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US stocks set to continue outperformance after strong half Singapore investors expect US tech stocks to led the charge in 2H2024 Add high dividend-yielding Singapore stocks as defensive play SINGAPORE, July 17, 2024 /PRNewswire/ -- US stocks have enjoyed a bullish run in the first half of 2024, but investors should expect more to come in the second half of the year. Isaac Lim, Moomoo Singapore's chief market strategist, giving his 2H2024 market outlook at MooFest 2024 This was one of three key themes revealed by Mr Isaac Lim, chief market strategist at Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) in his keynote presentation at MooFest 2024. While the benchmark S&P 500 has jumped 46% since the beginning of 2023, this outperformance has been narrowly concentrated among the Magnificent 7 stocks. "The mega-cap tech sector has lifted the S&P to new historical highs almost every other week since January 2024, leaving the rest of the sectors behind. In fact, it was the mega-cap tech names that led the charge in the first half," Lim said. This trend is likely to hold for the second half of 2024, according to data from a survey of 500 Moomoo Singapore users. Nearly 70% of survey respondents said they believe the US market will offer higher returns in 2H2024, with the upcoming interest rate cuts seen as most likely to have a "significant positive impact" on the market. They rated mega-cap tech as the sector with the strongest potential to outperform, followed by energy and financials. While Lim acknowledged the market chatter about parallels between the current AI frenzy and the dot-com bubble of the 2000s, he noted that tech companies enjoy much stronger earnings today than they did two decades ago. "There is also a higher percentage of companies within the S&P 500 that are making new highs now compared to back then," he said. Lim noted that the current spread between the S&P 500 market cap index and the S&P equal weight index is now the widest it has been in the past five years in the face of the tech bull run, but historical patterns suggest that the two indices will eventually narrow — particularly as AI becomes more widely adopted in other sectors. Japan emerging from the shadows Beyond the US market, Lim is also bullish on opportunities in Japan's stock market, which recently emerged from the shadows of a decades-long deflation. With structural reforms now underway, the Asian economic powerhouse has seen the largest wage hike in more than 30 years, and corporate boards are now focused on adding more value to shareholders and improving efficiency within their corporate structures. Japanese semiconductor names also stand to benefit from the AI frenzy sweeping across global stock markets, according to Lim. "Japan is looking to become an important player in the global semiconductor supply chain. Given time, we expect fundamental reforms to start creating more opportunities for investors. If you were to look at the moomoo app, you will see Japanese names in the supply chain analysis for companies such as Nvidia and AMD," he said. Singapore as safe haven The second half of 2024 promises to be equally, if not more, eventful than the first, with key political events such as China's 3rd Plenum and the US Presidential Election set to take centre stage. Expectations are also rising for a first interest rate cut in September amid softer-than-expected inflation data in June. With markets expected to remain more complex and volatile in the second half of 2024, investors could look to add Singapore stocks to their portfolios as a hedge. "While the US and Japan offer growth opportunities for savvy investors, Singapore stocks and the Singapore dollar can be a good hedge against geopolitical shocks. The Monetary Authority of Singapore has shown its commitment to defend the Singapore dollar through previous market shocks. And because of this, the Singapore dollar can be considered a good store of value," Lim said. He added that investors should consider high dividend-yielding Singapore stocks as defensive plays. Outside of equities, Lim also favours silver over gold as a diversification play and hedge, though he warns of near-term weakness for the precious metal. "After a strong rally for the first half of 2024, gold and silver prices are now looking toppish with limited upside. While gold prices may still see demand from central banks, it is already up 14.5% year-to-date. Similarly, while silver is still expected to see robust demand from the photovoltaic and EV industry, its value has climbed by 29% YTD. We expect the cyclical nature of commodities to dominate at least for the start of H2 2024 before starting another round of fresh rally," he said. On the fixed income front, Lim favours short-dated bonds in the near term as inflation and interest rates remain elevated, and as the yield curve remains inverted for now. "When the US Fed starts cutting rates, investors can expect the US dollar to weaken further, starting a fresh phase of dollar underperformance. Until the rate cuts happen, investors should continue to hold onto short dated treasury bonds which provide a higher yield. Only after the US Fed starts easing, should investors look at rotating their capital towards investment grade bonds to still keep the same rate of returns while minimising downside risks," Lim said. Download the full 2H2024 Market Outlook Report here. About Moomoo Singapore Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) is an award-winning advanced financial technology company transforming the investing experience through our digitalised brokerage and wealth management platform – moomoo. Moomoo enhances the user experience with market data, news, and powerful analytical tools. Moomoo also embeds a unique digitalised investment community to connect all users, investors, companies, analysts, media and key opinion leaders. In Singapore, Moomoo Financial Singapore Pte. Ltd. (www.moomoo.com/sg) offers investment products for trading via the moomoo platform, and it is a capital markets services license holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000), Major Payment Institution (Licence No. PS20200617) holder with the Exempt Financial Adviser Status. In April 2024, Moomoo Singapore reached the 1 million users milestone in Singapore.
北卡羅來納州夏洛特2024年7月16日 /美通社/ -- Bank of America 今日公佈其 2024 年第二季度的財政業績。新聞發佈、補充資訊及投資者簡報可於 Bank of America 的投資者關係網站 https://investor.bankofamerica.com/quarterly-earnings 上查閱。 投資者電話會議資訊：行政總裁 Brian Moynihan 及財務總監 Alastair Borthwick 將於本日東部時間上午 8:30 於投資者電話會議上討論財政業績。若想收聽此會議，請撥打 1.877.200.4456（美國）或 1.785.424.1732（國際）加入會議， 會議編號是 79795。請在會議開始前 10 分鐘撥入。 投資者亦可瀏覽該公司投資者關係網站的「活動和簡報」區來收聽會議的現場音頻，以及查看簡報投影片。 投資者電話會議重播資訊：由東部時間 7 月 16 日中午至 7 月 26 日晚上 11:59，投資者可瀏覽投資者關係網站或者撥打 1.800.934.4850（美國）或 1.402.220.1178（國際）來重播投資者電話會議。 Bank of America Bank of America 是世界領先的金融機構之一，為獨立消費者、中小企業及大型企業提供全面的銀行、投資、資產管理及其他金融和風險管理產品與服務。該公司在美國提供無與倫比的便利，為 6,900 萬消費者及小型企業客戶提供約 3,800 個金融中心、約 15,000 台自動櫃員機及獲獎的網上銀行服務，有著約 5,800 萬認證的線上使用者。Bank of America 是財富管理、企業和投資銀行業務以及廣泛資產類別交易的全球領袖，為世界各地的企業、政府、機構及個人客戶服務。Bank of America 透過一系列創新、易用的網上產品及服務，為約 400 萬小企業戶提供行業領先的支援。該公司在美國、其領土及超過 35 個國家/地區營運和服務客戶。Bank of America 公司股票（紐約證券交易所：BAC）在紐約證券交易所上市。 如欲了解更多 Bank of America 的資訊，包括股息公佈及其他重要資訊，請瀏覽 Bank of America 新聞室及註冊接收新聞電郵通知。 投資者可聯絡： Lee McEntire，Bank of America電話： 1.980.388.6780lee.mcentire@bofa.com Jonathan Blum，Bank of America（固定收益）電話： 1.212.449.3112jonathan.blum@bofa.com 媒體可聯絡： Bill Halldin，Bank of America電話：1.916.724.0093william.halldin@bofa.com Jocelyn Seidenfeld，Bank of America電話：1.646.743.3356jocelyn.seidenfeld@bofa.com
TOKYO, July 16, 2024 /PRNewswire/ -- Yoshitsu Co., Ltd ("Yoshitsu" or the "Company") (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as other products in Hong Kong, Japan, North America, and the United Kingdom, today announced its financial results for the fiscal year 2024 ended March 31, 2024. Mr. Mei Kanayama, Principal Executive Officer of Yoshitsu, commented, "I am thrilled to report that Yoshitsu has achieved outstanding success during fiscal year 2024. Our total revenue surged by 15.3%, and our income from operations increased by 601.3%, clear indicators of our robust growth and strategic excellence. This remarkable increase is primarily driven by the performance of our directly-operated physical stores and our expanding franchise network, alongside our dedicated wholesale customers." "We are particularly proud of the successful introduction of luxury products, which has significantly boosted sales in our directly-operated physical stores, franchise stores, and among our wholesale customers. Our strategic expansion into North America, with new stores in the United States and Canada, has also contributed to our impressive revenue growth. Additionally, our expansion in key markets like Japan and Hong Kong has been successful. We have further strengthened our wholesale customer base and franchise store network, highlighting our ability to innovate and adapt in a dynamic market environment." "Looking ahead, we are excited about the future. We are continuing our efforts to explore sales opportunities, for instance, we continue exploring new markets while enhancing our current presence, by analyzing customer trends in different regions, focusing on improving customer in-store experience, further expanding our distribution network, and exploring new partnership opportunities. Additionally, following the capital reduction, we expect further reductions in operating expenses. We believe the combination of increasing revenue and decreasing costs will position us for strong future growth and development." "In addition, we continue expanding our product offerings by cooperating with beauty product and other product suppliers to develop our own private label products, and investing in IT and equipment to enhance operational efficiency and reduce costs. We believe these initiatives can help us attract new customers and encourage repeat visits, which will eventually support our revenue growth and create long-term values for our shareholders." Mr. Youichiro Haga, Principal Accounting and Financial Officer of Yoshitsu, remarked, "I am proud to share that our financial performance for fiscal year 2024 has shown substantial improvement. Our net income reached $7.5 million, a significant turnaround from a net loss of $8.0 million in the previous year. This positive outcome is a result of our focused efforts on cost management, strategic investments, and revenue growth." "We have successfully reduced operating expenses by 38.5%. This reduction highlights our commitment to operational efficiency and cost control, ensuring that we maximize our profitability. We also achieved a notable reduction in interest expenses by 33.5%, thanks to our strategic debt management and favorable loan conditions. Additionally, we saw a significant increase in other income, mainly from the disposal of property and equipment." "Net cash provided by operating activities surged to $1.9 million for fiscal year 2024, a significant improvement from net cash outflow of $25.7 million for fiscal year 2023. We belive that this liquidity can support our ongoing operations and strategic initiatives." "As we move forward, we will continue to focus on enhancing our financial performance through disciplined cost management, strategic investments, and exploring new revenue streams. We are confident that these efforts will drive long-term value for our shareholders." Fiscal Year 2024 Financial Highlights Total revenue was $195.7 million for fiscal year 2024, increased by 15.3% from $169.7 million for fiscal year 2023. Income from operations was $5.8 million for fiscal year 2024, increased by 601.3% from $0.8 million for fiscal year 2023. Net income increased to $7.5 million for fiscal year 2024, compared to net loss of $8.0 million for fiscal year 2023. Net cash provided by operating activities increased to $1.9 million for fiscal year 2024, from net cash used in operating activities of $25.7 million for fiscal year 2023. Basic and diluted earnings per share was $0.20 for fiscal year 2024, compared to loss per share of $0.22 for fiscal year 2023. Fiscal Year 2024 Financial Results Revenue Revenue increased by 15.3%, to $195.7 million for fiscal year 2024, from $169.7 million for fiscal year 2023. The increase in the Company's revenue consists of increased revenue from directly-operated physical stores and franchise stores and wholesale customers, which was partially offset by the decreased revenue from online stores and services. For the Fiscal Years Ended March 31, 2024 2023 ($ millions) Revenue Cost of Revenue Gross Margin Revenue Cost of Revenue Gross Margin Directly-operated physical stores 15.0 11.9 20.3 % 11.6 8.9 23.5 % Online stores and services 10.7 7.9 26.0 % 20.7 16.2 21.6 % Franchise stores and wholesale customers 170.0 152.5 10.3 % 137.4 115.2 16.2 % Total 195.7 172.3 11.9 % 169.7 140.3 17.3 % Revenue from directly-operated physical stores increased by 28.8%, to $15.0 million for fiscal year 2024, from $11.6 million for fiscal year 2023. The increase was mainly because during fiscal year 2024, the Company started to offer luxury products, which contributed a significant portion of increased directly-operated physical store sales in fiscal year 2024. The increase in directly-operated physical stores sales was also due to revenue contributed from the Company's newly-opened physical stores in the United States and Canada, which was partially offset by the decreased revenue as a result of the transformation of the Company's physical stores in Japan during fiscal year 2024. The transformation of the physical stores in Japan was because these stores had been underperformed and the Company transformed these stores into franchise stores to improve the Company's cash flow and working capital. After the change, these physical stores purchased products from the Company like other franchise stores, and hence this portion of revenue was recorded under franchise stores and wholesale customers. Revenue from franchise stores and wholesale customers increased by 23.7%, to $170.0 million for fiscal year 2024, from $137.4 million for fiscal year 2023. The increase was mainly due to expansion of products offering as the Company started to offer luxury products and electronic products that have higher unit selling prices. Meanwhile, the increase was also due to increased revenue generated from franchise stores which previously was recognized under physical stores as mentioned above, as well as increased revenue from some new wholesale customers whom the Company entered into business relationships with during fiscal year 2024. The increase was partially offset by the decreased sales of beauty products to wholesale customers as the demand for Japanese beauty products declined in China market. Cost of Revenue Total cost of revenue increased by 22.8%, to $172.3 million for fiscal year 2024, from $140.3 million for fiscal year 2023. Gross Profit and Gross Margin Gross profit decreased by 20.6%, to $23.4 million for fiscal year 2024, from $29.4 million for fiscal year 2023. Gross margin decreased by 5.4 percentage points, to 11.9% for fiscal year 2024, from 17.3% for fiscal year 2023. Operating Expenses Operating expenses consist of selling and marketing expenses and general and administrative expenses, which primarily include payroll, employee benefit expenses and bonus expenses, shipping expenses, promotion and advertising expenses, and other facility-related costs, such as store rent, utilities, and depreciation. Operating expenses decreased by 38.5%, to $17.6 million for fiscal year 2024, from $28.6 million for fiscal year 2023. The decrease in operating expenses was primarily attributable to a decrease in allowance for credit loss, shipping expenses, promotion and advertising expenses, payroll, employee benefit expenses and bonus expenses,and transaction commission, which was partially offset by an increase in professional service fees. Interest Expenses, net Interest expenses, net included interest expenses calculated at interest rate per loan agreements and loan service costs, which were directly incremental to the loan agreements and amortized over the loan periods. Due to our strategic debt management and favorable loan conditions, interest expenses, net decreased by 33.5%, to $1.6 million for fiscal year 2024, from $2.4 million for fiscal year 2023. The decrease mainly consisted of a decrease in amortized loan service costs in relation to the Company's syndicated loans by $454,980, as well as a decrease in interest expenses at interest rate by $355,542, which was mainly due to the decreased weighted average loan balances and interest rate for fiscal year 2024 as compared to fiscal year 2023. Other Income, net Other income, net primarily includes tax refund, disposal gain or loss from property and equipment, government subsidy, and other immaterial income and expense items. Other income, net increased by 5,685.0%, to $760,435 for fiscal year 2024, from $13,145 for fiscal year 2023. The increase was mainly due to the increased gain from disposal of property and equipment, which was partially offset by decreased government subsidy received during fiscal year 2024 as compared to fiscal year 2023. Gain from Foreign Currency Exchange Gain from foreign currency exchange was $3.1 million for fiscal year 2024, as compared to a gain from foreign currency exchange of $0.7 million for fiscal year 2023. The gain from foreign currency exchange was mainly due to the significant fluctuations of foreign exchange rates on the Company's accounts receivable that denominated in foreign currencies such as U.S. dollar and Chinese Yuan during fiscal year 2024. The increase was also due to the increased gain from foreign currency exchange by the Company's Hong Kong subsidiaries, which was mainly due to the significant fluctuations of foreign exchange rate on its payables that were denominated in Japanese Yen during fiscal year 2024. Provision for Income Taxes Provision for income taxes decreased by 36.1% to $0.5 million for fiscal year 2024 from $0.7 million for fiscal year 2023. The decrease in provision for income taxes was mainly due to the decreased deferred income tax expenses, which was partially offset by the increased current income tax expenses resulted from the increased taxable income for fiscal year 2024. Net Income (Loss) Net income increased to $7.5 million for fiscal year 2024, compared to net loss of $8.0 million for fiscal year 2023. Basic and Diluted Earnings per Share Basic and diluted earnings per share was $0.20 for fiscal year 2024, compared to loss per share of $0.22 for fiscal year 2023. Financial Condition As of March 31, 2024, the Company had $2.5 million in cash as compared to $1.8 million as of March 31, 2023. As of March 31, 2024, the Company also had approximately $105.4 million of accounts receivable balance due from third parties. Approximately 35.4% of the March 31, 2024 balance has subsequently been collected, and the majority of the remaining balance is expected to be collected by December 31, 2024. The collection of such receivables made cash available for use in the Company's operations as working capital, if necessary. Net cash provided by operating activities was $1.9 million for fiscal year 2024, mainly derived from a net income of $7.5 million for the year, and net changes in the Company's operating assets and liabilities, which mainly included a decrease in compensation receivable for consumption tax of $11.3 million as the Company has received payments from the debtors according to the collection plan, and an increase in accounts payable of $13.8 million as the Company negotiated longer payment terms with the Company's suppliers. The Company's merchandise inventories decreased by $2.4 million due to the Company's strengthening inventory management to minimize inventory backlog and improve inventory turnover rate. Meanwhile, accounts receivable due from third parties increased by $24.7 million as a result of the Company's increased sales, and taxes payable decreased by $7.0 million as the Company has made payments to tax authority for the additional consumption tax as a result of the consumption tax examination as mentioned above during fiscal year 2024. Net cash provided by investing activities amounted to $2.7 million for fiscal year 2024, mainly due to proceeds from disposal of property and equipment of $3.1 million and proceeds from disposal of equity method investment of $0.3 million, partially offset by purchases of property and equipment in the aggregate amount of $0.9 million and disposal of a subsidiary of $0.2 million. Net cash used in financing activities was $1.8 million for fiscal year 2024, which primarily consisted of repayments of long-term borrowings of $4.2 million and repayments of short-term borrowings of $2.1 million, partially offset by proceeds from issuance of ordinary shares, net of issuance costs of $3.7 million and proceeds from short-term borrowings of $1.4 million. Conference Call Information The Company will host an earnings conference call at 8:30 am U.S. Eastern Time (9:30 pm Japan Standard Time) on July 16, 2024. Dial-in details for the conference call are as follows: Dial-in details for the conference call are as follows: Date: July 16, 2024 Time: 8:30 am U.S. Eastern Time International: 1-412-902-4272 United States Toll Free: 1-888-346-8982 Japan Toll Free: 0066-33-812830 Conference ID Yoshitsu Co., Ltd Please dial in at least 15 minutes before the commencement of the call to ensure timely participation. For those unable to participate, an audio replay of the conference call will be available from approximately one hour after the end of the live call until July 23, 2024. The dial-in for the replay is 1-877-344-7529 within the United States or 1-412-317-0088 internationally. The replay access code is 8200869. A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://www.ystbek.co.jp/irlibrary/. About Yoshitsu Co., Ltd Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese beauty and health products, sundry products, and other products in Hong Kong, Japan, North America, and the United Kingdom. The Company offers various beauty products (including cosmetics, skincare, fragrance, and body care products), health products (including over-the-counter drugs, nutritional supplements, and medical supplies and devices), sundry products (including home goods), and other products (including food and alcoholic beverages). The Company currently sells its products through directly-operated physical stores, through online stores, and to franchise stores and wholesale customers. For more information, please visit the Company's website at https://www.ystbek.co.jp/irlibrary/. Forward-Looking Statements Certain statements in this press release are forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains, and economic activity in general. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission. For more information, please contact: Yoshitsu Co., LtdInvestor Relations DepartmentEmail: ir@ystbek.co.jp Ascent Investor Relations LLCTina XiaoPresidentPhone: +1-646-932-7242Email: investors@ascent-ir.com YOSHITSU CO., LTD CONSOLIDATED BALANCE SHEETS March 31, March 31, 2024 2023 ASSETS CURRENT ASSETS: Cash $ 2,475,538 $ 1,766,441 Accounts receivable, net 105,359,841 89,447,155 Accounts receivable - related parties, net 25,704 327,807 Merchandise inventories, net 4,413,880 7,187,800 Due from related parties 9,762 444,567 Compensation receivable for consumption tax, current 7,133,470 3,912,719 Prepaid expenses and other current assets, net 2,748,682 3,542,864 TOTAL CURRENT ASSETS 122,166,877 106,629,353 Property and equipment, net 9,013,827 12,938,598 Operating lease right-of-use assets 3,979,727 2,709,954 Long term investment - 169,148 Compensation receivable for consumption tax, non-current, net 2,721,034 19,230,370 Long-term prepaid expenses and other non-current assets, net 4,115,694 4,997,857 TOTAL ASSETS $ 141,997,159 $ 146,675,280 CURRENT LIABILITIES: Short-term borrowings $ 53,234,650 $ 60,636,412 Current portion of long-term borrowings 1,730,796 2,783,445 Accounts payable 24,392,029 12,719,160 Accounts payable - a related party 299,541 - Due to related parties 42,943 297,559 Deferred revenue 55,093 146,024 Taxes payable 9,357,482 18,219,803 Operating lease liabilities, current 1,523,222 1,323,900 Finance lease liabilities, current 170,553 369,786 Warrants liabilities 441,104 24,663 Other payables and other current liabilities 2,167,320 1,520,756 TOTAL CURRENT LIABILITIES 93,414,733 98,041,508 Operating lease liabilities, non-current 2,488,823 1,416,508 Finance lease liabilities, non-current 263,571 622,922 Long-term borrowings 5,636,960 10,326,399 Other non-current liabilities 1,934,927 2,535,123 Deferred tax liabilities, net 2,215,361 4,451,077 TOTAL LIABILITIES $ 105,954,375 $ 117,393,537 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Ordinary shares, no par value,100,000,000 shares authorized; 42,220,206 shares and 36,250,054 shares issued and outstanding as of March 31, 2024 and 2023, respectively 16,716,839 14,694,327 Capital reserve 10,262,191 9,078,915 Retained earnings 21,056,780 13,577,844 Accumulated other comprehensive loss (11,993,026) (8,069,343) TOTAL SHAREHOLDERS' EQUITY 36,042,784 29,281,743 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 141,997,159 $ 146,675,280 YOSHITSU CO., LTD CONSOLIDATED STATEMENTS OF OPERTAIONS AND COMPREHENSIVE INCOME (LOSS) For the Years Ended March 31 2024 2023 2022 (1) REVENUE Revenue - third parties $ 189,674,322 $ 168,876,360 $ 234,508,821 Revenue - related parties 6,006,993 847,986 243,759 Total revenue 195,681,315 169,724,346 234,752,580 COSTS AND OPERATING EXPENSES Merchandise costs 172,306,308 140,293,419 191,040,547 Selling, general and administrative expenses 17,597,125 28,607,088 36,422,772 Total operating expenses 189,903,433 168,900,507 227,463,319 INCOME FROM OPERATIONS 5,777,882 823,839 7,289,261 OTHER INCOME (EXPENSE) Interest expense, net (1,611,141) (2,422,079) (2,785,766) Additional and delinquent tax due to consumption tax correction (628,876) (6,622,486) - Gain from disposal of equity method investment 190,571 - - Gain from disposal of a subsidiary 341,139 - - Other income, net 760,435 13,145 598,206 Gain from foreign currency exchange 3,065,971 718,990 833,547 Change in fair value of warrants liabilities 109,173 139,615 369,404 Income (loss) from equity method investment (69,444) 14,554 (145,828) Total other income (expenses), net 2,157,828 (8,158,261) (1,130,437) INCOME (LOSS) BEFORE INCOME TAX PROVISION 7,935,710 (7,334,422) 6,158,824 PROVISION FOR INCOME TAXES 456,774 714,400 2,234,676 NET INCOME (LOSS) 7,478,936 (8,048,822) 3,924,148 OTHER COMPREHENSIVE LOSS Foreign currency translation loss (3,923,683) (4,279,325) (3,466,261) TOTAL COMPREHENSIVE INCOME (LOSS) $ 3,555,253 $ (12,328,147) $ 457,887 Earnings (loss) per ordinary share - basic and diluted $ 0.2 $ (0.22) $ 0.12 Weighted average shares - basic and diluted* 37,264,162 36,250,054 32,678,625 * Retrospectively restated for effect of a 294-for-1 forward split on August 18, 2021. (1) The financial information presented in this report has been retrospectively adjusted for the acquisition of Tokyo Lifestyle Limited. YOSHITSU CO., LTD CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Ordinary Shares Capital Retained Accumulated Other Comprehensive Total Shareholders' Shares* Amount Reserve Earnings Income (Loss) Equity (1) Balance, March 31, 2021 27,327,594 $ 2,416,635 $ 501,053 $ 17,702,518 $ (323,757) $ 20,296,449 - Capital contribution from Grand Elec-Tech Limited 2,672,460 920,192 902,224 - - 1,822,416 Issuance of ordinary shares and additional shares under overallotment option in initial public offerings, net of issuance costs 6,250,000 11,357,500 10,060,011 - - 21,417,511 Capital contribution in the form of debt exemption - - 1,111,608 - - 1,111,608 Issuance of representative's warrants - - (653,831) - - (653,831) Net income for the year - - - 3,924,148 - 3,924,148 Foreign currency translation loss - - - - (3,466,261) (3,466,261) Balance, March 31, 2022 36,250,054 $ 14,694,327 $ 11,921,065 $ 21,626,666 $ (3,790,018) $ 44,452,040 Business combinations under common control - - (2,842,173) - - (2,842,173) Capital contribution received by Malaysia subsidiary - - 23 - - 23 Capital contribution in the form of debt exemption - - - - - - Issuance of representative's warrants - - - - - - Net loss for the year - - - (8,048,822) - (8,048,822) Foreign currency translation loss - - - - (4,279,325) (4,279,325) Balance, March 31, 2023 36,250,054 $ 14,694,327 $ 9,078,915 $ 13,577,844 $ (8,069,343) $ 29,281,743 Issuance of ordinary shares 5,970,152 2,022,512 1,724,770 - - 3,747,282 Issuance of investors' warrants - - (541,494) - - (541,494) Net income for the year - - - 7,478,936 - 7,478,936 Foreign currency translation loss - - - - (3,923,683) (3,923,683) Balance, March 31, 2024 42,220,206 $ 16,716,839 $ 10,262,191 $ 21,056,780 $ (11,993,026) $ 36,042,784 * Retrospectively restated for effect of share issuances on October 22, 2020 and a 294-for-1 forward split on August 18, 2021. (1) The financial information presented in this report has been retrospectively adjusted for the acquisition of Tokyo Lifestyle Limited. YOSHITSU CO., LTD CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended March 31 2024 2023 2022 (1) Cash flows from operating activities: Net Income (loss) $ 7,478,936 $ (8,048,822) $ 3,924,148 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,232,611 1,226,496 1,217,455 Loss (gain) from disposal of property and equipment (712,685) 329,580 35,803 Loss (gain) from unrealized foreign currency translation (412,728) 282,131 (662,345) Provision for (reversal of) credit losses (2,043,939) 3,471,953 (278,642) Addition (reversal) of merchandise inventories written down (68,361) 150,382 - Amortization of operating lease right-of-use assets 1,711,978 1,784,754 2,385,992 Deferred tax provision (benefit) (1,778,277) 4,849,771 (67,268) Change in fair value of warrants liabilities (109,173) (139,615) (369,404) Investment loss (income) from equity method investment 69,444 (14,554) 145,828 Gain from disposal of equity method investment (190,571) - - Accrued interest expense - - 38,666 Changes in operating assets and liabilities: Accounts receivable (24,747,655) (53,824,026) 7,841,569 Accounts receivable - related parties 277,005 (323,212) - Merchandise inventories 2,355,034 21,285,866 (6,054,509) Compensation receivable for consumption tax 11,284,665 (23,212,327) - Prepaid expenses and other current assets 949,043 5,597,781 (7,028,529) Long term prepaid expenses and other non-current assets 315,809 2,183,108 (4,762,929) Accounts payable 13,816,414 5,280,797 (2,803,950) Accounts payable - related parties 299,591 (119,081) 25,813 Deferred revenue 35,027 49,715 (69,862) Taxes payable (6,977,961) 17,268,372 (1,365,092) Other payables and other current liabilities 1,078,396 (1,590,907) 1,932,901 Operating lease liabilities (1,711,398) (1,807,376) (2,270,868) Other non-current liabilities (239,250) (419,200) 1,179,459 Net cash provided by (used in) operating activities 1,911,955 (25,738,414) (7,005,764) Cash flows from investing activities: Purchase of property and equipment (929,308) (934,960) (3,037,813) Proceeds from disposal of property and equipment 3,104,387 2,961 61,109 Proceeds from disposal of equity method investment 276,800 - - Proceeds from disposal of a subsidiary 34,600 - - Disposal of a subsidiary, net of cash (171,788) - - Collection of amount due from (advances made to) related parties 399,223 188,728 (128,535) Net cash provided by (used in) investing activities 2,713,914 (743,271) (3,105,239) Cash flows from financing activities: Capital contribution - 23 1,822,416 Proceeds from initial public offerings, net of issuance costs - - 22,102,984 Proceeds from issuance of ordinary shares, net of issuance costs 3,747,282 - - Cash consideration paid for business combination under common control - (2,842,173) - Proceeds from short-term borrowings 1,384,000 78,831,300 282,176,915 Repayments of short-term borrowings (2,076,000) (55,515,000) (303,096,477) Proceeds from long-term borrowings - 2,160,161 17,057,036 Repayments of long-term borrowings (4,186,712) (9,798,554) (1,608,276) Advances received from (payments made to) related parties (228,966) 104,482 (4,282,303) Repayment of obligations under finance leases (420,910) (194,421) (408,492) Net cash provided by (used in) financing activities (1,781,306) 12,745,818 13,763,803 Effect of exchange rate fluctuation on cash (2,135,466) (2,763,692) (2,230,388) Net increase (decrease) in cash 709,097 (16,499,559) 1,422,412 Cash at beginning of year 1,766,441 18,266,000 16,843,588 Cash at end of year $ 2,475,538 $ 1,766,441 $ 18,266,000 Supplemental cash flow information Cash paid for income taxes $ 880,308 $ 433,899 $ 3,718,637 Cash paid for interest $ 798,353 $ 1,108,863 $ 873,147 Supplemental non-cash operating activities Purchase of property and financed under long-term payment $ - $ 831,746 $ 22,719 Purchase of property and equipment financed under finance leases $ - $ 210,666 $ 901,561 Right of use assets obtained in exchange for operating lease liabilities $ 3,118,676 $ 542,231 $ 2,856,470 Capital contribution in the form of debt exemption $ - $ - $ 1,111,608 Deduction of right of use assets and operating lease liabilities in relation to lease concession $ - $ - $ 84,368 Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement $ - $ - $ 27,262 Deferred IPO cost offset with capital reserve $ - $ - $ 685,473 (1) The financial information presented in this report has been retrospectively adjusted for the acquisition of Tokyo Lifestyle Limited.
LYSAKER, Norway, July 16, 2024 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the second quarter 2024. Aker Horizons' net capital employed stood at NOK 7.1 billion, an increase of NOK 1.9 billion from the first quarter, mainly driven by a gain from the Aker Carbon Capture-SLB transaction. The company reported a cash position of NOK 3.1 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.8 billion. Second quarter main developments: Aker Carbon Capture ASA (ACC ASA) completed the transaction to combine its carbon capture business with SLB: ACC ASA received NOK 4.1 billion in cash consideration, increasing its Q2 cash position to NOK 4.5 billion ACC ASA booked an accounting gain of NOK 4.9 billion The combination and integration of ACCH and SLB's carbon capture business progressed according to plan Mainstream Renewable Power (Mainstream) delivered on its strategy in Australia and Sweden: The company was awarded a 2.5 GW offshore wind license in the Gippsland region of Victoria and a 500 MW onshore wind permit in New South Wales, in Australia In Sweden, the 2.5 GW Mareld floating offshore wind development received a positive recommendation for government approval The Andes Renovables platform in Chile maintained positive commercial margins in Q2 and recognized additional EUR 20m in revenues following publication of the first Tariff Stabilization Law decree Aker Horizons Asset Development (AAD) made progress on key projects and continued to explore data center opportunities for sites in Northern Norway: The Rjukan project was scaled up to 40 MW gaseous hydrogen capacity, leveraging existing allocation of 50 MW grid capacity A cooperation agreement was signed with a data center developer EPC company to explore powered shell opportunities in Northern Norway For the flagship Narvik Green Ammonia project, the pre-FEED was concluded and invitation to tender responses were received Kristian Røkke, CEO of Aker Horizons, commented: "The second quarter was marked by the successful completion of the announced joint venture between Aker Carbon Capture and SLB. The new company combines technology portfolios, expertise and operations platforms to accelerate carbon capture adoption for industrial decarbonization. Mainstream continued to execute on its prioritized project pipeline, notably with the award of major offshore and onshore wind licenses in Australia. We are also pleased to see progress on new opportunities for data centers at its sites in the Narvik region." As of the second quarter 2024, Aker Horizons developed its financial reporting format to reflect a portfolio composed mainly of unlisted assets. From having four listed holdings in 2021, Aker Horizons had one listed holding, Aker Carbon Capture ASA, at the end of the second quarter 2024. Net capital employed reflects Aker Horizons' initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the second quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 3.8 billion in Mainstream, NOK 517 million in AAD, NOK 174 million in SuperNode and NOK 203 million in other assets. The Q2 2024 presentation and half-year 2024 report are attached. Aker Horizons' CEO Kristian Røkke and CFO Kristoffer Dahlberg, and Mainstream's CEO Mary Quaney will present the main developments in the second quarter 2024 today at 08:30 CEST followed by a Q&A session. The presentation, which is open to all, will be held in English and will be webcast on Aker Horizons' website: https://akerhorizons.com/investors For further information, please contact:Marianne Stigset, Director of Communications and External AffairsTel: +47 41 18 84 82Email: marianne.stigset@akerhorizons.com Stian Andreassen, head of Investor RelationsTel: +47 41 64 31 07Email: stian.andreassen@akerhorizons.com About Aker Horizons Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents. www.akerhorizons.com This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Marianne Stigset, Communications, Aker Horizons, on 16 July 2024 at 07:00 CEST. This information was brought to you by Cision http://news.cision.com https://news.cision.com/aker-horizons/r/aker-horizons-asa--second-quarter-results-2024,c4015316 The following files are available for download: https://mb.cision.com/Main/20659/4015316/2916984.pdf Aker Horizons Half-Year Report 2024 https://mb.cision.com/Public/20659/4015316/879d1eff0a11dd67.pdf Aker Horizons Q2 2024 Presentation
JERSEY CITY, N.J., July 15, 2024 /PRNewswire/ -- The intuitive investment and trading platform moomoo has recently completed a 2024 second-quarter U.S. users survey. Similar to last year, moomoo surveyed its users halfway through the year to find out how their investing journey has progressed to-date this year and learn what their expectations for the second half will be. Results showed that the investors in the survey are generally trading more often and gained more profits than at this time last year, but inflation and confidence remain as concerns. With US markets near all-time highs, investors have adopted more neutral tones on markets, see the possibility of a recession, and are split over Artificial Intelligence (AI) stock valuations. Better-than expected first-quarter earnings, solid economic and employment data, and expectations for improved corporate efficiencies largely driven by generative AI helped push markets to near all-time highs at the end of 2024's first half. Set against the highs, the S&P 500 was up almost 33% as of June 28, 2024 after its recent bottom in October 2023, while the Nasdaq 100 index was up almost 40%, mostly led by gains in AI stocks. In general, 84% of surveyed investors believe technology stocks could outperform other sectors in the second half of the year. "While many investors have ridden the market highs in the first half of 2024, a cautious tone permeates the survey results. With uncertainty surrounding inflation, elections, recession and the path of rates, investors are expecting more volatility in the second half," said Justin Zacks, Vice President of Strategy, Moomoo Technologies Inc. About the Survey: The Q2 Moomoo Users survey was conducted in June 2024. The survey included approximately 1,000 participants that are registered users of the moomoo app. The data shown in the survey represents the opinion of those surveyed and may change based on the market and other conditions. The survey results provided herein may not represent other customers' experience, and there is no guarantee of future performance or success and should also not be construed as investment advice. Experiences may differ than the ones represented here. Investing involves risks regardless of the strategy selected. This whitepaper is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Past investment performance does not indicate or guarantee future success. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. In the U.S., Investment products and services on Moomoo are offered by Moomoo Financial Inc., Member FINRA/SIPC. About moomoo Moomoo is an investment and trading platform that empowers global investors with pro-grade, easy-to-use tools, data, and insights. It provides users with the necessary information and technology to make more informed investment decisions. Investors have access to advanced charting tools, technical analytics, and in-depth data. Moomoo grows with its users, cultivating a community where investors share, learn, and grow together in one place. Moomoo provides free access to investment courses, educational materials, and interactive events that any investor, at any level, can gain from. Users can join forum discussions, trending topics, and seminars to better their investment knowledge and insights. The moomoo app is offered by Moomoo Technologies Inc. ("MTI") a company that is based in Jersey City, New Jersey. The app is used globally in countries including the U.S., Singapore, Australia, Japan, Malaysia and Canada. MTI is not a broker-dealer and does not provide investment advice or recommendations. In the U.S., securities products and services are offered by Moomoo Financial Inc. ("MFI"), an SEC-registered broker-dealer and member FINRA/SIPC. MTI and MFI are indirect, wholly-owned subsidiaries of Futu Holdings Limited (Nasdaq: FUTU). For more information, please visit moomoo's official website at www.moomoo.com/us or feel free to email: pr@us.moomoo.com.
Education Cannot Wait Executive Director Yasmine Sherif Statement for World Youth Skills Day NEW YORK, July 15, 2024 /PRNewswire/ -- Today's youth live in a world mired by violence, political discord, economic instability, forced displacement and a climate crisis that threatens the very future of the human race. Without access to education and skills training, they are faced with limited opportunities, limited empowerment and limited hope for a better future. Today’s youth are powerful agents of change. One day, they will lead us to a better world. The only way we will get there – and deliver on the goals outlined in the 2030 Agenda for Sustainable Development – is by creating a global moonshot to truly ensure education for all. Therefore, as we mark World Youth Skills Day, we must continue to work together to build the youth skills necessary to foster peace and development worldwide, and education is the key. Today's youth are powerful agents of change. One day, they will lead us to a better world. One day, they will put an end to hatred, oppression and inequality. One day they will be the teachers, engineers, doctors and lawyers that build a great society based on human rights and human equality. The only way we will get there – and deliver on the goals outlined in the 2030 Agenda for Sustainable Development – is by creating a global moonshot to truly ensure education for all. It will take a global moonshot effort: today, without additional measures, 300 million students will lack basic literacy and math skills by 2030, and only 1 in 6 countries will achieve the goal for universal secondary education, according to the United Nations. Even more concerning, 1 in 4 young people are either out of school, out of a job, or out of a training programme to join the work force. Girls are twice as likely as boys to be impacted by this critical situation. This is a pressing global challenge. By 2030, the youth population will grow by more than 78 million. Much of this will happen in low-income countries. According to the United Nations, we will need to create 600 million jobs over the next 15 years to meet youth employment needs. The key will be focusing on skills training fit for the 21st century. But it must start from early childhood education and continue all the way to secondary school and university. And it must include holistic supports such as school feeding, vocational training, catch-up classes and mental health and psychosocial support. These are essential in equipping today's youth with the skills they need to thrive in this changing economy. Education Cannot Wait (ECW), the global fund for education in emergencies and protracted crises within the United Nations, is one of the world's few multilateral funds to include youth representation in our governance structure. These young leaders were the catalysts behind our new #Youth4ECW campaign, which is activating youth networks worldwide to call for increased opportunities for today's young people. Together with our partners, we are having a real impact on the ground. In South Sudan, Living Sunday is a 22-year-old mother. When she first became pregnant, she thought her education was over. With an innovative education programme that supports young mothers like her, delivered by AVSI with funding from ECW, Living Sunday is now about to graduate from high school and dreams of continuing on to university. As she so eloquently put it: "I've now got the opportunity to change my life." "Globally, there is a 9% increase in hourly earnings for every extra year of schooling," according to the World Bank. "For societies, it drives long-term economic growth, spurs innovation, strengthens institutions and fosters social cohesion. Education is further a powerful catalyst to climate action through widespread behavior change and skilling for green transitions." Our investment in today's youth is our investment in peace and sustainable development. It's our investment in human rights and human dignity. It's our investment towards an end to chaos, conflict and crisis. It is nothing less than the rise of a new world order built on the solid foundation of quality education, the skills and power of our youth, and the human spirit.
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