Day: May 9, 2023

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Impacts on Iveco Group financial statements deriving from the announced transaction with Nikola Corporation

Impacts on Iveco Group financial statements deriving from the announced transaction with Nikola Corporation

Turin, 9th May 2023. With reference to the announced transaction through which Iveco Group (MI: IVG) will assume full ownership from Nikola Corporation of the joint venture in Europe, Iveco Group will record a one-off €44 million negative impact in its income statement for Q1 2023, qualified as “adjusting item” for the purpose of its adjusted metrics.

Furthermore, as shared in the joint press release with Nikola, Iveco Group forecasts to absorb the negative cash impact resulting from this transaction through cash flow generation, without changing its cash flow target for 2023.

Iveco Group N.V. (MI: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs more than 35,000 people around the world and has 20 industrial sites and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com

Media Contacts:
Francesco Polsinelli, Mob: +39 335 1776091
Fabio Lepore, Mob: +39 335 7469007
E-mail: mediarelations@ivecogroup.com

Investor Relations:
Federico Donati, Tel: +39 011 0073539
E-mail: investor.relations@ivecogroup.com

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GlobeNewswire Distribution ID 1000808857

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Iveco Group and Nikola Corporation enter a new partnership phase; Iveco Group to assume ownership of JV

Iveco Group and Nikola Corporation enter a new partnership phase; Iveco Group to assume ownership of JV

Turin, Italy, 9th May/Phoenix, AZ, USA, 8th May 2023. Iveco Group N.V. (MI: IVG) and Nikola Corporation (NASDAQ: NKLA) announce today that they are excited to enter a new phase of their partnership, which started in 2019 and has so far met all milestones to leverage the respective expertise to deploy zero-emission heavy-duty (Class 8) trucks in North America and Europe. The two companies worked jointly at a steady pace, despite Covid-19 and supply chain challenges, to achieve the outcomes of the previous phase, launching Battery Electric Vehicles (BEV) and Fuel Cell Electric Vehicles (FCEV) for regional and long haulage.

Each company is now eager to sharpen its own focus on heavy-duty transport. Iveco Group will concentrate on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, which includes rolling out its financing business model GATE, and Nikola will focus its operations in North America, with an integrated approach to its customers, offering BEV, FCEV and hydrogen infrastructure via its HYLA brand.

Iveco Group will assume full ownership of the joint venture in Ulm, Germany. Also, Iveco Group will be licensed to freely access and continue developing vehicle control software for the jointly developed BEV and FCEV. Nikola will be granted the IVECO S-Way technology license for North America and related component supply from Iveco Group, and will gain joint ownership of the intellectual property of Generation 1 eAxles, technology developed together with Iveco Group’s powertrain brand, FPT Industrial.

Iveco Group will cover the capital outlay related to this new phase of collaboration through its available liquidity, acquiring the above-named items partially in cash (USD 35 million) and partially in Nikola shares (20 million of shares). Despite the negative cash impact generated, Iveco Group forecasts to absorb it with cash flow generation and therefore this does not change its cash flow target for 2023; it will also retain a meaningful amount of Nikola shares. Iveco Group and Nikola will continue to work towards the same ultimate goal: to lead the energy transition to the future of mobility.

The above-mentioned provisions are subject to all applicable regulatory approvals and preparation of definitive agreements to more fully implement the terms of the binding terms sheet between the companies.

Iveco Group N.V. (MI: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs more than 35,000 people around the world and has 20 industrial sites and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com

Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the focus and strategy of each of Iveco Group and Nikola; expectations relating to the ownership of the joint venture, intellectual property and licenses; expectations related to ownership of Nikola shares; the belief that Iveco Group will absorb costs related to changes to the joint venture. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the parties’ management teams. We cannot assure you that forward looking statements will be achieved, and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: the deployment of the terms sheet through execution of definitive documentation between the parties; design and manufacturing changes, challenges and delays; changes in vehicle specifications; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; potential challenges arising from COVID-19; the outcome of legal, regulatory and judicial proceedings to which each of the parties is, or may become a party; demand for and customer acceptance of BEV and FCEV trucks; risks associated with development and testing of battery storage systems, e-axels, fuel cell power modules and hydrogen storage systems; risks related to the rollout of the parties’ business and the timing of expected business milestones, including delivery of BEV and FCEV trucks for sale; the effects of competition on future business; the availability of capital; and the other risks detailed from time to time in the reports and other documents each of the parties filed with the relevant authorities (such as the US Securities and Exchange Commission, the Netherlands Authority for the Financial Markets – AFM, the Italian Commissione Nazionale per le Società e la Borsa), pursuant to applicable rules. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and each of Nikola and Iveco Group specifically disclaims any obligation to update these forward-looking statements.

Iveco Group Media Contacts:
Francesco Polsinelli, Tel: +39 335 1776091
Fabio Lepore, Tel: +39 335 7469007
E-mail: mediarelations@ivecogroup.com 

Nikola Media Contact:
press@nikolamotor.com

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GlobeNewswire Distribution ID 1000808855

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Mosa Meat Prepares for Market Entry by Opening Largest Cultivated Meat Campus in the World to date and Working with Two Michelin-starred Chef Hans van Wolde

MAASTRICHT, The Netherlands, May 08, 2023 (GLOBE NEWSWIRE) — Mosa Meat, the pioneers in the cultivated meat space that grow beef directly from animal cells, opened a new 2,760 square metre (29,708 square feet) scale-up facility in Maastricht on Monday. This fourth facility completes the new Mosa C.A.M.P.U.S. or Center for Advanced Meat Production, Upscaling, and Sustainability for a total footprint of 7,340 square metres (79,007 square feet).

Monday’s program included a ribbon cutting ceremony with the Mayor of Maastricht Annemarie Penn-te Strake, the Governor of Limburg Emile Roemer, and the Mosa Meat team, a cultivated burger cooking demonstration by Chef Hans van Wolde, and tours of the new facility. A select group of 50 investors, journalists and value chain partners from around the world attended the event. The new facility will start the first production runs in a matter of days.

Mosa Meat CEO Maarten Bosch said: “As this scale-up facility comes online next month, we will have the capacity to make tens of thousands of cultivated hamburgers. The facility is designed to grow as demand increases with regulatory approvals and regional market entries, up to hundreds of thousands of cultivated hamburgers per year. And in combination with our contract manufacturer in Singapore, even a lot more. We are excited to debut this great tasting hamburger today that even hardcore carnivores will love.” 

Mosa Meat Co-founder & CSO Dr. Mark Post said: “When we introduced cultivated meat to the world, we predicted it would take 10 years to create a consumer product. Now, almost exactly 10 years later, we have a consumer product that we can start making in larger quantities and that we can start serving to consumers in Singapore, pending regulatory approval” said Mark Post, co-founder and Chief Scientific Officer of Mosa Meat.

Chef Hans van Wolden said: “When I first tried a Mosa Burger as part of the internal development team, I was blown away by the beefy taste and the amazing mouthfeel of the beef fat. It gave me goosebumps. I genuinely believe this new way of making beef can delight connoisseurs and casual beef lovers alike, while enjoying the positive benefits of cultivated beef from a sustainability perspective. I am excited to work with the Mosa Meat team to make future versions even better. 

ABOUT MOSA MEAT

Mosa Meat is a global food technology company pioneering a cleaner, kinder way of making real beef. Our founders introduced the world’s first cultivated beef hamburger in 2013, by growing it directly from cow cells. Founded in 2016, Mosa Meat is now scaling up production of the same beef that people love, but in a way that is better for people, animals, and the planet. A diverse and growing team of 165 food-loving problem-solvers, we are united in our mission to fundamentally reshape the global food system. Headquartered in Maastricht, The Netherlands, Mosa Meat is a privately held company backed by Blue Horizon, Bell Food Group, Nutreco, Mitsubishi Corporation, Leonardo DiCaprio and others. Follow Mosa Meat on Facebook, LinkedIn, Twitter and Instagram or visit mosameat.com to learn more about why people #cravechange.

For more information, reach out to press@mosameat.com.

Visual assets from the event will be loaded here by 17:00 CET on May 8th

https://drive.google.com/drive/folders/181Qd14IJ9QD55SfwarnohvzO5-rjxtHf

The general Mosa Meat press kit is here:

https://mosameat.com/press-kit

ABOUT CHEF HANS VAN WOLDE

Chef Hans is a Dutch 2-Michelin star chef who converted an old farmhouse outside Maastricht into his restaurant Brut172. Previouslyhe was the chef owner of 2-star restaurant Beluga in Maastricht and has been featured on TV shows like MasterChef and Snackmasters. He has formally joined Mosa Meat’s product development, sensory evaluation and recipe formulation team to complement Mosa Meat’s internal team of food scientists.

www.brut172.com

Attachments

Tim van de Rijdt
Mosa Meat
press@mosameat.com

GlobeNewswire Distribution ID 8834249

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Runner Nguyen Thi Oanh secures two golds in just 20 minutes

Vietnamese runner Nguyen Thi Oanh pocketed two gold medals in just 20 minutes at the ongoing 32nd Southeast Asian Games (SEA Games 32) in Cambodia on May 9.

Oanh obtained a gold medal in the women’s 1,500m event at 5:30pm.

The rescheduling of the 3,000m hurdle race to 5:50pm was unable to slow down the Vietnamese athlete, who also finished first in 10 minutes and 34.39 seconds.

Added with the success in retaining her 5,000m title on May 8, Oanh now has three gold medals at the 32nd SEA Games.

Also on May 9, Nguyen Thi Huyen and Nguyen Thi Hang respectively brought home a silver and a bronze medal in the women’s 400m event. The gold medal went to Shereen Samson of Malaysia.

In the women’s high jump, Pham Thi Diem with a result of 1.77m earned a silver medal, following a Thai athlete with 1.79m.

Vietnam also took a gold medal in eSports after defeating Singapore in the team crossfire event the same day. This was its second gold in this category.

In the men’s tennis team event, Vietnam received a silver medal after Ly Hoang Nam lost 0 – 2 to Kasidit Samrej of Thailand./.

Source: Vietnam News Agency

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PM ANWAR ARRIVES IN INDONESIA’S LABUAN BAJO FOR ASEAN SUMMIT

Prime Minister Datuk Seri Anwar Ibrahim arrived here today to attend the 42nd ASEAN Summit 2023 in West Manggarai city, Flores archipelago in East Nusa Tenggara province.

The aircraft carrying Anwar, who is also Finance Minister, and his wife Datuk Seri Dr Wan Azizah Wan Ismail arrived at the Komodo International Airport at 3.45 pm.

Anwar was welcomed by Indonesian Transportation Minister Budi Karya Sumadi. Also present were Malaysian Foreign Minister Datuk Seri Dr Zambry Abdul Kadir and Malaysian Ambassador-Designate to Indonesia Datuk Syed Md Hasrin Tengku Hussin.

“This is the first time Datuk Seri Anwar is attending the top ASEAN leaders’ meeting as Prime Minister,” Zambry told the Malaysian media.

“We expect his attendance to attract attention in view of his role and Malaysia’s position as one of the founding members of ASEAN,” he said.

The prime minister has a packed schedule, with several bilateral and eight summit meetings on the three days of events at the Ayana Komodo Waecicu Beach Hotel.

According to Zambry, Anwar will have bilateral meetings with Indonesian President Joko Widodo, Laotian Prime Minister Sonexay Siphandone, Vietnam Prime Minister Pham Minh Chinh and Timor Leste Prime Minister Taur Matan Ruak.

He will also chair the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit and participate in the Indonesia-Malaysia-Thailand Growth Triangle Summit (IMT-GT).

The 42nd ASEAN Summit is expected to produce several documents such as the ASEAN Leaders’ Statement on strengthening ASEAN institutions and the ASEAN Post-2025 Vision.

Others include the handling of human trafficking, the protection of migrant workers and their families during crises, health, electric vehicle ecosystems, and the development of ASEAN village networks.

This is in line with the theme of Indonesia’s regional bloc chairmanship 2023, “ASEAN Matters: Epicentre of Growth.”

Source: BERNAMA News Agency

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GOV’T COMMITTED TO ATM VETERAN WELFARE – ADLY ZAHARI

The government is committed to the welfare of the Malaysian Armed Forces (ATM) veterans nationwide, including prioritising housing initiatives for them.

Deputy Defence Minister Adly Zahari said the ATM Veteran Affairs Department (JHEV) has so far approved 147 applications for house repair works and another 40 for construction of new houses for the group, involving RM5.4 million allocated this year.

“This year we aim to repair 300 to 400 houses. We also allocated (to build) 40 new houses, though up to 70 applications were received. We will try to meet that requirement and increase (the allocation) every year. Last year (the allocation was for) 26 units of houses while this year we allocated 40 units, with priority being the B40 group.

“The housing aspect is important because there are some veterans who may not have their own house, that part of the pension money is used up to rent a house, that’s why we introduced this programme so that the pension can be used for daily needs and not to pay rent,” he said.

He said this to reporters after visiting ATM veteran Zakaria Manaf, 69, who had to use a wheelchair and crutches following a stroke five years ago in addition to prostate cancer, at his residence in Taman Desa Rhu here today.

In the meantime, Adly said that, although about 60 per cent of ATM veterans were involved in entrepreneurship as a second career, the government also gives them the opportunity to choose other careers, to further improve their socioeconomic level.

“Many people think that military veterans are those aged 60 and 70, when, in fact, there are those who are as young as 38 years old but already a veteran. Every year almost 5,000 soldiers complete their service and become veterans, so we focus on job matching, including with agencies and contractors.

“The employment sector also provides good opportunities; we provide both of these opportunities, which are entrepreneurship or other jobs to veterans, where they can choose. The most important thing is that they have income after pension and retirement,” he said.

Earlier, Adly also visited and presented donations to two other military veterans in Negeri Sembilan, who are suffering from some health complications, and another veteran who is a recipient of the Veterans Housing Initiative (Bina Baharu).

Source: BERNAMA News Agency

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PH records $4.9 billion trade gap in March

The trade deficit in the country increased to USD4.93 billion in March, as imports outpaced exports, the Philippine Statistics Authority (PSA) said. In a report released on Tuesday, the PSA said the trade deficit during the month was higher by 7.5 percent than the USD4.5 billion recorded a year ago. Total external trade in goods amounted to USD17.98 billion, a decline of 5.1 percent from the USD18.95 billion seen in the same period last year. The total value of exports amounted to USD6.53 billion, down by 9.1 percent from the USD7.18 billion in March 2022, while the total value of imports reached USD11.46 billion in March 2023, down by 2.7 percent from USD11.76 billion a year ago. Rizal Commercial Banking Corporation chief economist Michael Ricafort said: ‘The country has been importing a lot since that free trade agreements (FTAs) for more than 10 years already.’ Ricafort expressed belief that the country needs to increase local production, especially for manufacturing and agriculture, to improve productivity of these sectors. ‘(This) also boost(s) the country export capacity and competitiveness,’ he said. Meanwhile, the PSA attributed the country’s lower total export sales in March 2023 to the drop in several commodity groups led by electronic products, coconut oil, travel goods and handbags, miscellaneous manufactured articles and other manufactured goods. Electronic products continued to be the country’s top exports with earnings amounting to USD3.49 billion, followed by other mineral products with USD385.35 million, and other manufactured goods which amounted to USD351.17 million. Top export destinations during the month were the People’s Republic of China, Japan, United States, Hong Kong and Singapore. The PSA also traced the decline in total imported goods during the month to the drop in the imports of mineral fuels, lubricants and related materials, electronic products, medicinal and pharmaceutical products, organic and inorganic chemicals and animal and vegetable oils and fats. “People’s Republic of China was the country’s biggest supplier of imported goods valued at $2.57 billion or 22.4 percent of the country’s total imports in March 2023,” it said. Other top sources of imports were Indonesia, Japan, Korea and Thailand.

Source: Philippines News Agency