Transaction volume in 9M/18 increased by 44.2 percent

Wirecard AG had an extremely successful third quarter and first nine months of the current 2018 fiscal year.

Transaction volumes processed through the Wirecard platform grew in the first nine months of 2018 by 44.2 percent to EUR 90.2 billion (9M/2017: EUR 62.5 billion).

In this period, consolidated revenues increased by 41.4 percent to EUR 1.4 billion (9M/2017: EUR 1.0 billion). In the first nine months, earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 38.0 percent to EUR 395.4 million (9M/2017: EUR 286.6 million).

In the third quarter of 2018, consolidated revenues for the Group increased by 34.8 percent to EUR 547.1 million (Q3/2017: EUR 405.9 million). EBITDA increased by 36.3 percent to EUR 150.1 million (Q3/2017: EUR 110.1 million).

Earnings after tax increased in the nine month period 2018 by 48.5 percent to EUR 250.2 million (9M/2017: EUR 168.5 million).

The cash flow from operating activities (adjusted) amounted to EUR 310.1 million. Free cash flow increased by 42.0 percent to EUR 257.3 million (9M/2017: EUR 181.2 million).

Wirecard CEO Dr. Markus Braun commented: "We expect strong business growth in both the fourth quarter of 2018 and also the coming 2019 fiscal year."

In view of the strong business performance, the Management Board has increased its EBITDA forecast for the 2018 fiscal year to between EUR 550 million and EUR 570 million (previously EUR 530 million to EUR 560 million).

The Q3/9M 2018 Interim Report as of 30 September 2018 is available on the company’s website at: ir.wirecard.com/financialreports

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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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DEUTZ AG: Saarbrücken Regional Court orders Neue Halberg Guss GmbH to resume supply to DEUTZ AG immediately

Resounding success for DEUTZ in injunction proceedings Dr Frank Hiller, Chairman of the Board of Management: "The madness has come to an end." Planning certainty for employees and customers of DEUTZ AG.

At the request of DEUTZ AG, the Saarbrücken Regional Court today ruled that Neue Halberg Guss GmbH (NHG) must resume supplying cast parts to DEUTZ AG as contractually agreed with immediate effect. The decision, issued in the form of a mandatory injunction Leistungsverfügung, provides DEUTZ AG with security of supply in respect of crankcases and cylinder heads. The injunction is initially valid until the end of the year. Should it be necessary in the future, DEUTZ AG will not hesitate to use all legal means at its disposal to ensure it is able to maintain a reliable supply to its customers.

"The madness has come to an end. NHG will finally have to meet its commitments. This is a breakthrough for DEUTZ AG and our customers," said Dr Frank Hiller, Chairman of the Board of Management of DEUTZ AG, welcoming the decision. "We now have planning certainty – that’s the most important thing."

DEUTZ AG felt it had no option but to apply for an interim injunction when NHG, its partner of many years, demanded significant price increases, one-off payments amounting to millions of euros and firm purchase commitments in return for continuing to supply the parts, even though a valid contract was still in force and there was no legal basis for making such demands.

The court’s decision confirms our view that contracts must be honoured and, in a globalised world, suppliers must assume a special responsibility," commented Dr Frank Hiller.

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Immungenetics AG: Last Patient Last Visit (LPLV) reached in first part of the DrainAD Study, a Phase 2 trial for the early diagnosis and causative treatment of Alzheimer’s Disease (AD)

Immungenetics AG, a German based biopharmaceutical company focusing on novel treatments for unmet medical needs in the field of neurodegenerative, autoimmune diseases and aging, announced today that the last study visit of the last patient enrolled (Last Patient’s Last Visit, LPLV) occurred on 06 June 2018 in the first subgroup of DrainAD, a Phase II proof-of-concept study for the early diagnosis and causative therapy of Alzheimer’s Disease (AD).
The DrainAD study is structured in two parts aiming at the early detection and monitoring of AD by means of a blood test, as well as at developing a novel treatment for altering the course of the disease; a treatment that may halt or even reverse disease progression.
The completed subgroup of fourteen participants (seven patients with newly diagnosed early-to-mild dementia due to Alzheimer’s Disease and seven healthy volunteers) received a daily dosage of 26 mg of the drug thiethylperazine for four consecutive days. The investigation was conducted at the University of Göttingen under supervision of Prof. Jens Wiltfang. More than 150 blood samples were obtained and will be analyzed at five labs under different aspects.
Interim results for the primary endpoints safety and tolerability as well as efflux of amyloid beta peptides after drug administration are expected to be available in the third quarter of 2018. These findings will also serve to decide if a similar exercise with a 52 mg daily regimen is to be undertaken. Additional data mining will deliver further insights later this year.
"This is a significant milestone towards elucidating this novel angle of attack against this devastating disease.", commented Antonio Martinez Arbizu, CEO of Immungenetics. "We would like to thank all trial participants and medical professionals who helped executing step one of DrainAD, and are very much looking forward to share our results in a couple of months."
The new mechanism of action being investigated by DrainAD is the capability of thiethylperazine to activate so called ABC-transporters,  especially ABCC1 at the chosen dosage. ABC-transporters located at the blood-brain barrier are in charge of the export of toxic substances like beta amyloid species (ABeta) from the brain into the blood stream. This was demonstrated by Prof. Jens Pahnke (University of Rostock then, now University of Oslo) in transgenic AD-mice: treated with thiethylperazine, toxic ABeta was reduced by 70% within 25 days (1).
In a second, award winning research paper, Pahnke proved the ABC transporter hypothesis in a non-transgenic early AD mouse model. The article verified recent evidence that sporadic Alzheimer’s disease (AD), which counts for more than 98% of all cases, is not caused by an overproduction of the neurotoxic ABeta peptide but by its impaired clearance from the brain and that soluble ABeta species are the main scourge of the disease (2).

Science:
1) Krohn et al. 2011: "Cerebral amyloid-β proteostasis is regulated by the membrane transport protein ABCC1 in mice." J Clin Invest. 2011 Oct 3; 121(10): 3924-3931.
2) Krohn et al. 2015: "Accumulation of murine amyloid-β mimics early Alzheimer’s disease." Brain, 138(Pt8):2370-82.

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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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Barclaycard Deutschland-Chef Carsten Höltkemeyer wechselt als CFO zur Concardis Payment Group

Carsten Höltkemeyer übernimmt zum 01. Oktober 2018 als Chief Financial Officer (CFO) die Verantwortung für die Finanzen der Concardis Payment Group. Neben dem Group Controlling und Accounting wird er auch die Bereiche Risk Management und Treasury führen. Höltkemeyer wird sich bei der Concardis Group insbesondere der Integration der einzelnen Portfoliounternehmen und der Entwicklung der Gruppe zu einer gemeinsamen Wachstumsplattform widmen. Der 50-Jährige folgt auf Mark Freese, der seit Gründung der Gruppe im April 2018 als Interim CFO agierte.

Carsten Höltkemeyer verfügt über mehr als 20 Jahre Erfahrung in der Finanzindustrie. Zuletzt verantwortete er für rund zehn Jahre bei dem international tätigen Finanzinstitut Barclays Bank PLC die Entwicklung der Zweigniederlassung Barclaycard Deutschland als Chief Executive Officer (CEO). Vor seinem Einstieg bei Barclaycard war Höltkemeyer für die Royal Bank of Scotland (RBS) tätig. Dort leitete er von 2007 bis 2008 als CEO das Deutschlandgeschäft und von 2004 bis 2007 als CFO das Retailgeschäft der RBS in Europa. Erste berufliche Stationen folgten auf sein Studium der Wirtschaftswissenschaften bei der Wirtschaftsprüfungsgesellschaft PricewaterhouseCoopers und der Dresdner Bank.

„Die Steuerung der Profitabilität einer internationalen Unternehmensgruppe bedarf eines soliden Fundaments – insbesondere, wenn sie so ambitionierte Wachstumspläne verfolgt wie die Concardis Gruppe. Ich freue mich darauf, für die Concardis Payment Group diese Basis zu schaffen und die Führungsriege rund um Robert Hoffmann bei ihren künftigen Investitionsentscheidungen zu unterstützen“, sagt Höltkemeyer.

„Mit Carsten Höltkemeyer haben wir einen ausgewiesenen Finanzexperten mit enormer operativer Erfahrung in der Finanzindustrie für die Concardis Gruppe gewonnen. Ich freue mich sehr darauf, mit ihm die zunehmende Verzahnung unserer Portfoliounternehmen und die Transformation der Gruppe zu einem echten digitalen Payment-Champion in der DACH-Region voranzutreiben“, so Robert Hoffmann, CEO der Concardis Payment Group.

Die Concardis Payment Group vereint heute die Portfoliounternehmen Concardis GmbH, Cardtech GmbH, PCS GmbH, Simplepay GmbH, Ratepay GmbH und Mercury Processing Services International Ltd. Ein Zusammenschluss mit Nets A/S, einem Marktführer für digitale Bezahldienstleistungen in Nordeuropa, wurde im Juni 2018 bekanntgegeben und steht aktuell unter Vorbehalt der Zustimmung der zuständigen kartellrechtlichen Behörden. Der Abschluss der Fusion wird im vierten Quartal 2018 erwartet.

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Carsten Höltkemeyer, head of Barclaycard Deutschland, to become CFO of Concardis Payment Group

As of 1 October 2018, Carsten Höltkemeyer will become Chief Financial Officer (CFO) of Concardis Payment Group, thereby assuming responsibility for the financial aspects of the Group. In addition to Group controlling and accounting, he will also head the risk management and treasury divisions. Höltkemeyer will focus his efforts in particular on the integration of portfolio companies within the Concardis Group and on the development of a common Group growth platform. The 50-year-old will succeed Mark Freese, who has served as the interim CFO for the Group since its founding in April 2018.

Carsten Höltkemeyer has over 20 years of experience in the financial sector. Most recently, for nearly a decade, he was responsible for the development of Barclaycard Deutschland, the German subsidiary of Barclays Bank PLC, as its CEO. Before joining Barclaycard, Höltkemeyer worked for the Royal Bank of Scotland (RBS). There, he managed the German division from 2007 to 2008 as CEO and headed the European retail division of RBS from 2004 to 2007. After he completed his degree in economic sciences, his first career stops included the auditing firm PricewaterhouseCoopers as well as Dresdner Bank.

‘Controlling the profitability of an international corporate group requires a solid foundation – in particular if it has as ambitious growth plans as the Concardis Group. I look forward to creating this foundation for Concardis Payment Group and to supporting Robert Hoffmann and the management team in their future investment decisions,’ says Höltkemeyer.

‘In Carsten Höltkemeyer, the Concardis Group has gained a proven financial expert with significant operating experience in the financial sector. I am really looking forward to working with him to driving the increasing dovetailing of the portfolio companies and the transformation of the Group to a true digital payment champion in German-speaking Europe,’ says Robert Hoffmann, CEO of Concardis Payment Group.

Today Concardis Payment Group comprises the portfolio companies Concardis GmbH, Cardtech GmbH, PCS GmbH, Simplepay GmbH, Ratepay GmbH and Mercury Processing Services International Ltd. A merger with Nets A/S – a market leader in digital payment services in northern Europe – was announced in June 2018 and is currently under review and subject to approval of the responsible antitrust authorities. Completion of the merger is expected in the fourth quarter of 2018.

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censhare AG parts with CEO Dieter Reichert and CFO Stephan Wehselau

The separation takes place against the background of a different view of the company’s strategic orientation among three of the four main shareholders, and thus with the vast majority of shareholdings, as well as the Supervisory Board on the one hand, and Dieter Reichert and Stephan Wehselau on the other. “The strategic orientation was unclear, and the failures to meet targets in the last quarters were again significant and unacceptable”, Dr Anastassia Lauterbach, Chair of the Supervisory Board said, explaining the committee’s decision.

The Supervisory Board is convinced that Jürg Weber is an excellent interim solution, as he is familiar with the organization for over 10 years and has demonstrated a high level of strategic competence and leadership as Managing Director in building up the highly successful Swiss subsidiary. “I thank the Supervisory Board for the trust it has placed in me. The clear focus of our work in the coming months will be to place censhare’s core competencies at the center of our thoughts and actions.”

Like the founding shareholders, Robert Motzke and Walter Bauer, and the strategic investor, the Supervisory Board supports the company 100 percent and is firmly convinced of censhare’s successful future with its leading software solution, established customer relationships, committed employees and innovative strength. Together with the Executive Board, it will work with great confidence and commitment to shape this future.

The Supervisory Board expressly thanks Dieter Reichert and Stephan Wehselau for their many years of work. Since censhare AG was founded, Dieter Reichert in particular has worked tirelessly for the company as CEO and mastermind.

We wish both of them all the best for their future.

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Mit dieser Kooperation beschleunigen Startups doppelt

‚Mehr Geld und mehr Management‘ – so wollen der Startup-Finanzierungsmarktplatz AllVentures und Management Angels mit ihren Interim Managern künftig den Markteintritt junger Unternehmen beschleunigen. „Gerade Startups benötigen nach größeren Finanzierungsrunden neben ihren dynamischen Gründern auch erfahrene Manager für den weiteren Unternehmensaufbau“, begründet Joachim Schönke, Gründer von AllVentures die Zusammenarbeit. Künftig können die über AllVentures finanzierten Startups auf Interim Manager der Management Angels zurückgreifen – zum Vorteil der Startups und auch ihrer Investoren.

AllVentures listet für mittelständische Investoren innovative Startups aus nahezu allen Branchen, die Kapital zur Wachstumsfinanzierung suchen. Mit einem Startup-Finanzierungs-Suchvolumen von mehr als 1,2 Mrd. Euro und weit über 1.000 Startups ist AllVentures der größte Marktplatz, auf dem der Mittelstand passende Startups finden und ohne lange eigene Suche in diese investieren kann. Die Management Angels bieten mit ihrem Manager Pool von mehr als 7.000 erfahrenen Interim Managern eine schnelle Lösung zur Überbrückung kurzfristiger Management-Engpässe. Startups können sich damit ohne langwierige Personalsuche auf einen schnellen Markteintritt mit zunächst ‚geliehenem‘ Management konzentrieren.

Mit der Zusammenarbeit werden neben der Finanzierungssuche künftig auch die temporären Management-Lücken in den Startups ausgefüllt. Gerade bei der Markteinführung neuer Produkte und personell stark wachsenden Unternehmen erhöhen sich die Anforderungen an das Management nicht selten binnen weniger Monate. „Wir verstehen uns dabei als die zusätzliche Management-Unterstützung und bieten neben der Führungsrfahrung auch die nötige Fachkompetenz für die verschiedenen Gründerteams“ ergänzt Jerome Güls von den Management Angels.

Für Investoren werden Investitionen in Startups nun sicherer und berechenbarer. Mittelständische Investoren können sich sehr gezielt an genau den jungen Unternehmen beteiligen, die neben dem Gründer-Team auch auf die Erfahrung langjähriger Manager setzen.

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Treasury Metals Announces CEO Departure and Appointment of Interim CEO

Treasury Metals Inc. (TSX: TML) (“Treasury” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298263) today announces the departure of the President and Chief Executive Officer Chris Stewart. Chris has accepted an executive role with a global intermediate gold producer, and will leave Treasury to assume his new role in August. Chris presided over an active phase of permitting, exploration, and development at Treasury and built a team in Dryden which will continue progressing the Goliath gold project towards production.

Bob MacDonald, Vice President, Operations and Mark Wheeler, Project Director will continue in their roles with increased responsibilities and the Company will continue to focus on Federal mine permitting with the Canadian Environmental Assessment Agency, engineering and on the completion of the on-going resource expansion drilling program.

The Board has appointed Greg Ferron as Interim CEO. Mr. Ferron, currently VP of Corporate Development, has played a key role in the evolution of the Company.

Marc Henderson, Chairman commented, “On behalf of the entire team, we would like to extend our gratitude to Chris and wish him well in his future endeavors. The Board has full confidence in Greg, Bob, and Mark to continue to build on the successes of the Company and to execute the Goliath development plans on schedule. Greg has led our corporate development team for 6 years, and will provide leadership continuity to our staff, partners and key stakeholders. We are also thankful for the value that Bob brings as a 30-year engineer who led operations for Canadian success stories including Goldcorp’s Musselwhite and Cameco’s Saskatchewan operations.”

To view further details about the Goliath Gold Project, please visit the Company’s website at www.treasurymetals.com.

About Treasury Metals Inc.

Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “TML” and on the OTCQX® Best Market under the symbol TSRMF. Treasury Metals Inc.’s 100% owned Goliath Gold Project in northwestern Ontario is slated to become one of Canada’s next producing gold mines. With first-rate infrastructure currently in place and gold mineralization extending to surface, Treasury Metals plans on the initial development of an open pit gold mine to feed a 2,500 tonne per day processing plant with subsequent underground operations in the latter years of the mine life.

Follow us on Twitter @TreasuryMetals

Forward-looking Statements

This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Treasury Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

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