Historical Research – Arbeia Society http://arbeiasociety.org.uk/ Tue, 17 Aug 2021 13:07:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://arbeiasociety.org.uk/wp-content/uploads/2021/07/icon-3-150x150.png Historical Research – Arbeia Society http://arbeiasociety.org.uk/ 32 32 PJSC Mechel : Mechel Reports the FY2020 Financial Results | 2021-03-11 | Press Releases https://arbeiasociety.org.uk/pjsc-mechel-mechel-reports-the-fy2020-financial-results-2021-03-11-press-releases/ https://arbeiasociety.org.uk/pjsc-mechel-mechel-reports-the-fy2020-financial-results-2021-03-11-press-releases/#respond Thu, 12 Aug 2021 13:05:35 +0000 https://arbeiasociety.org.uk/?p=467 [*] Consolidated revenue – 265.5 bln rubles (-8% compared to FY 2019) EBITDA[*]- 41.1 bln rubles (-23% compared to FY 2019) Profit attributable to equity shareholders of Mechel PAO – 808 mln rubles MOSCOW, RUSSIA / ACCESSWIRE / March 11, 2021 / Mechel PAO (MOEX: MTLR, NYSE: MTL), a leading Russian mining and steel group, […]]]>

[*]

Consolidated revenue – 265.5 bln rubles (-8% compared to FY 2019)

EBITDA[*]- 41.1 bln rubles (-23% compared to FY 2019)

Profit attributable to equity shareholders of Mechel PAO – 808 mln rubles

MOSCOW, RUSSIA / ACCESSWIRE / March 11, 2021 / Mechel PAO (MOEX: MTLR, NYSE: MTL), a leading Russian mining and steel group, announces financial results for the FY 2020.

Mechel PAO’s Chief Executive Officer Oleg Korzhov commented:

“The Group’s consolidated revenue in 2020 totaled 265.5 billion rubles, which is 8% less compared to 2019. EBITDA amounted to 41.1 billion rubles, which is 23% less year-on-year.

“The mining division accounted for about 60% of the decrease in revenue. This was due to a significant decrease in coal prices year-on-year. In conditions of coronavirus limitations, many steelmakers around the world cut down on production, which could not fail to affect the demand for metallurgical coals and their price accordingly. By the year’s end the market demonstrated signs of a recovery, but due to China’s restrictions on Australian coal imports, coal prices outside on China remained low under this pressure. High prices in China have supported our mining division’s revenue to a certain extent. In 4Q2020 we increased shipments to China as best we could considering our long-term contractual obligations to partners from other countries. These circumstances became in many ways the reason for a decrease in our consolidated EBITDA. In Mechel’s other divisions EBITDA dynamics were positive year-on-year.

“The decrease in the steel division’s revenue was also due to the coronavirus pandemic. As many steel consumers cut down on operations, demand for some of our steel facilities’ products demonstrated a noticeable reduction. Unfortunately, this decline often concerned high value-added products, such as stampings.

“I would like to note separately that our facilities maintained stable operations despite the complications we had to face last year, increasing coal output by 10%, pig iron output by 6% and steel by 1%. The steel division’s production growth was due to completion of major overhauls of Chelyabinsk Metallurgical Plant’s blast furnace and converter. As we do not plan such major repairs in 2021, we expect steel output to grow 10% year-on-year and top 4 million tonnes. Coal mining went up due to increasing of our mining equipment fleet and stripping and mining volumes at Southern Kuzbass Coal Company.

“We continue implementing programs developing our facilities and upgrading equipment. We pay extra attention to the ecological component of our operations. New investment projects include measures on decreasing waste emissions into air and water. For instance, in Chelyabinsk in the frameworks of federal project “Clean air” the Company has concluded two ecological agreements with government authorities and one more additional agreement related to water bodies’ impact reduction. Under these agreements we committed to decrease air emissions by 15 thousand tonnes per year and aquatic disposals three-fold. Total volume of investments with regard to these agreements will amount to 14.5 bln rubles. In order for these efforts to be consistent and systematic, we have inaugurated a position of deputy chief executive officer for ecology and environment protection. We are sure that this step will enable us to speed up implementation of our ecological programs and bring in modern methods of managing environment protection at the Group’s facilities.

“The market trends that are forming in early 2021 are favorable for the Group. The current price trend, combined with stable output and sales, will enable us to generate sufficient cash flow to service our loans, decrease our leverage, finance investment projects and our facilities’ development.

Consolidated Results For The Full Year 2020

Mln rubles

FY 2020

FY 20191

%

4Q’ 20

3Q’ 20

%

Revenue

from contracts with external customers

265 454

287 153

-8%

69 257

64 424

8%

Operating profit

19 925

34 200

-42%

7 902

6 353

24%

EBITDA

41 051

53 092

-23%

9689

9 349

4%

EBITDA, margin

15%

18%

14%

15%

Profit / (loss)

attributable to equity shareholders of Mechel PAO

808

2 409

-66%

16 571

(25 959)

1 These amounts reflect adjustments made in connection with the presentation of the discontinued operation.

Mechel PAO’s Deputy Chief Executive Officer for Economics and Finance Nelli Galeeva commented:

“Consolidated EBITDA in 2020 amounted to 41.1 billion rubles. Profit attributable to equity shareholders of Mechel PAO amounted to 0.8 billion rubles, which is 1.6 billion rubles less than in 2019. Foreign exchange losses on foreign currency liabilities due to a weaker ruble against the US dollar and the euro in this reporting period, which grew by 54.7 billion rubles, had a key impact on this result’s dynamics, though it was partly offset by the positive effect from the sale of Elga Coal Complex’s companies.

“The Group improved its financial results in 4Q2020 – revenue from sales to third parties in 4Q2020 went up by 8% quarter-on-quarter and amounted to 69.3 billion rubles, consolidated EBITDA reached 9.7 billion rubles, which is 4% more than in 3Q2020. Profit attributable to equity shareholders of Mechel PAO in 4Q2020 amounted to 16.6 billion rubles, which is 42.6 billion rubles more than in 3Q2020, when we registered a loss attributable to equity shareholders of Mechel PAO, amounting to 26 billion rubles. Apart from operational efficiency, the growth of foreign exchange gains on foreign currency liabilities, amounting to 30 billion rubles due to a stronger ruble in this reporting period, also had a major impact on this figure’s dynamics.

“The operating cash flow went down by 19.8 billion rubles (37.9 billion rubles in 2020 as compared to 57.7 billion rubles in 2019). This was largely caused by a decrease in revenue as coal prices in the global market reduced, as well as sales of stampings in our steel segment. The operating cash flow in 4Q2020 went up to 9 billion rubles from 4.8 billion rubles in 3Q2020. The cash flow remains sufficient not only for financing the Group’s operational needs, but also for decreasing debt leverage.

“In 2020, finance costs went down by 8.8 billion rubles or 26% year-on-year. This was due to our partial repayment of loans with Gazprombank and VTB Bank using the gain on the Elga Coal Complex sale and the decrease of the Bank of Russia’s key interest rate.

“The same factors had their impact on the decrease of the amount of interest paid, including capitalized interest and lease interest. In 2020 this parameter amounted to 23 billion rubles, which is 8.2 billion or 26.3% less compared to 31.2 billion rubles in 2019.

“In 4Q2020 the amount of interest paid, including capitalized interest and lease interest, went up due to the change in average currency exchange rates of euro and dollar and reached 4.3 billion rubles as compared to 4.1 billion in 3Q2020.

“As of today, the company’s average debt portfolio cost is 5.4% per annum.

“As of December 31, 2020, the Group’s net debt excluding fines, penalties on overdue amounts and options went down by 74.8 billion rubles as compared to December 31, 2019, and amounted to 325.6 billion rubles. This was due to net loan settlement totaling 99.5 billion rubles, mostly as we repaid loans granted by Gazprombank and VTB Bank with cash received from sale of assets and decreased debt due to the effect of discontinued operations related to disposal of companies comprising Elga Coal Complex for a total of 9.5 billion rubles, and which was partly offset by the foreign exchange losses to the effect of 36.1 billion rubles due to the ruble’s weakening against the US dollar and the euro.

“The Net Debt to EBITDA ratio amounted to 7.9 by the end of 2020, as compared to 7.5 at the end of 2019. This growth is due primarily to the growth of the ruble value of the debt’s foreign currency share as the ruble depreciated against the US dollar and the euro as of December 31, 2020, as compared to December 31, 2019, as well as decreased EBITDA in the past 12 months ending December 31, 2020.

“The debt portfolio’s structure currently consists of 55% in rubles and the rest in foreign currency. The share of state-controlled banks is 86%.”

Mining Segment

Revenue from contracts with external customers in 4Q2020 went up by 7% quarter-on-quarter due to improved trends in metallurgical coal markets. EBITDA in 4Q2020 went up by 2% as prices for our entire product range went up. The dynamics were held back by an increase in costs of sales due to both lower coal output and sales, and seasonal factors.

Revenue from sales to third parties in 2020 went down by 15% year-on-year. The division’s EBITDA in this period went down by 34% year-on-year. This was primarily due to a major decline in prices for all types of coal products as compared to the previous year.

Mechel Mining Management OOO’s Chief Executive Officer Igor Khafizov noted:

“The weakness of metallurgical coal market had the key impact on the division’s financial dynamics in 2020. Almost the entire year coal prices moved downwards under pressure from reducing demand for steel due to quarantine limitations introduced by many countries. Average coking coal concentrate prices on FCA basis went down 37% year-on-year, prices for anthracites and PCI went down 30%. Only iron ore concentrate demonstrated confident positive dynamics last year.

“Even though the volume of metallurgical coal sales to third parties in 2020 went up 15% compared to 2019, revenue from contracts with external customers went down by 15%. The same factors led to EBITDA’s 34-percent decrease year-on-year. At the same time, average unit costs at our mining facilities in 2020 was lower than in 2019.

“Despite the revisions the new coronavirus pandemic brought into the division’s life and operations last year, the division’s facilities continued to work as normal, fully complying with all state requirements protecting our staff’s health. As a result, coal mining went up 10% year-on-year, mostly due to restored operational volumes at Southern Kuzbass Coal Company.

“We continue to work on restoring operational volumes at our facilities. We work on improving the efficiency of contractors involved in our operations. Yakutugol Holding Company, Southern Kuzbass Coal Company and Korshunov Mining Plant have developed and are now implementing target financing programs aimed at upgrading our washing plants and improving their efficiency. We continue with upgrading our mining transport fleet. The division’s coke and chemical facilities implement technical upgrades of their production equipment, paying special attention to the ecological component and decreasing our operations’ impact on the environment.”

Mln rubles

FY 2020

FY 20191

%

4Q’ 20

3Q’ 20

%

Revenue

from contracts with external customers

70 881

83 517

-15%

18 411

17 190

7%

Revenue

inter-segment

34 402

37 710

-9%

9 475

8 232

15%

EBITDA

26259

39 669

-34%

6 513

6 406

2%

EBITDA, margin

25%

33%

23%

25%

1 These amounts reflect adjustments made in connection with the presentation of the discontinued operation.

Steel Segment

In 4Q2020 revenue from sales to external customers went up by 4% quarter-on-quarter due to higher sales prices for steel products. The fourth quarter was defined by an explosive growth of prices for the construction product range, caused by lack of supply on the market due to China’s high demand for steel as well as limited supply due to slow comeback of steelmaking facilities after coronavirus limitations in the first half of 2020. As such, EBITDA in 4Q2020 remained unchanged quarter-on-quarter.

Revenue from sales to third parties in 2020 went down by 5% year-on-year due to a decrease in sales of stampings, particularly railway axles as demand for new railcars decreased as compared to 2019. EBITDA in this reporting period went up 8% year-on-year as the share of high value-added products went up and costs of sales went down.

Mechel Steel Management Company OOO’s Chief Executive Officer Andrey Ponomarev noted:

“In 2020, the division demonstrated a 5% decline in revenue from contracts with external customers as compared to 2019. Various factors had an impact on this figure’s dynamics. On the one hand, we have increased sales of high value-added products such as rails and sections manufactured by Chelyabinsk Metallurgical Plant’s universal rolling mill, as well as flat rolls. As output of high value-added products was on high priority, we somewhat decreased rebar sales. Also, due to weaker consumer needs, sales of stampings and some types of hardware also declined. Nevertheless, the division’s overall shipment volumes remained practically unchanged in this reporting period year-on-year. On the other hand, some of the division’s products suffered from negative price dynamics. Despite stronger steel prices on the global and domestic markets in late 2020, average prices registered year-on-year growth only for rails, forgings and stampings, as well as wire ropes. The dramatic rise of steel prices in December did not have a major impact on the reporting period’s revenue, but will have a positive influence on this year’s financial results.

“Despite a lower revenue, EBITDA in 2020 went up 8% as compared to 2019. This was the result of our focusing on output of the most profitable products as well as reducing unit production costs as coking coal prices went down.

“Overall, last year the division demonstrated stable operational results and an ability to adapt its production plans to changing market trends as the coronavirus infection spread. We continue to implement repair programs aimed at expanding our product range, improving product quality and decreasing our operations’ impact on the environment.”

Mln rubles

FY 2020

FY 20191

%

4Q’ 20

3Q’ 20

%

Revenue

from contracts with external customers

166 885

174 850

-5%

43 131

41 354

4%

Revenue

inter-segment

6 626

6 068

9%

1 875

1 299

44%

EBITDA

13 154

12 170

8%

3 034

3 022

0%

EBITDA, margin

8%

7%

7%

7%

1 These amounts reflect adjustments made in connection with the presentation of the discontinued operation.

Power Segment

Mechel-Energo OOO’s Chief Executive Officer Denis Graf noted:

“The division’s financial results in 4Q2020 improved as expected quarter-on-quarter as the heating season began and the summer campaign of repairs to key generating equipment ended. The 4% decrease in revenue in 2020 as compared to 2019 was due to a decrease in electricity generation as we increased the volume of repairs to our key and supplemental equipment in accordance with our production plans. Also, higher outside temperatures led to a late start for the heating season, which had an impact on heat generation. At the same time, EBITDA went up 67% year-on-year due to the growth of unregulated capacity prices on the wholesale electric power and capacity market, as well as higher retail markup year-on-year and lower production costs.”

Mln rubles

FY 2020

FY 20191

%

4Q’ 20

3Q’ 20

%

Revenue

from contracts with external customers

27 688

28 786

-4%

7 716

5 879

31%

Revenue

inter-segment

15 769

15 541

1%

4 191

3 569

17%

EBITDA

2 349

1 409

67%

807

254

218%

EBITDA, margin

5%

3%

7%

3%

1 These amounts reflect adjustments made in connection with the presentation of the discontinued operation.

***

Mechel PAO

Alexey Lukashov

Phone: +7 495 221 88 88

alexey.lukashov@mechel.com

***

Mechel is an international mining and steel company. Its products are marketed in Europe, Asia, North America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

***

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.


Attachments to the Press Release

Attachment A

Non-IFRS financial measures. This press release includes financial information prepared in accordance with International Financial Reporting Standards, or IFRS, as well as other financial measures referred to as non-IFRS. The non-IFRS financial measures should be considered in addition to, but not as a substitute for the information prepared in accordance with IFRS.

Adjusted EBITDA (EBITDA) represents profit (loss) attributable to equity shareholders of Mechel PAO before Depreciation and amortisation, Foreign exchange (gain) loss, net, Finance costs including fines and penalties on overdue loans and borrowings and lease payments, Finance income, Impairment of goodwill and other non-current assets, net, Net result on the disposal of non-current assets, Allowance for expected credit losses on financial assets, Provision (reversal of provision) for doubtful accounts, Write-off of trade and other receivables and payables, net, Change in provision (reversal of provision) for inventories at net realisable value, (Profit) loss after tax for the period from discontinued operations, Net result on the disposal of subsidiaries, Profit (loss) attributable to non-controlling interests, Income tax expense (benefit), Effect of pension obligations, Other fines and penalties and Other one-off items. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of our Revenue. Our adjusted EBITDA may not be similar to EBITDA measures of other companies. Adjusted EBITDA is not a measurement under IFRS and should be considered in addition to, but not as a substitute for the information contained in ourconsolidated statement of profit (loss) and other comprehensive income. We believe that our adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation, amortisation and impairment of goodwill and other non-current assets are considered operating expenses under IFRS, these expenses primarily represent the non-cash current period allocation of costs associated with non-current assets acquired or constructed in prior periods. Our adjusted EBITDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the metals and mining industry.

Our calculation of Net debt, excluding fines and penalties on overdue amounts**[†]is presented below:

Mln rubles

31.12.2020 31.12.2019

Current loans and borrowings, excluding interest payable, fines and penalties on overdue amounts

301 609 370 206

Interest payable

9 750 9 014

Non-current loans and borrowings

2 201 7 205

Other non-current financial liabilities

1 901 48 303

Other current financial liabilities

324 147

less Cash and cash equivalents

(1706 ) (3,509 )

Net debt, excluding lease liabilities, fines and penalties on overdue amounts

314 079 431 366

Current lease liabilities

7 535 10 353

Non-current lease liabilities

3 958 7 002

Net debt, excluding fines and penalties on overdue amounts

325 572 448 721

EBITDA can be reconciled to our consolidated statement of profit (loss) and other comprehensive income as follows:

Consolidated Results

Mining Segment ***

Steel Segment***

Power Segment***

Mln rubles

12m2020

12m2019*

12m2020

12m2019*

12m2020

12m2019*

12m2020

12m2019*

Profit (loss) attributable to equity shareholders of Mechel PAO

808

2 409

38 742

4 253

(34 383)

5 938

(1 081)

351

Add:

Depreciation and amortisation

14 286

13 410

7 463

6 775

6 335

6 153

488

482

Foreign exchange loss (gain), net

36 388

(18 288)

7 400

(3 423)

28 928

(14 841)

59

(24)

Finance costs including fines and penalties on overdue loans and borrowings and lease payments

25 145

33 863

12 408

19 164

14 403

14 839

447

653

Finance income

(3 504)

(590)

(2 289)

(901)

(3 306)

(450)

(23)

(31)

Impairment of goodwill and other non-current assets, net and loss on write-off of non-current assets, allowance for expected credit losses on financial assets, provision (reversal of provision) for doubtful accounts, write-off of trade and other receivables and payables, net and change in provision (reversal of provision) for inventories at net realisable value

3 626

3 646

3 485

5 467

4

(1 835)

138

12

(Profit) loss after tax for the period from discontinued operations

(41 609)

6 790

(41 651)

6 962

(39)

(132)

Net result on the disposal of subsidiaries

23

23

Profit attributable to non-controlling interests

648

1 876

110

701

217

996

321

180

Income tax expense (benefit)

2 528

7 913

(149)

20

676

503

(34)

333

Effect of pension obligations

169

188

118

138

46

47

5

4

Other fines and penalties

3 001

1 874

880

513

291

859

2 148

(419)

Other one-off items

(458)

(258)

(80)

(119)

EBITDA

41 051

53 092

26 259

39 669

13 154

12 170

2 349

1 409

EBITDA, margin

15%

18%

25%

33%

8%

7%

5%

3%

Consolidated Results

Mining Segment ***

Steel Segment***

Power Segment***

Mln rubles

4q 2020

3q 2020

4q 2020

3q 2020

4q 2020

3q 2020

4q 2020

3q 2020

?rofit (loss) attributable to equity shareholders of Mechel PAO

16 571

(25 959)

9 530

(3 368)

5 142

(21 487)

260

63

Add:

Depreciation and amortisation

4 005

3 338

2 342

1 685

1 530

1 538

132

116

Foreign exchange (gain) loss, net

(6 261)

23 710

(1 814)

3 975

(4 437)

19 702

(9)

34

Finance costs including fines and penalties on overdue loans and borrowings and lease payments

5 501

5 379

2 268

2 496

3 854

3 518

97

95

Finance income

(2 735)

(240)

(533)

(812)

(2 917)

(154)

(4)

(4)

Impairment of goodwill and other non-current assets, net and loss on write-off of non-current assets, allowance for expected credit losses on financial assets, provision (reversal of provision) for doubtful accounts, write-off of trade and other receivables and payables, net and change in provision (reversal of provision) for inventories at net realisable value

(1 635)

(999)

(819)

(605)

(682)

(250)

(132)

(145)

Net result on the disposal of subsidiaries

(26)

49

(26)

49

Profit (loss) attributable to non-controlling interests

544

(137)

106

47

358

(260)

80

75

Income tax (benefit)expense

(5 334)

3 529

(4 480)

2 727

564

(33)

51

168

Effect of pension obligations

8

25

(14)

16

21

8

1

1

Other fines and penalties

(754)

917

185

245

(435)

533

329

(28)

Other one-off items

(195)

(263)

(258)

62

(142)

2

(121)

EBITDA

9 689

9 349

6 513

6 406

3 034

3 022

807

254

EBITDA, margin

14%

15%

23%

25%

7%

7%

7%

3%

* These amounts reflect adjustments made in connection with the presentation of the discontinued operation.

*** including inter-segment operations

Income tax, deferred tax related to the consolidated group of taxpayers are not allocated to segments as they are managed on the group basis.

Attachment B

CONSOLIDATED STATEMENT OF PROFIT (LOSS) AND

OTHER COMPREHENSIVE INCOME

for the year ended December31, 2020

(All amounts are in millions of Russian rubles, unless stated otherwise)

Year ended

December 31, 2020
Year ended

December 31, 2019*

Continuing operations

Revenue from contracts with customers…………………………..

265,454 287,153

Cost of sales…………………………………………..

(170,605 ) (183,086 )

Gross profit………………………………………….

94,849 104,067

Selling and distribution expenses………………………………

(49,994 ) (48,432 )

Impairment of goodwill and other non-current assets, net………………..

(3,897 ) (1,804 )

Allowance for expected credit losses on financial assets…………………

(149 ) (234 )

Taxes other than income taxes………………………………..

(3,446 ) (4,517 )

Administrative and other operating expenses……………………….

(18,437 ) (15,568 )

Other operating income……………………………………

999 688

Total selling, distribution and operating income and (expenses), net……….

(74,924 ) (69,867 )

Operating profit……………………………………….

19,925 34,200

Finance income………………………………………..

3,504 590

Finance costs including fines and penalties on overdue loans and borrowings and lease payments

(25,145 ) (33,863 )

Foreign exchange (loss) gain, net………………………………

(36,388 ) 18,288

Share of profit of associates, net……………………………….

20 28

Other income………………………………………….

718 228

Other expenses…………………………………………

(259 ) (483 )

Total other income and (expense), net………………………….

(57,550 ) (15,212 )

(Loss) profit before tax from continuing operations………………….

(37,625 ) 18,988

Income tax expense………………………………………

(2,528 ) (7,913 )

(Loss) profit for the period from continuing operations……………….

(40,153 ) 11,075

Discontinued operations…………………………………..

Profit (loss) after tax for the period from discontinued operations……………

41,609 (6,790 )

Profit for the period……………………………………..

1,456 4,285

Attributable to:

Equity shareholders of Mechel PAO…………………………….

808 2,409

Non-controlling interests…………………………………..

648 1,876

* These amounts reflect adjustments made in connection with the presentation of the discontinued operation.

Year ended December 31, 2020 Year ended December 31, 2019*

Other comprehensive income

Other comprehensive income (loss) that may be reclassified to profit orloss in subsequent periods,

net of income tax……………………………………….

2,042 (1,771 )

Exchange differences on translation of foreign operations………………..

2,042 (1,771 )

Other comprehensive income (loss) not to be reclassified to profit orloss in subsequent periods, net of income tax

253 (867 )

Net gain on equity instruments designated at fair value through other comprehensive income

53

Re-measurement of defined benefit plans………………………….

200 (867 )

Other comprehensive income (loss) for the period, netof tax…………….

2,295 (2,638 )

Total comprehensive income for the period,

net of tax…………………………………………..

3,751 1,647

Attributable to:

Equity shareholders of Mechel PAO…………………………….

3,099 (210 )

Non-controlling interests…………………………………..

652 1,857

Earnings per share

Weighted average number of common shares……………………….

412,589,910 416,256,510

Earnings per share (Russian rubles per share) attributable tocommon equity shareholders – basic and diluted

1.96 5.79

(Loss) earnings per share from continuing operations (Russian rubles per share) – basic and diluted

(98.89 ) 22.10

Earnings (loss) per share from discontinued operations (Russian rubles per share) – basic and diluted

100.85 (16.31 )

* These amounts reflect adjustments made in connection with the presentation of the discontinued operation.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as of December31, 2020

(All amounts are in millions of Russian rubles)

December 31,

2020
December 31,

2019

Assets

Non-current assets

Property, plant and equipment………………………………………

81,345 179,264

Right-of-use assets……………………………………………..

12,840 17,728

Mineral licenses………………………………………………

18,458 31,075

Goodwill and other intangible assets…………………………………..

10,383 13,652

Investments in associates………………………………………….

341 321

Deferred tax assets……………………………………………..

561 3,648

Other non-current assets………………………………………….

611 553

Non-current financial assets………………………………………..

445 232

Total non-current assets…………………………………………

124,984 246,473

Current assets

Inventories………………………………………………….

42,138 39,773

Income tax receivables…………………………………………..

45 65

Trade and other receivables, net……………………………………..

16,403 15,340

Other current assets…………………………………………….

8,423 6,982

Other current financial assets……………………………………….

141 363

Cash and cash equivalents…………………………………………

1,706 3,509

Total current assets……………………………………………

68,856 66,032

Total assets…………………………………………………

193,840 312,505

Equity and liabilities

Equity

Common shares……………………………………………….

4,163 4,163

Preferred shares……………………………………………….

840 840

Treasury shares……………………………………………….

(907 ) (63 )

Additional paid-in capital…………………………………………

23,410 24,434

Accumulated other comprehensive income (loss)……………………………

1,391 (848 )

Accumulated deficit…………………………………………….

(273,186 ) (273,754 )

Equity attributable to equity shareholders of Mechel PAO……………………

(244,289 ) (245,228 )

Non-controlling interests………………………………………….

13,618 11,631

Total equity…………………………………………………

(230,671 ) (233,597 )

Non-current liabilities

Loans and borrowings…………………………………………..

2,201 7,205

Lease liabilities……………………………………………….

3,958 7,002

Other non-current financial liabilities…………………………………..

1,901 48,303

Other non-current liabilities………………………………………..

301 105

Pension obligations…………………………………………….

5,232 4,933

Provisions………………………………………………….

4,802 5,238

Deferred tax liabilities…………………………………………..

6,773 13,877

Total non-current liabilities……………………………………….

25,168 86,663

Current liabilities

Loans and borrowings, including interest payable, fines and penalties on overdue amounts of RUB13,227 million and RUB 11,111 million as of December31,2020 and 2019, respectively

314,836 381,317

Trade and other payables………………………………………….

43,783 38,244

Lease liabilities……………………………………………….

7,535 10,353

Income tax payable…………………………………………….

7,843 9,161

Taxes and similar charges payable other than income tax……………………….

10,969 9,228

Advances received……………………………………………..

6,067 4,975

Other current financial liabilities……………………………………..

324 147

Other current liabilities…………………………………………..

1,038 841

Pension obligations…………………………………………….

631 615

Provisions………………………………………………….

6,317 4,558

Total current liabilities………………………………………….

399,343 459,439

Total liabilities……………………………………………….

424,511 546,102

Total equity and liabilities………………………………………..

193,840 312,505

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended December31, 2020

(All amounts are in millions of Russian rubles)

Year ended December 31,
2020 2019

Cash flows from operating activities

(Loss) profit for the period from continuing operations………………….

(40,153 ) 11,075

Profit (loss) after tax for the period from discontinued operations……………

41,609 (6,790 )

Profit for the period……………………………………..

1,456 4,285

Adjustments to reconcile profit to net cash provided by operating activities

Depreciation and amortisation………………………………..

14,818 15,176

Foreign exchange loss (gain), net………………………………

37,765 (19,241 )

Deferred income tax expense ………………………………..

2,574 2,288

Changes in allowance for expected credit losses and write-off of trade and other receivables and payables, net

48 73

Write-off of inventories to net realisable value………………………

928 1,763

Impairment of goodwill and other non-current assets, net and loss on write-off of non???current assets

4,350 2,880

Finance income………………………………………..

(3,504 ) (600 )

Finance costs including fines and penalties on overdue loans and borrowings and leasepayments

26,853 38,830

Provisions for legal claims, income tax and other taxes and other provisions……..

24 3,630

Gain on sale of discontinued operations…………………………..

(45,580 )

Other………………………………………………

(167 ) 198

Changes in working capital items

Trade and other receivables………………………………..

(236 ) 1,546

Inventories………………………………………….

(5,283 ) (1,511 )

Trade and other payables………………………………….

1,137 4,037

Advances received……………………………………..

995 650

Taxes payable and other liabilities…………………………….

4,580 5,151

Other assets………………………………………….

(1,474 ) 1,238

Income tax paid………………………………………..

(1,335 ) (2,735 )

Net cash provided by operating activities………………………..

37,949 57,658
Year ended December 31,
2020 2019

Cash flows from investing activities

Interest received………………………………………..

129 76

Royalty and other proceeds associated with disposal of subsidiaries………….

17

Proceeds from loans issued and other investments…………………….

39 313

Proceeds from disposal of the discontinued operations, netof cash disposed of……

88,979

Proceeds from disposals of property, plant and equipment………………..

119 211

Purchases of property, plant and equipment………………………..

(4,826 ) (6,282 )

Interest paid, capitalised……………………………………

(57 ) (256 )

Net cash provided by (used in) investing activities…………………..

84,383 (5,921 )

Cash flows from financing activities

Proceeds from loans and borrowings, including proceeds from factoring arrangement of RUB1million, RUB214million and RUB918million for the periods ended December 31, 2020, 2019 and 2018, respectively

77,367 7,599

Repayment of loans and borrowings, including payments from factoring arrangement of RUB353million, RUB2,222 million and RUB435 million for the periods ended December 31, 2020, 2019 and 2018, respectively

(176,883 ) (20,772 )

Repurchase of common shares………………………………..

(844 )

Sale and purchase of non-controlling interest in subsidiaries………………

169

Dividends paid to shareholders of Mechel PAO……………………..

(292 ) (1,515 )

Dividends paid to non-controlling interests…………………………

(3 ) (16 )

Interest paid, including fines and penalties…………………………

(22,912 ) (30,923 )

Payment of principal portion of lease liabilities………………………

(2,660 ) (2,276 )

Sale and leaseback transactions……………………………….

462 248

Acquisition of assets under deferred payment terms……………………

(508 ) (341 )

Deferred consideration paid for the acquisition of subsidiaries in prior periods……

(361 )

Net cash used in financing activities……………………………

(126,104 ) (48,357 )

Foreign exchange (loss) gain on cash and cash equivalents, net…………….

(61 ) (891 )

Changes in allowance for expected credit losses on cash and cash equivalents…….

28 (2 )

Net (decrease) increase in cash and cash equivalents…………………

(3,805 ) 2,487

Cash and cash equivalents at beginning of period…………………….

3,509 1,803

Cash and cash equivalents, net of overdrafts atbeginning of period………..

2,867 380

Cash and cash equivalents at end of period…………………………

1,706 3,509

Cash and cash equivalents, net of overdrafts at end ofperiod……………

(938 ) 2,867

There were certain reclassifications to conform with the current period presentation.


[*]EBITDA – Adjusted EBITDA. Please find the calculation of the Adjusted EBITDA and other non-IFRS measures used here and hereafter in Attachment A.

**[†]Calculations of Net debt could be differ from indicators calculated in accordance with loan agreements upon dependence on definitions in such agreements.

SOURCE: PJSC Mechel

View source version on accesswire.com:

https://www.accesswire.com/634949/PJSC-Mechel-Mechel-Reports-the-FY2020-Financial-Results

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https://arbeiasociety.org.uk/pjsc-mechel-mechel-reports-the-fy2020-financial-results-2021-03-11-press-releases/feed/ 0
ABM Industries Announces Results for First Quarter Fiscal https://arbeiasociety.org.uk/abm-industries-announces-results-for-first-quarter-fiscal/ https://arbeiasociety.org.uk/abm-industries-announces-results-for-first-quarter-fiscal/#respond Thu, 12 Aug 2021 12:55:50 +0000 https://arbeiasociety.org.uk/?p=428 GAAP Continuing EPS of $1.10; Adjusted Continuing EPS of $1.01 Cash Flow from Operations of More Than $45 Million Fiscal 2021 Guidance Outlook Issued Declaration of 220th Consecutive Quarterly Dividend NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) — ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the first quarter […]]]>

GAAP Continuing EPS of $1.10; Adjusted Continuing EPS of $1.01

Cash Flow from Operations of More Than $45 Million

Fiscal 2021 Guidance Outlook Issued

Declaration of 220th Consecutive Quarterly Dividend

NEW YORK, March 09, 2021 (GLOBE NEWSWIRE) — ABM (NYSE: ABM), a leading provider of facility solutions, today announced financial results for the first quarter of fiscal 2021.

Scott Salmirs, President and Chief Executive Officer of ABM Industries commented, “Our strong performance for the first quarter underscores our clients’ focus on protecting their people and spaces. Revenue performance exceeded our expectations as we saw an acceleration of higher margin, Work Orders for virus protection and EnhancedClean™ services. Effective labor management also remained a critical component of our results as we navigated the hybrid occupancy environment across our Industry Groups. Our industry-leading execution during these challenging times led to record first quarter profit and earnings results.”

Mr. Salmirs continued, “In addition to our operational performance, we also built upon the disciplines we instituted last year in areas such as liquidity and working capital management. While the first quarter has historically been a period of cash flow usage, we have achieved more than $45 million in cash flow year-to-date. I am so proud of our entire organization for delivering an exceptional start to the new fiscal year.”

  Three Months Ended January 31,   Increase/
(Decrease)
(in millions, except per share amounts)
(unaudited)
2021   2020    
           
Revenues $ 1,492.4     $ 1,612.9     (7.5 )%
           
Operating profit $ 109.7     $ 45.8     139.5 %
           
Income from continuing operations $ 74.6     $ 27.9     167.8 %
Income from continuing operations per diluted share $ 1.10     $ 0.41     168.3 %
           
Adjusted income from continuing operations $ 68.3     $ 26.2     160.7 %
Adjusted income from continuing operations per diluted share $ 1.01     $ 0.39     159.0 %
           
Net income $ 74.6     $ 28.0     166.6 %
Net income per diluted share $ 1.10     $ 0.42     161.9 %
           
Adjusted EBITDA $ 123.7     $ 68.8     79.9 %
Adjusted EBITDA margin 8.3 %   4.3 %   403 bps
           
Net cash provided by (used in) operating activities of continuing operations1 $ 45.3     $ (34.5 )   231.7 %
Free cash flow1 $ 38.7     $ (45.8 )   184.6 %

1 The quarter ended January 31, 2021 includes the deferral of approximately $31 million of payroll taxes provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).

This release refers to certain non-GAAP financial measures described as “Adjusted EBITDA,” defined as earnings before income from discontinued operations, net of taxes, interest, taxes, depreciation and amortization and excluding items impacting comparability, “Adjusted EBITDA margin,” defined as adjusted EBITDA divided by revenue, “Adjusted income from continuing operations,” “Adjusted income from continuing operations per diluted share,” and “free cash flow.” Free cash flow is defined as net cash provided by (used in) operating activities less additions to property, plant and equipment. These adjustments have been made with the intent of providing financial measures that give management and investors a more representative understanding of underlying operational results and trends as well as the Company’s operational performance. Management also uses Adjusted EBITDA as a basis for planning and forecasting future periods. Please refer to the accompanying financial schedules for supplemental financial data and corresponding reconciliation of these non-GAAP financial measures to certain GAAP financial measures. We round amounts in these schedules to millions and calculate all percentages and per-share data from the underlying whole-dollar amounts. As a result, certain amounts may not foot, crossfoot, or recalculate based on reported numbers due to rounding. Unless otherwise noted, all references to years are to our fiscal year, which ends on October 31.

First Quarter Summary

  • Revenue of $1,492.4 million, a decrease of 7.5% versus last year, reflecting full quarter impact of COVID-19 operating environment.
  • Increased demand for higher margin Work Orders and EnhancedClean™ services, as well as efficient labor management drove operating results for the quarter on both a GAAP and adjusted basis.
  • GAAP income from continuing operations increase of 167.8% to $74.6 million, or $1.10 per diluted share compared to $27.9 million, or $0.41 per diluted share last year.
  • Adjusted income from continuing operations increase of 160.7% to $68.3 million, or $1.01 per diluted share versus $26.2 million, or $0.39 per diluted share last year.
  • Net income of $74.6 million, or $1.10 per diluted share.
  • Adjusted EBITDA of $123.7 million compared to $68.8 million last year, resulting in an adjusted EBITDA margin of 8.3%.
  • Net cash provided by continuing operating activities of $45.3 million and free cash flow of $38.7 million despite working capital seasonality that typically occurs during the first quarter.
  • Fiscal 2021 outlook issued.

First Quarter Results

For the first quarter of fiscal 2021, the Company reported revenues of approximately $1.5 billion, down 7.5% versus the first quarter of fiscal 2020. This revenue decline was driven primarily by COVID-19 related client disruptions, such as service scope changes and facility access limitations, primarily within the Company’s Aviation and Technical Solutions segments. Higher demand for disinfection-related work orders and EnhancedClean™ services, particularly in the Business & Industry and Technology & Manufacturing segments, partially offset these results.

On a GAAP basis, the Company reported income from continuing operations of $74.6 million, or $1.10 per diluted share, including an $11.4 million benefit from favorable prior year self-insurance adjustments compared to $6.6 million last year. These results compare to income from continuing operations of $27.9 million, or $0.41 per diluted share, last year. 

Adjusted income from continuing operations for the first quarter of 2021 was $68.3 million, or $1.01 per diluted share, compared to $26.2 million, or $0.39 per diluted share for the first quarter of fiscal 2020. Adjusted results exclude items impacting comparability. A description of items impacting comparability can be found in the “Reconciliation of Non-GAAP Financial Measures” table.

Results from continuing operations for the quarter on both a GAAP and adjusted basis primarily reflect a significant increase in higher margin Work Orders and EnhancedClean™ services as clients continue to incorporate disinfection into their operations. Management of direct labor also drove performance as the Company aligned operationally with the COVID-19 demand environment for certain services. Additionally, results also reflect one less working day, as well as a decrease in other items such as corporate discretionary expense, amortization and interest compared to last year. Partially offsetting these results were certain pre-planned corporate investments within areas such as information technology.

Net income for the first quarter of 2021 was $74.6 million, or $1.10 per diluted share, compared to net income of $28.0 million, or $0.42 per diluted share last year.

Adjusted EBITDA for the quarter was $123.7 million compared to $68.8 million in the first quarter of fiscal 2020. Adjusted EBITDA margin for the quarter was 8.3% versus 4.3% last year. Adjusted results exclude items impacting comparability. A description of items impacting comparability can be found in the “Reconciliation of Non-GAAP Financial Measures” table.

Liquidity & Capital Structure

Cash and cash equivalents totaled $378.3 million as of January 31, 2021. 

The Company ended the quarter with total debt of $850.6 million, including $151.0 million in standby letters of credit. The Company’s revolving line of credit remains predominantly undrawn.

Total debt to pro forma adjusted EBITDA (including standby letters of credit) was 1.8x for the first quarter of fiscal 2021.

These results led to total liquidity of more than $977 million, inclusive of cash and cash equivalents.

In addition, the Company paid its 219th quarterly cash dividend of $0.190 per common share for a total distribution of $12.7 million.

Declaration of Quarterly Cash Dividend

The Company also announced that the Board of Directors has declared a cash dividend of $0.190 per common share payable on May 3, 2021 to shareholders of record on April 1, 2021. This will be the Company’s 220th consecutive quarterly cash dividend.

Guidance

For fiscal 2021, the Company expects GAAP income from continuing operations of $2.85 to $3.10 per diluted share, and adjusted income from continuing operations of $3.00 to $3.25 per diluted share. With the exception of the 2021 Work Opportunity Tax Credit and anticipated excess tax benefits on stock-based awards, this guidance does not include any potential effects associated with certain other discrete tax items and other unrecognized tax benefits.

Mr. Salmirs concluded, “The impact of COVID-19 on our clients and communities continues to evolve and based on our current visibility, we believe the implications to our clients and end-markets will remain throughout fiscal 2021. We are encouraged by the development and rollout of the multiple vaccines and look forward to continuing to work with our clients as they develop re-entry plans and cultivate robust facility protections. When COVID-19 becomes more manageable, we believe post-pandemic normalcy will reflect a heightened sensitivity to health and hygiene. As such, we are making investments in our business that will allow us to continue to protect the safety of our employees and clients and maximize our strengths and market position.”

Conference Call Information

ABM will host its quarterly conference call for all interested parties on Wednesday, March 10, 2021, at 8:30 AM (ET). The live conference call can be accessed via audio webcast at the “Investors” section of the Company’s website, located at www.abm.com, or by dialing (877) 451-6152 approximately 15 minutes prior to the scheduled time. 

A supplemental presentation will accompany the webcast on the Company’s website.

A replay will be available approximately two hours after the recording through March 24, 2021, and can be accessed by dialing (844) 512-2921 and then entering ID #13716798. An archive will also be available on the ABM website for 90 days.

ABOUT ABM

ABM (NYSE: ABM) is a leading provider of facility solutions with revenues of approximately $6.0 billion and more than 100,000 employees in 350+ offices throughout the United States and various international locations. ABM’s comprehensive capabilities include janitorial, electrical & lighting, energy solutions, facilities engineering, HVAC & mechanical, landscape & turf, mission critical solutions and parking, provided through stand-alone or integrated solutions. ABM provides custom facility solutions in urban, suburban and rural areas to properties of all sizes – from schools and commercial buildings to hospitals, data centers, manufacturing plants and airports. ABM Industries Incorporated, which operates through its subsidiaries, was founded in 1909. For more information, visit www.abm.com.

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

This press release contains both historical and forward-looking statements about ABM Industries Incorporated (“ABM”) and its subsidiaries (collectively referred to as “ABM,” “we,” “us,” “our,” or the “Company”). We make forward-looking statements related to future expectations, estimates and projections that are uncertain, and often contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “should,” “target,” or other similar words or phrases. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict. For us, particular uncertainties that could cause our actual results to be materially different from those expressed in our forward-looking statements include: The COVID-19 pandemic has had and is expected to continue having a negative effect on the global economy, and the United States economy, and it has disrupted and is expected to continue disrupting our operations and our clients’ operations, which has adversely affected and may continue to adversely affect our business, results of operations, cash flows, and financial condition; our success depends on our ability to gain profitable business despite competitive market pressures; our business success depends on our ability to attract and retain qualified personnel and senior management and to manage labor costs; our ability to preserve long-term client relationships is essential to our continued success; changes to our businesses, operating structure, financial reporting structure, or personnel relating to the implementation of strategic transformations, enhanced business processes, and technology initiatives may not have the desired effects on our financial condition and results of operations; acquisitions, divestitures, and other strategic transactions could fail to achieve financial or strategic objectives, disrupt our ongoing business, and adversely impact our results of operations; our international business involves risks different from those we face in the United States that could have an effect on our results of operations and financial condition; our use of subcontractors or joint venture partners to perform work under customer contracts exposes us to liability and financial risk; we manage our insurable risks through a combination of third-party purchased policies and self-insurance, and we retain a substantial portion of the risk associated with expected losses under these programs, which exposes us to volatility associated with those risks, including the possibility that changes in estimates to our ultimate insurance loss reserves could result in material charges against our earnings; our risk management and safety programs may not have the intended effect of reducing our liability for personal injury or property loss; we may experience breaches of, or disruptions to, our information technology systems or those of our third-party providers or clients, or other compromises of our data that could adversely affect our business; unfavorable developments in our class and representative actions and other lawsuits alleging various claims could cause us to incur substantial liabilities; a significant number of our employees are covered by collective bargaining agreements that could expose us to potential liabilities in relation to our participation in multiemployer pension plans, requirements to make contributions to other benefit plans, and the potential for strikes, work slowdowns or similar activities, and union organizing drives; our business may be materially affected by changes to fiscal and tax policies; negative or unexpected tax consequences could adversely affect our results of operations; changes in general economic conditions, such as changes in energy prices, government regulations, or consumer preferences, could reduce the demand for facility services and, as a result, reduce our earnings and adversely affect our financial condition; future increases in the level of our borrowings or in interest rates could affect our results of operations; impairment of goodwill and long-lived assets could have a material adverse effect on our financial condition and results of operations; if we fail to maintain proper and effective internal control over financial reporting in the future, our ability to produce accurate and timely financial statements could be negatively impacted, which could harm our operating results and investor perceptions of our Company and as a result may have a material adverse effect on the value of our common stock; our business may be negatively impacted by adverse weather conditions; catastrophic events, disasters, and terrorist attacks could disrupt our services; actions of activist investors could disrupt our business. For additional information on these and other risks and uncertainties we face, see ABM’s risk factors, as they may be amended from time to time, set forth in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. We urge readers to consider these risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Use of Non-GAAP Financial Information

To supplement ABM’s consolidated financial information, the Company has presented income from continuing operations and income from continuing operations per diluted share as adjusted for items impacting comparability, for the first quarter of fiscal years 2021 and 2020. These adjustments have been made with the intent of providing financial measures that give management and investors a better understanding of the underlying operational results and trends as well as ABM’s operational performance. In addition, the Company has presented earnings before income from discontinued operations, net of taxes, interest, taxes, depreciation and amortization and excluding items impacting comparability (adjusted EBITDA) for the first quarter of fiscal years 2021 and 2020. Adjusted EBITDA is among the indicators management uses as a basis for planning and forecasting future periods. The Company has also presented Free Cash Flow which is defined as net cash provided by (used in) operating activities less additions to property, plant and equipment. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for financial statements prepared in accordance with accounting principles generally accepted in the United States of America. (See accompanying financial tables for supplemental financial data and corresponding reconciliations to certain GAAP financial measures.)

Contact:  
Investor Relations & Treasury: Susie A. Kim
  (212) 297-9721
  susie.kim@abm.com

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT INFORMATION (UNAUDITED)

    Three Months Ended January 31,    
(in millions, except per share amounts)   2021   2020   Increase / (Decrease)
Revenues   $ 1,492.4     $ 1,612.9     (7.5 ) %
Operating expenses   1,249.4     1,433.7     (12.9 ) %
Selling, general and administrative expenses   122.6     117.6     4.2   %
Restructuring and related expenses       3.1     (100.0 ) %
Amortization of intangible assets   10.8     12.6     (14.7 ) %
Operating profit   109.7     45.8     139.5   %
Income from unconsolidated affiliates   0.6     0.9     (32.1 ) %
Interest expense   (8.5 )   (10.2 )   16.9   %
Income from continuing operations before income taxes   101.9     36.5     178.9   %
Income tax provision   (27.2 )   (8.6 )   (215.0 ) %
Income from continuing operations   74.6     27.9     167.8   %
Income from discontinued operations, net of taxes       0.1     (100.0 ) %
Net income   $ 74.6     $ 28.0     166.6   %
Net income per common share — Basic            
Income from continuing operations   $ 1.11     $ 0.42     164.3   %
Income from discontinued operations             %
Net income   $ 1.11     $ 0.42     164.3   %
Net income per common share — Diluted            
Income from continuing operations   $ 1.10     $ 0.41     168.3   %
Income from discontinued operations             %
Net income   $ 1.10     $ 0.42     161.9   %
Weighted-average common and common equivalent shares outstanding            
Basic   67.2     66.9      
Diluted   67.6     67.2      
Dividends declared per common share   $ 0.190     $ 0.185      

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES

SELECTED CONSOLIDATED CASH FLOW INFORMATION (UNAUDITED)

    Three Months Ended January 31,
(in millions)   2021   2020
Net cash provided by (used in) operating activities of continuing operations   45.3     $ (34.5 )
Net cash provided by operating activities of discontinued operations       0.2  
Net cash provided by (used in) operating activities   $ 45.3     $ (34.3 )
Additions to property, plant and equipment   (6.6 )   (11.5 )
Other   1.4     9.2  
Net cash used in investing activities   $ (5.2 )   $ (2.3 )
Taxes withheld from issuance of share-based compensation awards, net   (6.5 )   (2.4 )
Dividends paid   (12.7 )   (12.3 )
Borrowings from credit facility   2.6     425.0  
Repayment of borrowings from credit facility   (32.6 )   (368.6 )
Changes in book cash overdrafts   (12.0 )   6.4  
Financing of energy savings performance contracts   4.0     1.1  
Repayment of finance lease obligations   (0.7 )   (0.8 )
Net cash (used in) provided by financing activities   $ (57.8 )   $ 48.4  
Effect of exchange rate changes on cash and cash equivalents   1.9     (0.4 )

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (UNAUDITED)

(in millions)   January 31, 2021   October 31, 2020
ASSETS        
Current assets        
Cash and cash equivalents   $ 378.3     $ 394.2  
Trade accounts receivable, net of allowances   917.2     854.2  
Costs incurred in excess of amounts billed   38.6     52.2  
Prepaid expenses   85.1     85.4  
Other current assets   55.5     55.9  
Total current assets   1,474.6     1,441.9  
Other investments   11.8     11.1  
Property, plant and equipment, net of accumulated depreciation   127.3     133.7  
Right-of-use assets   136.2     143.1  
Other intangible assets, net of accumulated amortization   229.0     239.7  
Goodwill   1,674.6     1,671.4  
Other noncurrent assets   128.7     136.1  
Total assets   $ 3,782.2     $ 3,776.9  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities        
Current portion of long-term debt, net   $ 116.9     $ 116.7  
Trade accounts payable   217.5     273.3  
Accrued compensation   145.9     187.6  
Accrued taxes—other than income   107.4     45.5  
Insurance claims   156.7     155.2  
Income taxes payable   38.6     6.2  
Current portion of lease liabilities   33.9     35.0  
Other accrued liabilities   200.8     167.3  
Total current liabilities   1,017.8     986.9  
Long-term debt, net   573.8     603.0  
Long-term lease liabilities   125.3     131.4  
Deferred income tax liability, net   3.7     10.8  
Noncurrent insurance claims   360.2     366.3  
Other noncurrent liabilities   122.2     168.1  
Noncurrent income taxes payable   10.2     10.1  
Total liabilities   2,213.1     2,276.6  
Total stockholders’ equity   1,569.1     1,500.3  
Total liabilities and stockholders’ equity   $ 3,782.2     $ 3,776.9  

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES

REVENUES AND OPERATING PROFIT BY SEGMENT (UNAUDITED)

    Three Months Ended January 31,   Increase/ (Decrease)
(in millions)   2021   2020  
Revenues            
Business & Industry   $ 809.4     $ 820.9     (1.4 ) %
Technology & Manufacturing   249.2     233.9     6.5   %
Education   209.4     208.0     0.7   %
Aviation   143.1     238.7     (40.0 ) %
Technical Solutions   113.4     142.0     (20.2 ) %
Elimination of inter-segment revenues   (32.1 )   (30.6 )   (4.8 ) %
Total revenues   $ 1,492.4     $ 1,612.9     (7.5 ) %
Operating profit (loss)            
Business & Industry   $ 85.7     $ 38.2     124.1   %
Technology & Manufacturing   26.9     16.7     61.3   %
Education   21.5     11.2     91.3   %
Aviation   3.2     5.6     (42.9 ) %
Technical Solutions   6.0     8.3     (27.7 ) %
Government Services   (0.1 )       (100.0 ) %
Corporate   (32.6 )   (33.3 )   2.1   %
Adjustment for income from unconsolidated affiliates, included in Aviation and Technical Solutions   (0.6 )   (0.9 )   32.1   %
Adjustment for tax deductions for energy efficient government buildings, included in Technical Solutions   (0.2 )       (100.0 ) %
Total operating profit   109.7     45.8     139.5   %
Income from unconsolidated affiliates   0.6     0.9     (32.1 ) %
Interest expense   (8.5 )   (10.2 )   16.9   %
Income from continuing operations before income taxes   101.9     36.5     178.9   %
Income tax provision   (27.2 )   (8.6 )   (215.0 ) %
Income from continuing operations   74.6     27.9     167.8   %
Income from discontinued operations, net of taxes       0.1     (100.0 ) %
Net income   $ 74.6     $ 28.0     166.6   %

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(in millions, except per share amounts)   Three Months Ended January 31,
    2021   2020
Reconciliation of Income from Continuing Operations to Adjusted Income from Continuing Operations        
Income from continuing operations   $ 74.6     $ 27.9  
Items impacting comparability(a)        
Prior year self-insurance adjustment(b)   (11.4 )   (6.6 )
Other   0.1     (0.6 )
Restructuring and related(c)       3.1  
Legal costs and other settlements   2.5     1.7  
Total items impacting comparability   (8.9 )   (2.3 )
Income tax provision(d)   2.5     0.7  
Items impacting comparability, net of taxes   (6.4 )   (1.7 )
Adjusted income from continuing operations   $ 68.3     $ 26.2  
    Three Months Ended January 31,
    2021   2020
Reconciliation of Net Income to Adjusted EBITDA        
Net income   $ 74.6     $ 28.0  
Items impacting comparability   (8.9 )   (2.3 )
Income from discontinued operations       (0.1 )
Income tax provision   27.2     8.6  
Interest expense   8.5     10.2  
Depreciation and amortization   22.3     24.4  
Adjusted EBITDA   $ 123.7     $ 68.8  
    Three Months Ended January 31,
    2021   2020
Reconciliation of  Income from Continuing Operations per Diluted Share to Adjusted Income from Continuing Operations per Diluted Share        
Income from continuing operations per diluted share   $ 1.10     $ 0.41  
Items impacting comparability, net of taxes   (0.09 )   (0.03 )
Adjusted income from continuing operations per diluted share   $ 1.01     $ 0.39  
Diluted shares   67.6     67.2  
    Three Months Ended January 31,
    2021   2020
Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow        
Net cash provided by (used in) operating activities   $ 45.3     $ (34.3 )
Additions to property, plant and equipment   (6.6 )   (11.5 )
Free Cash Flow   $ 38.7     $ (45.8 )

(a) The Company adjusts income from continuing operations to exclude the impact of certain items that are unusual, non-recurring, or otherwise do not reflect management’s views of the underlying operational results and trends of the Company.

(b) Represents the net adjustments to our self-insurance reserve for general liability, workers’ compensation, automobile and medical and dental insurance claims related to prior period accident years. Management believes these prior period reserve changes do not illustrate the performance of the Company’s normal ongoing operations given the current year’s insurance expense is estimated by management in conjunction with the Company’s outside actuary to take into consideration past history and current costs and regulatory trends. Once the Company develops its best estimate of insurance expense premiums for the year, the Company fully allocates such costs out to the business leaders to hold them accountable for the current year costs within operations. However, since these prior period reserve changes relate to claims that could date back many years, current management has limited ability to influence the ultimate development of the prior year changes. Accordingly, including the prior period reserve changes in the Company’s current operational results would not depict how the business is run as the Company holds its management accountable for the current year’s operational performance. The Company believes the exclusion of the self-insurance adjustment from income from continuing operations is useful to investors by enabling them to better assess our operating performance in the context of current year profitability. For the three months ended January 31, 2021 and 2020, our self-insurance general liability, workers’ compensation, and automobile and medical and dental insurance claims related to prior period accident years decreased by $11.4 million and by $6.6 million, respectively.

(c) Represents restructuring costs related to the continued integration of GCA acquisition in September 2017.

(d) The Company’s tax impact is calculated using the federal and state statutory rate of 28.11% for US and 19% for UK for FY 2021 and FY 2020. We calculate tax from the underlying whole-dollar amounts, as a result, certain amounts may not recalculate based on reported numbers due to rounding.

ABM INDUSTRIES INCORPORATED AND SUBSIDIARIES

2021 GUIDANCE

    Year Ending October 31, 2021
Reconciliation of Estimated Income from Continuing Operations per Diluted Share to Estimated Adjusted Income from Continuing Operations per Diluted Share   Low Estimate   High Estimate
Income from continuing operations per diluted share (a)   $ 2.85     $ 3.10  
Adjustments (b)   0.15     0.15  
Adjusted Income from continuing operations per diluted share (a)   $ 3.00     $ 3.25  

(a) With the exception of the 2021 Work Opportunity Tax Credits and anticipated excess tax benefits on stock-based awards, this guidance does not include any potential effects associated with certain other discrete tax items and other unrecognized tax benefits. 

(b) Adjustments include costs associated with the strategic review, legal settlements, adjustments to self-insurance reserves pertaining to prior year’s claims and other unique items impacting comparability.

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What is the best time to consolidate credit card debt? https://arbeiasociety.org.uk/best-debt-consolidation-loans-our-online-form-for-a-total-debt-consolidation/ https://arbeiasociety.org.uk/best-debt-consolidation-loans-our-online-form-for-a-total-debt-consolidation/#respond Thu, 12 Aug 2021 05:17:35 +0000 https://arbeiasociety.org.uk/when-does-credit-card-debt-consolidation-make-the-most-sense/ While a debt consolidation loan may be a good option to help you pay off high-interest debt, it is not the right choice for everyone. You should weigh the pros and cons of each option and look at other options. (iStock). A debt consolidation loan allows you to consolidate existing unsecured debts into one loan. This loan will […]]]>

While a debt consolidation loan may be a good option to help you pay off high-interest debt, it is not the right choice for everyone. You should weigh the pros and cons of each option and look at other options. (iStock).

A debt consolidation loan allows you to consolidate existing unsecured debts into one loan. This loan will help you consolidate multiple monthly payments and lower your interest rate to pay off your debts.

While a debt consolidation loan is an effective tool, it may not be the right one for everyone. Continue reading to learn when a consolidation loan may be an option, and what alternatives you have.

Credible allows you to compare rates and lenders so that you can start looking into personal loans.

THIS IS HOW DEBT CONSOLIDATION HELPES YOU ACHIEVEMENT YOUR REPAYMENT TARGETS

How can debt consolidation affect my credit?

It is important to think about the possible impact of a personal loan on your credit score before you apply for one. There could be both positive or negative effects.

A personal loan can improve your credit score by diversifying your credit portfolio and reducing your credit use. However, it can also lower your credit score by requiring a detailed investigation of your credit reports and reducing your credit history’s average length.

Credible can help you check your credit score, without affecting it. Learn more: https://dedebt.com/

What is the best way to reduce credit card debt?

What are the best times to use the debt snowball and debt avalanche?

The avalanche and debt snowball are two popular ways to repay debt. Debt avalanche is a strategy that requires you to make the minimum payment on all of your debts, except for the one with the lowest balance. The smaller debt gets all the money you have left over. This strategy will help you win quickly and keep you motivated.

An avalanche is a similar strategy, except that you don’t prioritize debt with the lowest balance. Instead, you prioritize debt with the highest interest rates. This strategy will save you the most interest.

Both the snowball and avalanche strategies can help you to pay off your debt. However, unlike a consolidation loan, your interest rate won’t be lower. You can instead use both of these strategies simultaneously, such as a personal or debt consolidation loan.

Do I want to refinance with a credit-card instead?

A balance transfer is also known as credit card refinancing. It’s when your credit card debt is transferred from one card to the next. For the first 12-18 month, many credit card companies offer 0% balance transfer rates. Your monthly payments will go directly to your balance and not be eaten up by interest.

A credit card refinance is best for those who are able to pay the entire balance within the 0% introductory period. You could pay high interest rates otherwise.

Visit Credible online to search for balance transfer cards. You can view multiple 0% credit options simultaneously.

VS. CREDIT CURB REFINANCING. DEBT CONSOLIDATION: WHAT IS THE DIFFERENCE

What is the best interest rate for a debt consolidation loan?

Consolidating your debt into one personal loan can help you reduce your monthly payments and, most importantly, your interest rate. Credit cards can have high interest rates which can slow down the repayment of your debt.

Be sure to check your eligibility for a lower rate of interest before you take out a personal loan. Good news is that personal loans rates start at less than 5 percent, although those with good credit ratings are eligible for the highest rates. Bad credit can lead to a personal loan rate that is comparable or higher than your credit card rate.

Credible allows you to find out the personal loan rate to which you might be eligible.

4 Types of Debt Consolidation Loans to Avoid

Make a plan to avoid getting into debt

It doesn’t matter if you’re using a consolidation loan, a balance transfer or another strategy to resolve your debt.

Many people misuse one of the available tools to consolidate credit card debt only to quickly find themselves in deep debt. Make a commitment to not only pay off your debt but to also avoid any additional debt.

What happens next?

There are many ways to lower your interest rate and pay down your debt quicker, including personal loans. Credible is a place where you can connect with loan officers who are experienced and answer any questions about personal loans.

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What student loan should my daughter with no debt pay for her one-year master’s degree? https://arbeiasociety.org.uk/what-student-loan-should-my-daughter-with-no-debt-pay-for-her-one-year-masters-degree/ https://arbeiasociety.org.uk/what-student-loan-should-my-daughter-with-no-debt-pay-for-her-one-year-masters-degree/#respond Thu, 12 Aug 2021 05:17:35 +0000 https://arbeiasociety.org.uk/what-student-loan-should-my-daughter-with-no-debt-pay-for-her-one-year-masters-degree/ Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours. Powered by Crédible Dear credible money coach, […]]]>

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

Powered by Crédible

Dear credible money coach,

My daughter is one year away from completing her master’s degree, but she needs a student loan of $ 30,000 to pay for her one-year master’s program. She does not have a student loan yet. She has a summer income which she saves to use during the school year and works four hours a week during school due to school requirements. What is the best type of loan for her? – Connie, California

Hi Connie,

Congratulations to your daughter for getting her masters degree without any student loan debt!

For many students, loans are inevitable, so it is wise for your daughter to seek out the best student loan for his needs. Before taking out a loan, make sure your daughter checks with her school’s financial aid office to see if there are any grants or scholarships she might be eligible for.

She should start with federal student loans because they are generally easier to obtain and have lower interest rates than private student loans. Typically, federal student loans do not have minimum credit, income, or co-signer requirements.

Three types of federal student loans are available: subsidized direct loans, unsubsidized direct loans and PLUS direct loans.

How Federal Student Loans Could Work For Your Daughter

Since she must borrow for her master’s degree, your daughter will not be eligible for a federal direct subsidized loan. They are only available for undergraduates with financial need. But she could pursue an unsubsidized direct loan and a PLUS direct loan.

The maximum she could borrow on an unsubsidized direct loan is $ 20,500, which would not be enough to cover the full cost of her master’s program. She could then apply for a Direct PLUS loan to cover the remaining $ 9,500. She’ll end up with two loans to follow, but she’ll likely also get the best deal available on a student loan. And, once she leaves school, she will have the option of consolidating the two loans into one. Direct consolidation loan.

Your daughter will have to complete the Free Application for Federal Student Aid (FAFSA), and her school will use the information in it to determine the amount of her student loan.

What you need to know about private student loans

Another option for your daughter is to take out a private student loan to cover some or all of the $ 30,000. This approach has advantages, but above all disadvantages. If she, or her co-signer, has good credit and good income, she may be eligible for a better interest rate. She may also be able to avoid origination fees, which apply to federal loans. And having just one payout to track can be appealing.

Private student loans can also be useful when a student has reached the maximum that he is allowed to borrow on federal student loans. Private loans can fill a financing gap.

But private student loans don’t offer the same protections and repayment flexibility as federal student loans – which is why we always recommend looking at federal loan options first.

Need credible advice on a money-related issue? Email our credible money coaches at moneyexpert@credible.com. A Money Coach could answer your question in a future column.

This article is intended for general informational and entertainment purposes. The use of this website does not create a professional-client relationship. Any information found on or derived from this website should not be substituted for and should not be construed as legal, tax, real estate, financial, risk management or other advice. If you require such advice, please consult a licensed or competent professional before taking any action.

About the Author:

Dan Roccato is a Clinical Professor of Finance, School of Business, University of San Diego, Credible Money Coach personal finance expert, published author and entrepreneur. He has held leadership positions at Merrill Lynch and Morgan Stanley. He is a recognized expert in personal finance, global securities services and corporate stock options. You can find it on LinkedIn.

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4000-year-old ‘snake stick’ found in Finland | Smart News https://arbeiasociety.org.uk/4000-year-old-snake-stick-found-in-finland-smart-news/ https://arbeiasociety.org.uk/4000-year-old-snake-stick-found-in-finland-smart-news/#respond Fri, 02 Jul 2021 11:00:00 +0000 https://arbeiasociety.org.uk/4000-year-old-snake-stick-found-in-finland-smart-news/ Researchers have found a 4,400-year-old wooden stick shaped like a snake near a lake in southwest Finland. As Owen Jarus reports for Live Science, archaeologists Satu Koivisto, Antti Lahelma and their research team discovered the sculpture under a layer of peat in Järvensuo, a Stone Age site about 75 miles northwest of Helsinki. Experts used […]]]>

Researchers have found a 4,400-year-old wooden stick shaped like a snake near a lake in southwest Finland.

As Owen Jarus reports for Live Science, archaeologists Satu Koivisto, Antti Lahelma and their research team discovered the sculpture under a layer of peat in Järvensuo, a Stone Age site about 75 miles northwest of Helsinki. Experts used radiocarbon dating to determine that the 21-inch-long snake dates from the Neolithic period, about 4000-6000 years ago, and I think an ancient shaman may have used the object for magical rituals. The team published its findings on June 29 in the journal antiquity.

I have seen a lot of amazing things in my work as a wetland archaeologist, but the discovery of this figurine left me speechless and gave me chills, Koivisto, co-author of the study and postdoctoral researcher at University of Turku in Finland, tell Live Science in a report.

Scientists believe that Stone Age peoples occupied the area where staff were located from 4000 BC to 2000 BC, Jesse Holth notes for ARTnews. In the 1950s, a team of ditch diggers accidentally discovered the archaeological site, but experts did not fully excavate it. Then, in 2019, researchers began digging in Järvensuo for the first time in 35 years, writes George Dvorsky for Gizmodo. The wetland has yielded several well-preserved artefacts, including wood, bark and bone artefacts that date back thousands of years.

According to ARTnews, the craftsmen worked the sculpture of the animal from a single piece of wood. The life-size snake has an open mouth and a long, slightly curved body, as if it is sliding or swimming in the distance. Researchers involved in the study hypothesize that the coin depicts a grass snake (Natrix Natrix) or a European adder (Vipera berus). However, other researchers have suggested that another classification may be more precise.

I would say that a viper is more correct, by the shape of its head, its short body and its recognizable tail, Sonja hukantaival, postdoctoral researcher in Nordic folklore at Bo Akademi University in Finland which is not affiliated with the study, says Live Science in an email. This is interesting, because the viper has an important role in much later folk (historical) religion and magic.






Images of the snake staff before and after archaeologists excavated it.

(Courtesy of S. Koivisto)

The team is conducting research in 2020.

(Courtesy of S. Koivisto)

A map of the excavation site, which is near Helsinki, Finland.

(Courtesy of S. Koivisto)

Experts believe that a shaman would have used the staff in a religious or spiritual ceremony. They also speculate that a mystical leader could have used it to speak to the dead, as the region’s elders believed that a “land of the dead” existed in the wetlands, notes ARTnews. Additionally, the shamans assumed that they could transmute into snakes, which also connects the ritual object and the magical realm.

Other highlights from the most recent excavations include a wooden spoon, wooden vessels and paddles, fishing tools, ceramics and other artifacts, according to the study.

“There seems to be some connection between snakes and humans,” says Lahelma, study co-author and archaeologist at University of Helsinki, in a press release, quoted by National Geographicis Kristin Romey. “It is reminiscent of Nordic shamanism from the historical period, where snakes had a special role as animal spiritual assistants of the shaman… Even if the time lag is immense, the possibility of some kind of continuity is enticing: have we a stone Age Shaman’s staff? “

Other Stone Age civilizations worshiped snakes and included them in shamanic rituals. As ARTnews underlines, many sites in Northern Europe present Neolithic rock art with patterns of snakes; a site in Finland contains an image with a human figure carrying a snake in his hand. And in 2019, archaeologists find a 1,500-year-old piece of fossilized human excrement, which contained the remains of an entire rattlesnake. After analyzing the feces, experts determined that someone likely ate the animal for ritual reasons and not for food.

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Aerosol Therapy Market Research Includes History and Forecast https://arbeiasociety.org.uk/aerosol-therapy-market-research-includes-history-and-forecast/ https://arbeiasociety.org.uk/aerosol-therapy-market-research-includes-history-and-forecast/#respond Fri, 02 Jul 2021 10:16:43 +0000 https://arbeiasociety.org.uk/aerosol-therapy-market-research-includes-history-and-forecast/ Aerosol therapy An in-depth study offering an assessment of the Aerosol Therapy Market forecast has been released. By correlating historical data with key market dynamics, our analysts can make very astute projections. The report comprises an in-depth analysis of the global aerosol therapy market segmented by type, application, and region. Trends and opportunities are highlighted, […]]]>

Aerosol therapy

An in-depth study offering an assessment of the Aerosol Therapy Market forecast has been released. By correlating historical data with key market dynamics, our analysts can make very astute projections. The report comprises an in-depth analysis of the global aerosol therapy market segmented by type, application, and region. Trends and opportunities are highlighted, coupled with the companies’ market share as well as their valuation in the market.

The Aerosol Therapy market is broadly partitioned on the basis of predictable updates in improving parameters, for example, quality, reliability, end customer demands, applications, and others. The Aerosol Therapy Market report contains successful general parameters, containments, and furthermore, in detail illumination of notable data close to present and future examples that may concern the advancement. Comprehensive Aerosol Therapy Market report explains the inside and outside representation of current advancements, settings, and establishments.

Click here for a sample copy: https://www.stratagemmarketinsights.com/sample/35308

The forecast provided in this Aerosol Therapy Industry report includes 2020-2027 Aerosol Therapy Capacity production overview, production market share, consumption overview, consumption and supply shortage, import-export consumption as well as the gross margin of the production value of cost prices. Few of the tables and figures provided in this research include. With tables and figures to support the analysis of the Aerosol Therapy market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for interested companies and individuals. by the market.

The following main players / companies are mentioned in this document:

Novartis AGTeva Pharmaceuticals, Oko Health, Omron Healthcare Co., Covidien plc., GE Healthcare Ltd., Philips Healthcare, Agilent Technologies Inc. Ltd., GF Health Products Inc.

Market divided by types, can be divided into:

Inhalers, dry powder inhalers (DPI), metered dose inhalers (MDI), nebulizers, ultrasonic nebulizer, compressed air jet nebulizers, vibrating membrane device, bronchodilators

Market Divided By Applications, Can Be Divided Into:

Hospitals, Clinics, Ambulatory Surgery Centers, Individual

In addition, the report presents a financial assessment of participants, which includes analysis of capital investments, cash flow, financial ratios, Aerosol Therapy sales volume, revenue result, growth rate and overall profitability. It also highlights business strategies such as recent business expansions through mergers, acquisitions, companies and partnerships, as well as brand developments and promotional activities. The proposed analysis helps market participants to form lucrative schemes for their own aerosol therapy business and make informed decisions that would keep the business ahead of the curve.

Major sections of the report give Aerosol Therapy Market share and the revenue correlation depends on Aerosol Therapy segmentation and Aerosol Therapy market forecast to 2027. The report offers detailed study segmentation based

The following section of the report examines the aerosol therapy market in major regions (considering Latin America, Mexico, China, Japan, Germany, United States, Southeast Asia, Russia, Europe, India, etc. .). Key points covered in the report such as Aerosol Therapy production capacity and value by region, consumption ratio, import-export details, growth ratio from 2020 to 2027.

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Highlights of this Aerosol Therapy Market 2020-2027 Report:

Market dynamics, economical aerosol therapy manufacturing, full price opportunities from this leading manufacturer, and improvement trend analysis.
Actors of the aerosol therapy industry at the regional general synopsis of industry and economy
In-depth analysis of major market players included in the study report on Global Aerosol Therapy Market.
Learn more about the market plans that are increasingly being adopted by leading aerosol therapy companies.
Assessment of this market character, namely market development drivers, critical challengers, inhibitors and opportunities.
Develop a strategic profile of the main players and thoroughly analyze their growth strategies.
An overview of the impact of COVID-19 on this market:

The COVID-19 pandemic continues to spread and impact more than 175 countries and territories. Although the epidemic appears to have slowed in China, COVID-19 has had a global impact. The pandemic could affect three main aspects of the global economy: production, the supply chain, businesses and financial markets. National governments have announced largely uncoordinated and country-specific responses to the virus. As authorities encourage “social distancing” and consumers stay indoors, several businesses are affected. However, coordinated and credible policy responses should offer the best chance of limiting the economic fallout.

At Stratagem Market Insights, we understand the economic impact on various industries and markets. Using our holistic market research methodology, we strive to help your business sustain and grow during COVID-19 pandemics. With in-depth expertise in various industries, regardless of size, and with a team of highly experienced and dedicated analysts, Stratagem Market Insights will provide you with an impact analysis of the coronavirus outbreak across industries to help you prepare for the future.

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Stratagem Market Insights is a management consulting organization providing market intelligence and consulting services around the world. We bring the expertise of consultants with cumulative industry experience of over 70 years. The company has provided quantified B2B research and currently serves more than 350 clients worldwide. Our reports cover various end-use industries such as Aerospace & Defense, Agriculture, Food & Beverage, Automotive, Chemicals & Materials, Consumer Goods & Retail, electronics, energy, mining and utilities, pharmaceuticals, manufacturing and construction, services and health. , and ICT.

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Report says Iowa civic education and American history standards are inadequate https://arbeiasociety.org.uk/report-says-iowa-civic-education-and-american-history-standards-are-inadequate/ https://arbeiasociety.org.uk/report-says-iowa-civic-education-and-american-history-standards-are-inadequate/#respond Fri, 02 Jul 2021 09:03:56 +0000 https://arbeiasociety.org.uk/report-says-iowa-civic-education-and-american-history-standards-are-inadequate/ DES MOINES, Iowa – Fordham Institute freed their grades of each state’s academic history and civic education standards. Iowa’s standards were deemed insufficient. According to their website, the Thomas B. Fordham Institute is a nonprofit organization based in Washington, DC and Ohio that, according to their website, promotes “educational excellence for every child in America […]]]>

DES MOINES, Iowa – Fordham Institute freed their grades of each state’s academic history and civic education standards. Iowa’s standards were deemed insufficient.

According to their website, the Thomas B. Fordham Institute is a nonprofit organization based in Washington, DC and Ohio that, according to their website, promotes “educational excellence for every child in America through research, analysis and commentary by quality”.

Five jurisdictions have been considered exemplary in US history and civics: Alabama, California, Massachusetts, Tennessee, and the District of Columbia. Iowa joined 19 other states with standards deemed inadequate.

The State of State Standards for Civics and History of the United States in 2021 assesses the Kindergarten to Grade 12 civics and history standards adopted by the fifty states and the District of Columbia for the quality, completeness and thoroughness of their content and the clarity of its presentation. The reviews were conducted by a bipartisan team of seasoned educators and subject matter experts with in-depth knowledge of civics education and US history, ”the Fordham Institute said in its announcement of the report. .

Iowa received a “D” for its civic education standards and an “F” for its US history standards.. The report preview read: “Iowa’s current standards of civic education and US history are inadequate. The vagueness and overbreadth results in a dearth of specific content in both disciplines, and there is no discernible coverage of US history at the K-8 level. A complete revision of the standards is recommended.

The Iowa State Board of Education adopted the Iowa Social Studies Standards in 2017, aligning them with C3 Framework for Social Studies Standards.

“The Iowa Academic Standards provide a set of common expectations for school districts across the state while allowing local decisions to be made about the program and how it is delivered. Local districts decide what specific historical content best meets the needs of the communities they serve, while using the approach to teaching critical thinking skills that are reflected in the Iowa Social Studies Standards ” , Heather Doe, spokesperson for the Iowa Department of Education, Told The Iowa Torch in an email.

“Iowa uses a collaborative process with stakeholders to establish and update the Iowa Academic Standards, including for Social Studies, which have undergone an extensive review process, d Development and adoption of standards starting in 2015. This work culminated in the approval of the revised Iowa Board of Education. Iowa Academic Standards for Social Studies, which was conducted by educators and social studies professionals from Iowa. As a result, we have social studies standards that reflect the values ​​and needs of Iowa, which prioritizes teaching our students to be critical thinkers on the information they encounter, as opposed to memorizing a list of facts, ”she added.

The Fordham Institute found Iowa’s civic standards too vague.

“Iowa’s civic standards are written so broadly that it is often impossible to say what students are expected to learn, and what elementary civic education content exists is not ambitious,” they wrote. .

“Education standards should educate. Yet Iowa’s civic standards only seem to silently point in the direction of content, hoping that districts and teachers get back on their way, ”complained the report’s authors.

They provided examples of overly broad secondary school standards:

“(L) Standard 1 calls on students to” assess the powers and responsibilities of local, state, tribal, national and international civic and political institutions, how they interact and the role of government in policing “( SS.Gov. 9-12.12.13). This wording does not alert anyone to the fact that the powers of the federal government are limited, the powers of the states are general, the local powers are delegated, the tribal powers are authorized, and the powers are international political bodies are seldom supported by force. Some government “responsibilities” are constitutional duties, while others result from the exercise of discretionary “powers.” How governments “interact” depends on a network of regulatory, expenditure, legal and policy relationships that could constitute a course in itself. Yet the existing standard does not provide any guidance on how to navigate or prioritize these issues. Indeed, a teacher who teaches anything about government could claim to satisfy it.

So what:

“(The) third standard asks students to“ analyze the origins of government with attention to the goals of government ”(SS.Gov.9-12.15). The wording does not specify whether the class should study the political theory of Thomas Hobbes and John Locke, the origin of the cities of Mesopotamia and Greek city-states, or the founding debates and documents of the United States.

The report’s authors credited Iowa with “paying attention to the citizenship skills and arrangements in Kindergarten to Grade 5,” and intentionally developing critical thinking skills in Grades 6 through 12.

They also noted that while state law requires high school students to learn about the Bill of Rights and receive voter education, neither topic is included in the standards.

The harshest criticisms of the Fordham Institute are directed against the standards of American history of Iowa.

“Iowa’s social studies standards basically ignore US history before 8th grade, and the college / high school plan is almost without substance. There is little effort to promote shared exposure to essential historical content across the state, ”write the report’s authors.

“There is no discernible content in US history in the K-5 grades,” Fordham notes, and it doesn’t improve in grades six and seven. However, after hitting eighth grade, Fordham says the standards finally include content about U.S. history:

“Of the five content standards for the history strand, four are general, asking students to study” connections between early American historical events and developments in broader historical contexts “(SS.8.21), changes in” the prevailing social, cultural, and political perspectives’ in early American history (SS.8.22), ‘the causes and effects of events and developments in early American history’ (SS.8.23), and the structure of government from Iowa. Only one item, under the “historical sources and evidence” anchor standard, actually mentions historical details – a bare and scattered list of documents that students could study, “such as the Declaration of Independence, the Bill of Rights. , Constitution, Farewell Speech, Louisiana Purchase Treaty, Monroe Doctrine, Indian Abduction Act, Missouri Compromise, Dred Scott v. Sanford and the Treaty of Guadalupe-Hidalgo ‘”(SS.8.24).

“This is the entirety of the substance of US history up to the 8th grade.”

It doesn’t improve in high school.

PUBLICITY

Fordham describes the High School US History standards as “scattered thematic points and a handful of decontextualized details offered as seemingly random examples without meaningful description or even a clearly defined course scope.”

Fordham provided five recommendations for Iowa:

  1. Offer a rigorous initiation into civic education in elementary and middle school
  2. Provide more specific and detailed guidance in high school, especially in standards that relate to civic and political institutions.
  3. Provide a substantial description of U.S. history to encourage shared exposure to essential content.
  4. Organize content as the content itself dictates, not by fixed thematic categories.
  5. Provide an introductory survey of US history before eighth grade.

Chairs of the Iowa Legislature’s Education Committee had different opinions on the report.

State Representative Dustin Hite, R-New Sharon, chairman of the Iowa House Education Committee, defended the Iowa standards but expressed willingness to study the criticism further.

“I believe the state of Iowa’s standards are intentionally vague to allow teachers and school districts to be flexible in order to provide the best education for their students. We trust our teachers to do a great job, ”he said. The Iowa Torch. “To resolve any issues that might arise, we focused on ensuring that parents have a voice in their child’s education rather than dictating a strict checklist to state teachers. This is something we can look at to determine if changes are needed. “

State Senator Amy Sinclair, R-Allerton, chair of the Iowa Senate Education Committee, said the report sounds the alarm bells.

“While I greatly appreciate the efforts of many social science educators in Iowa to develop state standards, this ‘F’ grade highlights our need to focus on foundational fundamentals. of our nation and the basic civic knowledge needed by every citizen. Reading, math and science are definitely priorities, but ignoring a basic understanding of our country’s history is a big mistake for educating the next generation, ”she said. The Iowa Torch.

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22 mini-grids for Nigeria’s electrification project https://arbeiasociety.org.uk/22-mini-grids-for-nigerias-electrification-project/ https://arbeiasociety.org.uk/22-mini-grids-for-nigerias-electrification-project/#respond Thu, 11 Mar 2021 08:11:21 +0000 https://arbeiasociety.org.uk/22-mini-grids-for-nigerias-electrification-project/ As part of its strategic focus on energy access and clean energy for Nigerians, Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF), the first listed infrastructure debt fund in Nigeria and Africa, announced the successful financial close of the construction of 22 mini-grids under development by Havenhill Synergy Limited (Havenhill) under the Nigeria Electrification Project. […]]]>

As part of its strategic focus on energy access and clean energy for Nigerians, Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF), the first listed infrastructure debt fund in Nigeria and Africa, announced the successful financial close of the construction of 22 mini-grids under development by Havenhill Synergy Limited (Havenhill) under the Nigeria Electrification Project.

With this development, NIDF will provide Havenhill with long-term funding of 1.8 billion naira (approximately $ 4.6 million) to partially fund the deployment of these mini-grids, which would connect 70,000 people as well as ” other establishments in host communities with clean and reliable energy supplies. For more information see the IDTechEx report on Distributed production: 2020-2040 zero-emission kW-MW off-grid.

Recent data obtained from the National Bureau of Statistics revealed that access to reliable electricity in Nigeria is relatively low with a rural electrification rate still hovering around 39%. In 2019, the International Monetary Fund (IMF) also estimated that lack of access to reliable electricity costs Nigeria around US $ 29 billion per year.

The inability of the owners / operators of the main electricity grid to connect rural communities and provide them with reliable power supply has further magnified the need for decentralized energy systems and other clean alternatives. Havenhill addresses these challenges by deploying smart solar mini-grids in commercially viable rural communities across the country.

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Build customer loyalty, build loyalty after a total loss https://arbeiasociety.org.uk/build-customer-loyalty-build-loyalty-after-a-total-loss/ https://arbeiasociety.org.uk/build-customer-loyalty-build-loyalty-after-a-total-loss/#respond Thu, 11 Mar 2021 08:11:20 +0000 https://arbeiasociety.org.uk/build-customer-loyalty-build-loyalty-after-a-total-loss/ Consumer complaints against auto lenders on the rise, says recent report the Education Fund of the US Public Interest Research Group (PIRG) and the Frontier Group. Analysis of consumer data for October 2020 revealed a record spike in car rental and finance complaints from March to July 2020, even with many auto lenders offering payment […]]]>

Consumer complaints against auto lenders on the rise, says recent report the Education Fund of the US Public Interest Research Group (PIRG) and the Frontier Group. Analysis of consumer data for October 2020 revealed a record spike in car rental and finance complaints from March to July 2020, even with many auto lenders offering payment assistance to customers in response to the demand. pandemic.

Many of the problems described in the report stem from outstanding auto loan balances, which have reached an all-time high. $ 1.36 trillion in the third quarter of 2020. And as lender portfolios grow, so does the increased workload on lender call centers, loan repayments, and customer service teams.

Further analysis of the US PIRG report reveals that a significant portion of complaints relate to accidents or total loss. In fact, 13% of the accounts associated with loan repayment complaints mentioned the term “totaled” and 11% mentioned “accident”, with several reports of late fees following an accident.

A total loss can be a very manual and tedious process for consumers and auto lenders. As lenders seek to improve customer loyalty and increase operational efficiency, digitize total loss workflows could help reduce process complexity, free up resources and minimize the likelihood of missed payments.

Consumer behavior following a total loss

When a vehicle is destroyed, whether as a result of an accident, extreme weather conditions, or some other incident, it can take weeks for the auto lender to be notified of the total loss.

Often, the customer does not realize that he must continue to repay his car loan even if he is no longer in possession of the vehicle. While the customer waits for the insurance to process the claim and repay the loan, missed payments can occur resulting in default.

Lenders often only discover the total loss when the customer’s payment goes unpaid. At this point, the customer experience may already be compromised.

If the customer criticizes the lender for this negative experience, they may choose to finance a replacement vehicle through another auto lender.

The sooner the lender receives notification of the total loss and the claim is resolved, the sooner they can engage with the customer to consolidate the payment and discuss a new loan. Reducing the notification period is key to creating a positive experience.

Lender’s availability and total loss

Although the frequency of liability claims for collisions and property damage declined during the pandemic, rapid traffic and higher vehicle speeds contributed to increase in claims for total loss of vehicles.

With the increase in the frequency of total losses, in particular among younger vehicles with outstanding loans, more of the lender’s resources should be devoted to resolving losses fully. But customer service resources are already taxed.

Lender call duration increased by 50% at the start of the pandemic as worried customers looked at outstanding loans and forbearance programs. This increase in call duration meant that lenders had limited resources to devote to total losses, where long phone calls and wait times between lenders and insurance companies are a constant obstacle to resolution.

Prolonged economic uncertainty could have an additional impact on the availability and resources of lenders, making it more difficult to provide both customer support and rapid resolution of total losses.

Lender forbearance programs have helped reduce the vulnerability of customers during the pandemic, as have stimulus checks, unemployment benefits and other financial aids. In fact, auto loan delinquencies and lender losses reached record levels during the pandemic thanks in large part to the help of lenders.

But with the uncertainty surrounding a second round of stimulus checks and the lack of auto loan coverage under the CARES Act coronavirus relief, many consumers could face economic hardship again. Even if the financial aid is extended, the vehicle debt goes nowhere. Client delinquency and default are likely to become more frequent. So do customer complaints and phone calls.

Why lenders are going digital

With the increasing use of remote work, digitization is becoming more and more vital. For auto lenders facing high customer call volumes, it’s more important than ever to create a seamless digital experience to maximize resources. But many total loss workflows still rely on phone and paper processes, which increases the time spent with insurance companies on the title release process.

By digitizing total loss workflows, lenders can streamline the exchange of information and documents with carriers while receiving total loss notification sooner. With near real-time alerts When a financed vehicle is declared a total loss, lenders can proactively communicate with customers to minimize the likelihood of missed payments.

A bad experience of total loss could erode confidence in the lender. Conversely, improving the experience could go a long way in building customer loyalty and loyalty.

Learn more about how CCCs Total Loss Care – Privilege Holder Portal helps lenders streamline processes and improve customer satisfaction after total loss.

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Independence Independence Power & Light’s debt is significant, but considered stable https://arbeiasociety.org.uk/independence-independence-power-lights-debt-is-significant-but-considered-stable/ https://arbeiasociety.org.uk/independence-independence-power-lights-debt-is-significant-but-considered-stable/#respond Thu, 11 Mar 2021 08:11:20 +0000 https://arbeiasociety.org.uk/independence-independence-power-lights-debt-is-significant-but-considered-stable/ Mike genet | mike.genet@examiner.net While the City of Independence recently repaid $ 10.6 million in Power & Light bonds about 15 years ahead of schedule, saving over $ 4.5 million in interest payments, this still represents a small amount of the city’s total debt. The $ 10.6 million, used from excess cash, was part of […]]]>

While the City of Independence recently repaid $ 10.6 million in Power & Light bonds about 15 years ahead of schedule, saving over $ 4.5 million in interest payments, this still represents a small amount of the city’s total debt.

The $ 10.6 million, used from excess cash, was part of what had been $ 151.5 million in past due bond payments through 2046, as well as $ 91 million future interests. These bonds were issued to pay for a wide variety of projects, including factories that are no longer in use.

In addition, the city is obligated over the long term to make $ 290 million in bond payments under its power purchase agreements with the coal-fired power plants in Nebraska City and Iatan (near Weston). , according to the city’s annual financial report released in mid-2020. This includes $ 165 million through 2038 for the Iatan plant, which started up in 2010; and $ 125 million through 2049 for the Nebraska City plant, which started up in 2009.

In total, the IPL has over half a billion dollars in debt obligations planned. However, experts say the city’s utility debt is currently in good shape – a stable rating from Standard & Poor’s Global, according to its most recent ratings, “which is investor grade,” said Bryan Kidney, director. of the city of financial and administrative.

The city’s utility debt portfolio has come into play as authorities begin to consider a possible next-generation electricity project to replace the city’s around 50-year-old combustion turbines – a project that will be costly. , whatever its size. Even a small turbine plant to replace the 93-megawatt capacity of current turbines, and perhaps run regularly to sell electricity, would cost tens of millions of dollars.

Existing bond issues with the city

The recently paid advance bonds, issued in 2010, paid for, among other things, repairs to factories in Missouri City (closed in 2017 and since demolished) and Blue Valley (closed in June 2020), as well as combustion turbines in the city, and some underground transmission and cable projects.

Other bond issues in progress, according to city documents:

  • 2012A: $ 55.1 million for a 12.3% interest in the Dogwood gas plant in Pleasant Hill. The city still owes $ 53.6 million in principal.
  • 2012F: $ 52.5 million to replace the city’s street lights with LED lights, transmission projects, the repayment of certain 2009 obligations, the inspection of certain turbines and repairs in Blue Valley. The city still owes $ 39.74 million in principal.
  • 2016: $ 47.18 million to pay for, among other things, the closure of ash ponds, turbine inspections and repairs, the decommissioning of the Missouri City plant, various transmission projects, the new building of the utilities, the new billing system and potential funds to design a new automated meter system – a plan ultimately scrapped after a citizen petition campaign. The city only made interest payments on these bonds.

According to the 2016 bond documents, according to the current schedule, the city was to make around $ 10.5 million per year in bond payments until 2024, then slightly less until 2036, up to 6.6 million dollars and a slight decline from 2037, until a final $ 2.3 million payment in 2046.

The city’s current fiscal year budget includes spending of $ 8.3 million for Dogwood and $ 53.6 million on power purchase contracts, including approximately $ 7.1 million for two parks wind turbines in Kansas and the city’s community solar farm.

Pay them

The 2010 bonds were paid on their 10-year call date, which Kidney says the city will look at similarly when the 2012 bonds hit their call date next year. Otherwise, these bonds run until 2037, and refinancing between 2022 and thereafter can be trickier and have tax impacts.

The 2016 bonds can be recalled in 2026, and otherwise run until 2046. The interest on the current bonds varies between 2 and 5%.

To pay off the 2010 bonds, Kidney said the city had considered refinancing with new bonds at lower interest rates – “Much like refinancing a mortgage,” he said – but finally waited a bit and undid them, or paid the outstanding balance immediately. The city determined that it had these excess funds using its newly enacted cash balance policy.

The idea of ​​the policy, Kidney explains, is to look each year against the year-end fund balance and then recalculate what the next target balance will be after covering all necessary expenses. If there is a cash surplus beyond the target balance, as financial advisors have determined this year, Kidney says his first recommendations would be to remove the bonds if possible or direct the funds to projects of ‘one-off fixed assets.

“The idea is to make sure taxpayers don’t pay more on debt than they owe,” Kidney said. “That’s the whole point of cash balance policies.”

When the 10-year call date arrives with the 2012 and 2016 bonds, the city could choose to direct the excess funds to pay them off if possible, or to refinance with new debt at lower interest rates.

Kidney said if any refinancing occurs with the bonds at the Nebraska City and Iatan power plants, it would be through the owners of those plants, who use payments from IPL and other power companies as sources of revenue. , and not by the city.

New power?

If the city were to eventually issue new bonds to pay for the new power generation, it may earn lower interest rates than some current bonds.

“Everything is market driven,” Kidney said. “We are in an unprecedented period of low interest. It is very difficult to project what these rates will be in a year or two, but there is every indication that rates will stay low for some time. “

City Council Member Mike Huff, a former division manager at IPL, pointed out a few weeks ago that he was simply pushing to replace combustion turbines with base production that generates revenue for the city. To say that he is pushing to build a large power plant that would cost hundreds of millions of dollars is “incorrect,” he said.

Paying for replacement electricity can involve current income more than issuing a large amount of debt, he said, and if done well enough, it can lead to lower rates – not higher rates to pay off financial debt.

“What we’re talking about is replacement; we’re talking about replacing the 93 megawatts, ”Huff said, amid discussions after the short blackouts and how IPL could theoretically sell more power in similar events if it had the capacity. “It has always been important for IPL. This should not be taken lightly by anyone. “

Even before the cold snap and power outages, Mayor Eileen Weir said city council needed to feel comfortable with the idea that it would be making a power-related decision that would affect the city for decades.

“We need to replace what we currently have,” Weir said after the power outages. “It’s not about fear, although it has caught the attention of a lot of people. I understand that we have a lot of debt and it’s not going anywhere overnight, but we have an obligation to at least maintain what we currently have.

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