Market Newsdesk

August 9, 2021 6:03 am

Vipshop to Announce Second Quarter 2021 Financial Results on August 18, 2021

PR Newswire

GUANGZHOU, China, Aug. 9, 2021 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced that it plans to release its second quarter 2021 financial results on Wednesday, August 18, 2021, before the US market open.

The Company will hold a conference call on Wednesday, August 18, 2021 at 7:30 am US Eastern Time, 7:30 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below. Once pre-registration has been completed, participants will receive dial-in numbers, a passcode, and a unique registrant ID via email. To join the conference, participants should use the dial-in details in the email and then enter the event passcode followed by the registrant ID.

Conference ID #2472109

Registration Link
https://apac.directeventreg.com/registration/event/2472109

A replay of the conference call will be accessible until August 25, 2021 via the following dial-in details:

United States Toll Free:         +1-855-452-5696

International:                          +61-2-8199-0299

Conference ID:                       #2472109

Additionally, a live and archived webcast of the conference call will be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: [email protected]

View original content:https://www.prnewswire.com/news-releases/vipshop-to-announce-second-quarter-2021-financial-results-on-august-18-2021-301350939.html

SOURCE Vipshop Holdings Limited

August 9, 2021 6:03 am

HEI Reports Second Quarter 2021 Results

2Q21 Net Income of $63.9 Million and Diluted Earnings Per Share (EPS)¹ of $0.58

Utility Focused on Cost Efficiencies to Benefit Customers and Progressing Hawaii’s Climate Goals

Bank Results Reflect Improved Economy and Credit Quality, Stable Net Interest Margin

PR Newswire

HONOLULU, Aug. 9, 2021 /PRNewswire/ — Hawaiian Electric Industries, Inc. (NYSE – HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2021 of $63.9 million and EPS of $0.58 compared to $48.9 million and EPS of $0.45 for the second quarter of 2020.

“HEI delivered strong consolidated financial results in the second quarter as Hawaii’s economy strengthened and as we advanced key priorities across our enterprise,” said Constance H. Lau, HEI president and CEO.

“At our utility the new performance-based regulation (PBR) framework is now fully in effect as of June 1, and we’ve begun delivering savings from our cost management program to our customers. We remain focused on cost efficiencies as we make needed investments to continue to provide safe, reliable electricity and reach Hawaii’s climate goals.

“Our bank’s strong second quarter results reflect the reopened local economy and increased tourism, solid execution and our bank’s continuing efforts to work closely with its customers through the pandemic. The bank’s results benefited from a release of reserves for credit losses, driven by the improved economy and credit quality, while the bank continues to transform its operating model to provide excellent customer service in an increasingly digital world,” said Lau.

_____________

¹Unless otherwise indicated, throughout this release earnings per share (EPS) refers to diluted earnings per share.

HAWAIIAN ELECTRIC COMPANY EARNINGS
Hawaiian Electric Company’s (Hawaiian Electric) net income for the second quarter of 2021 was $41.9 million, compared to $42.3 million in the second quarter of 2020, primarily driven by the following after-tax items:

$6 million from higher operations and maintenance expenses consisting primarily of (i) $3 million due to more generating facility overhauls, (ii) $2 million from lower bad debt expense in the second quarter of 2020 resulting from a Hawaii Public Utilities Commission (PUC) decision allowing deferral of COVID-19 related expenses, (iii) $1 million from a write-off due to termination of an agreement relating to a combined heat and power unit, and (iv) $1 million due to an increase in an environmental reserve, partially offset by $1 million from lower staffing levels and efficiency improvements; and
$1 million from higher depreciation expense due to increasing investments to integrate more renewable energy and improve customer reliability and system efficiency.

These items were partially offset by the following after-tax items:

$3 million from higher rate adjustment mechanism revenues;
$2 million related solely to a change in the timing for revenue recognition within the year that eliminates seasonality in recognizing target revenues and results in recognizing revenues evenly throughout the year, with target revenues recognized on an annual basis remaining unchanged;
$1 million lower non-service pension costs due to the reset of pension costs included in rates as part of a final rate case decision; and
$1 million lower enterprise resource planning system implementation benefits to be passed on to customers.

_________________

Note: Amounts indicated as after-tax in this earnings release are based upon adjusting items using the current year composite statutory tax rates of 25.75% for the utilities and 26.79% for the bank.

AMERICAN SAVINGS BANK EARNINGS
American Savings Bank’s (American) second quarter of 2021 net income was $30.3 million, compared to $29.6 million in the first, or linked, quarter of 2021 and $14.0 million in the second quarter of 2020. The increase in net income compared to the linked and prior year quarters was primarily due to a credit-driven reserve release that resulted in a negative provision for credit losses of $12.2 million for the second quarter. This compares to a negative provision for credit losses of $8.4 million in the first quarter of 2021 and a provision for credit losses of $15.1 million in the second quarter of 2020.

Total loans were $5.2 billion as of June 30, 2021, down 2.7% from December 31, 2020. The reduction in the loan portfolio included approximately $228 million in forgiven ASB CARES (Paycheck Protection Program) loans, in addition to declines in the home equity line of credit and consumer portfolios. The decrease in these portfolios was partially offset by growth in the commercial real estate portfolio.

Total deposits were $7.9 billion as of June 30, 2021, an increase of 6.6% from December 31, 2020. For the second quarter of 2021, the average cost of funds was 0.07%, down one basis point versus the linked quarter and down eleven basis points versus the prior year quarter.

Overall, American’s return on average equity²for the second quarter of 2021 was 16.8%, compared to 16.0% in the linked quarter and 8.0% in the second quarter of 2020. Return on average assets was 1.38% for the second quarter of 2021, compared to 1.40% in the linked quarter and 0.72% in the same quarter last year.

In the second quarter of 2021, American paid dividends of $23.0 million to HEI. American had a Tier 1 leverage ratio of 8.0% at June 30, 2021.

Please refer to American’s news release issued on July 30, 2021 for additional information on American.

HOLDING AND OTHER COMPANIES
The holding and other companies’ net loss was $8.3 million in the second quarter of 2021 compared to $7.5 million in the second quarter of 2020. The greater net loss was primarily due to increased charitable contribution expense relating to a settlement agreement associated with an executive transition.

BOARD DECLARES QUARTERLY DIVIDEND
On August 6, 2021, HEI announced that the Board of Directors declared a quarterly cash dividend of $0.34 per share, payable on September 10, 2021 to shareholders of record at the close of business on August 19, 2021 (ex-dividend date is August 18, 2021). This quarterly dividend is equivalent to an annual rate of $1.36 per share. Dividends have been paid on an uninterrupted basis since 1901. At the indicated annual dividend rate and based on the closing price per share on August 6, 2021 of $43.83, HEI’s dividend yield is 3.1%.

_______________________

²Bank return on average equity calculated using weighted average daily common equity.

WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND 2021 GUIDANCE
HEI will conduct a webcast and conference call to review its consolidated results and 2021 earnings guidance and outlook on Monday, August 9, 2021 at 10:15 a.m.Hawaii time (4:15 p.m. Eastern).

Parties in the U.S. may listen to the conference call by dialing (844) 834-0652. International parties may listen to the conference call by dialing (412) 317-5198. Parties may also access presentation materials and/or listen to the conference call by visiting the conference call/webcast link on HEI’s website at www.hei.com under the “Investor Relations” section, sub-heading “News and Events — Events and Presentations.”

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through August 23, 2021. To access the audio replay, dial (877) 344-7529 (U.S.) or (412) 317-0088 (international) and enter passcode 10157240.

HEI and Hawaiian Electric intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI’s website in the Investor Relations section. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website at www.hei.com in addition to following HEI’s, Hawaiian Electric’s and American’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. The information on HEI’s website is not incorporated by reference in this document or in HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the PUC website at dms.puc.hawaii.gov/dms to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI’s and Hawaiian Electric’s SEC filings.

HEI supplies power to approximately 95% of Hawaii’s population through its electric utility, Hawaiian Electric; provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii’s largest financial institutions; and helps advance Hawaii’s clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current.

FORWARD-LOOKING STATEMENTS
This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2020 and HEI’s other periodic reports that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)

	Three months ended June 30				Six months ended June 30
(in thousands, except per share amounts)	2021		2020		2021		2020
Revenues
Electric utility	$	601,879	$	534,215	$	1,166,743	$	1,131,657
Bank	77,260		74,714		154,391		154,452
Other	1,118		16		2,069		22
Total revenues	680,257		608,945		1,323,203		1,286,131
Expenses
Electric utility	534,195		466,414		1,029,945		1,019,898
Bank	37,454		66,221		79,289		126,556
Other	6,752		4,754		14,082		8,419
Total expenses	578,401		537,389		1,123,316		1,154,873
Operating income (loss)
Electric utility	67,684		67,801		136,798		111,759
Bank	39,806		8,493		75,102		27,896
Other	(5,634)		(4,738)		(12,013)		(8,397)
Total operating income	101,856		71,556		199,887		131,258
Retirement defined benefits credit (expense)—other than service costs	1,216		(934)		3,651		(1,868)
Interest expense, net—other than on deposit liabilities and other bank borrowings	(23,317)		(22,613)		(47,053)		(44,388)
Allowance for borrowed funds used during construction	812		752		1,559		1,440
Allowance for equity funds used during construction	2,377		2,194		4,568		4,209
Gain on sale of investment securities, net	—		9,275		528		9,275
Income before income taxes	82,944		60,230		163,140		99,926
Income taxes	18,599		10,870		33,964		16,673
Net income	64,345		49,360		129,176		83,253
Preferred stock dividends of subsidiaries	473		473		946		946
Net income for common stock	$	63,872	$	48,887	$	128,230	$	82,307
Basic earnings per common share	$	0.58	$	0.45	$	1.17	$	0.75
Diluted earnings per common share	$	0.58	$	0.45	$	1.17	$	0.75
Dividends declared per common share	$	0.34	$	0.33	$	0.68	$	0.66
Weighted-average number of common shares outstanding	109,282		109,146		109,252		109,098
Weighted-average shares assuming dilution	109,515		109,305		109,557		109,374
Net income (loss) for common stock by segment
Electric utility	$	41,901	$	42,329	$	85,259	$	66,234
Bank	30,284		14,014		59,840		29,775
Other	(8,313)		(7,456)		(16,869)		(13,702)
Net income for common stock	$	63,872	$	48,887	$	128,230	$	82,307
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$	80,344	$	48,555	$	100,686	$	100,187
Return on average common equity (%) (twelve months ended)					10.5		9.4

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)

	Three months ended June 30				Six months ended June 30
($ in thousands, except per barrel amounts)	2021		2020		2021		2020
Revenues	$	601,879	$	534,215	$	1,166,743	$	1,131,657
Expenses
Fuel oil	139,136		112,451		266,563		285,672
Purchased power	162,465		136,838		304,761		276,654
Other operation and maintenance	118,142		110,041		232,712		237,588
Depreciation	57,381		55,696		114,736		111,546
Taxes, other than income taxes	57,071		51,388		111,173		108,438
Total expenses	534,195		466,414		1,029,945		1,019,898
Operating income	67,684		67,801		136,798		111,759
Allowance for equity funds used during construction	2,377		2,194		4,568		4,209
Retirement defined benefits credit (expense)—other than service costs	1,020		(382)		2,041		(763)
Interest expense and other charges, net	(17,995)		(17,338)		(35,978)		(33,932)
Allowance for borrowed funds used during construction	812		752		1,559		1,440
Income before income taxes	53,898		53,027		108,988		82,713
Income taxes	11,498		10,199		22,731		15,481
Net income	42,400		42,828		86,257		67,232
Preferred stock dividends of subsidiaries	229		229		458		458
Net income attributable to Hawaiian Electric	42,171		42,599		85,799		66,774
Preferred stock dividends of Hawaiian Electric	270		270		540		540
Net income for common stock	$	41,901	$	42,329	$	85,259	$	66,234
Comprehensive income attributable to Hawaiian Electric	$	41,936	$	42,354	$	85,328	$	66,285
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
Hawaiian Electric	1,514		1,444		2,942		2,940
Hawaii Electric Light	256		224		501		476
Maui Electric	256		206		492		464
	2,026		1,874		3,935		3,880
Average fuel oil cost per barrel	$	73.58	$	63.12	$	68.59	$	72.77
Return on average common equity (%) (twelve months ended)¹					8.9		7.9

¹ Simple average.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

American Savings Bank, F.S.B.
STATEMENTS OF INCOME DATA
(Unaudited)

	Three months ended						Six months ended June 30
(in thousands)	June 30, 2021		March 31, 2021		June 30, 2020		2021		2020
Interest and dividend income
Interest and fees on loans	$	51,026	$	49,947	$	53,541	$	100,973	$	109,086
Interest and dividends on investment securities	11,040		8,673		6,288		19,713		15,718
Total interest and dividend income	62,066		58,620		59,829		120,686		124,804
Interest expense
Interest on deposit liabilities	1,281		1,462		3,071		2,743		6,658
Interest on other borrowings	23		27		75		50		388
Total interest expense	1,304		1,489		3,146		2,793		7,046
Net interest income	60,762		57,131		56,683		117,893		117,758
Provision for credit losses	(12,207)		(8,435)		15,133		(20,642)		25,534
Net interest income after provision for credit losses	72,969		65,566		41,550		138,535		92,224
Noninterest income
Fees from other financial services	5,464		5,073		3,102		10,537		7,673
Fee income on deposit liabilities	3,904		3,863		2,897		7,767		8,010
Fee income on other financial products	2,201		2,442		1,212		4,643		3,084
Bank-owned life insurance	1,624		2,561		1,673		4,185		2,467
Mortgage banking income	1,925		4,300		6,252		6,225		8,252
Gain on sale of investment securities, net	—		528		9,275		528		9,275
Other income, net	76		272		(251)		348		162
Total noninterest income	15,194		19,039		24,160		34,233		38,923
Noninterest expense
Compensation and employee benefits	27,670		28,037		25,079		55,707		50,856
Occupancy	5,100		4,969		5,442		10,069		10,709
Data processing	4,533		4,351		3,849		8,884		7,686
Services	2,475		2,862		2,474		5,337		5,283
Equipment	2,394		2,222		2,290		4,616		4,629
Office supplies, printing and postage	978		1,044		1,049		2,022		2,390
Marketing	665		648		379		1,313		1,181
FDIC insurance	788		816		751		1,604		853
Other expense¹	3,568		2,554		7,063		6,122		11,257
Total noninterest expense	48,171		47,503		48,376		95,674		94,844
Income before income taxes	39,992		37,102		17,334		77,094		36,303
Income taxes	9,708		7,546		3,320		17,254		6,528
Net income	$	30,284	$	29,556	$	14,014	$	59,840	$	29,775
Comprehensive income (loss)	$	47,283	$	(16,198)	$	13,734	$	31,085	$	49,342
OTHER BANK INFORMATION (annualized %, except as of period end)
Return on average assets	1.38		1.40		0.72		1.39		0.79
Return on average equity	16.76		16.04		8.00		16.40		8.57
Return on average tangible common equity	18.92		18.06		9.07		18.48		9.72
Net interest margin	2.98		2.95		3.21		2.97		3.46
Efficiency ratio	63.42		62.36		59.84		62.89		60.53
Net charge-offs to average loans outstanding	0.04		0.18		0.49		0.11		0.46
As of period end
Nonaccrual loans to loans receivable held for investment	1.03		1.00		0.86
Allowance for credit losses to loans outstanding	1.51		1.73		1.50
Tangible common equity to tangible assets	7.5		7.3		7.9
Tier-1 leverage ratio	8		8.3		8.4
Dividend paid to HEI (via ASB Hawaii, Inc.) ($ in millions)	$	23.0	$	5.0	$	—	$	28.0	$	28.0

¹The three- and six-month periods ended June 30, 2021 include approximately $0.1 million and $0.4 million, respectively, of certain direct and incremental COVID-19 related costs. The three- and six-month periods ended June 30, 2020 include approximately $3.7 million and $3.8 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs for the first six months of 2020, which have been recorded in Other expense, include $2.3 million of compensation expense and $1.1 million of enhanced cleaning and sanitation costs.

Contact:	Julie R. Smolinski	Telephone: (808) 543-7300
	Vice President, Investor Relations & Corporate Sustainability	E-mail: [email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/hei-reports-second-quarter-2021-results-301350911.html

SOURCE Hawaiian Electric Industries, Inc.

August 9, 2021 6:03 am

Air Products Reports Fiscal 2021 Third Quarter GAAP EPS# of $2.36 and Adjusted EPS* of $2.31

PR Newswire

LEHIGH VALLEY, Pa., Aug. 9, 2021 /PRNewswire/ —

Q3 FY21 (comparisons versus prior year):

GAAP EPS of $2.36, up 17 percent; GAAP net income of $532 million, up 16 percent; and GAAP net income margin of 20.4 percent, down 170 basis points.
Adjusted EPS* of $2.31, up 15 percent; adjusted EBITDA margin* of 37.5 percent, down 520 basis points.

Q3 FY21 Highlights

Advancing the hydrogen energy transition:

Announced plans to build landmark net-zero hydrogen energy complex in Edmonton, Alberta, Canada, setting the stage for Air Products to operate the most competitive and lowest-carbon-intensity hydrogen network in the world; the facility’s combination of advanced hydrogen reforming technology, carbon capture and storage, and hydrogen-fueled electricity generation makes net-zero possible.
Formed strategic global collaboration with Baker Hughes to develop next generation hydrogen compression to lower the cost of production and accelerate the adoption of hydrogen as a zero-carbon fuel; Baker Hughes will provide Air Products with advanced hydrogen compression and gas turbine technology for global projects, including NovaLT16 turbines for the net-zero hydrogen energy complex in Edmonton and advanced compression technology for the NEOM carbon-free hydrogen project.
Announced memorandum of understanding with Cummins Inc. to accelerate the integration of hydrogen fuel cell trucks in the Americas, Europe and Asia; Cummins will provide hydrogen fuel cell electric powertrains integrated into selected OEM partners’ heavy-duty trucks for Air Products, as Air Products begins the process of converting its global fleet of distribution vehicles to hydrogen fuel cell vehicles.

Announced CFO succession plan that will see Scott Crocco retiring on September 30, 2021 following a distinguished, 31-year career with the Company, and Melissa Schaeffer assuming leadership responsibility for Air Products’ worldwide Finance organization on August 10, 2021.
Updated Capital Deployment Scorecard, demonstrating that the original capital deployment commitment was met and significant investment capacity remains for sustainability-driven growth projects.
Published 2021 Sustainability Report, providing stakeholders with economic, environmental and social performance data and highlighting the Company’s sustainability goals and growth opportunities.

Major Project Updates

Lu’An: Facility is operating.
Jazan: Expect to close during this fiscal year.

Guidance

Fiscal 2021 full-year adjusted EPS guidance* of $8.95 to $9.05, up approximately eight percent over prior year adjusted EPS*; fiscal 2021 fourth quarter adjusted EPS guidance* of $2.44 to $2.54, up 11 to 16 percent over prior year fourth quarter adjusted EPS*. This guidance does not include the Jazan transaction.
Expect fiscal year 2021 capital expenditures* of approximately $2.5 billion. This guidance does not include the Jazan transaction.

^#

Earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.

*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. In addition, as discussed below, it is not possible, without unreasonable efforts, to identify the timing or occurrence of events and transactions that could significantly impact future GAAP EPS or cash flow used for investing activities if they were to occur.

Air Products (NYSE:APD) today reported third quarter fiscal 2021 GAAP EPS from continuing operations of $2.36, up 17 percent; GAAP net income of $532 million, up 16 percent; and GAAP net income margin of 20.4 percent, down 170 basis points, each versus prior year.

On a non-GAAP basis, adjusted EPS from continuing operations of $2.31 was up 15 percent; adjusted EBITDA* of $976 million was up 11 percent; and adjusted EBITDA margin of 37.5 percent was down 520 basis points, each versus prior year. Non-GAAP adjusted EPS excludes a $0.05 tax benefit, primarily resulting from reserve adjustments related to a 2017 tax election on a non-U.S. subsidiary.

Third quarter sales of $2.6 billion increased 26 percent on 12 percent higher volumes, six percent higher energy cost pass-through, six percent favorable currency, and two percent higher pricing. Volumes increased as COVID-19 recovery, new plants, and acquisitions more than offset reduced contributions from the Lu’An facility in China.

Commenting on the results, Air Products’ Chairman, President and Chief Executive Officer Seifi Ghasemi said, “The stability of our business and the dedication of our people have been on full display, as we continue to deliver strong financial results despite the challenges of the pandemic. Our sales, adjusted EBITDA and adjusted EPS grew double digits this quarter versus prior-year quarter, and our price and volume continue to be strong. We continue to build on what we do best, driving the energy transition by developing, owning and operating world-scale, sustainability-driven projects and forming strategic partnerships that enhance our leadership positions.”

Fiscal Third Quarter Results by Business Segment

Industrial Gases – Americas sales of $1,063 million were up 25 percent over the prior year on 10 percent higher energy cost pass-through; nine percent higher volumes, driven by merchant COVID-19 recovery, higher medical oxygen sales in South America, and one-time items; four percent higher pricing; and two percent favorable currency. Operating income of $286 million increased 15 percent and adjusted EBITDA of $465 million increased 13 percent, as higher volumes, pricing and one-time items more than offset power and other cost inflation and higher maintenance costs. Operating margin of 26.9 percent decreased 230 basis points, with higher energy cost pass-through accounting for approximately 250 basis points of the decline. Adjusted EBITDA margin of 43.7 percent decreased 470 basis points, with higher energy cost pass-through accounting for approximately 400 basis points of the decline.
Industrial Gases – EMEA sales of $623 million increased 45 percent over the prior year on 24 percent higher volumes, driven primarily by COVID-19 recovery and acquisitions; 12 percent favorable currency; eight percent higher energy cost pass-through; and one percent higher pricing. Operating income of $140 million increased 33 percent and adjusted EBITDA of $212 million increased 25 percent, primarily driven by the higher volumes. Operating margin of 22.5 percent decreased 200 basis points, with higher energy cost pass-through accounting for approximately 100 basis points of the decline and the remainder mainly due to power and other cost inflation. Adjusted EBITDA margin of 34.1 percent decreased 540 basis points, with higher energy cost pass-through accounting for approximately 200 basis points of the decline and the remainder mainly due to power and other cost inflation.
Industrial Gases – Asia sales of $752 million increased 15 percent from the prior year on eight percent favorable currency, six percent higher volumes, and one percent higher pricing. Higher merchant volumes and new plants were partially offset by reduced contributions from Lu’An. Operating income of $219 million decreased one percent, as reduced contributions from Lu’An and higher costs were mostly offset by favorable currency and higher volumes from merchant and new plants. Operating margin of 29.1 percent decreased 490 basis points. Adjusted EBITDA of $356 million increased nine percent, as higher volumes, equity affiliate income, and favorable currency more than offset the reduced contributions from Lu’An and higher costs. Adjusted EBITDA margin of 47.4 percent decreased 270 basis points.

Outlook
Air Products expects full-year fiscal 2021 adjusted EPS guidance of $8.95 to $9.05, up approximately eight percent over prior year adjusted EPS. For the fiscal 2021 fourth quarter, Air Products’ adjusted EPS guidance is $2.44 to $2.54, up 11 to 16 percent over fiscal 2020 fourth quarter adjusted EPS. This guidance does not include the Jazan transaction.

Air Products expects capital expenditures of approximately $2.5 billion for full-year fiscal 2021. This guidance does not include the Jazan transaction.

Management has provided adjusted EPS guidance on a continuing operations basis, which excludes the impact of certain items that we believe are not representative of our underlying business performance, such as the incurrence of additional costs for cost reduction actions and impairment charges, or the recognition of gains or losses on disclosed items. It is not possible, without unreasonable efforts, to predict the timing or occurrence of these events or the potential for other transactions that may impact future GAAP EPS or the effective tax rate. Furthermore, it is not possible to identify the potential significance of these events in advance, but any of these events, if they were to occur, could have a significant effect on our future GAAP EPS. Management therefore is unable to reconcile, without unreasonable effort, the Company’s forecasted range of adjusted EPS and effective tax rate to a comparable GAAP range.

Earnings Teleconference
Access the Q3 earnings teleconference scheduled for 8:30 a.m. Eastern Time on August 9, 2021 by calling 323-994-2093 and entering passcode 7037306 or access the Event Details page on Air Products’ Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world’s largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $65 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements: This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance, business outlook and investment opportunities. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: the duration and impacts of the COVID-19 global pandemic and efforts to contain its transmission, including the effect of these factors on our business, our customers, economic conditions and markets generally; changes in global or regional economic conditions, inflation and supply and demand dynamics in market segments we serve, or in the financial markets that may affect the availability and terms on which we may obtain financing; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, contract terminations, customer cancellations or postponement of projects and sales; future financial and operating performance of major customers and joint venture partners; our ability to develop, implement, and operate new technologies; our ability to execute the projects in our backlog; our ability to develop, operate and manage costs of large scale and technically complex projects, including gasification projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate; the impact of environmental, tax or other legislation, as well as regulations affecting our business and related compliance requirements, including legislation or regulations related to global climate change; changes in tax rates and other changes in tax law; the timing, impact and other uncertainties relating to acquisitions and divestitures, including our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems; catastrophic events, such as natural disasters and extreme weather events, public health crises, acts of war, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in interest rates and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we own or operate for third parties; availability and cost of raw materials; the success of productivity and operational improvement programs; and other risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
(Unaudited)


	Three Months Ended 30 June		Nine Months Ended 30 June
(Millions of dollars, except for share and per share data)	2021	2020	2021	2020
Sales	$2,604.7	$2,065.2	$7,481.9	$6,536.2
Cost of sales	1,801.9	1,344.9	5,179.8	4,291.6
Facility closure	—	—	23.2	—
Selling and administrative	213.3	176.9	626.3	580.3
Research and development	23.2	19.9	67.8	56.8
Gain on exchange with joint venture partner	—	—	36.8	—
Company headquarters relocation income (expense)	—	—	—	33.8
Other income (expense), net	10.8	15.7	43.1	36.1
Operating Income	577.1	539.2	1,664.7	1,677.4
Equity affiliates’ income	63.2	51.2	202.3	197.6
Interest expense	35.6	32.1	108.4	70.1
Other non-operating income (expense), net	21.1	8.1	56.5	24.3
Income From Continuing Operations Before Taxes	625.8	566.4	1,815.1	1,829.2
Income tax provision	101.7	109.3	337.5	378.5
Income From Continuing Operations	524.1	457.1	1,477.6	1,450.7
Income (Loss) from discontinued operations, net of tax	8.2	—	18.5	(14.3)
Net Income	532.3	457.1	1,496.1	1,436.4
Net income (loss) attributable to noncontrolling interests of continuing operations	(1.3)	10.6	7.4	36.5
Net Income Attributable to Air Products	$533.6	$446.5	$1,488.7	$1,399.9

Net Income Attributable to Air Products
Net income from continuing operations	$525.4	$446.5	$1,470.2	$1,414.2
Net income (loss) from discontinued operations	8.2	—	18.5	(14.3)
Net Income Attributable to Air Products	$533.6	$446.5	$1,488.7	$1,399.9

Per Share Data*
Basic EPS from continuing operations	$2.37	$2.02	$6.63	$6.40
Basic EPS from discontinued operations	0.04	—	0.08	(0.06)
Basic EPS Attributable to Air Products	$2.41	$2.02	$6.72	$6.33
Diluted EPS from continuing operations	$2.36	$2.01	$6.61	$6.36
Diluted EPS from discontinued operations	0.04	—	0.08	(0.06)
Diluted EPS Attributable to Air Products	$2.40	$2.01	$6.69	$6.30

Weighted Average Common Shares (in millions)
Basic	221.6	221.2	221.6	221.1
Diluted	222.5	222.4	222.5	222.3

*Earnings per share (“EPS”) is calculated independently for each component and may not sum to total EPS due to rounding.

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)


(Millions of dollars)	30 June 2021	30 September 2020
Assets
Current Assets
Cash and cash items	$4,291.6	$5,253.0
Short-term investments	1,524.9	1,104.9
Trade receivables, net	1,419.3	1,274.8
Inventories	447.2	404.8
Prepaid expenses	132.3	164.5
Other receivables and current assets	561.5	482.9
Total Current Assets	8,376.8	8,684.9
Investment in net assets of and advances to equity affiliates	1,577.7	1,432.2
Plant and equipment, at cost	27,181.2	25,176.2
Less: accumulated depreciation	14,145.6	13,211.5
Plant and equipment, net	13,035.6	11,964.7
Goodwill, net	931.5	891.5
Intangible assets, net	444.0	435.8
Noncurrent lease receivables	763.8	816.3
Other noncurrent assets	1,122.7	943.1
Total Noncurrent Assets	17,875.3	16,483.6
Total Assets	$26,252.1	$25,168.5
Liabilities and Equity
Current Liabilities
Payables and accrued liabilities	$2,118.4	$1,833.2
Accrued income taxes	78.8	105.8
Short-term borrowings	14.3	7.7
Current portion of long-term debt	485.6	470.0
Total Current Liabilities	2,697.1	2,416.7
Long-term debt	6,892.2	7,132.9
Long-term debt – related party	274.0	297.2
Other noncurrent liabilities	1,819.0	1,916.0
Deferred income taxes	1,078.2	962.6
Total Noncurrent Liabilities	10,063.4	10,308.7
Total Liabilities	12,760.5	12,725.4
Air Products Shareholders’ Equity	13,082.9	12,079.8
Noncontrolling Interests	408.7	363.3
Total Equity	13,491.6	12,443.1
Total Liabilities and Equity	$26,252.1	$25,168.5

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


	Nine Months Ended 30 June
(Millions of dollars)	2021	2020
Operating Activities
Net income	$1,496.1	$1,436.4
Less: Net income attributable to noncontrolling interest of continuing operations	7.4	36.5
Net income attributable to Air Products	1,488.7	1,399.9
(Income) Loss from discontinued operations	(18.5)	14.3
Income from continuing operations attributable to Air Products	1,470.2	1,414.2
Adjustments to reconcile income to cash provided by operating activities:
Depreciation and amortization	988.7	874.5
Deferred income taxes	87.0	160.0
Facility closure	23.2	—
Undistributed earnings of equity method investments	(77.8)	(111.0)
Gain on sale of assets and investments	(30.3)	(36.9)
Share-based compensation	34.6	39.4
Noncurrent lease receivables	78.3	69.1
Other adjustments	(26.8)	107.6
Working capital changes that provided (used) cash, excluding effects of acquisitions:
Trade receivables	(84.3)	(106.2)
Inventories	(36.4)	(25.3)
Other receivables	53.6	(23.2)
Payables and accrued liabilities	139.8	(184.7)
Other working capital	(110.9)	(164.3)
Cash Provided by Operating Activities	2,508.9	2,013.2
Investing Activities
Additions to plant and equipment, including long-term deposits	(1,847.8)	(2,045.2)
Acquisitions, less cash acquired	(9.8)	—
Investment in and advances to unconsolidated affiliates	(75.9)	(24.4)
Proceeds from sale of assets and investments	30.0	74.3
Purchases of investments	(1,953.8)	(2,515.5)
Proceeds from investments	1,535.2	177.0
Other investing activities	4.1	2.9
Cash Used for Investing Activities	(2,318.0)	(4,330.9)
Financing Activities
Long-term debt proceeds	160.9	4,895.7
Payments on long-term debt	(462.8)	(3.4)
Net increase (decrease) in commercial paper and short-term borrowings	38.7	(48.0)
Dividends paid to shareholders	(924.7)	(807.6)
Proceeds from stock option exercises	8.1	23.2
Other financing activities	(23.3)	(54.4)
Cash (Used for) Provided by Financing Activities	(1,203.1)	4,005.5
Discontinued Operations
Cash provided by operating activities	6.7	—
Cash provided by investing activities	—	—
Cash provided by financing activities	—	—
Cash Provided by Discontinued Operations	6.7	—
Effect of Exchange Rate Changes on Cash	44.1	(15.1)
(Decrease) Increase in cash and cash items	(961.4)	1,672.7
Cash and cash items – Beginning of year	5,253.0	2,248.7
Cash and Cash Items – End of Period	$4,291.6	$3,921.4
Supplemental Cash Flow Information
Cash paid for taxes (net of refunds)	$291.5	$329.6

AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
SUMMARY BY BUSINESS SEGMENTS
(Unaudited)
(Millions of dollars)	Industrial Gases – Americas	Industrial Gases – EMEA	Industrial Gases – Asia	Industrial Gases – Global	Corporate and other	Total
Three Months Ended 30 June 2021
Sales	$1,063.3	$623.3	$751.8	$99.1	$67.2	$2,604.7
Operating income (loss)	286.0	140.1	219.1	(33.6)	(34.5)	577.1	^(A)
Depreciation and amortization	154.2	58.7	113.8	2.9	6.1	335.7
Equity affiliates’ income	24.6	13.5	23.5	1.6	—	63.2	^(A)
Three Months Ended 30 June 2020
Sales	$849.9	$429.7	$651.9	$77.6	$56.1	$2,065.2
Operating income (loss)	248.3	105.1	221.9	(13.4)	(22.7)	539.2	^(A)
Depreciation and amortization	142.8	47.3	92.9	2.3	5.3	290.6
Equity affiliates’ income	19.9	17.4	11.7	2.2	—	51.2	^(A)

	Industrial Gases – Americas	Industrial Gases – EMEA	Industrial Gases – Asia	Industrial Gases – Global	Corporate and other	Total
Nine Months Ended 30 June 2021
Sales	$3,052.4	$1,770.9	$2,166.8	$301.5	$190.3	$7,481.9
Operating income (loss)	775.2	421.2	632.4	(64.3)	(113.4)	1,651.1	^(A)
Depreciation and amortization	459.3	171.7	331.4	8.1	18.2	988.7
Equity affiliates’ income	79.2	58.8	58.9	5.4	—	202.3	^(A)
Nine Months Ended 30 June 2020
Sales	$2,718.5	$1,421.1	$2,002.8	$249.5	$144.3	$6,536.2
Operating income (loss)	773.5	350.2	659.5	(29.6)	(110.0)	1,643.6	^(A)
Depreciation and amortization	410.1	143.3	298.6	7.1	15.4	874.5
Equity affiliates’ income	62.1	50.2	42.4	9.1	—	163.8	^(A)

Total Assets
30 June 2021	$7,026.5	$4,288.1	$7,503.5	$500.4	$6,933.6	$26,252.1
30 September 2020	6,610.1	3,917.0	6,842.9	397.8	7,400.7	25,168.5

^(A)Refer to the Reconciliations to Consolidated Results section below.

Reconciliations to Consolidated Results

The table below reconciles total operating income disclosed in the table above to consolidated operating income as reflected on our consolidated income statements:


	Three Months Ended 30 June		Nine Months Ended 30 June
Operating Income	2021	2020	2021	2020
Total	$577.1	$539.2	$1,651.1	$1,643.6
Facility closure	—	—	(23.2)	—
Gain on exchange with joint venture partner	—	—	36.8	—
Company headquarters relocation income (expense)	—	—	—	33.8
Consolidated Operating Income	$577.1	$539.2	$1,664.7	$1,677.4

The table below reconciles total equity affiliates’ income disclosed in the table above to consolidated equity affiliates’ income as reflected on our consolidated income statements:


	Three Months Ended 30 June		Nine Months Ended 30 June
Equity Affiliates’ Income	2021	2020	2021	2020
Total	$63.2	$51.2	$202.3	$163.8
India Finance Act 2020	—	—	—	33.8
Consolidated Equity Affiliates’ Income	$63.2	$51.2	$202.3	$197.6

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Millions of dollars unless otherwise indicated, except for per share data)

We present certain financial measures, other than in accordance with U.S. generally accepted accounting principles (“GAAP”), on an “adjusted” or “non-GAAP” basis. On a consolidated basis, these measures include adjusted diluted earnings per share (“EPS”), adjusted EBITDA, adjusted EBITDA margin, adjusted effective tax rate, and capital expenditures. On a segment basis, these measures include adjusted EBITDA and adjusted EBITDA margin. In addition to these measures, we also present certain supplemental non-GAAP financial measures to help the reader understand the impact that certain disclosed items, or “non-GAAP adjustments,” have on the calculation of our adjusted diluted EPS. For each non-GAAP financial measure, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP.

Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable measure calculated in accordance with GAAP. We believe these non-GAAP financial measures provide investors, potential investors, securities analysts, and others with useful information to evaluate the performance of our business because such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.

In many cases, non-GAAP financial measures are determined by adjusting the most directly comparable GAAP measure to exclude non-GAAP adjustments that we believe are not representative of our underlying business performance. For example, we previously excluded certain expenses associated with cost reduction actions, impairment charges, and gains on disclosed transactions. The reader should be aware that we may recognize similar losses or gains in the future. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.

When applicable, the tax impact of our pre-tax non-GAAP adjustments reflects the expected current and deferred income tax impact of our non-GAAP adjustments. These tax impacts are primarily driven by the statutory tax rate of the various relevant jurisdictions and the taxability of the adjustments in those jurisdictions.

NON-GAAP ADJUSTMENTS

Our non-GAAP adjustments for the first nine months of fiscal year 2021 are detailed below. For information related to non-GAAP adjustments for the first nine months of fiscal year 2020, refer to Exhibit 99.1 to our Current Report on Form 8-K dated 23 July 2020.

Facility Closure

In the second quarter of fiscal year 2021, we recorded a charge of $23.2 ($17.4 after-tax, or $0.08 per share) primarily for a noncash write-down of assets associated with a contract termination in the Industrial Gases – Americas segment. This charge is reflected as “Facility closure” on our consolidated income statements for the nine months ended 30 June 2021 and was not recorded in segment results.

Gain On Exchange With Joint Venture Partner

As of 30 September 2020, we held a 50% ownership interest in Tyczka Industrie-Gases GmbH (“TIG”), a joint venture in Germany with the Tyczka Group that is primarily a merchant gases business. We accounted for this arrangement as an equity method investment in our Industrial Gases – EMEA segment.

Effective 23 February 2021 (the “acquisition date”), we agreed with our joint venture partner to separate TIG into two separate businesses. On the acquisition date, we acquired a portion of the business on a 100% basis, and our partner paid us $10.8 to acquire the rest of the business. The exchange resulted in a gain of $36.8 ($27.3 after-tax, or $0.12 per share), which is reflected as “Gain on exchange with joint venture partner” on our consolidated income statements for the nine months ended 30 June 2021. The gain included $12.7 from the revaluation of our previously held equity interest in the portion of the business that we retained and $24.1 from the sale of our equity interest in the remaining business. The gain was not recorded in segment results.

We accounted for the acquisition as a business combination within our Industrial Gases – EMEA segment. The results of this business did not materially impact our consolidated income statements for the periods presented.

Tax Election Benefit And Other

In the third quarter of fiscal year 2021, we recorded an income tax benefit of $12.2 ($0.05 per share) upon release of tax reserves established in 2017 for a tax election related to a non-U.S. subsidiary and other previously disclosed items.

Discontinued Operations

Income from discontinued operations, net of tax, was $8.2 and $18.5 for the three and nine months ended 30 June 2021, respectively. In the third quarter of fiscal year 2021, we recorded a tax benefit from discontinued operations of $8.2 ($0.04 per share) for the release of tax reserves for uncertain tax positions associated with our former Energy-from-Waste business. Additionally, we recorded a tax benefit from discontinued operations of $10.3 ($0.05 per share) in the first quarter of fiscal year 2021, primarily from the settlement of a state tax appeal related to the gain on the sale of our former Performance Materials Division in fiscal year 2017.

ADJUSTED DILUTED EPS

The table below provides a reconciliation to the most directly comparable GAAP measure for each of the major components used to calculate adjusted diluted EPS from continuing operations, which we view as a key performance metric. In periods that we have non-GAAP adjustments, we believe it is important for the reader to understand the per share impact of each such adjustment because management does not consider these impacts when evaluating underlying business performance. The per share impact for each non-GAAP adjustment was calculated independently and may not sum to total adjusted diluted EPS due to rounding.


	Three Months Ended 30 June
Q3 2021 vs. Q3 2020	Operating Income	Equity Affiliates’ Income	Income Tax Provision	Net Income Attributable to Air Products	Diluted EPS
2021 GAAP	$577.1	$63.2	$101.7	$525.4	$2.36
2020 GAAP	539.2	51.2	109.3	446.5	2.01
Change GAAP					$0.35
% Change GAAP					17	%

2021 GAAP	$577.1	$63.2	$101.7	$525.4	$2.36
Tax election benefit and other	—	—	12.2	(12.2)	(0.05)
2021 Non-GAAP (“Adjusted”)	$577.1	$63.2	$113.9	$513.2	$2.31

2020 GAAP	$539.2	$51.2	$109.3	$446.5	$2.01
No non-GAAP adjustments	—	—	—	—	—
2020 Non-GAAP (“Adjusted”)	$539.2	$51.2	$109.3	$446.5	$2.01
Change Non-GAAP (“Adjusted”)					$0.30
% Change Non-GAAP (“Adjusted”)					15	%

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

We define adjusted EBITDA as net income less income (loss) from discontinued operations, net of tax, and excluding non-GAAP adjustments, which we do not believe to be indicative of underlying business trends, before interest expense, other non-operating income (expense), net, income tax provision, and depreciation and amortization expense. Adjusted EBITDA and adjusted EBITDA margin provide useful metrics for management to assess operating performance. Margins are calculated independently for each period by dividing each line item by consolidated sales for the respective period and may not sum to total margin due to rounding.

The tables below present consolidated sales and a reconciliation of net income on a GAAP basis to adjusted EBITDA and net income margin on a GAAP basis to adjusted EBITDA margin:


	Q1			Q2			Q3			Q4			Q3 YTD Total
2021	$	Margin		$	Margin		$	Margin		$	Margin		$	Margin
Sales	$2,375.2			$2,502.0			$2,604.7						$7,481.9

Net income and net income margin	$486.7	20.5	%	$477.1	19.1	%	$532.3	20.4	%				$1,496.1	20.0	%
Less: Income from discontinued operations, net of tax	10.3	0.4	%	—	—	%	8.2	0.3	%				18.5	0.2	%
Add: Interest expense	36.7	1.5	%	36.1	1.4	%	35.6	1.4	%				108.4	1.4	%
Less: Other non-operating income (expense), net	18.6	0.8	%	16.8	0.7	%	21.1	0.8	%				56.5	0.8	%
Add: Income tax provision	113.9	4.8	%	121.9	4.9	%	101.7	3.9	%				337.5	4.5	%
Add: Depreciation and amortization	323.7	13.6	%	329.3	13.2	%	335.7	12.9	%				988.7	13.2	%
Add: Facility closure	—	—	%	23.2	0.9	%	—	—	%				23.2	0.3	%
Less: Gain on exchange with joint venture partner	—	—	%	36.8	1.5	%	—	—	%				36.8	0.5	%
Adjusted EBITDA and adjusted EBITDA margin	$932.1	39.2	%	$934.0	37.3	%	$976.0	37.5	%				$2,842.1	38.0	%

	Q1			Q2			Q3			Q4			Q3 YTD Total
2020	$	Margin		$	Margin		$	Margin		$	Margin		$	Margin
Sales	$2,254.7			$2,216.3			$2,065.2			$2,320.1			$6,536.2

Net income and net income margin	$488.9	21.7	%	$490.4	22.1	%	$457.1	22.1	%	$494.7	21.3	%	$1,436.4	22.0	%
Less: Loss from discontinued operations, net of tax	—	—	%	(14.3)	(0.6)	%	—	—	%	—	—	%	(14.3)	(0.2)	%
Add: Interest expense	18.7	0.8	%	19.3	0.9	%	32.1	1.6	%	39.2	1.7	%	70.1	1.1	%
Less: Other non-operating income (expense), net	9.1	0.4	%	7.1	0.3	%	8.1	0.4	%	6.4	0.3	%	24.3	0.4	%
Add: Income tax provision	120.7	5.4	%	148.5	6.7	%	109.3	5.3	%	99.9	4.3	%	378.5	5.8	%
Add: Depreciation and amortization	289.2	12.8	%	294.7	13.3	%	290.6	14.1	%	310.5	13.4	%	874.5	13.4	%
Less: Company headquarters relocation income (expense)	—	—	%	33.8	1.5	%	—	—	%	—	—	%	33.8	0.5	%
Less: India Finance Act 2020 – equity affiliate income impact	—	—	%	33.8	1.5	%	—	—	%	—	—	%	33.8	0.5	%
Adjusted EBITDA and adjusted EBITDA margin	$908.4	40.3	%	$892.5	40.3	%	$881.0	42.7	%	$937.9	40.4	%	$2,681.9	41.0	%

2021 vs. 2020	Q1			Q2			Q3						Q3 YTD Total
Change GAAP
Net income $ change	($2.2)			($13.3)			$75.2						$59.7
Net income % change	—%			(3%)			16%						4%
Net income margin change	(120) bp			(300) bp			(170) bp						(200) bp
Change Non-GAAP
Adjusted EBITDA $ change	$23.7			$41.5			$95.0						$160.2
Adjusted EBITDA % change	3%			5%			11%						6%
Adjusted EBITDA margin change	(110) bp			(300) bp			(520) bp						(300) bp

The tables below present sales and a reconciliation of operating income and operating margin to adjusted EBITDA and adjusted EBITDA margin for each of our regional industrial gases segments for the three months ended 30 June 2021 and 2020:

Sales	Industrial Gases– Americas		Industrial Gases– EMEA		Industrial Gases– Asia
Q3 2021	$1,063.3		$623.3		$751.8
Q3 2020	849.9		429.7		651.9

	Industrial Gases– Americas		Industrial Gases– EMEA		Industrial Gases– Asia
Q3 2021 GAAP
Operating income	$286.0		$140.1		$219.1
Operating margin	26.9	%	22.5	%	29.1	%
Q3 2020 GAAP
Operating income	$248.3		$105.1		$221.9
Operating margin	29.2	%	24.5	%	34.0	%
Q3 2021 vs. Q3 2020 Change GAAP
Operating income $ change	$37.7		$35.0		($2.8)
Operating income % change	15	%	33	%	(1)	%
Operating margin change	(230)	bp	(200)	bp	(490)	bp

Q3 2021 Non-GAAP
Operating income	$286.0		$140.1		$219.1
Add: Depreciation and amortization	154.2		58.7		113.8
Add: Equity affiliates’ income	24.6		13.5		23.5
Adjusted EBITDA	$464.8		$212.3		$356.4
Adjusted EBITDA margin	43.7	%	34.1	%	47.4	%
Q3 2020 Non-GAAP
Operating income	$248.3		$105.1		$221.9
Add: Depreciation and amortization	142.8		47.3		92.9
Add: Equity affiliates’ income	19.9		17.4		11.7
Adjusted EBITDA	$411.0		$169.8		$326.5
Adjusted EBITDA margin	48.4	%	39.5	%	50.1	%
Q3 2021 vs. Q3 2020 Change Non-GAAP
Adjusted EBITDA $ change	$53.8		$42.5		$29.9
Adjusted EBITDA % change	13	%	25	%	9	%
Adjusted EBITDA margin change	(470)	bp	(540)	bp	(270)	bp

ADJUSTED EFFECTIVE TAX RATE

The effective tax rate equals the income tax provision divided by income from continuing operations before taxes.

	Three Months Ended 30 June
	2021		2020
Income tax provision	$101.7		$109.3
Income from continuing operations before taxes	$625.8		$566.4
Effective tax rate	16.3	%	19.3	%

Income tax provision	$101.7		$109.3
Tax election benefit and other	12.2		—
Adjusted income tax provision	$113.9		$109.3

Income from continuing operations before taxes	$625.8		$566.4
No impact from non-GAAP adjustments	—		—
Adjusted income from continuing operations before taxes	$625.8		$566.4

Adjusted effective tax rate	18.2	%	19.3	%

CAPITAL EXPENDITURES

We define capital expenditures as cash flows for additions to plant and equipment, acquisitions (less cash acquired), and investment in and advances to unconsolidated affiliates. A reconciliation of cash used for investing activities to our reported capital expenditures is provided below:


	Nine Months Ended 30 June
	2021	2020
Cash used for investing activities	$2,318.0	$4,330.9
Proceeds from sale of assets and investments	30.0	74.3
Purchases of investments	(1,953.8)	(2,515.5)
Proceeds from investments	1,535.2	177.0
Other investing activities	4.1	2.9
Capital expenditures	$1,933.5	$2,069.6

The components of our capital expenditures are detailed in the table below:


	Nine Months Ended 30 June
	2021	2020
Additions to plant and equipment	$1,847.8	$2,045.2
Acquisitions, less cash acquired	9.8	—
Investment in and advances to unconsolidated affiliates	75.9	24.4
Capital expenditures	$1,933.5	$2,069.6

We expect capital expenditures for fiscal year 2021 to be approximately $2.5 billion. This guidance does not include the Jazan transaction.

It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because we are unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities.

OUTLOOK

The guidance provided below does not include the Jazan transaction. This guidance is provided on an adjusted continuing operations basis and is compared to adjusted historical diluted EPS. These adjusted measures exclude the impact of certain items that we believe are not representative of our underlying business performance, such as the incurrence of additional costs for cost reduction actions and impairment charges, or the recognition of gains or losses on disclosed items. It is not possible, without unreasonable efforts, to identify the timing or occurrence of these events or the potential for other transactions that may impact future GAAP EPS. Furthermore, it is not possible to identify the potential significance of these events in advance, but any of these events, if they were to occur, could have a significant effect on our future GAAP EPS. Accordingly, management is unable to reconcile, without unreasonable effort, the Company’s forecasted range of adjusted EPS on a continuing operations basis to a comparable GAAP range. The per share impact for each non-GAAP adjustment was calculated independently and may not sum to total adjusted diluted EPS due to rounding.


	Diluted EPS
	Q4	Full Year
2020 Diluted EPS	$2.19	$8.55
Company headquarters relocation (income) expense	—	(0.12)
India Finance Act 2020	—	(0.06)
2020 Adjusted Diluted EPS	$2.19	$8.38
2021 Adjusted Diluted EPS Outlook	2.44–2.54	8.95–9.05
$ Change	0.25–0.35	0.57–0.67
% Change	11%–16%	7%–8%

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SOURCE Air Products

August 9, 2021 6:03 am

KBR Awarded Ethylene Technology Contract by Hyundai Engineering and Técnicas Reunidas for PKN ORLEN Olefins Complex

PR Newswire

HOUSTON, Aug. 9, 2021 /PRNewswire/ — KBR (NYSE: KBR) announced today that it has been awarded a technology licensing contract by Hyundai Engineering and Técnicas Reunidas for PKN ORLEN’s Petrochemical Development Program in Plock, Poland.

Under the terms of the contract, KBR will provide technology license, basic engineering design, and proprietary equipment for its leading ethylene technology, Selective Cracking Optimum Recovery (SCORE™), for PKN ORLEN’s Olefins Complex III Project. This is Europe’s largest petrochemical project in 20 years.

“KBR is privileged to be selected as the ethylene technology licensor for this ambitious project and contribute to PKN ORLEN’s growth and sustainability objectives,” said Doug Kelly, KBR President, Technology. “SCORE continues to lead the industry in delivering the highest yields and operational flexibility, while minimizing the carbon footprint.”

KBR has been a leader in olefins technology development, plant design for over 50 years. We have licensed more than 100 grassroot ethylene plants utilizing our cost-effective and energy-efficient cracking technologies to produce ethylene, propylene and other valuable byproducts from a variety of feedstocks.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com

Forward Looking Statement

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the significant adverse impacts on economic and market conditions of the COVID-19 pandemic; the company’s ability to respond to the challenges and business disruption presented by the COVID-19 pandemic; the recent dislocation of the global energy market; the company’s ability to realize cost savings and efficiencies relating to the streamlining of its Energy Solutions business; the company’s ability to manage its liquidity; the company’s ability to continue to generate anticipated levels of revenue, profits and cash flow from operations during the COVID-19 pandemic and any resulting economic downturn; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company’s indemnities from its former parent; changes in capital spending by the company’s customers, including as a result of the COVID-19 pandemic; the company’s ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company’s ability to control its cost under its contracts; claims negotiations and contract disputes with the company’s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.

KBR’s most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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SOURCE KBR, Inc.

August 9, 2021 6:03 am

High Tide Continues Growth with New Calgary Cannabis Store

PR Newswire

CALGARY, AB, Aug. 9, 2021 /PRNewswire/ – High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, announced today that the Canna Cabana retail store located at 920 36th Street NE in Calgary, Alberta, has begun selling recreational cannabis products for adult use. This opening represents High Tide’s 91^st branded retail location across Canada selling recreational cannabis products and consumption accessories. The new store is located within a major commercial plaza and is situated across the street from the popular Pacific Place mall and several leading national big box retail chains.

“I am proud that in spite of pandemic related challenges, and because of our team’s hard work, we have been able to continue our rapid pace of growth bringing our total store count across Canada to over ninety,” said Raj Grover, President and Chief Executive Officer of High Tide. “Our nationally familiar brand, and strengthened network, enables us to offer our unique one stop shopping experience to customers across the country in markets of all sizes. We look forward to crossing the hundred store milestone in the near future,” added Mr. Grover.

About High Tide Inc.

High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBITDA¹, with 91 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment features the Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its established ecommerce platforms including Grasscity.com, Smokecartel.com and Dailyhighclub.com, and more recently in the hemp-derived CBD space through CBDcity.com and FABCBD.com as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Tilray Inc. (TSX: TLRY) (Nasdaq: TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For more information about High Tide Inc., please visit www.hightideinc.com and its profile page on SEDAR at www.sedar.com.

___________________
1	Adjusted EBITDA is a non-IFRS financial measure.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this news release are forward-looking information or forward-looking statements. Such information and statements, referred to herein as “forward-looking statements” are made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (generally, forward-looking statements can be identified by use of words such as “outlook”, “expects”, “intend”, “forecasts”, “anticipates”, “plans”, “projects”, “estimates”, “envisages, “assumes”, “needs”, “strategy”, “goals”, “objectives”, or variations thereof, or stating that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions, and other similar terminology) are not statements of historical fact and may be forward-looking statements.

Such forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to the ability of High Tide to execute on its business plan and that High Tide will receive one or multiple licenses from Alberta Gaming, Liquor & Cannabis, British Columbia’s Liquor Distribution Branch, Liquor, Gaming and Cannabis Authority of Manitoba, Alcohol and Gaming Commission of Ontario or the Saskatchewan Liquor and Gaming Authority permitting it to carry on its Canna Cabana Inc. and KushBar Inc. businesses. High Tide considers these assumptions to be reasonable in the circumstances. However, there can be no assurance that any one or more of the government, industry, market, operational or financial targets as set out herein will be achieved. Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements.

The forward–looking statements contained herein are current as of the date of this news release. Except as required by law, High Tide does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances. Any and all forward-looking statements included in this news release are expressly qualified by this cautionary statement, and except as otherwise indicated, are made as of the date of this news release.

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SOURCE High Tide Inc.

August 9, 2021 6:03 am

Shaquille O’Neal Partners with WynnBET as Brand Ambassador

O’Neal to Serve as WynnBET Strategic Consultant

PR Newswire

LAS VEGAS, Aug. 9, 2021 /PRNewswire/ — WynnBET, the premier mobile sports betting app from the global leader in luxury hospitality, Wynn Resorts, announced on Monday that 15-time Professional Basketball All-Star, media personality and entrepreneur Shaquille O’Neal will become the app’s new brand ambassador. As part of the category exclusive partnership, O’Neal will provide his expertise to WynnBET as a strategic consultant.

“I love working with my friends at Wynn Resorts and I am so excited to take WynnBET to new heights,” said O’Neal. “Mobile sports betting is having a major moment, and I believe that WynnBET will be a powerful force in the industry.”

Through the long-term partnership, O’Neal will be featured prominently in WynnBET’s advertising campaigns across TV, digital and print. Additionally, O’Neal will attend in-person fan-facing events, create original content with WynnBET and interact as a guest with company media partners such as Blue Wire Podcasts, Cumulus Media and Minute Media. O’Neal will also be launching ‘ShaqPot,’ a Free To Play (FTP) game housed inside the WynnBET app.

“Shaquille O’Neal has been a great friend of Wynn Las Vegas for many years, and we are thrilled to expand our relationship with him through a partnership with WynnBET,” Wynn Interactive CEO Craig Billings said. “A successful businessman, NBA legend and one of the most well-known personalities in sports media, we believe our players will enjoy interacting with him through the WynnBET app and are excited to feature Shaq in our advertising campaign set to debut later this summer.”

To comply with NBA rules, Shaquille will be selling his ownership stake in the Sacramento Kings.

For more information, please visit www.WynnBET.com.

About Wynn Interactive

Wynn Interactive is the online gaming division of Wynn Resorts, Ltd. (Nasdaq: WYNN) offering a world-class collection of casino and sports betting mobile options for discerning players who understand the difference between placing a bet and experiencing a bet. Wynn Interactive products, which operate under the WynnBET, WynnSLOTS, and BetBull brands, are designed to digitally deliver the legendary service and guest experience Wynn Resorts is known for, backed by the Company’s trusted legacy as the world’s premier international casino operator.

WynnBET is anchored by its eponymous mobile sports and casino betting app providing one-of-a-kind experiences, unique social betting mechanics, and a high-quality user interface. Currently available in New Jersey, Colorado, Michigan, Virginia, Indiana, and Tennessee, WynnBET is poised for rapid expansion in 2021 with several pending license applications in process. WynnBET is an Authorized Gaming Operator of NASCAR and proud marketing partner of several NBA and MLB teams. For more information, visit WynnInteractive.com or WynnBET.com.

About Shaquille O’Neal

Shaquille O’Neal is one of the world’s most successful athletes-turned-businessman, whose accomplishments both on and off the court have translated into a highly sought-after consumer brand. As an entrepreneur, sports analyst, DJ, restaurateur, and brand ambassador, Shaquille O’Neal’s signature “Business of Fun” mantra resonates throughout each of his countless endeavors.

The 15-time NBA All-Star’s unprecedented athletic career spanned nearly two decades and earned him countless awards and honors, including NBA Most Valuable Player, NBA Rookie of the Year, four NBA Championships and a First Ballot NBA Hall of Famer. Currently, O’Neal is an analyst on TNT’s Emmy Award-winning “Inside the NBA.”

O’Neal is a universally recognized figure in sports, entertainment, and pop culture. His music career has evolved from the release of four rap albums with his first, Shaq Diesel, going platinum to a successful worldwide “Summer League” tour as DJ Diesel.

O’Neal, who has a PhD in Leadership and Education, established The Shaquille O’Neal Foundation which provides resources for underserved youth. He also gives back through a number of annual philanthropic programs including Shaq to School, Shaqsgiving, and Shaq a Claus.

The launch of his Las Vegas eatery Big Chicken has further elevated Shaquille’s status as he has positioned himself as a successful restaurateur. A second Big Chicken location is open in Glendale, CA and additional locations will debut at sea on Carnival Cruise Lines Radiance and Mardi Gras.

Shaquille O’Neal has been a trailblazer on the technology front with one of the most robust social media followings of any athlete in the world. He was an early adopter of Twitter and the first verified account on the platform. O’Neal’s success in sports, business, food service and music, along with his fun personality, is credited to his devoted global fan base.

Follow Shaquille O’Neal on Facebook, Twitter and Instagram.

Contact:

Seth Medvin, WynnBET
702-770-7832
[email protected]

Michelle Ciciyasvili, Authentic Brands Group (ABG) – Shaquille O’Neal
646-380-5836
[email protected]

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SOURCE WynnBET

August 9, 2021 6:03 am

Volta Charging Announces New Station Installation in Westfield, New Jersey

PR Newswire

SAN FRANCISCO, Aug. 9, 2021 /PRNewswire/ — Volta Industries, Inc. (“Volta Charging”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks, which has entered into a definitive agreement for a business combination with Tortoise Acquisition Corp. II (NYSE: SNPR), announced today that it has further extended its market penetration with the installation of new charging stations at the Westfield Public Parking Lot in New Jersey. The exact address of these charging stations is 112 Prospect St, Westfield, New Jersey 07090.

Founded on the premise that the electrification of mobility is likely to be a transformational shift, Volta Charging builds and operates a nationwide EV charging network that has among the best utilization per station in the EV charging industry for the United States. Centered around capturing new spending habits expected to result from the shift to electric vehicles, Volta Charging seeks to transform the fueling industry by building open-network charging stations in locations where drivers already spend their time and money, including grocery stores, pharmacies and other retail locations.

The new charging stations at the Westfield Public Parking Lot further Volta Charging’s mission to build convenient, simple and delightful charging infrastructure that is seamlessly incorporated into a driver’s everyday experience. These stations join other recently announced locations in Volta Charging’s New Jersey network, including Morris Plains and at the Bergen County Zoo.

About Volta Charging

Volta Charging is an industry leader in commerce-centric EV charging networks. Volta Charging’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta Charging’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta Charging’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.

In February 2021, Volta Charging and Tortoise Acquisition Corp. II (NYSE: SNPR), a publicly traded special purpose acquisition company with a strategic focus on energy sustainability and decarbonizing transportation, announced they entered into a business combination agreement. Upon the closing of the transaction, which remains subject to customary closing conditions, the combined entity will be named Volta Inc. and remain on the New York Stock Exchange under the new ticker symbol “VLTA”.

View original content to download multimedia:https://www.prnewswire.com/news-releases/volta-charging-announces-new-station-installation-in-westfield-new-jersey-301350618.html

SOURCE Volta Inc.

August 9, 2021 6:03 am

Check Point Software Technologies Named a Leader in Mobile Security in Omdia’s Market Radar Report

Check Point Harmony goes beyond Mobile Security Management to Fully Secure Hybrid Work Environments

SAN CARLOS, Calif., Aug. 09, 2021 (GLOBE NEWSWIRE) — Check Point^® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, today announced it has been recognized as a Market Leader in Omdia’s Market Radar Mobile Security Management Solutions Report. This year’s recognition highlights Check Point Harmony Mobile’s ability to deliver a comprehensive set of capabilities that help businesses protect data across application, network, and device attack vectors.

Omdia assessed the Mobile Security Management (MSM) solutions with the following seven criteria; Endpoint threat detection, App threat detection, Network threat detection, integration & partner ecosystem, maturity, strategy & vision and market impact. Check Point Harmony Mobile was named a leader for its advanced abilities across all categories on the Omdia Market Radar’s Heatmap, while exceeding threat prevention, detection, response, and remediation capabilities.

“At Omdia we understand that mobile security is much more than mobile devices and that businesses must be cognizant of the range of threats to accurately secure the mobile workforce,” said Adam Holtby, Principal Analyst with Omdia. “Check Point Software has experienced significant traction of its mobile security offering, largely driven by the need to better secure and enable employees working across both corporate-owned and/or personal devices.”

As confirmed by Omdia’s report, mobile security is no longer optional. While workforces adapt to a hybrid work environment, Check Point Software’s Mobile Security Report 2021 found that 97% of organizations have faced mobile threats that used multiple attack vectors. Moreover, Check Point Software found that at least 40% of the world’s mobile devices are inherently vulnerable to cyber attacks making mobile security a vital tool in the fight against cybercrime.

“The hybrid work environment is here to stay. Bring-your-own-device (BYOD) is back in full force and companies need to implement strategies to keep their data and their employees’ safe,” said Rafi Kretchmer, VP Product Marketing at Check Point Software. “As mobile breaches are becoming increasingly pervasive and complex, Check Point Harmony Mobile protects remote users in a single solution that is easy to use.”

Check Point Harmony Mobile is a Mobile Threat Defense solution that keeps corporate data safe by securing employees’ mobile devices across all attack vectors: apps, network and OS. Harmony Mobile is part of the Check Point Harmony product suite that unifies endpoint, browser, email and remote access security components to protect all user devices and the enterprise networks they connect to.

Read more about today’s announcement, and receive a complimentary copy of Omdia’s Market Radar Mobile Security Management Solution Report.

About Omdia:

Omdia is a global technology research powerhouse, established following the merger of the research division of Informa Tech and the acquired IHS Markit technology research portfolio, Ovum, Heavy Reading, and Tractica. Omdia combines the expertise of more than 400 analysts across the entire technology spectrum covering 150 markets and publish over 3,000 research reports annually, reaching over 14,000 subscribers, and covering thousands of technology, media, and telecommunications companies.

Follow Check Point via:

Twitter: https://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: https://blog.checkpoint.com
YouTube: https://www.youtube.com/user/CPGlobal
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies

About Check Point Software Technologies Ltd.

Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to corporate enterprises and governments globally. Check Point Infinity´s portfolio of solutions protects enterprises and public organizations from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other threats. Infinity comprises three core pillars delivering uncompromised security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled by the industry’s most comprehensive, intuitive unified security management. Check Point protects over 100,000 organizations of all sizes.

MEDIA CONTACT:	INVESTOR CONTACT:
Ana Perez	Kip E. Meintzer
Check Point Software Technologies	Check Point Software Technologies
+1 415.299.7767	+1 650.628.2040
[email protected]	[email protected]

August 9, 2021 6:03 am

Key Growth Projects Advanced and Exploration Expands as Barrick Stays on Guidance Target

Second Quarter 2021 Results

All amounts expressed in US dollars

TORONTO, Aug. 09, 2021 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) said today it had completed or progressed major capital projects in the second quarter of the year while its globally broadened exploration programmes delivered substantial reserve gains and stepped up the search for new world-class discoveries.

The new Phase 6 heap leach facility at Veladero has been commissioned on time while the third shaft at Turquoise Ridge in Nevada has been sunk to its final depth. Also in Nevada, the updated Goldrush feasibility study has confirmed that this is a world-class asset which meets Barrick’s investment criteria. In the Dominican Republic, Pueblo Viejo and its stakeholders have agreed on a government-led independent, strategic environmental assessment of Pueblo Viejo’s Mine Life Extension Project, part of a $1.3 billion¹ expansion project which is expected to allow Barrick to convert approximately 9 million ounces of measured and indicated resources to proven and probable reserves, extending this Tier One² mine’s life to 2040 and beyond.³ In Mali, Africa, the Loulo-Gounkoto complex’s third underground mine has delivered its first ore.

The success of ongoing brownfields exploration indicates that the North America and Africa & Middle East regions will both more than replace reserves after mining depletion this year. Greenfields programs are targeting new discoveries across the Barrick portfolio, which has been extended to include Egypt, Guyana, Japan, Senegal and Tanzania.

“The gold mining industry’s chronic tendency to harvest the gold price instead of investing in the future has resulted in declining reserves and a shortage of high-quality development projects. At Barrick, on the other hand, a strong exploration culture combined with its sustainable profitability strategy is expanding its asset base as we look to discover exciting new opportunities,” says president and chief executive Mark Bristow.

“We’re constantly pumping new prospects into a development and project pipeline which already contains Goldrush, Fourmile and Robertson in Nevada, Donlin in Alaska, as well as new Loulo-Gounkoto and Kibali targets in Africa.

“The fact is that the industry has not been replacing what it’s been mining. Barrick, on the other hand, is running its business for the long term instead of focusing on short-term gains and working to extend its resource-based 10-year plans to 15 and even 20 years,” he says.

Production for the second quarter of 2021 was impacted by a mechanical mill failure at Carlin but Barrick remains on course to achieve its guidance for the year. Net earnings per share were 23 cents and adjusted net earnings⁷ were 29 cents. A dividend of 9 cents per share has been declared for the quarter, which also sees the delivery of the $250 million (approximately 14 cents per share¹⁴) second tranche of the capital return. The balance sheet remained strong with cash in excess of $5 billion at the end of the quarter.

On the environmental front, Bristow noted the group had continued to meet and exceed its targets on water recycling as well as lowering energy and greenhouse gas intensity per tonne of ore processed.

Financial and Operating Highlights

Financial Results	Q2 2021	Q1 2021	Q2 2020
Realized gold price^4,5($ per ounce)	1,820	1,725	1,777
Net earnings⁶($ millions)	411	538	357
Adjusted net earnings⁷($ millions)	513	507	507
Net cash provided by operating activities ($ millions)	639	1,302	1,031
Free cash flow⁸($ millions)	(19 )	763	522
Net earnings per share ($)	0.23	0.30	0.20
Adjusted net earnings per share⁷($)	0.29	0.29	0.29
Attributable capital expenditures⁹($ millions)	518	402	424
Operating Results	Q2 2021	Q1 2021	Q2 2020
Gold
Production⁵(000s of ounces)	1,041	1,149	1,101
Cost of sales (Barrick’s share)^5,10($ per ounce)	1,107	1,075	1,073
Total cash costs^5,11($ per ounce)	729	716	716
All-in sustaining costs^5,11($ per ounce)	1,087	1,031	1,018
Copper
Production⁵(millions of pounds)	96	120	93
Cost of sales (Barrick’s share)^5,10($ per pound)	2.43	2.08	2.11
C1 cash costs^5,12($ per pound)	1.83	1.55	1.60
All-in sustaining costs^5,12($ per pound)	2.74	2.15	2.26

Key Performance
Indicators

Steady Q2 performance keeps Barrick on guidance despite mechanical mill failure at Carlin
Significant contribution from copper assets continues to differentiate Barrick from peers
Updated Goldrush feasibility study delivers a robust project that meets our investment criteria; Notice of Intent expected to be published imminently
Ongoing evaluation of Goldrush has the potential to further enhance project
Successful commissioning of Phase 6 at Veladero, in line with guidance
Third shaft at Turquoise Ridge reaches final depth
Dominican Republic Minister of Mines announces Government-led independent, strategic environmental assessment of Pueblo Viejo’s Mine Life Extension Project
Strong balance sheet with cash balance in excess of $5 billion
Net earnings per share of 23 cents and adjusted net earnings per share⁷ of 29 cents
Focus on safety delivers 50% reduction in Lost Time Injuries (LTI)¹³
Reduction in energy and greenhouse gas intensity per tonne of ore processed¹³
Ongoing brownfields programs point to mine life extensions and strong reserve replacement after mining depletion
Exploration portfolio expanded with new property positions in Egypt, Guyana, Japan, Senegal and Tanzania
Greenfields programs focus on new discoveries and opportunities across our priority regions
Sale of Lagunas Norte represents further step in portfolio simplification and value realisation
Continued progress at Porgera following meeting of key PNG stakeholders
Barrick declares $0.09 quarterly dividend per share and adds second $250 million capital return tranche (~14 cents per share¹⁴)

Q2 2021 Results Presentation

President and chief executive Mark Bristow will host a virtual presentation on the results at 11:00 EDT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US and Canada (toll-free), 1 800 319 4610
UK (toll-free), 0808 101 2791
International (toll), +1 416 915 3239

The Q2 2021 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

SECOND $250 MILLION RETURN OF CAPITAL TRANCHE AND QUARTERLY DIVIDEND

Barrick today announced that the second $250 million tranche (approximately $0.14 per share
¹⁴
) of the return of capital distribution totalling $750 million will be paid on September 15, 2021 to shareholders of record at the close of business on August 31, 2021.

This will complement the $0.09 per share dividend declared by the Barrick Board of Directors for the second quarter, which will also be paid on September 15, 2021 to shareholders of record at the close of business on August 31, 2021.¹⁵

This follows the approval by shareholders at Barrick’s Annual and Special Meeting on May 4, 2021 of the total $750 million return of capital distribution. After payment of the first $250 million tranche on June 15, 2021 and the second distribution to be made on September 15, 2021, the remaining $250 million is expected to be distributed to shareholders of record on a date to be determined in November 2021.

“We are pleased to be able to provide our shareholders with one of the leading returns in the industry whilst at the same time continuing to invest in the future growth and development of our assets, underpinned by our strong operational and financial performance,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

“WE’RE ALL NEVADANS”

How NGM’s partnership with state stakeholders is delivering real value

Months of negotiation between Nevada Gold Mines (NGM), the Nevada Mining Association and state legislators have resulted in the enacting of a new mining excise tax, the revenue from which will be applied to education. The new tiered tax on gross proceeds with a highest rate of 1.1% is a long way from the earlier state legislature proposals, which aimed to increase the existing 5% tax on the net proceeds of mining to 12% or to impose a gross royalty of 7.75%.

Barrick’s chief operating officer for North America, Catherine Raw, said this outcome, the product of strong representations by NGM in particular, had averted the imposition of swingeing new taxes on Nevada’s mining industry while at the same time creating a new and much-needed revenue stream for the state’s education system. The latter, she said, was closely aligned to Barrick’s and NGM’s commitment to supporting education.

“When NGM was established in 2019, we recognized that a real partnership with the state and other stakeholders — surrounding communities, Native American tribes and county authorities — was fundamental to our vision of creating real and sustainable economic and social benefits for all of Nevada. We recognize the importance of ‘growing the pie’ for current and future generations of Nevadans and in 2020 alone, NGM’s economic contribution to Nevada totaled $2.35 billion.¹ As part of this, the team has developed a wide range of programs which are now being identified and channeled through the community development committees that NGM has established,” she said.

In the early days of the Covid-19 pandemic, NGM worked with the Public Education Foundation to train teachers for an internet-based teaching model, following this up with a $2.2 million partnership with the Nevada Department of Education to fund the Discovery Education online curriculum and make it available to every child in the state. NGM also recognized the need to prepare future generations to fully realize the state’s enormous economic potential and partnered with the College of Southern Nevada and the Clark County School districts to create a program which will provide free training in industrial maintenance and diesel mechanics to low-income and ethnically diverse high schoolers.

At the tertiary level, NGM is expanding its support for Nevada’s flagship universities in Reno and Las Vegas. In May, University of Nevada Reno (UNR) president Brian Sandoval — a former state governor — toured Carlin with five UNR executives to explore further opportunities for working together to build the talent pipeline. Nevada ranks 47th out of the US’s 50 states for the number of practicing physicians, and many residents of the state’s rural south have to travel 500 kilometres or more to receive healthcare. To help ameliorate this situation, NGM has partnered with Touro University to sponsor medical rotations at clinics in the region with the aim of encouraging the next generation of doctors to see rural Nevada as a good place to pursue their careers.

FEASIBILITY STUDY CONFIRMS GOLDRUSH PROJECT WORLD-CLASS STATUS

The updated Goldrush feasibility study is expected to deliver one of the world’s leading gold projects and comfortably meets Barrick’s investment criteria.

Total initial capital is expected to be slightly lower versus the previous study’s estimate of around $1 billion. The feasibility study is expected to support the conversion of reserves in the new year and reflects the Plan of Operations submitted as part of the permitting process, and for which the US Bureau of Land Management’s Notice of Intent is expected to be published imminently in the federal register. The Record of Decision is now expected in Q4 2022.

“There remains an enormous potential for future improvement in the project economics from those resources not considered in the feasibility study and of course there is Fourmile¹⁶ that lies contiguous to the Goldrush orebody. To put it plainly, the updated study underscores our belief that this is a world-class asset which more than meets our investment criteria,” Barrick president and chief executive Mark Bristow said.

PUEBLO VIEJO MINE LIFE EXTENSION PROJECT ADVANCES WITH AGREEMENT ON PERMITTING STUDIES

Pueblo Viejo and its stakeholders have agreed on a government-led, strategic environmental assessment of the Mine Life Extension Project, which forms part of a project that could extend the life of this Tier One mine to beyond 2040 and support annual production in excess of 800,000 ounces.
¹

The agreement comes after more than a year of engagement with the communities that would be directly or indirectly affected by the proposed facility and is an important step towards starting fieldwork and advancing the permitting process. The independent investigation will run in parallel with Barrick’s own land acquisition and environmental studies.

Barrick has also started work on a local agribusiness development which will be integrated into the tailings facility and create a further benefit for the community.

The mine life extension and plant expansion project, which will require an initial investment of approximately $1.3 billion¹, has the potential to allow Pueblo Viejo to convert approximately 9 million ounces¹ of measured and indicated resources to proven and probable reserves. With the project, Pueblo Viejo’s total economic contribution to the Dominican government in direct and indirect taxes is expected to be over $9 billion from the beginning of commercial production in 2013 through the extended life of mine beyond 2040.³ Pueblo Viejo is the Dominican Republic’s largest corporate taxpayer.

Pueblo Viejo’s previous operator effectively abandoned the mine in 1995 without a proper closure, leaving it with a major water contamination problem. When Barrick took over the asset, it launched the largest environmental clean-up campaign in the country’s history, and the water quality now meets regulatory standards.

EXPLORATION DRIVES THE BARRICK TRAIN

The gold mining industry’s chronic tendency to harvest the gold price instead of investing in the future has resulted in declining reserves and a shortage of high-quality development projects.

At Barrick, on the other hand, a strong exploration culture combined with its sustainable profitability strategy is expanding its asset base as well as discovering exciting new opportunities.

President and chief executive Mark Bristow says exploration is uncovering new satellites and extensions to existing deposits, and the North America and Africa & Middle East regions are likely to more than replace reserves after mining depletion this year with the completion of the Goldrush underground feasibility study and progress at Loulo-Gounkoto, Kibali and the Tanzanian operations.

“At the same time, our greenfields exploration programs are evaluating new targets with standalone potential away from our mines as well as investigating new regions and third-party projects with the potential to meet our investment criteria. So far this year, Barrick has expanded its global footprint through investments in prospective new properties in Nevada, Tanzania, Egypt, Guyana and Japan,” he says.

Bristow points to Fourmile in Nevada as one of the best gold discoveries worldwide in recent years, and one that will create significant value when it is potentially added to the world class Goldrush development project, which is already a core growth asset in the Nevada Gold Mines joint venture. Robertson, also in Nevada, is a growing heap leach project that is progressing through a pre-feasibility study. Donlin in Alaska is one of the largest undeveloped gold orebodies in the world in a tier one jurisdiction and Barrick is currently working with its JV partner NovaGold on moving it up the value curve.

“The fact is that the industry has not been replacing what it’s been mining. Barrick, on the other hand, is running its business for the long term instead of focusing on the short-term gains, extending its resource-based 10-year plans to 15 and even 20 years,” he says.

KIBALI MAINTAINS MOMENTUM ON COURSE TO 2021 PRODUCTION TARGET

After a strong start in the first quarter of 2021, the Kibali gold mine, one of the largest in the world, remains on track at the halfway mark of the year to achieve its annual production guidance.

Speaking at a media briefing in Kinshasa, Barrick president and chief executive Mark Bristow said that thanks to an aggressive near-mine exploration program, Kibali was continuing to replace its reserves faster than it was mining them, and now had a resource base approaching the 2013 levels when the mine first went into production.

“This means that Kibali should be able to sustain its production rate well beyond the 10-year timetable in its current business plan, thus continuing to create economic benefits for its stakeholders in a region where its presence has already had a profoundly positive impact,” he said.

Since the development of Kibali started, it has pumped $3.6 billion into the DRC economy in the form of taxes, salaries, payments to local suppliers, and tangible contributions to the infrastructure. In the year to date alone it has paid $73.8 million to local businesses, in line with its policy of giving preference to Congolese contractors and suppliers. It also prioritizes local employment, and of the 5,341 employees and contractors who were on site at the end of June, 94% were Congolese nationals.

Bristow said Kibali was also a leader in its health, safety and environmental protection programs. Covid-19 protection protocols at the mine had been intensified and a vaccination program was well under way. It largely uses clean energy, generated by its three hydropower plants. Its water recycling and re-use rate of 78% was above target, reducing its draw from the Kibali river. It continues to reforest the surrounding area, with 6,716 trees planted during the past quarter, and is also actively supporting the Garamba National Park’s elephant protection and general improvement initiatives.

He said Barrick’s success in building and operating a world-class gold mine in a remote part of the Congo was attributable to the mutually beneficial partnerships it had forged with its in-country stakeholders: the central, provincial and local governments; its host community; civil society; and a large corps of highly competent contractors and suppliers.

“We are strengthening our ties with the recently appointed government and are working towards an amicable solution of some outstanding legal and fiscal issues,” Bristow said.

“In the meantime, Barrick continues to invest and re-invest in our future in the DRC. Our short-term focus is on ensuring that Kibali will remain a major generator of economic benefits for all its stakeholders well into the next decade. Beyond that, our exploration teams are already hunting for the next Kibali. Their success rate in finding world-class gold deposits is outstanding.”

EXPLORATION SUCCESSES POINT TO LONGER LIFE FOR TONGON

Significant exploration successes could extend the Tongon gold mine’s life, says Barrick president and chief executive Mark Bristow.

Speaking at a local media briefing at the mine, Bristow said 10 years after it went into production Tongon could get a new lease on life thanks to promising results from near-mine exploration campaigns designed to replace the mine’s depleted reserves. In addition to work on the promising Seydou North and Tongon West targets, Tongon has filed the documentation for the extension of its Nielle mining licence by a further 10 years, to support the drive to add to its Life of Mine.

Bristow said Barrick, through its predecessor Randgold Resources, had been investing in and partnering with Côte d’Ivoire through the country’s many challenges and development stages.

“The successful commissioning of Tongon in the midst of a civil war was a landmark achievement in the development of a gold mining industry in the highly prospective but underexplored Côte d’Ivoire. Since then, the mine has been consistently profitable – it has just declared a $150 million dividend for the year — and boasts one of the best safety records in the Barrick group. Over time it has invested $1.77 billion in the Ivorian economy in the form of taxes, salaries, payments to local suppliers and infrastructure developments,” Bristow said.

In Barrick’s spirit of partnership with its host communities, Tongon has provided the local villages, located in one of the poorest parts of the country, with access to electricity and new markets through a network of power lines, roads and bridges, built new primary schools and clinics, boosted the development of a regional economy by employing local contractors and suppliers, and prefinanced a number of income-generating projects. Most recently it has provided a surgical unit for the Mbengue clinic.

“A longer life for Tongon means that it will be able to continue creating benefits to share with our Ivorian stakeholders for years to come,” Bristow said.

Mali /
Transforming a neglected nature reserve

Barrick has entered into an agreement with the government of Mali to assume responsibility for the rehabilitation of the neglected Fina Reserve. Classified as a biosphere reserve by UNESCO in 1982, Fina has since suffered from under-investment and mismanagement. The area covers 136,000 hectares and we’re investing $5 million over the next five years to establish anti-poaching programs and rehabilitate the reserve. An expert NGO, Bios, has been appointed to manage the park, and public awareness meetings have been held in 54 villages around the reserve.

DRC /
Stimulating economic growth

Kibali has launched an innovative campaign to stimulate the Durba economy by issuing local shopping vouchers to employees. Focused on bringing new business to low-income enterprises in the local community, the mine’s supply chain department identified 27 vendors to join the program. It kicked off in April with more than 1,000 booklets containing vouchers valued at $1 each issued to Kibali employees. More than $110,000 has been injected into the local economy with these vouchers being exchanged for merchandise from the local businesses.

Dominican Republic /
Vaccinating remote communities

Many people in remote communities around Pueblo Viejo were not able to travel to a Covid-19 vaccination clinic, so we helped to bring the vaccine to them. Partnering with the Dominican Republic’s National Vaccination Plan (“Vacúnate RD”), Barrick Pueblo Viejo sponsored transportation for medical teams along with community mobilization and engagement efforts to encourage people to get vaccinated. Over two weeks in June, more than 3,000 families in 25 communities near the mine received their first dose of the vaccine.

Argentina /
Training future miners

An intensive six-month training program for new vehicle operators recently began at Veladero — and for the first time, all of the participants are women. The first month of the program focuses on safety with in-class lessons, followed by five months of practical training on-site with the trucks. After successfully completing the program, participants will be eligible to apply for full-time roles that arise at the mine. This initiative is one part of Veladero’s efforts to encourage more women from local regions to consider a career in mining.

Nevada /
Celebrating new grads

Family and friends gathered to celebrate this year’s college graduates at the annual Western Shoshone Scholarship Foundation reception, hosted by Nevada Gold Mines in Elko, Nevada. Special guests included the well-known poet and artist Tanaya Winder, who is an enrolled member of the Duckwater Shoshone Tribe, along with Devan Kicknosway, a champion chicken dancer, motivational speaker and rising YouTube star. We congratulate the class of 2021 and look forward to your future success!

Appendix 1

2021 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS
	2021 forecast attributable production (000s oz)	2021 forecast cost of sales¹⁰ ($/oz)	2021 forecast total cash costs¹¹ ($/oz)	2021 forecast all-in sustaining costs¹¹($/oz)
Carlin (61.5%)¹⁷	940 – 1,000	920 – 970	740 – 790	1,050 – 1,100
Cortez (61.5%)¹⁸	500 – 550	1,000 – 1,050	700 – 750	940 – 990
Turquoise Ridge (61.5%)	390 – 440	950 – 1,000	620 – 670	810 – 860
Phoenix (61.5%)	100 – 120	1,800 – 1,850	725 – 775	970 – 1,020
Long Canyon (61.5%)	140 – 160	800 – 850	180 – 230	240 – 290
Nevada Gold Mines (61.5%)	2,100 – 2,250	980 – 1,030	660 – 710	910 – 960
Hemlo	200 – 220	1,200 – 1,250	950 – 1,000	1,280 – 1,330
North America	2,300 – 2,450	990 – 1,040	690 – 740	940 – 990

Pueblo Viejo (60%)	470 – 510	880 – 930	520 – 570	760 – 810
Veladero (50%)	130 – 150	1,510 – 1,560	820 – 870	1,720 – 1,770
Porgera (47.5%)¹⁹	—	—	—	—
Latin America & Asia Pacific	600 – 660	1,050 – 1,100	600 – 650	1,000 – 1,050

Loulo-Gounkoto (80%)	510 – 560	980 – 1,030	630 – 680	930 – 980
Kibali (45%)	350 – 380	990 – 1,040	590 – 640	800 – 850
North Mara (84%)	240 – 270	970 – 1,020	740 – 790	960 – 1,010
Tongon (89.7%)	180 – 200	1,470 – 1,520	1,000 – 1,050	1,140 – 1,190
Bulyanhulu (84%)	170 – 200	980 – 1,030	580 – 630	810 – 860
Buzwagi (84%)	30 – 40	1,360 – 1,410	1,250 – 1,300	1,230 – 1,280
Africa & Middle East	1,500 – 1,600	1,050 – 1,100	690 – 740	920 – 970

Total Attributable to Barrick ^20,21,22	4,400 – 4,700	1,020 – 1,070	680 – 730	970 – 1,020

COPPER PRODUCTION AND COSTS
	2021 forecast attributable production (Mlbs)	2021 forecast cost of sales¹⁰ ($/lb)	2021 forecast C1 cash costs¹²($/lb)	2021 forecast all-in sustaining costs¹²($/lb)
Lumwana	250 – 280	1.85 – 2.05	1.45 – 1.65	2.25 – 2.45
Zaldívar (50%)	90 – 110	2.30 – 2.50	1.65 – 1.85	1.90 – 2.10
Jabal Sayid (50%)	70 – 80	1.40 – 1.60	1.10 – 1.30	1.30 – 1.50
Total Attributable to Barrick ²¹	410 – 460	1.90 – 2.10	1.40 – 1.60	2.00 – 2.20

ATTRIBUTABLE CAPITAL EXPENDITURES
	($ millions)
Attributable minesite sustaining	1,250 – 1,450
Attributable project	550 – 650
Total attributable capital expenditures	1,800 – 2,100

2021 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
²³

	2021 Guidance Assumption	Hypothetical Change	Impact on EBITDA²⁴(millions)	Impact on TCC/C1 Cash Costs and AISC^11,12
Gold price sensitivity	$1,700/oz	+/- $100/oz	+/- $620	+/-$4/oz
Copper price sensitivity	$2.75/lb	+/- $0.25/lb	+/- $60	+/- $0.01/lb

Appendix 2

Production and Cost Summary – Gold

		For the three months ended
		6/30/21	3/31/21	% Change	6/30/20	% Change
Nevada Gold Mines LLC (61.5%)^a
Gold produced (000s oz attributable basis)		452	485	(7)%	521	(13)%
Gold produced (000s oz 100% basis)		735	789	(7)%	847	(13)%
Cost of sales ($/oz)		1,111	1,047	6 %	1,055	5 %
Total cash costs ($/oz)^b		717	686	5 %	728	(2)%
All-in sustaining costs ($/oz)^b		1,014	932	9 %	985	3 %
Carlin (61.5%)^c
Gold produced (000s oz attributable basis)		190	229	(17)%	235	(19)%
Gold produced (000s oz 100% basis)		309	373	(17)%	382	(19)%
Cost of sales ($/oz)		1,043	950	10 %	1,037	1 %
Total cash costs ($/oz)^b		852	766	11 %	850	0 %
All-in sustaining costs ($/oz)^b		1,310	1,045	25 %	1,130	16 %
Cortez (61.5%)^d
Gold produced (000s oz attributable basis)		110	100	10 %	132	(17)%
Gold produced (000s oz 100% basis)		178	163	10 %	215	(17)%
Cost of sales ($/oz)		1,167	1,251	(7)%	871	34 %
Total cash costs ($/oz)^b		793	860	(8)%	613	29 %
All-in sustaining costs ($/oz)^b		1,029	1,203	(14)%	950	8 %
Turquoise Ridge (61.5%)
Gold produced (000s oz attributable basis)		78	92	(15)%	79	0 %
Gold produced (000s oz 100% basis)		128	149	(15)%	128	0 %
Cost of sales ($/oz)		1,131	1,007	12 %	1,073	5 %
Total cash costs ($/oz)^b		752	647	16 %	753	0 %
All-in sustaining costs ($/oz)^b		904	741	22 %	829	9 %
Phoenix (61.5%)
Gold produced (000s oz attributable basis)		28	25	11 %	35	(21)%
Gold produced (000s oz 100% basis)		45	41	11 %	57	(21)%
Cost of sales ($/oz)		1,864	2,051	(9)%	1,726	8 %
Total cash costs ($/oz)^b		279	346	(19)%	725	(62)%
All-in sustaining costs ($/oz)^b		401	530	(24)%	957	(58)%
Long Canyon (61.5%)
Gold produced (000s oz attributable basis)		46	39	18 %	40	15 %
Gold produced (000s oz 100% basis)		75	63	18 %	65	15 %
Cost of sales ($/oz)		691	511	35 %	1,009	(32)%
Total cash costs ($/oz)^b		168	79	113 %	308	(45)%
All-in sustaining costs ($/oz)^b		191	156	22 %	430	(56)%
Pueblo Viejo (60%)
Gold produced (000s oz attributable basis)		117	137	(15)%	111	5 %
Gold produced (000s oz 100% basis)		195	229	(15)%	185	5 %
Cost of sales ($/oz)		904	816	11 %	935	(3)%
Total cash costs ($/oz)^b		533	507	5 %	579	(8)%
All-in sustaining costs ($/oz)^b		723	689	5 %	720	0 %
Loulo-Gounkoto (80%)
Gold produced (000s oz attributable basis)		143	154	(7)%	141	2 %
Gold produced (000s oz 100% basis)		179	193	(7)%	176	2 %
Cost of sales ($/oz)		993	974	2 %	1,012	(2)%
Total cash costs ($/oz)^b		610	608	0%	639	(5)%
All-in sustaining costs ($/oz)^b		1,073	920	17 %	1,030	4 %
Kibali (45%)
Gold produced (000s oz attributable basis)		91	86	5 %	90	1 %
Gold produced (000s oz 100% basis)		202	192	5 %	201	1 %
Cost of sales ($/oz)		1,038	1,065	(3)%	1,067	(3)%
Total cash costs ($/oz)^b		645	691	(7)%	617	5 %
All-in sustaining costs ($/oz)^b		894	856	4 %	739	21 %
Veladero (50%)
Gold produced (000s oz attributable basis)		31	32	(3)%	49	(37)%
Gold produced (000s oz 100% basis)		62	64	(3)%	98	(37)%
Cost of sales ($/oz)		1,231	1,151	7 %	1,228	0 %
Total cash costs ($/oz)^b		774	736	5 %	801	(3)%
All-in sustaining costs ($/oz)^b		1,698	2,104	(19)%	1,383	23 %
Porgera (47.5%)^e
Gold produced (000s oz attributable basis)		—	—	0%	24	0%
Gold produced (000s oz 100% basis)		—	—	0%	51	0%
Cost of sales ($/oz)		—	—	0%	1,141	0%
Total cash costs ($/oz)^b		—	—	0%	875	0%
All-in sustaining costs ($/oz)^b		—	—	0%	1,046	0%
Tongon (89.7%)
Gold produced (000s oz attributable basis)		48	48	0 %	64	(25)%
Gold produced (000s oz 100% basis)		53	54	0 %	71	(25)%
Cost of sales ($/oz)		1,446	1,510	(4)%	1,275	13 %
Total cash costs ($/oz)^b		1,045	995	5 %	688	52 %
All-in sustaining costs ($/oz)^b		1,162	1,062	9 %	745	56 %
Hemlo
Gold produced (000s oz)		42	47	(11)%	54	(22)%
Cost of sales ($/oz)		1,603	1,610	0 %	1,268	26 %
Total cash costs ($/oz)^b		1,314	1,324	(1)%	1,080	22 %
All-in sustaining costs ($/oz)^b		1,937	1,840	5 %	1,456	33 %
North Mara (84%)
Gold produced (000s oz attributable basis)		63	62	1 %	68	(7)%
Gold produced (000s oz 100% basis)		75	74	1 %	81	(7)%
Cost of sales ($/oz)		975	1,061	(8)%	1,040	(6)%
Total cash costs ($/oz)^b		816	832	(2)%	724	13 %
All-in sustaining costs ($/oz)^b		952	1,038	(8)%	1,166	(18)%
Buzwagi (84%)
Gold produced (000s oz attributable basis)	19		17	10 %	20	(7)%
Gold produced (000s oz 100% basis)	22		20	10 %	24	(7)%
Cost of sales ($/oz)	1,315		1,486	(12)%	909	45 %
Total cash costs ($/oz)^b	1,244		1,450	(14)%	751	66 %
All-in sustaining costs ($/oz)^b	1,242		1,467	(15)%	770	61 %
Bulyanhulu (84%)
Gold produced (000s oz attributable basis)	35		33	6 %	7	400 %
Gold produced (000s oz 100% basis)	42		39	6 %	8	400 %
Cost of sales ($/oz)	1,164		1,211	(4)%	1,658	(30)%
Total cash costs ($/oz)^b	776		865	(10)%	950	(18)%
All-in sustaining costs ($/oz)^b	916		957	(4)%	1,014	(10)%
Total Attributable to Barrick^f
Gold produced (000s oz)	1,041		1,101	(5)%	1,149	(9)%
Cost of sales ($/oz)^g	1,107		1,073	3 %	1,075	3 %
Total cash costs ($/oz)^b	729		716	2 %	716	2 %
All-in sustaining costs ($/oz)^b	1,087		1,018	7 %	1,031	5 %

These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
These are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure used in this section of the press release to the most directly comparable IFRS measure, please see the endnotes to this press release.
Included within our 61.5% interest in Carlin is NGM’s 60% interest in South Arturo.
Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have been restated to include Goldrush.
As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.
Excludes Pierina, Lagunas Norte, Golden Sunlight, and Morila (40%) up until its divestiture in November 2020, as these assets are producing incidental ounces while in closure or care and maintenance.
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).

Production and Cost Summary – Copper

	For the three months ended
	6/30/21	3/31/21	% Change	6/30/20	% Change
Lumwana
Copper production (Mlbs)	56	51	10 %	72	(22)%
Cost of sales ($/lb)	2.36	1.97	20 %	2.06	15 %
C1 cash costs ($/lb)^a	1.72	1.48	16 %	1.55	11 %
All-in sustaining costs ($/lb)^a	2.92	2.37	23 %	2.27	29 %
Zald í var (50%)
Copper production (Mlbs attributable basis)	22	24	(8)%	28	(21)%
Copper production (Mlbs 100% basis)	44	48	(8)%	56	(21)%
Cost of sales ($/lb)	3.56	3.03	17 %	2.52	41 %
C1 cash costs ($/lb)^a	2.68	2.25	19 %	1.79	50 %
All-in sustaining costs ($/lb)^a	3.15	2.47	28 %	2.09	51 %
Jabal Sayid (50%)
Copper production (Mlbs attributable basis)	18	18	0 %	20	(10)%
Copper production (Mlbs 100% basis)	36	36	0 %	40	(10)%
Cost of sales ($/lb)	1.47	1.21	21 %	1.41	4 %
C1 cash costs ($/lb)^a	1.27	1.06	20 %	1.14	11 %
All-in sustaining costs ($/lb)^a	1.39	1.22	14 %	1.41	(1)%
Total Attributable to Barrick
Copper production (Mlbs attributable basis)	96	93	3 %	120	(20)%
Cost of sales ($/lb)^b	2.43	2.11	15 %	2.08	17 %
C1 cash costs ($/lb)^a	1.83	1.60	14 %	1.55	18 %
All-in sustaining costs ($/lb)^a	2.74	2.26	21 %	2.15	27 %

These are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure used in this section of the press release to the most directly comparable IFRS measure, please see the endnotes to this press release.
Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Appendix 3

Financial and Operating Highlights

	For the three months ended										For the six months ended
	6/30/21		3/31/21		% Change		6/30/20		% Change		6/30/21		6/30/20		% Change
Financial Results ($ millions)
Revenues	2,893		2,956		(2	)%	3,055		(5	)%	5,849		5,776		1	%
Cost of sales	1,704		1,712		0	%	1,900		(10	)%	3,416		3,676		(7	)%
Net earnings^a	411		538		(24	)%	357		15	%	949		757		25	%
Adjusted net earnings^b	513		507		1	%	415		24	%	1,020		700		46	%
Adjusted EBITDA^b	1,719		1,800		(5	)%	1,697		1	%	3,519		3,163		11	%
Adjusted EBITDA margin^c	59	%	61	%	(3	)%	56	%	5	%	60	%	55	%	9	%
Minesite sustaining capital expenditures^d	452		405		12	%	420		8	%	857		790		8	%
Project capital expenditures^d	203		131		55	%	85		139	%	334		161		107	%
Total consolidated capital expenditures^d,e	658		539		22	%	509		29	%	1,197		960		25	%
Net cash provided by operating activities	639		1,302		(51	)%	1,031		(38	)%	1,941		1,920		1	%
Net cash provided by operating activities margin^f	22	%	44	%	(50	)%	34	%	(35	)%	33	%	33	%	0	%
Free cash flow^b	(19	)	763		(102	)%	522		(104	)%	744		960		(23	)%
Net earnings per share (basic and diluted)	0.23		0.30		(23	)%	0.20		15	%	0.53		0.43		23	%
Adjusted net earnings (basic)^bper share	0.29		0.29		0	%	0.23		26	%	0.57		0.39		46	%
Weighted average diluted common shares (millions of shares)	1,779		1,778		0	%	1,778		0	%	1,779		1,778		0	%
Operating Results
Gold production (thousands of ounces)^g	1,041		1,101		(5	)%	1,149		(9	)%	2,142		2,399		(11	)%
Gold sold (thousands of ounces)^g	1,070		1,093		(2	)%	1,224		(13	)%	2,163		2,444		(11	)%
Market gold price ($/oz)	1,816		1,794		1	%	1,711		6	%	1,805		1,645		10	%
Realized gold price^b,g($/oz)	1,820		1,777		2	%	1,725		6	%	1,798		1,657		9	%
Gold cost of sales (Barrick’s share)^g,h($/oz)	1,107		1,073		3	%	1,075		3	%	1,090		1,048		4	%
Gold total cash costs^b,g($/oz)	729		716		2	%	716		2	%	723		704		3	%
Gold all-in sustaining costs^b,g($/oz)	1,087		1,018		7	%	1,031		5	%	1,052		993		6	%
Copper production (millions of pounds)^g	96		93		3	%	120		(20	)%	189		235		(20	)%
Copper sold (millions of pounds)^g	96		113		(15	)%	123		(22	)%	209		233		(10	)%
Market copper price ($/lb)	4.40		3.86		14	%	2.43		81	%	4.12		2.49		65	%
Realized copper price^b,g($/lb)	4.57		4.12		11	%	2.79		64	%	4.32		2.53		71	%
Copper cost of sales (Barrick’s share)^g,i($/lb)	2.43		2.11		15	%	2.08		17	%	2.26		2.03		11	%
Copper C1 cash costs^b,g($/lb)	1.83		1.60		14	%	1.55		18	%	1.71		1.55		10	%
Copper all-in sustaining costs^b,g($/lb)	2.74		2.26		21	%	2.15		27	%	2.48		2.10		18	%
	As at 6/30/21		As at 3/31/21		% Change		As at 6/30/20		% Change
Financial Position ($ millions)
Debt (current and long-term)	5,152		5,153		0	%	5,168		0	%
Cash and equivalents	5,138		5,672		(9	)%	3,743		37	%
Debt, net of cash	14		(519	)	(103	)%	1,425		(99	)%

Net earnings represents net earnings attributable to the equity holders of the Company.
Adjusted net earnings, adjusted EBITDA, free cash flow, adjusted net earnings per share, realized gold price, all-in sustaining costs, total cash costs, C1 cash costs and realized copper price are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure to the most directly comparable IFRS measure, please see the endnotes to this press release.
Represents adjusted EBITDA divided by revenue.
Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
Total consolidated capital expenditures also includes capitalized interest of $3 million and $6 million, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $3 million and June 30, 2020: $4 million and $9 million, respectively).
Represents net cash provided by operating activities divided by revenue.
On an attributable basis.
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Consolidated Statements of Income

Barrick Gold Corporation (in millions of United States dollars, except per share data) (Unaudited)	Three months ended June 30,						Six months ended June 30,
		2021			2020			2021			2020
Revenue (notes 5 and 6)	$	2,893		$	3,055		$	5,849		$	5,776
Costs and expenses (income)
Cost of sales (notes 5 and 7)		1,704			1,900			3,416			3,676
General and administrative expenses		47			71			85			111
Exploration, evaluation and project expenses		77			78			138			149
Impairment (reversals) charges (notes 9b and 13)		2			23			(87	)		(313	)
Loss on currency translation		7			2			11			18
Closed mine rehabilitation		6			7			29			97
Income from equity investees (note 12)		(104	)		(61	)		(207	)		(115	)
Other expense (note 9a)		26			73			45			38
Income before finance costs and income taxes	$	1,128		$	962		$	2,419		$	2,115
Finance costs, net		(91	)		(82	)		(178	)		(186	)
Income before income taxes	$	1,037		$	880		$	2,241		$	1,929
Income tax expense (note 10)		(343	)		(258	)		(717	)		(644	)
Net income	$	694		$	622		$	1,524		$	1,285
Attributable to:
Equity holders of Barrick Gold Corporation	$	411		$	357		$	949		$	757
Non-controlling interests (note 17)	$	283		$	265		$	575		$	528

Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 8)
Net income
Basic	$	0.23		$	0.20		$	0.53		$	0.43
Diluted	$	0.23		$	0.20		$	0.53		$	0.43

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2021 available on our website are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)	Three months ended June 30,					Six months ended June 30,
		2021		2020			2021			2020
Net income	$	694	$	622		$	1,524		$	1,285
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Unrealized losses on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil		—		(2	)		—			(1	)
Realized losses on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil		3		—			3			—
Currency translation adjustments, net of tax $nil, $nil, $nil and $nil		—		(1	)		—			(5	)
Items that will not be reclassified to profit or loss:
Actuarial loss on post employment benefit obligations, net of tax $nil, ($3), $3 and $nil		—		(5	)		—			(2	)
Net change on equity investments, net of tax ($3), $nil, $5 and $nil		10		118			(37	)		93
Total other comprehensive income (loss)		13		110			(34	)		85
Total comprehensive income	$	707	$	732		$	1,490		$	1,370
Attributable to:
Equity holders of Barrick Gold Corporation	$	424	$	467		$	915		$	842
Non-controlling interests	$	283	$	265		$	575		$	528

Consolidated Statements of Cash Flow

Barrick Gold Corporation (in millions of United States dollars) (Unaudited)	Three months ended June 30,						Six months ended June 30,
		2021			2020			2021			2020
OPERATING ACTIVITIES
Net income	$	694		$	622		$	1,524		$	1,285
Adjustments for the following items:
Depreciation		500			566			1,007			1,090
Finance costs, net		100			86			194			197
Impairment (reversals) charges (notes 9b and 13)		2			23			(87	)		(313	)
Income tax expense (note 10)		343			258			717			644
Income from investment in equity investees		(104	)		(61	)		(207	)		(115	)
Loss (gain) on sale of non-current assets		(7	)		8			(10	)		(52	)
Loss on currency translation		7			2			11			18
Change in working capital (note 11)		(197	)		(8	)		(249	)		(314	)
Other operating activities (note 11)		(76	)		25			(116	)		106
Operating cash flows before interest and income taxes		1,262			1,521			2,784			2,546
Interest paid		(131	)		(130	)		(153	)		(154	)
Income taxes paid¹		(492	)		(360	)		(690	)		(472	)
Net cash provided by operating activities		639			1,031			1,941			1,920
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5)		(658	)		(509	)		(1,197	)		(960	)
Sales proceeds		1			9			5			16
Investment sales		—			206			—			206
Divestitures (note 4)		19			—			19			256
Dividends received from equity method investments		35			29			161			54
Shareholder loan repayments from equity method investments		—			1			1			1
Net cash used in investing activities		(603	)		(264	)		(1,011	)		(427	)
FINANCING ACTIVITIES
Lease repayments		(4	)		(7	)		(10	)		(12	)
Debt repayments		—			—			(7	)		(351	)
Dividends		(159	)		(124	)		(317	)		(246	)
Return of capital (note 16)		(250	)		—			(250	)		—
Funding from non-controlling interests (note 17)		6			—			12			1
Disbursements to non-controlling interests (note 17)		(206	)		(217	)		(471	)		(434	)
Other financing activities (note 11)		43			—			64			(15	)
Net cash used in financing activities		(570	)		(348	)		(979	)		(1,057	)
Effect of exchange rate changes on cash and equivalents		—			(3	)		(1	)		(7	)
Net increase (decrease) in cash and equivalents		(534	)		416			(50	)		429
Cash and equivalents at the beginning of period		5,672			3,327			5,188			3,314
Cash and equivalents at the end of period	$	5,138		$	3,743		$	5,138		$	3,743

^1.Income taxes paid excludes $57 million (2020: $45 million) for the three months ended June 30, 2021 and $93 million (2020: $69 million) for the six months ended June 30, 2021 of income taxes payable that were settled against offsetting VAT receivables.

Consolidated Balance Sheets

Barrick Gold Corporation	As at June 30,			As at December 31,
(in millions of United States dollars) (Unaudited)		2021			2020
ASSETS
Current assets
Cash and equivalents (note 14a)	$	5,138		$	5,188
Accounts receivable		554			558
Inventories		1,825			1,878
Other current assets		522			519
Total current assets	$	8,039		$	8,143
Non-current assets
Equity in investees (note 12)		4,715			4,670
Property, plant and equipment		24,755			24,628
Goodwill		4,769			4,769
Intangible assets		158			169
Deferred income tax assets		61			98
Non-current portion of inventory		2,559			2,566
Other assets		1,472			1,463
Total assets	$	46,528		$	46,506
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	1,157		$	1,458
Debt		15			20
Current income tax liabilities		311			436
Other current liabilities		315			306
Total current liabilities	$	1,798		$	2,220
Non-current liabilities
Debt		5,137			5,135
Provisions		2,925			3,139
Deferred income tax liabilities		3,197			3,034
Other liabilities		1,297			1,268
Total liabilities	$	14,354		$	14,796
Equity
Capital stock (note 16)	$	28,995		$	29,236
Deficit		(7,320	)		(7,949	)
Accumulated other comprehensive loss		(20	)		14
Other		2,034			2,040
Total equity attributable to Barrick Gold Corporation shareholders	$	23,689		$	23,341
Non-controlling interests (note 17)		8,485			8,369
Total equity	$	32,174		$	31,710
Contingencies and commitments (notes 5 and 18)
Total liabilities and equity	$	46,528		$	46,506

Consolidated Statements of Changes in Equity

Barrick Gold Corporation		Attributable to equity holders of the company
(in millions of United States dollars) (Unaudited)	Common Shares (in thousands)	Capital stock		Retained earnings (deficit)		Accumulated other comprehensive income (loss)¹		Other²		Total equity attributable to shareholders		Non- controlling interests		Total equity
At January 1, 2021	1,778,190	$ 29,236		($ 7,949	)	$ 14		$ 2,040		$ 23,341		$ 8,369		$ 31,710
Net income	—	—		949		—		—		949		575		1,524
Total other comprehensive loss	—	—		—		(34	)	—		(34	)	—		(34	)
Total comprehensive income (loss)	—	—		949		(34	)	—		915		575		1,490
Transactions with owners
Dividends	—	—		(317	)	—		—		(317	)	—		(317	)
Return of capital (note 16)	—	(250	)	—		—		—		(250	)	—		(250	)
Issued on exercise of stock options	50	—		—		—		—		—		—		—
Funding from non-controlling interests (note 17)	—	—		—		—		—		—		12		12
Disbursements to non-controlling interests (note 17)	—	—		—		—		—		—		(471	)	(471	)
Dividend reinvestment plan (note 16)	104	3		(3	)	—		—		—		—		—
Share-based payments	898	6		—		—		(6	)	—		—		—
Total transactions with owners	1,052	(241	)	(320	)	—		(6	)	(567	)	(459	)	(1,026	)
At June 30, 2021	1,779,242	$ 28,995		($ 7,320	)	($ 20	)	$ 2,034		$ 23,689		$ 8,485		$ 32,174

At January 1, 2020	1,777,927	$ 29,231		($ 9,722	)	($ 122	)	$ 2,045		$ 21,432		$ 8,395		$ 29,827
Net income	—	—		757		—		—		757		528		1,285
Total other comprehensive income	—	—		—		85		—		85		—		85
Total comprehensive income	—	—		757		85		—		842		528		1,370
Transactions with owners
Dividends	—	—		(246	)	—		—		(246	)	—		(246	)
Issuance of 16% interest in Tanzania mines	—	—		—		—		—		—		238		238
Issued on exercise of stock options	40	—		—		—		—		—		—		—
Funding from non-controlling interests	—	—		—		—		—		—		1		1
Disbursements to non-controlling interests	—	—		—		—		—		—		(448	)	(448	)
Dividend reinvestment plan	101	3		(3	)	—		—		—		—		—
Share-based payments	—	—		—		—		4		4		—		4
Total transactions with owners	141	3		(249	)	—		4		(242	)	(209	)	(451	)
At June 30, 2020	1,778,068	$ 29,234		($ 9,214	)	($ 37	)	$ 2,049		$ 22,032		$ 8,714		$ 30,746

¹
Includes cumulative translation losses at June 30, 2021: $95 million (December 31, 2020: $95 million; June 30, 2020: $92 million).
² Includes additional paid-in capital as at June 30, 2021: $1,996 million (December 31, 2020: $2,002 million; June 30, 2020: $2,011 million).

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Steven Yopps, MMSA, Manager of Growth Projects, Nevada Gold Mines; Craig Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager: Africa & Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Executive Vice President, Exploration and Growth — each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Endnotes

Endnote 1
On a 100% basis.

Endnote 2

A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

Endnote 3
Future economic contribution over extended mine life assuming a gold price of $1,599 per ounce and a silver price of $20.96 per ounce.

Endnote 4
“Realized price” is a non-GAAP financial measure which excludes from sales: unrealized gains and losses on non-hedge derivative contracts; unrealized mark-to-market gains and losses on provisional pricing from copper and gold sales contracts; sales attributable to ore purchase arrangements; treatment and refining charges; export duties; and cumulative catch-up adjustments to revenue relating to our streaming arrangements. This measure is intended to enable Management to better understand the price realized in each reporting period for gold and copper sales because unrealized mark-to-market values of non-hedge gold and copper derivatives are subject to change each period due to changes in market factors such as market and forward gold and copper prices, so that prices ultimately realized may differ from those recorded. The exclusion of such unrealized mark-to-market gains and losses from the presentation of this performance measure enables investors to understand performance based on the realized proceeds of selling gold and copper production. The realized price measure is intended to provide additional information and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per ounce/pound information in dollars)	Gold						Copper			Gold				Copper
($ millions, except per ounce/pound information in dollars)	For the three months ended									For the six months ended
	6/30/21		3/31/21		6/30/20		6/30/21	3/31/21	6/30/20	6/30/21		6/30/20		6/30/21	6/30/20
Sales	2,589		2,641		2,812		234	256	184	5,230		5,405		490	283
Sales applicable to non-controlling interests	(779	)	(814	)	(822	)	0	0	0	(1,593	)	(1,592	)	0	0
Sales applicable to equity method investments^a,b	168		154		172		161	170	120	322		319		331	227
Sales applicable to sites in closure or care and maintenance^c	(28	)	(41	)	(53	)	0	0	0	(69	)	(99	)	0	0
Treatment and refinement charges	0		0		2		39	41	40	0		2		80	79
Other^d	0		0		0		0	0	0	0		15		0	0
Revenues – as adjusted	1,950		1,940		2,111		434	467	344	3,890		4,050		901	589
Ounces/pounds sold (000s ounces/millions pounds)^c	1,070		1,093		1,224		96	113	123	2,163		2,444		209	233
Realized gold/copper price per ounce/pound^e	1,820		1,777		1,725		4.57	4.12	2.79	1,798		1,657		4.32	2.53

^a.	Represents sales of $169 million and $323 million, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $154 million and June 30, 2020: $164 million and $304 million, respectively) applicable to our 45% equity method investment in Kibali for gold. Represents sales of $87 million and $196 million, respectively, for the three and six months ended June 30, 2021 (March 31, 2021: $109 million and June 30, 2020: $78 million and $150 million, respectively) applicable to our 50% equity method investment in Zaldívar and $79 million and $144 million, respectively (March 31, 2021: $65 million and June 30, 2020: $46 million and $86 million, respectively) applicable to our 50% equity method investment in Jabal Sayid for copper.
^b.	Sales applicable to equity method investments are net of treatment and refinement charges.
^c.	Figures exclude: Pierina, Lagunas Norte up until its divestiture in June 2021, Golden Sunlight, and Morila up until its divestiture in November 2020 from the calculation of realized price per ounce. These assets are producing incidental ounces.
^d.	Represents a cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2f of the 2020 Annual Financial Statements for more information.
^e.	Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.

Endnote 5
On an attributable basis.

Endnote 6
Net earnings represents net earnings attributable to the equity holders of the Company.

Endnote 7
“Adjusted net earnings” and “adjusted net earnings per share” are non GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; gains (losses) and other one time costs relating to acquisitions or dispositions; foreign currency translation gains (losses); significant tax adjustments not related to current period earnings; and the tax effect and non-controlling interest of these items. The Company uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share

($ millions, except per share amounts in dollars)	For the three months ended						For the six months ended
	6/30/21		3/31/21		6/30/20		6/30/21		6/30/20
Net earnings attributable to equity holders of the Company	411		538		357		949		757
Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments^a	2		(89	)	23		(87	)	(313	)
Acquisition/disposition (gains) losses^b	(7	)	(3	)	8		(10	)	(52	)
Loss (gain) on currency translation	7		4		2		11		18
Significant tax adjustments^c	62		47		(7	)	109		(51	)
Other expense adjustments^d	14		11		48		25		146
Tax effect and non-controlling interest^e	24		(1	)	(16	)	23		195
Adjusted net earnings	513		507		415		1,020		700
Net earnings per share^f	0.23		0.30		0.20		0.53		0.43
Adjusted net earnings per share^f	0.29		0.29		0.23		0.57		0.39

^a.	For the three month period ended June 30, 2021, we recorded no significant impairment charges or reversals. Net impairment reversals for the three months ended March 31, 2021 and six months ended June 30, 2021 mainly relate to non-current asset reversals at Lagunas Norte. For the three month period ended June 30, 2020, net impairment charges relate to miscellaneous assets. For the six months ended June 30, 2020, net impairment reversals primarily relate to non-current asset reversals at our Tanzanian assets.
^b.	Acquisition/disposition gains for the six month period ended June 30, 2020 primarily relate to the gain on the sale of Massawa.
^c.	Significant tax adjustments for the three month period ended June 30, 2021 mainly relates to deferred tax expense as a result of tax reform measures in Argentina. For the three month period ended March 31, 2021, significant tax adjustments mainly relate to the remeasurement of deferred tax balances for changes in foreign currency rates and the recognition/derecognition of our deferred taxes in various jurisdictions. Significant tax adjustments for the six month period ended June 30, 2021 mainly relates to deferred tax expense as a result of tax reform measures in Argentina, the remeasurement of deferred tax balances for changes in foreign currency rates and the recognition/derecognition of our deferred taxes in various jurisdictions. For the six months ended June 30, 2020, significant tax adjustments primarily relate to deferred tax recoveries as a result of tax reform measures in Argentina and adjustments made in recognition of the net settlement of all outstanding disputes with the Government of Tanzania.
^d.	Other expense adjustments for all periods mainly relate to care and maintenance expenses at Porgera. The three month period ended June 30, 2020 was further impacted by Covid-19 donations. For the six month period ended June 30, 2020, other expense adjustments also relate to changes in the discount rate assumptions on our closed mine rehabilitation provision.
^e.	Tax effect and non-controlling interest for the six month period ended June 30, 2020 primarily relates to the net impairment reversals related to long-lived assets.
^f.	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

Endnote 8
“Free cash flow” is a non-GAAP financial performance measure that deducts capital expenditures from net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on this non-GAAP measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

($ millions)	For the three months ended						For the six months ended
	6/30/21		3/31/21		6/30/20		6/30/21		6/30/20
Net cash provided by operating activities	639		1,302		1,031		1,941		1,920
Capital expenditures	(658	)	(539	)	(509	)	(1,197	)	(960	)
Free cash flow	(19	)	763		522		744		960

Endnote 9
These amounts are presented on the same basis as our guidance.

Endnote 10
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). References to attributable basis means our 100% share of Hemlo and Lumwana, our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara, Bulyanhulu and Buzwagi, our 50% share of Veladero, Zaldívar and Jabal Sayid, our 47.5% share of Porgera and our 45% share of Kibali.

Endnote 11
“Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce are non-GAAP financial performance measures. “Total cash costs” per ounce starts with cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and add further costs which reflect the expenditures made to maintain current production levels, primarily sustaining capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. “All in costs” per ounce starts with “All-in sustaining costs” per ounce and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures and other non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis

($ millions, except per ounce information in dollars)		For the three months ended						For the six months ended
	Footnote	6/30/21		3/31/21		6/30/20		6/30/21		6/30/20
Cost of sales applicable to gold production		1,561		1,571		1,740		3,132		3,383
Depreciation		(448	)	(454	)	(498	)	(902	)	(972	)
Cash cost of sales applicable to equity method investments		55		59		62		114		114
By-product credits		(70	)	(59	)	(59	)	(129	)	(88	)
Realized (gains) losses on hedge and non-hedge derivatives	a	0		0		1		0		1
Non-recurring items	b	0		0		0		0		0
Other	c	(22	)	(33	)	(26	)	(55	)	(53	)
Non-controlling interests	d	(294	)	(302	)	(336	)	(596	)	(652	)
Total cash costs		782		782		884		1,564		1,733
General & administrative costs		47		38		71		85		111
Minesite exploration and evaluation costs	e	16		16		23		32		38
Minesite sustaining capital expenditures	f	452		405		420		857		790
Sustaining leases		6		13		10		19		10
Rehabilitation – accretion and amortization (operating sites)	g	13		11		12		24		26
Non-controlling interest, copper operations and other	h	(151	)	(154	)	(158	)	(305	)	(283	)
All-in sustaining costs		1,165		1,111		1,262		2,276		2,425
Project exploration and evaluation and project costs	e	61		45		55		106		111
Community relations costs not related to current operations		0		0		0		0		1
Project capital expenditures	f	203		131		85		334		161
Non-sustaining leases		0		0		0		0		0
Rehabilitation – accretion and amortization (non-operating sites)	g	4		3		4		7		6
Non-controlling interest and copper operations and other	h	(74	)	(42	)	(36	)	(116	)	(53	)
All-in costs		1,359		1,248		1,370		2,607		2,651
Ounces sold – equity basis (000s ounces)	i	1,070		1,093		1,224		2,163		2,444
Cost of sales per ounce	j,k	1,107		1,073		1,075		1,090		1,048
Total cash costs per ounce	k	729		716		716		723		704
Total cash costs per ounce (on a co-product basis)	k,l	766		746		747		757		726
All-in sustaining costs per ounce	k	1,087		1,018		1,031		1,052		993
All-in sustaining costs per ounce (on a co-product basis)	k,l	1,124		1,048		1,062		1,086		1,015
All-in costs per ounce	k	1,269		1,144		1,118		1,206		1,085
All-in costs per ounce (on a co-product basis)	k,l	1,306		1,174		1,149		1,240		1,107

^a.	Realized (gains) losses on hedge and non-hedge derivatives Includes realized hedge losses of $nil and $nil, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $nil and June 30, 2020: $nil and $nil, respectively), and realized non-hedge losses of $nil and $nil, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $nil and June 30, 2020: losses of $1 million and $1 million, respectively).

^b.	Non-recurring items These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.

^c.	Other Other adjustments for the three and six month periods ended June 30, 2021 include the removal of total cash costs and by-product credits associated with Pierina, Lagunas Norte up until its divestiture in June 2021, Golden Sunlight and Morila up until its divestiture in November 2020, which all are producing incidental ounces, of $14 million and $38 million, respectively (March 31, 2021: $24 million; June 30, 2020: $26 million and $51 million, respectively).

^d.	Non-controlling interests Non-controlling interests include non-controlling interests related to gold production of $453 million and $915 million, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $462 million and June 30, 2020: $495 million and $961 million, respectively). Non-controlling interests include Nevada Gold Mines, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu, Buzwagi. Refer to Note 5 to the Financial Statements for further information.

^e.	Exploration and evaluation costs Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 71 of the second quarter 2021 MD&A.

^f.	Capital expenditures Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not related to current production. Significant projects in the current year are the expansion project at Pueblo Viejo, construction of the Third Shaft at Turquoise Ridge, and the development of the Gounkoto underground. Refer to page 70 of the second quarter 2021 MD&A.

^g.	Rehabilitation—accretion and amortization Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.

^h.	Non-controlling interest and copper operations Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of Nevada Gold Mines (including South Arturo), Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu, and Buzwagi operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Lagunas Norte up until its divestiture in June 2021, Golden Sunlight and Morila up until its divestiture in November 2020.

($ millions)	For the three months ended						For the six months ended
Non-controlling interest, copper operations and other	6/30/21		3/31/21		6/30/20		6/30/21		6/30/20
General & administrative costs	(7	)	(6	)	(8	)	(13	)	(14	)
Minesite exploration and evaluation expenses	(3	)	(7	)	(8	)	(10	)	(11	)
Rehabilitation – accretion and amortization (operating sites)	(4	)	(3	)	(4	)	(7	)	(8	)
Minesite sustaining capital expenditures	(137	)	(138	)	(138	)	(275	)	(250	)
All-in sustaining costs total	(151	)	(154	)	(158	)	(305	)	(283	)
Project exploration and evaluation and project costs	(8	)	(1	)	(9	)	(9	)	(12	)
Project capital expenditures	(66	)	(41	)	(27	)	(107	)	(41	)
All-in costs total	(74	)	(42	)	(36	)	(116	)	(53	)

^i.	Ounces sold – equity basis Figures remove the impact of: Pierina, Lagunas Norte up until its divestiture in June 2021, Golden Sunlight, and Morila up until its divestiture in November 2020, which are producing incidental ounces.

^j.	Cost of sales per ounce Figures remove the cost of sales impact of: Pierina of $2 million and $7 million, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $5 million and June 30, 2020: $4 million and $10 million, respectively); Golden Sunlight of $nil and $nil, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $nil and June 30, 2020: $nil and $nil, respectively); up until its divestiture in November of 2020, Morila, of $nil and $nil, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $nil and June 30, 2020: $8 million and $14 million, respectively); and up until its divestiture in June 2021, Lagunas Norte of $14 million and $37 million, respectively, for the three and six month periods ended June 30, 2021 (March 31, 2021: $23 million and June 30, 2020: $23 million and $43 million, respectively), which are producing incidental ounces. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).

^k.	Per ounce figures Cost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

^l.	Co-product costs per ounce Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

($ millions)	For the three months ended						For the six months ended
	6/30/21		3/31/21		6/30/20		6/30/21		6/30/20
By-product credits	70		59		59		129		88
Non-controlling interest	(30	)	(26	)	(22	)	(56	)	(37	)
By-product credits (net of non-controlling interest)	40		33		37		73		51

Endnote 12
“C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and production taxes and includes treatment and refinement charges. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties and production taxes. Barrick believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “C1 cash costs” per pound and “All-in sustaining costs” per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

($ millions, except per pound information in dollars)	For the three months ended						For the six months ended
	6/30/21		3/31/21		6/30/20		6/30/21		6/30/20
Cost of sales	137		136		153		273		277
Depreciation/amortization	(46	)	(48	)	(63	)	(94	)	(106	)
Treatment and refinement charges	39		41		40		80		79
Cash cost of sales applicable to equity method investments	72		79		72		151		138
Less: royalties and production taxes^a	(25	)	(23	)	(11	)	(48	)	(22	)
By-product credits	(3	)	(4	)	(3	)	(7	)	(6	)
Other	0		0		0		0		0
C1 cash costs	174		181		188		355		360
General & administrative costs	5		4		6		10		9
Rehabilitation – accretion and amortization	2		1		2		3		5
Royalties and production taxes^a	25		23		11		48		22
Minesite exploration and evaluation costs	4		2		1		6		2
Minesite sustaining capital expenditures	48		42		52		90		84
Sustaining leases	2		2		2		4		5
All-in sustaining costs	260		255		262		516		487
Pounds sold – consolidated basis (millions pounds)	96		113		123		209		233
Cost of sales per pound^b,c	2.43		2.11		2.08		2.26		2.03
C1 cash cost per pound^b	1.83		1.60		1.55		1.71		1.55
All-in sustaining costs per pound^b	2.74		2.26		2.15		2.48		2.10

^a.	For the three and six month periods ended June 30, 2021, royalties and production taxes include royalties of $25 million and $48 million, respectively (March 31, 2021: $23 million and June 30, 2020: $11 million and $22 million, respectively).
^b.	Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.
^c.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Endnote 13
Quarter on quarter.

Endnote 14
Per share amount is estimated based on issued and outstanding Barrick shares as of June 30, 2021 and is subject to change. The final per share amount to be paid on September 15, 2021 will be calculated based on the issued and outstanding Barrick shares as of the August 31, 2021 record date.

Endnote 15
The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

Endnote 16
Fourmile is currently not included in the NGM joint venture with Newmont, but may be contributed if certain criteria are met in the future.

Endnote 17
Included within our 61.5% interest in Carlin is NGM’s 60% interest in South Arturo.

Endnote 18
Includes Goldrush.

Endnote 19
Porgera was placed on temporary care and maintenance in April 2020 and remains excluded from our 2021 guidance. On April 9, 2021, the Government of Papua New Guinea and BNL, the operator of the Porgera joint venture, signed a binding Framework Agreement in which they agreed on a partnership for Porgera’s future ownership and operation. We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the Framework Agreement and the finalization of a timeline for the resumption of full mine operations.

Endnote 20
Total cash costs and all-in sustaining costs per ounce include the impact of hedges and/or costs allocated to non-operating sites.

Endnote 21
Operating division guidance ranges reflect expectations at each individual operating division, and may not add up to the company-wide guidance range total. Guidance ranges exclude Pierina and Lagunas Norte which are producing incidental ounces while in closure or care and maintenance. Lagunas Norte was divested in June 2021.

Endnote 22
Includes corporate administration costs.

Endnote 23
Reflects the impact of the full year.

Endnote 24
EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; other expense adjustments; and the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. We believe these items provide a greater level of consistency with the adjusting items included in our Adjusted Net Earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our full business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. EBITDA and adjusted EBITDA are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

($ millions)	For the three months ended					For the six months ended
	6/30/21		3/31/21		6/30/20	6/30/21		6/30/20
Net earnings	694		830		622	1,524		1,285
Income tax expense	343		374		258	717		644
Finance costs, net^a	76		77		74	153		162
Depreciation	500		507		566	1,007		1,090
EBITDA	1,613		1,788		1,520	3,401		3,181
Impairment charges (reversals) of long-lived assets^b	2		(89	)	23	(87	)	(313	)
Acquisition/disposition (gains) losses^c	(7	)	(3	)	8	(10	)	(52	)
Loss on currency translation	7		4		2	11		18
Other expense (income) adjustments^d	14		11		48	25		146
Income tax expense, net finance costs, and depreciation from equity investees	90		89		96	179		183
Adjusted EBITDA	1,719		1,800		1,697	3,519		3,163

^a.	Finance costs exclude accretion.
^b.	For the three month period ended June 30, 2021, we recorded no significant impairment charges or reversals. Net impairment reversals for the three months ended March 31, 2021 and six months ended June 30, 2021 mainly relate to non-current asset reversals at Lagunas Norte. For the three month period ended June 30, 2020, net impairment charges relate to miscellaneous assets. For the six months ended June 30, 2020, net impairment reversals primarily relate to non-current asset reversals at our Tanzanian assets.
^c.	Acquisition/disposition gains for the six month period ended June 30, 2020 primarily relate to the gain on the sale of Massawa.
^d.	Other expense adjustments for all periods mainly relate to care and maintenance expenses at Porgera. The three month period ended June 30, 2020 was further impacted by Covid-19 donations. For the six month period ended June 30, 2020, other expense adjustments also relate to changes in the discount rate assumptions on our closed mine rehabilitation provision.

Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700
Toronto, Ontario M5J 2S1
Canada

Telephone: +1 416 861-9911
Email: [email protected]
Website: www.barrick.com

Shares Listed

GOLD

The New York Stock Exchange

ABX

The Toronto Stock Exchange

Transfer Agents and Registrars

AST Trust Company (Canada)

P.O. Box 700, Postal Station B
Montreal, Quebec H3B 3K3
or
American Stock Transfer & Trust Company, LLC
6201 – 15 Avenue
Brooklyn, New York 11219

Telephone: 1-800-387-0825
Fax: 1-888-249-6189
Email: [email protected]
Website: www.astfinancial.com

Enquiries

President and Chief Executive Officer

Mark Bristow

+1 647 205 7694
+44 788 071 1386

Senior Executive Vice-President and
Chief Financial Officer

Graham Shuttleworth

+1 647 262 2095
+44 779 771 1338

Investor and Media Relations

Kathy du Plessis

+44 20 7557 7738
Email: [email protected]

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “vision”, “aim”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intended”, “project”, “pursue”, “continue”, “estimate”, “potential”, “prospective”, “future”, “focus”, “ongoing”, “following”, “subject to”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the timing and amount of Barrick’s return of capital distributions; mine life and production rates, including timing of production ramp-up at Goldrush; the results of the Goldrush Feasibility Study, including projected capital estimates, anticipated permitting timelines and investment returns related to the Goldrush Project, as well as opportunities for enhancements; Barrick’s engagement with local communities to manage the Covid-19 pandemic; our plans and expected timing and benefits of our growth projects, including the Goldrush project, Turquoise Ridge Third Shaft, and Pueblo Viejo plant and tailings facility expansion; the impact of Nevada’s new mining excise tax on Nevada Gold Mines; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves; asset sales, joint ventures and partnerships; Barrick’s global exploration strategy and planned exploration activities; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets and tailings storage facility management; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a Record of Decision for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study; non-renewal of key licenses by governmental authorities, including non-renewal of Porgera’s special mining lease; failure to comply with environmental and health and safety laws and regulations; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions being realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets. Barrick also cautions that its 2021 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

August 9, 2021 6:03 am

Iron Mountain Signs 2.4 Megawatt Lease with Fortune 100 Technology Customer At Western Pennsylvania Data Center

Iron Mountain Signs 2.4 Megawatt Lease with Fortune 100 Technology Customer At Western Pennsylvania Data Center

BOSTON–(BUSINESS WIRE)–
Iron Mountain (NYSE: IRM), the global leader in innovative storage and information management services, today announced that it has signed a 2.4 megawatt lease with a leading hyperscale enterprise software provider. The customer will deploy at Iron Mountain’s WPA-1 data center in Boyers, Pennsylvania, and has existing deployments at other Iron Mountain data centers. Iron Mountain’s data center solution met the security, resiliency, scalability and interconnection requirements of the customer. The lease is expected to commence in the first quarter of 2022, and has a term of ten years.

Located 60 minutes north of Pittsburgh, WPA-1 is a 200-acre facility based 220 feet underground. The facility offers the full breadth of Iron Mountain services including over 300,000+ square feet of data center space with a total potential IT capacity of more than 15 megawatts. The facility is protected by federal grade security and is a highly compliant location that mitigates man-made & natural disasters, and offers long-term scalability. The data center leverages water from an underground lake that provides geothermal cooling to enable a highly efficient and sustainable environment.

Like all Iron Mountain data centers, WPA-1 is powered by 100% renewable energy and offers customers access to Green Power Pass. The Green Power pass enables data center users to reduce their reportable greenhouse gas emissions and meet their public green power and/or carbon reduction goals. Iron Mountain Data Centers also adhere to one the most comprehensive compliance programs in the industry including enterprise-wide certified ISO 14001 and 50001 environmental and energy management systems.

As previously disclosed, Iron Mountain recently signed a 6 megawatt lease with a leading hyperscaler at its data center campus in Manassas, Virginia. This customer is a new logo to Iron Mountain’s data center platform, and will enhance the already rich ecosystem of the campus. The lease is expected to commence in the fourth quarter of 2021, and has a term of five years.

“As public and private sector organizations face increasing privacy, security and environmental regulations for their data center needs, our data centers in Western Pennsylvania and Northern Virginia are in high demand as the ideal option for connecting and protecting critical IT infrastructure and applications,” said Rick Crutchley, Vice President & General Manager, North America at Iron Mountain Data Centers. “We are pleased to welcome a key new customer to the Iron Mountain ecosystem and we are honored that our existing customer chose to continue to expand with us. Both of these locations are ideal for a wide range of core retail enterprise and hyperscale colocation customers, and we look forward to continuing to support them across our global platform.”

For more information on Iron Mountain Data Centers, visit https://www.ironmountain.com/data-centers.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is the global leader in innovative storage and information management services, storing and protecting billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of services including digital transformation, data centers, secure records storage, information management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005141/en/

Investor Relations:

Greer Aviv

Senior Vice President, Investor Relations

[email protected]

(617) 535-2887

Sarah Barry

Manager, Investor Relations

[email protected]

(617) 237-6597

KEYWORDS: United States North America Massachusetts Virginia Pennsylvania

INDUSTRY KEYWORDS: Data Management Security Technology Software Networks Hardware

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