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STOCKHOLM, April 26, 2024 /PRNewswire/ -- (NYSE: ALV) (SSE: ALIV.sdb) Q1 2024: Broad based improvements Financial highlights Q1 2024$2,615 million net sales 5% net sales increase5% organic sales growth*7.4% operating margin7.6% adjusted operating margin*$1.52 EPS, 77% increase$1.58 adjusted EPS*, 76% increase Full year 2024 guidanceAround 5% organic sales growthAround 0% FX effect on net salesAround 10.5% adjusted operating marginAround $1.2 billion operating cash flowAll change figures in this release compare to the same period of the previous year except when stated otherwise. Key business developments in the first quarter of 2024 Record first quarter sales, increased organically* by 5%, which was 6pp better than global LVP decline of 1% (S&P Global April 2024). We outperformed in all regions, mainly due to new product launches and higher prices carried over from last year. Profitability improved substantially, driven mainly by organic growth and cost reduction activities. Operating income was $194 million and operating margin was 7.4%. Adjusted operating income* improved from $131 million to $199 million and adjusted operating margin* increased from 5.3% to 7.6%. Return on capital employed was 19.7% and adjusted return on capital employed* was 20.2%. Strong cash flow improvement. Operating cash flow improved by $168 million and free cash flow* improved by $171 million. The leverage ratio* of 1.3x was close to unchanged compared to three months earlier and 0.3x lower than a year earlier despite returning $0.7 billion to shareholders as dividends and share repurchases in the last 12 months. In the quarter, a dividend of $0.68 per share was paid, and 1.37 million shares were repurchased and retired. *For non-U.S. GAAP measures see enclosed reconciliation tables. Key Figures (Dollars in millions, except per share data) Q1 2024 Q1 2023 Change Net sales $2,615 $2,493 4.9 % Operating income 194 127 52 % Adjusted operating income1) 199 131 51 % Operating margin 7.4 % 5.1 % 2.3pp Adjusted operating margin1) 7.6 % 5.3 % 2.3pp Earnings per share2) 1.52 0.86 77 % Adjusted earnings per share1,2) 1.58 0.90 76 % Operating cash flow $122 $(46) n/a Return on capital employed3) 19.7 % 13.0 % 6.7pp Adjusted return on capital employed1,3) 20.2 % 13.4 % 6.8pp 1) Excluding effects from capacity alignments and antitrust related matters. Non-U.S. GAAP measure, see reconciliation table. 2) Assuming dilution when applicable and net of treasury shares. 3) Annualized operating income and income from equity method investments, relative to average capital employed. Comments from Mikael Bratt, President & CEOWe delivered record first quarter sales, outperforming global LVP growth by 6pp. We outperformed in all regions, including China despite a negative LVP mix development with domestic Chinese OEMs growing by 17% and global OEMs declining by 5%. It is encouraging that our sales in India grew organically by 27%. Sales in India are now larger than in South Korea, accounting for more than 4% of our global sales. We delivered results in line with what we previously communicated, despite LVP being 1pp below what was expected three months ago, and we are on track to deliver on our full year outlook. We expect a record number of product launches in 2024, despite some OEMs changing certain vehicle model launch plans, mainly for EV platforms. Profitability continued to improve significantly, driven mainly by volume growth and cost reductions. Restructuring activities are yielding results with indirect headcount declining by around 1,000, or by more than 5%, in the past 12 months. Our continued focus on balance sheet efficiency is supporting our strong performance for cash flow, cash conversion, and return on capital employed. I am particularly pleased with our leverage ratio of 1.3x, which declined significantly compared to a year ago, despite returning $0.7 billion to shareholders and investing in footprint optimization and growth. To support future growth, we are currently investing in increased capacity in Vietnam, China and India. We are facing inflationary pressure again this year and we continue to expect compensation for what is in excess of what we can offset through normal productivity measures. The discussions with our customers are progressing according to plan. As we have previously communicated, we expect the seasonality of past years to likely continue in 2024, with a gradual improvement throughout the year, leading to a full year adjusted operating margin* of around 10.5%. Key drivers for the full year margin progression are organic growth, our structural and strategic cost reduction initiatives, and a lower call-off volatility. The 2024 development we expect should set up a solid base towards a continued high level of shareholder returns and our target of around 12% adjusted operating margin*. Inquiries: Investors and AnalystsAnders TrappVice President Investor RelationsTel +46 (0)8 5872 0671 Henrik KaarDirector Investor RelationsTel +46 (0)8 5872 0614 Inquiries: MediaGabriella EtemadSenior Vice President CommunicationsTel +46 (0)70 612 6424 Autoliv, Inc. is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the VP of Investor Relations set out above, at 12.00 CET on April 26, 2024 This information was brought to you by Cision http://news.cision.com https://news.cision.com/autoliv/r/financial-report-january---march-2024,c3968759 The following files are available for download: https://mb.cision.com/Main/751/3968759/2763039.pdf The full report (PDF)
HONG KONG, April 26, 2024 /PRNewswire/ -- Fosun International Limited (HKEX stock code: 00656, "Fosun International"), together with its subsidiaries ("Fosun" or the "Group"), today issued the Environmental, Social and Governance (ESG) Report 2023 (the "ESG Report"). Facing the increasingly severe challenges of global climate change, Fosun released its second Climate Information Disclosures Report with reference to the disclosure requirements of the Hong Kong Stock Exchange, the Task Force on Climate-Related Financial Disclosures ("TCFD") recommendations and IFRS S2 Climate-related Disclosures. After more than three decades of development, Fosun has now become a global innovation-driven consumer group with businesses in more than 35 countries and regions. While striving for business growth, Fosun remains committed to sustainable development. This year, Fosun has formulated its sustainable development strategy: "Create IMPACT", which stands for I: Innovation-driven, M: Mindful Operation, P: People and Partner Oriented, A: Advanced Governance, C: Climate and Planet Positive and T: Transparency. Embracing the 10th anniversary of joining the United Nations Global Compact and actively promoting global sustainable development This year marks the 10th anniversary of Fosun International's joining the United Nations Global Compact ("UN Global Compact"). Since joining the UN Global Compact, Fosun has integrated the ten principles of the UN Global Compact on human rights, labor, environment and anticorruption into our corporate strategy and operations to ensure responsible business practices. The Group has also actively engaged its member companies in the implementation of ESG strategies. Despite the macro environment remains challenging in the post-pandemic era, we have made significant progress in fulfilling our unwavering commitment to sustainable development. In 2023, Fosun received an MSCI ESG rating of AA for three consecutive years, and was the only conglomerate in Greater China with such rating. Fosun International's HSI ESG rating was upgraded to AA- and it was selected as one of the constituents of Hang Seng Corporate Sustainability Index for the first time. In addition, Fosun ranked among the top 6% among global peers in the S&P Global Corporate Sustainability Assessment (CSA) and was included in S&P Global's Sustainability Yearbook 2024 and recognized as an "Industry Mover" for its outstanding performance. Fosun has also been selected as a constituent of the FTSE4Good Index Series for two consecutive years. Issued the second Climate Information Disclosures Report to call on all sectors to promote carbon neutrality In 2021, the Group made a commitment to society – "strive to peak carbon emissions by 2028 and achieve carbon neutrality by 2050". Fosun has formulated strategies for climate change mitigation and adaptation to align with the 1.5°C temperature control target set in the Paris Agreement. In order to achieve Fosun's carbon peaking and carbon neutrality goals, the Group has established a Carbon Neutrality Committee and a Carbon Neutrality Working Group to actively promote further implementation and enforcement of carbon-neutral management within the Group. This year, the Group has actively pursued its carbon neutrality goal and issued the second Climate Information Disclosures Report. In addition, Fosun has formulated and issued the Fosun Group Carbon Neutrality Management Manual to promote the construction of the Group's "1+N" system at the policy level. The Group has encouraged member companies to carry out climate actions such as setting emission reduction and carbon neutrality targets, conducting value chain carbon inventory and product carbon footprint certifications, and promoting energy-saving and emission reduction initiatives, with a view to boosting the realization of the Group's goal of "carbon peaking and carbon neutrality" in an overall manner. In addition, Fosun International successfully converted a syndicated loan into a sustainability-linked loan in 2023, which is Fosun International's first green syndicated loan and marks Fosun's efforts to promote green financing. Leveraging innovation to actively contribute to society Fosun adheres to the innovation-driven strategy and actively facilitates its businesses to achieve innovative results so as to make greater contributions to society. In 2023, Fosun made new breakthroughs in anticancer and antimalarial drugs, which benefit patients with cancer and severe malaria patients. HANSIZHUANG (serplulimab for injection), the world's first anti-PD-1 monoclonal antibody approved for first-line treatment of extensive-stage small cell lung cancer (SCLC) developed independently by Shanghai Henlius has been approved for four indications. The second-generation artesunate for injection (Argesun®) was prequalified by the World Health Organization (WHO-PQ), becoming the first injectable artesunate presented with a single solvent system approved by WHO-PQ, greatly improving the convenience of clinical use. As of the end of 2023, artesunate for injection has saved over 68 million severe malaria patients worldwide. China's first CAR-T cell therapy product, Yi Kai Da (ejilunsai injection), developed by Fosun Kite, has received conditional approval from the National Medical Products Administration (NMPA) for a new second-line indication, bringing more treatment options and hope for Chinese lymphoma patients. In order to better promote the fulfillment and implementation of corporate social responsibility, Fosun Foundation was established in 2012. It has been making unremitting efforts in the fields of global emergency relief, rural revitalization, health, education, culture and art, youth development, etc. to create social value. Of which, since its launch at the end of 2017, Fosun Foundation's Rural Doctors Program has covered 78 key rural revitalization counties in 16 provinces, municipalities, and autonomous regions across the country. A total of 371 staff have been sent to counties to provide assistance, supporting 25,000 rural doctors and benefiting 3 million grassroots families. Fosun always upholds the core value of "people and partner oriented" and focuses on the health and well-being of its employees. In addition to employee care, the Group integrates and leverages resources from Fosun's ecosystem and global operations, joining hands with member companies to launch public welfare activities. At the beginning of 2023, Fosun officially incorporated the half-day public welfare leave policy into the Group's employee manual. Since its implementation one year ago, a total of more than 4,500 Fosun employees at home and abroad have participated in public welfare activities in various fields, amounting to 34,476 hours. Top-down and long-term mechanism for ESG improvement to link ESG performance with the performance appraisal of the Board Fosun has established a top-down and long-term mechanism for ESG improvement and has included ESG management performance as an evaluation factor in the Executive Directors' performance assessment, and the ESG management performance appraisal mechanism is also extended to the CEOs of the Group and the personnel in charge of each business group. Fosun has set up an ESG Board Committee under the Board of Directors (the "Board") to assist the Board in guiding and overseeing the Group's ESG development and implementation. At the management and decision level, Fosun has established an ESG Executive Committee under the management to provide decision support for the implementation of ESG strategies. At the implementation level, the Group has also set up an ESG Management Committee and an ESG Working Group to implement ESG strategies and related actions and ensure the establishment of appropriate and effective ESG risk management and internal control system. Looking ahead, Fosun will continue to keep abreast of the development of the global sustainable development field, refine and enhance Fosun's ESG management, actively respond to national strategies, ensure information security, promote technology innovation, implement "dual carbon" goals, participate in public welfare, and protect the rights and interests of employees to promote sustainable management and value creation. Leveraging the resources and advantages of Fosun's global industrial ecosystem, Fosun endeavours to create a positive impact on sustainable development and continuously create a better world. For more information on Fosun's ESG, please refer to Fosun International's ESG Report 2023 posted on:the Hong Kong Stock Exchange's website (http://www.hkexnews.hk)or the Company's ESG webpage (https://en.fosun.com/esg/)The electronic copy of the 2023 Climate Information Disclosures Report is available on the Company's ESG webpage: (https://en.fosun.com/esg/) About FosunFosun was founded in 1992. After more than 30 years of development, Fosun has become a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of one billion families in health, happiness and wealth. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK). As of 31 December 2023, Fosun International's total assets amounted to RMB808.4 billion; it received an AA MSCI ESG rating and was the only conglomerate in Greater China with such rating.
SEOUL, South Korea, April 26, 2024 /PRNewswire/ -- On April 26, 2024, KB Financial Group Inc. filed its Annual Report on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission. The 2023 Annual Report on Form 20-F can be downloaded from www.kbfg.com, as well as from the website of the U.S. Securities and Exchange Commission at www.sec.gov. Investors may request a hard copy of the 2023 Annual Report on Form 20-F, free of charge, by contacting kbir@kbfg.com. About KB Financial Group Inc. KB Financial Group is Korea's leading financial services provider, offering a broad range of financial products and services. The Group was founded in 2008 to better serve clients, enable growth and deliver value in a rapidly changing financial environment. Our core strengths are our expertise, broad customer base, wide distribution network and strong franchise value. Under the Group, there are 11 subsidiaries including KB Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, KB Life Insurance, KB Asset Management, KB Capital, KB Real Estate Trust, KB Savings Bank, KB Investment, and KB Data Systems. Through our businesses, we are providing integrated financial solutions and services to our clients to help them achieve their financial goals and thrive. For more information, please visit the Investor Relations section of the website of KB Financial Group Inc. at www.kbfg.com. Contact information regarding this press release:Mr. Suk Young Sun, Tel: 822 2073 2813, Email: tobegreat7@kbfg.com
BEIJING, April 26, 2024 /PRNewswire/ -- Lynk & Co captivated visitors at the Beijing Auto Show with its EM-P, a plug-in hybrid electric vehicle (PHEV) powertrain based on the Lynk E-Motive platform. The EM-P, showcased in models such as the 06EM-P, 07EM-P, 08EM-P, and 09EM-P, garnered considerable attention and acclaim for its significantly extended driving ranges and supercharged performance. It improves fuel efficiency and reduces emissions while delivering a more comfortable, seamless driving experience with increased power and control. Lynk & Co showcases vehicles featuring EM-P at the Beijing Auto Show EM-P technology showcase The main drive motor of Lynk & Co's EM-P boasts a power output of up to 160 kW, with the electric four-wheel drive mode achieving a total power of 436 kW, enabling rapid 0 to 100 km/h acceleration in just 4.6 seconds. The synergy between the drive motor and hybrid engine delivers strong mid-speed acceleration, ensuring safe and decisive overtaking maneuvers. Lynk & Co's EM-P features direct and parallel drive modes with the hybrid engine regulating speed across three gears which maintains torque and minimizes power loss at any battery level, ensuring quick acceleration and consistent power delivery. Vehicles equipped with Lynk & Co's EM-P have a maximum range of up to 245 km and a combined range exceeding 1,000 km, with the highest recorded at over 1,400 km, which can significantly reduce range anxiety for car owners. Lynk & Co's 09EM-P vehicle showcased at the show features a luxurious cockpit, a 15.4-inch ultra-clear central control large screen, with a pure electric range of 160km and a cruising range of 1100km. It has passed 175 battery safety tests and won a gold medal in the large SUV group in the World Intelligent Driving Challenge 2023. In 2023, Lynk & Co's sales exceeded 220,000 units, a year-on-year increase of 22.3%, with new energy vehicle sales maintaining growth for six consecutive months, reaching 55.3% of overall sales by the end of 2023. Lynk & Co's innovative automotive products are uniquely poised in a competitive market to continue to bring consumers a better driving experience. About Lynk & Co Launched in 2016, Lynk & Co is a global automotive brand that dares to challenge the established automotive industry, with an offering that meets the needs of a new generation of open urbanites. Born global, open, and connected, the brand aims to build an open platform connecting people, cars, and the world.
TOKYO and MIAMI, April 26, 2024 /PRNewswire/ -- Enfinity Global Inc., a leader in renewable energy, has secured $195 million (¥29.2 billion) in long-term financing for a 70 MW solar power plant in Japan. Nomura Securities International Inc., a global financial institution, acted as initial lead arranger/sole bookrunner and Aozora Bank, one of the leading Japanese commercial banks, acted as lead arranger/agent. Enfinity Global’s Aomori 70 MW solar power plant in Japan Located in Aomori Prefecture in northern Japan, this recently completed solar power plant is expected to produce more than 75 GWh of clean energy annually, enough to supply 11% of Aomori City's residential energy demand, or about 15,600 households, and offset 35,000 tons of CO2 emissions annually. The Aomori solar power plant stands out as a successful example of the effective utilization of bifacial solar panels in one of the world's snowiest cities. This newly operational solar power plant is part of the 250 MW solar PV portfolio owned by Enfinity Global in Japan, where the company is positioned as one of the industry leaders. "We are committed to supporting Japan's plan to become carbon neutral by 2050 by leveraging our global capabilities and being a long-term investor. We appreciate the confidence of our financing partners, Nomura and Aozora", said Carlos Domenech, CEO of Enfinity Global. "Japan is at an inflection point where clean energy has become a competitive necessity". "Nomura is excited to provide a bespoke financing solution to support Enfinity Global in its goal of helping Japan reach carbon neutrality", said Vinod Mukani, Head of Nomura's Infrastructure and Power Business (IPB). "Nomura is delighted to support and provide liquidity to its clients, particularly those like Enfinity Global who have experienced and talented teams and an attractive business strategy which is contributing towards the transition to a clean energy economy." "Aozora is pleased to have the opportunity to support Enfinity Global's solar projects in Japan", said Hiroki Nakazato, Managing Executive Officer, Head of Environment Business Group. "Aozora will continue to focus on financing that supports our customers' initiatives to develop renewable energy and the energy transition for a carbon-free economy."
SHANGHAI, April 26, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 26, 2024, U.S. Eastern Time. The annual report can be accessed on the Company's investor relations website at ir.cangoonline.com or the SEC's website at www.sec.gov. The Company will also provide a hard copy of its annual report containing its audited consolidated financial statements, free of charge, to its shareholders and American Depositary Share holders upon request. About Cango Inc. Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products centering on customer needs for auto transactions, auto financing and after-market services. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers' car purchase service platform of choice. For more information, please visit: www.cangoonline.com. Investor Relations Contact Yihe LiuCango Inc.Tel: +86 21 3183 5088 ext.5581Email: ir@cangoonline.com Twitter: https://twitter.com/Cango_Group Helen WuPiacente Financial CommunicationsTel: +86 10 6508 0677Email: ir@cangoonline.com
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