The Top 30 Global Retailers Revealed in Internationalisation Retail Index

The Internationalisation Retail Index from Loqate, which was created in partnership with Planet Retail RNG, Retail Week and The World Retail Congress, deciphers the demands of today’s digital savvy consumer and analyses the strategies executed to increase the top 30’s international appeal.

As globalisation and cross-border expansion in retail becomes increasingly prominent features in the digital age, businesses are adapting their strategies to take advantage of international opportunities.

While it’s unsurprising to see retail royalty Amazon featured in the top 30, there are a refreshing number of challenger brands hot on its heels. Boohoo, Topshop and Zalando appear high up the rankings – particularly surprising when compared with the placing of colossal retailers from the US such as Walmart and Walgreens Boots Alliance, as well as the UK’s biggest retailer, Tesco.

In the index, one of the main principles the ranking is based on is how retailers serve their international customers outside their home country. Do they offer a website in different languages and can customers simply select their currency? But it’s also important how retailers communicate with customers and if they identify special needs in different regions. How interactive are these retailers acting with their customers, i. e. do they offer apps or mobile optimised websites? Do they offer a multichannel platform? How do they support customers during the order process, i. e. completing their address automatically?

Besides the surprising names already mentioned above, in Europe the top online retailer are for example asos, a fashion retailer with headquarter in the UK. Zooplus, trading with pet food and everything around pets with headquarter in Germany. Sephora, a French retailer for cosmetics. And HelloFresh, a subscription based food delivery service for self-cooking from Germany.

Steffen Preuschoff, VP Sales Europe at Loqate, a GBG solution commented: “HelloFresh is one of the most impressive brands in the index. The company was found in 2011 and delivered in 2017 goods and services to three different continents. To grow to an international company, competing against Amazons food delivery service, has only been possible through ongoing investments in Marketing, Logistics and HR. A seamless customer experience and regional specifications give HelloFresh this great success. Today, HelloFresh has over 2,000 employees worldwide and over 900 Million revenue turnaround in 2017. Although the Retail Index from Loqate is not based on revenue and size of the business, this numbers make clear how well HelloFresh serves customers and how good they understand customer needs – always keeping in mind the business is only 7 years old and already part of the stock market.”

All businesses in the Retail Index are great examples for international expansion and cross border delivery. In times where national eCommerce in Western European countries is nearly covered, international markets are perfect for continuous growth. Customers love variety and are more opened than ever for international retailers. In the European Ecommerce Report 2017 from the Ecommerce Foundation it says that in 2016 only 18% of all companies in Europe sold their goods and services online, whereas over 70% had a website. 33% of all Europeans bought abroad in 2016. And more than 25% of purchases in Europe are cross border purchases, with most cross border purchases in Luxembourg (74%), Russia (62%) and Switzerland (61%).

If you’re interested in speaking to someone from Loqate about how retailers can successfully expand internationally, how retailers can tailor their location services to different markets or how they compete with the top retailers, please contact for more information. The full index is available on

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First half-year 2018: Jenoptik increases revenue and significantly improves earnings; outlook for the full year raised

“The development of our Group’s business has been very pleasing. All segments contributed to growth in the first half-year. Demand remains buoyant in our key markets. On this basis, and with the successful acquisition of Prodomax Automation in Canada as well as the initial steps taken to reorganize our business in Asia, we look into the second half-year with a lot of confidence. Therefore, we raised our revenue guidance to between 805 and 820 million euros in July. The management now also raises 2018 profit targets for the combined businesses to around 15 percent EBITDA margin and around 11 percent EBIT margin on the higher revenue, including purchase price allocation impacts,” says Stefan Traeger, President & CEO of the Executive Board of JENOPTIK AG.

Revenue up 10.4 percent; strong growth particularly in Germany

In the first six months, group revenue rose by 10.4 percent, to 384.7 million euros (prior year: 348.4 million euros). This increase was due to continuing good demand for optical systems for the semiconductor equipment industry, as well as for systems from the Healthcare & Industry area. The traffic safety area also significantly helped to boost growth in Germany – thanks to deliveries of toll monitoring systems.

In the German market, revenue increased by a total of 27.4 percent to 125.5 million euros (prior year: 98.6 million euros). A strong revenue increase of 15.7 percent was also achieved in Europe. In total, the share of revenue generated abroad came to 67.4 percent, compared with 71.7 percent in the prior year.

Sharp rise in earnings due to good business development in all segments

In the first half-year 2018, EBIT improved at a markedly faster rate than revenue. At 42.8 million euros, the operating result was 46.1 percent up on the prior year (prior year: 29.3 million euros). In addition to revenue growth, this is primarily attributable to a more favorable product mix and a relatively low increase in functional costs. All of the Group’s segments contributed to this good performance. The EBIT margin of 11.1 percent was significantly higher than in the prior year (prior year: 8.4 percent). EBITDA grew by 31.4 percent to 56.3 million euros (prior year: 42.8 million euros).

Solid order book and strong financial power

Order intake grew by 7.2 percent to 197.9 million euros in the second quarter (prior year: 184.7 million euros). In the first six months of the fiscal year, the order intake came to 397.2 million euros, 2.0 percent lower than in the prior year (prior year: 405.3 million euros), but exceeded revenue in the reporting period. The book-to-bill ratio, that of order intake to revenue, came to 1.03 in the first half-year, compared with 1.16 in the prior year. As of the balance sheet date, the order backlog was worth 454.7 million euros, practically unchanged from year-end 2017 (31/12/2017: 453.5 million euros).

In the first half-year, the free cash flow increased to 28.8 million euros (prior year: 22.1 million euros). The equity ratio, at 59.4 percent, remained at the same good level as at year-end 2017 (31/12/2017: 59.6 percent). In addition, despite a higher dividend payment, the Group remained net debt free at the end of the reporting period, at minus 65.3 million euros (31/12/2017: minus 69.0 million euros).

Revenue growth and improved earnings in all group segments

The Optics & Life Science segment posted a strong increase in revenue of 11.7 percent to 139.5 million euros (prior year: 124.9 million euros) in the first six months of 2018. As in the prior quarters, this development was driven by a continuation of healthy business with solutions for the semiconductor equipment industry and a very positive development in the Healthcare & Industry area. EBIT improved significantly due to a positive product mix and good capacity utilization, by 28.3 percent to 28.7 million euros (prior year: 22.4 million euros). Over the first half-year, the segment thus increased its EBIT margin to 20.6 percent compared to the prior year (prior year: 17.9 percent). The order intake grew 5.7 percent to a value of 157.5 million euros (prior year: 149.1 million euros). Set against revenue, this resulted in a book-to-bill ratio of 1.13 (prior year: 1.19).

Revenue in the Mobility segment saw a year-on-year increase of 17.6 percent in the first six months of 2018, to 138.5 million euros (prior year: 117.8 million euros). Both areas, systems and machines for the automotive industry and traffic safety technology, showed successful growth, in particular due to deliveries of toll monitoring systems. On the basis of a good revenue development, the segment, as expected, again significantly improved the quality of earnings in the first six months, with EBIT of 11.8 million euros (prior year: 2.4 million euros). The EBIT margin rose to 8.6 percent (prior year: 2.0 percent). The order intake in the Mobility segment was slightly down on the prior year, at 140.2 million euros, due to weaker growth in the Traffic Solutions area (prior year: 144.4 million euros), while the business with the automotive industry was further expanded. In the first six months of 2018, the book-to-bill ratio reached a figure of 1.01 (prior year: 1.23).

In the first half-year, the Defense & Civil Systems segment generated revenue of 108.2 million euros (prior year: 105.4 million euros), an increase of 2.7 percent. EBIT improved by 5.7 percent, from 9.0 million euros in the prior year, to 9.5 million euros, in part due to a more profitable product mix. Over the reporting period, the EBIT margin consequently increased to 8.8 percent (prior year: 8.5 percent). At 100.4 million euros, the order intake was 10.2 percent down on the prior year (prior year: 111.8 million euros). In the first quarter 2017 Jenoptik had received several major orders for energy and sensor systems. As expected, however, the order intake rose by 34.1 percent to 56.3 million euros in the second quarter 2018 compared with the same quarter in the prior year (Q2/2017: 42.0 million euro). The book-to-bill ratio in the first six months of 2018 accordingly fell to 0.93, compared with 1.06 in the prior year.

Following an increase in revenue guidance, the Executive Board now also sets higher profit targets for 2018

With closing in July, Jenoptik successfully completed its acquisition of Prodomax Automation Ltd. in Canada. The acquired company, which specializes in process and automation technology, will already contribute to group growth this year. Due to the acquisition and continuing good business performance, the Executive Board increased its revenue forecast in July, from an original 790 to 810 million euros to a new figure of between 805 and 820 million euros and confirms this now. Better than originally anticipated profitability in its ongoing businesses, driven mainly by favorable mix effects, enables management to also raise profit targets for the year. The EBITDA margin is expected to be around 15 percent (previously between 14.5 and 15.0 percent), the EBIT margin to be around 11 percent (previously between 10.5 and 11.0 percent). The new profit targets already include the effects from purchase price allocation in connection with the acquisition of Prodomax of around 5 million euros in EBITDA and 1.5 million euros in EBIT, according to preliminary calculations.

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.

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Hortonworks Reports Second Quarter 2018 Revenue of $86.3 Million

Hortonworks, Inc.® (NASDAQ: HDP), a leading provider of global data management solutions, today announced financial results for the second quarter of 2018.

“Our entire team executed extremely well in the second quarter to deliver another fantastic result, with total revenue growth of 40 percent year over year,” said Rob Bearden, chief executive officer of Hortonworks. “We attribute our continued growth to the rapid adoption of our open source global data management platforms, which help customers manage the entire lifecycle of their data from point of origin to point of rest and across hybrid and multi cloud architectures, all with common security and data governance.”

Second Quarter 2018 Financial Highlights

  • Revenue: Total GAAP revenue was $86.3 million for the second quarter of 2018, an increase of 40 percent compared to the second quarter of 2017.
  • Gross Profit: Total GAAP gross profit was $62.4 million for the second quarter of 2018, compared to $41.4 million for the same period last year. Non-GAAP gross profit was $65.4 million for the second quarter of 2018, compared to $43.4 million for the same period last year. GAAP gross margin was 72 percent for the second quarter of 2018, compared to 67 percent for the same period last year. Non-GAAP gross margin was 76 percent for the second quarter of 2018, compared to 70 percent for the same period last year.
  • Operating Loss: GAAP operating loss was $42.0 million for the second quarter of 2018, compared to $54.5 million for the same period last year. Non-GAAP operating loss was $10.4 million for the second quarter of 2018, compared to $27.0 million for the same period last year. GAAP operating margin was negative 49 percent for the second quarter of 2018, compared to negative 88 percent for the same period last year. Non-GAAP operating margin was negative 12 percent for the second quarter of 2018, compared to negative 44 percent for the same period last year.
  • Net Loss: GAAP net loss was $41.2 million for the second quarter of 2018, or $0.52 per basic and diluted share, compared to a GAAP net loss of $56.1 million, or $0.87 per basic and diluted share, in the second quarter of 2017. Non-GAAP net loss was $9.5 million for the second quarter of 2018, or $0.12 per basic and diluted share, compared to a non-GAAP net loss of $28.6 million, or $0.44 per basic and diluted share, for the same period last year.
  • Contract Liabilities: Total contract liabilities, which is comprised of short-term deferred revenue, other contract liabilities and long-term deferred revenue, were $259.1 million as of June 30, 2018, compared to $249.5 million as of March 31, 2018, $252.5 million as of January 1, 2018 and $275.2 million as of December 31, 2017. The balance as of January 1, 2018 reflects a reduction to contract liabilities of $22.7 million from December 31, 2017 as a result of our adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).
  • Cash & Investments: Cash and investments totaled $86.0 million as of June 30, 2018, compared to $72.5 million as of December 31, 2017 and $71.8 million as of June 30, 2017.
  • Operating Cash: Operating cash flow used was $2.0 million for the second quarter of 2018, compared to operating cash flow used of $11.7 million for the same period last year.  

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release.

Recent Business Highlights

  • Hortonworks Data Platform 3.0 Enables Containerization and Deep Learning Workloads. In June, we announced Hortonworks Data Platform (HDP®) 3.0, which delivers significant new enterprise features, including containerization for faster and easier deployment of applications and increased developer productivity. The new version of HDP is optimized for hybrid cloud architectures and enables customers to more quickly, reliably and securely get value from their data at scale to drive business transformation.
  • Hortonworks and Google Cloud Expand Partnership to Accelerate Big Data Analytics in the Cloud. In June, we announced enhancements to our existing partnership with Google Cloud. These enhancements further optimize HDP and Hortonworks DataFlow (HDF) for Google Cloud Platform (GCP) to deliver next-gen big data analytics for hybrid cloud deployments. This partnership will enable customers to achieve faster business insights by leveraging ongoing innovations from the open source community via HDP and HDF on GCP. HDP now integrates with Google Cloud Storage, which offers consistent cloud storage for running big data workloads.
  • Hortonworks Extends Collaboration with Microsoft to Drive Big Data Workloads to Azure. In June, we announced that we renewed and extended our long-standing relationship with Microsoft to give enterprise customers greater agility and flexibility when moving big data workloads to the cloud. The collaboration now gives customers more choices as to where their analytic and Internet of Things (IoT) data workloads run. Customers can deploy HDP, HDF and Hortonworks DataPlane Service (DPS) products natively on Microsoft Azure infrastructure as a service (IaaS) to extract value from data of all types. Additionally, customers can also use Microsoft Azure HDInsight, a fully managed service powered by HDP, which delivers Apache Hadoop and Apache Spark.
  • Hortonworks Congratulates 2018 Americas Data Heroes Award Winners. In June, we announced the winners of the 2018 Americas Data Heroes Awards, recognizing Hortonworks customers who have significantly transformed their enterprises by leveraging connected data platforms and highlighting real business value derived from data. The winners were PayPal, Claro Colombia, Symantec, Universal and TRAC Intermodal.
  • Hortonworks Named a Strong Performer in Big Data Fabric Report by Independent Research Firm. In June, we were among the select companies that Forrester Research, Inc. invited to participate in its June 2018 report titled The Forrester Wave™: Big Data Fabric, Q2 2018. In this evaluation, Hortonworks was cited as a Strong Performer. HDP, HDF and DPS were evaluated for the report and received scores of five out of five in the Ability to Execute and Customer Base subcategories.
  • Hortonworks IoT Solution Helps American Water Improve Operational Efficiency. In June, we announced that American Water, the United States’ largest publicly traded water utility company, is leveraging global data management platforms from Hortonworks to modernize its data architecture. Using HDP and HDF, American Water is enhancing its ability to deliver critical data and insights to its field workers in a matter of minutes. 

Financial Outlook

As of August 7, 2018, Hortonworks is providing the following financial outlook for its third quarter and full year 2018:

For the third quarter of 2018, we expect:

Total GAAP revenue of $87.0 million.

GAAP operating margin between negative 45 percent and negative 40 percent, which includes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $27.0 million.

Non-GAAP operating margin between negative 14 percent and negative 10 percent, which excludes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $27.0 million.

For the full year 2018, we expect:

Total GAAP revenue between $338.0 million and $343.0 million.

GAAP operating margin between negative 48 percent and negative 43 percent, which includes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $110.0 million.

Non-GAAP operating margin between negative 16 percent and negative 10 percent, which excludes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $110.0 million.

GAAP operating margin outlook includes estimates of stock-based compensation and related expenses and amortization of purchased intangibles in future periods and assumes, among other things, the occurrence of no additional acquisitions, investments or restructuring and no further revisions to stock-based compensation and related expenses.

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Endeavour Silver Reports Second Quarter, 2018 Financial Results

Endeavour Silver Corp. (NYSE: EXK; TSX: EDR – released today its financial results for the Second Quarter ended June 30, 2018. The Company operates three silver-gold mines in Mexico, the Guanaceví mine in Durango state, and the Bolañitos and El Cubo mines in Guanajuato state. Endeavour is currently commissioning its fourth mine, El Compas, in Zacatecas state and advancing the Terronera mine project in Jalisco state to a development decision. 

The Company reports a net loss of $5.7 million in the Second Quarter, 2018 compared to $16 thousand loss in the Second Quarter, 2017, primarily due to higher depreciation and depletion charges and foreign exchange loss. Revenue increased 19% to $38.8 million and mine operating cash flow before taxes(1) increased 69% to $14.9 million due to higher production, but cash flow from operations before working capital changes decreased 17% to $3.6 million and EBITDA fell 26% to $2.7 million as compared to the same period last year.

Cash costs fell 9% to $7.61 per oz silver payable (net of gold credits) and all-in sustaining costs fell 16% to $17.28 per oz silver payable (net of gold credits).

Highlights of Second Quarter 2018 (Compared to Second Quarter 2017)


  • Net loss increased to 5.7 million (loss of $0.04 per share) compared to break even in 2017
  • EBITDA(1) decreased 26% to $2.7 million
  • Cash flow from operations before working capital changes decreased 17% to $3.6 million
  • Mine operating cash flow before taxes(1) increased 69% to $14.9 million
  • Revenue increased 19% to $38.8 million
  • Realized silver price decreased 2% to $16.76 per ounce (oz) sold
  • Realized gold price increased 1% to $1,281 per oz sold
  • Cash costs(1) fell 9% to $7.61 per oz silver payable (net of gold credits)
  • All-in sustaining costs(1) fell 16% to $17.28 per oz silver payable (net of gold credits)
  • Working capital has fallen 11% at $58.9 million compared to $66.2 million at year end
  • Secured ATM of up to $35.7 million primarily to advance the Terronera Project


  • Silver production increased 19% to 1,355,895 oz
  • Gold production increased 5% to 13,674 oz
  • Silver equivalent production was 2.4 million oz (at a 75:1 silver: gold ratio)
  • Silver oz sold increased 27% to 1,258,617 oz
  • Gold oz sold increased 12% to 13,800 oz
  • Bullion inventory at quarter-end included 176,452 oz silver and 265 oz gold
  • Concentrate inventory at quarter-end included 53,810 oz silver and 827 oz gold
  • Completed construction of the El Compas project, commenced plant commissioning
  • Completed engineering trade-off studies for Terronera, preparing updated PFS
  • Reported positive drill results from both an in-fill drill program at Terronera
  • Reported positive metallurgy and positive drill results from a step-out drill program at the Parral exploration property
  • Appointed VP, New Projects, Manuel Echevarria to oversee technical services and development projects
  • EBITDA, mine operating cash flow, cash costs and all-in sustaining costs are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

Bradford Cooke, Endeavour CEO, commented, “Our financial performance in Q2, 2018 was tempered by higher depreciation and depletion charges primarily at Guanacevi, higher foreign exchange losses related to depreciation of the Mexican peso, higher current taxes primarily at Bolanitos and El Cubo and increased expenditures advancing Terronera and exploring Parral. 

“El Cubo continues to out-perform plan, delivering record grades and providing strong cash flow for the Company. Bolanitos is running a bit behind plan but continues to generate strong cash flow and should improve in Q3.  Guanacevi continues to be challenging, but the focus on higher development in Q2 is returning higher throughput in July. El Compas is expected to achieve commercial production in Q3 and start generating positive cash flow for the Company in the second half of this year.”

Financial Results

Revenue in the Second Quarter, 2018 totaled $38.8 million (2017 – $32.7 million) on sales of 1,258,617 silver ounces and 13,800 gold ounces at realized prices of $16.76 and $1,281 per ounce respectively, compared to sales of 988,821 silver ounces and 12,294 gold ounces at realized prices of $17.16 and $1,270 per ounce respectively in Q2, 2017.

After cost of sales of $34.2 million (2017 – $27.2 million), mine operating earnings amounted to $4.6 million (2017 – $5.4 million) from mining and milling operations in Mexico. The 26% increase in cost of sales was primarily due to increased depreciation and depletion. Excluding depreciation and depletion of $7.9 million (2017 – $3.3 million), share-based payments recovery of $0.1 million and an inventory write down of $2.5 million, mine operating cash flow before taxes was $14.9 million (2017 – $8.8 million) in Q2, 2018.

Net losses amount to $5.7 million (2017 –$16 thousand) after depreciation and depletion, exploration, general and administrative expenses and foreign exchange.  

Direct production costs per tonne in Q2, 2018 increased 3% compared with Q2, 2017.  The higher production costs per tonne were driven mainly by lower Guanaceví mine output due to increased mine development and the costs related to implementing a productivity optimization program.  The higher costs at Guanaceví were offset by increased production due to higher throughput and grades at El Cubo.

The out-performance of El Cubo resulted in 9% lower consolidated cash costs per oz, net of by-product credits (a non-IFRS measure and a standard of the Silver Institute).  Similarly, all-in sustaining costs (also a non-IFRS measure) decreased 16% to $17.28 per oz in Q2, 2018 due to lower operating costs per ounce and lower capital expenditures in Q2, 2018 compared to Q2, 2017, offset by higher general and administration charges at the corporate level.

The Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at, on SEDAR at and EDGAR at All amounts are reported in US$.

Conference Call

A conference call to discuss the results will be held today, Thursday, August 2, 2018 at 10:00am PT (1:00pm ET). To participate in the conference call, please dial the numbers below. No pass-code is necessary.

Toll-free in Canada and the US: 1-800-319-4610

Local Vancouver: 604-638-5340

Outside of Canada and the US: + 604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 2443#. The audio replay and a written transcript will be available on the Company’s website at under the Investor Relations, Events section.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates three high-grade, underground, silver-gold mines in Mexico. The Company is forecasting 20% production growth to 10.2-11.2 million oz silver equivalent in 2018. Endeavour is currently commissioning its fourth mine at El Compas, advancing towards development of the Terronera project and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp. 

Contact Information For more information, please contact:


In Europe:

Swiss Resource Capital AG

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward‑looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018 including changes in mining and operations and the timing and results of various activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

1) Silver equivalents are calculated using a 75:1 ratio.
2) Cost metrics, EBITDA, mine operating cash flow, operating cash flow before working capital changes are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

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Software AG’s Product and License Revenue Increase in Second Quarter

  • Total product revenue +7 percent, total license revenue +17 percent
  • Digital Business Platform (excl. Cloud & IoT): product revenue +6 percent,
    license revenue +11 percent
  • Adabas & Natural: product revenue +7 percent, licenses +38 percent
  • Cloud & IoT: revenue +56 percent, SaaS revenue +103 percent
  • Annual recurring revenue (ARR) in Cloud & IoT up more than +100 percent
  • Operating profit margin (non-IFRS) 29.9 percent
  • 2018 outlook confirmed

Software AG (Frankfurt TecDAX: SOW) today released its financial results (IFRS, preliminary) for the second quarter of 2018. A growing number of large global companies are leveraging Software AG’s leading technologies to digitalize key business processes. The company has reported a 17 percent increase in license and a 7 percent growth in product revenue in the second quarter. License revenue for the Digital Business Platform business improved by 11 percent and product revenue by 6 percent. Software AG’s new Cloud & IoT business maintained its momentum with 56 percent revenue growth. Propelled by high market demand for independent and open, cloud hosted platforms, software-as-a-service revenue jumped 103 percent. As a result, annual recurring revenue in the Cloud & IoT business doubled. This figure is a key measure of sustainable success in this segment. This development enables Software AG to raise revenue predictability. The Adabas & Natural (A&N) database business also continued the positive trajectory of the last four quarters. Thanks to above-average license growth of 38 percent, product revenue rose 7 percent. In addition to the increase in Group product revenue, Software AG also further increased its profitability. Operating earnings (EBITA, non-IFRS) went up to €61.5 million (2017: €61.3 million); the operating margin (EBITA, non-IFRS) rose to 29.9 percent (2017: 29.5 percent).

Karl-Heinz Streibich, Software AG’s CEO, commented, “Software AG is one of the leading companies in the digital platform economy. Thanks to the expansion of our strong partner ecosystem, we were able to assume a leading role in new IoT and cloud platforms. Our second-quarter 2018 results confirm this. And this is just the beginning of our further growth potential.” He continued, “Software AG was able to find a true IoT and cloud expert with my successor, Sanjay Brahmawar. I wish him a very successful future with Software AG.”

CFO Arnd Zinnhardt added, “All product segments posted growth in the second quarter with a dynamic trend in the Cloud & IoT business. As a result, we were able to expand our margin and lay the necessary foundation to further increase our enterprise value.”

Business Line Performance

In the second quarter, the Digital Business Platform (DBP) business line reported total revenue of €107.1 (2017: €104.4) million, representing 7 percent growth year-on-year at constant currency. This positive development was driven by robust growth of the DBP Cloud & IoT revenue, amounting to €5.3 million (2017: €3.5 million), which reflects 56 percent growth year-on-year at constant currency. Software-as-a-service revenue performed especially well with 103 percent growth in the second quarter. Annual recurring revenue in the Cloud & IoT segment doubled. This growth momentum also confirms the increasing demand among customers for cloud solutions in the IoT market. DBP license revenue excl. Cloud & IoT climbed 11 percent at constant currency to €35.7 million (2017: €33.4 million) in the second quarter. Maintenance revenue was €66.1 million (2017: €67.5 million), which reflects 3 percent growth over last year at constant currency. Accordingly, DBP product revenue totaled €101.8 million (2017: €100.9 million) in the second quarter of 2018. This is an increase of about 6 percent at constant currency.

The Adabas & Natural (A&N) business line followed suit in starting off 2018 on a strong note. License revenue went up 38 percent at constant currency to €17.6 million (2017: €13.2 million) in the second quarter. Maintenance revenue was €34.8 million (2017: €38.9 million). A&N product revenue grew 7 percent at constant currency to total €52.4 million (2017: €52.2 million). The overall positive performance underlines the stability of this segment and the high degree of loyalty of the A&N customer base. Furthermore, Software AG’s Adabas & Natural 2050+ program guarantees support and innovation for customers through the year 2050 and beyond. With this program, Software AG is protecting customers’ long-term investments and helping them modernize their IT landscapes.

Second-quarter revenue in the Consulting business line was €46.0 million (2017: €50.7 million). 

Total Revenue and Earnings Performance

Despite currency translation effects totaling minus €9.5 million, Software AG reported €205.7 million (2017: €207.4 million) in total revenue in the period under review. This is a rise of 4 percent at constant currency. This growth is due primarily to the strong performance of Group license revenue, which increased 17 percent at constant currency to €53.5 million (2017: €47.3 million). Group maintenance revenue totaled €101.7 million (2017: €107.0 million) (1 percent growth at constant currency). Accordingly, Software AG’s total second quarter product revenue (licenses + maintenance) was €159.5 million (2017: €156.5 million), which reflects 7 percent growth at constant currency.

The company’s EBIT was €52.2 million (2017: €48.1 million) in the quarter under review. This reflects an EBIT margin of 25.4 percent (2017: 23.2 percent).  At €61.5 million (2017: €61.3 million), operating EBITA (non-IFRS) also performed well in the quarter. Subsequently, the operating profit margin (non-IFRS) likewise increased to 29.9 percent (2017: 29.5 percent).

2018 Outlook

Software AG has confirmed its outlook from April 13, 2018 for fiscal 2018. Based on the  business performance expectations of the next six months, Software AG’s Management Board continues to anticipate an operating profit margin (EBITA, non-IFRS) between 30.0 and 32.0 percent for the 2018 fiscal year. Digital Business Platform (DBP) excl. Cloud & IoT revenue is expected to increase between 3 and 7 percent at constant currency. DBP Cloud & IoT revenue is expected to increase between 100 and 135 percent. The revenue target for the Adabas & Natural database business line remains unchanged between -6 and -2 percent (at constant currency). The company assumes earnings per share (EPS, non-IFRS) will grow between 5 and 15 percent.

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Software AG steigert Produkt- und Lizenzumsatz im zweiten Quartal

  • Konzern: Produktumsatz +7 Prozent, Lizenzumsatz +17 Prozent
  • Digital Business Platform (exkl. Cloud & IoT): Produkterlöse +6 Prozent
  • Lizenzerlöse +11 Prozent
  • Adabas & Natural: Produktumsatz +7 Prozent, Lizenzen +38 Prozent
  • Cloud & IoT: Umsatz +56 Prozent, SaaS-Erlöse +103 Prozent
  • Anteil wiederkehrender Erlöse im Cloud & IoT-Geschäft (ARR) steigt über +100 Prozent
  • Operative Ergebnismarge (Non-IFRS) steigt auf 29,9 Prozent
  • Ausblick 2018 bestätigt

Die Software AG (Frankfurt TecDAX: SOW) hat heute ihre Finanzkennzahlen (IFRS, vorläufig) für das 2. Quartal 2018 bekannt gegeben. Eine zunehmende Anzahl globaler Großkonzerne setzt bei der Digitalisierung ihrer Geschäftsprozesse auf die führenden Technologien der Software AG. Das Unternehmen erreichte ein Lizenzwachstum von 17 Prozent sowie ein Produktwachstum von 7 Prozent in der Berichtsperiode. Das Digitalgeschäft Digital Business Platform verbesserte seine Lizenzerlöse um 11 Prozent und seine Produkterlöse um 6 Prozent. Auch das neue Cloud & IoT-Geschäft setzte seine dynamische Entwicklung mit einem Umsatzwachstum von 56 Prozent fort. Angetrieben durch eine hohe Marktnachfrage nach unabhängigen und offenen, cloudbasierten Plattformen stiegen die Software-as-a-Service-Erlöse um 103 Prozent. Damit verdoppelten sich die jährlich wiederkehrenden Erlöse im Cloud & IoT-Geschäft (Annual Recurring Revenue) – die zentrale Kennziffer für den nachhaltigen Erfolg in diesem Bereich. Diese Entwicklung führt zu einer besseren Planbarkeit zukünftiger Umsatzströme. Auch das Datenbankgeschäft Adabas & Natural (A&N) konnte seine positive Entwicklung der letzten vier Quartale fortsetzen. Angetrieben durch ein überproportional hohes Lizenzwachstum in Höhe von 38 Prozent verbesserte sich der Produktumsatz um 7 Prozent. Neben der Verbesserung des Konzern-Produktumsatzes gelang es der Software AG gleichzeitig ihre Profitabilität weiter zu steigern. Das operative Ergebnis (EBITA, non-IFRS) erhöhte sich auf 61,5 (Vj. 61,3) Millionen Euro; die operative Ergebnismarge (EBITA, non-IFRS) kletterte auf 29,9 (Vj. 29,5) Prozent.

„Die Software AG gehört zu den wichtigsten Unternehmen in der digitalen Plattformökonomie. Mit dem Ausbau unseres starken Partner-Ökosystems ist es uns gelungen, eine führende Rolle bei neuen IoT- und Cloud-Plattformen einzunehmen – auch die Ergebnisse im zweiten Quartal 2018 unterstreichen das. Dabei stehen wir erst am Anfang unseres weiteren Wachstumspotenzials“, sagt Karl-Heinz Streibich, Vorstandsvorsitzender der Software AG. „Mit Sanjay Brahmawar als meinem Nachfolger hat die Software AG einen echten Experten im IoT- und Cloud-Bereich verpflichten können. Für seine künftigen Herausforderungen bei der Software AG wünsche ich ihm viel Erfolg“, so Streibich.

„Im zweiten Quartal sind alle Produktsegmente gewachsen. Im Cloud & IoT-Umfeld ist die Entwicklung sehr dynamisch ausgefallen. Auf dieser Basis ist es uns gelungen, die Marge auszuweiten und damit alle für einen weiteren Anstieg des Unternehmenswerts notwendigen Grundlagen zu legen“, sagt Finanzvorstand Arnd Zinnhardt.

Entwicklung der Geschäftsbereiche

Der Geschäftsbereich Digital Business Platform (DBP) erzielte im zweiten Quartal 2018 einen Gesamtumsatz von 107,1 (Vj.  104,4) Millionen Euro, währungsbereinigt ein Wachstum von 7 Prozent. Diese positive Entwicklung wurde angetrieben durch das starke Wachstum der DBP Cloud & IoT-Umsätze in Höhe von 5,3 (Vj. 3,5) Millionen Euro – ein währungsbereinigtes Plus von 56 Prozent im Vergleich zum Vorjahr. Insbesondere das Software-as-a-Service-Geschäft verbesserte sich signifikant mit einem Wachstum von 103 Prozent im zweiten Quartal. Auch der Anteil jährlich wiederkehrender Erlöse (Annual Recurring Revenue) im Cloud & IoT-Geschäft verdoppelte sich. Diese Wachstumsdynamik unterstreicht auch die steigende Kundennachfrage nach Cloud-Lösungen im IoT-Umfeld. Der Lizenzumsatz im Bereich DBP exkl. Cloud & IoT kletterte im zweiten Quartal auf 35,7 (Vj. 33,4) Millionen Euro, ein währungsbereinigtes Wachstum um 11 Prozent. Die Wartungsumsätze beliefen sich auf 66,1 (Vj. 67,5) Millionen Euro, ein währungsbereinigter Anstieg von 3 Prozent im Vergleich zum Vorjahr. Entsprechend belief sich der DBP-Produktumsatz auf insgesamt 101,8 (Vj. 100,9) Millionen Euro im zweiten Quartal 2018, ein Anstieg von rund 6 Prozent zu konstanten Währungen.

Der Geschäftsbereich Adabas & Natural (A&N) konnte an den starken Start in das Jahr 2018 anknüpfen. Insbesondere die Lizenzumsätze konnten im zweiten Quartal ein währungsbereinigtes Plus von 38 Prozent aufweisen und stiegen auf 17,6 (Vj. 13,2) Millionen Euro. Die Wartungserlöse erreichten 34,8 (Vj. 38,9) Millionen Euro. Der A&N-Produktumsatz lag insgesamt bei 52,4 (Vj. 52,2) Millionen Euro, ein währungsbereinigter Anstieg von 7 Prozent. Die insgesamt positive Entwicklung unterstreicht die Stabilität des Geschäfts und die hohe Loyalität der A&N-Kundenbasis. Zudem gewährleistet das Innovationsprogramm „Adabas & Natural 2050+“ den Support der Kundenbasis über das Jahr 2050 hinaus. Mit diesem Programm trägt die Software AG langfristig zum Schutz der Investitionen ihrer Kunden und aktiv zur Modernisierung derer IT-Landschaften bei.

Der Umsatz im Geschäftsbereich Consulting lag im zweiten Quartal bei 46,0 (Vj. 50,7) Millionen Euro.

Gesamtumsatz und Ergebnisentwicklung

Trotz Währungseffekten in Höhe von minus 9,5 Millionen Euro konnte die Software AG im Berichtsquartal einen Gesamtumsatz von 205,7 (Vj. 207,4) Millionen Euro verzeichnen. In der währungsbereinigten Betrachtung entspricht dies einem Anstieg von 4 Prozent. Dieses Wachstum ist vor allem durch eine positive Entwicklung des Konzern-Lizenzumsatzes getrieben, der mit 53,5 (Vj. 47,3) Millionen Euro währungsbereinigt um 17 Prozent zulegt. Die Wartungsumsätze des Konzerns erreichten 101,7 (Vj. 107,0) Millionen Euro (währungsbereinigt plus 1 Prozent). Entsprechend betrug der Produktumsatz des Unternehmens (Lizenzen + Wartungen) im zweiten Quartal insgesamt 159,5 (Vj. 156,5) Millionen Euro und wuchs währungsbereinigt um 7 Prozent.

Der Gewinn des Unternehmens vor Zinsen und Steuern EBIT belief sich im zweiten Quartal auf 52,2 (Vj. 48,1) Millionen Euro. Dies entspricht einer EBIT-Marge von 25,4 (Vj. 23,2) Prozent. Das operative Ergebnis EBITA (Non-IFRS) entwickelte sich im Berichtsquartal mit 61,5 (Vj. 61,3) Millionen Euro ebenfalls positiv. Somit konnte die operative Ergebnismarge (Non-IFRS) erneut auf 29,9 (Vj. 29,5) Prozent gesteigert werden.

Ausblick 2018

Die Software AG bestätigt ihren Ausblick für das Geschäftsjahr 2018 vom 13. April 2018. Mit Blick auf die Geschäftsentwicklung in den kommenden sechs Monaten rechnet der Vorstand der Software AG für das Gesamtjahr 2018 weiterhin mit einer operativen Ergebnismarge (EBITA, Non-IFRS) von 30,0 bis 32,0 Prozent. Der Umsatz des digitalen Geschäftsbereichs Digital Business Platform exkl. Cloud & IoT soll währungsbereinigt zwischen 3 und 7 Prozent wachsen. Im DBP Cloud & IoT-Geschäft rechnet der Konzern mit einem Wachstum zwischen 100 und 135 Prozent. Für das Datenbankgeschäft Adabas & Natural wird weiterhin mit einer Umsatzveränderung zwischen ‑6 und ‑2 Prozent (währungsbereinigt) gerechnet. Für die Earnings per Share (EPS, Non‑IFRS) geht die Software AG von einem Anstieg zwischen 5 und 15 Prozent aus. Die Gesamtprognose für das Geschäftsjahr 2018 stellt sich wie folgt dar.

Eine Telefonkonferenz für Finanzanalysten und Medienvertreter findet am Mittwoch, dem 18. Juli 2018 um 09:30 Uhr MESZ (08:30 Uhr BST) statt. Einwahldaten finden Sie auf der Website des Unternehmens untern

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WIPOTEC Group at ACHEMA in Frankfurt

At its ACHEMA booth in Frankfurt (hall 3 booth D95) from 11 to 15 June, the WIPOTEC Group will present an extensive portfolio of integrated serialisation solutions for Track & Trace projects which will meet global serialisation regulations in the shortest possible time. TQS Fast Track (Traceable Quality System) solutions provide CMOs and pharmaceutical companies with an extremely fast way to achieve FMD compliance.

WIPOTEC-OCS opens up another product focus with its E-M-A checkweigher series which is perfectly matched to the requirements of the pharmaceutical industry thanks to a high degree of modularity. At Achema, companies manufacturing pharmaceutical machines will meet WIPOTEC Weighing Technology, the market leading OEM partner for easily integrated, high-performance weigh cells and weighing kits in the microgram range.

The WIPOTEC-OCS TQS Fast Track portfolio presented at ACHEMA includes the full range of modular systems for the serialisation, aggregation and tamper-evident packaging of individual folding boxes and HDPE pharmaceutical containers through to the entire pallet. Across the whole production process, open XML interfaces ensure flexibility when connecting to different level 3 providers. Leading level 3 partners of WIPOTEC-OCS will offer their assistance at the booth on all issues relating to the unobstructed exchange of data between production, warehousing systems and the enterprise systems.

The focus at the 175 square metre, two-storey ACHEMA booth of the WIPOTEC Group will be on live demonstrations of TQS Fast Track solutions. The solutions can be installed on site and put into real-time use at the premises of interested customers in just a few weeks. The portfolio of Fast Track solutions presented includes the TQS-SP TE, an application system that serialises folding boxes on a minimal footprint. An integrated tamper evidence unit handles tamper-proof sealing of folding boxes to ensure the tamper-evident functionality indispensable for many pharmaceutical products.

The TQS-HC-A TE, which is also demonstration-ready, goes a step further. Equipped with all the features of the TQS-SP TE in terms of product management, serialisation and tamper evidence, it adds a final completeness check using weight acquisition. High-precision weighing of the folding boxes makes it possible to check sealed boxes for the presence of a patient information leaflet. The same applies to verifying the number and filling of blisters in drug packages that are ready for dispatch.

Another live demonstration at the booth presents the TQS-CP Bottle application solution developed for bottles or vials which is ideally suitable for integration into product lines. The system is set up at the exit of labelling machines and enables 360° all-round inspection and omni-directional verification of the labels which have previously been serialised and then applied to the product. Any unreadable or invalid serial numbers result in product ejection. All serialised products are collected by TQS-CP Bottle for semi-automatic aggregation to the target amount. This application solution is also part of the Fast Track portfolio and therefore features the shortest possible implementation times.

There will also be a large number of checkweighers suitable for the pharmaceutical industry on show and ready for demonstration at the WIPOTEC booth. They start with the heavy load checkweighers for dynamic weight acquisition used for palletising pharmaceuticals in the logistics and warehousing sector. The range extends from IP65-specified systems constructed entirely in stainless steel for use in the light and medium humidity environment through to solutions for automated and continuous precision weighing of ultra-lightweight parts (e.g. stick packs) in the milligram range. A four-track pharmaceutical checkweigher for cylindrical products, such as cans, plastic or glass vials, will also be showcased.

Theo Düppre, CEO and founder of the WIPOTEC Group: "We are registering a global increase in market share in the pharmaceutical business segment for all the three product ranges that are Track & Trace and serialisation, weighing technology and product inspection. With the TQS Fast Track line we can guarantee our customers conformity with the EU Directive within the shortest time by offering them an agile product platform for the serialisation and aggregation of products. As the global market leader in high-precision weighing systems with ultra-fast transient response, we are using the ACHEMA as a platform to communicate with customers and persons interested in the field of mechanical engineering in the pharmaceutical industry in order to make their machines and solutions even more efficient. Our third mainstay, the WIPOTEC-OCS checkweighers that stand for precision and speed in the cosmetic and pharmaceutical industry provide substantial advantage for customers thus increasing revenue worldwide.“

Experts from WIPOTEC will be on hand on all five days of the ACHEMA trade fair to answer questions on Track & Trace projects, the TQS Fast Track serialisation platform as well as checkweighers and weigh cells suitable for the pharmaceutical industry. The WIPOTEC ACHEMA trade fair portal can be used to make appointments and order free entrance tickets for ACHEMA.

Trade show booth: Hall 3, booth D95


The Wipotec Group is a leading global provider of intelligent weighing and inspection technology. Founded 30 years ago as WIPOTEC GmbH in Kaiserslautern, now more than 1000 employees in the WIPOTEC Group develop, produce and market unique machine solutions and technologies for OEM and end customers from a wide range of industries. WIPOTEC-OCS and WIPOTEC Weighing Technology are two global sales and service organisations with over 100 branch offices and distribution partners operating under the umbrella of the WIPOTEC Group.

WIPOTEC-OCS is an innovative partner for high performance, process- and customer-orientated weighing and product inspection solutions. As a 100 % subsidiary WIPOTEC-OCS stands for outstanding manufacturing quality "Made in Germany", the highest ease of integration and profound sector competence. With the Traceable Quality System (TQS), WIPOTEC-OCS offers its customers in the pharmaceutical industry a future-proof and scalable Track & Trace platform. The machine range covers the main applications of serialisation, checkweighing, tamper-evident and the consistent aggregation of all relevant packaging forms. Open, standardised interfaces guarantee perfect line integration. In response to specified serialisation deadlines, WIPOTEC-OCS has a number of preconfigured TQS Fast Track systems, enabling compliance with the specifications within an extremely short project time.

WIPOTEC Weighing Technology is the global leader in the integration of EMFR weigh cells and kits and secures significant competitive advantages for our OEM customers. Its core business is the development, production and integration of ultra-fast precision weigh cells and high-tech weighing systems for high-speed applications.

Web links

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EnWave Announces 2018 Second Quarter Consolidated Interim Financial Results

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" – today reported the Company’s consolidated interim financial results for the second quarter ended March 31, 2018.

Second Quarter Highlights:

EnWave increased its worldwide presence in the rapidly growing legalized cannabis sector during the second quarter. The Company expanded its royalty-bearing commercial license agreement with Tilray® to include processing rights for cannabis in Portugal, and received a purchase order for a second 60kW Radiant Energy Vacuum (“REVTM”) machine from Tilray® to be installed in Portugal. EnWave also signed a Technology Evaluation and License Option Agreement (“TELOA”) with another top Canadian cannabis producer and granted the producer an exclusive option to license REVTM for processing cannabis in a country in Europe. These two agreements mark the initial expansion of EnWave’s proprietary dehydration technology into legalized cannabis markets outside of Canada, and the Company is pursuing an aggressive strategy to commercialize REVTM into the worldwide cannabis sector.

During the second quarter, EnWave signed a new royalty-bearing commercial license agreement with Nomad Nutrition, and continued to expand its royalty partnership and machine sales pipeline through joint produce development projects under TELOAs with prospective partner companies in multiple verticals. Currently, the Company has 11 prospective royalty partners actively engaged in TELOA projects and a company in an advanced R&D agreement. EnWave’s strategy regarding these projects is to demonstrate the product innovation and attractive processing economics available through the use of REVTM technology. EnWave has been growing its prospective royalty partner pipeline as it commercializes REVTM across the food, legalized cannabis and pharmaceutical sectors as part of its strategy to build a large, diversified royalty-bearing portfolio.

Further Details Include:

  • Expanded its royalty-bearing license agreement with Tilray®, a major Canadian medical cannabis Licensed Producer, to include exclusive rights to REVTM technology country of Portugal for processing cannabis. Tilray® also purchased a large-scale 60kW REVTM machine to be installed in Portugal.
  • Commissioned a 60kW REVTM dehydration unit at Van Dyk’s Specialty Products (“Van Dyk”) in Nova Scotia for the processing if high-value wild blueberry products.
  • Signed a royalty-bearing license with Nomad Nutrition, a Canadian company focused on distributing premium, shelf-stable, nutrient-packed gourmet products that are made from locally sourced organic ingredients. Nomad Nutrition purchased a small-scale 10kW REVTM machine to initiate commercial production.
  • Achieved a series of positive product development results in partnership with the US Army Natick Soldier R&D Center as part of an ongoing project to create superior, phytonutrient-rich field rations for soldiers in the field.
  • Signed a TELOA with a major Canadian licensed producer of cannabis (the “Licensed Producer) and granted the Licensed Producer the exclusive option to license REVTM for processing legalized cannabis in a European country. The Licensed Producer is renting a pilot-scale machine during the term of the TELOA to facilitate evaluation of the technology.
  • Signed a TELOA with Seven Seas Fish Company Limited, a leading Canadian seafood manufacturer and international distributor.
  • Signed a TELOA with Calbee Incorporated (“Calbee”), the largest snack food manufacturer in Japan. Calbee will evaluate the use of EnWave’s technology at its facilities in Japan using lab-scale REVTM
  • Secured additional Moon Cheese® distribution rotations in Costco’s Midwest, Northwest and Southeast divisions for club format Moon Cheese® and achieved the highest ever single quarter sales for Moon Cheese®.
  • Renewed its Patent and Know-How Licensing agreement (the “INAP License”) with INAP GmbH (“INAP”) for an additional 5 years ending October 15, 2022. By renewing the INAP License, the Company strengthened its intellectual property position and retained its competitive advantage in the commercialization of its vacuum microwave dehydration technology.

Acquisition of Remaining 49% of NutraDried:

On February 21, 2018, EnWave completed the acquisition of the 49% non-controlling interest in NutraDried LLP, bringing the Company’s ownership to 100% of the equity interest in NutraDried LLP (“NutraDried”). NutraDried is a wholly owned subsidiary in the business of manufacturing and distributing Moon Cheese®, an all-natural crunchy snack food made using the EnWave’s REVTM technology. The acquisition of the non-controlling interest in NutraDried will allow the Company to pursue additional commercial opportunities using the installed 100kW nutraREV® processing line, as well as enhance the ability for EnWave to use NutraDried’s processing capabilities as a showcase to prospective royalty partner companies. NutraDried is a profitable business segment of the Company, reporting $716,000 in net income for fiscal year 2017, and $1,086,000 for the first half of 2018. On the basis of annualized fiscal 2018 net income, the Company paid a purchase multiple of 2.1x net income to acquire the 49% non-controlling interest.

Key Financial Highlights for the Second Quarter (expressed in $ ‘000s):

  • Achieving gross profit of $1,295 for Q2 2018 compared to $1,028 for Q2 2017, an increase of $267. Gross margin as a percentage of revenue was 31% for Q2 2018 compared to 25% for Q2 2017.
  • Generated consolidated revenues for Q2 2018 of $4,172 compared to $4,183 for Q2 of 2017, a decrease of $11. Royalty revenues for Q2 2018 increased to $118, compared with $77 for Q2 of 2017.
  • Continuing to be cash flow positive with cash flow from operations prior to changes in non-cash working capital(*) of $319 for the first two quarters of 2018, compared to negative $46 for the first two quarters of 2017, showing positive cash flows from operations before taking into account changes in working capital.
  • Building sales pipeline by way of increased S&M expense to $683 compared to $396 for 2017, an increase of $287. EnWave Canada maintained consistent S&M expenses and plans to increase investment into S&M activities to drive revenue growth.
  • Maintaining R&D expenses with R&D expense for Q2 2018 of $297, compared to $300 for Q2 of 2017, a decrease of $3. The Company continues to invest strategically to strengthen its patent portfolio and to develop new product innovations with commercial potential.
  • Increasing revenues for NutraDried with Q2 2018 revenues of $2,404 compared to Q2 2017 revenues of $1,342, an increase of $1,062 or 79%. NutraDried continues to increase points of distribution for its all-natural, crunchy Moon Cheese®
  • Growing net income at NutraDried of $670 for Q2 2018 compared to $92 for Q2 2017, an increase of over 6 times. NutraDried continued to contribute to the growth of the Company. NutraDried’s success solidifies the business case for using REVTM for creating profitable consumer products and new brands for our royalty partners.

EnWave’s interim consolidated financial statements and MD&A are available on SEDAR at and on the Company’s website

(*) Non-IFRS Financial Measures

Cash flow from operations prior to changes in non-cash working capital is not a measure of financial performance under IFRS. This measure is not necessarily comparable to similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the discussion included in the Company’s MD&A for the six months ended March 31, 2018.

About EnWave

EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products. 

REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Corporation, NutraDried Food Company, LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand. 

EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;

2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and

3. quantaREV® which is used for continuous, high-volume low-temperature drying.

An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at

EnWave Corporation

Dr. Tim Durance
President & CEO

For further information:

John P.A. Budreski, Executive Chairman at +1 (416) 930-0914

Brent Charleton, CFA , Senior Vice President, Sales and Business Development at +1 (778) 378-9616

Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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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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