China Life Insurance Company Limited Announces Change of Chairman
China Pharma Holdings, Inc. Launched Health Product Noni Enzyme ARARATO®
Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2018 Financial Results
Xinyuan Real Estate Co., Ltd. Announces Third Quarterly Dividend for 2018
China Telecom's 2017 Annual Report Received 19 Gold Accolades in World-class Competitions
Bouts of Volatility Put Pressure on the U.S. Stocks, But Too Soon to Declare End of the Bull Market
Bouts of Volatility Put Pressure on the U.S. Stocks, But Too Soon to Declare End of the Bull Market
Tuole Forum 2018 opens in Panzhou
Xinyuan Real Estate Co., Ltd. to Hold Annual General Meeting of Shareholders on December 19, 2018
CPHI to Hold Third Quarter 2018 Earnings Conference Call On Thursday, November 15, 2018 at 8:30 a.m. ET
-
Lee Kum Kee Family Receives First Hong Kong "EY Family Business Award of Excellence"
HANGZHOU, China, Nov. 12, 2018 /PRNewswire/ -- On 9 November, Lee Kum Kee Family was delighted to receive from EY the first Hong Kong "EY Family Business Award of Excellence". This award is the accreditation of the Group's remarkable achievements in setting out clear vision, beliefs, management framework as well as its pursuance on business growth. "EY Family Business Award of Excellence" also recognises Lee Kum Kee's capability of striking a balance between corporate affairs and family matters, together with its relentless efforts in fulfilling corporate social responsibility for benefitting the community. Lee Kum Kee Family Council member, Ms. Andrea Lee (centre) receives the first Hong Kong “EY Family Business Award of Excellence” The Award Presentation Ceremony was staged in Hangzhou, China. Lee Kum Kee Family Council member, Ms. Andrea Lee received the Award and said, "I would like to express my heartfelt thanks to EY for granting us the 'EY Family Business Award of Excellence' launched in Hong Kong this year. This award recognises the Lee Family's Constant Entrepreneurship and consistent efforts, together with Lee Kum Kee's ethos of inheritance. As we celebrate Lee Kum Kee's 130th Anniversary this year, the 'EY Family Business Award of Excellence' comes as an amazing surprise and additional reminder of the legacy built by my great great grandfather, Mr. Lee Kum Sheung. Lee Kum Kee's businesses have grown from strength to strength through the hardships of generations. Moving forward, we will adhere to our six core values - 'Pragmatism', 'Integrity', 'Constant Entrepreneurship', 'Si Li Ji Ren' (Considering Others' Interests), 'Benefitting the Community' and 'Sharing Fruits of Success' even amid challenges and pursue sustained development." In 2012, EY launched the "EY Family Business Award of Excellence", which has been rolled out in over 20 countries and regions worldwide. In 2018, EY launched this award in Hong Kong. The awardees of "EY Family Business Award of Excellence" were meticulously selected by a professional judging panel, which comprises the experts with substantial experience in family business management, together with the representatives of EY family business-related services based on eight judging criteria: entrepreneurial spirit, financial performance, strategic direction, national or global impact, innovation, integrity and influence, philanthropic engagements and corporate social responsibility, together with business presence. About Lee Kum Kee Lee Kum Kee was established in 1888 when its founder Mr. Lee Kum Sheung invented oyster sauce. With a glorious history of 130 years, Lee Kum Kee has become a household name of Chinese sauces and condiments, as well as an international brand and a symbol of quality and trust. Lee Kum Kee has straddled three centuries and become a globally renowned Chinese enterprise offering over 200 choices of sauces and condiments to over 100 countries and regions. For more details, please visit www.LKK.com. Photo - https://photos.prnasia.com/prnh/20181112/2296628-1 Related Links :http://www.LKK.com
-
China Jo-Jo Drugstores Appoints Mr. Wei Hu as COO to Strengthen Operations for Future
HANGZHOU, China, Nov. 9, 2018 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a healthcare provider in China, today announced that Mr. Wei Hu was nominated and approved by the Company's Board of Directors to serve as the Company's Chief Operating Officer effective November 7, 2018. Mr. Hu has an extensive track record of innovation and business success in key roles in various institutions in the healthcare industry. His areas of expertise include hospital management, strategic planning and deployment, performance management, lean management, medical quality management, operational analysis, information management, and external cooperation and exchange. His career highlights include: Served as Vice President of Taizhou Central Hospital (Taizhou College Affiliated Hospital) since September 2016. He is also the Vice President of Taizhou Medical Association, the Vice Chairman of the Special Committee of Nasopharyngeal Carcinoma and Tumor Causes of Zhejiang Anti-Cancer Association, a Standing Committee Member of the Cancer Radiotherapy Professional Committee of Zhejiang Medical Association, a member of the Provincial Clinical Epidemiology and Evidence-Based Medicine Branch, member of the Cancer Pain Professional Committee, and leader of the Cancer Chemotherapy and Chemotherapy Group of Taizhou Medical Association. Served as Executive Vice President, Vice President and Dean of Enze Medical Center of Taizhou Central Hospital from February 2011 to September 2016. Under his leadership, Taizhou Central Hospital was named Class 3 Grade A hospital in 2011. Successively served as Director of Radiotherapy Department and Assistant Dean of Taizhou Hospital. Deputy Chairman of the Fourth Committee of Taizhou Municipality as well as Standing Committee of the Fifth Taizhou Municipal Committee of the Chinese People's Political Consultative Conference ("CPPCC".) Earned a Bachelor of Science in Clinical Medicine and is currently a Ph.D. candidate at the Medicine School of Zhejiang University. Mr. Wei Hu, Chief Operating Officer of Jo-Jo Drugstores, Inc., stated, "It is a great honor to join Jo-Jo Drugstores. This is an exceptionally important time for Jo-Jo Drugstores and the health industry as a whole in China as the retail pharmacy industry adapts to trends in digital technology, demographics, and medical science. At Jo-Jo Drugstores our ambition is to help lead the transformation of health care services to adapt to these trends. I am proud to join an innovative executive team as we attempt to drive forward our business and create a uniquely satisfying experience for our customers." Mr. Lei Liu, Chief Executive Officer and Chairman of Jo-Jo Drugstores, Inc., commented, "Mr. Hu is an accomplished executive of the health industry with a long track record of success and accomplishments. Mr. Hu's dynamic accomplishments and his depth of knowledge and deep industry connections make him an exceptional addition to our team as our Chief Operating Officer as we advance our growth strategy. We are very confident in Mr. Hu's vision for this critical role in our organization." About China Jo-Jo Drugstores, Inc. China Jo-Jo Drugstores, Inc. ("Jo-Jo Drugstores" or the "Company"), is a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products in China. Jo-Jo Drugstores currently operates retail drugstores and an online pharmacy. It is also a wholesale distributor of products similar to those carried in its pharmacies and it cultivates and sells herbs used for traditional Chinese medicine. For more information about the Company, please visit http://www.chinajojodrugstores.com/. The Company routinely posts important information on its website. Forward-Looking Statements This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission. For more information, please contact: Company Contact: Frank ZhaoChief Financial Officer+86-571-88077108frank.zhao@jojodrugstores.com Steve LiuInvestor Relations Directorsteve.liu@jojodrugstores.com Investor Relations Contact: Tina XiaoAscent Investor Relations LLC+1-917-609-0333tina.xiao@ascent-ir.com View original content:http://www.prnewswire.com/news-releases/china-jo-jo-drugstores-appoints-mr-wei-hu-as-coo-to-strengthen-operations-for-future-300745943.html
-
2018 World Youth Leaders Summit & Global Youth Innovation and Entrepreneurship Competition will be held in Hangzhou, China
HANGZHOU, China, Nov. 9, 2018 /PRNewswire/ -- The 2018 World Youth Leaders Summit will be held in Hangzhou International Expo Center on December 2nd, 2018. The summit is a global youth leaders exchange summit initiated and organized by the World Youth Leaders Union and Young Entrepreneur Committee of the General Association of Zhejiang Entrepreneurs. Youth leaders and organizations from different countries and regions will gather together to discuss how to solve global social problems related to 2018 major concerns of the United Nations through innovation and youth power. The theme of the summit is "Innovation, Makes a Better World". The discussion topics include globalization and de-globalization, benefits and risks of robot development, youth's social responsibilities, and other global concerns. 2018 World Youth Leaders Summit & Global Youth Innovation and Entrepreneurship Competition will be held in Hangzhou, China The guide organizer of the 2018 World Youth Leaders Summit is the General Association of Zhejiang Entrepreneurs(GAZE). GAZE is a non-profit organization operating at the intersection of international cooperation, industry, and private enterprise with Jack Ma (co-founder and executive chairman of Alibaba Group) as the chairman. The World Youth Leaders Union aims to assemble youth leaders across the world, build a global platform to exchange and cooperate, and promote development in a sustainable manner. The Young Entrepreneur Committee of GAZE focuses on cultivating a global perspective, and making contributions to healthy and sustainable development of social society. The First Global Youth Innovation and Entrepreneurship Competition will be held on the same day. The outstanding entrepreneurs and government representatives from all over the world will gather to select the best international innovative projects that could serve billions of people and help to solve global social problems. The competition encourages participants to create innovative products focusing on the areas of internet, AI, education, environmental protection, health & fitness, energy, transportation and other areas of sustainable development by combining innovative design and cutting-edge technologies. To apply for the competition, please download and fill in the application form from WYLU official website (link: www.wylu.org) and e-mail it to internationalrelations@wylu.org with a business proposal. For more information, please contact us: Official Website: www.wylu.orgTel: +86-571-81026290E-mail: internationalrelations@wylu.org View original content to download multimedia:http://www.prnewswire.com/news-releases/2018-world-youth-leaders-summit--global-youth-innovation-and-entrepreneurship-competition-will-be-held-in-hangzhou-china-300747415.html
-
BEST Inc. Announces Unaudited Third Quarter 2018 Financial Results
HANGZHOU, China, Nov. 9, 2018 /PRNewswire/ -- BEST Inc. (NYSE: BSTI) ("BEST" or the "Company"), a leading smart supply chain and logistics solutions and services provider in China, today announced its unaudited financial results for the quarter ended September 30, 2018. "BEST continued to generate strong growth in the third quarter, benefitting greatly from demand for our integrated supply chain services and solutions as a result of healthy e-commerce and New Retail growth, further industry consolidation, and our sharp strategic focus and execution," said Johnny Chou, Chairman and Chief Executive Officer of BEST. "Despite competitive market conditions, our growth continued to outpace the market thanks to our superior platform that is better equipped to capture the opportunities created by the trend towards digital commerce. BEST's platform, with its robust technology and nationwide services networks, enriches the lives of consumers by making possible an omni-channel shopping experience and empowers businesses by providing one-stop total supply chain solutions." "We continued with our solid progress on the path to profitability while prioritizing growth and market shares gain. I am pleased to announce that we delivered another solid quarter. Our revenue increased by 34% year-over-year to RMB7.2 billion, with our businesses demonstrating strong growth momentum," said Alice Guo, BEST's Chief Accounting Officer and Senior Vice President of Finance. "For the second consecutive quarter, BEST recorded positive EBITDA and Adjusted EBITDA. Moreover, net loss was reduced by 89% year-over-year to RMB51 million, and non-GAAP net loss was reduced by 45% year-over-year to RMB101 million. As we enter fourth quarter peak season, we will continue to execute our strategy of focusing on strong top-line growth and operational efficiencies enhancement to drive margin expansion." FINANCIAL HIGHLIGHTS For the Quarter Ended September 30, 2018: Revenue was RMB7,189.3 million (US$1,046.8 million), an increase of 34.3% year-over-year ("YoY").- Express Service Revenue increased 33.4% YoY to RMB4,357.5 million (US$634.5 million).- Freight Service Revenue increased 25.0% YoY to RMB1,093.3 million (US$159.2 million). - Supply Chain Management Service Revenue increased 27.3% YoY to RMB491.6 million (US$71.6 million). - Store+ Service Revenue increased 15.3% YoY to RMB885.5 million (US$128.9 million). - Others (1) Service Revenues increased 499.9% YoY to RMB361.3 million (US$52.6 million). Gross Profit was RMB389.9 million (US$56.8 million), an increase of 93.3% YoY; and Gross Profit Margin was 5.4%, an improvement of 1.6 percentage points YoY. Net Loss was RMB51.1 million (US$7.4 million), a decrease of 89.1% YoY; and Non-GAAP Net Loss (2)(3) was RMB101.4 million (US$14.8 million), a decrease of 44.9% YoY. Diluted EPS (4) was negative RMB0.13 (US$0.02) and Non-GAAP diluted EPS (3)(5) was negative RMB0.26 (US$0.04). EBITDA (3)(6) was RMB54.7 million (US$8.0 million) and Adjusted EBITDA (3)(6) was RMB1.3 million (US$0.2 million). Net Cash Generated From Operating Activities was RMB86.3 million (US$12.6 million). BUSINESS HIGHLIGHTS (7) BEST Express: Table 1 - BEST Express Key Operating Metrics Three Months Ended % Change September 30, 2017 September 30, 2018 YoY Parcel Volume (in '000) 1,010,512 1,371,055 35.7% BEST Express Market Share (8) (%) 10.0% 10.8% 0.8ppts Gross Profit per Parcel (RMB) 0.13 0.16 22.3% Average Revenue Per Parcel (RMB) 3.23 3.18 (1.7%) Average Cost Per Parcel (RMB) 3.10 3.02 (2.7%) Hubs & Sortation Centers (as of period end) 153 117 (23.5%) Increased parcel volume by 35.7% YoY, approximately 1.4 times the industry-wide growth rate of 25.6%(9); increased express market share to 10.8%, compared to 10.0% in the same period of 2017. Improved gross profit per parcel by 22.3% YoY to RMB0.16 (US$0.02), as the reduction in cost per parcel continued to outpace the decrease in revenue per parcel. Improved operational efficiency by ongoing network optimization, investment in automation and digitization:- Reduced total number of hubs and sortation centers by 23.5% YoY to 117.- Continued to invest in and upgrade the automation system in major hubs and sortation centers. Added eight high-speed automated sorting lines and 226 dimension & weight scanning systems during the third quarter of 2018. - Further improved digital waybill usage to 99.0% from 90.4% in the same quarter of 2017. BEST Freight: Table 2 - BEST Freight Key Operating Metrics Three Months Ended % Change September 30, 2017 September 30, 2018 YoY Freight Volume (Tonne in '000) 1,194 1,474 23.5% Average Revenue per Tonne (RMB) 732.3 741.7 1.3% Average Cost Per Tonne (RMB) 768.9 707.5 (8.0%) Hubs & Sortation Centers (as of period end) 133 120 (9.8%) Last-mile Service Stations (as of period end) 7,590 11,698 54.1% Achieved solid growth with freight revenue increased by 25.0% YoY and freight volume increased by 23.5% YoY. Improved gross profit margin by 9.6 percentage points YoY to 4.6%. Focused on growing e-commerce related transactions, which resulted in an increase in revenue per tonne and a decrease in cost per tonne. Continued to optimize freight network to improve operating efficiency and reduce costs:- Reduced total number of hubs and sortation centers by 9.8% YoY to 120, which contributed to lower transportation, labor, lease costs and shortened delivery time.- Expanded service coverage significantly by increasing the total number of franchisees-operated last-mile service stations by 54.1% YoY to 11,698. (1) Others include BEST Global, BEST Capital, BEST UCargo and other new initiatives. (2) Non-GAAP net loss represents net loss excluding share-based compensation expense, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments. (3) See the sections entitled "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" for more information about the non-GAAP measures referred to within this results announcement. (4) Diluted earnings per share, or Diluted EPS, is calculated by dividing net profit attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. (5) Non-GAAP diluted earnings per share, or non-GAAP diluted EPS, represents diluted earnings per share excluding share-based compensation expense, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments. (6) EBITDA represents net loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses and fair value change of equity investments. (7) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and Year Over Year comparisons are based on figures before rounding. (8) Express market share calculated as the Company's parcel volume as a percentage of aggregate national express delivery parcel volume for the relevant period, based on data published by State Post Bureau of the PRC. (9) Based on data published by State Post Bureau of the PRC.- For July 2018 data, see State Post Bureau of the PRC Published Post Industry Operation Statistics for July 2018, State Post Bureau of the PRC, August 14, 2018, available in Chinese at http://www.spb.gov.cn/xw/dtxx_15079/201808/t20180814_1628704.html - For August 2018 data, see State Post Bureau of the PRC Published Post Industry Operation Statistics for August 2018, State Post Bureau of the PRC, September 12, 2018, available in Chinese at http://www.spb.gov.cn/xw/dtxx_15079/201809/t20180912_1654656.html - For September 2018 data, see State Post Bureau of the PRC Published Post Industry Operation Statistics for September 2018, State Post Bureau of the PRC, October 13, 2018, available in Chinese at http://www.spb.gov.cn/xw/dtxx_15079/201810/t20181015_1674326.html BEST Supply Chain Management: Increased the total number of orders fulfilled by Cloud OFCs by 31.4% YoY to 56.6 million, of which the total number of orders fulfilled by franchised Cloud OFCs increased by 81.1% YoY to 19.0 million. Increased the total number of Cloud OFCs by 4.6% YoY to 341; increased gross floor area ("GFA") of Cloud OFCs by 11.6% YoY from 2.4 million square meters as of September 30, 2017 to approximately 2.6 million square meters as of September 30, 2018, of which 1.0 million square meters were owned and operated by franchised OFCs. BEST Store+: Continued to invest in and expand Store+ network. The number of membership stores increased 19.3% YoY to 414,923 as of September 30, 2018. Focused on opening branded stores. The number of branded stores including BEST Neighbor and WoWo increased by 258.4% YoY to 1,308 as of September 30, 2018. Increased the total number of store orders fulfilled by 17.2% YoY to 934,936, representing over 18,000 SKUs. Others: BEST UCargo - Increased the number of registered agents by approximately 69.0% YoY to over 4,200 as of September 30, 2018 from approximately 2,500 as of September 30, 2017, and the number of registered trucks by approximately 61.0% YoY to over 241,000 as of September 30, 2018 from approximately 150,000 as of September 30, 2017. - Increased the cumulative total number of transactions by approximately 309.0% YoY to over 135,000 as of September 30, 2018, with revenue generated from external customers increased significantly to RMB256.6 million (US$37.4 million) in the quarter ended September 30, 2018. BEST Global - continued to develop cross border solutions and broaden service offerings in international markets. Initiated new coverage in India and Indonesia through partners. It serves 15 countries and regions outside of Mainland China in the quarter ended September 30, 2018. BEST Capital - continued to expand its financial services to support the BEST ecosystem. As of September 30, 2018, it had provided cumulative total financing solutions to over 6,000 trucks, an increase of over 50.0% YoY. FINANCIAL RESULTS Revenue The following table sets forth a breakdown of revenue by business segment for the periods indicated. Table 3 - Breakdown of Revenue by Business Segment Three Months Ended September 30, 2017 September 30, 2018 (In '000, Except for %) RMB % of Revenue RMB US$ % of Revenue % Change YoY Express 3,265,688 61.0% 4,357,527 634,468 60.6% 33.4% Freight 874,352 16.3% 1,093,331 159,192 15.2% 25.0% Supply Chain Mgmt. 386,244 7.2% 491,633 71,583 6.9% 27.3% Store+ 767,903 14.4% 885,518 128,934 12.3% 15.3% Others 60,225 1.1% 361,293 52,605 5.0% 499.9% Revenue 5,354,412 100.0% 7,189,302 1,046,782 100.0% 34.3% Express Service Revenue increased by 33.4% YoY to RMB4,357.5 million (US$634.5 million) from RMB3,265.7 million, primarily due to 35.7% YoY increase in parcel volume. Freight Service Revenue increased by 25.0% YoY to RMB1,093.3 million (US$159.2 million) from RMB874.4 million, primarily due to 23.5% YoY increase in freight volume and 1.3% YoY increase in average revenue per tonne. Supply Chain Management Service Revenue increased by 27.3% YoY to RMB491.6 million (US$71.6 million) from RMB386.2 million, primarily due to an increase in fulfillment and transportation revenue from both existing and new customers. BEST Store+ Service Revenue increased by 15.3% YoY to RMB885.5 million (US$128.9 million) from RMB767.9 million, primarily due to an increase in merchandise sales to membership and branded stores. Others Service Revenues increased by 499.9% YoY to RMB361.3 million (US$52.6 million) from RMB60.2 million, primarily due to increased revenue generated from BEST UCargo's external customers, BEST Global's expanded operations and BEST Capital's financing solutions to ecosystem participants. Costs and Expenses The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated. Table 4 - Breakdown of Cost of Revenue by Business Segment Three Months Ended % of Revenue Change YoY September 30, 2017 September 30, 2018 (in '000, Except for %) RMB % of Revenue RMB US$ % of Revenue Express (3,134,376) 96.0% (4,139,558) (602,731) 95.0% (1.0ppts) Freight (918,121) 105.0% (1,042,820) (151,838) 95.4% (9.6ppts) Supply Chain Mgmt. (357,675) 92.6% (472,045) (68,731) 96.0% 3.4ppts Store+ (703,311) 91.6% (814,299) (118,564) 92.0% 0.4ppts Others (39,234) 65.1% (330,659) (48,145) 91.5% 26.4ppts Cost of Revenue (5,152,717) 96.2% (6,799,381) (990,009) 94.6% (1.6ppts) Cost of Revenue was RMB6,799.4 million (US$990.0 million) or 94.6% of revenue in the quarter ended September 30, 2018, compared to RMB5,152.7 million or 96.2% of revenue in the same quarter of 2017. The reduction of 1.6 percentage points in cost of revenue as a percentage of revenue was primarily attributable to increased operating leverage. The following table sets forth a breakdown of operating expenses and adjusted operating expenses by category for the periods indicated. Table 5 - Breakdown of Operating Expenses and Adjusted Operating Expenses by Category Three Months Ended % of Revenue Change YoY September 30, 2017 September 30, 2018 (in '000, Except for %) RMB % of Revenue RMB US$ % of Revenue Selling Expenses (213,547) 4.0% (235,681) (34,316) 3.3% (0.7ppts) including SBC Expenses (13,172) 0.3% (1,837) (267) 0.0% (0.3ppts) Adjusted Selling Expenses (200,375) 3.7% (233,844) (34,048) 3.3% (0.4ppts) General and Administrative Expenses (405,925) 7.6% (264,784) (38,553) 3.7% (3.9ppts) including SBC Expense (237,232) 4.4% (20,500) (2,985) 0.3% (4.1ppts) Adjusted General and Administrative Expenses (168,693) 3.2% (244,284) (35,568) 3.4% 0.2ppts Research and Development Expenses (56,155) 1.0% (42,922) (6,250) 0.6% (0.4ppts) including SBC Expense (24,268) 0.4% (2,240) (326) 0.0% (0.4ppts) Adjusted Research and Development Expenses (31,887) 0.6% (40,682) (5,923) 0.6% 0.0ppts Selling Expenses was RMB235.7 million (US$34.3 million) or 3.3% of revenue in the quarter ended September 30, 2018, compared to RMB213.5 million or 4.0% of revenue in the same quarter of 2017. The decrease in selling expenses as a percentage of revenue was primarily attributable to improved operating efficiencies and the reduction in share-based compensation ("SBC") expense. General and Administrative Expenses was RMB264.8 million (US$38.6 million) or 3.7% of revenue in the quarter ended September 30, 2018, compared to RMB405.9 million or 7.6% of revenue in the same quarter of 2017. The significant decrease in general and administrative expenses as a percentage of revenue was primarily attributable to the reduction in SBC expense, partially offset by investments in the growth of the Company's operations. Research and Development Expenses was RMB42.9 million (US$6.3 million) or 0.6% of revenue in the quarter ended September 30, 2018, compared to RMB56.2 million, or 1.0% of revenue in the same quarter of 2017. The decrease in research and development expenses as a percentage of revenue was primarily attributable to the reduction in SBC expense. SBC Expense included in the cost and expense items above in the quarter ended September 30, 2018 was RMB25.2 million (US$3.7 million), compared to RMB280.7 million in the same quarter of 2017. In the third quarter of 2018, approximately RMB0.6 million (US$0.09 million) was allocated to cost of revenue, RMB1.8 million (US$0.3 million) was allocated to selling expenses, RMB20.5 million (US$3.0 million) was allocated to general and administrative expenses, and RMB2.2 million (US$0.3 million) was allocated to research and development expenses. Net Loss and Non-GAAP Net Loss Net Loss in the quarter ended September 30, 2018 was RMB51.1 million (US$7.4 million), a decrease of 89.1% compared to RMB466.6 million in the same quarter of 2017. Excluding the impact of SBC expense, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments, non-GAAP Net Loss in the quarter ended September 30, 2018 was RMB101.4 million (US$14.8 million), a decrease of 44.9% compared to RMB183.8 million in the same quarter of 2017. In the quarter ended September 30, 2018, BEST recorded RMB78.5 million (US$11.4 million) in other income, due to fair value change of the Company's equity investment in an AI solutions provider. Diluted EPS and non-GAAP diluted EPS Diluted EPS in the quarter ended September 30, 2018 was negative RMB0.13 (US$0.02) based on a weighted average of 387.1 million diluted shares outstanding during the quarter. Excluding SBC expense, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments, non-GAAP diluted EPS in the quarter ended September 30, 2018 was negative RMB0.26 (US$0.04). A reconciliation of diluted EPS to non-GAAP diluted EPS is included at the end of this results announcement. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA was RMB1.3 million (US$0.2 million), improved from negative RMB 85.6 million in the quarter ended September 30, 2017. Adjusted EBITDA margin was 0.02%, improved from negative 1.6% in the quarter ended September 30, 2017. The improvement of RMB87.0 million (US$12.7 million) or 1.6 percentage points was primarily attributable to strong revenue growth and improved operating efficiency. Cash and Cash Equivalents, Restricted Cash and Short-term Investments As of September 30, 2018, cash and cash equivalents, restricted cash and short-term investments were RMB3,911.4 million (US$569.5 million), compared to RMB4,349.6 million as of June 30, 2018. The decrease in cash and cash equivalents, restricted cash and short-term investments was primarily due to CAPEX and investment activities, partially offset by net cash generated from operating activities. Cash Flow from Operating Activities Net Cash Generated from Operating Activities was RMB86.3 million (US$12.6 million) in the quarter ended September 30, 2018, an increase of 162.0% compared to RMB32.9 million in the same quarter of 2017. Capital Expenditures ("CAPEX") CAPEX was RMB412.2 million (US$60.0 million), or 5.7% of total revenue in the quarter ended September 30, 2018, compared to CAPEX of RMB175.6 million, or 3.3% of total revenue, in the same period of 2017. The increase in CAPEX was primarily due to the upgrade of automation system in major hubs and sortation centers, including investments in high-speed automated sorting lines and dimension and weight scanning systems. Shares Outstanding As of the date of this press release, the Company had approximately 387.2 million ordinary shares outstanding (10). Each ADS represents one Class A ordinary share. (10) The total number of shares outstanding excludes shares reserved for future issuances upon exercise or vesting of awards granted under the Company's share incentive plans. FINANCIAL GUIDANCE Based on current market conditions and current operations, revenue for the fourth quarter of 2018 is expected to be in the range of RMB7.9 billion to RMB8.1 billion; and revenue for full fiscal year 2018 is expected to be in the range of RMB26.8 billion to RMB27.0 billion. This represents management's current and preliminary expectation, which is subject to change. WEBCAST AND CONFERENCE CALL INFORMATION The Company will hold a conference call at 7:30 am U.S. Eastern Time on November 9, 2018 (8:30 pm Beijing Time, the same day), to discuss its financial results and operating performance for the third quarter of 2018. Participants may access the call by dialing the following numbers: United States: +1-888-317-6003 Hong Kong: 800-963976 or +852-5808-1995 China: 4001-206115 International: +1-412-317-6061 Participant Elite Entry Number: 8893478 A replay of the conference call will be accessible through November 16, 2018 by dialing the following numbers: United States: +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 10125776 Please visit the Company's investor relations website http://ir.best-inc.com/ on November 9, 2018 to view the earnings release prior to the conference call. A live and archived webcast of the conference call and an accompanying slide presentation will be available at the same site. ABOUT BEST INC. BEST Inc. is a leading smart supply chain and logistics solutions and services provider. BEST's mission is to empower businesses and enrich the lives of consumers by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/. For investor and media inquiries, please contact: For Investors: Kobe Geir@best-inc.com SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST's strategic and operational plans, contain forward-looking statements. BEST may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about BEST's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: BEST's goals and strategies; BEST's future business development, results of operations and financial condition; BEST 's ability to maintain and enhance its ecosystem; BEST 's ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; and fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law. USE OF NON-GAAP FINANCIAL MEASURES In evaluating its business, BEST considers and uses non-GAAP measures, such as non-GAAP net loss, non-GAAP net loss margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, adjusted selling expenses, adjusted general and administrative expenses, adjusted research and development expenses, and non-GAAP diluted EPS, as supplemental measures in the evaluation of the Company's operating results and in the Company's financial and operational decision-making. The Company believes these non-GAAP financial measures that help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in loss from operations and net loss. The Company believes that these non-GAAP financial measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" in the results announcement. The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. BEST INC. Summary of Unaudited Consolidated Income Statements (In Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2018 2017 2018 RMB RMB US$ RMB RMB US$ Revenue Express 3,265,688 4,357,527 634,468 8,438,794 11,759,488 1,712,214 Freight 874,352 1,093,331 159,192 2,214,378 2,886,028 420,214 Supply Chain Management 386,244 491,633 71,583 1,071,434 1,388,662 202,193 Store+ 767,903 <
-
International Medical Group Announces Second Annual "Leave Your Mark" Contest Winners
Concern America and Canopy Life Academy Win $5,000 to Serve Impoverished Communities INDIANAPOLIS, Nov. 9, 2018 /PRNewswire/ -- International Medical Group® (IMG®) is pleased to announce Concern America and Canopy Life Academy as winners of the second annual Leave Your Mark essay contest! Each organization will receive $5,000 to fund their global outreach efforts. "The work that these organizations do is truly inspiring," said IMG Executive Vice President Steve Paraboschi. "The Leave Your Mark essay contest aims to create a better future for communities around the world, while giving back to those who've dedicated their lives to serving others." Concern America was founded in 1972 and works to develop long-term solutions to poverty through self-reliance and sustainability. Canopy Life International was founded in 2003 and is a residential school in Kenya that provides quality education and prepares students to succeed. To qualify for the Leave Your Mark essay contest, mission organizations submitted a 500-word essay answering the question: If your organization were to win, what would be your human impact? Concern America plans to use the contest winnings to provide health care services to an additional 1,000 people in Colombia. Canopy Life Academy will use the funds to improve their facilities and provide training for new counseling positions. Essays were judged by third-party representatives including Indiana University Lilly Family School of Philanthropy Chief Operating Officer Marilyn H. Kuhn and Eskenazi Health Foundation President and CEO Ernest Vargo II, CFRE. Each judge scored the essays on a 100-point scale, allowing a maximum of 25 points for content (relevance of topic), passion (interest in helping others), human impact (social good for community) and completeness (level of detail). International Medical Group has been insuring mission organizations worldwide for over 25 years, and we're proud to help fund the global outreach efforts of those who live and work internationally through our Leave Your Mark essay contest. About International Medical Group For nearly 30 years, International Medical Group, headquartered in Indianapolis, Indiana, U.S.A., has provided global insurance benefits and assistance services to millions of members in almost every country. We are committed to being there with our members to provide them with Global Peace of Mind®. Our full-service approach includes 24/7 worldwide assistance, medical management services, and highly trained, multilingual customer service professionals. IMG delivers the insurance products and assistance services members need, backed by the services they want. IMG's global family of companies includes AkesoCare Management®, Global Response Ltd., and ALC Health.Related Links :http://www.imglobal.com
-
DBS Bank named Best Private Bank for Wealth and Society in Asia Pacific at the Global Wealth and Society Awards 2018
LONDON, Nov. 9, 2018 /PRNewswire/ -- On November 8, Wealth and Society held its inaugural Global Wealth and Society Awards at the Courthouse Hotel Shoreditch, London. Three sets of awards were presented during the night, Product and Service Achievement, Business Achievement and Leadership Achievement in Wealth and Society Awards. A total of 8 awards were given during the awards ceremony. DBS Bank remains committed to environmental, social and governance (ESG) and digitalisation to achieve tangible and significant outcomes Private wealth management bank across regions demonstrated extensive focus in meeting customers' financial, lifestyle and social needs Regional players have shown great appetite for engaging with trusted advisory partners The recipients of the Global Wealth and Society Awards underwent a stringent and comprehensive evaluation process, demonstrating high understanding of client's personal aspiration as well as family and business interests. Winning institutions depicted the verve to deploy wealth in ways to bring about positive impacts on the society and at the same time made positive financial return on client investments. DBS Bank was recognised as the Best Private Bank for Wealth and Society in Asia Pacific For achieving tangible and significant outcomes for its business, customers and communities at large and most successfully demonstrating a clear strategic vision of the Future of Wealth around the core pillars of ESG, Estate Planning, Ecosystem, alternative investments and external asset management, DBS Bank was recognised as the Best Private Bank in Wealth and Society for Asia Pacific at the Global Wealth and Society Awards 2018 dinner. The bank scored high across all criteria, in meeting performance standards in the Value of Franchise, Financial Performance, Social Impact and Technology and Efficiency (Digitalisation). Operating the largest and fastest growing private banking business among the region's domiciled banks, the bank significantly improved its profitability, reduced cost-to-income and elevated return-on-equity through a series of successful acquisitions and digital enhancements. The seriousness of its ESG focus was validated by delivery of extensive and holistic range of products and services and key customer and community initiatives around social impact investments. Continuing to scale up in meeting customers evolving needs Private wealth management banks have continued to scale up in meeting evolving financial, lifestyle and social needs by either digitalising key aspects of businesses or innovating their investment product suites. For fostering core values of simple, transparent, convenient and caring through its "Young Banker Officer" program, the bank undertook best practices to ensure financial intermediation and successful transfer of wealth for its clients. Taishin International Bank was awarded the Best Private Bank for Wealth and Society in Taiwan. A great appetite for engaging with trusted advisory partners The reversal of flows from traditional centres of wealth to domestic wealth management centres has expedited the onshoring of wealth management services. Regional banks have taken the opportunity to partner with old and sophisticated private wealth institutions. Bank Mandiri strengthened investment services for family offices to offer a rich private banking experience through a strategic partnership with Lombard Odier. The bank enunciated a clear focus in meeting the Indonesian Government's ESG targets through impact investment bonds. The Best Private Bank for Wealth and Society in Indonesia was awarded to Bank Mandiri. While a dominant market share and wide branch network helped KB Kookmin secure significant share of high and ultra-high net worth population, partnership with Lombard Odier was key in meeting Korean Private Banking customer's global investment needs. KB Kookmin Bank was recognised as the Best Private Bank for Wealth and Society in South Korea. About Global Wealth and Society Awards Programme The Global Wealth and Society Awards Programme seeks to recognise high and ultra-high net-worth individuals who use their wealth to bring about positive impacts on the society that they operate in, and the institutions that help them do so. Around the world opportunities in wealth are being created in different ways, driven by new innovations, and the growth of wealth in different societies can be a force for good. Individuals who have successfully build their businesses or managed inherited assets have an important role in building sustainable societies. Through this programme, we have measured wealth not by the people who are wealthy but by the people who are useful to the society they operate in. Click here for specific details relating to description of the awards, evaluation criteria and process, http://www.wealthandsociety.com/theglobalwealthandsocietyawards/criteria. The Global Wealth and Society Awards is powered by the research capability of The Asian Banker, one of the leading international strategic business intelligence, research and consulting service providers that is focused on the financial services and wealth management industries. Established since 1996, The Asian Banker has built extensive presence, developed strong industry networks and generated significant goodwill among players and their clients in the major countries of Asia Pacific, the Middle East and Africa over more than 20 years. For media enquiries, please contact: Alfred Labiccasi Marketing Manager Wealth and Society Tel: +44 1823 711134 alabiccasi@wealthandsociety.com
-
IT Tech Packaging, Inc. Announces Third Quarter 2018 Financial Results
Company to Host Earnings Conference Call on Friday, November 9, 2018, at 8:00 am ET BAODING, China, Nov. 8, 2018 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the third quarter ended September 30, 2018. Revenue for the third quarter of 2018 decreased by 20.2% to $26.72 million, primarily attributable to a decrease in overall sales volume of 23.8% and partially offset by an increase in average selling prices ("ASP") of 4.7%. Gross profit for the third quarter of 2018 decreased by 82.6% to $1.26 million. Gross margin decreased by 16.8 percentage points to 4.7%. The decreases in gross profit and gross margin were primarily due to increases in unit costs of recycled paper board and recycled white scrap paper. Net loss for the third quarter of 2018 was $1.40 million, or net loss of $0.07 per diluted share, compared to net income of $1.57 million, or net earnings of $0.07 per diluted share, for the same period of the prior year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the third quarter of 2018 decreased by 70.7% to $1.89 million. Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "with decreases in both revenues and margins, our third quarter results highlighted continued challenges facing our business. With China's GDP registered the slowest growth rate since the first quarter of 2009, the continuing slowdown of China's growth momentum clearly took a toll on paper companies including us during the third quarter. Looking ahead, with the ongoing trade war between China and the U.S. as well as heightened government efforts on environmental protection, the paper industry faces significant risks and uncertainties, and, as a result, our financial performance could be volatile in the near term." Third Quarter 2018 Unaudited Financial Results For the Three Months Ended September 30, ($ millions) 2018 2017 % Change Revenues 26.72 33.51 -20.2% Regular Corrugating Medium Paper ("CMP")* 19.22 22.40 -14.2% Light-Weight CMP** 6.85 5.00 37.1% Offset Printing Paper 0.66 5.45 -88.0% Tissue Paper Products 0.00 0.66 -100.0% Gross profit 1.26 7.22 -82.6% Gross profit (loss) margin 4.7% 21.6% -16.8 pp Regular Corrugating Medium Paper ("CMP")* 4.9% 22.5% -17.6 pp Light-Weight CMP** 5.1% 25.8% -20.8 pp Offset Printing Paper -3.3% 15.6% -18.9 pp Tissue Paper Products NA 6.7% NM Operating income (loss) -1.57 2.72 -157.7% Net income (loss) -1.40 1.57 -189.4% EBITDA 1.89 6.45 -70.7% Basic and Diluted earnings (loss) per share -0.07 0.07 -189.4% * Products from PM6 ** Products from PM1 *** pp represents percentage points Revenue For the third quarter of 2018, total revenue decreased by $6.78 million, or 20.2%, to $26.72 million from $33.51 million for the same period of the prior year. The decrease in total revenue was mainly due to the decrease in sales volume across the board and partially offset the increase in ASP. The following table summarizes revenue, volume and ASP by product for the third quarter of 2018 and 2017, respectively: For the Three Months Ended September 30, 2018 2017 Revenue ($'000) Volume (tonne) ASP ($/tonne) Revenue ($'000) Volume (tonne) ASP ($/tonne) Regular CMP 19,219 33,928 566 22,397 43,202 518 Light-Weight CMP 6,850 12,319 556 4,996 10,173 491 Offset Printing Paper 656 902 727 5,454 8,035 679 Tissue Paper Products - - - 660 493 1,339 Total 26,724 47,149 567 33,507 61,903 541 Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by $1.32 million, or 4.8%, to $26.07 million and accounted for 97.6 % of total revenue for the third quarter of 2018, compared to $27.39 million, or 81.8% of total revenue, for the same period of the prior year. The Company sold 46,247 tonnes of CMP at an ASP of $564/tonne in the third quarter of 2018, compared to 53,375 tonnes at an ASP of $513/tonne in the same period of the prior year. Of the total CMP sales, revenue from regular CMP decreased by $3.18 million, or 14.2%, to $19.22 million, resulting from sales of 33,928 tonnes at an ASP of $566/tonne, during the third quarter of 2018, compared to revenue of $22.40 million, resulting from sales of 43,202 tonnes at an ASP of $518/tonne, for the same period of the prior year. Revenue from light-weight CMP increased by $1.85 million, or 37.1%, to $6.85 million, resulting from sales of 12,319 tonnes at an ASP of $556/tonne for the third quarter of 2018, compared to revenue of $5.00 million, resulting from sales of 10,173 tonnes at an ASP of $491/tonne for the same period of the prior year. Revenue from offset printing paper decreased by $4.80 million, or 88.0%, to $0.66 million for the third quarter of 2018, from $5.45 million for the same period of the prior year. The Company sold 902 tonnes of offset printing paper at an ASP of $727/tonne in the third quarter of 2018, compared to 8,035 tonnes at an ASP of $679/tonne in the same period of the prior year. Production of tissue paper was suspended in September and October 2017 for the replacement of coal boilers, and intermittent production resumed in the following months due to volatility in the price of tissue paper. We had no revenue from tissue paper products for the third quarter of 2018, compared to $0.66 million, resulting from sales of 493 tonnes at an ASP of $1,339/tonne, for the third quarter of 2017. We expect to resume and increase production of tissue products once the market condition becomes more favorable. In June 2016, we suspended the production of digital photo paper due to low market demand for our products and now are considering renovating the line to produce more competitive products. We expect that our digital photo paper production will remain suspended for the near future. Gross Profit and Gross Margin Total cost of sales decreased by $0.82 million, or 3.1%, to $25.46 million for the third quarter of 2018, from $26.29 million for the same period of the prior year. Cost of sales per tonne was $540 for the third quarter of 2018, compared to $425 for the same period of the prior year. The increase in overall cost of sales per tonne was mainly due to increased material costs, specifically higher average unit purchase costs of recycled paper board and recycled white scrap paper. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were, $539, $528, $751, and $nil, respectively, for the third quarter of 2018, compared to $402, $364, $573 and $1,249, respectively, for the same period of the prior year. Gross profit decreased by $5.96 million, or 82.6%, to $1.26 million for the third quarter of 2018, from $7.22 million for the same period of the prior year. Overall gross margin was 4.7% for the third quarter of 2018, compared to 21.6% for the same period of the prior year. The decrease in gross profit and gross margin were mainly due to the increase in unit cost of recycled paper board and recycled white scrap paper and decrease in overall sales volume, partially offset by an increase in average selling prices as discussed above. Gross margins for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were 4.9%, 5.1%, -3.3%, and nil, respectively, for the third quarter of 2018, compared to gross profit margin of 22.5%, 25.8%, 15.6%, and 6.7%, respectively, for the same period of the prior year. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") decreased by $0.02 million, or 0.7%, to $2.83 million for the third quarter of 2018 from $2.85 million for the same period of the prior year. As a percentage of total revenue, SG&A was 10.6% for the third quarter of 2018, compared to 8.5% for the same period of the prior year. Income (loss) from Operations Loss from operations was $1.57 million for the third quarter of 2018, compared to income from operations of $2.72 million for the same period of the prior year. The decrease in operating income was primarily due to the decrease in gross profit as discussed above. Operating loss margin was 5.9% for the third quarter of 2018, compare to operating profit margin of 8.1% for the same period of the prior year. Net Income (loss) Net loss was $1.40 million, or net loss of $0.07 per basic and diluted share, for the third quarter of 2018, compared to net income of $1.57 million, or net earnings of $0.07 per basic and diluted share, for the same period of the prior year. EBITDA EBITDA was $1.89 million for the third quarter of 2018, compared to $6.45 million for the same period of the prior year. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA (Amounts expressed in US$) For the Three Months Ended September 30, ($ millions) 2018 2017 Net income (loss) -1.40 1.57 Add: Income tax -0.54 0.51 Net interest expense 0.37 0.65 Depreciation and amortization 3.46 3.73 EBITDA 1.89 6.45 Nine Months Ended September 30, 2018 Financial Results For the Nine Months Ended September 30, ($ millions) 2018 2017 % Change Revenues 61.75 81.58 -24.3% Regular Corrugating Medium Paper ("CMP")* 43.43 55.74 -22.1% Light-Weight CMP** 13.10 10.45 25.4% Offset Printing Paper 5.21 13.31 -60.8% Tissue Paper Products 0.00 2.09 -100.0% Digital Photo Paper 0.01 0.00 NM Gross profit 3.6 16.3 -78.1% Gross margin 5.8% 20.0% -14.2 pp Regular Corrugating Medium Paper ("CMP")* 6.6% 20.5% -13.9 pp Light-Weight CMP** 5.1% 23.3% -18.2 pp Offset Printing Paper 0.8% 17.7% -16.8 pp Tissue Paper Products NA 6.5% NM Digital Photo Paper -24.4% NA NM Operating income (loss) -6.1 6.4 -196.0% Net income (loss) -5.4 3.3 -263.3% EBITDA 5.0 17.4 -70.9% Basic and Diluted earnings per share -0.25 0.15 -266.7% * Products from PM6 ** Products from PM1 *** pp represents percentage points Revenue For the nine months ended September 30, 2018, total revenue decreased by $19.82 million, or 24.3%, to $61.76 million from $81.58 million for the same period of the prior year. The decrease in total revenue was mainly the decreases in sales volume and partially offset by the increase in ASP across the board. The following table summarizes revenue, volume and ASP by product for the nine months ended September 30, 2018 and 2017, respectively: For the Nine Months Ended September 30, 2018 2017 Revenue ($'000) Volume (tonne) ASP ($/tonne) Revenue ($'000) Volume (tonne) ASP ($/tonne) Regular CMP 43,434 74,141 586 55,741 128,988 432 Light-Weight CMP 13,101 23,114 567 10,449 24,396 428 Offset Printing Paper 5,212 6,191 842 13,307 20,098 662 Tissue Paper Products - - - 2,087 1,619 1,289 Digital Photo Paper 14 - NM - - - Total 61,761 103,446 597 81,584 175,101 466 Revenue from CMP, including both regular CMP and light-Weight CMP decreased by $9.66 million, or 14.6%, to $56.54 million, and accounted for 91.6 % of total revenue for the nine months ended September 30, 2018, compared to $66.19 million, or 81.1% of total revenue for the same period of the prior year. The Company sold 97,255 tonnes of CMP in the nine months ended September 30, 2018, compared to 153,384 tonnes of CMP in the same period of the prior year. Of the total CMP sales, revenue from regular CMP decreased by $12.31 million, or 22.1%, to $43.43 million, resulting from sales of 74,141 tonnes at an ASP of $586/tonne during the nine months ended September 30, 2018 , compared to revenue of $55.74 million, resulting from sales of 128,988 tonnes at an ASP of $432/tonne for the same period of the prior year. Revenue from light-weight CMP increased by $2.65 million, or 25.4%, to $13.10 million, resulting from sales of 23,144 tonnes at an ASP of $567/tonne for the nine months ended September 30, 2018, compared to revenue of $10.45 million, resulting from sales of 24,296 tonnes at an ASP of $428/tonne for the same period of the prior year Revenue from offset printing paper decreased by $8.09 million, or 60.8%, to $5.21 million for the nine months ended September 30, 2018, from $13.31 million for the same period of the prior year. The Company sold 6,191 tonnes of offset printing paper at an ASP of $842/tonne in the nine months ended September 30, 2018, compared to 20,098 tonnes at an ASP of $662/tonne in the same period of the prior year. Production of tissue paper was suspended in September and October 2017 for the replacement of coal boilers, and intermittent production resumed in the following months due to volatility in the price of tissue paper. We had no revenue from tissue paper products for the nine months ended September 30, 2018, compared to $2.09 million, resulting from sales of 1,619 tonnes at an ASP of $1,289/tonne, for the same period of the prior year. We expect to resume and increase production of tissue products once the market condition becomes more favorable. Revenue generated from digital photo paper were $13,822 for the nine months ended September 30, 2018. In June 2016, we suspended the production of digital photo paper due to low market demand for our products and now are upgrading the production line to produce more competitive products. We expect that our digital photo paper production will remain suspended for the near future. Gross Profit and Gross Margin Total cost of sales decreased by $7.08 million, or 10.9 %, to $58.16 million for the nine months ended September 30, 2018, from $65.24 million for the same period of the prior year. The decrease in overall cost of sales was mainly a result of decrease in sales volume, partially offset by increase of cost of recycled paper board and recycled white scrap paper. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $547, $538, $835, and $nil, respectively, for the nine months ended September 30, 2018, compared to $344, $328, $545, and $1,205, respectively, for the same period of the prior year. Total gross profit decreased by $12.76 million, or 78.1%, to $3.58 million for the nine months ended September 30, 2018, from $16.34 million for the sam
-
A National Treasure, Babe Ruth's 1924 Home Run Bat, Going to Auction
MILWAUKEE, Nov. 8, 2018 /PRNewswire/ -- In 1924 Babe Ruth hit his first home run of the season off a pitch thrown by Hall of Fame pitcher Walter Johnson. That Home Run Bat was signed at the end of the game and presented to high school senior Phil Grossman. Grossman was the winner of a highly publicized year-long batting contest sponsored by the LA Herald. The winner received the exact bat used by "The Babe" to hit the first home run of the 1924 season. The image of Ruth signing this 1924 Home Run Bat (shown here) is the only known image of Ruth autographing any bat in uniform. In addition to the photograph of Ruth signing the bat, there is a documented photo of Ruth crossing home plate after hitting the home run off Johnson. There are dozens of pictures and articles in a scrapbook assembled by recipient Grossman. This priceless scrapbook is included with the bat at auction. Grossman treasured the Babe Ruth Bat until his death in 1986. The bat then became the property of Grossman's nephew, Mike Robinson. Sadly, Robinson had the bat and scrapbook stolen in 1989 but after a 29-year search, the bat was recently located and returned to Robinson. The importance of both Babe Ruth and Walter Johnson to baseball cannot be overstated. Both men were among the first six baseball players to be inducted into the Baseball Hall of Fame. Babe Ruth's memorabilia is considered the "King of Collectibles." Seven (7) of the top fifteen (15) highest priced sports memorabilia items ever sold belonged to Babe Ruth. The highest price ever paid for any piece of sports memorabilia was Babe Ruth's 1920 jersey, which sold at auction in 2012 for $4,415,000. This bat is not only the most chronicled piece of sports memorabilia of all time, it also has the verification of the industry's top experts, receiving a GU10, the highest rating possible. Although the reserve/opening bid for this bat is $3,000,000, collectors are already speculating that this Babe Ruth 1924 Home Run Bat will sell for more than the 1920 Babe Ruth jersey, making it the most valuable piece of sports memorabilia of all time. For information about this bat and auction, please go to: www.1924baberuthbat.com Photo - https://mma.prnewswire.com/media/775181/Babe_Ruth_Home_Run_Bat.jpg Related Links :http://www.1924baberuthbat.com
-
Suning announces EUR 15 bn global procurement spend during CIIE
Suning held its Global Supply Chain Summit at the China International Import ExpoSHANGHAI, Nov. 8, 2018 /PRNewswire/ -- Suning Holdings Group ('Suning'), the commercial giant ranked second among the top 500 non-state-owned enterprises in China, has announced that the scale of its global procurement has now reached almost EUR 15 billion. Sun Weimin, Deputy Chairman of Suning.com made speech at the summit The milestone was revealed during the China International Import Expo (CIIE) in Shanghai - the first import-themed expo being held by the Chinese government this week. Suning chose the occasion to host its own '2018 Suning Global Supply Chain Summit'. Suning's event, held on 6th November, saw key figures from the retail industry and government discuss the opportunities presented by China's move to boost overseas imports. The country is projected to import products and services worth over USD 10 trillion in the next five years. Suning alone plans to import goods worth a further EUR 10 billion in the coming years. The business forecasts that more than 5,000 overseas brands will be introduced into the lucrative domestic market through Suning's smart retail platform and its global supply chain. Zhang Jindong, Chairman of Suning Holdings Group, said, "Building the win-win and complementary strategic relationship with mutual trust with more and more global business partners is an essential path for the company's future development." Suning is positioning itself as the best partner of retail channels in China. The group's smart retail subsidiary, Suning.com, is listed on the Fortune Global 500 and is the largest O2O retailer in China. It now has over 10,000 stores in more than 600 cities and earlier this year was ranked China's most valuable brand in the retail industry, with a brand value of 230.628 billion RMB. Sun Weimin, Deputy Chairman of Suning.com, told the audience, "The consumption upgrade in China is becoming the new impetus of growth in the global consumer market. After 40 years of reform, China is further opening its market, to increase overseas supply and meet these evolving domestic consumption trends." Suning took a 500-strong purchasing and sourcing team to CIIE where it explored partnerships with overseas brands from Europe, Japan, Australia and North America. Seven of its existing partners attended CIIE as guests: Whirlpool, A.O. Smith, Rinnai, Noritz, ANCO, Ariston and Metcash. Suning also brought Italian Football Club Internazionale Milano S.p.A., commonly referred to as Inter, and LAOX, one of the largest duty-free shopping corporationsin Japan, to exhibit at CIIE. Since its 2016 acquisition by Suning, Inter achieved partnerships with several influential brands including China Unicom, Beko and Maotai and is aiming to engage with more consumer brands and fans in the local market. Other speakers at the 2018 Suning Global Supply Chain Summit included Jin Hong, Deputy Minister of Ministry of Commerce Trade Development Council (China); Gonca Yilmaz Batur, Deputy Minister of the Turkish Ministry of Trade; Nora K. Terrado, Deputy Minister of Philippine Ministry of Industry and Trade; Jorge O'Ryan, Director of Prochile; Ottenberg Karsten, Chairman of Directors Board, CEO of BSH Home Appliance; Rebecca Wang, Vice President of Nestle Great China; and Robert Coviello, Asia Executive Director of Bunge Limited. Earlier this month, Suning.com revealed it had generated operating revenues totaling RMB 172.97 billion (USD 24.79 billion) during the first three quarters of 2018, up 31.15% year-on-year. Suning Group has annual revenues of RMB 557.9 billion (approximately EUR 69 billion). About Suning Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan respectively. In 2018, Suning Holding ranked second among the top 500 non-state-owned enterprises in China with annual revenue of 80.85 billion USD (557.88 billion RMB). With the mission of "Leading the Ecosystem across Industries by Creating Elite Quality of Life for All", Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Sports, Media &Entertainment, and Investment, among which Suning.com is listed on the 2017 and 2018 list of Fortune Global 500. www.suningholdings.com Photo - https://photos.prnasia.com/prnh/20181108/2294060-1 Related Links :http://www.suningholdings.com
-
Van Production Expands for Renault-Nissan-Mitsubishi in France
PARIS, November 8, 2018 /PRNewswire/ -- - Industry-leading plant in Maubeuge to become the small van center of excellence for the Alliance with allocation of next-generation Renault Kangoo and New Nissan NV250 - Renault Sandouville Plant to produce a new Mitsubishi Motors van based on Renault Trafic platform - New investment in manufacturing in France to expand production capacities for Renault-Nissan-Mitsubishi, emphasizing the importance of France to the Alliance Alliance Chairman and CEO Carlos Ghosn announced new van production for manufacturing facilities in Maubeuge and Sandouville, France. Maubeuge serves as Renault's small van center of excellence and Sandouville is the production center for the Renault Trafic van. By the end of the strategic plan, Alliance 2022, the Alliance aims to double annual synergies to €10 billion. To help achieve this target, Renault, Nissan and Mitsubishi Motors will accelerate collaboration on common platforms and common production facilities. In the presence of French President Emmanuel Macron, Alliance Chairman & CEO Carlos Ghosn announced these new investments in France. They toured the plant and met with employees and also visited the plant's advanced training center. "Groupe Renault's global van expertise is driving synergies across the Alliance to benefit all our customers. The Maubeuge and Sandouville plants provided the most attractive solution thanks to their competitiveness and ability to leverage Alliance common platforms. This year, Groupe Renault has announced a total investment in France of €1.4 billion to support two pillars of growth: pure electric and light commercial vehicles," said Carlos Ghosn. The Maubeuge plant, which ranks among the most efficient plants in France, will serve as the manufacturing hub for the next-generation Renault Kangoo family, which includes electric versions. Groupe Renault is investing €450 million for Kangoo production over five years. In 2019, 200 workers will be hired in order to support the van expansion. The Nissan NV250, a new small van based on the current Renault Kangoo platform, also will be produced at Maubeuge, beginning in mid-2019. Furthermore, as stated in their recent joint press conference in Paris, the Alliance and Daimler are reaffirming their partnership. Renault currently produces the Mercedes Citan van at the Maubeuge plant. Mitsubishi Motors also will benefit from Renault's van expertise, with the announcement that it will source a vehicle on the same platform as the Renault Trafic, built in Renault's Sandouville plant, for markets in Australia and New Zealand. https://www.alliance-2022.com/news/van-production-expands-for-renault-nissan-mitsubishi-in-france/
-
World Gold Council Launches Definitive Platform for Gold Data, Analytics and Research
LONDON, Nov. 8, 2018 /PRNewswire/ -- The World Gold Council today launched Goldhub, a market-leading source of data, insights and analytical tools aimed at helping investors understand gold's value as a strategic asset. Goldhub will arm investors with a wide range of data that is necessary when making informed decisions in relation to gold investment. In addition, for the first-time, investors will now also have access to interactive tools and expert research in a single, convenient online resource. John Reade, Chief Market Strategist and Head of Research at the World Gold Council, commented: "We believe Goldhub will be transformative, as it will help investors better understand how gold works and how to evaluate its role in their portfolios. Last year, we commissioned two research studies among institutional investors, and both cited a lack of data as a key reason for not investing in gold. Goldhub will fill that gap." Goldhub provides users with: - Vetted and validated data, with detailed methodology notes, from multiple public and commercial sources as well as the World Gold Council's own market data, to power informed investment decisions - Interactive tools include the portfolio simulator, which enables new and seasoned investors to create virtual portfolios and compare their historical performance including risk-adjusted returns. In addition, visual analytics and data download options will allow users to analyse gold market data, helping them develop and verify their own insights - A wealth of research on the role, drivers and performance of gold, which form a rich resource to support strategic asset management. The range of material also provides research and insights into specific areas of the gold market, such as developments in key markets such as China and India, the potential effect of macro-economic variables on the outlook for gold, or buying trends among central banks, to name a few. Goldhub can be accessed here. You can follow the World Gold Council on Twitter at @goldcouncil and Like on Facebook. Note to editors: Goldhub Goldhub is operated by the World Gold Council, the market development organisation for the gold industry. The World Gold Council works to ensure that content (including tools) included on Goldhub is correct and of high quality but does not make any representation or warranty in relation to that content, including its fitness for any particular purpose. For more information please visit our Goldhub website terms and conditions at www.goldhub.com. World Gold Council The World Gold Council is the market development organisation for the gold industry. Our purpose is to be the global authority on the gold market, provide industry leadership, and stimulate and sustain demand for gold. We develop gold-backed solutions, services and products, based on authoritative market insight and we work with a range of partners to put our ideas into action. We provide insights into the international gold markets, helping people to understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society. The membership of the World Gold Council includes the world's leading and most forward thinking gold mining companies.Related Links :http://www.goldhub.com
-
Manulife Hong Kong reports strong results for third quarter and first nine months of 2018
HONG KONG, Nov. 8, 2018 /PRNewswire/ -- The Manulife group of companies operating in Hong Kong ("Manulife Hong Kong") today reported financial results for the third quarter and the first nine months of 2018, marked by strong growth and new records. Results overview: Core earnings Quarterly core earnings of HK$1.1 billion, up 15% from the third quarter of 2017 Year-to-date core earnings of HK$3.4 billion, up 30% from the same period of 2017 Annualized premium equivalent (APE) sales Quarterly APE sales of HK$1.3 billion, up 12% from the third quarter of 2017 Year-to-date APE sales of HK$3.6 billion, up 12% from the same period of 2017 New business value (NBV) Quarterly NBV of HK$865 million, up 17% from the third quarter of 2017 Year-to-date NBV of HK$2.3 billion, up 28% from the same period of 2017 Premiums and deposits Record-high quarterly premiums and deposits of HK$18.3 billion, up 4% from the third quarter of 2017 Year-to-date premiums and deposits of HK$53.1 billion, up 15% from the same period of 2017 Wealth and asset management gross flows Quarterly wealth and asset management gross flows of HK$8.5 billion, up 1% from the third quarter of 2017 Year-to-date wealth and asset management gross flows of HK$24.8 billion, up 13% from the same period of 2017 Mandatory Provident Funds (MPF) market share increased to a new high of 23% based on assets under management as at September 30, 2018 and was 36.5% in terms of estimated net cash flows for the period from July 1 to September 30, 2018, further cementing its No. 1 MPF scheme sponsor position in the market Agency force: up 13% over the previous year to a record high of 7,936 agents "Manulife remains focused on customers and meeting their needs with tailored product solutions and enhanced customer experiences. This customer-first strategy has brought us another quarter of solid growth," said Guy Mills, Chief Executive Officer of Manulife Hong Kong. "At the same time, we have expanded the number of our agents to a record level to offer customers stronger expert support they need to plan for their financial and protection needs." Key Highlights of Manulife Hong Kong's financial results in the third quarter of 2018 Core earnings in the third quarter of 2018 rose to HK$1.1 billion, up 15% from HK$1.0 billion in the same quarter of 2017, mainly driven by business growth. Year-to-date core earnings in 2018 surged 30% to HK$3.4 billion from HK$2.6 billion in the same period of 2017. APE sales were HK$1.3 billion, an increase of 12% from HK$1.2 billion in the third quarter of 2017, driven by a successful product launch, continued success of critical illness product and strong growth in agency force. Year-to-date APE sales in 2018 were HK$3.6 billion, up 12% from HK$3.2 billion in the same period of 2017. Third quarter NBV was HK$865 million, up 17% from HK$739 million in the same quarter of 2017 due to higher sales and favourable product mix. Year-to-date NBV in 2018 was HK$2.3 billion, up 28% from HK$1.8 billion in the same period of 2017. Total premiums and deposits increased by 4% to a record high of HK$18.3 billion from HK$17.5 billion in the third quarter of 2017. Year-to-date premiums and deposits in 2018 increased by 15% to HK$53.1 billion from HK$46.0 billion in the same period of 2017, attributable to growth in new business and higher renewal premiums. Quarterly wealth and asset management gross flows increased to HK$8.5 billion, up 1% from HK$8.5 billion in the same quarter of 2017, attributable to the growth in mutual funds sales. Year-to-date wealth and asset management gross flows in 2018 increased by 13% to HK$24.8 billion from HK$21.8 billion in the same period of 2017. Manulife has further strengthened its No. 1 MPF scheme sponsor position in Hong Kong, with a market share of 23% in terms of assets under management as at September 30, 2018, and 36.5% in terms of estimated net cash flows for the period from July 1 to September 30, 2018. "In the third quarter, we completed the restructure of our MPF schemes, resulting in greater operational efficiency and savings which we have been passing back to our MPF customers through a broad fee reduction," Mr. Mills added. Manulife Hong Kong has been enhancing customer experiences with a host of digital solutions. About 40% of its eligible customers are already using "claimsimple.hk", a simple, fast and convenient online claims platform launched since early 2018. During the third quarter, the company further upgraded its electronic point of sales tools of its agency force to streamline the policy purchase process, giving customers a better experience. In the reporting quarter, Manulife Hong Kong garnered a number of prestigious awards. These included the "Insurance Company of the Year -- MPF Provider, Hong Kong" at The Asset Triple A Asset Servicing, Institutional Investor and Insurance Awards 2018, and two golds in the categories of Insurance Company and Provident Fund at the Reader's Digest Trusted Brand Awards. About Manulife Hong Kong Manulife Hong Kong offers a diverse range of protection and wealth products and services to individual and corporate customers via Manulife (International) Limited, Manulife Asset Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited, which are members of the Manulife group of companies. About Manulife Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of September 30, 2018, we had over C$1.1 trillion (HK$6.8 trillion) in assets under management and administration, and in the previous 12 months we made C$27.6 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Notes: i. Manulife Hong Kong includes all our Hong Kong businesses including insurance, insurance-based wealth accumulation products, and our wealth and asset management businesses. ii. All percentage changes are stated on a year-over-year basis, except for MPF market share. iii. Core earnings for Manulife Hong Kong include insurance and insurance-based wealth accumulation products, and exclude our wealth and asset management businesses. For a description of core earnings, see "Performance and Non-GAAP Measures" in Manulife's Third Quarter 2018 Management's Discussion and Analysis." iv. Annualized premium equivalent (APE) sales are presented to provide consistency of scope for NBV disclosures and industry practice. APE sales consist of insurance and insurance-based wealth accumulation products, and exclude our wealth and asset management businesses. They comprise 100% of regular premiums/deposits sales and 10% of single premiums/deposits sales. v. Premiums and deposits is a measure of top-line growth and is the aggregate of (i) general fund premiums, net of reinsurance, reported as premiums on Manulife's Consolidated Statements of Income, (ii) segregated fund deposits, excluding seed money, ("deposits from policyholders"), (iii) investment contract deposits, and (iv) mutual fund deposits. vi. New business value ("NBV") is the change in embedded value as a result of sales in the reporting period. NBV is calculated as the present value of shareholders' interests in expected future distributable earnings, after the cost of capital, on actual new business sold in the period using assumptions that are consistent with the assumptions used in the calculation of embedded value. NBV excludes businesses with immaterial insurance risks, such as Hong Kong's wealth and asset management businesses. NBV is a useful metric to evaluate the value created by Manulife Hong Kong's new business franchise. vii. Wealth and asset management gross flows is a new business measure comprised of all deposits into mutual funds and pension products. Gross flows is a common industry metric for WAM businesses as it provides a measure of how successful the businesses are at attracting assets. viii. MPF market shares are measured by scheme sponsor share of asset under management and net cash flows. Source: Table on p. 5 of Mercer MPF Market Shares Report as at September 30, 2018. Photo - https://photos.prnasia.com/prnh/20181108/2293958-1-b
-
ACCA: Emotional intelligence is vital for the success of professional accountants in a digital age
SINGAPORE, Nov. 8, 2018 /PRNewswire/ -- A new report from ACCA (Association of Chartered Certified Accountants) examines the role of emotional intelligence in developing the accountancy profession needed for a fast-evolving digital age. To the casual observer, emotions and accountancy can seem like unrelated concepts from two separate worlds. But to succeed in an era of increasing digitisation, professional accountants need a rounded set of skills that go beyond technical knowledge, important as it is. ACCA refers to these skills as the professional quotients -- a unique model that encapsulates technical excellence, ethics, and a range of personal skills and qualities, one of which is the emotional quotient. The findings from the report, Emotional quotient in a digital age, inform the view on both the level of EQ among accountancy respondents in this digital age, as well as the impact of technology on their need for EQ. Speaking about the emotional quotient research, Helen Brand OBE, chief executive of ACCA said: "Many people have an intuitive sense of EQ, often expressed as something to do with emotions and interacting effectively with people. But it is important to go beyond this and critically reflect on the value embedded in emotions in today's digital age. Being able to effectively harness this value is vital for success." The report notes that developing one's EQ requires working on a range of competencies including a growth mindset, self-knowledge, perspective-taking, empathy and influence. The growth mindset emerged as a key enabler for the development of EQ and is a point of high leverage -- for example, improvements here can help with those needed across all emotional competencies more generally. The findings also showed that experience can be an enabler for improving EQ with higher scores for many competencies being correlated with the level of exposure to situations needing that competency. An implication of this is that EQ can be learned -- it is not a magic trick, and like most other skills, it can be developed and improved over time. The more one focuses on it, the better it becomes. A unique diagnostic tool has been launched alongside the report for individuals to self-assess their level of EQ against a credible global benchmark specific to the accountancy profession. The tool provides practical guidance on how to improve effectiveness in this competency. The report also explores the multi-dimensional impact of technology on the need for EQ in professional accountants. This impact is articulated along six areas, namely: change readiness, increased diversity, ethics and beliefs, cognition and learning, human-machine interaction and shifting power (softer, rather than directive, forms of influencing). "Our report on the emotional quotient represents one step in our long-term commitment to providing the finance leaders and strategic professionals who will create the accountancy profession the world needs," concluded Helen Brand. ACCA officially launched the report at The World Congress of Accountants 2018 in Sydney, Australia. The theme of the event is 'Global Challenges. Global Leaders' a topical area highlighting the importance of leadership in dealing with emerging threats that cut across boundaries. In this context, forming effective partnerships and developing strategic professionals who can truly think ahead with an emotionally intelligent mind-set has never been more important. Emotional quotient in a digital age surveyed 4,660 respondents primarily comprising ACCA students, members and affiliates, with a small sample from 20 other International Federation of Accountants (IFAC) bodies. Respondents were from 139 countries. A series of interactive workshops were also carried out with 120 professional accountants participating in Australia, Canada, China, India, Malaysia, Nigeria, Pakistan, Singapore and the UK to determine the impact of EQ. About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence. ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.comRelated Links :http://www.accaglobal.com
-
Deoleo completes 25 million-euro capital increase to drive international growth
Trading of the new shares begins today. The proceeds will help Deoleo focus on growth in international markets, enhancing the company's leading brands while forging strategic agreements with suppliers that are committed to quality. CVC Fund VI has reached a 56.40% share in the new capital, a clear sign of its commitment to Deoleo's executive team and business plan. Over 2,000 minority shareholders have also participated in the capital increase. MADRID, Nov. 8, 2018 /PRNewswire/ -- Deoleo has successfully completed the capital increase announced in April 2018 and carried out in October for a nominal amount of 25,018,022 euros through the issuance of 250,180,220 shares. The funds raised will allow Deoleo to focus on international markets with high growth potential, support for the company's leading brands, whilst also forging strategic business agreements with providers who are committed to quality. OLE Investments, an indirect investee of CVC Fund VI, Deoleo's majority shareholder, now has 56.40% in the company's share capital. The fund had already announced that it would fully cover the issue, reiterating its firm support for the current executive team and the business plan which seeks to continue driving long-term growth. In addition, more than 2,000 minority shareholders have participated in the capital increase. Deoleo's new share capital has been fixed at 140,485,816.90 euros, represented by 1,404,858,169 shares, each of a par value of 0.10 euros. The new shares stemming from the increase have begun trading on the Stock Exchanges of Madrid, Barcelona, Bilbao and Valencia today. The purpose of this capital increase in Deoleo, which currently enjoys a 10.2%[1] share of the worldwide olive oil market, is to strengthen its award-winning brands: BERTOLLI®, Carbonell and Carapelli. Deoleo will deliver commercial innovation through the global refresh of the world-leading Bertolli brand and the launch of its premium range under the Carapelli and Hojiblanca brands in Spain. In addition, Deoleo continues to expand its range of organic olive oils as customer demand for organic food and products grows. Deoleo is focusing on an olive oil production and sales model firmly based on value and quality. This model will be rolled out across the entire production chain, from the olive grove to the shop shelf. [1] Euromonitor 2017 ABOUT DEOLEO (BME:OLE) Deoleo is a Spanish multinational food company and the world's top selling olive oil bottler, present in over 80 countries on the five continents. It has factories in Spain and Italy and sales offices in 15 countries. Deoleo has leading global brands, such as Bertolli, the best-selling brand in the United States, Carapelli and Sasso; and the Spanish brands Carbonell, Hojiblanca and Koipe. View original content:http://www.prnewswire.com/news-releases/deoleo-completes-25-million-euro-capital-increase-to-drive-international-growth-300745757.html
-
Training The Street Enters Hong Kong Market, Expanding Global Reach
NEW YORK, Nov. 7, 2018 /PRNewswire/ -- Training The Street (www.TrainingTheStreet.com), the leading corporate training provider for Wall Street firms and top-tier business schools, today announced a strategic expansion into the Hong Kong market, providing an opportunity to better service all of Asia. Longtime finance professional Jung Suh is based in Hong Kong and will provide training in the region. Suh is formerly a managing director of ZZ Capital International, a Hong Kong-based private equity firm, where he led and managed a broad range of M&A activities and evaluated public and private equity investments across multiple sectors and geographies. Earlier, Suh spent nine years at Bank of America Merrill Lynch in New York and Hong Kong, where he spent over six years in the M&A group executing and originating M&A transactions for clients across the Asia-Pacific region. "We're thrilled to be able to enter the Hong Kong market with someone of Jung Suh's caliber," said Scott Rostan, founder and CEO of Training The Street. "Suh brings a wealth of relevant experience that extends the scope of our services to firms and students throughout the continent." Chirag Saraiya, principal at Training The Street, who has led training seminars throughout the world, including Asia, noted that having Suh based in Hong Kong provides the firm with the ability "to provide the same high level of service that we provide in North America, Europe, Latin America and the Middle East." About Training The Street Training The Street (TTS) is the world's leading provider of instructor-led courses in accounting, asset management, capital markets, financial modeling and corporate valuation training to Wall Street investment banks, federal government agencies, law firms, business schools, and top colleges. With offices in the financial hubs across the U.S., as well as an office in London, India and Hong Kong, TTS boasts a deep field of expert instructors and extensive practical experience. Currently, TTS is offering live training programs to interns, analysts and associates at nearly 200 banks and corporate businesses, including Wall Street's 10 largest banks, as well as the 20 highest ranked MBA programs in the nation. For more information, please visit www.trainingthestreet.com.Related Links :http://www.trainingthestreet.com
-
Sansiri strengthens its global vision by driving The Standard's aggressive international expansion of an additional 15 hotels in 5 years and the
BANGKOK, Nov. 7, 2018 /PRNewswire/ -- As part of its recent expansion into the global hospitality, technology and lifestyle industries through an investment worth US$80 million in six global brands, Sansiri has announced the arrival in the Thai market of The Standard Hotels and Residences as part of its wider global expansion and Asia's first launch of the One Night spontaneous hotel booking app in Bangkok. The brands' move to Asia followed a rapid growth fueled by significant investments from Sansiri last year. Apichart Chutrakul (Center), Chief Executive Officer, Sansiri Public Company Limited, Amar Lalvani (Left), Chief Executive Officer, Standard International and Jimmy Suh (Right), President and Co-founder of One Night jointly announced The Standard Hotels global expansion plans and Asia’s first launch of the One Night spontaneous hotel booking app in Bangkok. Apichart Chutrakul, Chief Executive Officer, Sansiri Public Company Limited, said: "In November 2017, we announced our investments in several global brands that are leaders in the hospitality, technology and lifestyle businesses as part of Sansiri's move to expand our collaborative, multi-disciplinary portfolio beyond real estate development. I'm delighted to share that only one year on, the investment has helped to fuel impressive growth that will see two of the brands -- The Standard and One Night -- expand into the lucrative Asian markets, with Thailand as their first port of call." The Standard, considered the most powerful brand in the boutique hotel business, doubled its secured global footprint following Sansiri's acquisition of a 35% stake in the parent company for US$58 million. Ten properties are slated to open across the world including two in Thailand over the next few years, as part of its five-year plan to develop 20 hotels globally in thriving urban and intriguing resort locations, including London (opening Q1:2019), Paris, Milan, Berlin, Lisbon, Prague, Madrid, Chicago, Las Vegas, New Orleans, Atlanta, Dubai, Singapore, mainland China, Hong Kong, Taiwan, Bangkok, Phuket, Hua Hin, Jakarta and Bali. Amar Lalvani, CEO, Standard International, said: "The arrival of The Standard brand in new locations across the world, including Thailand, will bring our unique approach to hospitality to many more people to enjoy. We create spaces that are culturally relevant to each market brought to life through our thoughtfully designed spaces and experiences for guests and locals alike." "Our first hotel in Thailand will be in Phuket where we will also introduce the first Standard Residences product in partnership with Sansiri. Thailand is a particularly attractive market with the growth in visitor, and the fit with The Standard brand giving its thriving culinary, fashion and arts scene. We have chosen to open our regional office in Bangkok to oversee all of our operations in Asia and the Middle East." With its existing portfolio of six properties and a combined 1,200 rooms (including the soon to open London property), The Standard generates annual property level revenue of approximately US$200 million, with an average occupancy rate of 85%, and 121% revenue per available room (RevPar) relative to its comparable set of hotels. Standard also has a very high percentage of direct bookings and repeat guests which are further indicators of the brand's strength relative to its competitors. Jimmy Suh, President and Co-founder of One Night, said, "We are excited to announce the launch of Bangkok, marking One Night's expansion into Asia. As a 24x7 city that works hard and plays hard, Bangkok represents the ideal market for One Night - a last-minute hotel booking app offering a highly curated collection of the most sought-after independent hotels at the lowest rates." "One Night celebrates spontaneous living and experiential travel catering to today's on-demand service economy. Moreover, hotels are becoming increasingly popular by locals who wish to escape their daily routine with a 'staycation' in their own cities." In addition to Bangkok, One Night is operating in 15 major cities in the United States and London with over 170 independent hotels. One Night is projected to be in 30 cities by year-end 2019, including more cities in Asia and Europe. "The strategic partnerships with such strong and exciting brands will strengthen Sansiri's core real estate business. Consumers will also benefit from having access to services provided by truly world-class leaders. The arrival of both The Standard and One Night in the Thai market marks another important step to be followed by several more in the future," concluded Chutrakul. Media Contact:Sansiri PLCMark KingpayomTel. +6681-905-8085Email: mark@sansiri.com Photo - https://photos.prnasia.com/prnh/20181106/2290912-1
-
PSP Investments and Tishman Speyer complete sale of major Paris office property to Societe Generale Insurance
LONDON, PARIS and MONTREAL, Nov. 7, 2018 /PRNewswire/ -- Tishman Speyer, one of the world's leading owners, developers, operators and fund managers of first-class real estate around the world, and the Public Sector Pension Investment Board ("PSP Investments"), one of Canada's largest pension investment managers, today announced the sale of Tour Pacific to Societe Generale Insurance for an undisclosed amount. PSP Investments and Tishman Speyer acquired the 53,000 sq.m. office building, located in Paris' La Defense business district, in 2013. Following an extensive renovation and refurbishment program that transformed this 20-year-old office tower into a modern and efficient building, they have successfully leased approximately 50,000 sq.m. to over 30 tenants including CA Technologies, McAfee, Whirlpool, Manhattan Associates, RSA, NTT and Accenture. Tour Pacific's tenants benefit from an iconic and modern design, direct access to natural light and a rooftop garden, in addition to new amenities such as a lounge, conference centre and fitness space. The building is also well-connected to major transport hubs, making it easily accessible by bus, metro, train and tram. The building is certified HQE Exploitation Excellent and Wired Certified Platinum. "Tishman Speyer is very proud of our contribution to the transformation of Tour Pacific," said Philippe Joland, Senior Managing Director, President of Tishman Speyer France SAS. "Our goal was to attract clients in the 800-3,000 sq.m. segment by creating a highly appealing office building with new services and amenities, while providing a great work environment for the end users. We also believe that managing the asset directly creates additional value through the development of a unique relationship with the tenants. Tour Pacific has become a long-term, high-quality asset with a core profile as evidenced by the sale to Societe Generale Insurance." "Tour Pacific is an exemplary case of PSP's ability to align itself with best-in-class partners to execute on tactical value creation strategies in core global markets," said Stephane Jalbert, Managing Director, Real Estate (Europe and Asia Pacific) at PSP Investments. "Tour Pacific was modernized through a comprehensive refurbishment to meet the demands and expectations of today's tenants, while taking advantage of the unique building design and vibrant La Défense submarket." About PSP InvestmentsThe Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investment managers with CAD$153 billion of net assets as of March 31, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow us on Twitter and LinkedIn. About Tishman Speyer (tishmanspeyer.com) Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in 28 key global markets for industry-leading tenants. The firm has acquired, developed and operated a portfolio of over 167 million square feet with a total value of approximately US $88 billion spread over 406 assets. Signature assets include New York City's Rockefeller Center, São Paulo's Torre Norte, The Springs in Shanghai, Lumière in Paris and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Boston, Brasília, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office properties in Berlin, Chicago and London. About Societe Generale Insurance Societe Generale Insurance is at the heart of Societe Generale Group's development strategy, in synergy with all its retail and private banking distribution networks in France and abroad. Societe Generale Insurance also pursues the expansion of its distribution model through the development of external partnerships. Present in France with Sogecap, Antarius, Sogessur and Oradea Vie, and in 10 countries abroad, Societe Generale Insurance offers a full range of products and services to meet the needs of individual, professional and corporate clients in Life Insurance Savings, Retirement Savings and Personal Protection. Drawing on the expertise of its 2,600 employees, Societe Generale Insurance posted revenues of 11.8 billion euros in 2017. It manages 114 billion euros of outstandings and 22 million contracts. Sogecap is rated A- by Standard & Poor's. For more information, you can follow us on Twitter @SG_Assurances or visit our website http://www.assurances.societegenerale.com. For further information: PSP Investments, Verena Garofalo, +1 514 218 3795, media@investpsp.com; Tishman Speyer, Caroline Simon, +33 1 53 70 74 65, Caroline.simon@image7.fr Related Links :http://investpsp.com
