Treasury Metals Inc. Provides Update on the Audit of Flow-Through Financings by CRA

Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) (the “Company” – is providing additional information further to its 2017 year-end financial statements regarding notification by the Canada Revenue Agency (the “CRA”) of its determination in respect of the flow-through spending audit (the “Audit”) commenced by the CRA in December 2016  regarding certain expenditures incurred by the Company in the years 2012, 2013, and 2014 that were characterized by the Company as “Canadian Exploration Expenses” (“CEE”) for purposes of the Income Tax Act (Canada).  

Specifically, on March 7, 2018 the Company was advised by the CRA that the CRA had reclassified approximately $1.8 million of CEE to operating expenses, out of the total $12.5 million the Company raised through “flow-through share” offerings (within the meaning of such term in the Income Tax Act (Canada)) completed on December 6, 2011, September 21, 2012, May 1, 2013, and December 20, 2013 (the “Flow-Through Financings”) and  renounced to subscribers (the “Subscribers”) by the Company pursuant to the applicable subscription and renunciation agreements entered into with Subscribers.  The Company understands from the Part XII.6 assessment described below that a further approximately $2.2 million of CEE has been reclassified by the CRA to Canadian Development Expenses (“CDE”).  The CRA has advised the Company that a review of the financings completed prior to, or subsequent to, the Flow-Through Financings is not contemplated at this time.

In addition, pursuant to the Audit, the CRA has notified the Company that it is liable for Part XII.6 tax in the amount of $477,726 in connection with the shortfall from the disallowed CEE. The Company understands that this amount reflects a reclassification by the CRA of the approximately $4.0 million of CEE renounced to Subscribers in connection with the Flow-Through Financings to either operating expenses or CDE.

The Company disputes the CRA’s proposed recharacterizations of expenses from CEE to either CDE or operating expenses and consequently intends to object to such CRA determinations.


The Company raised the flow-through funds in the Flow-Through Financings to facilitate exploration of its Goliath Gold Project in northwestern Ontario. All of the funds raised pursuant to these Flow-Through Financings were expended by the Company on exploration and other ancillary activities in respect of the Goliath Gold Project and were subsequently renounced to Subscribers in accordance with the subscription and renunciation agreements entered into with Subscribers.

This reclassification, subject to the Company’s objection (as discussed above), could result in each Subscriber that claimed a deduction for such renounced CEE potentially being assessed with tax and interest owing on the disallowed amount, subject to the particulars of such assessment (if any) being dependent on the applicable tax rate and individual tax circumstances of each Subscriber. Pursuant to the terms of the subscription and renunciation agreements entered into by the Company and the Subscribers pursuant to the Flow-Through Financings, the Company has agreed to indemnify the Subscribers for certain amounts should the CRA reassess such Subscribers for tax attributable to the disallowed renunciation of CEE. The ultimate quantum of the Company’s liability with respect to this indemnification obligation cannot currently be accurately determined.

This press release and the accompanying material change report have been filed in connection with a continuous disclosure review conducted by the Ontario Securities Commission and it remedies the non-filing of this press release and accompanying material change report as of the date of receipt of the March 7, 2018 letter from the CRA.

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 have yet to occur, including those pertaining to the status and potential liability associated with the CRA audit are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. The Company 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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Caledonia Mining Corporation Plc Results for the Quarter ended 31 March 2018

Caledonia Mining Corporation Plc (“Caledonia” or the “Company” – ) announces its operating and financial results for the first quarter of 2018 (“Q1” or the “Quarter”).

Gold production in the Quarter was 12,924 ounces, marginally higher than the first quarter of 2017 and in-line with expectations.  Adjusted earnings per share of 40.1 cents were 51% higher than the corresponding figure in 2017, largely due to a higher realised gold price, and the increased export credit incentive. Operating cash flows for the Quarter were $7 million and the Company’s balance sheet remains strong with net cash of $13.4 million as at 31 March 2018.

Commenting on the results, Steve Curtis, Caledonia’s Chief Executive Officer said:

“The first quarter of 2018 was one of very strong cash generation at Blanket.  The business generated operating cash flows after tax of $7 million which supported capital investment in the mine of $5.2 million and an increase in our cash balance at the end of the quarter to $13.4 million. As we continue to grow production to our target of 80,000 ounces by 2021, maintain cost control and benefit from economies of scale we look forward to further increasing cash flows and earnings.

“Gold production was marginally higher in the Quarter compared to the first quarter of 2017 and was in-line with our expectations.  We expect that production will deliver the usual increase in the second half of the year as we see the benefit of the increased level of mine development in the first half of the year, which will improve our access to higher grade areas.

“Profits in the Quarter benefitted from an 8% increase in the average realised gold price and a 3% reduction in all-in sustaining costs to $832 per ounce which contributed to a 10% increase in gross profit and a 35% increase in net attributable profit. On mine costs were marginally higher at $687 per ounce due to various operational factors which we expect to be addressed as the Central Shaft project is commissioned in 2020. Profit and cash flow were also boosted by the Government of Zimbabwe increasing the Export Credit Incentive (“ECI”) from 2.5% to 10% of revenue with effect from 1 February 2018.

“Regrettably our safety performance during the quarter was marred by a fatal accident at the mine on the 23 February 2018. My fellow directors and I express our sincere condolences to the family and friends of the deceased. The Company has embarked upon renewed efforts in the business to improve our safety performance.

“The Central Shaft remains a key enabler of long term value of the business and I am pleased to report that the project is progressing on schedule and within budget and importantly, remains fully funded by operating cash flow. For our technical team to deliver production and a transformational project for the business is a significant achievement. Following the decision to extend the shaft sinking project in November of 2017 the shaft has now reached 30 Level (990 metres) and work has commenced on establishing the station on this level.

“The operating environment and the investment climate in Zimbabwe continue to improve with government showing very pleasing levels of support of the mining industry, including the increase in the ECI for gold producers.  The Zimbabwe gold sector offers exciting opportunities but is in need of significant capital investment. In March, the government enacted legislation which completely removed the requirement for gold producers to implement indigenisation which has created the opportunity for Caledonia to potentially increase its stake in the Blanket Mine subject to agreement with our local partners. We have been encouraged by the level of support that the new leadership has shown for the mining sector and the Zimbabwean economy in general and look forward to the opportunities that the improving macroeconomic environment in Zimbabwe is likely to present.

“We maintain our guidance of 55,000 to 59,000 ounces for the full year and earnings guidance of between 165 cents and 190 cents per share.”

Strategy and Outlook

Caledonia remains on track to achieve the production target of 80,000 ounces by 2021 at its Zimbabwean subsidiary, Blanket Mine. The Company’s strategic focus continues to be the implementation of the Investment Plan at Blanket, which was announced in November 2014 and is expected to extend the life of mine by providing access to deeper levels for production and further exploration.  Implementation of the Investment Plan remains on target in terms of timing and cost.  Caledonia’s board and management believe the successful implementation of the Investment Plan is in the best interests of all stakeholders because it is expected to result in increased production, reduced operating costs and greater flexibility to undertake further exploration and development, thereby safeguarding and enhancing Blanket’s long-term future.  Caledonia’s cash position is expected to improve as a result of the implementation of the Investment Plan; Caledonia will continue to assess new opportunities to invest surplus cash.

Dividend Policy

On 4 July 2017, following the consolidation on 26 June 2017 of the Company’s shares, the Company announced an increased quarterly dividend of 6.875 cents per share which was paid on 28 July 2017 and further quarterly dividends of the same amount were paid on 27 October 2017, 26 January 2018 and 27 April 2018. The dividend of 6.875 cents per share effectively maintains the dividend at the previous level of 1.375 cents per share, after adjusting for the effect of the one-for-five share consolidation. The quarterly dividend of 6.875 cents is Caledonia’s current dividend policy which it is envisaged will be maintained.

Following the implementation of indigenisation in September 2012, Caledonia owns 49 per cent of the Blanket Mine in Zimbabwe. Caledonia continues to consolidate Blanket and the operational and the financial information set out below is on a 100 per cent basis unless otherwise indicated.

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia’s current expectations, intentions, plans, and beliefs.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development.  This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.  Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.

Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations.  Shareholders are cautioned not to place undue reliance on forward-looking information.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur.  Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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Jenoptik got off to a good start in 2018

  • Group revenue grew by 16.0 percent to 189.9 million euros
  • EBITDA improved by 55.9 percent to 27.7 million euros, EBIT almost doubled to 20.8 million euros
  • Executive Board confirms 2018 guidance based on current business performance

“We made a good start into the new fiscal year, as planned. Over the first quarter of 2018 we continued the successful business development seen in prior quarters. With growth in all regions, each of our three business segments reported improved earnings,” says Dr. Stefan Traeger, President & CEO of JENOPTIK AG.

Revenue up by 16.0 percent, growth in all regions

Group revenue rose sharply to 189.9 million euros (prior year: 163.7 million euros). Growth was seen in the Optics & Life Science and Mobility segments thanks to continuing strong demand for optical systems for the semiconductor equipment industry and systems from the Healthcare & Industry area. Scheduled deliveries of toll monitoring pillars in the Traffic Solutions area also significantly contributed to revenue growth. This was reflected in particular in the increase in revenue in Germany. From a regional perspective, Jenoptik grew on all the international markets. Revenue in the two growth regions of the Americas and Asia/Pacific rose to 61.2 million euros (prior year: 56.6 million euros). In total, Jenoptik generated 67.8 percent abroad, once again more than two thirds of group revenue (prior year: 68.6 percent).

EBIT sharply up on the back of good business performance

Earnings before interest, taxes, depreciation and amortization (EBITDA) also increased by 55.9 percent to 27.7 million euros (prior year: 17.8 million euros). The EBITDA margin improved to 14.6 percent (prior year 10.9 percent). In the first three months of 2018, the operating result also outperformed the rise in revenue. At 20.8 million euros, EBIT was 88.7 percent up on the prior year (prior year: 11.0 million euros), with all three segments contributing to this growth. Higher revenue and significantly reduced administrative expenses were, among others, reasons for the noticeable improvement in earnings. In the prior year higher expenses in connection with the change on the Executive Board as well as unplanned development costs for the toll monitoring pillar affected the result. The EBIT margin improved from 6.7 to 11.0 percent.

Order intake lower than in prior year, solid order backlog and strong financial power

In the reporting period, the Jenoptik Group’s order intake, at 199.2 million euros, did not reach the high value seen in the prior year (prior year: 221.3 million euros), but exceeded the revenue of the quarter by 9.3 million euros. The book-to-bill ratio, that of order intake to revenue, came to 1.05, compared with 1.35 in the prior year. In the first quarter of 2017, Jenoptik had received several major contracts, particularly in the Defense & Civil Systems segment, which contributed to the sharp rise in order figures. At 453 million euros, the order backlog remained at the 2017 year-end level (31/12/2017: 453.5 million euros). There were also frame contracts (in part framework agreements with customers) worth 82.0 million euros (31/12/2017: 87.6 million euros).

Due to improved earnings and lower capital expenditure than in the prior year, the free cash flow rose to 13.3 million euros (prior year: 10.2 million euros).

Earnings up in all three segments

In the first three months of 2018, the Optics & Life Science segment generated revenue of 68.8 million euros, an increase of 16.6 percent (prior year: 59.0 million euros). This performance was driven by continuing strong demand for solutions for the semiconductor equipment industry and sales growth in the Healthcare & Industry area. Based on this good business development, EBIT improved significantly, by 45.1 percent to 14.1 million euros (prior year: 9.7 million euros). Over the three-month period, the segment thus increased its EBIT margin to 20.5 percent compared to the prior-year figure of 16.5 percent. The order intake grew by 12.9 percent to 87.1 million euros (prior year: 77.1 million euros). Set against revenue, this results in a book-to-bill ratio of 1.27 (prior year: 1.31). At the end of March 2018, the order backlog in the segment was worth 124.0 million euros (31/12/2017: 109.1 million euros).

In the first three months of 2018, revenue in the Mobility segment grew 31.9 percent on the prior-year quarter, to 72.3 million euros (prior year: million 54.8 million euros). Both areas, applications for the automotive industry and traffic safety technology, contributed to the successful performance. Scheduled deliveries of toll monitoring pillars significantly boosted growth. Due to the good development of revenue, the segment has now returned to stronger profitability, and posted EBIT of 6.1 million euros (prior year: 0.9 million euros). The EBIT margin consequently improved to 8.4 percent (prior year: 1.7 percent). As the order intake in the Mobility segment was below the level of revenue in the period covered by the report, the book-to-bill ratio reached a figure of 0.95 (prior year: 1.36). At 68.7 million euros, the order intake was down on the prior year predominantly due to the development in the Traffic Solutions area (prior year: 74.5 million euros). At the end of the first quarter, the order backlog was worth 140.7 million euros (31/12/2017: 144.7 million euros).

In the first three months, the Defense & Civil Systems segment generated revenue of 49.7 million euros, which as expected was at the prior-year level (prior year: 50.2 million euros). Despite this virtually unchanged revenue, EBIT rose slightly to 3.8 million euros (prior year: 3.2 million euros), primarily due to a more profitable product mix. The EBIT margin accordingly improved to 7.7 percent (prior year: 6.3 percent). At 44.1 million euros, the order intake was 36.8 percent lower than the prior-year figure of 69.8 million euros. Especially in the first quarter of 2017 Jenoptik had received several major orders. An improvement in the order intake is, however, expected in the further course of the year. The book-to-bill ratio fell to 0.89 from 1.39 in the prior year. The value of the order backlog consequently also declined, by 11.6 million euros to 191.0 million euros (31/12/2017: 202.6 million euros).

2018 guidance confirmed

Following the expected good business performance in the first quarter of 2018, the Executive Board has confirmed its guidance for the current fiscal year. Alongside a current high level of demand from the semiconductor equipment industry, deliveries of toll monitoring pillars will be made mainly in the first half-year 2018. For the full year, the Executive Board is therefore still expecting revenue growth to between 790 and 810 million euros. In fiscal year 2018 the EBIT margin is projected to be in a range between 10.5 to 11.0 percent, the EBITDA margin between 14.5 and 15.0 percent.

The Interim Report is available in the “Investors/Reports and Presentations” section of the website. The “Jenoptik app” can be used to view the Quarterly Report on mobile devices running iOS or Android. Images for download can be found in the Jenoptik image database in the “Current Events/Financial Reports” gallery.

This announcement can contain forward-looking statements that are based on current expectations and certain assumptions of the management of the Jenoptik Group. A variety of known and unknown risks, uncertainties and other factors can cause the actual results, the financial situation, the development or the performance of the company to be materially different from the announced forward-looking statements. Such factors can be, among others, changes in currency exchange rates and interest rates, the introduction of competing products or the change of the business strategy. The company does not assume any obligation to update such forward-looking statements in the light of future developments.

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Rheinmetall: Profitable growth at Automotive


  • Group Q1 sales down slightly at €1.260 billion, influenced by currency effects – operating margin remains steady
  • Group operating profit for the first quarter of 2018 came to €47 million
  • Sales at Automotive grew by 2% to €751 million, with profitability increasing to 8.6%
  • Incoming orders at Defence surged from €391 million to €857 million
  • Group order backlog over €7 billion
  • Guidance for FY 2018 confirmed

Rheinmetall AG began the new financial year with the points set in important procurement programs and a significant increase in order intake. Group growth in the first quarter of 2018 was slower than a year earlier due to supply chain issues and delivery postponements at customer request in Defence.

The Düsseldorf, Germany-based high-tech enterprise confirms its March guidance for fiscal year 2018, and remains on course to achieve sales growth of between 8% and 9%, with an operating margin of around 7%.

As Armin Papperger, chairman of the executive board of Rheinmetall AG, explains, “Our Defence unit’s somewhat weaker start in the new financial year was due first and foremost to projects being delayed by customers for various reasons until the second quarter. In the meantime, though, it’s full speed ahead again, and we’re sticking to our goals for Rheinmetall AG for the current financial year. The points are set for further growth. In light of the massive catching up the armed forces have to do when it comes to procurement, we see excellent opportunities for Defence – both at home and abroad.

Turning in a compelling performance, our Automotive unit continues to generate strong profits and to grow faster than the market. Thanks to our future-oriented technologies, optimized cost structures and global production and distribution network, we’re now extremely well positioned to produce continued profitable growth. Moreover, at Automotive we’re currently expanding our range to include electro-mobility products, underscoring our role as a leading automotive parts supplier.”

Rheinmetall AG posted Group sales of €1.260 billion for the first quarter of 2018, compared to €1.349 billion for the same quarter the previous year. This decline of €89 million – or 6.6% – was due entirely to weaker first quarter sales growth at Defence. Adjusted for currency effects, Group sales trailed the previous year’s figure by 3.7%.

Owing to lower sales, EBIT declined from €50 million last year to €47 million. At Group level, however, operating profit margin remained unchanged at 3.7%.

The first quarter witnessed a sharp increase in order intake at Group level, which rose to €1.599 billion. This represents an increase of 40% compared to the first quarter of the previous year, which came to €1.146 billion. At 31 March 2018, the order backlog was €7.251 billion, up from €6.877 billion a year earlier.

Automotive sees growth in all divisions, with a further increase in profitability

In the first quarter of 2018, Rheinmetall Automotive was able to build on its strong showing in 2017. The unit generated sales of €751 million, topping the previous year’s figure – €737 million – by 2%. Adjusted for currency effects, the increase was 5%, significantly outpacing the rate of production growth in the global automobile industry. The number of light vehicles (i.e. under 6t) produced in the first quarter of 2018 declined by 0.7%, though output for the entire year is still expected to grow by 1.9%.

The unit’s operating profit rose by €3 million or 5% to €65 million. Accordingly, profitability increased once again to 8.6% in the first quarter of 2018, up from 8.4% a year earlier.

All three divisions succeeded in increasing their sales and earnings, resulting in a slightly better EBIT margin.

The demand from carmakers for solutions for reduced emissions continues unabated, meaning that sales of the Mechatronics division in the first quarter of 2018 rose slightly to €429 million, an increase of 1%. Operating profit rose from €43 million to €44 million.

At €254 million, Hardparts division sales during the first quarter of 2018 were up by 2% compared to the same period last year. The division’s operating profit improved by 6% to €18 million.

The year got off to an exceptionally successful start for the Aftermarket division. Turnover increased by 11% to €92 million, largely due to sales of the Group’s own Kolbenschmidt and Pierburg brand products. Operating profit was up as well, rising from €7 million last year to €8 million in the first quarter of 2018.

Not included in Automotive’s sales figures, Rheinmetall’s joint venture companies in China once again posted increased revenue in local currency, despite a 3% contraction in the market in the first quarter of 2018.

However, the exchange rate had a distinctly negative impact on earnings. Once the currency effects are taken into account, sales for the first quarter of 2018 remained unchanged from the previous year’s figure at €218 million. Operating profit rose from €16 million last year to €17 million in the first quarter of 2018.

Defence: Fresh orders set the stage for future growth

At €509 million, first quarter sales at Defence fell by €103 million or 17% from the previous year’s comparatively high figure of €612 million. Adjusted for currency effects, the decline amounts to 14%. To a substantial degree, this was due to the postponement of individual deliveries.

Compared to last year, EBIT declined from -€10 million to -€13 million.

Incoming orders more than doubled in the first three months of 2018, laying the groundwork for robust future growth at Rheinmetall Defence. Large-volume contracts pushed order intake up to €857 million, an increase of €466 million compared to last year’s figure (2017: 391 million).

As a result, Defence’s order backlog rose to €6.740 billion, up from €6.402 billion a year earlier.

Compared to the robust figure achieved in the first quarter of 2017, sales of the Weapon and Ammunition division fell by €52 million to €139 million. Delayed export licences due to the slow formation of a new German government and delivery postponements requested by customers put a significant damper on sales during the first quarter on 2018. At the same time, however, the volume of incoming orders at the division nearly tripled from €207 million last year to €617 million. Operating profit for the first quarter of 2018 came to -€19 million, following a balanced result the previous year.

During the first three months of the year, the Vehicle Systems division continued to expand its international footprint, reaching major milestones in two globally significant procurement projects. Final negotiations are now underway in Australia on the delivery of over 200 Boxer vehicles. Just recently, the United Kingdom announced that it would be re-joining the European Boxer procurement programme.

Compared to the previous year’s figure, the division’s sales for the period under review were lower due to delayed truck deliveries resulting from capacity problems in the supply chain. Sales contracted to €297 million compared to €350 million a year earlier. Thanks to a favourable product mix and lower costs, operating profit improved to €11 million.

At €126 million, sales of the Electronic Solutions division missed the previous year’s total by €12 million; on the other hand, operating profit improved from -€4 million to -€1 million. Among other things, this stronger result is due to cost savings.


Sales will continue to grow in both units of the Group

Rheinmetall expects to see growth in the Group continue during the current financial year. Rheinmetall AG’s annual sales are set to rise organically by 8% to 9% in the current fiscal year based on €5.9 billion in 2017. Both components of the Group are expected to contribute to sales growth.

At Automotive, business trends in major markets in Europe, North and South America and Asia will have a decisive influence on sales. Based on current expert forecasts for automobile production in 2018, which point to a growth rate of around 2%, Rheinmetall expects sales at Automotive to expand by 3% or 4% this year.

For Defence, Rheinmetall is projecting an increase in sales of 12% to 14% for the 2018 financial year. Just as in the preceding year, the relatively high existing order backlog underpins this sales forecast to a large degree.

The guidance is based on the assumption that exchange rates will not change materially from their current level for the remainder of the 2018 financial year.

Further improvement in earnings expected for the 2018 financial year

Given steady economic growth, Rheinmetall expects to see an absolute improvement in operating profit at Automotive for the 2018 financial year, with an EBIT margin of around 8.5%. At Defence as well, Rheinmetall anticipates a further improvement in operating profit in 2018, with an operating margin in the region 6.0% to 6.5%.

For the Rheinmetall Group as a whole – taking into account holding company costs and factoring in expenditure on developing and marketing new technologies in the low double-digit euro millions, the operating margin will be around 7%.

Forward-looking statements and forecasts

This press release contains forward-looking statements. These statements are based on Rheinmetall AG’s current estimates and forecasts and the information available at the time. Forward-looking statements should not be understood as a guarantee of the future developments and results mentioned in this press release. Rather, they depend on a number of factors, involve various risks and imponderables, and are based on assumptions that may not prove to be accurate. Rheinmetall is under no obligation to update the forward-looking statements made in this press release.

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Bacula Enterprise Edition 10 Addresses Cloud Service Providers with New Business-Oriented Backup and Recovery


Bacula Systems announces Enterprise Edition 10 with new self-service backup for hosting companies, Backup as a Service and large IT Organizations

Introduces native integration for both Xen and Proxmox; boasts broadest compatibility with virtual environments while reducing data centers exposure to costs

Continuing to lead in high performance backup and restore for large enterprises and managed services providers, Bacula Systems today announced Bacula Enterprise Edition 10, featuring BCloud Service, a user-oriented front-end designed to safely delegate simple and restricted backup administrator tasks to an end user. This new feature, combined with unique cloud management tools, provides hosting companies and data centers with a unique range of tools to reduce costs, generate more revenue and operate more efficiently.

Bacula Enterprise Edition 10 also includes significant extensions to its VM Performance Backup Suite, with native integration of Xen and Proxmox added to its existing Hyper V, KVM and VMware capabilities, making it the most broadly compatible, scalable backup solution in the industry for virtual environments.

“Today’s announcement makes Bacula one of the most productive, flexible, broadly compatible backup and restore solutions available in the industry today. Not only MSPs, but all large organizations can deploy this solution for their entire physical virtual and Cloud environments regardless of architecture – all from a single platform” said Frank Barker, CEO, Bacula Systems.

Bacula Systems customers include NASA, Texas A&M University, Swisscom, Sky and many more.

The main features of Bacula Enterprise Edition 10 are:

  • BCloud Service, for MSPs to enable their own customers to easily create and manage their own backup jobs, restore files, do LDAP authentication and much more.
  • Expanded REST API for MSPs to allow high levels of customization
  • Maximum Pool Bytes tool to set parameters for BCloud Service users
  • Integration of Xen into Bacula’s VM Backup Performance Suite
  • Integration of Proxmox into Bacula’s VM Backup Performance Suite
  • Advanced functionality with Databases MSSQL, MySQL, SAP HANA, PostgreSQL, Oracle, SQLite and Exchange
  • Granular control over data that needs to be restored from the cloud, significantly reducing operational exposure to cloud costs and boosting business agility
  • Faster backup and restores to and from the cloud, at the lowest cost

"MSPs, Cloud providers and hosting companies need software that helps their business, unlike the legacy vendors’ unrealistic charges based on outdated licensing models. Bacula offers a more modern pricing structure that both limits costs and increases the predictability of costs, combined with features that are more relevant to their needs” said Aristide Caraccio, VP of Sales and Marketing at Bacula Systems.

Download Bacula Enterprise Edition for a free evaluation:

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Apps for All: Airtime Pro and Nobex Partners Join Forces to Help More Radio DJs Go Mobile

Airtime Pro (, the award winning internet radio broadcasting automation platform, and Nobex Partners, the provider of customizable mobile applications for radio broadcasters and podcasters, announced a partnership today. Nobex has been selected as the exclusive mobile app provider for Airtime Pro, bringing this long awaited feature to all Airtime Pro station owners. This partnership delivers Airtime Pro broadcasters highly personalized, engaging and monetizable mobile applications for their online radio stations and podcasts.

Why do internet DJs choose Airtime Pro? Our cloud-based radio station broadcasting software boasts a long list of industry-leading features, including advanced automation, DJ management, seamless transitions between live and scheduled programming, and social media widgets. Airtime Pro offers advanced technology that’s also fun to use, supporting broadcasters in their pursuit of delivering premium radio content.

Nobex mobile applications offers broadcasters a fully customized mobile app experience, from programming, to branding. In addition, broadcasters can earn revenue with the Nobex mobile app’s advertising feature.

The combination of Airtime Pro’s powerful broadcast automation technology with Nobex’s robust, fully-customizable mobile apps offers an instant mobile win for broadcasters. With mobile apps for all, broadcasters can streamline management of their online stations, easily monetize their content, and most of all, deliver an unparalleled experience to their listening audience.

Aleksandar Brajanoski, Airtime Pro Product Manager, says:
“We’re extremely happy to have Nobex by our side. Thanks to this partnership, we are now able to meet the huge demand for a customizable Station App in our client base. Furthermore, Nobex gives our DJs and station owners opportunity to monetize their stations, which comes as a nice bonus. We decided to go with Nobex because we think they have the best offering in the station app market.”

Cait Watson, VP Customer Success, Nobex Technologies, says:
“We’re really looking forward to helping Airtime Pro users get their own custom mobile apps. Setting up their station with Airtime Pro was easy, we want to make setting up their mobile app just as easy.”

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Boost in demand for 3D inspection of smartphones: New major order and current portfolio additions generate additional business impulses

ISRA VISION AG (ISIN: DE 0005488100), one of the world’s top companies for industrial image processing (Machine Vision) as well as globally leading in surface inspection of web materials and 3D machine vision applications, has received a major order from an internationally leading manufacturer for the 3D inspection of smartphone housings. The order totals to a volume of approx. 4 million euros.

As smartphones are high-value items always in the consumers’ direct line of vision, manufacturers and users place highest demands on their aesthetic appearance. However, due to their reflective surfaces, they pose a very complex challenge in optical inspections. ISRA’s multi-camera system, based on deflectometry, enables reliable, complete quality inspection of shiny and reflective surfaces with accuracies in the micrometer range. This unique feature forms the basis for the newly registered order.

Quality assurance for the smartphone production segment involves a wide range of activities. ISRA is expanding its portfolio with a new inspection application that focuses on curved edges and profiles, allowing ISRA’s expertise in 3D measurement technology to shine. This enhanced, automated inspection solution checks not only the quality of reflective surfaces but also curved profiles with reliability and also allows inspection of the latest rounded-edge display and cover glass designs. The exciting commercial development was recently presented with success to an international smartphone manufacturer. The customer was very impressed with the innovation. Management is expecting the first orders to arrive within the current financial year. ISRA will introduce the system at trade shows around the world in the next few weeks.

With a robust order position and liquidity, ISRA has gotten off to a great start in the new 2017/2018 financial year. The company continues to focus its strategic and operational planning on expanding the corporate infrastructure in all company areas as it prepares for the next revenue dimension of beyond 200 million euros. For the current financial year, management plans further revenue growth in the low double digit range with profit margins at least stable on  their current high levels.

Further information is available at

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Meyer Burger awarded contract for about CHF 16 million from an existing Asian customer for its MAiA® and FABiA® cell coating equipment

Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) today announced the successful conclusion of a repeat order for its high performance MAiA® platform and the first industrial order for its integrated FABiA® system from a major Asian customer. The MAiA® and the FABiA® both deliver an impressive throughput of over 4,800 wafers per hour for the mass production scalable MB PERC technology.

A global leader in the PV industry, the customer has chosen the industrialized MAiA® 4.1 for rear-side cell passivation coating to drive the expansion of its production of high quality PERC solar cells at its manufacturing location in Malaysia.

The customer has also selected Meyer Burger’s fully integrated FABiA® 4.1 for its production site in China. The innovative FABiA® delivers both front- and rear-side cell passivation in a single platform which significantly decreases production complexity while reducing the overall manufacturing footprint by more than 30%. The FABiA® 4.1 is based on Meyer Burger’s proven inline cell coating technology and delivers the lowest total cost of ownership for manufacturers of high efficiency PERC solar cells in the PV industry today.

The contract volume is about CHF 16 million with equipment delivery scheduled to begin in the third quarter and revenue recognition expected in the final quarter of 2018.


This press release may contain “forward-looking statements”, such as guidance, expectations, plans, intentions, or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this press release are based on data available to Meyer Burger Technology Ltd as of the date that this press release is published. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

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ISRA expands market position with technology offensive for display glass inspection

ISRA VISION AG (ISIN: DE 0005488100), one of the world’s top companies for industrial image processing (Machine Vision) as well as globally leading in surface inspection of web materials and 3D machine vision applications, sees its expanded R&D activities in the area of display glass confirmed by another major order for thin glass inspection.

A new order with a volume of around 3.5 million euros includes a combined solution with surface inspection and 3D deflectometry, which covers all process steps for thin glass production up to delivery and underscores the current customer demand for these technologies.

ISRA is continually reinforcing its own technological base with new and upgraded systems, new inspection innovations, embedded technologies and intelligent INDUSTRIE 4.0 architectures. Thanks to strategic investments in the display inspection product family, ISRA is now able to offer a custom portfolio for the automated quality assurance of thin glass and reflective surfaces. These inspection systems are ready to reliably meet the high quality standards for the production of state-of-the-art thin glass for display applications. A global increase in demand for display glass components has made quality assurance for these products a strategic growth market with attractive future potential, especially in the production centers in China, Taiwan, and Korea.

With a robust order position, ISRA has gotten off to a dynamic start in the new 2017 / 2018 financial year. The company continues to focus its strategic and operational planning on expanding the corporate infrastructure in all company areas as it prepares for the next revenue dimension of beyond 200 million euros. For the current financial year, management plans further revenue growth in the low double digit range with profit margins at least stable on their current high levels.


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Osisko Closes Financing on Victoria Gold’s Eagle Gold Project

Osisko Gold Royalties Ltd (TSX & NYSE:OR) (“Osisko” – is pleased to announce that it has completed the previously announced C$148 million financing transaction (the “Financing”) with Victoria Gold Corp. (TSX-V:VIT) (“Victoria”), pursuant to which Osisko acquired from Victoria a 5% net smelter return (“NSR”) royalty (the “Royalty”) for C$98 million (the “Royalty Purchase”) on the Dublin Gulch property (the “Property”) which hosts the Eagle Gold project located in Yukon, Canada, and purchased from Victoria, on a private placement basis, 100 million common shares of Victoria at a price of C$0.50 per common share (the “Private Placement”).

Sean Roosen, Chair and Chief Executive Officer of Osisko, commenting on the transaction, “The addition of the Eagle royalty strengthens our Canadian asset base and adds near-term Canadian gold to Osisko’s growth profile from a fully permitted, fully-financed and shovel-ready project located in Yukon, a premier mining jurisdiction. We are very pleased to partner with Victoria to develop Canada’s next premier gold mine, and to generate important benefits for all project stakeholders.”

The Royalty Purchase

As part of the transaction, Osisko has purchased a 5% NSR royalty on all metals and minerals produced from the Property, which includes the Eagle and Olive deposits, until an aggregate of 97,500 ounces of refined gold have been delivered to Osisko, and a 3% NSR royalty thereafter. The purchase price for the royalty is an aggregate of C$98 million, of which a first tranche of C$49 million was advanced as of the date hereof, and the second tranche of C$49 million will be funded pro rata to drawdowns under the subordinated debt component of the Orion debt facilities.

The Private Placement

As part of the Private Placement, Osisko has purchased 100 million common shares of Victoria at a price of C$0.50 per common share.

Immediately prior to the closing of the Private Placement, Osisko had beneficial ownership of, or control and direction over, 20,427,087 common shares of Victoria, representing approximately 4.0% of Victoria’s issued and outstanding common shares. Immediately following the closing of the Private Placement, Osisko owns beneficial ownership of, or control and direction over 120,427,087 common shares, representing approximately 15.7% of Victoria’s issued and outstanding common shares. All securities issued to Osisko under the Private Placement are subject to a four-month hold period from the date hereof, pursuant to applicable securities legislation. Additionally, in connection with the Financing, Osisko has obtained the right to nominate one of the members of Victoria’s board of directors.

Osisko acquired the common shares described in this press release for investment purposes and in accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Victoria Gold in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Victoria and other relevant factors.

This news release is issued under the early warning provisions of the Canadian securities legislation. A copy of the early warning report to be filed by Osisko in connection with the Private Placement described above will be available on SEDAR under Victoria’s profile. To obtain a copy of the early warning report, you may also contact Vincent Metcalfe, Vice President, Investor Relations of Osisko at (514) 940-0670. Victoria’s head office is located at 80 Richmond St. West, Suite 303, Toronto, Ontario, M5H 2A4.

In connection with the Financing, Victoria has also entered into, as of the date hereof, definitive and binding agreements with an affiliate of Orion Mine Finance (“Orion”), pursuant to which Orion has agreed to provide debt facilities to Victoria, and has purchased from Victoria, on a private placement basis, 150 million common shares of Victoria at a price of C$0.50 per common share. Victoria has also entered into definitive agreements with Caterpillar Financial Services Limited with respect to a US$50 million equipment financing facility. All of such agreements were entered into with respect to a construction financing package totaling approximately C$505 million in aggregate (including the Financing) that is expected to fully fund the development of the Project through to commercial production.

The Dublin Gulch Property and the Eagle Gold Project

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometres north of the capital city of Whitehorse, and approximately 85 kilometres from the village of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.

The Property covers an area of approximately 555 square kilometres, and is the site of Victoria’s Eagle Gold Deposit. The Eagle Gold mine is expected to be Yukon’s next operating gold mine and, between the Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the “Inferred” category.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by five cornerstone assets, including a 5% net smelter return 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 15.5% interest in Osisko Mining Inc., a 12.7% interest in Falco Resources Ltd. and a 32.6% interest in Barkerville Gold Mines Ltd.

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 Statement

Certain statements contained in this press release may be deemed “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian Securities Laws and the United States Private Securities Litigation Reform Act of 1995 (collectively, the “forward-looking statements”). All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward-looking statements. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (Including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, the performance of the assets of Osisko, the realization of the anticipated benefits deriving from its investments and the transaction with Victoria. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by Osisko (gold and silver); fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty or other interest are located or through which they are held; risks related to the operators of the properties in which Osisko holds a royalty, influence of macroeconomic developments; business opportunities that become available to, or are pursued by Osisko; continued availability of capital and financing and general economic, market or business conditions; litigation; title, permit or license disputes related to interests on any of the properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties, delays or adverse climatic conditions on any of the properties in which Osisko holds a royalty or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which Osisko holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

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