Ipsos 2020: Resilience and Agility

Ipsos 2020: Resilience and Agility

Annual revenue: €1,837.4 million

Renewed organic growth in Q4: +1.4%

Paris, February 24, 2021 – Ipsos posted revenue of €1,837.4 million for the full-year 2020, down 8.3% on 2019.
Revenue fell 6.5% on a like-for-like basis, after accounting for a negative exchange rate effect of 2.5%, primarily due to the weakening of various emerging market currencies and of the US dollar towards the end of the year, and a 0.8% positive effect of changes in the scope of consolidation, from the acquisition of Maritz Mystery Shopping in the US and Askia in France and in the UK.
The extent of this decline in revenue diminished as the year progressed. It was 13.5% at the end of H1, 9.9% at the end of September and ultimately 6.5% at the end of December for the full year 2020, thanks to a positive Q4 of 1.4% organic growth.

CONSOLIDATED REVENUE BY QUARTER

Consolidated revenue
(millions of euros)
2020 2019 Total change over the period
2020 / 2019
Organic growth over the period
Q1 428.7 422.1 1.6% 0%
Q2 357.3 481.3 (25.8)% (25.3)%
Q3 468.6 499.4 (6.2)% (3.3)%
Q4 582.9 600.5 (3.0)% 1.4%
Annual total 1,837.4 2,003.3 (8.3)% (6.5)%

Revenue remained stable in Q1, which saw two strong months in January and February and a poor month in March. It collapsed in Q2 with a 25.3% decline in organic growth, resulting in a 13.5% decline over the first half.
Once more on a like-for-like basis, the decline was only 3.3% in Q3.
Finally, from October to December, organic growth returned to positive at +1.4%. The Q4 performance is noteworthy on at least two levels: firstly, Q4 was the only quarter of 2020 that saw positive growth while, secondly, this growth was compared against Q4 2019 which, in turn, had been very positive with organic growth of 5%.

Optically, the reported figures are less favorable at current exchange rates. From October to December, revenue fell 3% due to negative exchange rate effects of 5.2%, which were only partially offset by the 0.8% positive effects of the acquisition of Maritz Mystery Shopping and Askia.

PERFORMANCE BY REGION

In millions of euros 2020 revenue Contribution Total growth
2020 / 2019
Organic growth
EMEA 860.2 47% 0.1% 2%
Americas 663.9 36% (13.8)% (12)%
Asia Pacific 313.3 17% (16.2)% (14)%
Annual revenue 1,837.4 100% (8.3)% (6.5)%

By region, revenue trends continued on the trajectory begun in Q3.

Across the Americas (North and South), revenue was down 15.5% on an organic basis after 6 months and 14.5% after 9 months. The region closed 2020 at -12%, following a 5.6% decline in revenue in Q4 alone. It should be noted that the pace of this improvement is accelerating, particularly in North America, and even in South America, despite the ongoing pandemic in many markets with high levels of restrictions still in place.
This is clearly an illustration of the fact that many businesses and institutions decided, following the period of turmoil in Q2, to acquire at an increasingly sustained rate over the months, data and related services (analysis, interpretation, advisory) that would allow them to better measure and understand the context in which they operate and its impact on their own businesses.

This is also true of the other regions in which Ipsos operates. In Asia-Pacific, revenue picked up as the year progressed. We recorded a like-for-like decline of 19.5% after 6 months and of 17.5% after 9 months. Over 2020 as a whole, the decline was 14%, thanks to a limited decline of 7.3% in Q4. This is the region in which ultimately the market remained weak, partly due to the weight of emerging markets, including India and South East Asian countries. Other countries like Japan, Australia and New Zealand also generated average performances. China and South Korea performed better.

Lastly, the EMEA region offers more promising news. At June 30, the performance in terms of revenue growth was undeniably negative at -9.5%, but already less affected by the pandemic than the corresponding performances in the Americas and Asia-Pacific.

Like elsewhere, the improvement came in waves. The decline was only 2.5% at end-September following a Q3 of +11%. For the full-year, the EMEA region returned to positive territory. Over the 12-months it posted organic growth of 2%. Q4 outdid the excellent performance in the previous quarter with like-for-like growth of 11.9%, scarcely affected by negative exchange rate effects of 4.6%.

We noted in our last press release on October 22, 2020 when we reported on Q3 that our performance, which was already strong that quarter, would be maintained “even if the prospect of double-digit organic growth remains an ambitious target”. The ambition has been unquestionably achieved. There is no secret to these excellent results: a strong performance by our operations in Eastern Europe and in Turkey, which represent the emerging markets within the region, and in many Western European countries,  particularly the UK and France, thanks to the delivery of major contracts put in place with the health authorities to measure and understand the evolution of the pandemic and its impact on Society and on people.

Overall in 2020, Ipsos generated €1,349.6 million in mature markets, down 2.5% on 2019. These markets account for 73% of total revenue. In emerging markets, Ipsos posted revenue of €487.9 million, down 15% year-on-year. Emerging markets, which accounted for up to 35% of revenue in 2014, only accounted for 27% in 2020 due to more volatile growth rates and weakening exchange rates against the euro.

PERFORMANCE BY AUDIENCE

In millions of euros 2020 revenue Contribution Total growth
2020 / 2019
Organic growth
Consumers1 765.2 42% (15.2)% (12.5)%
Clients and employees2 407.7 22% (20.9)% (21)%
Citizens3 356.5 19% 27.7% 29.5%
Doctors and patients4 318.0 17% 1.3% 4%
Annual revenue 1,837.4 100% (8.3)% (6.5)%

Breakdown of Service Lines by audience segment:

1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector), Social Intelligence Analytics

2- Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel Performance (including Retail Performance and Mystery Shopping), Media development

3- Public Affairs, Corporate Reputation

4- Pharma (quantitative and qualitative)

By audience, the changes were also positive over the year. A steady improvement in revenue can be seen across all audiences.

“Consumers”, which accounts for 42% of revenue, was down 19% on an organic basis at June 30. It stood at 17% at September 30 and 12.5% at December 31.

“Clients and employees” accounts for 22% of revenue. Here improvement was slower.  Revenue was down 21% on an organic basis at June 30 and 22.5% at September 30. The decline stood at 21% at December 31. The weight of certain sectors that are heavily impacted by the Covid-19 pandemic continues to be heavy. Car manufacturers, airlines and hotel chains, amongst others, are the losers in 2020. Ipsos is suffering the consequence effecting this segment.

“Doctors and patients” accounted for 17% of revenue in 2020 and is growing rapidly. Ipsos revenue on an organic basis was down 5.5% at June 30. It returned to positive territory in Q3, at +1%, closing the year at +4%. Pharmaceutical companies represent the main clientele in this segment. Following a very sharp fall-off in their orders at the start of the pandemic, they reassessed their needs and initiated many research studies, both related and unrelated to the epidemic.

Finally, “Citizens” performed well throughout the year. In 2020, it accounted for 19% of revenue, 6 points more than in 2019.
Of the total contracts dedicated to this audience, organic growth was 11.5% at end of June, 27% at end of September and 29.5% at end of December.

Ipsos benefited in this segment from the belief expressed for many years now that social research and studies on the state and evolution of public opinion represents a serious long-term project that calls for specific capabilities and expertise not only within the teams but also in terms of the sourcing and analysis of information that Ipsos is one of the few global players in the market to possess.

This expertise is clearly highly complementary with that employed for other “audiences”. It is the same people who are being surveyed, in turn or at the same time, citizens / consumers / clients / patients, even if the means and protocols used differ across audiences. There are inter-connections here that Ipsos is able to identify and understand.

FINANCIAL PERFORMANCE

Summary income statement

In millions of euros 2020 2019 Change
2020 / 2019
Revenue 1,837.4 2,003.3 (8.3)%
Gross margin 1,180.5 1,288.5 (8.4)%
Gross margin / revenue 64.2% 64.3%
Operating margin 189.9 198.7 (4.5)%
Operating margin / revenue 10.3% 9.9%
Other non-recurring income and expense (6.1) (16.4)
Finance costs (20.6) (26.6) (22.8)%
Other finance costs (8.1) (7.3) 11.0%
Income tax (38.9) (36.9) 5.5%
Net profit attributable to owners of the parent 109.5 104.8 4.5%
Adjusted net profit* attributable to owners of the parent 129.6 129.5 0.1%

*Adjusted net profit is calculated before (i) non-cash items related to IFRS 2 (share-based compensation), (ii) amortization of acquisition-related intangible assets (client relations), (iii) the impact net of tax of other non-recurring income and expense, (iv) the non-monetary impact of changes in puts in other financial income and expenses and (v) deferred tax liabilities related to goodwill for which amortization is deductible in some countries



Commentary on the income statement

Overall, the Group’s 2020 profitability was up close to 40 basis points year-on-year, with an operating margin of 10.3% compared with 9.9% in 2019.

This performance is all the more remarkable in that at mid-year it was down 230 basis points as a result of the sudden fall in revenue from mid-March. The suddenness of this fall meant that we were not able to cut our costs to the same extent in the first half because they are partly fixed and were scaled for the growth expected up to that point for 2020.

The various cost reduction measures put in place made it possible to make up for this reduced margin in the second half, all the more so in that the pandemic accentuated the seasonality effect, with 43% of annual revenue recognized in the first half and 57% in the second half.
It should be recalled that the market research space has traditionally been highly seasonal with revenue skewed to the second half as contracts are performed. Accordingly, the revenue recognized in the first half typically represents – using the average from recent years – around 45% of annual revenue (on a like-for-like basis). Conversely, in terms of operating expenses, costs are recognized in the income statement in almost a linear pattern over the year.

The company achieved and even exceeded the plan for €109 million in cost reductions announced in July over full-year 2020 (including approximately €42 million in payroll – plus €29 million in government subsidies – and approximately €38 million in overheads). Overall, €113 million was saved, including €46 million in the first half and €67 million in the second half.
By category, these savings came from costs of personnel (€43 million), government subsidies (€29 million) and general operating expenses (€41 million).

The gross margin (calculated by deducting direct variable and external costs incurred in performing contracts from revenue) is stable at 64.2% compared with 64.3% in 2019. On a like-for-like basis, it would have been exactly 64.3%.

The evolution of the gross margin ratio is to be linked to the mix of data collection modes, bearing in mind that some face-to-face survey sites (with lower gross margin rates), which were shut down during the first lockdown, were replaced in some cases by online surveys with higher gross margins. That said, the most important contracts for monitoring the evolution of the pandemic were carried out by the “Public Affairs” teams in a certain number of countries, face to face. In total in 2020, online surveys represent 60% of the activity compared to 55% in 2019.

Regarding operating costs, payroll is down 4.4%, due to the combined effects of a reduction in the workforce and various wage reduction mechanisms.
The permanent workforce was 16,644 people at the end of December 2020 compared to 18,448 at the end of December 2019, i.e. a drop of 9.8% which occurred from the second quarter onwards, due to the implementation of the hiring and replacement freeze.

The wage reduction mechanisms (simple voluntary and temporary wage reductions agreed to by a certain number of employees, ranging from 10% to 20% for senior managers; reduction of working hours; unpaid leave; etc.) represented savings of around 17 million Euros between mid-March and the end of the year.

The item “Staff costs – excluding share-based compensation” also recognizes a provision for bonuses to be paid for the 2020 financial year which is higher than that of 2019 by around 20 million Euros, for two reasons: on the one hand, the Group achieved a better operating margin than in 2019 and, on the other hand, it is planned to offset the voluntary wage reductions (granted without reduction of hours worked) for approximately €9 million.

The cost of variable share-based compensation is up to €8.7 million compared to €6.9 million in 2019 because the transition of the vesting period for free share plans from 2 to 3 years, decided in 2018, had the effect of extending the IFRS2 charge. On a normalized basis, this expense will be slightly more than €10 million in 2021.

Overheads are under control and are down by approximately €45 million (-20.7%), due to the limitation of a number of discretionary expenditure items and, in particular, with the cessation of travel (for €21 million) and savings in relation to the use of offices (for €7 million).

Other operating income and expenses” shows a positive balance of €16.4 million (compared to -€1 million in 2019). It essentially incorporates two new elements to be linked to the pandemic: on the one hand, subsidies received under the short-time working schemes set up by the governments of certain countries (Germany, Australia, Canada, China, France and Hong Kong in particular) in the amount of €29 million over the year; on the other hand, redundancy costs specifically linked to the under-activity for €7 million.

Below the operating margin, the amortization of intangible assets related to acquisitions concerns the portion of goodwill allocated to customer relations during the 12 months following the date of acquisition and was amortized in the income statement under IFRS over several years. This allocation amounts to €5.4 million compared to 5.2 million previously.

The balance of other non-currentand non-recurringincome and expenses amounted to -€6.2 million compared to -€16.4 million last year. It takes into account elements of an unusual nature or not related to operations.

In 2019, these expenses included acquisition costs for €2.4 million as well as costs related to restructuring plans for €7.9 million in connection with the end of the implementation of the TUP (“Total Understanding Project”) program and the integration of GfK Research.

In 2020, these expenses included acquisition costs of €0.8 million related to the Maritz Mystery Shopping and Askia operations carried out at the end of January and, above all, reorganization and streamlining costs of €14.3 million compared with €24.6 million in 2019, which was impacted by numerous internal reorganizations with the implementation of the new TUP structure.

On the income side, this item mainly recorded a net income of €8.9 million linked to the decision to capitalize internal development costs since January 2018 (this net income was €11.8 million in 2019). It should be noted that until now, the Group only capitalized external development costs when the conditions defined in its accounting policies were met. Following the improvement of its internal monitoring system, Ipsos has been able to capitalize its internal development costs, which are made up of the personnel costs of its teams working on its platforms and projects, under the same conditions. This decision has enabled a better understanding of the total costs of the Research & Development efforts undertaken by Ipsos. It resulted in a change in accounting estimates of amounts that are now capitalized. In accordance with IAS 8, the prospective method has been applied as from January 1, 2018 to recognize these impacts in the income statement. In order to avoid distorting the operating margin due to the recognition of a capitalization income not offset by depreciation during the first years of implementation of this change in accounting estimates, the positive effects on operating profit of this first period of recognition of intangible assets have been classified under “Other non-current and non-recurring expenses and income”, below the operating margin. It was decided in 2018 that the same treatment would be applied over the next four years, with a positive effect on the income statement that would decrease each year until the implementation of capitalization reaches cruising speed in 2022, taking into account a general depreciation period of five years for this type of asset.

Financing expenses. The net interest expense amounted to €20.6 million compared with €26.6 million, due not only to a significant reduction in financial debt in connection with good cash generation, but also to the repayment at the end of September of a tranche of a USD 185 million “USPP” private bond issue that carried a 5% coupon and was replaced by financing at lower rates.

Taxes. The effective tax rate on the IFRS income statement was 26.1% compared to 25.9% last year. It includes a deferred tax liability of €3.5 million, which cancels out the tax savings achieved through the tax deductibility of goodwill amortization in certain countries, even though this deferred tax expense would only be due in the event of the disposal of the activities concerned (and is therefore restated in adjusted net profit).

Net Income, Group share, was €109.5 million compared to €104.8 million in 2019, an increase of 4.5%.

Adjusted net Income, Group share, which is the relevant and constant indicator used to measure performance, was €129.6 million compared to €129.5 million in 2019, i.e. an increase of 0.1%. The group will therefore have achieved its objective of preserving its margins despite the pandemic.

Financial structure

Cash flow. Cash flow was stable and stood at €262.1 million compared to 266.4 million in 2019.

In contrast, the generation of free cash flow, at €265 million, reached a record. It was in line with forecasts for the first quarter, due to the good level of sales at the end of 2019 and the beginning of 2020, which materialized in collections during the first half of the year.

This was combined with the decline in business after mid-March, which was accompanied by a €79 million decrease in trade receivables at December 31, 2020. In total, working capital requirement showed a positive change of €134.6 million in 2020.

Current investments in tangible and intangible fixed assets are mainly made up of IT investments and amounted to €35.1 million in the first half, compared with €43.2 million in the previous year.
  
As regards non-current investments, Ipsos invested around €22 million, notably through two acquisitions: Maritz Mystery Shopping and Askia. These two companies were included in the consolidated financial statements as of February 1, 2020.

Shareholders’ equity stood at €1,121 million at December 31, 2020 compared to 1,122 million published at December 31, 2019.

Net financial
debt stood at €346.5 million Euros, down significantly compared to December 31, 2019 (€578.4 million). The net debt ratio fell to 30.9% compared with 51.5% at December 31, 2019. The leverage ratio (calculated excluding the impact of IFRS 16) was 1.6 times EBITDA (compared with 2.4 times at December 31, 2019); this type of level had not been achieved since 2010.

Cash position. Cash and cash equivalents at the end of the year stood at a record level of €216.0 million at December 31, 2020 compared with €165.4 million at December 31, 2019, ensuring a good cash position for Ipsos.

The group also has more than €400 million of credit lines available for more than one year, allowing it to meet its debt maturities of 2021.

In view of this strong position, a proposal will be made to the General Meeting of Shareholders to be held on May 27, 2021 to distribute a dividend of 90 cents per share for the 2020 financial year, i.e. double the 45-cent dividend paid on July 3, 2020 for the 2019 financial year (which had been halved compared to the 89 cents per share initially envisaged in February 2020).

OUTLOOK FOR 2021

For Ipsos, the opening months of 2021 were in line with the closing months of 2020.

Average business performance is positive, both in terms of the order book and revenue, even if these indicators show very mixed performances across regions, audiences and business sectors.

The pandemic isn’t over. The short and long-term consequences of this crisis on Society and markets are the subject of much debate.

Who knows if we will see renewed inflationary pressures, resulting in significantly higher interest rates or if, on the contrary, by saving, households and perhaps businesses too will leave governments on their own to try and prevent a major social, economic and financial crisis.

Who knows if, as it mutates, Covid-19 won’t become Covid-20 and once more disrupt our ability to work, consume and invest with sufficient energy and confidence.

Who knows if, in response to being considered weak, governments won’t look to employ authoritarian practices that will cripple the ideals that in the West at least gave rise to opportunities without which the technology and social models – that underpin the relative global prosperity as it is – could never have developed.

We must also be mindful of other major issues, such as environmental degradation, climate change and the undermining of privacy mechanisms when assessing the position of Ipsos in the creation, analysis and distribution of information.

The environment creates increasingly strong growth opportunities for Ipsos. Our target market is clearly essential. No business or institution can any longer rely on what it knew about yesterday. Clearly, knowledge and experience drawn from the past are useful but are not enough. The products and services of the future share little with today’s. The means of engaging with and influencing people are different to what they were five years ago and perhaps even to last year.

In 2020, Ipsos showed resilience and agility. We are delighted to have been able, within a few short months, to once again achieve strong revenue levels and to tighten our belts, without impacting efficiency and quality.
The company also generated an unprecedented level of cash, which underpins our ability to invest and properly reward our shareholders and our teams.

We are proud to have managed to improve our relationship with our clients, which have never been so numerous, to set ourselves apart from our competitors and recognize the quality of our services. In the ongoing global survey we do following each project we deliver, the average rating received by our teams is 9 out of 10. This is the highest average ever thanks, obviously, to a higher proportion of 9s and 10s than all the other ratings from 0 (never happens) to 8 (pretty common). Let’s not forget that these ratings reflect the quality of the work undertaken by our teams working in 90 different markets, with 5,000 clients entrusting us with tens of thousands of programs, some of which are billed €10,000 whilst others are billed millions of euros. This performance is a demonstration of the resilience of Ipsos and of its ability to perform well in the most volatile and, to be honest, challenging market environments.

Clearly, just being resilient isn’t enough. Ipsos is a serious, integrated company that is respectful of the markets in which it operates, committed to an ambitious sustainable development policy, making progress on its inclusion, diversity and gender equality goals.
Ipsos wants to maintain its independence and its ability to operate over a time horizon that day-by-day allows it to build a company that retains the confidence of its customers and is able to attract both fresh talent and new opportunities.

Agility is the other essential ingredient in achieving this goal. In 2020, Ipsos was able, within just a few months, to overhaul its solutions and promote new offerings that were made possible by drawing on technology and systems in which it didn’t have the necessary expertise a mere two years ago.

In 2021, and over the coming years, Ipsos will actively promote various platforms that make it possible to produce and analyze with greater speed and flexibility large quantities of data.

Various initiatives will allow Ipsos to quickly acquire or accelerate its growth in new areas of expertise: automatic data collection, data integration, predictive analytics, simplification of protocols that allow for increased use of AI and contextual analytical systems for unstructured data.

Thanks to this, new services will easily exceed 20% of revenue at Ipsos in 2021, as against 7% in 2015, 15% in 2019 and 19% in 2020.

If the health picture doesn’t see a further major deterioration globally, Ipsos should be able to post higher like-for-like revenue in 2021 than in 2020. It should be around 2019 levels, without it being possible to give a more accurate prediction at this point.

The operating margin will rise. The extent of its improvement will obviously depend on the company’s revenue levels and also a renewed balance across its units (regions and audiences).

***
Full-year results presentation

The presentation of the 2020 annual results will take place via webcast at 8.30AM CET on Thursday, February 25, and at 4PM CET via conference call.
If you wish to register, please contact [email protected]

A replay will also be available on our website

Appendices

  • Consolidated income statement
  • Statement of financial position
  • Consolidated cash flow statement
  • Consolidated statements of changes in equity

The complete consolidated financial statements as of December, 31st 2020 are also available on our website

ABOUT IPSOS

Ipsos is the third largest market research company globally, operating in 90 markets and employing over 16,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques.

“Game Changers” – our tagline – summarizes our ambition to help our 5,000 clients navigate with confidence our rapidly changing world.

Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120 and the Mid-60 indexes and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com



Consolidated income statement

Annual financial statements for the year ended December 31, 2020

In thousands of euros 12/31/2020 12/31/2019
Revenue 1,837,424 2,003,255
Direct costs (656,902) (714,791)
Gross profit 1,180,522 1,288,464
Employee benefit expenses – excluding share-based payments (824,709) (862,948)
Employee benefit expenses – share-based payments* (8,730) (6,924)
General operating expenses (173,639) (218,902)
Other operating income and expenses 16,408 (995)
Operating margin 189,852 198,696
Amortization of intangible assets identified on acquisitions* (5,409) (5,160)
Other non-operating income and expenses * (6,153) (16,381)
Share of profit/(loss) of associates (711) (615)
Operating profit 177,579 176,539
Finance costs (20,576) (26,637)
Other financial income and expenses (8,131) (7,328)
Net profit before tax 148,872 142,574
Income tax – excluding deferred tax on goodwill amortization (35,462) (34,539)
Deferred tax on goodwill amortization* (3,457) (2,339)
Income tax (38,919) (36,878)
Net profit 109,953 105,695
Attributable to the owners of the parent 109,498 104,785
Attributable to non-controlling interests 455 910
Basic earnings per share [attributable to the owners of the parent] (in €) 2.49 2.39
Diluted earnings per share [attributable to the owners of the parent] (in €) 2.43 2.32
     
     
     
     
     
Adjusted earnings* 130,166 130,719
Attributable to the owners of the parent 129,612 129,519
Attributable to non-controlling interests 554 1,200
Adjusted basic earnings per share, attributable to the owners of the parent 2.94 2.95
Adjusted diluted earnings per share, attributable to the owners of the parent 2.88 2.87

Statement of financial position

Annual financial statements for the year ended December 31, 2020

In thousands of euros   12/31/2020 12/31/2019  
ASSETS        
Goodwill   1,249,331 1,322,906  
Right-of-use assets   125,270 152,646  
Other intangible assets   88,849 89,076  
Property, plant and equipment   30,953 39,753  
Investments in associates   1,856 1,114  
Other non-current financial assets   51,139 44,766  
Deferred tax assets   28,839 25,300  
Non-current assets   1,576,238 1,675,561  
Trade receivables   456,113 518,697  
Contract assets   136,365 203,094  
Current tax   12,511 14,833  
Other current assets   76,089 92,846  
Financial derivatives   404 (1,094)  
Cash and cash equivalents   215,951 165,436  
Current assets   897,433 993,812  
TOTAL ASSETS   2,473,670 2,669,372  
In thousands of euros   12/31/2020 12/31/2019  
EQUITY AND LIABILITIES        
Share capital   11,109 11,109  
Share premium account   515,854 516,000  
Treasury shares   (9,738) (12,382)  
Other reserves   662,277 580,314  
Translation adjustments   (185,192) (96,352)  
Net profit, attributable to the owners of the parent   109,498 104,785  
Equity, attributable to the owners of the parent   1,103,809 1,103,475  
Non-controlling interests   18,157 19,247  
Equity   1,121,966 1,122,722  
Borrowings and other non-current financial liabilities   393,654 561,490  
Non-current lease liabilities   107,250 133,112  
Non-current provisions   1,743 762  
Provisions for post-employment benefit obligations   32,862 33,058  
Deferred tax liabilities   60,503 72,196  
Other non-current liabilities   23,660 14,980  
Non-current liabilities   619,673 815,599  
Trade payables   292,382 300,681  
Borrowings and other current financial liabilities   169,250 181,229  
Current liabilities on leases   36,913 41,971  
Current tax   22,239 16,273  
Current provisions   7,073 9,025  
Contract liabilities   39,513 34,594  
Other current liabilities   164,661 147,278  
Current liabilities   732,031 731,051  
TOTAL LIABILITIES   2,473,670 2,669,372  

Consolidated cash flow statement

Annual financial statements for the year ended December 31, 2020

In thousands of euros 12/31/2020 12/31/2019
OPERATING ACTIVITIES    
NET PROFIT 109,953 105,695
Non-cash items    
Amortisation and depreciation of property, plant and equipment and intangible assets 78,232 75,199
Net profit of equity-accounted companies, net of dividends received 711 636
Losses/(gains) on asset disposals 152 323
Net change in provisions 1,642 5,889
Share-based payment expense 8,458 6,604
Other non-cash income/(expenses) (1,669) 1,028
Acquisition costs of consolidated companies 770 2,383
Finance costs 24,918 31,750
Tax expense 38,919 36,878
CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE COSTS 262,085 266,386
Change in working capital requirement 134,594 (52,676)
Income tax paid (27,761) (35,854)
NET CASH FROM OPERATING ACTIVITIES 368,919 177,855
INVESTING ACTIVITIES    
Acquisitions of property, plant and equipment and intangible assets (35,069) (43,232)
Proceeds from disposals of property, plant and equipment and intangible assets 285 81
(Increase)/decrease in financial assets (713) 3,187
Acquisitions of consolidated activities and companies, net of acquired cash (13,230) (5,435)
CASH FLOW FROM INVESTING ACTIVITIES (48,727) (45,400)
FINANCING ACTIVITIES    
Share capital increases/(reductions)
Net (purchases)/ sales of treasury shares 2,542 1,324
Increase in long-term borrowings 78,406 62
Decrease in long-term borrowings (245,176) (5,160)
Increase in long-term borrowings from associates (8,841) (12,284)
Increase/(decrease) in bank overdrafts 464 (1,467)
Net repayment of lease liabilities (41,671) (40,231)
Net interest paid (22,164) (25,367)
Net interest paid on lease obligations (4,455) (4,508)
Acquisitions of non-controlling interests (164) (10,935)
Dividends paid to the owners of the parent (19,771) (38,649)
Dividends paid to non-controlling interests in consolidated companies  
NET CASH FROM FINANCING ACTIVITIES (260,469) (137,215)
NET CHANGE IN CASH AND CASH EQUIVALENTS 59,722 (4,760)
Impact of foreign exchange rate movements (9,207) (2,362)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 165,436 167,834
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 215,951 165,436

Consolidated statement of changes in equity

Annual financial statements for the year ended December 31, 2020

                   
            Equity    
In thousands of euros Share capital Additional paid-in capital Own shares Other reserves Translation adjustments Attributable to the owners of the parent Non-controlling interests Total  
Position at January 1, 2019 11,109 516,038 (22,723) 633,697 (121,475) 1,016,646 18,314 1,034,960  
Impact of the first-time application of IFRS 15 (9,488) (9,488) (44) (9,532)  
Change in share capital  
Dividends paid (38,327) (38,327) 0 (38,327)  
Effects of acquisitions and commitments to buy out non-controlling interests 105 105 73 177  
 

Delivery of treasury shares under the bonus share plan

9,162 (9,162)  

Other movements on own shares
(38) 1,179 181 1,322 1,322  

Share-based payments taken directly to equity
6,604 6,604 6,604  

Other movements
(1,970) (1,970) (357) (2,327)  
Transactions with the shareholders (38) 10,341 (42,569) (32,266) (285) (32,551)  
Net profit 104,785 104,785 911 105,695  
Other comprehensive income  
Net investment in a foreign operation and related hedges

15,610 15,610 (69) 15,541  
Deferred tax on net investment in a foreign operation (4,267) (4,267) (4,267)  
Change in translation adjustments 13,781 13,781 419 14,200  
Re-evaluation of net liability (asset) in respect of defined benefit plans

(1,710) (1,710) (1,710)  
Deferred tax on actuarial gains and losses 385 385 385  
Total other comprehensive income (1,325) 25,124 23,799 350 24,149  
Comprehensive income 103,460 25,124 128,584 1,261 129,844  
Position at December 31, 2019 11,109 516,000 (12,382) 685,100 (96,352) 1,103,475 19,247 1,122,722  

            Equity  
 
 
In thousands of euros Share capital Additional paid-in capital Own shares Other reserves Translation adjustments Attributable to the owners of the parent Non-controlling interests Total  
Position at January 1, 2020 11,109 516,000 (12,382) 685,100 (96,352) 1,103,475 19,247 1,122,722  
Change in share capital  
Dividends paid (19,771) (19,771) (15) (19,786)  
Effects of acquisitions and commitments to buy out non-controlling interests (8,443) (8,443) (705) (9,148)  
 

Delivery of treasury shares under the bonus share plan

 

Other movements in own shares
(146) 2 638 50 2,542 2,542  

Share-based payments taken directly to equity
8,458 8,458 8,458  

Other movements
(3,089) (3,089) 166 (2,923)  
Transactions with the shareholders (146) 2,638 (22,796) (20,304) (554) (20,858)  
Net profit 109,498 109,498 455 109,953  
Other comprehensive income  
Net investment in a foreign operation and related hedges

(32,412) (32,412) 440 (31,971)  
Deferred tax on net investment in a foreign operation 8,699 8,699 8,699  
Change in translation adjustments (65,419) (65,119) (1,432) (66,551)  
Re-evaluation of net liability (asset) in respect of defined benefit plans

(203)   (203) (203)  
Deferred tax on actuarial gains and losses 175 175 175  
Total other comprehensive income (28) (88,832) (88,860) (992) (89,852)  
Comprehensive income 109,470 (88,832) 20,638  (536) 20,101  
Position at December 31, 2020 11,109 515,854 (9,738) 771,776 (185,192) 1,103,809 18,157 1,121,966  

Attachment



MGE Energy Reports Fourth-Quarter Earnings

MGE Energy Reports Fourth-Quarter Earnings

MADISON, Wis.–(BUSINESS WIRE)–
MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the fourth quarter and full year of 2020.

MGE Energy’s GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2020 were $92.4 million, or $2.60 per share, compared to $86.9 million, or $2.51 per share, for the same period in the prior year. This increase was primarily due to AFUDC equity earned from the construction of Two Creeks and Badger Hollow I and II and savings in operating and maintenance costs. AFUDC equity for the Two Creeks and Badger Hollow I and II solar projects increased $3.3 million compared to the same period in the prior year.

The Two Creeks and Badger Hollow solar projects will provide Madison Gas and Electric (MGE) electric customers with renewable energy, advancing the company’s commitment to achieving net-zero carbon electricity for all customers by 2050. A foundational objective in MGE’s ongoing transition toward deep decarbonization is ensuring all customers benefit from new technologies and greater sustainability. In early February, MGE announced a plan to retire the coal-fired Columbia Energy Center near Portage, Wis. MGE is a minority owner of the plant, which is co-owned by Alliant Energy and Wisconsin Public Service (WPS), a subsidiary of WEC Energy Group. Subject to regulatory approvals, the co-owners intend to retire Unit 1 by the end of 2023 and Unit 2 by the end of 2024. The plan represents another step in MGE’s ongoing transition toward greater use of clean energy sources and deep carbon reductions.

COVID-19 and associated governmental regulations led to a reduction of retail sales and negatively impacted electric earnings in 2020. Electric commercial retail sales dropped approximately 7% in 2020 compared to the prior year. However, ongoing remote work arrangements contributed to higher electric residential sales, which partially mitigated the impact of COVID-19. Electric residential sales increased by approximately 6% compared to 2019.

MGE Energy’s GAAP earnings for the fourth quarter of 2020 were $15.8 million, or 44 cents per share, compared to $16.7 million, or 48 cents per share, in the fourth quarter of 2019. During the fourth quarter of 2020, electric net income decreased $1.3 million compared to the same period in the prior year. This decrease was primarily attributable to lower electric retail sales.

COVID-19 and associated governmental regulations led to a reduction of electric retail sales and negatively impacted electric earnings in the fourth quarter of 2020. Electric commercial retail sales dropped approximately 7% in the fourth quarter of 2020 compared to the same period in the prior year. Ongoing remote work arrangements partially contributed to an increase in electric residential sales of approximately 2% compared to the fourth quarter of 2019. The negative impact on sales due to COVID-19 was partially mitigated by AFUDC equity earned from the construction of solar projects.

Gas net income in the fourth quarter of 2020 remained relatively flat compared to the fourth quarter of 2019.

The situation around the COVID-19 pandemic remains fluid. We have been subject to and continue to follow local, state and federal public health and safety regulations and guidance to address the pandemic. We have operated continuously throughout the pandemic to ensure no material disruptions in service or employment. Our priority has and continues to be reliable and safe service for our customers. We continue to monitor the situation and manage our response.

 

MGE Energy, Inc.

 

 

(In thousands, except per share amounts)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

2020

 

 

2019

 

 

Operating revenue

$

136,509

 

$

140,941

 

 

Operating income

$

18,712

 

$

21,877

 

 

Net income

$

15,796

 

$

16,662

 

 

Earnings per share (basic and diluted)

$

0.44

 

$

0.48

 

 

Weighted average shares outstanding (basic and diluted)

 

36,163

 

 

34,668

 

 

 

 

 

 

 

 

 

 

For The Years Ended December 31,

 

2020

 

 

2019

 

 

Operating revenue

$

538,633

 

$

568,855

 

 

Operating income

$

109,997

 

$

110,910

 

 

Net income

$

92,418

 

$

86,874

 

 

Earnings per share (basic and diluted)

$

2.60

 

$

2.51

 

 

Weighted average shares outstanding (basic and diluted)

 

35,612

 

 

34,668

 

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties. MGE’s roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include the risks and uncertainties related to the COVID-19 pandemic. Such forward-looking statements are based on MGE Energy’s current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the “Risk Factors” sections in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission.

Steve B. Schultz

Corporate Communications Manager

608-252-7219 | [email protected]

Ken Frassetto

Investor Relations

608-252-4723 | [email protected]

KEYWORDS: United States North America Wisconsin

INDUSTRY KEYWORDS: Oil/Gas Alternative Energy Energy Other Energy Utilities

MEDIA:

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Hemp Technology Inc. Announces Name Change to “RCMW Group, Inc.”, Stock Symbol Change and Reverse Stock Split

PR Newswire

CHEYENNE, Wyo., Feb. 24, 2021 /PRNewswire/ — Hemp Technology Inc. (OTCPINK: HPTY), (“HPTYD” “RCMW” effective March 24, 2021), a vertically integrated, publicly traded holding company is pleased to announce that the Company has changed its name to “RCMW Group, Inc.” effective immediately. In addition, the company will change its stock symbol on OTC Markets to “RCMW” effective March 24, 2021. Until March 24, 2021, the Company’s stock symbol will be “HPTYD” which indicates the upcoming symbol change. Effective February 24, 2021, the Company’s shares have been reversed at a ratio of 1-for-4500, at which time the company’s common stock will trade thereafter on a post-split adjusted basis. 

“We are very pleased to have successfully re-structured our corporate capitalization. We believe this will allow us better access to capital to fund our continued growth and acquisition opportunities,” said Michael Shenher, Chairman and CEO.

“Completing these corporate actions enable us to strengthen the brand of our company and put the stock in a better position to attract the investment from the capital markets,” stated Chad Costa, President.

About RCMW Group. 

RCMW Group Inc. is a vertically integrated, publicly traded holdings company, RCMW Group Inc, (HPTY:OTCPK) operates and intends to further obtain a diversified portfolio of subsidiary companies. Focusing on a variety of assets, products, and ancillary offerings in the natural pet health supplements, vape manufacturing, nutraceuticals, hemp and related industries, RCMW’s fluid business model is positioned to capitalize on, and quickly adapt to, changing market conditions. 

The Company is continually seeking growth opportunities and strategic acquisitions that support its strategically vertically integrated business model and maintain alignment with the dynamic industry environment. RCMW Group has employees, operations, and subsidiaries in the hemp, and ancillary product industry in Canada, the U.S. and Europe. The company has broad experience with manufacturing, supply chain networks and distribution frameworks in hemp and related product supply, and accessory supply.

RCMW Group is comprised of a highly experienced executive team with decades of combined business experience. With expertise spanning strategy, branding, business and product development, revenue generation, finance, and corporate governance, with demonstrated success launching profitable start-ups and shaping emerging markets. 

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.

For more information, please contact:

Inquiries and Investor Relations
+1-437-230-7399
[email protected]  

Cision View original content:http://www.prnewswire.com/news-releases/hemp-technology-inc-announces-name-change-to-rcmw-group-inc-stock-symbol-change-and-reverse-stock-split-301234843.html

SOURCE Hemp Technology Inc.

Annual General Meeting announcement

February 24, 2021

SBM Offshore announces that the agenda of the Annual General Meeting (AGM) and the invitation for shareholders to attend the AGM have now been published on the Company’s website. The AGM will be held virtually on April 7, 2021 at 14.30 Central European Time.

Corporate Profile

The Company’s main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. The Company is market leading in leased floating production systems, with multiple units currently in operation.

As of December 31, 2020, the Company employed approximately 4,570 people worldwide spread over offices in our key markets, operational shore bases and the offshore fleet of vessels.

SBM Offshore N.V. is a listed holding company headquartered in Amsterdam, the Netherlands. It holds direct and indirect interests in other companies.

Where references are made to SBM Offshore N.V. and /or its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies “SBM Offshore” or “the Company” are sometimes used for convenience.

For further information, please visit our website at www.sbmoffshore.com.

The Management Board
Amsterdam, the Netherlands, February 24, 2021

Financial Calendar Date Year
Annual General Meeting April 7 2021
Trading Update 1Q 2021 – Press Release May 12 2021
Half Year 2021 Earnings – Press Release August 5 2021
Trading Update 3Q 2021 – Press Release November 11 2021
Full Year 2021 Earnings – Press Release February 10 2022


 

For further information, please contact:

Investor Relations

Bert-Jaap Dijkstra
Group Treasurer and IR

Telephone: +31 (0) 20 236 3222
Mobile: +31 (0) 6 21 14 10 17
E-mail: [email protected]
Website: www.sbmoffshore.com

Media Relations

Vincent Kempkes
Group Communications Director

Telephone: +31 (0) 20 236 3170
Mobile: +31 (0) 6 25 68 71 67
E-mail: [email protected]
Website: www.sbmoffshore.com

Disclaimer

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.

 

Attachment



Segra Enters Agreement Making BioAgronomics Group’s Premium Cannabis Cultivar Portfolio Available to Licensed Producers Across Canada and Select International Markets

VANCOUVER, British Columbia, Feb. 24, 2021 (GLOBE NEWSWIRE) — Segra International Corp., an AgTech firm focused on cannabis tissue culture and BioAgronomics Group, an internationally recognized cannabis breeding and consulting company, are pleased to announce that they have entered into an agreement to distribute numerous premium cannabis cultivars within the Canadian Market. Through decades of genetic selection and intensive breeding efforts by world-renowned industry experts, including Robert Clarke and Mojave Richmond, BioAgronomics Group has developed a portfolio of proven classic and proprietary cannabis cultivars. Now, through Segra’s Plant Tissue Culture technology, this premium genetic catalog will be available to Canadian Licensed Producers and select international markets for the first time.

“BioAgronomics Group is thrilled to be joining forces with Segra International to advance the Canadian cannabis industry through providing high-quality, unique cultivars,” commented Robert Clarke, co-founder of BioAgronomics Group. “We expect this partnership will lead to increased access to popular and agronomically productive cannabis cultivars for licensed growers in Canada and internationally.”

In addition to the carefully selected “classic cultivars” curated by BioAgronomics Group specialists, Segra will also be able to supply proprietary and exclusive cannabis varieties from the BioAgronomics Group portfolio. These proprietary genetics were bred for potency and novel cannabinoid and terpene profiles, as well as ideal crop morphology and heightened pathogen resistance. Preparing BioAgronomics Group’s proven cultivars utilizing Segra’s tissue culture technology will ensure consistently high-performing plants that offer high yields of enhanced THC and terpene content. As with all Segra tissue culture products, the plantlets arrive as verified clean stock. Segra and BioAgronomics Group are pleased to offer these premium cultivars in our effort to help growers start with better genetics to realize higher profits.

“We are incredibly excited at the opportunity to partner with the team of industry-recognized experts at BioAgronomics Group and offer their cultivars, through tissue culture, to Canadian producers,” said Segra CEO Jamie Blundell. “BioAgronomics Group has a tremendous amount of experience developing premium cannabis cultivars for commercial production, and we’re honored that they are trusting Segra with their valuable genetic IP. Partnerships with leading experts and breeders, like BioAgronomics Group, combined with the benefits and biosecurity of plant tissue culture, will help producers dramatically improve financial performance as the industry and consumer preferences continue to evolve.”

To learn more about our partnership and how Segra and BioAgronomics Group’s Tissue Culture plantlets can improve your output and reduce risk, please contact Segra at [email protected].

About BioAgronomics Group:

BioAgronomics Group is a team of experts working within the rapidly evolving cannabis fiber, food, and medicine business sectors. Founded by notable author and ethnobotanist Robert C. Clarke and Mojave Richmond, BioAgronomics Group provides experienced consulting and assistance to companies navigating the multifaceted cannabis industry. In addition, we offer IP-protected cultivars for licensing to growers supplying the emerging cannabis market worldwide. Wherever your company is based and whatever your individual needs, we are here to assist you. Learn more at www.bioagronomics.com.

About Segra:
 

Segra is an agriculture technology company offering plant tissue culture and DNA fingerprinting services to accelerate the advancement of the cannabis industry. The company’s proprietary technologies empower its clients to drive financial performance and mitigate risk while exploring the next frontier of optimized cultivation practices for the rapidly evolving cannabis consumer. Segra has developed industrial-scale laboratories to produce disease-free, robust, and DNA-fingerprinted cannabis plantlets for licensed producers globally. To support this vision, Segra has assembled a world-class team of specialists in the fields of agronomy, molecular genetics, plant tissue culture, and regulatory compliance. Learn more at www.segra-intl.com

For Further Information:

Carson Otto 
[email protected]
‍ 
Forward-Looking Information
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan,” “continue,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate,” “may,” “will,” “potential,” “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The company is under no obligation, and expressly disclaims 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 expressly required by applicable law.



Cal-Maine Foods, Inc. to Participate in Bank of America 2021 Consumer & Retail Technology Conference

Cal-Maine Foods, Inc. to Participate in Bank of America 2021 Consumer & Retail Technology Conference

JACKSON, Miss.–(BUSINESS WIRE)–
Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that management will participate in the Bank of America 2021 Consumer & Retail Technology Conference to be held March 9-11, 2021. Due to the COVID-19 pandemic, this conference will be held in a virtual format only.

The presentation by Dolph Baker, chairman and chief executive officer, and Max Bowman, vice president and chief financial officer, will begin at approximately 12:30 p.m. Eastern Time on Wednesday, March 10, 2021, and will be available to investors via a live audio webcast. A link to the broadcast can be found at the investor relations section of the Company’s website, www.calmainefoods.com and a replay will be available for 90 days.

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs, including conventional, cage-free, organic and nutritionally enhanced eggs. The Company, which is headquartered in Jackson, Mississippi, is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.

Dolph Baker, Chairman and CEO

Max P. Bowman, Vice President and CFO

(601) 948-6813

KEYWORDS: United States North America Mississippi

INDUSTRY KEYWORDS: Retail Agriculture Natural Resources Food/Beverage

MEDIA:

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Suburban Propane Donation allows Cradles to Crayons Philadelphia to Distribute Essential Hygiene Packs and Branded SuburbanCares Toy Bears to Local Children in Underserved Communities

Donation will help provide 1,000 children in need with hygiene essentials

PR Newswire

PHILADELPHIA, Feb. 24, 2021 /PRNewswire/ — Suburban Propane Partners, L.P. (NYSE: SPH), a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and investor in low carbon fuel alternatives, has made a donation to the Cradles to Crayonslocation in Philadelphia, which will allow the organization to provide 1,000 children in need with kits containing hygiene essentials, including, shampoo, body wash, toothbrushes, toothpaste, hair combs, moisturizing lotion, and wipes. The company has also donated SuburbanCares branded toy bears which will be distributed with the kits.

“Through our SuburbanCares corporate initiatives, it’s very gratifying to give back to our local communities, especially providing support to underserved children who need it most,” said Nandini Sankara, Spokesperson, Suburban Propane. “Suburban Propane is proud to partner with Cradles to Crayons in Philadelphia. It’s a privilege to assist with the distribution of essential hygiene items, along with our SuburbanCares bears to local children in need during a time when many families continue to be impacted by the COVID-19 pandemic.”

This initiative is part of Suburban Propane’s SuburbanCares platform, which is dedicated to supporting community efforts across its footprint in the United States. Over the past year, Suburban Propane has undertaken initiatives to feed healthcare professionals in some of the most COVID-19 affected regions in the nation, including Houston, TX, Los Angeles, CA, Tampa, FL and Washington, DC; and throughout the states of Illinois, Maryland, New Jersey and New York.   

“The children in our local communities living in poverty have been disproportionately affected by Covid. More than ever, they need support and access to basic resources,” said Michal Smith, Executive Director, Cradles to Crayons Philadelphia. “Thanks to our generous friends at Suburban Propane, we’re able to satisfy the basic hygienic-needs of 1,000 young Philadelphians. We’re very grateful to Suburban Propane for affording us the opportunity to make an impact in the communities we serve.”


About Suburban Propane:

Suburban Propane Partners, L.P. (NYSE:SPH), a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and investor in low carbon fuel alternatives, servicing over 1 million customers through its 700 locations across 41 states. The company proudly celebrated 90 years of innovation, growth and quality service in 2018. The brand is currently focused on three core elements including Suburban Commitment – showcasing the company’s 90+ year legacy of flexibility, reliability and dependability, Suburban Cares – highlighting dedication to serving local communities across the nation and Go Green with Suburban Propane – promoting the affordable, clean burning and versatile nature of propane as a bridge to a green energy future. Suburban Propane is a New York Stock Exchange listed limited partnership headquartered in Whippany, NJ.

For additional information on Suburban Propane, please visit http://www.suburbanpropane.com/.  


About Cradles to Crayons:

Cradles to Crayons provides children from birth through age 12 who live in homeless or low-income situations with the essential items they need to thrive—at home, at school, and at play. Cradles to Crayons supplies these items free of charge by engaging and connecting communities that have with communities that need, collecting new and like-new children’s items through grassroots community drives and corporate donations. Working through its network of hundreds of nonprofit Social Service Partners, and supported by tens of thousands of volunteers, Cradles to Crayons-Philadelphia annually helps more than 70,000 children living in low-income and homeless situations. 

Cradles to Crayons has received a 4-star rating from Charity Navigator for ten consecutive years, among only 1% of the more than 8,000 United States organizations rated by the nation’s largest independent charity evaluator. For additional information, visit http://www.cradlestocrayons.org/Philadelphia.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/suburban-propane-donation-allows-cradles-to-crayons-philadelphia-to-distribute-essential-hygiene-packs-and-branded-suburbancares-toy-bears-to-local-children-in-underserved-communities-301234832.html

SOURCE Suburban Propane Partners, L.P.

Gap Inc. Announces Plans to Build New Distribution Center in Longview, Texas to Meet Rising Demand for Digital Shopping

Gap Inc. Announces Plans to Build New Distribution Center in Longview, Texas to Meet Rising Demand for Digital Shopping

The modernized Customer Experience Center will feature state-of-the art fulfillment technology and automation to support Old Navy’s growing online business.

SAN FRANCISCO–(BUSINESS WIRE)–Gap Inc. (NYSE: GPS), today announced plans to open a new state-of-the-art Customer Experience Center in Longview, Texas. By delivering inventory faster and more efficiently to customers across the country, the $140M investment will help Gap Inc. meet the rising customer demand for online shopping and reach its future plans for digital growth. Gap Inc. anticipates the new campus will create more than 500 full-time jobs in Longview by the end of 2023 and will grow to more than 1,000 full-time jobs in the city over the next five years. Additionally, the company expects to create more than 1,000 part-time and seasonal jobs by 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210224005093/en/

Gap Inc. Announces Plans to Build New Distribution Center in Longview, TX. Shown: Gap Inc. Distribution Center in Fresno, CA. (Photo: Business Wire)

Gap Inc. Announces Plans to Build New Distribution Center in Longview, TX. Shown: Gap Inc. Distribution Center in Fresno, CA. (Photo: Business Wire)

The new campus will become Gap Inc.’s latest facility to feature industry-leading technology that has been tested and optimized in other campuses across the Gap Inc. network. Upon completion, the new facility will be able to process up to one million units per day.

“As we look to deliver on our three-year strategy and double our online business, we needed to expand our fulfillment network to provide a great experience for our customers today and ensure we have the ability to grow in the future,” said Shawn Curran, Chief Operating Officer, Gap Inc. “We are thrilled to join the Longview community and look forward to developing a facility that will provide employment opportunities and job training to work alongside cutting-edge technology.”

Prior to the pandemic, Gap Inc. set out on a journey to transform its fulfillment network by piloting and implementing some of the world’s most advanced fulfillment technology and robotics. The result has transformed our traditional distribution centers into highly automated, cross-channel Customer Experience Centers, intended to serve customers wherever they are shopping. While the Longview facility will initially serve Old Navy’s growing online business, many of the company’s Customer Experience Centers have the capability to seamlessly serve both online and retail orders in one facility.

The new facility in Longview is expected to total approximately 850,000 square feet. Construction will begin in April 2021 with plans to be fully operational by August 2022. This campus will supplement our six existing campuses in North America, including those in Fresno, CA; Phoenix, AZ; Groveport, OH; Gallatin, TN; Fishkill, NY; and Brampton, Ontario. While Gap Inc. had plans in place to open a new facility beforehand, as a result of changing customer needs during the pandemic the timeline has been accelerated to create more capacity for online growth.

“We are incredibly excited to welcome Gap Inc. to Longview,” said Mayor, Dr. Andy Mack. “This significant investment by Gap Inc. will provide a large number of jobs for East Texans and is a continued diversification of our economy. We believe Gap Inc. will play a tremendous role in supporting economic growth and opportunity in our city and we look forward to working together to deliver a lasting, positive impact on our community.”

For images of Gap Inc.’s existing Customer Experience Centers, click here.

About Gap Inc.

Gap Inc., a collection of purpose-led lifestyle brands, is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, and Janie and Jack brands. Fiscal year 2019 net sales were $16.4 billion. Gap Inc. products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Gap Foundation Donates $100K to Winter Storm Relief

To support communities impacted by the recent devastating winter storms, Gap Foundation has made a $100,000 commitment to the aid in the recovery of the hardest-hit states of Texas, Oklahoma and Louisiana. The Foundation team is working closely with community partners to determine where the need is the greatest and how funding can best support recovery efforts. For more information, please visit here.

Justine Jordan

[email protected]

KEYWORDS: United States North America California Texas

INDUSTRY KEYWORDS: Supply Chain Management Fashion Retail Logistics/Supply Chain Management Transport Department Stores Specialty

MEDIA:

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Gap Inc. Announces Plans to Build New Distribution Center in Longview, TX. Shown: Gap Inc. Distribution Center in Fresno, CA. (Photo: Business Wire)

Ed-Tech Nonprofit, TalkingPoints Launches Multilingual Translated Video Captions Supported In More Than 100 Languages

New feature expands options to foster better, more personalized, more effective school-parent communication and collaboration to fuel student success

SAN FRANCISCO, Feb. 24, 2021 (GLOBE NEWSWIRE) — Today, education technology nonprofit TalkingPoints announced that it has launched a new video translation feature designed to facilitate more effective communication between teachers and families–in more than 100 different languages — delivered to mobile devices via text message. TalkingPoints translated video caption feature was specifically designed to further the organization’s mission to connect educators and families–particularly those in under-resourced and multilingual communities–in support of student success.

TalkingPoints translated video captioning makes it easy for teachers to record and send messages and for parents to view and respond. Teachers simply record a video message in the TalkingPoints app and send. Families can then view and read along in their own home languages, making TalkingPoints more accessible than ever before.

“TalkingPoints mission is to facilitate stronger connections between teachers and parents to make a positive impact on student success. We know that video messaging is an increasingly popular and effective way for teachers to share information with parents–particularly those that may be the hardest to reach– and helps them build more meaningful connections, so it was natural to add translatable video captioning to TalkingPoints,” said Heejae Lim, Founder and CEO of TalkingPoints.

The school-home connection is more important than ever and TalkingPoints helps fuel those relationships by removing language barriers and:

  • Powering consistent engagement with families: With TalkingPoints, teachers don’t have to wait for school or district translators to communicate with parents.
  • Enabling teachers to meet families where they are: One in four students in U.S. public schools speak a language other than English at home, and many families are most comfortable communicating via text. TalkingPoints makes it easier for both teachers and family members to connect quickly and effectively across language and technology barriers.
  • Encouraging collaboration and community: Research shows that family engagement plays a critical role in student success, yet many families — particularly those in under-resourced areas –may be at a disadvantage due to language barriers, internet access and time constraints. TalkingPoints removes those barriers so families can engage in a manner that works best for them.    

TalkingPoints is free to all teachers and families. Visit www.talkingpts.org for more information.

About TalkingPoints

Founded to help teachers connect with families–particularly those of under-resourced and non-English speaking backgrounds, TalkingPoints multilingual platform uses human and AI-powered, two-way translated communication to deliver information and personalized content in more than 100 languages–via web and mobile apps and through text messages. The platform also delivers scaffolded, guided content and eliminates language barriers, fostering strong collaboration to improve students’ academic success. TalkingPoints currently serves more than 3 million teachers and families across the country.

CONTACT:

Liz Scanlon
[email protected]
510.295.7542



MemberCare Launches Edge, Giving Credit Unions the Chance to Offer Even More Peace of Mind

Norcross, Ga., Feb. 24, 2021 (GLOBE NEWSWIRE) — MemberCare, a leading provider of mechanical breakdown coverage designed exclusively for credit unions, announces the launch of Edge, a bundled suite of automotive protection products created to provide additional peace of mind for credit union members.

MemberCare offers several unique levels of mechanical coverage that allow credit unions to cater to each member’s specific needs, helping them protect their investment from unforeseen repair costs. With the addition of Edge, credit unions can now offer additional coverage for both new and used vehicle purchases with a suite of benefits unmatched in the industry. Credit unions can cater to each member’s needs by offering MemberCare Edge as supplemental coverage for buyers who have also purchased a vehicle service contract or as a standalone package for those who wish to protect the appearance of their vehicle while enhancing resale value. Benefits include:

• Road Hazard Tire and Wheel
• Cosmetic Wheel Repair
• Key Replacement
• Paintless Dent Repair
• Windshield Repair
• 24/7 Roadside Assistance

“Credit unions are adding members at an extraordinary pace, and they’re looking for new ways to shield those members from unanticipated financial difficulty. MemberCare Edge gives credit unions the ability to provide an enhanced level of protection by offering the best coverage possible for some of the most common expenses that can come out of nowhere,” says Brian Becker, Executive Vice President, APCO Holdings, LLC, parent company of MemberCare. “Aside from routine maintenance already factored into the cost of ownership, expenses like lost keys, flat tires, or cosmetic damage add up and can have a significant impact on a member’s budget. The peace of mind that comes from knowing these costs are covered further strengthens the relationship between credit unions and their members. That’s our ultimate goal and why we continue to look for ways to offer real value and reliable coverage. We continually seek to align with the value and service levels expected by credit unions for their members.”

Since 1984, APCO has maintained a relentless focus on providing industry-leading driver benefits in a very competitive market. MemberCare coverage is the industry’s only Motor Trend® Recommended Best Buy. With this distinction, credit unions can be confident they are protecting their members by partnering with a provider committed to providing industry-leading protection products, unrivaled customer service, and an outstanding claims experience.

For more information, visit MemberCare.com.

About MemberCare
MemberCare provides credit union members with a suite of vehicle coverage designed to improve the vehicle buying and ownership experience—all backed by a best-in-class claims process. We provide credit unions with collaborative support and innovative tools to help them reach their goals. MemberCare is part of APCO Holdings, LLC, which has protected over 11 million customers and paid over $3.5 billion in claims. MemberCare has the industry’s only vehicle protection products named a “MotorTrend Recommended Best Buy” and has an A rating from the Better Business Bureau. For more information about MemberCare, please visit membercare.com. For more information about the APCO Holdings family of brands, please visit apcoholdings.com.



Sarah Baker
MemberCare
404-270-2190
[email protected]