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Bombardier Reports First Quarter 2020 Financial Results and Measures Taken in Response to COVID-19 Pandemic

  • Consolidated revenues of $3.7 billion, increasing by 5% year-over-year; consolidated adjusted EBIT(1) of $60 million, down 65% year-over-year, $156 million of reported EBIT; free cash flow usage(1) of $1.6 billion; operating cash flow usage of $1.5 billion
  • Cash on hand of $2.1 billion, including a $386 million equity injection in Transportation in the quarter by Caisse de dépôt et placement du Québec
  • Pro forma(2) liquidity of ~ $3.5 billion, including ~ $550 million proceeds from CRJ program sale set to close on June 1, 2020, and ~ $860 million available on Transportation’s revolving credit facility
  • Previously announced divestitures of aerostructures business and Bombardier Transportation progressing as planned(2)

All amounts in this press release are in U.S. dollars unless otherwise indicated. Amounts in tables are in millions except per share amounts, unless otherwise indicated.

MONTRÉAL, May 07, 2020 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) announced today its financial results for the first quarter of 2020 and provided an overview of the measures the company is taking to manage the business through the COVID-19 pandemic. The company also confirmed that all of the previously announced divestures are continuing to progress towards closing.(2)

“Bombardier is taking the right actions to manage the impact of the COVID-19 pandemic,” said Éric Martel, President and Chief Executive Officer, Bombardier Inc. “As the crisis unfolded, we acted swiftly to protect the health and safety of our employees and support our customers to the best of our ability. We also managed our operations to reduce costs, preserve cash and ensure sufficient liquidity to operate our business as we complete the ongoing divestitures necessary to address our balance sheet.(3) This includes an ongoing dialogue with governments where we have major operations regarding additional support programs, should they be necessary, to navigate through an extended crisis.”

Bombardier has pro forma liquidity of approximately $3.5 billion, which includes $2.1 billion of cash on hand, access to the undrawn amount of approximately $860 million on Transportation’s revolving credit facility as at March 31, 2020, and approximately $550 million of proceeds from the sale of the CRJ program, which is set to close June 1, 2020 as all closing conditions have been met.

Notwithstanding the impact of reduced activity and travel restrictions in the second half of March due to the global COVID-19 pandemic, Bombardier reported consolidated revenues of $3.7 billion in the quarter, increasing by 8% and 5% year-over-year at Aviation and Transportation, respectively, and excluding currency translation impact. This growth was mainly driven by additional Global 7500 deliveries at Aviation and the ongoing ramp-up of large rolling stock projects in the U.K. and Germany at Transportation.

Adjusted EBITDA(1) and adjusted EBIT were $171 million and $60 million, respectively, for the quarter. These results reflect the impact of Transportation working through several low-margin, legacy rolling stock projects, as well as, lower share of income from joint ventures and associates. At Aviation, earnings were lower year-over-year due to an unfavourable aircraft mix, including lower margin early Global 7500 business jets and delayed deliveries related to the COVID-19 pandemic, combined with lower services revenues and higher dilution from commercial aircraft activities. Reported EBIT was $156 million for the quarter.

Cash usage from operations for the first quarter was $1.5 billion. Free cash flow usage totalled $1.6 billion, including an estimated $600-800 million COVID-19 impact reflecting our inability to deliver aircraft following government-imposed travel restrictions, temporary production shutdowns of several key sites, and lower than expected order intake at both Transportation and Aviation.

“Bombardier has begun the gradual resumption of manufacturing operations at both Aviation and Transportation necessary to deliver on our strong rail backlog and to continue the production ramp-up of the Global 7500,” stated Martel. “As we bring our operations back on-line, we remain focused on protecting our employees, supporting our customers during this difficult period and taking the actions necessary to preserve the Company’s long-term future.”

The Company suspended its previously issued 2020 financial outlook on March 24, 2020 as it evaluated the impact of the COVID-19 pandemic. The continuing uncertainty surrounding the duration of the pandemic precludes us from providing financial guidance with any reasonable confidence at this time. However, based on our current assessment of the COVID-19 situation, and the continuing gradual resumption and stabilization of our operations, we expect business activity to hit a low point in the second quarter, with similar cash usage relative to the first quarter, before gradually recovering in the second half of the year. Bombardier will look to provide updated projections when it has greater visibility into the total impact of the pandemic on our businesses and markets.(3)


Three-month periods ended March 31 2020 2019 Variance
Revenues $ 3,691 $ 3,516 5  %
Adjusted EBITDA(1)
$ 171 $ 266 (36 )%
Adjusted EBITDA margin(1) 4.6 % 7.6 % (300) bps
Adjusted EBIT(1) $ 60 $ 171 (65 )%
Adjusted EBIT margin(1) 1.6 % 4.9 % (330) bps
EBIT $ 156 $ 684 (77 )%
EBIT margin 4.2 % 19.5 % (1530) bps
Net income (loss) $ (200 ) $ 239 nmf
Diluted EPS (in dollars) $ (0.11 ) $ 0.08 $ (0.19 )
Adjusted net loss(1) $ (169 ) $ (122 ) (39 )%
Adjusted EPS (in dollars)(1) $ (0.10 ) $ (0.07 ) $ (0.03 )
Cash flows from operating activities $ (1,543 ) $ (907 ) (70 )%
Net additions to PP&E and intangible assets $ 99 $ 137 (28 )%
Free cash flow usage(1) $ (1,642 ) $ (1,044 ) (57 )%
As at March 31, 2020
December 31, 2019 Variance
Cash and cash equivalents(4) $ 2,069 $ 2,629 (21 )%
Available short-term capital resources(5) $ 2,928 $ 3,925 (25 )%
Order backlog (in billions of dollars)
  Business aircraft $ 13.6 $ 14.4 (6 )%
  Other aviation(6) $ 1.5 $ 1.9 (21 )%
  Transportation $ 33.1 $ 35.8 (8 )%



Results of the quarter
Three-month periods ended March 31 2020 2019 (7) Variance
Revenues $ 1,523 $ 1,410 8  %
Aircraft deliveries (in units)
  Business aircraft 26 24 2
  Commercial aircraft(8) 5 4 1
Adjusted EBITDA $ 102 $ 202 (50 )%
Adjusted EBITDA margin 6.7 % 14.3 % (760) bps
Adjusted EBIT $ 25 $ 144 (83 )%
Adjusted EBIT margin 1.6 % 10.2 % (860) bps
EBIT $ 7 $ 664 (99 )%
EBIT margin 0.5 % 47.1 % (4660) bps
Net additions to PP&E and intangible assets $ 76 $ 108 (30 )%
As at March 31, 2020
December 31, 2019 Variance
Order backlog (in billions of dollars)
  Business aircraft $ 13.6 $ 14.4 (6 )%
  Other aviation $ 1.5 $ 1.9 (21 )%

Key highlights and events

  • Revenues during the quarter increased to $1.5 billion, 8% higher year-over-year, reflecting 16% growth from business aircraft activities driven by six Global 7500 deliveries. This growth was offset mainly by the wind-down of commercial aircraft activities. Overall, 26 business aircraft and five commercial aircraft were delivered during the period.
  • Adjusted EBITDA and adjusted EBIT margins were 6.7% and 1.6%, respectively, for the quarter, lower year-over-year, reflecting an unfavourable aircraft mix due in part to delayed deliveries caused by the global COVID-19 pandemic, combined with low contribution of early Global 7500 units. Reported EBIT margin was 0.5%.
  • In the last week of March 2020, Canadian operations, where Global and Challenger aircraft are assembled and delivered, were temporarily suspended due to the global COVID-19 pandemic. Key aerostructures operations in Mexico and Belfast were similarly suspended, impacting a total of approximately 15,000 employees globally.
    º  Free cash flow for the quarter was negatively impacted by delayed aircraft deliveries caused by travel restrictions and production shutdowns, as well as a slowdown in order intake tied to the economic uncertainty. This resulted in an estimated $400 million to $500 million free cash flow shortfall for the quarter.
    º  The revenues and earnings impact of the production slowdown, supply chain shortages and other disruptions is expected to increase as the situation extended into April and May 2020.(2)
    º  As production gradually resumes, Aviation is working with customers and suppliers to reestablish new delivery schedules.
  • Aviation experienced a significant slowdown in order intake during the month of March, leading to a $13.6 billion business aircraft backlog at the end of the quarter. This low order environment is driving production rate adjustments across the industry.
    º  Aviation’s production rates are being aligned to market demand, which is expected to be down by 30 to 35% year-over-year.(2)
    º  The solid order book on the Global 7500 is largely intact, and the business continues to focus on ramping up production and driving down the learning curve.
    º  In parallel, the Company is managing costs through aggressive company-wide actions, including cutting non-essential spending and deferring discretionary capital expenditures to make Aviation more profitable and a steadier cash-flow generating business even at lower production volumes.


Results of the quarter
Three-month periods ended March 31 2020
Revenues $ 2,169 $ 2,107 3  %
Order intake (in billions of dollars) $ 0.8 $ 1.7 (53 )%
Book-to-bill ratio(9) 0.4 0.8 (0.4 )
Adjusted EBITDA(10) $ 85 $ 118 (28 )%
Adjusted EBITDA margin(10) 3.9 % 5.6 % (170) bps
Adjusted EBIT(10) $ 51 $ 83 (39 )%
Adjusted EBIT margin(10) 2.4 % 3.9 % (150) bps
EBIT(10) $ 51 $ 83 (39 )%
EBIT margin(10) 2.4 % 3.9 % (150) bps
Net additions to PP&E and intangible assets $ 23 $ 28 (18 )%
As at March 31, 2020
December 31, 2019 Variance
Order backlog (in billions of dollars) $ 33.1 $ 35.8 (8 )%

Key highlights and events

  • Revenues during the quarter grew 5% organically to $2.2 billion, excluding currency translation year-over-year, mainly from rolling stock and systems and signalling activities. This growth mainly reflects the ongoing production ramp-up in the U.K. and Germany, notwithstanding impacts of reduced activity in the second half of March 2020 due to the global COVID-19 pandemic.
  • EBIT margin of 2.4% for the first quarter was generally in line with expectations, and reflects an unfavourable rolling stock contract mix. The margin dilution from mix is expected to continue as Transportation executes on low-margin contracts in the backlog expected to be realized in 2020.(2)
  • Cash on hand was increased through a $386 million equity injection in Transportation by Caisse de dépôt et placement du Québec to support working capital as part of our measures to deal with the COVID-19 pandemic. In connection with this contribution, the Corporation secured amendments to Transportation’s revolving and letter of credit facilities. These amendments provide for, among other things, temporary adjustments to certain financial covenants.
  • In the second half of March 2020, production at several locations, including key sites across Transportation’s largest markets in Europe and the Americas, was temporarily suspended due to the global COVID-19 pandemic.
    º  Approximately 10,000 employees were affected by shutdowns. The cost of these measures and other disruption costs are being expensed as incurred, as opposed to being charged to projects.
    º  Additionally, certain Transportation suppliers have delayed, reduced or altogether stopped the manufacture, shipping and delivery of critical parts, further disrupting production.
    º  The revenues and earnings impact of the production slowdown and disruptions is expected to increase as the situation extended into April and May 2020.(2)
    º  Free cash flow has been negatively impacted in the first quarter by the engineering, production and supply chain disruptions resulting in an estimated $200 million to $300 million of cash inflows delays mainly from the postponement of key production and homologation milestones. The future impact on cash flows is being mitigated through various initiatives.
    º  As production gradually resumes, Transportation is working with customers and suppliers to reestablish new contract schedules.
  • The outlook for Transportation continues to be positive given its strong backlog, which stood at $33.1 billion at the end of the quarter.(2)
    º  Book-to-bill ratio for the first quarter was lower than expected at 0.4, due in part to the COVID-19 pandemic effect on the timing of order awards. Approximately 80% of orders in the first quarter came from services contracts, signalling projects and options exercised on rolling stock contracts, carrying lower execution risks.
  • During the quarter, Bombardier and its customer, Swiss Federal Railways (SBB), reached a commercial agreement leading to the title transfer and take-over by SBB of 32 trains in revenue service. This agreement reflects the significant in-service reliability improvement achieved since entry-into-service and significantly reduced the inventory balance and associated customer payment financing outstanding.

About Bombardier
With over 60,000 employees across two business segments, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Aviation and Transportation. Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2019, Bombardier posted revenues of $15.8 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier, Challenger, CRJ, CRJ900, Global and Global 7500 are trademarks of Bombardier Inc. or its subsidiaries.

For information

Jessica McDonald
Advisor, Media Relations and Public Affairs
Bombardier Inc.
+1 514 861 9481
Patrick Ghoche
Vice President, Corporate Strategy and Investor Relations,
Bombardier Inc.
+1 514 861 5727


The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.

bps: basis points
nmf: information not meaningful

(1) Non-GAAP financial measures. Refer to the Non-GAAP financial measures section in Overview for definitions of these metrics and the Analysis of results section hereafter for reconciliations to the most comparable IFRS measures.
(2) See the forward-looking statements disclaimer at the end of this press release as well as the forward-looking statements section and the assumptions following same in Overview in the MD&A of the Corporation’s financial report for the three‑month period ended March 31, 2020, as well as the Strategic Priorities and Guidance and forward-looking statements sections in the applicable reportable segment in the MD&A of the Corporation’s financial report for the fiscal year ended December 31, 2019, for details regarding the assumptions on which the forward-looking statements are based.
(3) See the Impacts of COVID-19 Pandemic section in Overview in the MD&A of the Corporation’s financial report for the three‑month period ended March 31, 2020 for details regarding the Corporation’s response to the evolving COVID-19 pandemic and its impacts on employees, operations, the global economy and the demand for the Corporation’s products and services. We expect the ultimate significance of the impact on our financial and operational results will be dictated by the length of time that such circumstances continue, which will depend on the currently unknowable extent and duration of the COVID-19 pandemic and any governmental and public actions taken in response thereto. COVID-19 also makes it more challenging for management to estimate future performance of our businesses, particularly over the near term.
(4) Includes cash and cash equivalents of the aerostructures businesses presented under Assets held for sale totalling $43 million as of March 31, 2020 and $51 million as of December 31, 2019, respectively. Refer to Reshaping the portfolio section in Aviation section of the MD&A of the Corporation’s financial report for the three-month period ended March 31, 2020 and Note 17 – Assets held for sale in the Consolidated financial statements of the Corporation for more details on the transaction as well as the accounting treatments.
(5) Defined as cash and cash equivalents plus the undrawn amount under our revolving credit facility.
(6) Including 15 firm orders for CRJ900 as of March 31, 2020 and 20 firm orders for CRJ900 as of December 31, 2019. CRJ production is expected to conclude in the second half of 2020, following the delivery of the current backlog of the aircraft.
(7) Comparative figures are restated as a result of the formation of Bombardier Aviation, our reportable segment announced during the second quarter of 2019.
(8) The delivery for the three-month period ended March 31, 2019 included one Q Series aircraft. On May 31, 2019, the Corporation completed the sale of the Q Series aircraft program assets, including aftermarket operations and assets, to De Havilland Aircraft of Canada Limited (formerly Longview Aircraft Company of Canada Limited).
(9) Ratio of new orders over revenues.
(10) Including share of income from joint ventures and associates amounting to $10 million for the three-month period ended March 31, 2020 ($17 million for the three-month period ended March 31, 2019).


This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP financial measures:

Non-GAAP financial measures
Adjusted EBIT EBIT excluding special items. Special items comprise items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include, among others, the impact of restructuring charges and significant impairment charges and reversals.
Adjusted EBITDA Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets.
Adjusted net income (loss) Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.
Adjusted EPS EPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.
Free cash flow (usage) Cash flows from operating activities less net additions to PP&E and intangible assets.

Non-GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non-GAAP performance measures does not imply that these items are necessarily non-recurring. Other entities in our industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly-named non-GAAP measures.

Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS
Management uses adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS for purposes of evaluating underlying business performance. Management believes these non-GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. Management believes these measures help users of MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)
Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.

Reconciliations of non-GAAP financial measures to the most comparable IFRS financial measures are provided in the tables hereafter, except for the following reconciliations:

  • adjusted EBIT to EBIT – see the Consolidated results of operations section; and
  • free cash flow usage to cash flows from operating activities – see the Free cash flow usage table in the Liquidity and capital resources section.
Reconciliation of segment to consolidated results
Three-month periods
ended March 31

2019 (1)
Aviation $ 1,523 $ 1,410
Transportation 2,169 2,107
Corporate and Others (1 ) (1 )
$ 3,691 $ 3,516
Adjusted EBIT
Aviation $ 25 $ 144
Transportation 51 83
Corporate and Others(2) (16 ) (56 )
$ 60 $ 171
Special Items
Aviation $ 18 $ (520 )
Corporate and Others (114 ) 7
$ (96 ) $ (513 )
Aviation $ 7 $ 664
Transportation 51 83
Corporate and Others(2) 98 (63 )
$ 156 $ 684

(1) Comparative figures are restated as a result of the formation of Bombardier Aviation, our new reportable segment announced during the second quarter of 2019.
(2) Includes share of income from ACLP of $3 million and $1 million for the first quarters of 2020 and 2019, respectively.

Reconciliation of adjusted EBITDA to EBIT
Three-month periods
ended March 31

EBIT $ 156 $ 684
Amortization 111 91
Special items (1) (96 ) (509 )
Adjusted EBITDA $ 171 $ 266
Reconciliation of adjusted net loss to net income (loss) and computation of adjusted EPS
Three-month periods ended March 31
(per share)
(per share)
Net income (loss) $ (200 ) $ 239
Adjustments to EBIT related to special items(1) (96 ) $ (0.04 ) (513 ) $ (0.22 )
Adjustments to net financing expense related to:
Net change in provisions arising from changes in interest rates and net gain on certain financial instruments 101 0.04 (79 ) (0.03 )
Accretion on net retirement benefit obligations 17 0.01 18 0.01
Loss on repurchase of long-term debt(1) 80 0.03
Tax impact of special(1) and other adjusting items 9 0.00 133 0.06
Adjusted net loss (169 ) (122 )
Net income attributable to NCI (58 ) (44 )
Preferred share dividends, including taxes (6 ) (7 )
Adjusted net loss attributable to equity holders of Bombardier Inc. $ (233 ) $ (173 )
Weighted-average diluted number of common shares (in thousands) 2,398,860 2,374,850
Adjusted EPS (in dollars) $ (0.10 ) $ (0.07 )
Reconciliation of adjusted EPS to diluted EPS (in dollars)
Three-month periods ended March 31
Diluted EPS $ (0.11 ) $ 0.08
Impact of special(1) and other adjusting items 0.01 (0.15 )
Adjusted EPS $ (0.10 ) $ (0.07 )
Reconciliation of free cash flow usage to cash flows from operating activities
Three-month periods
ended March 31

Cash flows from operating activities $ (1,543 ) $ (907 )
Net additions to PP&E and intangible assets $ (99 ) $ (137 )
Free cash flow usage $ (1,642 ) $ (1,044 )

(1) Refer to the Consolidated results of operations section for details regarding special items.


This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and project execution in general; competitive position; expectations regarding challenging Transportation projects and the release of working capital therefrom; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources and expected financial requirements; productivity enhancements, operational efficiencies and restructuring initiatives; expectations and objectives regarding debt repayments and refinancing of bank facilities and maturities; expectations regarding availability of government assistance programs, compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; and the impact of the COVID-19 pandemic on the foregoing and the effectiveness of plans and measures we have implemented in response thereto. As it relates to previously announced pending transactions, including the divestiture of our operations in Belfast and Morocco, the sale of the CRJ aircraft program, and the sale of the Transportation division to Alstom (collectively, the “Pending Transactions”), this press release also contains forward-looking statements with respect to the expected completion and timing thereof in accordance with their terms and conditions; the respective anticipated proceeds and use thereof, as well as the anticipated benefits of such transactions and their expected impact on our outlook, guidance and targets, operations, infrastructure, opportunities, financial condition, business plan and overall strategy.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions are set out throughout this press release (particularly, in the assumptions below the Forward-looking statements in the MD&A of our financial report for the quarter ended March 31, 2020). For additional information, including with respect to other assumptions underlying the forward-looking statements made in the press release, refer to the Strategic Priorities and Guidance and forward-looking statements sections in the applicable reportable segment in the MD&A of our financial report for the fiscal year ended December 31, 2019. Given the impact of the changing circumstances surrounding the COVID-19 pandemic and the related response from the Corporation, governments (federal, provincial and municipal), regulatory authorities, businesses and customers, there is inherently more uncertainty associated with the Corporation’s assumptions as compared to prior periods.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with “Brexit”, the financial condition of the airline industry, business aircraft customers, and the rail industry; trade policy; increased competition; political instability and force majeure events or global climate change), operational risks (such as risks related to developing new products and services; development of new business and awarding of new contracts; book-to-bill ratio and order backlog; the certification and homologation of products and services; fixed-price and fixed-term commitments and production and project execution, including challenges associated with certain Transportation projects; pressures on cash flows and capital expenditures based on project-cycle fluctuations and seasonality; execution of our strategy, transformation plan, productivity enhancements, operational efficiencies and restructuring initiatives; doing business with partners; inadequacy of cash planning and management and project funding; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers, contracts and suppliers; supply chain risks; human resources; reliance on information systems; reliance on and protection of intellectual property rights; reputation risks; risk management; tax matters; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial debt and interest payment requirements; restrictive debt covenants and minimum cash levels; financing support for the benefit of certain customers; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; decreases in residual values; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties sections in Other in the MD&A of our financial report for the quarter ended March 31, 2020 and in the MD&A of our financial report for the fiscal year ended December 31, 2019. Any one or more of the foregoing factors may be exacerbated by the growing COVID-19 outbreak and may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such outbreak. As a result of the current COVID-19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: risks related to the impact and effects of the COVID-19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID-19 outbreak and the resulting effects on the demand environment for our products and services; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third-party service providers; further disruptions to operations, production, project execution and deliveries; technology, privacy, cybersecurity and reputational risks; and other unforeseen adverse events.

With respect to the Pending Transactions, certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: the failure to satisfy closing conditions, including regulatory approvals, or delay in completing such transactions and, as regards the sale of the Transportation division, the failure to enter into definitive documentation or the failure to receive Alstom shareholder approval in respect of the required capital increase or to complete relevant works council consultations, or the occurrence of a material adverse change; alternate sources of funding to replace the anticipated proceeds from the Pending Transactions may not be available when needed, or on desirable terms; the occurrence of an event which would allow the parties to terminate their obligations or agreements in principle; changes in the terms of the transactions; the failure by the parties to fulfill their obligations and agreements in principle; risks associated with the loss and replacement of key management and personnel; and the impact of the transactions on our relationships with third parties, including potentially resulting in the loss of clients, employees, suppliers, business partners or other benefits and goodwill of the business.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. For more details, see the Risks and uncertainties sections in Other in the MD&A of our financial report for the quarter ended March 31, 2020 and in the MD&A of our financial report for the fiscal year ended December 31, 2019. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this press release and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

TeraRecon Announces Emergency Lung AI Suite and Intuition Upgrade

DURHAM, N.C., May 07, 2020 (GLOBE NEWSWIRE) — Advanced visualization and artificial intelligence leader TeraRecon today announced the release of two new lung density analysis solutions for the assessment and necessary follow-up care of COVID-19 patients.  These solutions, the Lung Density Analysis II (LDA-II) workflow for Intuition and the Emergency Lung AI Suite, provide two deployment options for rapid access to lung segmentation and quantification tools that can be applied to a wide range of lung illnesses and have been optimized to adapt to the latest disease presentation states.

LDA-II for Intuition
The newly released LDA-II allows TeraRecon Intuition customers to upgrade their advanced visualization systems with a custom lung workflow. By leveraging Intuition’s capabilities in lung segmentation, volumetric histogram analysis, and automation, physicians quickly receive colorized densities and lung composition values that can be analyzed and quantified with little to no manual editing required.  LDA-II is available as a remotely installed upgrade to Intuition customers or comes included as standard functionality with a subscription to TeraRecon’s new AI-ready Intuition Titanium Suite.

Emergency Lung AI Suite
The newly released Emergency Lung AI Suite provides fast access to lung density analysis tools across the enterprise and securely extends access to physicians working remotely. This cloud-based rapid response platform allows physicians to upload cases, anonymize patient data, process the LDA-II algorithm, and receive notification of results regardless of where they are located.  Whether in the emergency department, radiology, pulmonology, or at home, this pure cloud offering requires no installation and may be integrated to diagnostic and point-of-care solutions in minutes. The Emergency Lung AI Suite is extensible to other clinical use cases within a health system’s imaging and crisis readiness infrastructure.

TeraRecon President and CEO, Jeff Sorenson, stated “As COVID-19 makes its way across the globe, our customers are urgently connecting with us to share cases, ideas, and needs. TeraRecon responded by diverting the majority of our engineering and clinical resources to develop and release two innovative and practical solutions in just over three weeks. TeraRecon designed the solutions to address the urgent crisis and a much broader view of our customers’ needs—to deliver lasting value as an integrated part of any customers’ lung program or enterprise AI roll-out. We are committed helping our customers leverage technology to extend the reach and responsiveness of care.”

To learn more about TeraRecon’s COVID-19 lung assessment solutions, visit the TeraRecon website at www.terarecon.com or email for more information at info@terarecon.com.

The following are important statements regarding the use of TeraRecon’s Lung Density Analysis II and Emergency Lung AI Suite offerings:

  • Volumetric histogram and lung segmentation functionality are FDA cleared features of Intuition. This functionality is not FDA cleared specifically for COVID-19. It must only be used as an aid and that final interpretation should be performed by a licensed healthcare practitioner with the appropriate training.
  • The results should not be used for screening and the software does not provide specific disease detection and should not be solely or primarily relied upon to diagnose or treat COVID-19.
  • This device is not indicated for the diagnosis of COVID-19 and that in vitro diagnostic testing is currently the only definitive method to diagnose COVID-19.
  • This tool is available by specific licenses only.
  • The default thresholds are generalized recommendations and are user adjustable. The image analysis should only be used as an aid and the final interpretation should be performed by a licensed healthcare practitioner with the appropriate training.
  • Under the current circumstances, the COVID-19 functionality is cleared for diagnostic use in the US only.

About TeraRecon: TeraRecon is a leader in medical advanced visualization and artificial intelligence solutions. Their flagship product, Intuition, is the 2020 KLAS category leader for advanced visualization. Recently acquired by SymphonyAI Group, TeraRecon is one of seven portfolio companies and is strategically focused on AI-driven innovation in healthcare. The company continues to innovate ahead of customer demand and has most recently developed sophisticated healthcare-focused artificial intelligence platform solutions unlike any in the world today. As a company with a 20-year history of innovation, TeraRecon’s mission is to continuously redefine medical advanced visualization and leverage artificial intelligence to improve patient care. Website: www.terarecon.com

About SymphonyAI Group: SymphonyAI Group is the fastest-growing private group of B2B AI companies, backed by a $1 billion commitment to deliver next-generation AI solutions for transforming the enterprise. SymphonyAI Group addresses use cases in healthcare and life sciences, retail and CPG, industrial manufacturing, energy, oil & gas, media and entertainment, defense, and financial services. Since its founding in 2017, SymphonyAI Group has grown rapidly to a group of seven companies with a combined revenue run rate of more than $300 million. Over 2,000 talented leaders, data scientists, and other professionals operate the group under the leadership of one of Silicon Valley’s most successful serial entrepreneurs, Dr. Romesh Wadhwani. Website: www.symphonyai.com

Philips to convene Extraordinary General Meeting of Shareholders

May 7, 2020

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that it will convene an Extraordinary General Meeting of Shareholders (EGM) and publish the agenda with explanatory note shortly. The sole purpose of the EGM is submit to Philips’ shareholders the revised proposal, as announced on April 20, 2020, to declare a distribution of EUR 0.85 per common share against the net income for 2019, in shares only.

The EGM is scheduled to be held on June 26, 2020, beginning at 11:00 hours CET. To protect the health and safety of all participants in connection with COVID-19 and considering the temporary legislative measures from the Dutch government, shareholders are invited to submit their voting instructions and follow the meeting via the live webcast only, which will be available on Philips’ website.

Upon convocation, the agenda with explanatory note and other information relevant for the EGM will be available here.

If the above dividend proposal is adopted, the dividend timetable will be as follows:

Ex-dividend date June 30, 2020
Dividend record date July 1, 2020
Announcement of ratio and number of dividend shares July 6, 2020
Payment date As from July 7, 2020

The number of share dividend rights entitled to one new common share will be determined based on the volume-weighted average price of all traded common shares of Koninklijke Philips N.V. at Euronext Amsterdam on June 30, and July 1 and 2, 2020. The company will calculate the number of share dividend rights entitled to one new common share, such that the gross dividend in shares would be approximately equal to EUR 0.85.

For further information, please contact:

Ben Zwirs
Philips Global Press Office
Tel.: +31 6 15213446
E-mail: ben.zwirs@philips.com

Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips’ health technology portfolio generated 2019 sales of EUR 19.5 billion and employs approximately 81,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter

Forward-looking statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

COVID-19: King expresses gratitude to Wisma Putra

KUALA LUMPUR The Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, has expressed his gratitude to Wisma Putra, especially officials and staff of the Malaysian embassy overseas as well as the Foreign Ministry’s COVID-19 Team for helping Malaysians stranded outside the country following the virus outbreak.

Comptroller of the Royal Household for Istana Negara Datuk Ahmad Fadil Shamsuddin said the appreciation was expressed to Foreign Minister Datuk Seri Hishammuddin Tun Hussein during a video conference session yesterday.

“Al-Sultan Abdullah highly appreciates the commitment, competence and professionalism shown by the officials and staff of Wisma Putra in facing the challenges of bringing home 14,015 Malaysians from 70 foreign countries,” he said in a statement today.

He added that His Majesty appreciated the services provided by the Foreign Ministry’s COVID-19 Team in preparing reports and consular services to foreign diplomats in Malaysia as well as Malaysians who were still in the affected countries.

“His Majesty advised the Malaysian diaspora to remain cautious and hoped that they will adapt to the new normal to contain the spread of the COVID-19 pandemic.

“Self-discipline and commitment especially adhering to social distancing and personal hygiene as well as following the guidelines set by the countries they reside need serious attention,” he said.

Meanwhile, Al-Sultan Abdullah also expressed his hope that Wisma Putra would strengthen bilateral relations and close cooperation between Malaysia and other countries around the world.

Ahmad Fadil said that His Majesty, who studied foreign affairs and diplomacy at Worcester & Queen Elizabeth College in the United Kingdom in 1981, strongly interested in diplomatic field and understood the importance of bilateral relations between countries.

In conjunction with Ramadan and Nuzul Quran, His Majesty also hoped that Muslims would pray that Malaysia would be protected and blessed and that the pandemic will end soon, said Ahmad Fadil.

Source: BERNAMA News Agency

Three govt mobile apps most downloaded in M’sia

Three government mobile applications on the Movement Control Order (MCO) and developments surrounding the COVID-19 pandemic in Malaysia have emerged as applications most downloaded by the people.

According to a recent report by SimilarWeb.com, Gerak Malaysia topped the list as the most downloaded app on the Google Play Store, followed by MySejahtera and MyTrace in the Top 3.

This was followed by Ultraman: Legend of Heroes and NERF Epic Pranks! in fourth and fifth place respectively.

The ranking is based on current installs and active users over a 28-day period.

However, the report does not detail the number of downloads during that period.

All three government apps are among the 100 most popular new applications list detected by SimilarWeb.com algorithmic system.

The company, based in New York, USA provides analytical website services for businesses and customers including data on website traffic, referral sources, word analysis and other website-related studies.

The Gerak Malaysia app was developed for the purpose of facilitating for those stranded in their hometowns when MCO came into force on March 18 to apply for permission for their return travel.

Quoting Bukit Aman Criminal Investigation Department director Datuk Huzir Mohamed at a media conference yesterday said Gerak Malaysia apps have been downloaded by 1.4 million users, adding that through this platform, 503,276 inter-state travel applications were received.

The MySejahtera and MyTrace apps, meanwhile, were developed by the government to enable users to carry out self-health assessments and contact tracing for COVID-19.

Source: BERNAMA News Agency

Netizens abuzz over dolphins spotted near PD

PORT DICKSON Netizens were abuzz yesterday when a video clip of dolphins showing up in open waters here went viral on Facebook.

The 43-second recording showed four dolphins swimming along the water surface at Tanjung Tuan, which was shared via the ‘N9 INFO TRAFFIC’ Facebook account, garnering thousands of likes and shared hundreds of times.

However, the phenomenon is nothing new to fishermen or the Negeri Sembilan Fisheries Department (NSFD).

NSFD director Halimi Abu Hanip, when contacted by Bernama, said the dolphins which were usually found around Port Dickson waters, were a protected species under the Fisheries Act 1985.

“Local fishermen are aware of this and are not allowed to catch the fish. We hope members of the public do not disturb the animals,” he added.

Halimi said there was no doubt that the Movement Control Order would have had a good impact on the environment and marine life in the area.

“It shows that in the absence of recreational or indiscriminate fishing activities and water recreation activities in Port Dickson as well as with fewer people around, these dolphins which often swim far away, will be bolder in approaching the coast,” he said.

Meanwhile, Negeri Sembilan Fishermen’s Association chairman Abu Bakar Dawam said dolphins were a common sight among anglers while at sea.

“For fishermen, dolphins are a common sight. Of course, when members of the public see them for the first time, they may be surprised.

“The last time I saw dolphins was along a cargo ship route in Tanjung Tuan waters in December,” he said, adding that the mammals loved to be near large ships in the area as the wakes from the vessels allowed them to swim faster.

Source: BERNAMA News Agency

Interstate Travel: Smooth traffic flow on major expressways

The first day of interstate travel for applicants of Gerak Malaysia to return home after being stranded at various locations in Kuala Lumpur following enforcement of the Movement Control Order (MCO) saw smooth flow of traffic on major expressways and at toll plazas leaving out of the federal capital.

A spokesperson for the Malaysian Highway Authority said it expects 300,000 vehicles to use its expressways during the interstate movement from today until Sunday.

“This morning, the major expressways like the PLUS Expressway, East Coast Highway (LPT) 1 and LPT2, as well as the Kuala Lumpur-Karak Expressway (KLK) was still smooth moving and no congestion was reported.

“However, we expect traffic volume to increase in the afternoon or after the breaking of fast,” he said when contacted today.

Meanwhile, checks by Bernama found traffic movement at the northbound Jalan Duta Toll Road, southbound Sungai Besi Toll Plaza and at Gombak Toll Plaza heading towards the east coast was smooth until 1 pm.

It is also found that most of the motorists started their journey after 10 am, which is after the peak hour.

One of the motorists met at the Jalan Duta Toll Plaza, Hayati Roslan, 37, said she was stranded in Kuala Lumpur and was returning to Baling, Kedah.

“I did as advised by the authorities, to ensure sufficient balance in my Touch’n Go card and have filled my fuel tank for the journey, which is expected to take five hours.

“I also brought along some light food for the breaking  of fast,” she added.

As of yesterday, a total of 143,516 applications through the Gerak Malaysia application have been approved by the Royal Malaysia Police (PDRM) for those seeking to return home to their respective home states.

Source: BERNAMA News Agency