Business Wire

SES S.A.: YTD 2020 Results

Share

SES S.A. announced financial results for the nine months ended 30 September 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201104005829/en/

 SES S.A.: YTD 2020 Results

 SES S.A.: YTD 2020 Results

Solid performance with continued strong underlying growth across Networks

  • Networks revenue +7.5% year-on-year(1,2); Q3 2020 Video revenue stable quarter-on-quarter(1,2)
  • Adjusted EBITDA(3) EUR 883 million representing 62.6% margin with recurring operating expenses reduced 3.7% year-on-year

On track to deliver on FY 2020 financial outlook

  • Over 97% of group revenue outlook (EUR 1,860-1,900 million(4)) already contracted
  • ‘Exceptional’ COVID-19 cost mitigations of around EUR 50 million underpin Adjusted EBITDA(3) outlook (EUR 1,120-1,160 million(4))

Strong progress across four key initiatives that will drive substantial long-term value

  • On track to clear U.S. C-band by the stated deadlines and realise the full USD 4 billion of accelerated relocation payments
  • Simplify & Amplify initiatives implemented unlocking EUR 40-50 million of annual EBITDA optimisations from 2021 onwards; having concluded its investigation, the SES Board has decided not to pursue a separation of Networks within SES at this time
  • Building the multi-orbit ‘Network of the Future’ through launch and interoperability of SES-17 and O3b mPOWER. Positioned to capture growth resulting from the projected three-fold increase in addressable market(5); USD 0.5 billion of contract backlog secured across the programmes with commercial traction increasing as launch approaches
  • Foundational and expanded partnership with Microsoft and Azure Orbital at the heart of ‘cloud-first’ strategy to transform service delivery, expand service offerings and enhance customer experience

Steve Collar, CEO of SES, commented: “Our solid performance continued into the third quarter, despite ongoing COVID-19 headwinds, with sustained growth across Networks and stable revenue quarter-on-quarter in our Video business. We were delighted to announce a substantial extension of our relationship with Canal+ across three orbital locations and valued at over EUR 230 million, as well as a meaningful extension of our strategic partnership with Microsoft as an Azure Orbital connectivity partner and satellite partner for Azure Modular Data Centres. We took measures early in the development of the COVID-19 pandemic to protect the bottom line and the benefits of these cost-saving measures are reflected in our resilient Adjusted EBITDA performance. Execution remains the priority with the business well placed to deliver on our full year outlook.

We are executing strongly on the four transformational initiatives which, together with ongoing execution in the core of the business, will deliver substantial value for our shareholders. I am particularly pleased with the progress being made towards repurposing U.S. C-band with the transition plan fully on track, the FCC auction due to start next month and deadline for realising the first relocation payment now only 13 months away. We have fully implemented measures to focus the business, simplify operations and unlock EUR 40-50 million of annualised EBITDA savings from 2021. We have chosen not to pursue the separation of Networks within SES at this time in favour of driving strong operational focus within our Video and Networks businesses.

We are already strongly differentiated in Networks and, with the launches of SES-17 and O3b mPOWER less than a year away, we are continuing to deliver on our vision for cloud-enabled, multi-orbit, seamless, automated and flexible network services. We have already signed USD 500 million in contract backlog for SES-17 and O3b mPOWER and will report regularly on our progress as we move towards launch of our ‘Network of the Future’. An important enabler for this network is our cloud-first strategy. With SES now an Azure Orbital connectivity provider, our partnership with Microsoft has extended to co-located O3b mPOWER gateways ensuring that Azure is only ever one hop away for our customers.”

Key business and financial highlights

SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.

EUR million

YTD 2020

YTD 2019

∆ as Reported

∆ at constant FX

Average EUR/USD exchange rate

1.12

1.13

Revenue

1,410

1,452

-2.9%

-2.9%

Adjusted EBITDA

883

904

-2.3%

-2.5%

Net profit

154

250

-38.3%

-38.1%

  • Group revenue of EUR 1,410 million included EUR 9 million of periodic and other revenue (YTD 2019: EUR 18 million). Underlying revenue (excluding periodic and other) declined by 2.3% (year-on-year at constant FX) to EUR 1,401 million.
  • Video underlying revenue of EUR 832 million (-8.1% at constant FX) reflected the combination of lower Distribution revenue (-7.3%), from ‘right-sizing’ of capacity by customers in mature markets, and lower Services revenue (-10.3%) due to reduced exposure to low margin activities and the impact of COVID-19 on Sports & Events revenue. Q3 2020 underlying revenue (EUR 273 million) was in line with the previous quarter at constant FX.
  • Networks underlying revenue grew, for the third consecutive year, by 7.5% at constant FX to EUR 569 million with double-digit growth in Mobility (+17.9%) and a return to growth in Fixed Data (+6.4%), while Government (+1.3%) benefited from new business secured since Q2 2020 and which contributed to sequential growth in overall Networks revenue to EUR 189 million in Q3 2020.
  • Adjusted EBITDA of EUR 883 million represented an Adjusted EBITDA margin of 62.6% (YTD 2019: 62.3%). YTD 2020 operating expenses (excluding restructuring and C-Band) were 3.7% lower year-on-year at EUR 527 million.
  • Adjusted EBITDA excludes a restructuring charge of EUR 28 million in relation to the Simplify & Amplify transformation programme (YTD 2019: EUR 14 million) and EUR 21 million (YTD 2019: nil) of operating expenses associated with the accelerated repurposing of U.S. C-band spectrum.
  • Depreciation and amortisation expense of EUR 537 million was 3.7% lower (year-on-year) as the impact of new satellites was more than offset by other satellites reaching the end of their depreciable life, as well as increases in the depreciable life of certain assets.
  • The reduction in net profit to EUR 154 million in YTD 2020 mainly reflected the combination of the lower reported EBITDA (including the restructuring and C-band expenses noted above) and net foreign exchange losses compared to YTD 2019, which also included an income tax benefit of EUR 16 million. These items offset the positive contribution from lower depreciation, amortisation and net interest expenses.
  • The Adjusted Net Debt to Adjusted EBITDA ratio of 3.2 times (including 50% of the hybrid bonds as debt, per the rating agency methodology) was lower (YTD 2019: 3.4 times).
  • Fully protected contract backlog at 30 September 2020 was EUR 5.8 billion (gross backlog of EUR 6.3 billion when including backlog subject to contractual break clauses). This includes USD 0.5 billion of future total revenue secured across SES-17 and O3b mPOWER which remain on track to begin commercial service during the second half of 2022.
  • The outlook for FY 2020 revenue and Adjusted EBITDA, as well as the forecast for capital expenditure (representing net cash absorbed by investing activities excluding acquisitions and financial investments), presented with the H1 2020 results, are all on track.

Operational performance and commentary

REVENUE BY BUSINESS UNIT

Revenue (at reported FX)

Change (year-on-year) at constant FX

EUR million

Q1 2020

Q2 2020

Q3 2020

YTD 2020

Q1 2020

Q2 2020

Q3 2020

YTD 2020

Average EUR/USD FX rate

1.11

1.10

1.17

1.12

Video Distribution

212

211

205

628

-8.5%

-6.6%

-7.7%

-7.6%

- Underlying

212

211

205

628

-8.2%

-6.6%

-7.1%

-7.3%

Video Services

70

66

68

204

-6.7%

-12.5%

-11.7%

-10.3%

- Underlying

70

66

68

204

-6.7%

-12.5%

-11.7%

-10.3%

Video (total)

282

277

273

832

-8.1%

-8.1%

-8.7%

-8.3%

- Underlying

282

277

273

832

-7.8%

-8.1%

-8.3%

-8.1%

Government

70

72

74

216

-0.5%

-3.8%

+6.2%

+0.5%

- Underlying

70

72

74

216

-0.5%

-1.5%

+6.2%

+1.3%

Fixed Data

69

62

60

191

+14.3%

+4.9%

+0.5%

+6.6%

- Underlying

61

62

60

183

+1.6%

+7.9%

+10.3%

+6.4%

- Periodic

8

--

--

8

n/m

n/m

n/m

n/m

Mobility

58

57

55

170

+13.6%

+16.9%

+9.3%

+13.2%

- Underlying

58

57

55

170

+28.8%

+16.9%

+9.3%

+17.9%

Networks (total)

197

191

189

577

+8.4%

+4.6%

+5.2%

+6.0%

- Underlying

189

191

189

569

+7.7%

+6.5%

+8.4%

+7.5%

- Periodic

8

--

--

8

n/m

n/m

n/m

n/m

Sub-total

479

468

462

1,409

-2.0%

-3.3%

-3.5%

-2.9%

- Underlying

471

468

462

1,401

-2.2%

-2.6%

-2.1%

-2.3%

- Periodic

8

--

--

8

n/m

n/m

n/m

n/m

Other

--

1

--

1

n/m

n/m

n/m

n/m

Group Total

479

469

462

1,410

-1.9%

-3.3%

-3.5%

-2.9%

“Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions and other such items when material. “Other” includes revenue not directly applicable to Video or Networks

Video: 59% of group revenue (YTD 2019: 62%)

At 30 September 2020, SES carried a total of 8,157 TV channels to viewers around the world including 2,964 channels in High Definition and Ultra High Definition (up 1% year-on-year). 69% of total TV channels are now broadcast in MPEG-4 with an additional 4% in HEVC.

Video Distribution
In Europe, modest volume reductions on some long-term renewals secured in late 2019 led to lower year-on-year revenue, albeit utilisation rates across SES’ industry-leading European Video neighbourhoods remained strong. North American development was impacted by ongoing ‘right-sizing’ of volume across U.S. cable neighbourhoods and the reduction in the wholesale business, resulting in lower overall year-on-year revenue. In the International markets, the contribution of new revenue secured is yet to fully offset the impact of challenging trading environments, leading to a modest revenue reduction (year-on-year).

Video Services
The decision to reduce exposure to low margin services activities, and postponement or cancellation of sports and events in H1 2020 due to COVID-19, led to lower year-on-year revenue. HD+ revenue was lower (year-on-year) due to reduced hardware sales as part of the ongoing shift to software solutions in partnership with TV set manufacturers and a modest reduction in the number of paying subscribers compared with Q3 2019, although the number of paying HD+ subscribers has improved over the last nine months.

Networks: 41% of group revenue (YTD 2019: 38%)

Government
Strong contributions from new business in both the U.S. Government and Global Government businesses during the third quarter led to overall growth (year-on-year) in YTD 2020 underlying revenue. U.S. Government revenue was ahead (year-on-year) benefiting from the contribution of new business signed in the first half of 2020 for both additional MEO- and GEO-enabled network solutions. In Global Government, YTD 2020 revenue was stable overall, with an improved revenue run-rate compensating for the additional revenue in the prior period related to the completion of certain milestone-driven institutional projects.

Fixed Data
Positive outturns across the Americas and Asia-Pacific regions, as well as from new business in energy and cloud, more than offset lower wholesale revenue in Europe and contributed to overall growth (year-on-year) in Fixed Data. Growth in the Americas was supported by new and incremental managed services to tier one telecommunications companies and Mobile Networks Operators to deploy 4G networks and government funded rural WiFi projects. The successful deployment of broadband access and mobile connectivity services to rural communities on behalf of SES’ customers, notably using SES-12 and MEO-enabled high throughput capabilities contributed to growth in Asia-Pacific.

Mobility
Double-digit growth (year-on-year) in the Aeronautical segment reflected the full year contribution of new business signed with several service providers during 2019. Similarly, in the Maritime segment, the full revenue contribution of expanded services with key cruise customers signed in 2019 and a good trajectory in commercial shipping over the last 12 months led to double-digit growth (year-on-year) in revenue.

As the vast majority of SES’ commercial contracts, including in Mobility, are fixed, the performance was largely unaffected by the impact of COVID-19 on customers and end markets served by SES in the Cruise and Commercial Aviation segments. Nevertheless, it is expected that the development of both existing revenue and pace of new business will continue to be impacted by COVID-19 in the near term.

Future satellite launches

Satellite

Region

Application

Launch Date

SES-17

Americas

Fixed Data, Mobility, Government

Q3 2021

O3b mPOWER (satellites 1-3)

Global

Fixed Data, Mobility, Government

Q3 2021

O3b mPOWER (satellites 4-6)

Global

Fixed Data, Mobility, Government

Q1 2022

O3b mPOWER (satellites 7-9)

Global

Fixed Data, Mobility, Government

H2 2022

SES-18 & SES-19

North America

Video (U.S. C-band accelerated clearing)

H2 2022

SES-20 & SES-21

North America

Video (U.S. C-band accelerated clearing)

H2 2022

O3b mPOWER (satellites 10-11)

Global

Fixed Data, Mobility, Government

H2 2024

CONSOLIDATED INCOME STATEMENT

Nine months ended 30 September

EUR million

2020

2019

Revenue

1,410

1,452

Operating expenses

(576)

(562)

EBITDA

834

890

Depreciation and impairment expense

(472)

(491)

Amortisation expense

(65)

(66)

Operating profit

297

333

Net financing costs

(135)

(115)

Profit before tax

162

218

Income tax expense

(14)

16

Profit after tax

148

234

Non-controlling interests

6

16

Net profit

154

250

Earnings per share (in EUR) (2)

Class A shares

0.26

0.47

Class B shares

0.10

0.19

1) Net profit attributable to owners of the parent

2) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds of EUR 36.5 million (YTD Sept 2019: EUR 36.5 million). Fully diluted earnings per share are not significantly different from basic earnings per share.

EUR million

2020

2019

Adjusted EBITDA

883

904

C-Band operating expenses

(21)

-

Restructuring expenses

(28)

(14)

EBITDA

834

890

QUARTERLY INCOME STATEMENT (AS REPORTED)

EUR million

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Average EUR/USD FX rate

1.15

1.12

1.12

1.10

1.11

1.10

1.17

Revenue

481

481

490

532

479

469

462

Operating expenses

(191)

(186)

(185)

(205)

(194)

(207)

(175)

EBITDA

290

295

305

327

285

262

287

Depreciation and impairment expense

(156)

(167)

(168)

(206)

(158)

(161)

(153)

Amortisation and impairment expense

(21)

(25)

(20)

(89)

(23)

(21)

(21)

Operating profit

113

103

117

32

104

80

113

Operating profit margin

23.6%

21.4%

23.7%

6.2%

21.8%

17.0%

24.4%

Net financing costs

(38)

(44)

(33)

(50)

(46)

(45)

(44)

Profit before tax

75

59

84

(18)

58

35

69

Income tax benefit/(expense)

(7)

30

(7)

60

(9)

(1)

(4)

Non-controlling interests

4

8

4

4

2

2

2

Net Profit

72

97

81

46

51

36

67

Earnings per share (in EUR) (1)

Class A shares

0.13

0.19

0.15

0.07

0.09

0.05

0.12

Class B shares

0.05

0.07

0.07

0.03

0.03

0.02

0.05

Adjusted EBITDA

298

297

308

333

288

294

301

Adjusted EBITDA margin

62.1%

61.9%

62.8%

62.7%

60.1%

62.8%

65.1%

C-Band operating expenses

-

-

-

-

-

(14)

(7)

Restructuring expenses

(8)

(3)

(3)

(6)

(3)

(18)

(7)

EBITDA

290

294

305

327

285

262

287

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.

QUARTERLY OPERATING PROFIT (AT CONSTANT FX)

EUR million

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Average EUR/USD FX rate

1.17

1.17

1.17

1.17

1.17

1.17

1.17

Revenue

476

471

480

515

466

455

462

Operating expenses

(188)

(181)

(180)

(196)

(187)

(198)

(175)

EBITDA

288

290

300

319

279

257

287

Depreciation and impairment expense

(154)

(162)

(164)

(198)

(153)

(155)

(153)

Amortisation and impairment expense

(21)

(25)

(20)

(84)

(22)

(21)

(21)

Operating profit

113

103

116

37

104

81

113

Adjusted EBITDA

296

293

303

325

282

288

301

C-Band operating expenses

-

-

-

-

-

(13)

(7)

Restructuring expenses

(8)

(3)

(3)

(6)

(3)

(18)

(7)

EBITDA

288

290

300

319

279

257

287

ALTERNATIVE PERFORMANCE MEASURES

SES regularly uses Alternative Performance Measures (‘APM’) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements.

Alternative Performance Measure

Definition

Adjusted EBITDA

EBITDA adjusted to exclude material exceptional and non-recurring items. In 2020
the primary exceptional and non-recurring items are restructuring charges
announced in the framework of SES’ ‘Simplify and Amplify’ programme, and the net
impact of the repurposing of U.S. C-Band spectrum.

Adjusted Net debt to Adjusted EBITDA

Adjusted net debt to Adjusted EBITDA, represents the ratio of net debt plus 50% of
the group’s hybrid bonds (per the rating agency methodology) divided by the last 12
months’ (rolling) Adjusted EBITDA.

Follow us on:

Social Media
Blog
Media Library

Presentation of Results:

A presentation of the results for investors and analysts will be hosted at 9.30 CET on 5 November 2020 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:

U.K. (Standard International Access): +44 (0) 20 3003 2666
France: +33 (0) 1 7037 7166
Germany: +49 (0) 30 3001 90612
U.S.A.: +1 212 999 6659

Confirmation code: SES

Webcast registration: https://channel.royalcast.com/webcast/ses/20201105_1/

The presentation is available for download from https://www.ses.com/investors and a replay will be available shortly after the conclusion of the presentation.

About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,000 channels and has an unparalleled reach of over 367 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

Disclaimer

This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.​

No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.​

This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


1 Excluding periodic and other revenue (disclosed separately) that are not directly related to or otherwise distort the underlying business trends

2 At constant FX which refers to comparative figures restated at the current period FX to neutralise currency variations

3 Excluding restructuring charge and operating expenses recognised in relation to U.S. C-Band repurposing (disclosed separately)

4 Financial outlook assumes a EUR/USD FX rate of EUR 1 = USD 1.15, nominal satellite health and launch schedule

5 Source: Northern Sky Research (June 2020) Networks global industry capacity revenue growth over the next 10 years (2020-2029)

Contact information

Richard Whiteing
Investor Relations
Tel: +352 710 725 261
richard.whiteing@ses.com

Suzanne Ong
External Communications
Tel: +352 710 725 500
suzanne.ong@ses.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Data from the APOLLO Study Show Clinically Meaningful Response with DARZALEX ® ▼ (daratumumab) Subcutaneous Formulation Regimen After First or Subsequent Relapse in Multiple Myeloma4.12.2020 20:52:00 CETPress release

The Janssen Pharmaceutical Companies of Johnson & Johnson announced results of the Phase 3 APOLLO study showing that the addition of DARZALEX®▼ (daratumumab) subcutaneous (SC) formulation to pomalidomide and dexamethasone (D-Pd) significantly reduced the risk of progression or death by 37 percent, compared to Pd alone in patients with multiple myeloma (MM) after the first or subsequent relapse of disease.1 The APOLLO results, which will be presented on Sunday, December 6 at 9:00 p.m. CET during the American Society of Hematology (ASH) 2020 Annual Meeting and featured in the ASH press briefing (Abstract #112), add to the body of evidence supporting treatment with daratumumab SC-based regimens for patients with relapsed MM. These data were the basis for recent regulatory submissions in Europe and the United States (U.S.) seeking approval for daratumumab SC in combination with Pd for the treatment of patients with relapsed or refractory MM, with two or more prior lines of therapy, includi

Citi Private Bank Issues Outlook 2021: The New Economic Cycle: Investing for a Post-COVID World4.12.2020 17:36:00 CETPress release

Citi Private Bank has released its Outlook 2021: The New Economic Cycle: Investing for a Post-COVID World. The twice-yearly publication provides in-depth insights into the global economy and financial markets for the coming year and highlights multi-year “unstoppable trends” for client portfolios. This edition outlines why this is a remarkable time to be an investor. Just as the pandemic changed the price of every security when it arrived, the departure of COVID will mark the beginning of a new economic cycle, creating new opportunities for investors. Citi Private Bank expects 2021 will benefit from an economy that demonstrated resilience in the face of the worst global healthcare crisis in more than a century. 2020 was an opportunity for the world to “test drive the future” and make way for growth as the pandemic ebbs. The tailwinds for 2021 are underappreciated: our financial system is strong, government actions to protect individuals and businesses have been effective, technological

Takashi Nagao Appointed President and Chief Executive Officer of Medicago4.12.2020 17:00:00 CETPress release

Medicago, a biopharmaceutical company headquartered in Quebec City, Canada, today announced Takashi Nagao as the company’s new President and Chief Executive Officer. Prior to becoming President and CEO, Mr. Nagao served as the Chairman of the Board of Medicago, where for the last four years, he has guided Medicago executives to get the company to where it is today. Medicago, a research and development company for the last 20 years, is embarking on a transformative year, one that will see the company build on its R&D roots to become a company that also produces and commercializes vaccines and other immunotherapies. Mr. Nagao has extensive experience leading pharmaceutical companies through the pre-commercial and commercial process and is well positioned to ensure the successful launch of Medicago’s COVID-19 and influenza vaccines, subject to regulatory approvals. Mr. Nagao will continue Medicago’s evolution towards its goal of being a fully operational commercial entity, able to respond

WorldRemit Leads the Way Offering a USD Payout Option in Nigeria4.12.2020 16:46:00 CETPress release

WorldRemit, a leading digital cross-border payments business has announced that its customers in Nigeria can now receive remittances in foreign currency (USD) through its cash pick up providers. Following the announcement of the Central Bank of Nigeria (CBN) a day before, WorldRemit quickly adapted to the new requirements making it the first digital service to offer its customers worldwide the option of cash pickup in USD in Nigeria. WorldRemit enables Nigerians in over 50 countries around the world to support their family and friends in Nigeria. The decision by the Central Bank of Nigeria (CBN) to allow international money transfers to be paid in foreign currency, is aimed at providing increased liquidity in the foreign exchange market. The bank explained that the new regulation is part of its efforts to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria. Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said:“ We are

PPC Upgraded to ‘B’ with ‘Stable’ Outlook by S&P4.12.2020 15:16:00 CETPress release

In its annual research update released on 27 November 2020, S&P upgraded PPC’s stand-alone credit profile (SACP) upward by two notches to ‘B’ from ‘CCC+’, resulting in an overall upgrade of the long-term credit rating of PPC to ‘B’ from ‘B-‘. According to S&P the two notch upgrade in PPC’s standalone corporate rating confirms that the Company’s strategic repositioning and the improved Greek energy market fundamentals have transformed its competitive position, reducing past concerns over its liquidity and long-term sustainability. The ‘Stable’ outlook underscores S&P’s expectation that PPC will continue to deliver on its transformation plan, with solid liquidity and improved margins. PPC’s strategic plan to convert its generation mix toward lower carbon dioxide (CO2) emissions improve its fleet competitiveness and long-term prospects. As mentioned in their report, S&P expects a substantial increase in EBITDA and improvement in credit metrics on the back of higher profitability as PPC ac

Chengdu Launches Online Exhibition of History and Culture to Enhance Cultural Ties With European Countries4.12.2020 13:17:00 CETPress release

The launching ceremony of Chengdu History and Culture Overseas Virtual Exhibition was held by the Chengdu Chronicles Compilation Committee at Chengdu Chronicles Office on 24 November. The event, along with the unveiling ceremony of Chengdu Chronicles Culture Overseas (Europe) Exchange Cooperation, were witnessed by distinguished guests in many European countries including the Netherlands, Germany and Belgium through video and online connections. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201204005278/en/ On November 24, Gao Zhigang (center), Director of Chengdu Chronicles Compilation Committee at Chengdu Chronicles Office, and other guests attend the launching ceremony of Chengdu History and Culture Overseas Virtual Exhibition. (Photo: Business Wire) Chengdu History and Culture Overseas Virtual Exhibition will also be launched at major foreign media platforms for audiences all over the world. Gao ZhiGang, Director of Che

New Phase 3 Data Show TAK-620 (maribavir), an Investigational Drug for the Treatment of Transplant Recipients with Refractory/Resistant Cytomegalovirus (CMV) Infections, Meets Primary Endpoint4.12.2020 12:00:00 CETPress release

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced top-line results from the Phase 3 clinical trial evaluating the efficacy and safety of the investigational drug TAK-620 (maribavir), in the treatment of transplant recipients with refractory/resistant cytomegalovirus (CMV) infection. The TAK-620-303 (SOLSTICE) trial (NCT02931539) is a multicenter, randomized, open-label, active-controlled trial comparing eight weeks of treatment with either maribavir or investigator assigned treatment (IAT) in transplant recipients with CMV infection refractory or resistant to existing antiviral treatments (i.e., one or a combination of ganciclovir, valganciclovir, foscarnet or cidofovir). The SOLSTICE trial met its primary endpoint, defined as the proportion of patients who achieved confirmed CMV viremia clearance compared to IAT at the end of Study week 8. In addition, the SOLSTICE trial met its key secondary endpoint, defined as achievement of CMV viremia clearance