Further strong growth at DEUTZ

  • Significant rise in new orders
  • Double-digit increase in revenue and significantly improved EBIT margin
  • DEUTZ focuses efforts on growth in China
  • Implementation of E-DEUTZ strategy continues to gather momentum

DEUTZ AG has today published its consolidated financial results for the first three quarters of 2018. New orders rose from €1,173.8 million to €1,548.7 million, an increase of 31.9 per cent. In the third quarter of 2018, new orders were up by 22.0 per cent to €452.2 million (Q3 2017: €370.8 million).

The unit sales figure for the nine-month period was 156,504 engines, including 8,977 electric motors sold under the Torqeedo brand. This equates to an increase of 32.3 per cent compared with unit sales in the prior-year period (Q1–Q3 2017: 118,279 engines). Revenue advanced from €1,093.2 million to €1,297.3 million, a rise of 18.7 per cent. In the third quarter, revenue was up by a substantial 17.0 per cent to €419.7 million (Q3 2017: €358.7 million).

Operating profit (EBIT before exceptional items) amounted to €45.9 million in the first three quarters of the year (Q1–Q3 2017 €26.7 million). Adjusted for effects on earnings in connection with the DEUTZ Dalian joint venture, it stood at €60.3 million. Operating profit thus improved at a significantly faster rate than revenue, despite the strike at one of the Company’s suppliers. Consequently, the EBIT margin (before exceptional items) improved to 4.6 per cent after adjusting for the temporary drag on earnings resulting from DEUTZ Dalian and to 3.5 per cent before adjustment for this drag on earnings (Q1–Q3 2017: 2.4 per cent). In the third quarter of 2018, the EBIT margin was 3.0 per cent (Q3 2017: 1.4 per cent).

“The strike at a supplier put a great deal of strain on management and staff at our Company,” says the Chairman of the DEUTZ Board of Management, Dr Ing Frank Hiller. “This makes our substantial revenue growth, to which all regions and segments contributed, and our significant increase in operating profit all the more pleasing. We took further important steps that are aimed at securing growth in the future. We have also succeeded in further expanding our licensing business in China and are making good progress with the implementation of our EDEUTZ strategy.”

In the Chinese market, DEUTZ plans to generally reorganise its presence so that it can generate stronger growth and be even more successful there. As previously announced, DEUTZ signed contracts for the sale of the former DEUTZ Dalian joint venture to its former partner FAW in October 2018. The Company is also currently in talks about entering into new alliances with major local partners in the construction equipment and agricultural machinery industries.

Our E-DEUTZ strategy, introduced in 2017, is continuing to gather momentum. Demonstrating fully working operational systems during the ELECTRIP Event Week was the best way to prove our expertise in this field. An interdisciplinary team of Torqeedo and DEUTZ design engineers succeeded in integrating our drive concept into two prototype machines in just six months. This shows that DEUTZ has mastered the technology and is in a position to supply marketable electrification solutions.

For 2018 as a whole, DEUTZ (assuming no further supply shortage) expects revenue to rise sharply to more than €1.6 billion. The EBIT margin (before exceptional items) is forecast to improve to at least 4.5 per cent.

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Osisko Declares 17th Consecutive Quarterly Dividend

Osisko Gold Royalties Ltd ("Osisko" or the "Company") (TSX:OR) (NYSE:OR) is pleased to announce a fourth quarter 2018 dividend of $0.05 per common share. The dividend will be paid on January 15, 2019 to shareholders of record as of the close of business on December 31, 2018.

For shareholders residing in the United States, the U.S. dollar equivalent will be determined based on the daily rate published by the Bank of Canada on December 31, 2018. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada).

Sean Roosen, Chair and Chief Executive Officer of Osisko, noted: “With the declaration of the 17th consecutive quarterly dividend, we are pleased to return a significant portion of our operating cash flow to our owners. With the payment of this dividend, we will have distributed approximatively C$78.5 million since 2014.”

The Company also wishes to remind its shareholders that it has implemented a dividend reinvestment plan (the “Plan”). Shareholders who are residents of Canada and the United States may elect to participate in the Plan in connection with the dividend to be paid on January 15, 2019 to shareholders on record as of December 31, 2018. If a shareholder elects to participate in the Plan, the Company will issue to the shareholder, in lieu of a cash dividend, common shares from treasury at a 3% discount to the weighted average price of the common shares during the five (5) trading days immediately preceding the dividend payment date. Participation in the Plan is optional and will not affect a shareholders’ cash dividends if the shareholder elects not to participate in the Plan. Quarterly dividends are only payable as and when declared by Osisko’s Board of Directors.

A complete copy of the Plan and the enrolment form are available on Osisko’s website at http://osiskogr.com/en/dividends/drip/. Shareholders should carefully read the complete text of the Plan before making any decisions regarding their participation in the Plan.

Non-registered beneficial shareholders who wish to participate in the Plan should contact their financial advisor, broker, investment dealer, bank or other financial institution that holds their common shares to inquire about the applicable enrolment deadline and to request enrolment in the Plan. For more information on how to enroll or any other inquiries, contact the Agent at 1-800-387-0825 (toll-free in Canada) or inquiries@canstockta.com.

Participation in the Plan does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in common shares under the Plan. Shareholders should consult their tax advisors concerning the tax implications of their participation in the Plan having regard to their particular circumstances.

This press release is not an offer or a solicitation of an offer of securities.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company that holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its 5% NSR royalty on the Canadian Malartic Mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 32.4% interest in Barkerville Gold Mines Ltd., a 17.9% interest in Osisko Mining Inc., a 15.5% interest in Victoria Gold Corp., a 12.6% interest in Falco Resources Ltd and an 11.4% interest in Osisko Metals Incorporated.

Osisko is a corporation incorporated under the laws of the Province of Québec, with its head office located at 1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Forward-looking statements

Certain statements contained in this press release may be deemed "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. In this news release, these forward-looking statements may involve, but are not limited to, comments with respect to the directors and officers of the Company, information pertaining to the fact that all conditions for payment of the dividend will be met and that such dividend will continue to be an “eligible dividend” as defined in the Income Tax Act (Canada). Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including that the financial situation of the Company will remain favourable. The Company considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its business.

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form of Osisko which is filed with the Canadian securities commissions and available electronically under Osisko’s issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer profile on EDGAR at www.sec.gov. The forward-looking information set forth herein reflects Osisko’s expectations as at the date of this press release and is subject to change after such date. Osisko disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

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Sales grow despite difficult market conditions, margin decrease

  • Revenue grows 5.1 percent at constant currency in the first nine months
  • EBIT margin before special items for the same period at 10.7 percent (prior year: 11.4 percent)
  • Performance declines in both Automotive divisions, Industrial division business remains strong
  • Free cash flow before in- and outflows for M&A activities of 127 million euros below prior year (247 million euros)
  • Increased focus on discipline regarding cost and capital

Global automotive and industrial supplier Schaeffler presented its interim report for the first nine months of 2018 today. The Schaeffler Group’s revenue for the reporting period amounted to approximately 10.7 billion euros (prior year: approximately 10.5 billion euros). At constant currency, revenue increased by 5.1 percent during the period, 3.7 percent in the third quarter. As was the case for the first half of 2018, all three divisions and all four regions contributed to the group’s revenue growth at constant currency during the first nine months, with the Greater China region once more reporting the largest revenue constant currency growth rate of 14.3 percent.

The Schaeffler Group generated earnings before financial result and income taxes (EBIT) before special items of 1,150 million euros (prior year: 1,196 million euros) in the first nine months. This represents an EBIT margin before special items of 10.7 percent (prior year: 11.4 percent). EBIT before special items for the third quarter was 355 million euros (prior year: 416 million euros), representing an EBIT margin before special items of 10.1 percent (prior year: 12.1 percent).

Net income attributable to shareholders for the reporting period was 766 million euros, nearly on par with the prior year level (of 791 million euros). Earnings per common non-voting share were 1.16 euros (prior year: 1.19 euros).

Klaus Rosenfeld, CEO of Schaeffler AG, commented on the performance of the business in the first nine months and in the third quarter: “The third quarter has once again demonstrated how important it is for us to be an automotive as well as an industrial supplier. While our Automotive OEM business is affected by the weak market trend in China, our Industrial business continued to do well during the third quarter. This division grew its revenue grew faster than the market and generated an EBIT margin before special items of 12.1 percent.”

Automotive OEM revenue growth less dynamic due to market conditions

The Automotive OEM division generated approximately 6.8 billion euros (prior year: approximately 6.7 billion euros) in revenue during the reporting period. At constant currency, revenue increased by 4.3 percent compared to the prior year, a growth rate 3.5 percentage points above the 0.8 percent average growth in production volumes of passenger cars and light commercial vehicles for the reporting period. Following the encouraging revenue trend in the first six months, the Automotive OEM division reported less dynamic revenue growth of 3.2 percent in the third quarter due to the persistently challenging environment in the automotive sector. In the third quarter, which saw global automobile production decline by 2 percent, outperformance amounted to 5.2 percentage points.

The lower growth rate was mainly attributable to weaker demand in the Europe and Greater China regions. In Europe, this weaker demand was mainly due to production delays resulting from the changeover to the new WLTP emissions standard, while China felt the effect of consumer restraint due to the trade conflict with the U.S. and stricter lending practices. All four of the Automotive OEM division’s business divisions contributed to its revenue growth on a nine months basis, with the E-Mobility business division once more reporting the highest revenue growth rate at constant currency, 13.6 percent. Despite the less dynamic growth of the Automotive OEM division’s revenue in the Greater China region in the third quarter, this region still showed the highest growth rate of 9.5 percent, followed by 5.7 percent in the Americas region, 2.4 percent in Asia/Pacific, and 2.2 percent in Europe.

The division generated 596 million euros (prior year: 712 million euros) in EBIT before special items in the first nine months, bringing the EBIT margin before special items for the same period to 8.8 percent, less than the prior year margin of 10.7 percent. The decrease was primarily attributable to ramp-up costs, project delays in China, increased production costs – due to factors including increased raw materials prices – and the impact of the revenue mix. According to the latest full-year guidance for 2018 issued October 30, 2018, the division aims to achieve constant currency revenue growth of 3.5 to 4.5 percent (previously: 4.5 to 5.5 percent) and an EBIT margin before special items of 8 to 8.5 percent (previously: 8.5 to 9.5 percent).

Automotive Aftermarket revenue drops temporarily in the third quarter

Following a solid first six months overall, the Automotive Aftermarket division reported a drop in revenue for the third quarter compared to the prior year quarter. At constant currency, revenue declined by 3.0 percent. Based on the first nine months of 2018, the division expanded its revenue by 1.3 percent at constant currency, generating 1,401 million euros in revenue (prior year: 1,434 million euros). The decrease in third-quarter revenue was primarily attributable to strong growth in the Europe and Americas regions in the prior year quarter. As was the case for the first six months, the Greater China (39.0 percent) and Asia/Pacific (16.0 percent) regions reported the strongest constant currency revenue growth for the first nine months, followed by Europe (1.9 percent). Revenue in the Americas region on an adjusted basis declined (by 8 percent) due to non-recurring additional requirements of an Original Equipment Services (OES) customer in the prior year period.

The Automotive Aftermarket division’s EBIT before special items for the first nine months amounted to 256 million euros (prior year: 278 million euros). Based on this EBIT, the EBIT margin before special items was 18.3 percent (prior year: 19.4 percent). Reasons for the decline from prior year include temporarily higher costs of selling and logistics activities. Based on the adjusted full-year guidance issued October 30, 2018, the group now expects revenue growth for the Automotive Aftermarket division of 1.5 to 2.5 percent (previously: 3 to 4 percent) at constant currency and an EBIT margin before special items of 17 to 17.5 percent (previously: 16.5 to 17.5 percent) in 2018.

Performance of Industrial business remains encouraging in the third quarter

During the third quarter, the Industrial division significantly increased its revenue to 854 million euros (prior year: 790 million euros), which represents an increase of 9.4 percent at constant currency. This increase brought revenue for the first nine months of 2018 to approximately 2.5 billion euros (prior year: approximately 2.4 billion euros). At constant currency, revenue growth for the reporting period amounted to 9.8 percent and was primarily driven by Industrial Distribution. The double-digit constant currency revenue growth rates generated by the raw materials, power transmission, railway, and offroad sector clusters contributed considerably to the higher revenue as well. Like all of the sectors, all of the regions increased their revenue, as well. The largest growth rate at constant currency was reported by the Greater China region (29.4 percent), ahead of Asia/Pacific (8.7 percent), Americas (8 percent), and Europe (6 percent).

The Industrial division generated 298 million euros (prior year: 206 million euros) in EBIT before special items for the first nine months, representing an EBIT margin before special items of 11.8 percent (prior year: 8.7 percent). The improved margin is attributable to the favorable impact of economies of scale as well as to efficiency gains and cost savings resulting from the program “CORE”. On October 30, 2018, the Schaeffler Group confirmed its full-year guidance for the Industrial division’s constant currency revenue growth for 2018, which it had raised on September 19, 2018, of 8 to 9 percent. The target for the EBIT margin before special items of 10 to 11 percent has now been refined to 10.5 to 11 percent.

Positive free cash flow in the third quarter

At 201 million euros (prior year: 333 million euros), free cash flow before in and outflows for M&A activities for the third quarter was positive. For the first nine months, it amounted to 127 million euros, falling short of the prior year level (247 million euros), primarily due to lower earnings quality and the higher amount of capital tied up in inventories. Capital expenditures (capex) on property, plant and equipment and intangible assets for the first nine months of 857 million euros were slightly below the prior year level (873 million euros), representing a capex ratio of 8 percent of revenue (prior year: 8.3 percent).

Dietmar Heinrich, CFO of Schaeffler AG, said: “We are aiming to maintain a capex ratio of approximately 8 percent as at year-end as well. For this purpose, we will manage our capital expenditures restrictively in the fourth quarter. In combination with the reduction of inventory levels, this will have a favorable effect on free cash flow”.

Net financial debt as at September 30, 2018, increased by 274 million euros to 2,644 million euros, lowering the gearing ratio, i.e. the ratio of net financial debt to shareholders’ equity, to 91 percent (December 31, 2017: 93 percent). As at September 30, 2018, the Schaeffler Group had total assets of approximately 12.3 billion euros (prior year: approximately 11.5 billion euros) and employed a workforce of 92,836 (prior year: 89,359), an increase of approximately 3.9 percent.

Based on the adjusted full-year guidance issued October 30, 2018, the Schaeffler Group now anticipates revenue growth of 4 to 5 percent (previously 5 to 6 percent) at constant currency, an EBIT margin before special items of 9.5 to 10.5 percent (previously 10.5 to 11.5 percent), and free cash flow before cash in- and outflows for M&A activities of approximately 300 million euros (previously approximately 450 million euros).

“The situation of the global automotive industry has deteriorated further over the past seven weeks, particularly in China and also in Europe. Against this backdrop, and although our Industrial business enables us to partially offset this deterioration, it is essential that we manage our business as proactively and carefully as possible and align our resources with the changing market environment. Discipline regarding cost and capital is what counts now”, stated Klaus Rosenfeld.

Forward-looking statements and projections

Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.

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eToro bringt Krypto-Wallet auf den Markt

eToro, die globale Investitionsplattform mit über 10 Millionen registrierten Nutzern, bestätigt heute die Einführung ihrer Krypto-Wallet. Die eToro Wallet ist eine mobile Anwendung, die über Google Play und den Apple App Store verfügbar ist. Sie bietet eine einfach zu bedienende Kundenschnittstelle und erhöhte Sicherheit. Die Multi-Signature Security gibt Benutzern die Möglichkeit, ihre On-Chain-Transaktionen und -Bilanzen zu sehen, ohne Angst zu haben, ihren privaten Schlüssel** zu verlieren.

Yoni Assia, CEO von eToro, kommentiert: „Wir glauben, dass Krypto und die Blockchain-Technologie, die ihr zugrunde liegt, einen großen Einfluss auf die globale Finanzwelt haben werden. Blockchain hat das Potenzial, das Finanzwesen zu revolutionieren, und wir glauben, dass wir den größten Vermögensübertrag aller Zeiten auf die Blockchain erleben werden. Wir glauben, dass in Zukunft alle Vermögenswerte tokenisiert werden und dass Krypto nur der erste Schritt auf diesem Weg ist. So wie eToro traditionelle Märkte für Investoren geöffnet hat, wollen wir dies nun auch in einer tokenisierten Welt tun. Die eToro Wallet ist ein wichtiger Teil davon.“

Um ein optimales Kundenerlebnis für die Kunden zu gewährleisten, führt eToro seine Krypto-Wallet schrittweise ein, sowohl was die Benutzer, als auch die Einführung in den einzelnen Ländern sowie die Funktionalität betrifft.

Beim Start können die Nutzer Bitcoin, Bitcoin Cash, Ethereum und Litecoin in ihrer eToro-Wallet speichern. Die Anzahl der unterstützten Kryptowährungen wird im Laufe der Zeit zunehmen, so wie sich auch die Anzahl der Kryptowährungen, die auf der Plattform verfügbar sind, erhöht hat.

Zunächst werden Platinum Club***-Mitglieder für Bitcoin die Möglichkeit haben Krypto von eToro in die Wallet zu übertragen. Dies wird schrittweise auf mehr Benutzer und eine größere Anzahl von Krypto-Assets ausgedehnt.

Yoni Assia weiter: „Die eToro Wallet von heute ist erst der Anfang und wir werden eine ganze Reihe von zusätzlichen Funktionen hinzufügen, darunter die Unterstützung zusätzlicher Krypto- und Fiat-Tokens, die Konvertierung von Krypto zu Krypto, die Möglichkeit, Fiatgeld einzuzahlen, Zahlungen im Geschäft und mehr.“

– Ende –

Hinweise an die Redaktion:

* Multi-Signature Security – bezieht sich auf die Notwendigkeit, mehr als einen Schlüssel zu benötigen, um eine Bitcoin-Transaktion zu autorisieren.

** Privater Schlüssel – Ein geheimer Schlüssel, der in Kombination mit einem Algorithmus das Verschlüsseln oder Entschlüsseln von ‚Inhalten‘ ermöglicht.

*** Platinum Club – Kunden mit über 25.000 $ Eigenkapital auf der Plattform.

Über die Wallet:

Die etoro-Wallet wird von eToro X Limited ("eToro X") zur Verfügung gestellt. eToro X hat ihren Sitz in Gibraltar mit der Firmennummer 116348, Sitz 57/63 Line Wall Road, Gibraltar ("eToroX"). eToro X hat von der Gibraltar Financial Services Commission eine prinzipielle Genehmigung für seinen Antrag auf eine Distributed Ledger Technology (DLT) Provider Lizenz erhalten.

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BlackLine gibt Reseller-Vereinbarung mit SAP® bekannt

BlackLine, Inc. (Nasdaq: BL), ein führender Anbieter von Finanzautomatisierungslösungen für Continuous Accounting, gibt heute den Abschluss einer Reseller-Vereinbarung mit SAP® (NYSE: SAP) bekannt. Die neue Vereinbarung ermöglicht es SAP, die marktführenden Cloud-basierten Lösungen von BlackLine weltweit direkt zu verkaufen.

„SAP ist schon seit langem unser Partner. Von Anfang an hat man bei SAP verstanden, dass Unternehmen weltweit ihre Finanzabschlüsse schneller, transparenter, valider und vertrauenswürdiger umsetzen können, indem sie ihre SAP-Umgebung mit BlackLine Lösungen ergänzen", sagt Mario Spanicciati, Chief Strategy Officer von BlackLine. "Es ist ein sehr gewichtiges Statement von SAP, dass sie sich nun entschieden haben, unsere Lösung direkt zu verkaufen und zu supporten. Wir sind davon überzeugt, dass diese neue Vereinbarung eine gute Möglichkeit ist, unsere globale Präsenz weiter auszubauen."

Die Cloud-Plattform von BlackLine ergänzt die Funktionalität der SAP ERP Financials-Lösungen, einschließlich der SAP S/4HANA® Finance-Lösung, und gibt den Abteilungen des Finanz- und Rechnungswesens weltweit verbesserte Steuerungs- und Automatisierungsmöglichkeiten an die Hand.

SAP nimmt die BlackLine-Lösungen in die Preisliste auf, so dass die SAP-Account Executives die Lösungen weltweit mit den gleichen Prozessen, Verträgen, Incentives und zu den Konditionen des restlichen SAP-Portfolios verkaufen können. SAP wird auch den Kundensupport übernehmen.

"Wir freuen uns, die Cloud-basierten Produkte von BlackLine anzubieten und Unternehmen dabei zu unterstützen, ihre manuellen, fehleranfälligen Buchhaltungsprozesse durch eine sichere und durchgängige Lösung zu ersetzen und so den Financial Close Prozess zu optimieren", sagte Martin Naraschewski, Senior Vice President, General Manager, Head of Line of Business Finance bei SAP. "Durch die Reseller-Vereinbarung mit BlackLine wird es für globale SAP-Kunden einfacher denn je, die führende Financial Close Technologie einzusetzen und davon zu profitieren."

Neben hunderten von Unternehmen, die bereits SAP und BlackLine einsetzen, kann BlackLine auch an andere ERP-Systeme angebunden werden. Die Lösung ist ERP-System-unabhängig und integriert sich in mehr als 30 verschiedene führende Quellsysteme, so dass die Rules Automation Engines und Analytics von BlackLine auf eine Vielzahl operativer Prozesse im Finanz- und Rechnungswesen angewendet werden können.

Weitere Informationen zu BlackLine und SAP finden Sie hier.

Über BlackLine

BlackLine ist Anbieter von Cloud-basierten Lösungen zur Transformation von Finanz- und Rechnungswesen (F&A) durch Automatisierung, Zentralisierung und Rationalisierung von Financial Close Operations, Intercompany Accounting-Prozessen und anderen wichtigen F&A-Prozessen für große und mittelständische Unternehmen.  BlackLine wurde entwickelt, um nahezu alle ERP- und andere Finanzsysteme, einschließlich SAP, Oracle und NetSuite, zu ergänzen. So erhöht BlackLine die betriebliche Effizienz, Transparenz, Kontrolle und Compliance in Echtzeit für ein durchgängiges Financial Close Management und Accounting-Automation innerhalb einer einzigen, einheitlichen Cloud-Plattform.

BlackLine ermöglicht es Kunden, über veraltete Prozesse hinauszugehen und Lösungen zu einem Continuous Accounting-Modell zu entwickeln, in dem Echtzeit-Automatisierung, -Kontrollen und -Periodenabschlussaufgaben in das Tagesgeschäft eingebettet sind. BlackLine unterstützt Unternehmen bei der Modernisierung des Rechnungswesens durch intelligente Automatisierung, um genauere und aussagekräftigere Abschlüsse und einen effizienteren Finanzabschluss sicherzustellen. Mehr als 2.400 Unternehmen auf der ganzen Welt vertrauen BlackLine, wenn es um die Integrität der Bilanz und das Vertrauen in ihre Abschlüsse geht. BlackLine wird von Gartner als führend in seinem Magic Quadrant 2018 für Cloud Financial Close Solutions und als Pionier im Cloud-Markt für Enhanced Financial Control and Automation anerkannt.

Das global agierende Unternehmen mit Hauptsitz in Los Angeles (USA) hat neben seinem Deutschlandsitz in Frankfurt am Main sieben weitere weltweite Offices. Für weitere Informationen  www.blackline.com/de.

BlackLine Systems GmbH
Janet Timmerberg
Mail: Janet.Timmerberg@blackline.com
Telefon: +49 69 20 45 78 39
Mobile: +49 175 851 40 16
The Squaire 12
Am Flughafen
60549 Frankfurt Main
Internet: www.BlackLine.com/de


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U.S. Gold Corp. Announces Amendments to its Bylaws, Updates to its Corporate Governance Charters and Policies, and Execution of Certain Executive Employment Agreements

U.S. Gold Corp. (NASDAQ: USAU) (“U.S. Gold” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298583) today announced that the Company has amended its bylaws, updated certain of its corporate governance policies and entered into employment agreements with Edward Karr, as Chief Executive Officer, and David Rector, as Chief Operating Officer.

Edward Karr, Chief Executive Officer, commented, “U.S. Gold is committed to creating a corporate framework that will allow our company to grow, develop and improve shareholder value.  We believe that amending our bylaws to provide a 1/3 quorum requirement for shareholder meetings is in-line with our industry peers and that strengthening our corporate governance policies will demonstrate our commitment to strong corporate governance.  In addition, the employment agreements with myself and David Rector will ensure continued strong leadership of U.S. Gold Corp.”

Bylaw Amendments

The Company amended and restated its Bylaws to reduce the quorum requirement for shareholder meetings from shareholders representing a majority of the shares entitled to vote to the minimum required by Nasdaq Stock Market Rule 5620(c) of one-third (33-1/3%) of the issued shares of the Corporation’s common voting stock.  In addition, the Bylaws were amended to reference U.S. Gold Corp. (formerly, Dataram Corporation) as the corporation and to make other non-material grammatical corrections.

Corporate Governance Charter Updates

The Board of Directors approved amendments to the Compensation Committee Charter, the Corporate Governance and Nominating Committee Charter, and the Technical Committee Charter.  These additions improve upon the existing charters and put them in line with industry standards.  Additionally, the Board of Directors of the Company has authorized and approved the reaffirmation of the Company’s Corporate Governance Principles and the Company’s Related Party Transactions Policies.

Employment Agreements

The Company entered into employment agreements with Edward Karr, as Chief Executive Officer, and David Rector, as Chief Operating Officer. Execution of these employment agreements ensure Mr. Karr and Mr. Rector will continue to provide strong and stable leadership in their current roles.

  • Karr has served as President, Chief Executive Officer, and Director of the Company since April 12, 2016. Mr. Karr is the founder of several investment management and investment banking firms in Geneva Switzerland and has been active in the natural resource industry for years. Mr. Karr was a founder and currently serves on the Board of Directors of Pershing Gold Corp. (NASDAQ: PGLC). Mr. Karr is a Director and Chair of the Audit Committee of Levon Resources (TSX: LVN). Previously, Mr. Karr worked for Prudential Securities in the United States and has been in the financial services industry for over twenty years.
  • Rector has served as Chief Operating Officer of the Company since December 22, 2017. Mr. Rector previously served Chief Operating Officer of Gold King Corp. Prior to his time with U.S. Gold Corp., Mr. Rector Chief Executive Officer and President of Valor Gold and Vice President of Finance & Administration at Pershing Gold (NASDAQ: PGLC).

More information and copies of U.S. Gold policies can be found on its website at www.usgoldcorp.com.

About U.S. Gold Corp.

U.S. Gold Corp. is a publicly traded U.S. focused gold exploration and development company. U.S. Gold Corp. has a portfolio of development and exploration properties. Copper King is located in Southeast Wyoming and has a Preliminary Economic Assessment (PEA) technical report, done by Mine Development Associates. Keystone is an exploration property on the Cortez Trend in Nevada, identified and consolidated by Dave Mathewson. For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release and all other statements that are not historical facts, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements, including statements related to the improving shareholder value, comparisons of the amended corporate governance charters and bylaws to industry standards and ability to retain its executive officers. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: whether or not U.S. Gold Corp. will be able to raise capital through this offering or consummate this offering, the satisfaction of customary closing conditions, prevailing market conditions, the anticipated use of proceeds from the offering and the impact of general economic industry or political conditions in the United States or globally. A list and description of these and other risk factors can be found in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. We make no representation or warranty that the information contained herein is complete and accurate and we have no duty to correct or update any information contained herein.

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Kingstown Partners / Orco Property Group Dispute

On October 23, 2018, KINGSTOWN PARTNERS MASTER Ltd., a Cayman Islands exempt company, KINGSTOWN PARTNERS Il, LP and KTOWN LP, 2 Delaware limited partnerships (together "Kingstown Partners") filed additional submissions through their Luxembourg law firm M&S Law before the Luxembourg commercial court (Tribunal d’Arrondissement de et à Luxembourg) in order to increase their claim of their pending court case against Orco Property Group (OPG) and related parties based on alleged illegal operations, which took place between 2013 and early 2014.

These additional submissions were made further to two decisions of the Luxembourg financial regulator ("CSSF") who informed the public on December 8, 2017, of among others:

· the existence of an undisclosed concert action with respect to OPG in breach of Article 3(a) and (d) and Article 5(1) and (3) of the Takeover Law. This decision has been taken on the basis of an investigation report dated 19 January 2017 relating to the existence of an undisclosed concert action with respect to OPG between certain concert parties and covering the period from 1 September 2012 until 30 June 2016 (CSSF PRESS RELEASE 17/40); and

· omissions and/or misstatements in the Crestline Ventures Corp. and Gamala Limited’s press release of 18 October 2012, qualifying as market manipulation under Article 1(2)(c) of the Market Abuse Law (CSSF PRESS RELEASE 17/41).

Notwithstanding the fact that the decisions by the CSSF are currently being challenged before the administrative court of Luxembourg, Kingstown Partners increased their claim before the Luxembourg commercial court in order to draw the necessary conclusions from the above mentioned decisions.

Kingstown Partners‘ total claim to date therefore currently amounts to EUR 157’356’517.43 (one hundred fifty seven million three hundred fifty six thousand and five hundred seventeen Euro and forty three Cents) including interests, without prejudice to other amounts including accruing interest as from October 23, 2018 and possible further claims.

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Alipay jetzt in Müller-Filialen für chinesische Touristen verfügbar/ Technische Abwicklung durch Finanzdienstleister epay

Alipay bei Müller: Die weltweit führende, globale Payment-Lösung, die von der Ant Financial Services Group betrieben wird, kann von chinesischen Touristen ab sofort auch beim Einkauf in Filialen der traditionsreichen Drogeriekette genutzt werden. Die technische Implementierung übernimmt epay, ein Spezialist für elektronischen Zahlungsverkehr, der im Bereich des elektronischen Zahlungsverkehrs und Prepaidkarten seit Jahren erfolgreich wächst. Damit erweitern Müller und epay ihre langjährige Partnerschaft.

"Wir freuen uns, in epay einen zuverlässigen Partner gefunden zu haben, der uns beim Ausbau unserer mobilen Zahlungsverkehrsoptionen unterstützt", so Alexander Ebert, Leiter Controlling von Müller.

Die multifunktionale Lifestyle-App Alipay war bei Müller pünktlich zur "Goldenen Woche" verfügbar: Die Nationaltagswoche wird jedes Jahr ab dem 1. Oktober begangen und von den Chinesen vorrangig zum Reisen und Shoppen genutzt. In Deutschland können nun ab sofort auch Dinge des täglichen Bedarfs in Müller-Filialen an hochfrequentierten Reisezielen über die Alipay-App bezahlt werden.

"Immer mehr Chinesen reisen in die Länder Westeuropas, bevorzugt auch nach Deutschland. Mit Alipay steht ihnen ein Service zur Verfügung, den sie kennen und dem sie vertrauen", so Xiaoqiong Hu, Business Director Alipay DACH und CEE. Bereits im vergangenen Jahr kamen mehr als 12 Millionen Touristen aus Fernost nach Europa. Ungefähr 1,7 Millionen chinesische Touristen reisen jährlich allein nach Deutschland; dabei geben sie während eines Urlaubstages im Schnitt rund 500 Euro nur für Shopping aus. Hierzulande ist Alipay bereits bei mehreren Tausend Händlern verfügbar – Tendenz stark steigend. In den vergangenen Wochen wurden beispielsweise Kooperationen mit dem Frankfurter Flughafen, dem Münchner Viktualienmarkt sowie der Warenhauskette Breuninger verkündet. Für hiesige Händler bietet Alipay eine hervorragende Möglichkeit, Kunden aus China zu gewinnen; nicht zuletzt, weil die App neben dem Bezahlen auch als Marketingkanal und Store-Finder fungiert.

epay, ein Full-Service-Anbieter im Bereich E-Payment, stellt für seinen Partner Müller die Kassenintegration von Alipay sicher. "Wir gewährleisten mit unserem eigenen und zertifizierten Rechenzentrum nicht nur den sicheren Zahlungsverkehr, sondern sind auch permanent auf der Suche nach innovativen Lösungen, um unsere Kunden im Kontakt mit ihren Endkonsumenten zu stärken. Eine mobile Bezahlmethode wie Alipay anzubieten, ist daher der logische Schluss", so Dr. Markus Landrock, Managing Director epay DACH, Global Issuing, Payments & Rewards.

Über Alipay

Alipay wird von der Ant Financial Services Group betrieben und ist die weltweit führende Zahlungsplattform. Alipay wurde 2004 gegründet und hat derzeit über 700 Millionen aktive registrierte Nutzer. Innerhalb der Alipay-App können Nutzer Informationen über verschiedene Geschäftseinrichtungen erhalten, Online- und Offline-Shopping-Zahlungen abschließen und aus einer breiten Palette von Dienstleistungen, z.B. zur Vermögensverwaltung, wählen. In Übersee deckt Alipay aktuell über 40 Länder und Regionen ab, um chinesischen Touristen, die ins Ausland reisen, mehr diversifizierte Dienstleistungen zur Verfügung zu stellen. Alipay unterstützt derzeit 27 Währungen. In Deutschland nutzen schon rund mehrere Tausend Einzelhändler Alipay und stetig werden es mehr; Kooperationen bestehen bislang unter anderem mit Breuninger, Rossmann, Zwilling, Promod, dem Münchner Viktualienmarkt, The North Face oder Timberland.

Pressekontakt Alipay:

Xinyun Yang
International Communications
Ant Financial Services Group
Tel: +86 1381 6896 301
Email: xinyun.yang@antfin.com

Nils Zeizinger
Account Supervisor, Corporate Communications
FleishmanHillard Germany
Tel: +49 6940 5702 461
Email: nils.zeizinger@fleishman.com

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World Energy Day on October 22: Is Germany the European energy-saving champion?

Is Germany the European energy-saving champion? According to a survey by E.ON and KantarEMNID, at least 14 percent of Germans believe so, but the reality is rather different. Of the ten European countries covered in the survey, Romania takes first place with a primary energy consumption of 18,515 kilowatt hours (kWh) per head each year.

Second and third places go to Turkey and Hungary, with an annual consumption of 19,271 and 28,296 kWh, respectively. Those questioned in the survey believed – entirely incorrectly – that these places would go to Denmark (16 percent) and Germany (11 percent).

They also placed Hungary – which in reality comes in third – in last place with just one percent. Only two percent of those surveyed thought that Romania, which actually uses the least energy, was Europe’s energy-saving champion.

All those questioned believed the title should go to a nation in the north of the continent. On average, across all the countries in the survey, 26 percent believe Sweden is the best at saving energy, hence it was placed top in nine out of ten countries among those questioned by E.ON and KantarEMNID – who were therefore entirely wrong. Incidentally, the Danes are the only ones to be firmly convinced – likewise incorrectly – that their own nation takes the title, with a total of 34 percent.

These results are part of the “Living in Europe” study, for which E.ON and KantarEMNID questioned around 10,000 people in the Czech Republic, Denmark, France, Germany, Hungary, Italy, Romania, Sweden, Turkey and the UK. The energy consumption figures are based on the World Bank’s World Development Indicators (2015), published by the Federal Statistical Office.

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to align them to future events or developments.

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Dr. Markus Böning ist neuer Chief Financial Officer (CFO) der Tekfor Gruppe

Die TEKFOR Gruppe, ein führender Hersteller von hochdifferenzierten Produkten für die globale Automobilindustrie, beendet nun auch im Bereich Finanzen/Controlling die Übergangsphase. Mit Dr. Markus Böning hat Tekfor zum 01. Juli 2018 einen international erfahrenen Manager und Finanzspezialisten für die Position des Finanzvorstands (Chief Financial Officer, CFO) gewinnen können.

Dr. Markus Böning promovierte nach einem Studium der Wirtschaftswissenschaften/Verwaltung an der Universität Bochum im Bereich Finanzen. In seiner bisherigen beruflichen Karriere hat er umfassende Berufserfahrung auf diesem Gebiet gesammelt, davon mehrere Jahre in den USA. Er war dabei unter anderem bei American Specialty Alloys Inc., der ThyssenKrupp AG und der Siemens AG beschäftigt. Zuletzt hatte er die Position des CFO bei der Aenova Holding GmbH, einem der weltweit größten pharmazeutischen Auftragshersteller mit einem Umsatz von rund 750 Mio. Euro, in Starnberg/Deutschland inne. Dr. Böning berichtet als Geschäftsführer und Managing Director der Tekfor Global Holding an den Vorstandsvorsitzenden (CEO) Johann Ecker.

Er übernimmt bei Tekfor die Verantwortung für die Bereiche Finanzen und Controlling von Peter Neubacher von AlixPartners, der das Topmanagement von Tekfor als Interim CFO in den vergangenen zwölf Monaten wirkungsvoll unterstützte.

Die TEKFOR Gruppe hat sich seitdem wieder finanziell unabhängig und strategisch eigenständig als "Global Player" im Automotive-Markt aufgestellt. Das aktuell starke Wachstum der Gruppe geht vor allem auf die Erweiterung der Wertschöpfungskette zurück: Massivumformung, Zerspanungstechnik, Wärme- und Oberflächenbehandlung bis hin zu einbaufertigen Einzelteilen und zur Montage kompletter Baugruppen. Heute ist TEKFOR führend in der Herstellung gewichtsreduzierter, leistungsstarker Komponenten.

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