Home / 2021 / February / 11

Daily Archives: February 11, 2021

Philips wins ‘Best in KLAS’ award for its Vendor-Agnostic Image Viewer Vue Motion

February 11, 2021

  • Philips Vendor-Agnostic Image Viewer (Vue Motion) wins KLAS Research ‘Best in KLAS’ award in Universal Viewer (Imaging) segment
  • Philips Image Management software (Vue PACS) and Philips EMR (Tasy) also recognized as top performers in multiple markets
  • Philips AI-enabled enterprise informatics portfolio reinforces company’s commitment to enhancing remote clinical collaboration, enabling healthcare providers to advance digital health transformation

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced its Vendor-Neutral Image Viewer (Vue Motion) has won KLAS Research’s 2021 Best in KLAS Universal Viewer (Imaging) award. This marks the fourth year in a row that Philips’ zero-footprint, enterprise-wide viewer has received recognition in KLAS Research’s customer review-driven awards program. This latest accolade demonstrates Philips’ commitment to optimizing workflows to enhance timely, efficient and coordinated document sharing, giving radiologists and physicians seamless, secure access to patients’ imaging reports across multiple facilities and health IT systems to help shorten the path to precise decisions and treatments. Philips’ Image Management software (Vue PACS) and Philips EMR (Tasy), which brings data together from the electronic medical record to the referring physician to help standardize and centralize processes for enhanced efficiency, also received recognition in this year’s ‘Best in KLAS Awards: Software and Services’ report, being ranked top performers in several world markets.

The Philips Enterprise Viewer module eliminates the need to download software for medical data or image viewing. The viewer can be embedded in a HIS or EMR portal to enable authorized users across the enterprise to quickly and easily view patient data and images with a single log-in. The independent viewer can be integrated with other suppliers’ DICOM archives or XDS repositories to ensure that clinicians have access to current or prior imaging, video and waveforms studies and other patient data whenever and wherever needed.

KLAS Research’s Best in KLAS recognition in the software and services market segment is awarded for solutions that have the broadest operational and clinical impact on healthcare organizations.

“Each year, thousands of healthcare professionals across the globe take the time to share their voice with KLAS,” said Adam Gale, KLAS President. “They know that sharing their perspective helps vendors to improve and helps their peers make better decisions. These conversations are a constant reminder to me of how necessary accurate, honest, and impartial reporting is in the healthcare industry. The Best in KLAS report and the awards it contains set the standard of excellence for software and services firms. Vendors who win the title of ‘Best in KLAS’ should celebrate and remember that providers now accept only the best from their products and services. The ‘Best in KLAS’ award serves as a signal to provider and payer organizations that they should expect excellence from the winning vendors.”

“When it comes to Enterprise Imaging, healthcare organizations are looking for informatics partners to advance digital transformation with scalable solutions that enable secure data access, streamline workflows, and help drive greater quality care,” said Calum Cunningham, General Manager of Enterprise Diagnostic Informatics at Philips. “This recognition by KLAS Research underscores the effectiveness and value of our patient-centric strategy. With our advanced clinical and operational capabilities, enhanced by AI and analytics, we are able to partner with healthcare systems in a more meaningful way as we work toward one integrated workflow that brings data, technology and people together to deliver on the Quadruple Aim of improving patient outcomes, improving patient and staff experience, and lowering the cost of care.”

Philips’ Vendor-Agnostic Image Viewer quickly and securely delivers the right clinical images to authorized stakeholders – including clinicians, patients, payers and administrators – removing the barriers of technology, location and mobility in order to improve healthcare delivery, lower costs and provide a better patient experience in multiple settings.  For example, referring clinicians can use the system to show radiology images to their patients in the comfort of a doctor’s office or the patient’s home, helping to build the patient engagement and confidence that leads to better decision-making and therapy adherence.

Philips Picture Archiving and Communication System (Vue PACS) is a scalable and modular image management solution that provides hospitals and related institutions with scalable (local and wide area) PACS functionalities.

Philips’ Enterprise Imaging informatics portfolio supports hospitals and imaging centers as they seek to connect and optimize performance, improving the patient experience, health outcomes, and staff experience, while lowering the cost of care. Philips provides an industry-leading, end-to-end portfolio of enterprise informatics solutions that enables patients, clinicians and hospital administrators to fully harness the power of information and translate data into actionable insights – a critical next step to advance the healthcare enterprise.

Philips will be highlighting its award-winning solutions and enterprise imaging portfolio at the European Congress of Radiology virtual event (March 3-7, 2021). For more information on Philips’ new portfolio of diagnostic and interventional solutions and AI-enabled applications to enhance radiology workflows at ECR 2021, visit the Philips ECR site, and follow @PhilipsLiveFrom for updates throughout the event.

For further information, please contact:

Kathy O’Reilly
Philips Global Press Office
Tel.: +1 978-221-8919
E-mail : kathy.oreilly@philips.com
Twitter: @kathyoreilly

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, 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 generated 2020 sales of EUR 19.5 billion and employs approximately 82,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Attachments

Bombardier Reports Full Year 2020 Financial Results, Provides 2021 Guidance and Outlines Actions to Drive Profitability and Productivity

  • 2020 revenues from Business Aircraft activities reached $5.6 billion, growing 3% year-over-year on 114 deliveries, 44 of which were in the fourth quarter, including a record 16 Global 7500 aircraft deliveries
  • 2020 adjusted EBITDA(1) of $200 million from continuing operations; $912 million of reported EBIT, reflects the accounting gains on disposal of the CRJ and aerostructures businesses
  • Fourth Quarter Free Cash Flow(1) (FCF) generation of $523 million from continuing operations before interest and taxes, ahead of plan; cash flow from operating activities of $323 million for the fourth quarter
  • Pro forma cash and cash equivalents(2) of $5.4 billion, including Cash on hand of $1.8 billion at Bombardier Inc. on December 31, 2020 and $3.6 billion of proceeds from the recently closed sale of Transportation once it becomes fully available; Pro-forma net debt(3) of approximately $4.7 billion
  • Company-wide initiative to drive profitability and productivity underway; Targeting savings of approximately $400 million(4) annually by 2023
  • Learjet production to end in Q4 2021, allowing the Company to focus on more profitable Challenger and Global aircraft families; Wichita to become Centre of Excellence for specialized aircraft platforms
  • 2021 outlook(4): Revenues expected to grow organically; Adjusted EBITDA and EBIT(1) expected to increase to greater than $500 million and $100 million respectively, and FCF usage expected to be better than $500 million, including one-time costs and investments
  • Company to host an Investor Day on March 4, 2021

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, Feb. 11, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) today reported its fourth quarter and full year 2020 results, provided guidance for 2021 and outlined a number of actions to drive profitability and productivity as the Company focuses exclusively on designing, building and servicing the world’s best business jets.

“With our strategic repositioning now complete, we are very excited to embark on our journey as a pure-play business jet company,” said Éric Martel, President and Chief Executive Officer, Bombardier Inc. “Our unmatched product portfolio, world-class customer services network, and incredibly talented employees give us a strong foundation to build upon. We are encouraged by our momentum in the fourth quarter and are confident in the actions we are taking to navigate through the pandemic and better position the Company for a market recovery.”

Overview 2020 Financial Performance

Revenues from Business Aircraft activities reached $5.6 billion in 2020, reflecting a 3% year-over-year improvement, driven by the ramp up in Global 7500 deliveries, which reached a record 16 deliveries in the fourth quarter, partially offset by the significant impact of COVID-19 on other programs and services revenues.

Adjusted full year EBITDA and adjusted EBIT(1) for continuing operations of $200 million and $(211) million, respectively, reflect the impact of the COVID-19 pandemic on deliveries and services, as well as a lower contribution of early Global 7500 units. Reported EBIT of $0.9 billion reflects the accounting gains on disposals of the CRJ and aerostructures businesses.

Fourth quarter free cash flow generation from continuing operations before interest and taxes was $523 million. This was better than expected and notwithstanding a $160 million negative impact made in the quarter due to the winding down of the Company’s reverse factoring program. Full year free cash flow usage from continuing operations was $1.9 billion, reflecting pandemic-related disruptions, and including corporate and interest expenses, which will be lower in 2021 given the expected debt paydown and restructuring actions announced today.

Bombardier begins 2021 with pro forma cash and cash equivalents of approximately $5.4 billion, including the proceeds from the recently closed sale of Transportation and a pro forma net debt of approximately $4.7 billion.

Driving Profitability and Productivity

Bombardier has and will be launching a number of actions to improve profitability and cash generation. The goal is to make the organization more efficient and agile, capable of delivering stronger financial performance under the current market conditions, while also establishing a lower cost base to grow from, once the market recovers. With these actions, the Company aims to generate $400 million annually in recurring savings by 2023. Savings are expected to be approximately $100 million in 2021; the Company will take a one-time charge of $50 million this year to support its restructuring actions.

Specific actions include consolidating Bombardier’s Global aircraft completion work in Montréal; reviewing options for underutilized hangar and industrial space at our Québec facilities; and reducing its overall workforce by approximately 1,600 positions, including reductions associated with progress on the Global 7500 learning curve. These reductions, together with the completion of previously announced restructuring actions and the divestiture of the electrical wiring interconnection system business in Querétaro, Mexico, should bring the Corporation’s global workforce to about 13,000 by year-end.

“Workforce reductions are always very difficult, and we regret seeing talented and dedicated employees leave the company for any reason,” said Martel. “But these reductions are absolutely necessary for us to rebuild our company while we continue to navigate through the pandemic.”

Bombardier also announced it will end production of Learjet aircraft later this year, allowing the Company to focus on its more profitable Challenger and Global aircraft families and accelerate the expansion of its customer services business.

“With more than 3,000 aircraft delivered since its entry-into-service in 1963, the iconic Learjet aircraft has had a remarkable and lasting impact on business aviation. Passengers all over the world love to fly this exceptional aircraft and count on its unmatched performance and reliability. However, given the increasingly challenging market dynamics, we have made this difficult decision to end Learjet production,” explained Martel.

Bombardier will continue to fully support the Learjet fleet well into the future, and to this end, today launched the Learjet RACER remanufacturing program for Learjet 40 and Learjet 45 aircraft. RACER program includes a bundled set of enhancements, including interior and exterior components, new avionics, high-speed connectivity, engine enhancements, and improved aircraft maintenance costs. The RACER remanufacturing program will be offered exclusively through Bombardier’s service centre in Wichita, Kansas.

Bombardier’s Wichita facility will continue to serve as the Company’s primary flight-test centre and be a key part of its global services network. In addition, Bombardier has designated Wichita as the Centre of Excellence for its specialized aircraft business and expects the facility will play a leading role in future special mission modification contracts.

2021 Guidance

With Bombardier’s repositioning to a pure-play business aviation company now complete, 2021 will be a transition year as the Company executes its productivity actions, further matures Global 7500 production and begins to address its capital structure.

Revenues from business aircraft activities in 2021 are expected to be better than 2020 based on a gradual economic recovery scenario.

Adjusted EBITDA is expected to increase to greater than $500 million, reflecting ongoing progress on the Global 7500 learning curve, growth in customer services and the partial impact of the cost reduction actions. Adjusted EBIT is expected to be greater than $100 million.

Free cash flow usage in 2021 is expected to be better than $500 million, including one-time outflows related to the closing of the reverse factoring program; residual value guarantees; and the previously mentioned restructuring charge, which collectively are estimated to be approximately $200 million.

Investor Day

Bombardier will host a virtual Investor Day on March 4, 2021, during which the Leadership team will provide updates on its market outlook, debt management strategy and cost reduction actions. Details will be provided in a separate media advisory and posted on the company’s website www.ir.bombardier.com at a later date in the near future.

Selected results

RESULTS
For the fiscal years ended December 31 2020 2019 Variance
restated
(5)
Revenues (6) $ 6,487 $ 7,488 (13 ) %
Adjusted EBITDA $ 200 $ 684 (71 ) %
Adjusted EBITDA margin 3.1 % 9.1 % (600) bps
Adjusted EBIT $ (211 ) $ 400 nmf
Adjusted EBIT margin (3.3 ) % 5.3 % (860) bps
EBIT $ 912 $ (520 ) nmf
EBIT margin 14.1 % (6.9 ) % 2100 bps
Net loss from continuing operations $ (170 ) $ (1,541 ) 89 %
Net loss from discontinued operations $ (398 ) $ (66 ) (503 ) %
Net loss $ (568 ) $ (1,607 ) 65 %
Diluted EPS from continuing operations (in dollars) $ (0.08 ) $ (0.65 ) $ 0.57
Diluted EPS from discontinued operations (in dollars) $ (0.29 ) $ (0.11 ) $ (0.18 )
$ (0.37 ) $ (0.76 ) $ 0.39
Adjusted net loss $ (1,115 ) $ (406 ) (175 ) %
Adjusted EPS (in dollars) $ (0.47 ) $ (0.18 ) $ (0.29 )
Cash flows from operating activities
Continuing operations $ (1,672 ) $ (253 ) (561 ) %
Discontinued operations $ (1,149 ) $ (427 ) (169 ) %
$ (2,821 ) $ (680 ) (315 ) %
Net additions to PP&E and intangible assets
Continuing operations $ 221 $ 366 (40 ) %
Discontinued operations $ 133 $ 157 (15 ) %
$ 354 $ 523 (32 ) %
Free cash flow usage
Continuing operations $ (1,893 ) $ (619 ) (206 ) %
Discontinued operations $ (1,282 ) $ (584 ) (120 ) %
$ (3,175 ) $ (1,203 ) (164 ) %
As at December 31 2020 2019 Variance
Cash and cash equivalents excluding Transportation $ 1,779 $ 2,089 (15 ) %
Cash and cash equivalents from Transportation $ 671 $ 540 24 %
$ 2,450 $ 2,629 (7 ) %
Available short-term capital resources(7) $ 3,203 $ 3,925 (18 ) %
Aviation order backlog (in billions of dollars)
Business aircraft $ 10.7 $ 14.4 (26 ) %
Other aviation(8) $ —  $ 1.9 (100 ) %

 

RESULTS
Fourth quarters ended
December 31
Fiscal years ended
December 31

2020
2019 2020
2019
restated
restated
Revenues $ 2,337 $ 2,412 $ 6,487 $ 7,488
Cost of sales 2,248 2,109 5,971 6,447
Gross margin 89 303 516 1,041
SG&A 117 126 420 557
R&D 144 65 320 156
Share of income of joint ventures and associates (56 ) (2 ) (34 )
Other income (7 ) (11 ) (38 )
Adjusted EBIT (165 ) 168 (211 ) 400
Special items (598 ) 1,628 (1,123 ) 920
EBIT 433 (1,460 ) 912 (520 )
Financing expense 240 236 1,060 996
Financing income (28 ) (93 ) (27 ) (226 )
EBT 221 (1,603 ) (121 ) (1,290 )
Income taxes 236 (75 ) 49 251
Net loss from continuing operations $ (15 ) $ (1,528 ) $ (170 ) $ (1,541 )
Net loss from discontinued operations $ (322 ) $ (191 ) $ (398 ) $ (66 )
Net loss $ (337 ) $ (1,719 ) $ (568 ) $ (1,607 )
Attributable to
Equity holders of Bombardier Inc. $ (423 ) $ (1,770 ) $ (868 ) $ (1,797 )
NCI $ 86 $ 51 $ 300 $ 190
EPS (in dollars)
Basic and diluted $ (0.18 ) $ (0.74 ) $ (0.37 ) $ (0.76 )
EPS from continuing operations (in dollars)
Basic and diluted $ (0.01 ) $ (0.64 ) $ (0.08 ) $ (0.65 )
As a percentage of total revenues
Gross margin 3.8 % 12.6 % 8.0 % 13.9 %
Adjusted EBIT (7.1 ) % 7.0 % (3.3 ) % 5.3 %
EBIT 18.5 % (60.5 ) % 14.1 % (6.9 ) %


SEGMENTED RESULTS AND HIGHLIGHTS

Aviation

RESULTS
For the fiscal years ended December 31 2020 2019 Variance
Revenues
Business aircraft 5,593 5,417 3 %
Other aviation 895 2,084 (57 ) %
Total Revenues 6,488 7,501 (14 ) %
Aircraft deliveries (in units)
Business aircraft 114 142 (28 )
Commercial aircraft (9) 5 33 (28 )
Adjusted EBITDA $ 286 $ 812 (65 ) %
Adjusted EBITDA margin 4.4 % 10.8 % (640) bps
Adjusted EBIT $ (125 ) $ 531 (124 ) %
Adjusted EBIT margin (1.9 ) % 7.1 % (900) bps
EBIT $ 937 $ 1,194 (22 ) %
EBIT margin 14.4 % 15.9 % (150) bps
Net additions to PP&E and intangible assets $ 221 $ 373 (41 ) %
As at December 31 2020
2019 Variance
Order backlog (in billions of dollars)
Business aircraft $ 10.7 $ 14.4 (26 ) %
Other aviation $ $ 1.9 (100 ) %
  • Revenues from Business Aircraft activities reached $5.6 billion in 2020, growing 3% year-over-year driven by the continued ramp up of Global 7500 aircraft deliveries, notwithstanding production rate adjustments on other platforms to align with market conditions and customer requirements in response to the COVID-19 pandemic.
    • Business aircraft manufacturing revenues increased 11% year-over-year, driven by the Global 7500 market shares gains in the extra long-range segment.
    • Services revenues were $988 million, 21% lower year-over-year, as the COVID-19 pandemic drove business jet utilization across the industry lower. The Corporation continues to position itself to capture future growth opportunities in aftermarket services by adding significant new capacity to its global network with major expansion projects underway in Singapore, London, Melbourne and Miami.
  • Business aircraft delivered 114 aircraft including specialized aircraft during the year, comprised of 59 Global, 44 Challenger, and 11 Learjet.
    • Deliveries peaked during the fourth quarter with 44 aircraft delivered, including a record 16 Global 7500 deliveries.
  • Other aviation revenues from commercial aircraft and aerostructures activities, which were divested during the course of the year, were $895 million.
  • Adjusted EBITDA and adjusted EBIT of 4.4% and (1.9)%, respectively, reflect lower aircraft deliveries and services activities, and low contribution of early Global 7500 units as the program continues to progress on its production learning curve, combined with the impact of reshaping a commercial agreement. Reported EBIT of $0.9 billion reflects the accounting gains on disposals of the CRJ and aerostructures businesses.
  • Business aircraft’s multi-year backlog totalled $10.7 billion at the end of the year, reflecting higher order activity in the fourth quarter, net of reshaping a commercial agreement reclaiming 12 Global 7500 positions.
    • In December, Bombardier announced a firm order for 10 Challenger 350 aircraft in a transaction valued at $267 million, based on 2020 list prices. The firm commitment from an undisclosed customer represents one of the largest business jet orders of 2020 and underscores the desirability of best-selling Challenger 350 aircraft amid strong interest in business aviation and the enhanced safety it provides.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game-changing planes. Our products and services provide world-class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montréal, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of approximately 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier, Challenger, Challenger 350, Global, Global 7500, Learjet, Learjet 40 and Learjet 45 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, Investor Relations
Bombardier Inc.
+1 514 861 5727

Readers are strongly advised to view a more detailed discussion of our results by segment in our Management’s Discussion and Analysis and Consolidated financial statements which are posted on our website at ir.bombardier.com.

bps: basis points
nmf: information not meaningful

(1) Non-GAAP financial measures. Refer to the Non-GAAP financial measures and Liquidity and capital resources sections in the MD&A of the Corporation’s financial report for the fiscal year ended December 31, 2020 for definitions of these metrics and the Analysis of results section thereafter for reconciliations to the most comparable IFRS measures.
(2) Non-GAAP financial measure. Pro-forma cash and cash equivalents includes cash and cash equivalents at Bombardier Inc. (excluding Transportation) of $1.8 billion as of December 31, 2020 and net proceeds of approximately $3.6 billion from the sale of Bombardier Transportation, which assumes the full monetization of Alstom shares worth approximately $600 million, the release of any cash not immediately available and is before the deployment of proceeds against any debt payment.
(3) Non-GAAP financial measure. Pro-forma net debt is defined as Long-term debt of $10.1 billion less cash and cash equivalents at Bombardier Inc. (excluding Transportation) of $1.8 billion as of December 31, 2020 less net proceeds of approximately $3.6 billion from the sale of Bombardier Transportation, which includes approximately $600 million of Alstom shares.
(4) See the forward-looking statements disclaimer at the end of this press release as well as the guidance and forward-looking statements section in the Overview section in the MD&A of the Corporation’s financial report for the fiscal year ended December 31, 2020, for details regarding the assumptions on which the forward-looking statements are based.
(5) Transportation was classified as discontinued operations as of December 31, 2020. As a result, the results of operations have been restated for comparative periods. Refer to Note 31 – Discontinued operations to our Consolidated financial statements for more details.
(6) Includes continuing operations only.
(7) Defined as cash and cash equivalents including cash and cash equivalents from Transportation plus the undrawn amounts under Transportation’s revolving credit facility and our senior secured term loan.
(8) Included the firm orders amounting to $1.1 billion from the aerostructures businesses presented under Assets held for sale as of December 31, 2019. Also included 20 firm orders for CRJ900 as of December 31, 2019. The backlog for the CRJ Series aircraft program amounting to $0.4 billion was removed as a result of the closing of the sale of the CRJ Series aircraft program to MHI on June 1, 2020.
(9) 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). On June 1, 2020, the Corporation completed the sale of the regional jet program to Mitsubishi Heavy Industries, Ltd. (MHI).

CAUTION REGARDING NON-GAAP MEASURES
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, impact of business disposals 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 Results of operations tables in the reporting segments and Consolidated results of operations section; and
  • free cash flow usage to cash flows from operating activities – see and the tables below and the Free cash flow usage table in the Liquidity and capital resources section.
Reconciliation of segment to consolidated results
Fourth quarters ended
December 31

Fiscal years ended
December 31

2020
2019 (1) 2020
2019 (1)
Revenues
Aviation $ 2,337 $ 2,413 $ 6,488 $ 7,501
Transportation(1) 2,076 1,793 7,844 8,269
Corporate and Others (1 ) (1 ) (13 )
$ 4,413 $ 4,205 $ 14,331 $ 15,757
Reclassification(1) (2,076 ) (1,793 ) (7,844 ) (8,269 )
$ 2,337 $ 2,412 $ 6,487 $ 7,488
Adjusted EBIT(2)
Aviation $ (149 ) $ 143 $ (125 ) $ 531
Transportation(1) (340 ) (234 ) (610 ) 70
Corporate and Others(3) (16 ) 25 (86 ) (131 )
$ (505 ) $ (66 ) $ (821 ) $ 470
Reclassification(1) 340 234 610 (70 )
$ (165 ) $ 168 $ (211 ) $ 400
Special Items
Aviation $ (628 ) $ 49 $ (1,062 ) $ (663 )
Transportation(1) (4 ) 2 8 48
Corporate and Others 30 1,579 (61 ) 1,583
$ (602 ) $ 1,630 $ (1,115 ) $ 968
Reclassification(1) 4 (2 ) (8 ) (48 )
$ (598 ) $ 1,628 $ (1,123 ) $ 920
EBIT
Aviation $ 479 $ 94 $ 937 $ 1,194
Transportation(1) (336 ) (236 ) (618 ) 22
Corporate and Others(3) (46 ) (1,554 ) (25 ) (1,714 )
$ 97 $ (1,696 ) $ 294 $ (498 )
Reclassification(1) 336 236 618 (22 )
$ 433 $ (1,460 ) $ 912 $ (520 )
Reconciliation of adjusted EBITDA to EBIT (4)
Fourth quarters
 ended December 31
Fiscal years
 ended December 31
2020 2019 2020 2019
EBIT $ 433 $ (1,460 ) $ 912 $ (520 )
Amortization 164 91 411 283
Impairment charges on PP&E and intangible assets(5) 17 42 1
Special items excluding impairment charges on PP&E and intangible assets(5) (615 ) 1,628 (1,165 ) 920
Adjusted EBITDA $ (1 ) $ 259 $ 200 $ 684
(1) Transportation was classified as discontinued operations as of December 31, 2020. As a result, the results of operations have been restated for comparative periods. Refer to Note 31 – Discontinued operations to our Consolidated financial statements for more details.
(2) Non-GAAP financial measure. Refer to the Non-GAAP financial measures section for a definition of this metric.
(3) Includes share of income from ACLP of $3 million for fiscal year ended December 31, 2020. ($57 million and $37 million for the fourth quarter and fiscal year ended December 31, 2019, respectively. The share of net gains from ACLP in the fourth quarter of 2019 includes certain provision reversals within ACLP amounting to approximately $60 million.) On February 12, 2020, Bombardier transferred its remaining interest in ACLP to Airbus and the Government of Québec.
(4) Includes continuing operations only.
(5) Refer to the Consolidated results of operations section for details regarding special items.
Reconciliation of adjusted net income (loss) to net loss and computation of adjusted EPS(1)
Fourth quarters ended December 31
2020
2019
 (per share)
 (per share)
Net loss from continuing operations $ (15 ) $ (1,528 )
Adjustments to EBIT related to special items(2) (598 ) $ (0.25 ) 1,628 $ 0.68
Adjustments to net financing expense related to:
Accretion on net retirement benefit obligations 13 0.01 17 $
Net change in provisions arising from changes in interest rates and net loss on certain financial instruments (24 ) (0.01 ) (78 ) (0.03 )
Tax impact of special(2) and other adjusting items 149 0.06 (28 ) (0.01 )
Adjusted net income (loss) (475 ) 11
Preferred share dividends, including taxes 1 (7 )
Adjusted net income (loss) attributable to equity holders of Bombardier Inc. $ (474 ) $ 4
Weighted-average adjusted diluted number of common shares (in thousands) 2,419,541 2,397,868
Adjusted EPS $ (0.20 ) $ 0.00
Reconciliation of adjusted EPS to diluted EPS (in dollars) (1)
Fourth quarters ended December 31
2020
2019
Diluted EPS from continuing operations $ (0.01 ) $ (0.64 )
Impact of special(2) and other adjusting items (0.19 ) 0.64
Adjusted EPS $ (0.20 ) $ 0.00
Reconciliation of adjusted net loss to net loss and computation of adjusted EPS(1)
Fiscal years ended December 31
2020
2019
(per share)
(per share)
Net loss from continuing operations $ (170 ) $ (1,541 )
Adjustments to EBIT related to special items(2) (1,123 ) $ (0.47 ) 920 $ 0.39
Adjustments to net financing expense related to:
Loss on repurchase of long-term debt(2) 84 0.03
Accretion on net retirement benefit obligations 52 0.02 56 0.02
Net change in provisions arising from changes in interest rates and net loss (gain) on certain financial instruments 159 0.07 (140 ) (0.06 )
Tax impact of special(2) and other adjusting items (33 ) (0.01 ) 215 0.09
Adjusted net loss (1,115 ) (406 )
Preferred share dividends, including taxes (18 ) (21 )
Adjusted net loss attributable to equity holders of Bombardier Inc. $ (1,133 ) $ (427 )
Weighted-average adjusted diluted number of common shares (in thousands) 2,408,209 2,383,987
Adjusted EPS $ (0.47 ) $ (0.18 )
Reconciliation of adjusted EPS to diluted EPS (in dollars)(1)
Fiscal years ended December 31
2020
2019
Diluted EPS from continuing operations $ (0.08 ) $ (0.65 )
Impact of special(2) and other adjusting items (0.39 ) 0.47
Adjusted EPS $ (0.47 ) $ (0.18 )
(1) Includes continuing operations only.
(2) Refer to the Consolidated results of operations section for details regarding special items.
Reconciliation of free cash flow (usage) (1) to cash flows from operating activities
Fourth quarters
 ended December 31
Fiscal years
 ended December 31
2020 2019 2020 2019
Cash flows from operating activities 323 1,073 $ (2,821 ) $ (680 )
Net additions to PP&E and intangible assets (114 ) (121 ) (354 ) (523 )
Free cash flow (usage) (1) $ 209 $ 952 $ (3,175 ) $ (1,203 )
(1) Non-GAAP financial measure. Refer to the Non-GAAP financial measures section for a definition of this metric.

FORWARD-LOOKING STATEMENTS

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, financial performance, 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; customer value; 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 execution of orders in general; competitive position; 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, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of, productivity enhancements, operational efficiencies, cost reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the anticipated business transition to growth cycle and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; 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; and expectations regarding gradual market and economic recovery in the aftermath of the COVID-19 pandemic. As it relates to the sale of the Transportation business to Alstom, this press release also contains forward-looking statements with respect to the benefits of such transaction, the use of the proceeds derived from the transaction and its 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 underlying the forward-looking statements made in this press release in relation to the sale of the Transportation business to Alstom discussed herein include the following material assumptions: the realization of the intended benefits from this transaction and the deployment of proceeds towards debt pay down. For additional information, including with respect to other assumptions underlying the forward-looking statements made in this press release, refer to the Guidance and Forward-looking Statements section in the MD&A of our financial report for the fiscal year ended December 31, 2020. 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, suppliers, customers, counterparties and third-party service providers, there is inherently more uncertainty associated with the Corporation’s assumptions as compared to prior years.

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 the financial condition of business aircraft customers; 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 ; order backlog; the transition to a pure-play business aviation company; the certification of products and services; the execution of orders; pressures on cash flows and capital expenditures based on seasonality and cyclicality; execution of our strategy, productivity enhancements, operational efficiencies, restructuring and cost reduction initiatives; doing business with partners; 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; reliance on debt management and interest cost reduction strategies; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in the MD&A of our financial report for the fiscal year ended December 31, 2020. Any one or more of the foregoing factors may be exacerbated by the ongoing 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; uncertainty regarding market and economic recovery in the aftermath of the COVID-19 pandemic; 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, orders and deliveries; technology, privacy, cyber security and reputational risks; and other unforeseen adverse events.

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. 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 report 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.

 

หน่วยการผลิตปั๊มของ Nikkiso Clean Energy & Industrial Gases Group ได้เข้าซื้อทรัพย์สินทางปัญญาเพื่อผลิตตัวกระตุ้นเครื่องจักรกลระบบอิเล็กทรอนิกส์

เทเมคูลา, แคลิฟอร์เนีย, Feb. 11, 2021 (GLOBE NEWSWIRE) — Nikkiso Cryogenic Industries’ Clean Energy & Industrial Gases Group (CE&IG) บริษัทในเครือของ Nikkiso Co., Ltd (Japan) ประกาศว่าหน่วยการผลิตปั๊มของบริษัทได้เข้าซื้อทรัพย์สินทางปัญญา (IP) เพื่อผลิตและประกอบตัวกระตุ้นเครื่องจักรกลระบบอิเล็กทรอนิกส์ (EMA) และแผงควบคุมที่เกี่ยวข้อง

EMA พลังสูงที่ทำงานร่วมกับปั๊มลูกสูบสำหรับการแช่แข็งทำให้ไม่ต้องใช้กระปุกเกียร์และข้อเหวี่ยง ซึ่งมีรูปแบบที่กะทัดรัดสำหรับการออกแบบปั๊มจุ่มแนวตั้ง นอกจากนี้ EMA ยังมอบการควบคุมความเร็วและตำแหน่งลูกสูบของปั๊มแบบลูกสูบอย่างสมบูรณ์ ช่วยให้มีช่วงการเทิร์นดาวน์ที่กว้างขึ้น การทำงานแบบไร้การสั่นสะเทือนเพื่อการจัดเรียงหลายหน่วย และความน่าเชื่อถือที่ดียิ่งขึ้

ปั๊มกระตุ้น EMA ของหน่วยการผลิตปั๊ม CE&IG ได้รับการทดสอบหลายขั้นตอนในช่วงสี่ปีที่ผ่านมารวมถึงการใช้งานจริงในสถานีเติมเชื้อเพลิงไฮโดรเจนต้นแบบ ปั๊มลูกสูบกระตุ้น EMA สามารถใช้งานได้ทันทีสำหรับการใช้งานไฮโดรเจนที่ต้องการแรงดันที่ปล่อยออกสูงถึง 900 Barg ปั๊มจ่ายเชื้อเพลิง LNG แรงดันสูงสำหรับการใช้งานในอุตสาหกรรมทางทะเลจะวางจำหน่ายในอนาคตอันใกล้นี้

“นี่เป็นก้าวต่อไปที่น่าตื่นเต้นสำหรับกลุ่มของเราและเป็นประโยชน์อย่างมากสำหรับลูกค้าของเรา ตอนนี้ CE&IG จะสามารถผลิตชิ้นส่วนปั๊มที่สมบูรณ์ได้แล้ว (ตั้งแต่ส่วนหัวสำหรับไครโอเจนไปจนถึงชุดไดรฟ์) และมอบโซลูชันที่รองรับสำหรับการใช้งานในโรงงานให้กับลูกค้าของเรา” ตามข้อมูลของ Peter Wagner, CEO ของ Cryogenic Industries และประธานของกลุ่ม

ด้วยการเข้าซื้อ IP หน่วยการผลิตปั๊มของ CE&IG จะผลิตและประกอบ EMA ที่โรงงาน Nikkiso ACD ในซานตาอานา แคลิฟอร์เนีย

เกี่ยวกับ CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (ปัจจุบันเป็นสมาชิกของ Nikkiso Co., Ltd.) บริษัทสมาชิกผลิตอุปกรณ์แปรรูปก๊าซไครโอเจนทางวิศวกรรมและโรงงานที่มีกระบวนการขนาดเล็กสำหรับก๊าซธรรมชาติเหลว (LNG), บริการที่ดีและอุตสาหกรรมก๊าซสำหรับอุตสาหกรรม Cryogenic Industries ก่อตั้งขึ้นเมื่อ 50 ปีที่แล้ว เป็นบริษัทแม่ของ ACD, Cosmodyne และ Cryoquip และเป็นกลุ่มที่ควบคุมโดยทั่วไปซึ่งมีหน่วยงานปฏิบัติการประมาณ 20 แห่ง

สำหรับข้อมูลเพิ่มเติม โปรดไปที่ www.cryoind.com และ www.nikkiso.com

ติดต่อด้านสื่อ:
Anna Quigley
+1.951.383.3314
aquigley@cryoind.com

Biden: ‘China Going to Eat Our Lunch’ Unless US Moves on Infrastructure

During his four years in office, President Donald Trump and his Republican administration repeatedly highlighted so-called “infrastructure weeks” that ultimately resulted in few big projects moving down the line.

On Thursday, Trump’s successor, Democrat Joe Biden, hosted his first infrastructure event, inviting a bipartisan group of senators to the Oval Office to “try to see if we come to some kind of generic consensus about how to begin.”

Biden, who said he spoke Wednesday with Chinese President Xi Jinping for two hours, made note during his Thursday meeting with the four senators of China’s massive infrastructure investments.

“If we don’t get moving, they’re going to eat our lunch,” said Biden of the Chinese. “They have major, major new initiatives on rail. And they already have rail that goes 225 miles an hour with ease. ?… They’re working very hard to do what I think we’re going to have to do.”

White House press secretary Jen Psaki said she thought Biden’s view was “we’re in a competition with China, and he’s clear-eyed about the depth of that challenge.”

Asked by a reporter how much the president wanted to spend on infrastructure, Psaki said that was “a process of ongoing discussion” and there was yet no specific number.

In addition to the senators, Vice President Kamala Harris attended the Oval Office meeting, while Transportation Secretary Pete Buttigieg joined remotely. He was in quarantine because a member of his security detail tested positive Monday for the coronavirus.

The group “established the mutual understanding that America needs to build new infrastructure across urban and rural areas and create millions of good-paying jobs in the process of supporting the country’s economic recovery in the months and years ahead,” said Psaki.

That rhetoric echoes what was heard during the administrations of Democrat Barack Obama and his successor, Trump. Those two administrations ultimately exhausted more legislative energy in health care and tax cuts, respectively, after touting grandiose ambitions to repair America’s infrastructure.

“Infrastructure is the best idea that never happens,” according to Bipartisan Policy Center President Jason Grumet, who expressed optimism the subject might achieve more legislative traction during the Biden administration. “There is a broad-based agreement that in addition to the resources that have been invested in a kind of immediate urgency around surviving the winter, there is now an agreement that there needs to be some deeper investment.”

The desire for huge government spending to overcome the economic damage caused by the coronavirus pandemic is in addition to a “very strong view that we as a nation are trying to run a 21st-century economy on a 20th-century infrastructure and that simply diminishes our national competitiveness,” especially with respect to China, Grumet told VOA.

Obama, in 2009, emphasized “shovel-ready” projects that would benefit from his $800 billion stimulus plan. Congress eventually allocated only about $28 billion of that package for transportation infrastructure.

Trump, in 2018, proposed spending $200 billion over a decade to spur $1.5 trillion, mostly for private sector infrastructure projects, but Congress never voted on it. Before leaving office, his administration proposed a $1 trillion infrastructure spending plan, although it was never publicly released.

Source: Voice of America

Biden Asks for Patience While Ramping Up Vaccinations?

U.S. President Joe Biden on Thursday criticized his predecessor’s vaccination program and urged Americans to be patient as he fixed it.

“My predecessor — I’ll be very blunt about it — did not do his job in getting ready for the massive challenge of vaccinating hundreds of millions,” Biden said at the National Institutes of Health.

“We won’t have everything fixed for a while. But we’re going to fix it,” he added.

Biden also announced that the United States had acquired enough vaccines to inoculate 300 million of the 328 million U.S. population by the end of July.

The country is on track to exceed Biden’s goal of vaccinating 100 million Americans within his first 100 days in office.

According to the U.S. Centers for Disease Control and Prevention, over 46 million doses of the vaccine have been administered.

Earlier Thursday, Dr. Anthony Fauci, the top U.S. infectious-disease expert, said by April, anyone in the United States who wants a COVID-19 vaccination should be able to get one.

The United States has recorded more cases and deaths from COVID-19 than any country in the world — over 27 million and over 470,000, respectively, according to Johns Hopkins University.

Source: Voice of America

Report Urges U.S. and Allies to Recommit to Prevent Nuclear Proliferation

CHICAGO, Feb. 10, 2021 (GLOBE NEWSWIRE) — A new report by a task force chaired by Chuck Hagel, Malcolm Rifkind, and Kevin Rudd and convened by the Chicago Council on Global Affairs, argues fraying American alliances and a rapidly changing security environment have begun to call into question America’s nuclear security guarantees and threaten the long-term viability of the 50-year-old nuclear nonproliferation regime. The report offers specific recommendations and a framework to ensure America’s allies will continue to feel secure without requiring their own nuclear weapons.

“In the absence of U.S. leadership over the past four years, our allies are asking questions about the credibility of the American nuclear guarantee,” said project director Ivo Daalder, former U.S. Ambassador to NATO and president of the Chicago Council on Global Affairs. “A change in administration alone is unlikely to suffice in reestablishing U.S. credibility. The United States must do everything in its power to work with its allies to rebuild confidence in their joint framework for collective defense.”

“Recommitting to America’s allies requires recommitting to nuclear deterrence,” said Hagel, former U.S. Secretary of Defense. “President Biden must reaffirm America’s security commitments, reverse decisions that have harmed our relationships, and negotiate fair agreements that will ensure the U.S. can maintain troops in Europe and Asia.”

The report, “Preventing Nuclear Proliferation and Reassuring America’s Allies,” is the product of the Task Force on U.S. Allies and Nuclear Weapons Proliferation, a group of 16 former U.S., European, and Asian foreign and defense ministers and other national security and defense advisers who have been working together for 12 months to develop specific recommendations.

Task force recommendations include:

  • Rebuild U.S. Leadership by reaffirming America’s security commitments, raising the importance of nuclear weapons issues in alliances, and building European and Asian defense capabilities.
  • Strengthen European Defense Capabilities by ensuring Europe takes more responsibility for its own defense and security and focuses defense cooperation on real military capabilities. France and Britain should deepen their nuclear cooperation and extend their deterrents to European allies.
  • Coordinate Multilateral Deterrence in Asia with the United States proposing the creation of an Asian Nuclear Planning Group to bring Australia, Japan, and South Korea into the U.S. nuclear planning processes.
  • Expand Multilateral Arms Control with the five Permanent Members of the U.N. Security Council committing to a dialogue on nuclear weapons issues and negotiating nuclear confidence-building and transparency measures, and engaging China in all efforts to multilateralize nuclear arms control.

“While Chinese ambitions are a threat to the security climate, China is an essential part of the conversation,” said Rudd, former Prime Minister of Australia. “These first steps could make a significant difference in quelling allies’ fears and coordinating deterrence efforts.”

“Britain and France have a critical role to play in helping Europe build up the nuclear dimension of its defense and security efforts,” said Rifkind, former U.K. Foreign Secretary and Secretary of Defense. “By recognizing European security and vital interests are inextricably linked, the two countries can begin to develop a strong, European-oriented nuclear deterrent capability.”

In addition to the cochairs, the task force membership consisted of:

Task Force Members

  • Nobuyasu Abe, former Commissioner, Japan Atomic Energy Commission
  • Carl Bildt, former Swedish Prime Minister and Minister of Foreign Affairs
  • Rick Burt, former U.S. Ambassador to Germany and Chief Negotiator for START
  • Espen Barth Eide, former Norwegian Foreign Minister and Defense Minister
  • François Heisbourg, former Chairman, International Institute for Strategic Studies
  • Wolfgang Ischinger, former German State Secretary of Foreign Affairs
  • Nobukatsu Kanehara, former Japanese Deputy National Security Adviser
  • Lee Sanghee, former Korean Minister of Defense and Chairman of Joint Chiefs of Staff
  • Curtis Scaparrotti, former NATO Supreme Allied Commander Europe
  • Radek Sikorski, former Polish Foreign Minister and Defense Minister
  • Sinan Ülgen, former Turkish Foreign Service Officer
  • Byung-se Yun, former Korean Minister of Foreign Affairs

The task force cochairs and project director are available for interviews upon request. To coordinate, contact media@thechicagocouncil.org.