Deutsche Rohstoff AG: Redemption of 127,810 repurchased shares and respective capital decrease
Mannheim 05.10.2022 / 11:02 CET/CEST The Management Board of Deutsche Rohstoff AG (“Company”) has resolved, with the consent of the Supervisory Board, using the authorization of the Company’s Annual General Meeting of 28 June 2022, to redeem 127,810 own shares, which were acquired in the context of a share buyback program until May 2016, in a simplified procedure pursuant to sections 71 (1) no. 8 sentence 6, 237 (3) no. 2 AktG and to decrease the share capital accordingly. This corresponds to approximately 2.49 percent of the company’s share capital.
The number of issued shares of the Company will thus be decreased from 5,125,981 to 4,998,081. The share capital of the Company will be decreased accordingly from EUR 5,125,981.00 to EUR 4,998,081.00 by the capital reduction.
The redemption and the capital decrease will take place in the coming weeks. After the redemption, the Company will no longer hold any own shares.
Mannheim, 5 October 2022
Deutsche Rohstoff identifies, develops and disposes of attractive raw material deposits in North America, Australia and Europe. The focus is on the development of oil and gas deposits in the USA. Metals such as gold and tungsten round off the portfolio. Further information at www.rohstoff.de.
Contact Deutsche Rohstoff AG Jan-Philipp Weitz Phone +49 621 490 817 0
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Disclaimer All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.
VANCOUVER, BC, Nov. 7, 2022 – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the third quarter ended September 30, 2022. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
“We made important customer progress across our verticals during Q3, while also advancing our global manufacturing strategy and product cost reduction initiatives,” said Mr. Randy MacEwen, President and CEO. “On the customer front, we continued to focus on platform wins, with commercial milestones achieved in our truck and rail verticals. In truck, we announced an order from Quantron for 140 fuel cell engines to support their planned deployment of heavy-duty fuel cell trucks in Europe. In rail, we announced orders across three continents, including an order from Siemens Mobility to power seven trains in the Berlin-Brandenburg region and an LOI for up to an additional 200 engines for the European commuter rail market. Our total order backlog grew 11 percent from last quarter to a total of $102 million, with Europe now contributing over half of our total backlog.”
“As part of our ‘local for local’ global manufacturing strategy, we announced our plan to invest $130 million in a new MEA manufacturing facility in Shanghai, with an annual production capacity of approximately 13 million MEAs, which can supply approximately 20,000 fuel cell engines,” Mr. MacEwen continued. “With the facility planned to be in operation in 2025 to support anticipated growth in MEA demand, this investment is expected to reduce MEA manufacturing costs, align with China’s fuel cell value chain localization policy, and position Ballard more strongly in the large China market.”
Mr. MacEwen added, “We continue to advance on our product cost reduction roadmap, with measured progress from technology innovation, supply chain developments and advanced manufacturing initiatives. We are running ahead of our cost reduction targets which we expect to enable significant gross margin expansion in our long-term financial plan.”
“This quarter our revenue and gross margin were $21.3 million and (22)%, respectively. As previously communicated, we continue to see a challenging gross margin picture which we expect to persist through 2023 until our volume ramps and our product cost reduction initiatives move into production. We exited the quarter with a strong balance sheet to support our growth strategy.”
Q3 2022 Financial Highlights (all comparisons are to Q3 2021 unless otherwise noted)
Total revenue was $21.3 million in the quarter, down 15% year-over-year.
Power Products revenue of $15.9 million decreased 2%, driven by lower shipments of fuel cell products.
Heavy-Duty revenues of $12.1 million increased 8% due to increased sales in North America, Europe and other areas offsetting lower sales in China.
Stationary Power Generation revenues of $2.1 million increased 9% due to increased sales in North America, offsetting lower sales in Europe.
Material Handling revenues of $1.7 million decreased 46%, primarily as a result of lower shipments to Plug Power.
Technology Solutions revenue of $5.5 million decreased 39% due primarily to decreased amounts earned on the Weichai Ballard JV and Audi programs.
Gross margin was (22)% in the quarter, a decrease of 33-points, driven by a combination of shift to lower overall product margin and service revenue mix including the impacts of pricing strategy, investment in manufacturing capacity, increases in supply costs and inventory adjustments.
Total Operating Expenses and Cash Operating Costs3 were $40.0 million and $30.0 million in the quarter, an increase of 46% and 32%, respectively. Increases were driven primarily by higher expenditure on research, technology and product development activities. Costs were also higher as a result of increased general and administrative expenses.
Adjusted EBITDA3 was ($35.1) million, compared to ($23.1) million in Q3 2021, primarily a result of the decrease in gross margin and increase in Cash Operating Costs.
Ballard received approximately $31.8 million of new orders in Q3, and delivered orders valued at $21.3 million, resulting in an Order Backlog of approximately $101.7 million at end-Q3. Order Backlog growth was driven predominantly by increased orders from Europe, which now represents approximately 55% of the total Order Backlog, compared to approximately 38% at end-Q3 2021.
The 12-month Order Book was $51.0 million at end-Q3, a decrease of $10.4 million from the end of Q2 2022.
Order Backlog ($M)
Order Backlog at End-Q2 2022
Orders Received in Q3 2022
Orders Delivered in Q3 2022
Order Backlog at End-Q3 2022
Total Fuel Cell Products & Services
$91.2
$31.8
$21.3
$101.7
2022 Outlook
Ballard 2022 Total Operating Expense4 and Capital Expenditure5 guidance remains unchanged, but now expects to be at the higher end of the Total Operating Expense range and the lower end of the Capital Expenditure range.
2022
Guidance
Total Operating Expense4
$130 – $150 million
Capital Expenditure5
$30 – $50 million
Q3 2022 Financial Summary
(Millions of U.S. dollars, except per share amounts)
Three months ended September 30
2022
2021
% Change
REVENUE
Fuel Cell Products & Services:1,2
Heavy Duty Motive
$12.1
$11.2
8 %
Material Handling
$1.7
$3.1
(46) %
Stationary Power Generation
$2.1
$1.9
9 %
Sub-Total
$15.9
$16.3
(2) %
Technology Solutions
$5.5
$9.0
(39) %
Total Fuel Cell Products & Services Revenue
$21.3
$25.2
(15) %
PROFITABILITY
Gross Margin $
($4.8)
$2.8
(268) %
Gross Margin %
(22) %
11 %
(33) pts
Total Operating Expenses
$40.0
$27.4
46 %
Cash Operating Costs3
$30.0
$22.7
32 %
Equity (loss) in JV & Associates
($1.0)
($4.1)
76 %
Adjusted EBITDA3
($35.1)
($23.1)
(52) %
Net (Loss) from continuing operations
($42.9)
($30.8)
(39) %
Earnings Per Share
($0.14)
($0.10)
(40) %
CASH
Cash provided by (used in) Operating Activities:
Cash Operating (Loss)
($35.7)
($20.8)
(71) %
Working Capital Changes
$5.4
$6.4
(16) %
Cash provided by (used in) Operating Activities
($30.3)
($14.4)
(110) %
Cash Reserves
$957.4
$1,222.3
(22) %
For a more detailed discussion of Ballard Power Systems’ third quarter 2022 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.
Conference Call
Ballard will hold a conference call on Monday, November 7, 2022 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review third quarter 2022 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the ‘Earnings, Interviews & Presentations’ area of the ‘Investors’ section of Ballard’s website (www.ballard.com/investors).
About Ballard Power Systems
Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning the hydrogen economy and markets for our products and the effects of governmental regulations on such markets, expected revenues, operating expenses, capital expenditures, corporate development activities, impacts of investments in manufacturing and R&D capabilities and market growth, and our carbon emissions goals. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
Further Information Kate Charlton +1.604.453.3939, or
Endnotes
1
We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
2
The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for 2020 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as income from discontinued operations.
3
Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard’s operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated Financial Statements, please refer to the tables below.
Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss from continuing operations excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, the impact of unrealized gains or losses on foreign exchange contracts, and acquisition related costs.
4
Total Operating Expenses refer to the measure reported in accordance with IFRS.
5
Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
Three months ended September 30
Cash operating costs
2022
2021
$ Change
Research and product development
$ 25,263
$ 16,566
$ 8,697
General and administrative
8,727
6,768
1,959
Sales and marketing
3,486
3,570
(84)
Operating expenses
$ 37,476
$ 26,904
$ 10,572
Research and product development (cash operating cost)
$ 21,201
$ 14,174
$ 7,027
General and administrative (cash operating cost)
5,679
5,349
330
Sales and marketing (cash operating cost)
3,115
3,211
(96)
Cash operating costs
$ 29,995
$ 22,734
$ 7,261
(Expressed in thousands of U.S. dollars)
Three months ended September 30,
EBITDA and adjusted EBITDA
2022
2021
$ Change
Net loss from continuing operations
$ (42,881)
$ (30,844)
$ (12,037)
Depreciation and amortization
3,979
2,167
1,812
Finance expense
324
335
(11)
Income taxes (recovery)
(420)
3
(423)
EBITDA
$ (38,998)
$ (28,339)
$ (10,659)
Stock-based compensation expense
2,828
2,477
351
Acquisition related costs
2,261
535
1,726
Finance and other (income) loss
(2,781)
1,545
(4,326)
Impairment loss on assets
–
263
(263)
Impact of unrealized (gains) losses on foreign exchange contracts
1,588
440
1,148
Adjusted EBITDA
$ (35,102)
$ (23,079)
$ (12,023)
SOURCE Ballard Power Systems Inc.
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Disclaimer All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.
VANCOUVER, British Columbia – November 16, 2022 – Neptune Digital Assets Corp. (TSX-V: NDA) (OTCQB: NPPTF) (FSE: 1NW) (“Neptune” or the “Company“) would like to provide an update with respect to its account held at Genesis Global Trading Inc. (“Genesis”), a crypto broker.
The Company has utilized Genesis for a variety of services since 2017, including the onboarding and offboarding of fiat currency and other digital assets that it uses in its general operations. Neptune mostly uses Genesis to generate returns on cash deposits when that cash is not in use. Neptune was informed this morning that Genesis has temporarily suspended redemptions and new loan originations in its lending business. As of market close on November 16, 2022, the Company confirms that it presently holds USD$3,999,980 and 40 BTC on Genesis’ platform which are locked in interest-generating term deposits. The Company is monitoring the situation as it develops and will continue to provide periodic updates.
“Although we were not directly exposed to FTX or any of its affiliates, the contagion through the crypto space has been unprecedented. We are very disappointed to hear the news from Genesis this morning and hope that next week we will have some clarity surrounding our long-term deposits with them. Neptune has moved all other cash and crypto assets to defensive positions within major Canadian banks and cold storage. Neptune’s proof-of-work and proof-of-stake operations continue unabated. Neptune remains in a very strong financial position with over $30 million in assets including $13 million in cash excluding Genesis deposits referenced above. The Company continues to generate revenues on a daily basis and we look forward to brighter days ahead,” stated Cale Moodie, Neptune’s President and CEO.
About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. is one of the first publicly-traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: Genesis temporarily suspending redemptions and new loan originations in its lending business; the Company’s involvement with Genesis; the Company’s assets Genesis has custody over; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.
The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
************************Disclaimer All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.
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