chemicals division’s top line grew substantially versus the first quarter of 2021. Price increases have been implemented in almost all business areas to tackle the increasing raw material, packaging, energy and freight costs. The full impact of these price increases will become visible in the second half of the year. Further price increases will be communicated in the near future.

Mainly impacted by strong cost inflation, logistic challenges and mix effects, the division’s gross profit margin decreased slightly to 30.4% of revenue (31.1% in the first quarter of 2021). The adjusted EBITDA margin evolved from 7.2% of revenue (5.2 million Euro in absolute figures) in the first quarter of 2021 to 5.2% (4.1 million Euro in absolute figures). Adjusted EBIT reached 1.5 million Euro (1.9% of revenue) in the first quarter of 2022 versus 2.3 million Euro (3.2% of revenue) in the first quarter of 2021.

In the field of digital print, the sign & display business continued its upwards trend, both in terms of top line and bottom line. The ink product ranges for sign & display applications continued to perform well, clearly exceeding pre-COVID levels. In spite of industry-wide logistic challenges, the wide-format printing equipment business continued to recover from the strong COVID-19 impact.

In January, the European Digital Press Association rewarded no less than three Agfa innovations introduced in 2021: the Jeti Tauro H3300 UHS LED hybrid large-format printing press, the InterioJet water-based décor paper printing press for laminate surfaces, and the Alussa leather printing system.
In April, Agfa announced its intention to acquire Inca Digital Printers, a UK based leading developer and manufacturer of advanced high speed printing and production technologies for sign and display applications as well as for the rapidly growing digital printing market for packaging.
The specialty chemicals range of the division is well-positioned for future growth with products and solutions that target specific promising markets. Agfa’s Orgacon conductive materials, for instance, are used in hybrid and electric car technology. In spite of the COVID impact (mainly in China), this business continued to grow and volumes are back to pre-COVID levels.
The company’s range of Zirfon membranes for advanced alkaline electrolysis is setting a new efficiency standard in the production of green hydrogen; and is being recognized by customers and experts as the industry reference. In March, Agfa announced that it will supply a significant volume of its Zirfon separator membranes to Thyssenkrupp Nucera within the framework of a number of large-scale hydrogen projects. This confirms Agfa’s position as technology leader in this field.

Agfa’s range of products for the production of printed circuit boards was hit by cost inflation. High silver costs were only partially offset by price increase actions.

Agfa’s specialty film and foil products are mostly used in industries that have been hit by the COVID-19 pandemic, including aviation, the oil and gas industry and the printing industry. In some of these areas, the demand has not recovered to pre-pandemic levels yet.
Sales figures for the Synaps range of synthetic papers grew strongly, based on the recovery of the relevant printing markets and on the success of certain new applications. All Synaps XM (Xerographic Matt) papers now include an agent which antagonizes the settlement and growth of bacteria and viruses on its surface. This new version of Synaps XM was launched in November 2021.

Offset Solutions –Q1 2022

in million EuroQ12022
Q12021

% change
(excl.
FX effects)
Revenue18916911.6% (7.6%)
Adjusted EBITDA (*)7.91.6392.0%
% of revenue4.2%1.0%
Adjusted EBIT (*)3.4(3.2)
% of revenue1.8%-1.9%

(*)         before restructuring and non-recurring items

The Offset Solutions division’s top line improved by 11.6% compared to the first quarter of 2021. The revenue increase is fueled by successful price increases that have been implemented to tackle the raw material, packaging and freight cost inflation.

Although affected by cost inflation, the Offset Solutions division’s gross profit margin improved from 22.2% of revenue in the first quarter of 2021 to 23.1% due to the implemented price adjustments.
Targeted actions to improve the division’s profitability resulted in lower selling, general and administration expenses as a percentage of revenue. Adjusted EBITDA improved strongly to 7.9 million Euro (4.2% of revenue) versus 1.6 million Euro (1.0% of revenue) in the first quarter of 2021. Adjusted EBIT amounted to 3.4 million Euro (1.8% of revenue), compared to minus 3.2 million Euro (minus 1.9% of revenue) in the first quarter of 2021.

It is expected that cost inflation will continue to impact the business in the months to come. This impact will be mitigated by pricing actions. The most recent wave of price increases has come into effect in May 2022.
To improve profitability and to address the decline in market demand, Agfa is reviewing its offset business model, simplifying its organization and streamlining its product offering.
Agfa expressed the intention to organize the Offset Solutions activities into a stand-alone legal entity structure and organization within the Agfa-Gevaert Group. The implementation of this project is proceeding according to plan.
End of message

Management Certification of Financial Statements and Quarterly Report
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
"The Board of Directors and the Executive Committee of Agfa-Gevaert NV, represented by Mr. Frank Aranzana, Chairman of the Board of Directors, Mr. Pascal Juéry, President and CEO, and Mr. Dirk De Man, CFO, jointly certify that, to the best of their knowledge, the consolidated financial statements included in the report and based on the relevant accounting standards, fairly present in all material respects the financial condition and results of Agfa-Gevaert NV, including its consolidated subsidiaries. Based on our knowledge, the report includes all information that is required to be included in such document and does not omit to state all necessary material facts.”
Statement of risk
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of November 14, 2007 and in effect as of 2008.
"As with any company, Agfa is continually confronted with – but not exclusively – a number of market and competition risks or more specific risks related to the cost of raw materials, product liability, environmental matters, proprietary technology or litigation."
Key risk management data is provided in the annual report available on www.agfa.com.

Contact:
Viviane Dictus
Director Corporate Communication
Septestraat 27
2640 Mortsel - Belgium
T +32 (0) 3 444 71 24
E viviane.dictus@agfa.com

Johan Jacobs
Corporate Press Relations Manager
T +32 (0) 3 444 80 15
E johan.jacobs@agfa.com

The full press release and financial information is also available on the company's website: www.agfa.com.

Consolidated Statement of Profit or Loss (in million Euro)

Unaudited, consolidated figures following IFRS accounting policies.

Q1 2022
Q1 2021
Revenue424396
Cost of sales(301)(279)
Gross profit123117
Selling expenses(60)(55)
Administrative expenses(42)(38)
R&D expenses(24)(25)
Net impairment loss on trade and other receivables, including contract assets1(1)
Other & sundry operating income714
Other & sundry operating expenses(10)(13)
Results from operating activities(6)(1)
Interest income (expense) - net--
Interest income--
Interest expense(1)(1)
Other finance income (expense) - net2-
Other finance income75
Other finance expense(5)(5)
Net finance costs2-
Share of profit of associates, net of tax--
Profit (loss) before income taxes(4)(2)
Income tax expenses(3)(4)
Profit (loss) for the period(7)(6)
Profit (loss) attributable to:
Owners of the Company(4)(5)
Non-controlling interests(3)(1)
Results from operating activities(6)(1)
Restructuring and non-recurring items(9)(1)
Adjusted EBIT4(1)
Earnings per Share Group (Euro)(0.02)(0.03)

Consolidated Statements of Comprehensive Income for the quarter ending March 2021 / March 2022 (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.

Q12022

Q12021
Profit / (loss) for the period (7)(7)
Other Comprehensive Income, net of tax
Items that are or may be reclassified subsequently to profit or loss:
Exchange differences:913
Exchange differences on translation of foreign operations913
Cash flow hedges: -(3)
Effective portion of changes in fair value of cash flow hedges(1)-
Changes in the fair value of cash flow hedges reclassified to profit or loss1(1)
Adjustments for amounts transferred to initial carrying amount of hedged items-(2)
Income taxes--
Items that will not be reclassified subsequently to profit or loss:-1
Equity investments at fair value through OCI – change in fair value11
Remeasurements of the net defined benefit liability--
Income tax on remeasurements of the net defined benefit liability--
Total Other Comprehensive Income for the period, net of tax1011
Total Comprehensive Income for the period, net of tax34
Attributable to
Owners of the Company54
Non-controlling interests(2)-


Consolidated Statement of Financial Position (in million Euro)

Unaudited, consolidated figures following IFRS accounting policies.

31/03/2022

31/12/2021

Non-current assets762756
Goodwill285280
Intangible assets1313
Property, plant and equipment129129
Right-of-use assets6568
Investments in associates11
Other financial assets98
Assets related to post-employment benefits3940
Trade receivables1112
Receivables under finance leases7070
Other assets1111
Deferred tax assets129124
Current assets1,3511,339
Inventories478418
Trade receivables325307
Contract assets8176
Current income tax assets6263
Other tax receivables2019
Other financial assets22
Receivables under finance lease2630
Other receivables74
Other assets1818
Derivative financial instruments11
Cash and cash equivalents330398
Non-current assets held for sale23
TOTAL ASSETS2,1132,095


31/03/2022

31/12/2021

Total equity680685
Equity attributable to owners of the company629632
Share capital187187
Share premium210210
Retained earnings1,2721,284
Reserves-(1)
Translation reserve(7)(15)
Post-employment benefits: remeasurements of the net defined benefit liability(1,034)(1,033)
Non-controlling interests5154
Non-current liabilities803812
Liabilities for post-employment and long-term termination benefit plans729735
Other employee benefits1111
Loans and borrowings4346
Provisions1312
Deferred tax liabilities76
Contract liabilities11
Current liabilities630597
Loans and borrowings2527
Provisions3942
Trade payables264252
Contract liabilities123111
Current income tax liabilities3028
Other tax liabilities1928
Other payables109
Employee benefits11299
Other current liabilities1-
Derivative financial instruments72
TOTAL EQUITY AND LIABILITIES2,1132,095


Consolidated Statement of Cash Flows (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.

Q1 2022
Q1 2021

Profit (loss) for the period(7)(6)
Income taxes34
Share of (profit)/loss of associates, net of tax--
Net finance costs(2)-
Operating result(6)(1)
Depreciation & amortization89
Depreciation & amortization on right-of-use assets77
Impairment losses on goodwill, intangibles and PP&E--
Impairment losses on right-of-use assets--
Exchange results and changes in fair value of derivates43
Recycling of hedge reserve1(1)
Government grants and subsidies(1)(2)
(Gains)/losses on the sale of intangible assets and PP&E and remeasurement of leases-(7)
Result on the disposal of discontinued operations--
Expenses for defined benefit plans & long-term termination benefits77
Accrued expenses for personnel commitments2021
Write-downs/reversal of write-downs on inventories44
Impairments/reversal of impairments on receivables(1)1
Additions/reversals of provisions12
Operating cash flow before changes in working capital4442
Change in inventories(59)(35)
Change in trade receivables(9)11
Change in contract assets(3)(8)
Change in trade working capital assets(71)(32)
Change in trade payables332
Change in contract liabilities109
Changes in trade working capital liabilities1341
Changes in trade working capital(58)9


Q1 2022
Q1 2021

Cash out for employee benefits(24)(43)
Cash out for provisions(4)(12)
Changes in lease portfolio4(1)
Changes in other working capital(8)1
Cash settled operating derivatives(1)3
Cash generated from operating activities(46)(2)
Income taxes paid(2)(2)
Net cash from / (used in) operating activities(48)(4)
Capital expenditure(7)(6)
Proceeds from sale of intangible assets and PP&E110
Acquisition of associates and subsidiaries, net of cash acquired--
Repayment of loans granted to 3rd parties--
Interests received11
Dividends received--
Net cash from / (used in) investing activities(5)4
Interests paid(1)(1)
Dividends paid to non-controlling interests--
Interests and dividends paid(1)(1)
Purchase of treasury shares(8)-
Changes in equity(8)-
Proceeds from borrowings--
Repayment of borrowings(1)(2)
Payment of finance leases(7)(8)
Changes in borrowings(8)(10)
Proceeds / (payment) of derivatives(2)1
Other financing income / (costs) received/paid73
Net cash from/ used in financing activities(13)(7)
Net increase / (decrease) in cash & cash equivalents(66)(6)
Cash & cash equivalents at the start of the period398585
Net increase / (decrease) in cash & cash equivalents(66)(6)
Effect of exchange rate fluctuations on cash held(2)(1)
Gains/(losses) on marketable securities--
Cash & cash equivalents at the end of the period330578

Consolidated Statement of changes in Equity (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.



in million Euro
Share capitalShare premiumRetained earningsReserve for own sharesRevaluation reserve Hedging reserveRemeasurement of the net defined benefit liabilityTranslation reserveTotalNON-CONTROLLING INTERESTSTOTAL EQUITY


Balance at January 1, 2021
1872101,412(82)-7(1,122)(42)57051620
Comprehensive income for the period
Profit (loss) for the period--(5)-----(5)(1)(7)
Other comprehensive income, net of tax----1(3)-119211
Total comprehensive income for the period--(5)-1(3)-114-4
Transactions with owners, recorded directly in equity
Dividends-----------
Total transactions with owners, recorded directly in equity-----------
Balance at March 31, 20211872101,407(82)14(1,122)(31)57451625
Balance at January 1, 20221872101,284-2(2)(1,033)(15)63254685
Comprehensive income for the period
Profit (loss) for the period--(4)-----(4)(3)(7)
Other comprehensive income, net of tax----1--89110
Total comprehensive income for the period--(4)-1--85(2)3
Transactions with owners, recorded directly in equity
Dividends-----------
Purchase of own shares---(8)----(8)-(8)
Cancellation of own shares--(8)8-------
Total transactions with owners, recorded directly in equity--(8)-----(8)-(8)
Balance at March 31, 20221872101,272-2(2)(1,034)(7)62951680

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TORONTO, May 26, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) har nöjet att tillkännage resultaten från årsstämman (”mötet”) som hölls virtuellt idag. Alla resolutioner som presenterades vid mötet godkändes av aktieägarna och röstningen som skedde genom fullmakt motsvarade 67,63 % av de totalt utestående aktierna på avstämningsdagen. Val av styrelseledamöter Antalet styrelseledamöter var oförändrat med sju ledamöter och var och en av de sju nominerade som fanns listade i bolagsledningens informationsutskick från den 14 april 2022 återvaldes till bolagsstyrelsen. Abraham Jonker fortsätter som oberoende samordnande ledamot och Bradford Mills fortsätter som ordförande. Resultaten av rösterna genom ombud anges nedan. ResolutionVotes Cast by Proxy For% ForVotes Cast by Proxy Withheld% WithheldBradford A. Mills61,552,12099.95329,1930.047Abraham Jonker61,551,31399.95130,0000.049Amy Freedman61,547,53899.94533,7750.055Dominic Duff

Interim results for the period ended March 31, 202226.5.2022 13:30:47 CEST | Press release

Golar LNG Limited ("Golar" or "the Company") reports Q1 2022 ("Q1") Net income of $345.2 million.Adjusted EBITDA1 of $93.4 million for the quarter inclusive of FLNG Hilli, Golar Arctic and Golar Tundra but excluding the 8 TFDE vessels and management companies sold to Cool Company Ltd. ("CoolCo"). Sold 6.2 million New Fortress Energy Inc. ("NFE") shares in Q2 2022 ("Q2") realizing net cash proceeds of $253 million. Golar now owns 12.4 millionNFE shares following the sale.Q1 Total Golar Cash and Listed Securities1 position increased by $0.4 billion to $1.3 billion. Golar's share of Contractual Debt1 decreased by $0.5 billion to $1.7 billion in Q1 and a further $0.5 billion in Q2 after sale of remaining carriers to CoolCo in April.Agreed to sell the steam turbine carrier Golar Arctic as a converted FSRU to Italy's Snam for 269 million Euros ($288 million). Strong progress made on opportunities for FSRU Golar Tundra and on pipeline of FLNG projects. Shipping spin-off: A key focus for Q1 wa

Dante Labs highlights advancements to its drug discovery development program, demonstrating the value of genomic data to drug discovery26.5.2022 13:30:00 CEST | Press release

– Company announces rebranding to Dante Genomics to reflect its broader global efforts – NEW YORK, May 26, 2022 (GLOBE NEWSWIRE) -- Dante Genomics, a global leader in genomics and precision medicine, highlights significant progress made in its drug discovery development program with six drug candidates currently in the Company’s pipeline, applying Dante’s internal siRNA and mRNA technology to rare and common diseases. Since the company’s foundation, Dante has invested in a robust R&D program with the goal to create end-to-end solutions from diagnosis to therapy. Dante’s program began with a focus on rare disease, in response to a diagnosis of a patient with a rare disease for which there were no treatment therapies. Dante’s pipeline has evolved across multiple disease areas with four drug programs in full internal development and two in co-development to achieve validation and partner externally on clinical trials and commercialization. “Personalized medicine needs personalized data, a