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2019 VW Jetta Suspension Is Unexpectedly Soft, Says Review

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2019 VW Jetta Suspension Is Unexpectedly Soft, Says Review The Jetta is now strictly an American thing. They don't make or sell it in Europe, which means it's been designed and engineered like to suit the tastes of only one market. KBB reviewer Micah Muzio says the 2019 Jetta is great, but not for the reasons you'd expect. And the first shock comes in the suspension department, where the sedan is so softly sprung that it jumps over speed humps. If you... Reported by autoevolution 19 minutes ago.

KLA-Tencor and Pfizer jump; IPG and Chipotle slide

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NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday: KLA-Tencor Corp., up $11.12 to $117.42 The maker of equipment for manufacturing semiconductors surpassed analyst estimates in its fourth quarter. Illumina Inc., up $35.12 to $324.36 The genetic testing tools maker raised its forecasts after a strong second quarter. IPG Photonics Corp., down $60.26 to $164.04 The high-powered laser maker said demand from Europe and China worsened during the second quarter and hasn't improved. AK Steel Holdings Inc., down 73 cents to $4.63 The steel maker said its results were hurt by a fire at one plant and power outages at another. Qualcomm Inc., up $2.05 to $64. Reported by SeattlePI.com 10 hours ago.

Heat wave blasts Europe

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  Reported by USATODAY.com 7 hours ago.

West begins to close door on Chinese investment

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Beijing perceives it is harder to do US deals — and that Europe is also tightening up Reported by FT.com 5 hours ago.

Strong Economic Growth Boosts U.S. in Trade Battles

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China, Europe and Mexico’s economies showed fresh signs of stumbling Tuesday while the U.S. powered ahead, boosting Washington’s hand as it jockeys with them over trade. Reported by Wall Street Journal 4 hours ago.

Oil opens August on the downside, WTI in play below $70

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· *Oil prices faltered in July, shedding value in crude's worst month in two years.*
· *WTI traders continue to be vexed by US oil supplies, which are swinging between expansion and contraction at irregular intervals.*

US stockpiles of crude oil are once again sending oil prices in another direction, with the American Petroleum Institute (API) showing that US reserves of crude oil barrels once again rose by 5.6 million barrels in just a week, wiping out previous contractions in supply stocks and pushing oil prices back into recent lows, with WTI prices back into 68.40.

Saudi Arabia recently suspended shipments through the Bab al-Mandeb Strait after attacks on oil tankers, a move which threatened to constrain supply lines across Asia and Europe, but the Yemeni Houthis who were responsible for the initial attacks have stated that they are willing to halt attacks in the Red Sea, allowing Saudi Arabia the chance to quickly send oil shipments back through the critical canal.

Oil prices suffered their worst month in over two years in July, with WTI prices slipping from multi-year highs of 75.35 per barrel back below the 69 critical technical level.

*WTI Crude levels to watch*

Despite recent price squeezes, namely from the OPEC energy mafia increasing production limits, long-term charts have oil still in a dedicated uptrend, with Daily candles showing crude prices still managing to squeeze further gains from successive higher lows, and bulls will be looking to clip back over the last swing high near the key 70.00 level to take another run at 2018's highs of 75.35, while oil traders on the short side will be looking for a drop below July's bottom of 67.00. Reported by FXstreet.com 4 hours ago.

Europe Edition: Facebook, Greece, Extreme Heat: Your Wednesday Briefing

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Here’s what you need to know to start your day. Reported by NYTimes.com 2 hours ago.

'Dream trip' turns morbid nightmare: ISIS kills travel bloggers in Tajikstan

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Cyclists from Europe and the US who were killed in an attack claimed by the Islamic State group in Tajikistan had described their trip as a "dream come true."

The victims were Jay Austin and Lauren Geoghegan from the US, Rene Wokke from the Netherlands and Markus Hummel from Switzerland, according to Tajik authorities.

Each of the travellers had a blog to document journeys that took them to the Pamir Highway, a Soviet-era road that stretches across 2,000 kilometres near the border with Afghanistan and has spectacular views.

The Americans explained on their blog SimplyCycling that they had "decided to quit our jobs and bike around the world." The pair had travelled through Africa and Europe before flying to Kazakhstan in May.

The posts on the site and on their Instagram account broke off as they ventured into mountainous Tajikistan, the poorest of the former Soviet states.

"Tajikistan is a tough place to cycle. It is cold and windy and mountainous and, most of all, very, very high," Austin wrote a week ago.

"Really glad I did it. No need to ever do it again," he said of crossing a Tajik mountain pass at a height of 4,655 metres with thin air and intermittent snow.

Austin had been featured in The Washington Post in 2015 as one of those following a "tiny house" trend and downsizing his daily life to essentials.

On Sunday, a car mowed into the group of seven cyclists, two of whom were injured while another was left unscathed. The riders were attacked by a gang armed with knives and guns in a highly unusual incident that Tajikistan has said was organised by a member of an opposition Islamist party.

The parents of Geoghegan, 29, released a statement Tuesday saying the trip that their daughter and her partner Austin were enjoying was typical of Geoghegan's "enthusiastic embrace of life's opportunities, her openness to new people and places, and her quest for a better understanding of the world." They had set out on their adventure in July 2017.

Dutch victim Wokke, a 56-year-old psychologist, was cycling with his partner Kim Postma, a 58-year-old hospital administrator who was injured in the incident.

The website of Dutch newspaper NRC said the couple were travelling from Bangkok to Tehran and chose to go through Tajikistan to avoid the dangers of Afghanistan.

Wokke was a very experienced traveller and had visited more than 130 countries, according to his brother, Erik.

The pair, from Amsterdam, had left Thailand in February and planned to arrive in Tehran in September before flying back to the Netherlands.

Wokke and Postma described the Pamir Highway on their blog as "the ultimate challenge of this trip." Swiss cyclist Hummel also kept an online record of the journey with another Swiss national, Marie-Claire Diemand, who was injured in the attack.

In a blog entry entitled "A dream comes true," they explained that they were travelling along the Silk Road from Xi'an in China to Kyrgyzstan.

"Since we are already on the road, we definitely don't want to miss the Pamir Highway in Tajikistan," the pair said.

Their last entry was on July 25, when the whole group was staying in the Tajik town of Khorugh, after adventures including their tent filling with drifts of sand.

They said that on the highway, "we enjoy the silence, the dreamlike landscape and look at the Pamir River and the Afghan side of the valley all day long." Friends and well-wishers posted messages of condolences on the American victims' SimplyCyling Instagram page.

One, Robert Renner, wrote: "My condolences to the family and friends of Jay and Lauren." Another, Angela Wuerth, wrote: "I'm so sad that something so tragic could happen to such beautiful, kind people."

Article Type: 
Report
Sections: 
World
Agencies: 
PTI
Tags: 
Isis
Islamic State
ISIS attack
Tajikistan
Pamir Highway
Soviet
Afghanistan
Wed, 1 Aug 2018-10:02am
Date updated: 
Wednesday, 1 August 2018 - 10:05am
Article Images: 
A image taken from a video released by The Islamic States (IS) Amaq News Agency on July 31, 2018, allegedly shows the five executors of an attack on foreign tourists on a bike tour in southern Tajikistan.Authorities said four tourists - a Swiss, a Dutch and two US citizens- were killed and another three injured during their bike tour in southern Tajikistan on July 29, 2018, when a car hit them before fleeing the scene. (AFP photo)
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Highlights:  Reported by DNA 2 hours ago.

Calls for farm support intensify as Europe struggles with heatwave, drought

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Sweltering heat and severe drought across vast stretches of the EU have damaged crops across the bloc. To cope with the difficult situation, farmers in several countries are demanding special aid. Reported by Deutsche Welle 2 hours ago.

Vauxhall GT X Experimental concept shows new styling for 2019 and beyond

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Next Corsa set to usher in ‘pure and bold’ grille and lights design

Vauxhall and Opel cars will get a new, very different and all-encompassing grille and lights design, to underscore their move to the PSA Group and mark their new independence from former owner General Motors. The design is to be showcased on a concept named Vauxhall GT X Experimental, which the brand is in the process of revealing, ahead of a full unveil later this year.

The concept, described by Vauxhall as 'daring', is pitched at the mid-2020s. Its frontal treatment, dubbed Vizor, has been created in the Vauxhall-Opel design centre at Rüsselsheim and replaces a style regarded for some time as too conventional. The move aims to match the frontal treatments on future cars with the ‘pure and bold’ shapes PSA believes it has already adopted for its most modern designs.

The Vizor grille is likely to appear in production for the first time on the all-new Vauxhall Corsa when it moves to PSA’s small-car platform for 2019. The new look will be displayed for the first time on a highly significant concept that’s under final development. Due to be revealed in the autumn, but not at the Paris motor show, the concept incorporates many design influences from the recent GT Concept coupé.

Vizor is the result of early brainstorming sessions that subsequently drew submissions from Vauxhall-Opel’s entire design department, according to design boss Mark Adams.

It incorporates what Adams calls “the compass”, a cruciform layout formed in the horizontal plane by high- tech, wing-style headlights (a Vauxhall-Opel tradition since the Insignia appeared in 2008) and vertically by the marques’ traditional bonnet and front spoiler centre crease, with a round Opel or Vauxhall badge at its epicentre.

Adams describes the Vizor project as “liberating”, since it means the Anglo-German brands need no longer preserve a relationship with Buick, which has disparate buyers in China and the US, as well as Europe. The marques are improving and “sharpening” other aspects of their image to mark the fact.

“Our vision for Vauxhall and Opel cars lacked one thing: a unique face,” explained Adams. “Up to now, our grille proportions have been too conventional, with an aspect ratio too similar to that of other brands. We wanted a face that worked just for us, and now we have it.”

The design of the Vizor grille is accompanied by the creation of an all-glass fascia panel, dubbed Pure Panel, which carries clear design influences from the Vizor frontal treatment but with different proportions.

“We’ve incorporated all the technology the modern driver needs,” says Adams, “but in a simple way. We’ve tried to ditch complexity and amplify the ‘pure’ theme we want in our designs. This is digital detoxing for cars.”

Work on Vauxhall-Opel’s new interior and exterior treatments was presented to PSA chief Carlos Tavares last December. Once the winning themes were chosen, much work was done to make sure they could function in many different iterations and could be adapted to different vehicle styles and duties. 

*New nose shapes the future:*

Design boss Mark Adams’ remark that designing a new grille and nose is “liberating” is an important guide to its deep significance to the future of Vauxhall and Opel.

Adams has loyally overseen the creation of designs that, looking back, have had an enormous task: to seem home-grown in Britain, Germany, America and China at the same time. The new Vizor face willcarry the same modernity Adams’ designers have steadily brought to the rest of their cars’ shapes. No one is saying when we’ll see the new nose, but it’s hard to see the all-important Corsa (due next year) missing out.

*Read more*

*Vauxhall Corsa GSi priced from £18,995*

*Vauxhall design concept hints at brand’s future styling*

*How to design a new Vauxhall - an Autocar exclusive* Reported by Autocar 2 hours ago.

Osram holds its ground in a difficult market environment

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DGAP-News: OSRAM Licht AG / Key word(s): 9-month figures/Interim Report

01.08.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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- Q3 revenue stable at EUR1.02 billion

- Adjusted EBITDA margin remains at 13.1 percent

- Osram initiates sale of luminaires business

- Group plans to save EUR130 to EUR140 million by 2020

"Despite a difficult market environment, we continue to generate good returns in our most important business areas. We are actively addressing the temporary weakness in demand of our customers in the automotive industry and improving our cost base. To ensure success, we are accelerating the current reorganization process and have laid an excellent foundation with the recently achieved reconciliation of interests," said Olaf Berlien, CEO of OSRAM Licht AG. "Nothing has changed in terms of long-term growth opportunities."

*Osram held its ground in a difficult market environment in the third quarter of its 2018 fiscal year. On a comparable basis, revenue remained consistent with the prior year's level of EUR1.02 billion. At EUR133 million, EBITDA adjusted for special items was significantly below the prior year's level. The adjusted EBITDA margin reached 13.1 percent. Foreign exchange effects as well as higher expenses for R&D and ramp-up costs burdened the adj. EBITDA in Q3 with more than EUR40 million. In the first nine months these effects summed up to more than EUR130 million - thereof EUR75 million FX effects alone. Recently the worldwide changes in ordering behavior of our customers and distributors in part due to existing and imminent trade restrictions have weighed on the company's revenue. The change in market dynamics due to the transition from allocation to normalization for some semiconductor products have also taken a toll on revenue. These effects are expected to have an impact in the coming months and have led the Managing Board to adjust the annual forecast at the end of June. In this context, the Managing Board has decided to further sharpen the portfolio and as a first step the company will divest its luminaires business.*

Management is looking at number of measures to rectify the current market situation. They are first looking to streamline the global administration, which should reduce cost by approx. 20 percent. Beyond that, several structural and operational programs have been implemented. This includes the improvement of efficiency in R&D, in the supply chain, and in the German factory alliance. These operational programs should sum to EUR130 to EUR140 million in savings by 2020.

Negotiations with employee representatives about a reconciliation of interests have been considerably expedited and are concluded. Charges for that have already been taken into account in the forecast for the current fiscal year.

In the third quarter of the fiscal year, the general economic slowdown and weak demand in the automotive industry was primarily reflected in our semiconductor segments Opto Semiconductors (OS) and in the Specialty Lighting (SP) segment. The trade tariffs in the USA, more stringent emission tests in Europe and lower production expectations from premium manufacturers have also caused uncertainty. In addition, there were project delays in business with mobile devices and horticulture applications and a continued slowdown of the general lighting market.
The strategic revision of the business unit Lighting Solutions (LS) unit announced at the beginning of the year has now been completed. In addition to the ongoing sale of the US service business, the Managing Board is now planning to divest the business with luminaires. The luminaires business as part of the reporting segment Lighting Solutions and Systems (LSS) is now on the right track due to numerous efficiency improvements.
*Outlook for the current fiscal year*
Osram adjusted its outlook for the current fiscal year at the end of June. Based on these changes, the Managing Board now expects a comparable revenue increase of 1.0 to 3.0 percent (previously: 3.0 to 5.0 percent) and adjusted EBITDA of EUR570 to 600 million (previously: approximately EUR640 million) for fiscal year 2018. In addition, earnings per share (diluted) of EUR1.00 to 1.20 (previously: EUR 1.90 to 2.10) are forecast for fiscal year 2018. This includes the extraordinary expense already communicated in connection with the "OSRAM future concept". Negative free cash flow at EUR150 to 200 million (previously: negative free cash flow EUR50 to 150 million) is now expected.
As previously announced, the Managing Board is currently revising the strategic development. The results will be announced at a capital market conference on November 7.
Osram's long-term growth prospects remain good. LED- and laser-based technologies are oriented to global megatrends and continue to serve growing high-tech markets. The group is actively shaping the ongoing technological shift and has also recently expanded its portfolio with innovative future technologies. That includes the acquisition of US provider Vixar, which specializes in compact 3D identification technology, and the acquisition of the horticulture company Fluence. The closings of both acquisitions were completed in the beginning of FQ4, as was the takeover of the former Trilux subsidiary BAG electronics. The Osram Continental joint venture, which will shape the future of intelligent car lighting, went into operation at the beginning of July.
The company will hold a conference call for analysts, starting at 1:00 p.m. CEST. The conference will be broadcast online at http://services.choruscall.eu/links/osram180801ir.html

 

*PRESS CONTACTS*

Stefan Schmidt
Tel. +49 89 6213-4680
E-mail: stefan.schmidt@osram.com

Jens Hack
Tel. +49 89 6213-2129
E-mail: j.hack@osram.com

Torsten Wolf
Tel. +49 89 6213-2506
E-Mail: torsten.wolf@osram.com

Selected key figures for the Osram Light Group in the third quarter

  *3^rd quarter
2018* 3^rd quarter
2017 Change*
Revenue (comparable) *1,017* 1,056 0.0%
Revenue (nominal) *1,017* 1,056 (3.7%)
EBITDA *114* 147 (22.0%)
.margin *11.2%* 13.9% (260bps)
Adjusted EBITDA^1 *133* 174 (23.2%)
.margin *13.1%* 16.4% (330bps)
Profit after tax *33* 64 (48.8%)
Free Cash Flow *28* 39 (27.6%)
'000 employees. *26.9* 25.7 4.7%

 

(Unaudited figures. Items stated in EUR million, margin in %, employees at June 30: negative values in brackets)
(* Changes in Ebitda, adj. Ebitda, margins Profit after tax, FCF and employee numbers are nominal)
(^1 adjusted for special items, e.g. transformation costs, significant legal and regulatory matters, and M&A-related costs.)

Performance of the reporting segments in the third quarter

  *3^rd quarter
2018* 3^rd quarter
2017 Change
(nominal)
*Opto Semiconductors*      
.Total revenue *443* 439 0.8%
.EBITDA *100* 126 (20.9%)
.Adjusted EBITDA *100* 126 (20.3%)
*Specialty Lighting*      
.Total revenue *543* 563 (3.5%)
.EBITDA *44* 66 (32.5%)
.Adjusted EBITDA *56* 73 (23.9%)
*Lighting Solutions & Systems*      
.Total revenue *246* 253 (2.8%)
.EBITDA *(11)* (19) 43.6%
.Adjusted EBITDA *(7)* (4) (62.1%)

 

(Provisional, unaudited figures. Items stated in EUR million, margin in %, negative values in brackets)*ABOUT OSRAM*
OSRAM, based in Munich, is a leading global high-tech company with a history dating back more than 110 years. Primarily focused on semiconductor-based technologies, our products are used in highly diverse applications ranging from virtual reality to autonomous driving and from smartphones to networked, intelligent lighting solutions in buildings and cities. OSRAM utilizes the infinite possibilities of light to improve the quality of life for individuals and communities. OSRAM's innovations will enable people all over the world not only to see better, but also to communicate, travel, work, and live better. As of the end of fiscal year 2017 (September 30), OSRAM had approximately 26,400 employees worldwide. It generated revenue of more than EUR4.1 billion in fiscal year 2017. The company is listed on the stock exchanges in Frankfurt and Munich (ISIN: DE000LED4000; WKN: LED400; trading symbol: OSR). Additional information can be found at www.osram.com.

*Disclaimer*
This document contains forward-looking statements and information, i.e. statements about events that lie in the future rather than the past. These forward-looking statements can be identified by words such as 'expect', 'want', 'anticipate', 'intend', 'plan', 'believe', 'seek', 'estimate', 'will', and 'predict'. Such statements are based on current expectations and certain assumptions made by OSRAM's management, so they are subject to various risks and uncertainties. A wide range of factors, many of which are beyond OSRAM's control, have an influence on the business activities, success, business strategy, and results of OSRAM. These factors may cause the actual results, success, and performance of OSRAM to differ significantly from those expressly or implicitly communicated in the forward-looking statements or from those that are expected on the basis of past trends. In particular, these factors include, but are not limited to, the circumstances described in the report on risks and opportunities contained in the annual report of the OSRAM Licht Group. If one or more of these risks or uncertainties materializes, or should the underlying assumptions prove incorrect, the actual results, performance, and success of OSRAM may differ significantly from those described in forward-looking statements as being expected, anticipated, intended, planned, believed, sought, estimated, or projected. OSRAM assumes no obligation, nor does it intend, to update these forward-looking statements above and beyond the legal requirements or to adjust them in light of unexpected developments. Due to rounding, numbers presented in this and other reports may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures to which they relate.
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01.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: OSRAM Licht AG
Marcel-Breuer-Straße 6
80807 München
Germany
Phone: +49 89 6213-0
Fax: +49 89 6213-3629
E-mail: ir@osram.com
Internet: www.osram-group.com
ISIN: DE000LED4000
WKN: LED400
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange
 
End of News DGAP News Service Reported by EQS Group 1 hour ago.

NORMA Group achieves strong organic growth in the first half of 2018

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DGAP-News: NORMA Group SE / Key word(s): Half Year Results

01.08.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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*NORMA Group achieves strong organic growth in the first half of 2018*

· *Sales increase by 5.8 percent to around EUR 549.0 million *
· *Strong organic growth of 11.0 percent*
· *Tense situation on raw material markets influences earnings and margin *
· *Forecast for 2018 adjusted*

*Maintal, Germany, August 1, 2018* - NORMA Group, a global market leader in engineered joining technology, achieved sales of EUR 549.0 million in the first six months of fiscal year 2018. This is an increase of 5.8 percent compared to the same period of the previous year (H1 2017: EUR 519.0 million). Organic sales growth was strong at 11.0 percent. Revenues from the acquisition of Fengfan contributed 0.8 percent to growth. Negative currency effects, however, reduced sales growth by 6.0 percent.

"NORMA Group achieved strong organic growth in the first half of 2018," said Bernd Kleinhens, Chairman of the Management Board of NORMA Group. "This shows that our offers are in demand in the diverse markets. The rise in raw material prices and the increasing shortage of materials as well as the strong sales growth has led to variable special costs with a negative effect on earnings and the margin," Bernd Kleinhens added.

*Sales growth in all three regions*

In the *EMEA region (Europe, Middle East and Africa)*, NORMA Group increased its sales in the first six months of 2018 by 2.6 percent compared to the first half of 2017 to EUR 258.1 million (H1 2017: EUR 251.6 million). This was due to solid organic sales growth, supported by rising sales and production figures in the automotive sector. The Distribution Services (DS) business recorded slight organic growth, offset, however, by negative currency effects.

Sales in the *Americas* region amounted to EUR 222.7 million in the first half of 2018 (H1 2017: EUR 212.6 million), an increase of 4.7 percent over the same period of the previous year. This is mainly due to catch-up effects in the commercial vehicle and agricultural machinery business in the US and the revival of the water management business. However, the region's strong organic growth was slowed by currency effects in connection with the US dollar.

In the *APAC* *(Asia-Pacific) *region, sales from January to June 2018 rose by 24.3 percent to EUR 68.2 million (H1 2017: EUR 54.9 million) compared to the first half of 2017. Strong demand for high-quality joining technology, particularly in the Engineered Joining Technology (EJT) business, as well as additional sales from the acquisition of Fengfan contributed to the region's good sales development.

*Tense situation on raw material markets influences earnings and the margin*

Adjusted earnings before interest, taxes and amortization of intangible assets (adjusted EBITA) decreased by 4.3 percent to EUR 87.7 million in the first half of 2018 compared to the first six months of 2017 (H1 2017: EUR 91.7 million). The adjusted EBITA margin (earnings before interest, taxes and amortization in relation to sales) was 16.0 percent in the first half of fiscal year 2018 (H1 2017: 17.7 percent). The operating net cash flow fell by EUR 24.1 million to EUR 16.4 million (H1 2017: EUR 40.5 million).

The lower operating result stemmed from higher raw material prices, particularly in the area of alloy surcharges, as well as force majeure for important plastic components and higher trade barriers, from US steel tariffs for instance. The increasing shortage of materials on the raw material markets and the strong sales growth also temporarily led to special costs in the areas of purchasing, production and logistics.

In the second quarter of 2018, Group sales rose by 4.6 percent compared to the same period of the previous year to EUR 276.4 million (Q2 2017: EUR 264.1 million). Adjusted EBITA amounted to EUR 42.0 million in the second quarter of 2018. This corresponds to a decline of 9.9 percent compared to the second quarter of 2017 (Q2 2017: EUR 46.6 million). The adjusted EBITA margin in the second quarter of 2018 was 15.2 percent (Q2 2017: 17.7 percent).

As of June 30, 2018, NORMA Group employed a total of 8,349 people, including temporary workers. This represents an increase of 682 employees compared to the end of the previous year (December 31, 2017: 7,667 employees).

*Adjusted EBITA margin and net operating cash flow forecast adjusted*

Based on the expectations for the figures for the second quarter of 2018 and the expected development in the second half of 2018, NORMA Group adjusted its forecast for fiscal year 2018 on July 26, 2018, as follows:

· Organic sales growth of around 5 to 8 percent, targeting the upper end of the range (previously: "around 5 to 8 percent").
· Additional sales of approximately EUR 5 million from the acquisition of Fengfan (no change) and EUR 10 million from the acquisition of Kimplas (newly added since the acquisition's closing on July 5, 2018).
· Net operating cash flow of around EUR 130 million (previously: "around EUR 140 million").
· Adjusted EBITA margin between 16 and 17 percent (previously: "at the level of previous years of over 17.0 percent").
· The other key financial figures will not differ significantly from the figures forecast in the 2017 Annual Report.

*Successful closure of the acquisition of Kimplas*

On July 5, 2018, NORMA Group completed the acquisition of Kimplas Piping Systems Ltd. ("Kimplas"). On April 6, 2018, NORMA Group signed the purchase agreement for 100 percent of the shares in the Indian manufacturer of thermoplastic joining solutions for water management. Kimplas has been consolidated since July 5, 2018.

*NORMA Group in figures*

Key figures at a glance (in EUR millions) 1st half 2018 1st half 2017 Full year 2017
Income statement 01/01 - 06/30/2018 01/01 - 06/30/2017 01/01 - 12/31/2017
Sales 549.0 519.0 1,017.1
Adjusted* EBITA 87.7 91.7 174.5
Adjusted* EBITA margin (in %) 16.0% 17.7% 17.2%
Adjusted* result for the period 56.9 55.8 105.0
Adjusted* earnings per share (in EUR) 1.78 1.75 3.29
       
Balance sheet 06/30/2018 06/30/2017 12/31/2017
Total assets 1,431.5 1,323.4 1,312.0
Equity 555.1 476.0 534.3
Equity ratio (in %) 38.8% 36.0% 40.7%
Net debt** 392.0 423.9 344.9

 

Key figures at a glance (in EUR millions) 2nd quarter 2018 2nd quarter 2017 1st quarter 2018
Income statement 04/01 - 06/30/2018 04/01 - 06/30/2017 01/01 - 03/31/2018
Sales 276.4 264.1 272.6
Adjusted* EBITA 42.0 46.6 45.7
Adjusted* EBITA margin (in %) 15.2% 17.7% 16.8%
Adjusted* result for the period 27.3 28.7 29.5
Adjusted* earnings per share (in EUR) 0.86 0.90 0.92

*More on adjustments: 1st half of 2018 (p. 37); 1st half of 2017 (p. 35); Full year 2017 (p. 139); 1st quarter 2018 (p. 8)
**Net debt including hedging instruments; hedging instruments in H1/2018: EUR 1.4 million; H1/2017: EUR 1.9 million; FY 2017: EUR 1.4 million

Additional information is available in the Investor Relations section www.investors.normagroup.com. Press photos are available from our platform at www.normagroup.com/images.

*Further dates*

Publication of the financial figures for the third quarter of fiscal year 2018 is scheduled for November 7, 2018.

*Contact:*
NORMA Group SE
Susanne Kindor Marrier d'Unienville

Group Communications
Tel.: +49 (0)6181 - 6102 7607
Email: susanne.kindor@normagroup.com

Andreas Trösch
Investor Relations
Tel.: +49 (0)6181 - 6102 741
Email: andreas.troesch@normagroup.com

*About NORMA Group*
NORMA Group is an international market and technology leader in engineered joining technology (joining, connecting and fluid handling technology). The company manufactures a wide range of innovative connecting solutions and water management technology offering more than 40,000 products to customers in 100 countries with around 8,300 employees. NORMA Group helps its customers and business partners react to global challenges such as climate change and increasing scarcity of resources. NORMA Group joining products can be found in vehicles and trains, ships and aircraft, buildings and water management as well as in applications for the pharmaceutical and biotechnology industry. The company generated sales of around EUR 1.02 billion in 2017. NORMA Group operates a global network of 27 production facilities as well as numerous sales and distribution sites across Europe, the Americas, and Asia-Pacific. NORMA Group has its headquarters in Maintal, Germany. NORMA Group SE is listed on the German stock exchange (Prime Standard) and included in the MDAX index.

*Disclaimer*
This press release contains certain future-oriented statements. Future-oriented statements include all statements which do not relate to historical facts and events and contain future-oriented expressions such as "believe,""estimate,""assume,""expect,""forecast,""intend,""could," or "should" or expressions of a similar kind. Such future-oriented statements are subject to risks and uncertainties since they relate to future events and are based on the company's current assumptions, which may not in the future take place or be fulfilled as expected. The company points out that such future-oriented statements provide no guarantee for the future and that the actual events including the financial position and profitability of NORMA Group SE* *and developments in the economic and regulatory fundamentals may vary substantially (particularly on the down side) from those explicitly or implicitly assumed in these statements. Even if the actual assets for NORMA Group SE, including its financial position and profitability and the economic and regulatory fundamentals, are in accordance with such future-oriented statements in this press release, no guarantee can be given that this will continue to be the case in the future.
--------------------

01.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: NORMA Group SE
Edisonstr. 4
63477 Maintal
Germany
Phone: +49 6181 6102 741
Fax: +49 6181 6102 7641
E-mail: ir@normagroup.com
Internet: www.normagroup.com
ISIN: DE000A1H8BV3
WKN: A1H8BV
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
 
End of News DGAP News Service Reported by EQS Group 1 hour ago.

Fast Europe Open: UK house prices, eurozone manufacturing PMI

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Reported by FT.com 1 hour ago.

Bird scooters roll into Paris, Tel Aviv

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Scooter rental company Bird rolled into Europe on Tuesday, a month after the two-wheeled electric vehicle startup was valued at $2 billion in its latest funding round. Reported by Reuters India 7 minutes ago.

EUR/USD Technical Analysis: back below 1.17 as channel continues

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· *The Euro is returning to the mean in higher timeframes as the EUR/USD continues to trade in a rough sideways channel.*
· *A slew of Markit **PMIs** for Europe today could see a kick in volatility, though the meaningful readings will be the **PMIs** for Germany and the general Eurozone.*
· *Traders will be looking for a bullish turnaround from last week's lows near 1.1620.*

*EUR/USD Chart, 15-Minute*

Spot rate:  1.1678
Relative change:  -0.10%
High:  1.1692
Low:  1.1675
   
Trend:  Flat to bearish
   
Support 1:  1.1667 (61.8% Fibo retracement level)
Support 2:  1.1649 (current week low)
Support 3:  1.1619 (previous week low)
   
Resistance 1:  1.1718 (Monday high)
Resistance 2:  1.1745 (current week high)
Resistance 3:  1.1794 (R3 daily pivot)

  Reported by FXstreet.com 35 minutes ago.

Huawei overtakes Apple as world No. 2 smartphone seller, gains ground in China

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China's Huawei Technologies overtook Apple Inc to become the world's second-biggest smartphone seller in the June quarter, data from market research firms showed, as it gained ground in Europe and expanded its lead back home. Reported by Reuters 30 minutes ago.

Runs.com Announces $20 Million Private Offering Mandate

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SINGAPORE, Aug. 1, 2018 /PRNewswire/ -- Runs Capital Private limited (Runs.com), a Singapore based corporation announced that it has mandated Panamax Capital, LLC as its financial advisor in a private placement offering of *$15 million in Runs Tokens and $5 million in shares*. The private placement will accelerate growth for the company by generating capital on the strength of the unique Runs.com business model.

Runs.com is a decentralized eCommerce platform built on digital trust, imbibing the blockchain philosophy of openness and transparency. The company aims to give the control of data and decision-making back to consumers. Runs.com is building a global community around experiences in 25 countries across the globe.

*Giri Devanur, CEO of Runs.com* adds, "It is no secret that blockchain technology is evolving at a rapid pace the world over and we are happy to be a part of this transformation. In the existing model, customers and vendors have little or no control over the value chain.  Blockchain in eCommerce will mean that customers and vendors have visibility all the way to its point of origin – thereby revealing important details crucial for quality assurance and safety. At Runs.com, we are happy to be at the forefront of such technological advances. I am also pleased to partner with Panamax Capital who are helping us raise the next round of capital to power our growth plans."

*Panamax Capital, LLC Chief Executive Officer, Thomas Blinten* said, " I am excited to partner with Runs.com to advise on their capital strategy for their global expansion. We are very impressed with the quality of the management team, the massive size of the markets and the cutting-edge technology of Runs.com. We believe that this capital raise will accelerate the growth of Runs.com."

*Dr. Artit Wangperawong, Co-Founder and Chief Technology Officer at Runs.com *points out "Blockchain technology is uniquely poised to disrupt how companies operate. Particularly for eCommerce, merchants and consumers would benefit from a decentralized platform operating on a blockchain to reduce transaction overhead and costs. We are investing in this technology now to prepare for the demands of the new age economy. The success of our efforts could pave the way for how we transact in the future." 

Runs.com will be disrupting traditional ecommerce platforms which use SKU's as the fundamental way to identify units.  Moving away from the conventional SKUs, Runs.com has patented a new method of identification and tracking called XKU - 'Experience Keeping Unit'. Runs.com XKU's will cover the 3-S parameters - Story, Source and Sustainability.

*What is an XKU?*

An XKU is a product and service identification code for an item that helps track the item for inventory. It can be assigned to both physical and non-physical products in inventory.

Unlike SKUs whose code usually reveals a product's details, such as color, size, style, price, manufacturer and brand, an XKU includes the basic elements of SKU and three S-factors; Story, Source, and Sustainability. Each XKU has a unique experience attached to it and is secured on the Blockchain as a ledger entry.

Warshaw Burstein, LLP is the legal advisor to Runs.com and Panamax Capital, LLC is the financial advisor with broker dealer services provided by Partner Capital Group, LLC.

In accordance with the mandate, the company will be filing a Reg-D 506C with the Securities and Exchange Commission.

The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under, or exemption from registration under, such Act.

*About Runs.com*

Runs Capital Private Limited company operating under the brand of Runs.com was formed in February 2018 as a next generation eCommerce platform built on the transformational blockchain technology. Runs.com is the world's first blockchain-based eCommerce platform for experiences targeting over 2.5 billion people. Runs.com, headquartered in Singapore with offices in New York and Bangalore, intends to initially bring together Coffee, Cinema & Cricket enthusiasts around the world on its platform. Runs.com aims to build a global community of people around their interest areas in 25 countries and 125 cities.

The Company's management team includes Giri Devanur - CEO, Dr. Artit Wangperawong – Chief Technology officer, Avi Jain - SVP, Finance, Carlos Fernandez – Chief Growth Officer, Sandesh Nanjundappa – Chief Digital Officer, and Piyush Sadana – Chief Strategy Officer.

The Company's Board of Directors consist of five members: James Yee - Chairman, Giri Devanur - CEO, Tom Blinten (non-exec), Mokkoh Nobuyuki (non-exec), and Jee Cho (non-exec).

Please visit www.Runs.com for further information.

*About Panamax Capital, LLC*

Panamax Capital, LLC is a private, global merchant banking firm.  Headquartered in Greenwich with resources in the Americas, Asia, Europe, and India, the firm provides capital markets, M&A, and principal finance services to its clients.

*About Partner Capital Group, LLC*

Partner Capital Group, LLC is a boutique, globally focused, institutional capital introduction and advisory firm and FINRA registered broker-dealer based in Greenwich, CT.

*Note:* This press release includes forward-looking statements that relate to the business and expected future events or future performance of Runs.com and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe,""expect,""anticipate,""estimate,""intend,""plan,""targets,""likely,""will,""would,""could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Runs.com's financial and growth projections as well as statements concerning our plans, predictions, estimates, strategies, intentions, beliefs and other information concerning our business and the markets in which we operate. The future performance of Runs.com may be adversely affected by the following risks and uncertainties: the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions around the world, and other risks not specifically mentioned herein but those that are common to industry. For a more detailed discussion of these factors and risks, investors should review our Whitepaper and visit the terms and conditions on our website www.runs.com. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Runs.com undertakes no duty to update this information to reflect future events, information or circumstances 

  Reported by PR Newswire Asia 22 minutes ago.

Intershop publishes figures for H1 2018

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DGAP-News: Intershop Communications AG / Key word(s): Half Year Results

01.08.2018 / 08:10
The issuer is solely responsible for the content of this announcement.
--------------------

*- Transformation to cloud business leads to shift in revenues
- Incoming orders for cloud solutions in the amount of EUR 2.2 million (previous year: EUR 0.7 million)
- Sales revenues of EUR 16 million (previous year: EUR 18 million)
- EBIT of EUR -2.0 million influenced by declining licensing revenues
- Partnership with Microsoft strengthened: Intershop "Runner-up of the year"*

*Jena, 1 August 2018* - Intershop Communications AG (ISIN: DE000A0EPUH1), a leading independent provider of innovative solutions for omni-channel commerce, generated sales revenues of EUR 16 million in the first half of 2018 (previous year: EUR 18 million). Incoming orders for cloud solutions in the first six months, which will lead to recurring revenues in the coming quarters, amounted to EUR 2.2 million (previous year: EUR 0.7 million). The Software and Cloud segment accounted for approx. EUR 7.8 million of the first-half revenues (-18%), while the Service segment accounted for approx. EUR 8.3 million (-3%). The fact that software and cloud revenues were lower than in the previous year is attributable to a drop in software revenues (licensing and maintenance revenues), whereas cloud revenues increased by 14% to EUR 2.5 million. Representing 73% of the company's revenues, Europe remained the key output market for Intershop's e-commerce solutions in the first half of the year. The US and Asia-Pacific markets accounted for 13% and 14%, respectively.

"The increase in cloud and subscription revenues in the first six months confirms that it was the right decision to transform our business activities towards our new cloud offering, Intershop Commerce-as-a-Service (CaaS)," says Dr. Jochen Wiechen, CEO of Intershop Communications AG. "There is no alternative to this transformation, even if it entails a temporary decline in revenues and earnings. It will now be essential, to translate the constantly growing pipeline of new customers into measurable income in the next two years in order to steer Intershop back to profitable growth based on stable cloud revenues. The partnership with Microsoft, which has recently been strengthened by the Runner-up of the Year Award, plays an important role in this context."

At 41%, the gross margin was down by 9 percentage points on the previous year in the first half of 2018. The decline is essentially attributable to the changed revenue structure and the resulting reduction in licensing revenues. Earnings before interest and taxes (EBIT) stood at EUR -2.0 million at the six-month stage (previous year: EUR 0.2 million). Operating expenses decreased by a moderate EUR 0.1 million to EUR 8.6 million. Sales and marketing expenses increased by approx. 3% to EUR 4.3 million due to the cloud initiative, whereas R&D expenses dropped by a good 10% to EUR 2.4 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at EUR -1.0 million (previous year: EUR 1.4 million), while the result for the period after taxes amounted to EUR -2.2 million (previous year: kEUR 28). Because of the cloud transformation, Intershop now projects slightly lower revenues than in the previous year as well as negative earnings before interest and taxes (EBIT) in the low single-digit euro million range. As of 2019, the revenue base will stabilise as a result of the recurring cloud revenues, which will ultimately lead to growing revenues again.

In the second quarter, Intershop increased its share capital to strengthen its asset base and had cash and cash equivalents of EUR 11.3 million as at 30 June 2018, up 27% on the end of 2017. Operating cash flow after taxes stood at EUR -1.3 million at the six-month stage (previous year: EUR 2.0 million). At 64%, the equity ratio was up by 3 percentage points on the end of 2017.

*Change in the composition of the Management Board*

The Supervisory Board and Axel Köhler, Chief Sales Officer, yesterday agreed not to extend Axel Köhler's Management Board contract, which runs until August 31, 2019. Talks are currently underway to terminate the contract prematurely.

The interim report on the first six months is available for download at https://www.intershop.com/financial-reports.

Contact:
*Investor Relations*
Heide Rausch
T: +49-3641-50-1000
F: +49-3641-50-1309
ir@intershop.de
--------------------

01.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: Intershop Communications AG
Intershop Tower
07740 Jena
Germany
Phone: +49 (0)3641-50-0
Fax: +49 (0)3641-50-1309
E-mail: ir@intershop.de
Internet: www.intershop.de
ISIN: DE000A0EPUH1
WKN: A0EPUH
Indices: CDAX, PRIMEALL, TECHALLSHARE
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
 
End of News DGAP News Service Reported by EQS Group 3 minutes ago.

Trump is getting ready to more than double his proposed tariffs on $200 billion of Chinese goods, further escalating his trade war

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Trump is getting ready to more than double his proposed tariffs on $200 billion of Chinese goods, further escalating his trade war **

· *Donald Trump's administration is ready to increase proposed tariffs on $200 billion of Chinese goods.*
· *Previously Trump had threatened 10% tariffs on these goods, but is expected to increase that to 25%.*
· *The move is thought to be a negotiating tactic aimed at gaining important concessions from the Chinese government.*
· *So far, tariffs on $34 billion of largely industrial goods have been imposed on China.*

--------------------After a handful of quiet days in US President Donald Trump's trade war, it looks like a further escalation may be on its way following reports that another round of tariffs on China could be announced imminently.

According to Bloomberg, the Trump administration is considering levying tariffs of 25% on $200 billion of Chinese imports into the USA, in a move that would inevitably deepen tensions between the two nations. Previously Trump had threatened 10% tariffs on this tranche of imports.

Citing three sources familiar with the plans, Bloomberg said the US is making the threats about 25% tariffs as a means of getting the Chinese government to enter into negotiations to deescalate the conflict, which has so far seen tit-for-tat tariff impositions of tariffs, largely on industrial goods.

The increased tariff levels could be announced in a Federal Register notice in the next few days, one of Bloomberg's sources said. That could be as soon as Wednesday, they added.

As it stands, the US has placed 25% tariffs on around $34 billion of Chinese goods, and has just finished consulting on another set to be imposed on goods worth $16 billion. 

Goods already affected by Trump's tariffs against China include batteries, trains, and ball bearings, but they could extend to more consumer goods if further tariffs are imposed. You can see a full list of goods subject to tariffs here .

However, in addition to the the threat of 25% tariffs on $200 billion of goods, Trump has also explicitly signaled his readiness to "go to 500"— meaning that he is prepared to put tariffs on all $505 billion of goods coming from China to the USA. 

"I'm not doing this for politics — I'm doing this to do the right thing for our country," he told CNBC during the interview in which he made the threat. "We have been ripped off by China for a long time."

Reports of Trump's willingness to increase tariffs in China come as Chinese officials criticised the US for failing to fulfill the obligations it agreed upon in previous discussions over trade.

"China and the U.S. have had several rounds of consultations and reached important consensus, but regrettably the U.S. did not fulfill its obligations. Nor did it make concerted efforts with China," Wang Yi, the country's foreign minister said on Monday.

*Things look better for Europe*

As the Trump administration ratchets up its threats to China about rising tariffs, the worst of its conflict with the European Union over trade appears to be over, after last week Trump climbed down on imposing tariffs on EU autos imported to the US.

During a meeting in Washington DC last Wednesday, Trump and European Commission head Jean-Claude Juncker agreed to the beginnings of a deal that would end tensions between the two parties.

"This was a very big day for free and fair trade,"Trump said in a press conference after the pair's meeting.

In the meeting, the EU agreed to import more American soybeans and liquefied natural gas. Both sides will work to decrease industrial tariffs and adjust regulations to allow US medical devices to be traded more easily in European markets. 

*SEE ALSO: 'It had to be very simple': The EU reportedly used colorful flash cards to explain trade policy to Trump*

Join the conversation about this story »

NOW WATCH: Why you hold your boss accountable, according to a Navy SEAL Reported by Business Insider 7 hours ago.

Construction at Ormonde Mining's Barruecopardo project is continuing on time and on budget

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Shares in Ormonde Mining plc (LON:ORM) are trading at more than double the price they were at a year ago. The reason is simple: a growing appreciation for the company’s key asset, a 30% stake in the Barruecopardo tungsten project in Spain. Ormonde and 70% partners Oaktree Capital have been pushing ahead with construction at Barruecopardo following a strengthening in tungsten prices last year. READ: Ormonde Mining says Barruecopardo project commissioning scheduled to commence third quarter 2018 Operations are directed by the mine subsidiary’s board, comprised of representatives of Ormonde and Oaktree Capital, with day to day operations being managed by Ormonde’s former managing director Steve Nicol, who relinquished his board position in the summer of 2017 to dedicate his 100% focus on project delivery. The rationality of this doesn’t take much digging into. One way or another Ormonde has been on the ground in Spain for nearly two decades, and Steve Nicol himself has lived there for many years. What’s more, the man who was hired to boost the Ormonde management after Nicol’s sideways move, Fraser Gardiner, used to run Ormonde’s exploration operations in Spain before he was tempted away to join Citadel in Saudi Arabia. Back in Europe now, Gardiner is picking up where he left off at Ormonde, or at least up to a point. Construction work Barruecopardo will be left in the capable hands of Nicol. But the corporate level-work is now the province of Gardiner and chief financial officer Paul Carroll, while Nicol’s managerial positions and the old exploration portfolio that Gardiner was so familiar with revert to his control. Still, Barruecopardo is likely to grab all the limelight for the foreseeable future, given that commissioning is planned for the third quarter of this year. With production costs slated at just US$119 per metric tonne unit, against the current European price of over US$350, that limelight is likely to be well deserved as margins will be exceptional. READ: Ormonde Mining makes good progress with Barruecopardo construction as tungsten prices climb The costs of getting Barruecopardo into production aren’t extortionate either, with a Capex of just over €50 mln. So all told, this looks like being an asset that should well reward its investors, albeit that Oaktree now holds the majority. There’s still work to be done before those rewards start coming in, though. “We are proceeding full steam ahead,” says Carroll. “The construction of the plant is on schedule.” Gardiner concurs. “We’ll be commissioning before the end of the third quarter, with production expected around the end of the year.” And what will happen after that? Of course, Oaktree will play a key role in deciding, but Ormonde’s position has recently been neatly outlined in research conducted by the Irish broker Davy. Ormonde as an investment, argues Davy, seriously dials up with an extra US$100 on the tungsten price. And that extra US$100 is not far off doubling the value of Ormonde either. Davy starts by discounting project cash flows at a baseline price of US$250 per metric tonne unit to the start of 2018, leading it to estimate that Ormonde is worth US$32.5 mln or 5.3p per share. But then it gets interesting. Using a price of US$300 per mtu, which is still significantly below current trades, Davy calculates the net present value at 8.7p per share, more than double the price Ormonde has been trading at recently. In turn this leads to the comparison that at US$250 per mtu the average gross annual cash flow over the life of the mine is US$21.7 mln, rising to US$34 mln at US$300 per mtu. This indicates that Ormonde is trading on an EV/EBITDA multiple of five times at a price of US$250 per mtu and 3.2 times at US$300 per mtu. And remember, it’s a small market. “Outside of China we’re a decent-sized player,” says Carroll - once up and running, Barruecopardo will be well and truly on the tungsten industry map. With funds, such as those managed by Oaktree, generally having an average investment horizon of 5-7 years, it seems likely Oaktree will seek an exit at some point. Precisely how Ormonde will be involved in any such deal will be settled down the line. But along the way, Ormonde should have received significant dividend payouts from Barruecopardo, as well as its agreed annual management fee. There’s also the likelihood that the production parameters originally outlined for Barruecopardo will have been surpassed, as new resources and reserves are brought in and the production rate increases as the project starts working extra days. It all goes towards providing a solid floor to the Ormonde share price, and a solid foundation for Gardiner to work off, if it comes to cutting any deals on the other assets.             Reported by Proactive Investors 41 minutes ago.
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