Companies news of 2018-01-12 (page 1)

 
General Dynamics Awarded $1 Billion Contract to Deliver PIRANHA 5 Wheeled Armored Vehicles to Romanian Army

MADRID, Jan. 12, 2018 /PRNewswire/ -- Today, General Dynamics European Land Systems signed a contract to deliver up to 227 PIRANHA 5 wheeled armored vehicles in six different configurations to the Romanian Armed Forces. The contract has a total value exceeding $1 billion. It is part of the Romanian Army's plan to modernize its legacy wheeled armored vehicle fleet. 

Today, General Dynamics European Land Systems signed a contract to deliver up to 227 PIRANHA 5 wheeled armored vehicles in six different configurations to the Romanian Armed Forces. The contract has a total value exceeding $1 billion. It is part of the Romanian Army?s plan to modernize its legacy wheeled armored vehicle fleet.

Prime Minister Mihai Tudose and Deputy Prime Minister Marcel Ciolacu attended the signing ceremony held at the National Defense Ministry headquarters.

The modern PIRANHA 5 vehicles will be produced in Romania under a strategic cooperation and transfer of technology project between General Dynamics European Land Systems - Mowag and the Romanian company Uzina Mecanic? Bucure?ti (UMB).

Since 2006, the Romanian Armored Forces has fielded variants of PIRANHA vehicles which have been deployed in various missions in-country and abroad, demonstrating its reliability and performance.

"The Romanian Army is one of the most important PIRANHA users in Europe.  We are very honored by this contract award as it reflects the high confidence and satisfaction the Romanian Army has in our vehicles," said Oliver Dürr, Vice President Wheeled Vehicles and Managing Director of General Dynamics European Land Systems - Mowag.

"With this step, we have established a sustainable collaboration with a trusted partner which has a significant industrial footprint in Romania," said Thomas Kauffmann, General Dynamics European Land Systems Vice President International Business & Services. "The transfer of technology and the local production of these vehicles present an enormous opportunity to the Romanian industry."

With more than 11,000 systems fielded, the PIRANHA is one of the most successful 8x8 wheeled armored vehicles in the world.

About General Dynamics European Land Systems
General Dynamics European Land Systems, headquartered in Madrid, Spain, is a business unit of General Dynamics (NYSE: GD) and conducts its business through five European operating sites located in Austria, Czech Republic, Germany, Spain, and Switzerland. With more than 2,000 highly skilled technical employees, the companies design, manufacture and deliver world-class land combat, systems, including wheeled, tracked and amphibious vehicles, bridge systems, armaments, and munitions, to global customers.  More information is available at www.gdels.com.

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NextGenTel Holding ASA - Competition Clearance of Sale of Consumer Mobile Customer Portfolio

OSLO, Norway, Jan. 12, 2018 /PRNewswire/ --

With reference to the stock exchange notice issued by NextGenTel Holding ASA (the "Company") on 4 December 2017 regarding the sale of the Company's consumer mobile customer portfolio, the Company has today, 12 January 2018, been notified that the Norwegian competition authorities have approved the transaction. The finalised transaction is expected to close during June 2018.

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Hisense TV sales leads China market for 14 consecutive years

BEIJING, Jan. 12, 2018 /PRNewswire/ -- According to the latest data from CMM, Hisense TV ranked No.1 on both retail value and volume for 14 consecutive years in China by the end of 2017. The retail volume of Hisense TV has reached 16.79%. And the retail value of Hisense TV achieved 17.96% in Chinese market, which is significantly more than the brand in second place by 26.5%.

In the international market, Hisense TV performed even better. According to China's Customs data, Hisense TV's exports were up to 30.8% YoY by the end of November, 2017, which was way above industry average. From January to October 2017, the unit share of Hisense TV was up to 22.4% in South Africa and reached 19.6% in Australia, ranked first locally.

Against the backdrop of fierce competition in the TV market, Hisense refuses to follow the trend of competing at compromising on quality and price. Instead, Hisense insists on technology innovation and high-quality standards. Through continuous efforts in innovative and differentiated products such as 4K laser TV, U9 ULED TV and VIDAA artificial intelligence system, Hisense is gaining more and more market share. According to CMM's report, Hisense's 55-inch 4K TV has won the first in the annual TV sales list in China. Besides, Hisense has gained 4 places in the top 20 list and has become the brightest star in the honor list.

 

Italian Metals Industrial Consulting Firm Danieli Strengthens Their Cyberdefense Using Clavister

ÖRNSKÖLDSVIK, Sweden, Jan. 12, 2018 /PRNewswire/ -- Clavister (NASDAQ: CLAV), a leader in high-performance network security solutions, has concluded a SEK 1.7M deal with Italian metals industrial consultancy Danieli through Clavister partner Eyelink. The upgrade of their security infrastructure to the latest models from Clavister makes it more modern and resilient as well as higher performing, helping them combat modern cyber threats that ensure business continuity.

The new solution based on Clavister's latest Next Generation Firewall Appliances offers excellent performance combined with a wide range of security and connectivity features, allowing Danieli to consolidate their infrastructure on fewer hardware models.

"Danieli continues to be one of our valued customers after more than 10 years of cooperation, especially in terms of accessing and purchasing professional services which gives them the full value of Clavister's solutions," explains Nicola Fort, CEO of Eyelink. "They appreciate the rock solid platform that Clavister offers, managing not only the security aspects, but also ensuring excellent connectivity and traffic control with highest possible performance," Fort explains why Danieli chose Clavister products. Additionally, the flexible integration with other network equipment and open standards are other factors that Danieli find attractive.

"This renewed trust and confidence in Clavister is a good example of how great partners are helping world-class companies to protect themselves against cyber threats with our highly innovative solutions. That Eyelink retains the customer satisfaction by utilizing Clavister year after year is exactly the kind of feedback we love to see," says Andreas Åsander, Vice President of Global Enterprise Sales.  

For more information, please contact:
John Vestberg
President and CEO
john.vestberg@clavister.com

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Infosys (NYSE: INFY) Announces Results for the Quarter Ended December 31, 2017

BENGALURU, India, January 12, 2018 /PRNewswire/ --

Reported year-on-year revenue growth of 8.0% in USD terms for the quarter and 24.3% operating margin

1. Highlights of financial results for the quarter and nine months ended December 31, 2017

     (Logo: http://mma.prnewswire.com/media/610722/Infosys_Logo.jpg )

  • Q3 revenues grew year-on-year by 8.0% in USD terms; 5.8% in constant currency terms
  • Q3 revenues grew sequentially by 1.0% in USD terms; 0.8 % in constant currency terms
  • Q3 operating margin improved to 24.3% from 24.2% in Q2 18
  • Q3 EPS at $ 0.35, year-on-year growth of 46.1% and sequential growth of 38.2%
  • Q3 EPS of $ 0.35 includes positive impact of $ 0.10 from Advance Pricing Agreement (APA) with the US IRS
  • 9 months year-on-year revenue growth at 6.5% in USD terms; 5.6% in constant currency terms
  • Q3 cash flow from operating activities were at $ 657 mn, compared to $ 441 mn in Q2 18
  • Utilization excluding trainees at all-time high of 84.9%
  • Q3 standalone attrition declined to 15.8% from 17.2% in Q2 18
  • FY 18 revenue guidance in constant currency retained at 5.5%-6.5%
  • FY 18 operating margin range unchanged at 23%-25%

Financial Highlights        

Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2017


  • Revenues were $ 2,755 million for the quarter ended December 31, 2017
  • Operating profit was $ 669 million for the quarter ended December 31, 2017
          QoQ growth of 1.4%; YoY growth of 4.5%
  • Net profit was $ 796 million for the quarter ended December 31, 2017
          QoQ growth of 37.6%; YoY growth of 45.4%
  • Basic EPS at $ 0.35 for the quarter ended December 31, 2017

During the quarter, on account of the conclusion of an APA with the US IRS, net profit has increased which has led to an increase in Basic EPS by $ 0.10 for the quarter


Consolidated results under International Financial Reporting Standards (IFRS) for the nine months ended December 31, 2017


  • Revenues were $ 8,134 million for the nine months ended December 31, 2017
          YoY growth of 6.5% in reported terms; 5.6% in constant currency terms
  • Operating profit was $ 1,966 million for the nine months ended December 31, 2017
          YoY growth of 4.3%
  • Net profit was $ 1,915 million for the nine months ended December 31, 2017
          YoY growth of 19.9%

During the nine months period ended December 31, 2017, on account of the conclusion of an APA with the US IRS, net profit has increased which has led to an increase in Basic EPS by $ 0.09


"It is a privilege for me to be appointed as the CEO & MD of Infosys, helping our clients navigate the digital future and employees build new skills and capabilities. Our Q3 performance is strong. We had 8% year-on-year growth and 24.3% operating margin with US$ 593 million of free cash flow," said Salil Parekh, CEO & MD. "We are progressing towards stability and are well positioned to serve our clients in the new areas of demand," he added.

"Increased adoption of our digital offerings and new services helped stabilize price realization. We were able to grow client relationships across revenue categories," said Pravin Rao, COO. "During the quarter, we provided compensation increases and higher variable payouts to our employees. Our investments in employees continues to deliver results as reflected in lower attrition."

"Our operating margins were stable on the back of broad-based improvement in operational efficiency parameters. Our cash generation continued to be robust during the quarter," said M.D. Ranganath, CFO. "We successfully executed the share buyback of Rs. 13,000 crores in line with our capital allocation policy."

2. Outlook for FY 2018


The Company's outlook (consolidated) for the fiscal year ending March 31, 2018, under IFRS is as follows:

  • Revenues are expected to grow 5.5%-6.5% in constant currency*;
  • Revenues are expected to grow 6.5%-7.5% in USD terms based on the exchange rates as of December 31, 2017**

*FY 17 constant currency rates - AUD/USD - 0.75; Euro/USD - 1.09; GBP/USD - 1.30 

**Currency rates as of December 31, 2017 - AUD/USD - 0.78; Euro/USD - 1.20; GBP/USD - 1.35 

3. Board and Management Changes


Based on the recommendations of the Nomination and Remuneration Committee, the Board in its meeting held on December 2, 2017 appointed Salil Parekh as the Chief Executive Officer and Managing Director of the Company with effect from January 2, 2018 for a period of 5 years, subject to the approval of shareholders and other regulatory requirements, if any. The Board re-designated Pravin Rao as the Chief Operating Officer and Whole Time Director with effect from January 2, 2018 upon stepping down as the interim Chief Executive Officer and Managing Director in accordance with the terms of his appointment. Further, Pravin Rao shall hold the office of Whole Time Director up to August 17, 2022.

The postal ballot notice dated January 3, 2018 seeking the approval of shareholders including the terms of appointment of the above changes is available on the Company's website at the following link- https://www.infosys.com/investors/Documents/postal-ballot-jan2018.pdf

Rajesh K. Murthy, President, has resigned from the company for personal reasons.  His last date with Infosys will be January 31, 2018. The Board places on record its deep appreciation for his commitment to Infosys over the last 26 years and wishes him the very best for his future endeavours.

4. Committee of Directors


The Committee of Directors was formed on April 13, 2017 to support and advise the management in executing the Company's strategy. With the appointment of Salil Parekh as the CEO and Managing Director of the Company, the Committee of Directors stands dissolved with effect from January 12, 2018.

5. Update on Shareholders consultation by SRC


The Company has completed the previously announced shareholder consultation. The feedback received was presented and taken on record by the Board on January 11, 2018

6. Signing of the Advance Pricing Agreement ("APA") with the US Internal Revenue Service


Infosys has concluded an Advance Pricing Agreement ("APA") with the U.S. Internal Revenue Service ("IRS"). Under the APA, Infosys and the IRS have agreed on the methodology to allocate revenues and compute the taxable income of the Company's U.S. operations. This agreement covers financial years from 2011 to 2021. The APA will enhance predictability of Infosys' tax obligations in respect of its U.S. operations.

In accordance with the APA, Infosys has reversed tax provisions of approximately US$ 225 million made in previous periods which are no longer required (both under International Financial Reporting Standards and Indian Accounting Standards). Further, in line with the APA, Infosys expects to payout approximately US$ 233 million due to the difference between the taxes payable for prior periods as per the APA and the actual taxes paid for such periods. This amount is expected to be paid over the next few quarters.

The reversal of the tax provisions of approximately US$ 225 million had a positive impact on the consolidated Basic EPS for the quarter ending December 31, 2017 by approximately US$ 0.10. Further, on account of the APA methodology, Infosys expects its overall effective tax rate to be lower by about 100 basis points for future periods covered under the APA.

7. Share buyback


The Board, at its meeting on August 19, 2017, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of INR 5 each from the eligible equity shareholders of the Company for an amount not exceeding INR 13,000 crore. The shareholders approved the said proposal of buyback of Equity Shares through the postal ballot that concluded on October 7, 2017. The Buyback offer comprised a purchase of 11,30,43,478 Equity Shares aggregating 4.92% of the paid-up equity share capital of the Company at a price of INR 1,150 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 1, 2017) on a proportionate basis through the "Tender offer" route. The Company concluded the buyback procedures on December 27, 2017 and 11,30,43,478 equity shares were extinguished. The Company has funded the buyback from its securities premium and general reserve. In accordance with section 69 of the Companies Act, 2013, the Company has created 'Capital Redemption Reserve' of $ 9 million equal to the nominal value of the shares bought back as an appropriation from general reserve.

About Infosys Ltd.

Infosys is a global leader in technology services and consulting. We enable clients in 45 countries to create and execute strategies for their digital transformation. From engineering to application development, knowledge management and business process management, we help our clients find the right problems to solve, and to solve these effectively. Our team of 200,000+ innovators, across the globe, is differentiated by the imagination, knowledge and experience, across industries and technologies that we bring to every project we undertake.

Visit http://www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise thrive in the digital age.

Safe Harbor

Certain statements in this release including those concerning our future growth prospects, predictability of the Company's tax obligations in respect of its US operations, the amount and timing of tax payments to be made by the Company, the impact on consolidated Basic EPS, and the Company's overall effective tax rate for future periods, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the profit margins for client contracts that are executed in whole or in part by the Company's US operations, as well as changes in US tax laws. Additional risks that could cause actual results to differ materially are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2017. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited and subsidiaries  

Unaudited Condensed Consolidated Balance Sheets as of 
                                           (Dollars in millions except equity share data) 

December 31,
2017          March 31, 2017
ASSETS
Current assets
Cash and cash equivalents            3,226             3,489
Current investments              389             1,538
Trade receivables            2,057             1,900
Unbilled revenue              573               562
Prepayments and other current assets              891               749
Income tax assets               84                 -
Derivative financial instruments               13                44
Total current assets            7,233             8,282
Non-current assets
Property, plant and equipment            1,853             1,807
Goodwill              583               563
Intangible assets               94               120
Investment in associate                -                11
Non-current investments              957               984
Deferred income tax assets              184                83
Income tax assets              863               881
Other non-current assets              122               123
Total non-current assets            4,656             4,572
Total assets           11,889            12,854
LIABILITIES AND EQUITY
Current liabilities
Trade payables               79                57
Derivative financial instruments                1                 -
Current income tax liabilities              397               599
Client deposits               24                 5
Unearned revenue              362               274
Employee benefit obligations              227               209
Provisions               71                63
Other current liabilities            1,040               954
Total current liabilities            2,201             2,161
Non-current liabilities
Deferred income tax liabilities              100                32
Employee benefit obligations                8                 -
Other non-current liabilities               36                24
Total liabilities            2,345             2,217
Equity
Share capital- INR 5 ($0.16) par value 2,400,000,000
(2,400,000,000) equity shares authorized, issued
and outstanding 2,173,143,893 (2,285,655,150), net
of 10,805,896 (11,289,514) treasury shares as of
December 31, 2017 (March 31, 2017), respectively              190               199
Share premium              243               587
Retained earnings           11,099            12,190
Cash flow hedge reserve                -                 6
Other reserves              161                 -
Capital redemption reserve                9                 -
Other components of equity          (2,158)           (2,345)
Total equity attributable to equity holders of the
company            9,544            10,637
Non-controlling interests                -                 -
Total equity            9,544            10,637
Total liabilities and equity           11,889            12,854

Infosys Limited and subsidiaries  

Unaudited Condensed Consolidated Statements of Comprehensive Income 
                             (Dollars in millions except share and per equity share data) 

Three months Three months  Nine months  Nine months
ended        ended        ended        ended
December 31, December 31, December 31, December 31,
2017         2016         2017         2016
Revenues        2,755        2,551        8,134        7,639
Cost of sales        1,773        1,601        5,208        4,832
Gross profit          982          950        2,926        2,807
Operating expenses:
Selling and marketing expenses          136          131          405          402
Administrative expenses          177          179          555          519
Total operating expenses          313          310          960          921
Operating profit          669          640        1,966        1,886
Other income, net          149          121          413          347
Share in associate's profit /
(loss)            -            -            -          (1)
Write-down of investment in
associate            -            -         (11)            -
Profit before income taxes          818          761        2,368        2,232
Income tax expense           22          214          453          635
Net profit          796          547        1,915        1,597
Other comprehensive income
Items that will not be
reclassified subsequently to
profit or loss:
Re-measurements of the net defined
benefit liability/asset            2          (1)            3         (10)
Cumulative impact on reversal of
unrealized gain on quoted debt
securities on adoption of IFRS 9            -            -            -          (5)
Equity instruments through other
comprehensive income, net            -            -            -            -
Items that will be reclassified
subsequently to profit or loss:
Fair valuation of investments, net          (4)            -            2            -
Fair value changes on derivatives
designated as cash flow hedge, net            1            4          (6)            4
Foreign currency translation          229        (189)          182        (243)
Total other comprehensive income,
net of tax          228        (186)          181        (254)
Total comprehensive income        1,024          361        2,096        1,343
Profit attributable to:
Owners of the Company          796          547        1,915        1,597
Non-controlling interests            -            -            -            -
796          547        1,915        1,597
Total comprehensive income
attributable to:
Owners of the Company        1,024          361        2,096        1,343
Non-controlling interests            -            -            -            -
1,024          361        2,096        1,343
Earnings per equity share
Basic ($)         0.35         0.24         0.84         0.70
Diluted ($)         0.35         0.24         0.84         0.70
Weighted average equity shares
used in computing earnings per
equity share
Basic 2,275,074,804 2,285,651,730 2,282,186,771 2,285,638,678
Diluted  2,276,381,570 2,286,229,042 2,284,287,492 2,286,076,462

NOTES:  

1. The unaudited Condensed Consolidated Balance sheets and Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended December 31, 2017 have been taken on record at the Board meeting held on January 12, 2018  


2. A Fact Sheet providing the operating metrics of the company can be downloaded from http://www.infosys.com


3. Other income for three months  and nine months ended  December 31, 2017 includes interest on income tax refund of $ 31 million and $ 41 million respectively 


4. During the quarter ended December 31, 2017, on account of the conclusion of an Advance Pricing Agreement ("APA") with the U.S. Internal Revenue Service ("IRS"), the Company has in accordance with the APA, reversed income tax expense provision of $ 225 million which pertains to previous periods which are no longer required. Consequently, profit for the period  has increased and therefore has led to an increase in  Basic earnings per equity share by $0.10 for quarter ended December 31, 2017 and $0.09 for nine months ended December 31, 2017 

5. During the quarter ended June 30, 2017, the Company has written down the entire carrying value of the investment in its associate DWA Nova LLC, an Infosys Innovation Fund Investment. The impact of write down on Q1 18 net profit is $ 11 million 


IFRS-INR Press Release: https://www.infosys.com/investors/reports-filings/quarterly-results/2017-2018/q3/Documents/IFRS-USD-press-release.pdf  

Fact Sheet: https://www.infosys.com/investors/reports-filings/quarterly-results/2017-2018/q3/Documents/fact-sheet.pdf

Contacts
Investor Relations
Sandeep Mahindroo
+91-80-3980-1018
Sandeep_Mahindroo@infosys.com 

Media Relations    
Sarah Vanita Gideon
+91-80-4156-3998
Sarah_Gideon@infosys.com 

Chiku Somaiya
+1-7136706752
Chiku.Somaiya@infosys.com


Staffan Bohman Proposed New Chairman of AB Electrolux

STOCKHOLM, Jan. 12, 2017 /PRNewswire/ --

In preparation for the Electrolux Annual General Meeting on April 5, the Electrolux Nomination Committee proposes the election of Staffan Bohman as new Chairman of the Board of Directors of AB Electrolux. The committee also proposes re-election of Petra Hedengran, Hasse Johansson, Ulla Litzén, Bert Nordberg, Fredrik Persson, David Porter, Jonas Samuelson, Ulrika Saxon and Kai Wärn as Board Members. Ronnie Leten has, as previously communicated, declined re-election.

Staffan Bohman is Chairman of Höganäs AB, Ipco AB and Upplands Motor Holdings AB, and Board Member in Atlas Copco AB. He is also Chairman of The German-Swedish Chamber of Commerce. He has previously been President and CEO of Sapa and DeLaval as well as Board Member in inter alia Scania AB, Inter-IKEA Holding NV and Rezidor Hotel Group AB. He holds a Bachelor of Science in Economics and Business Administration from Stockholm School of Economics and has also studied at Stanford Graduate School of Business in the U.S. Staffan Bohman, born 1949, is a Swedish citizen.

The Nomination Committee believes that Staffan Bohman in the role as Chairman of Electrolux will provide extensive experience and competence that will benefit the company and the board work. Staffan Bohman has successfully led businesses both as CEO and chairman. He has deep industrial experience from global companies and is a competent leader with strong strategic skills and good judgement.

The Electrolux Nomination Committee comprises Johan Forssell (Chairman), Investor AB, Kaj Thorén, Alecta, Marianne Nilsson, Swedbank Robur funds, and Carine Smith Ihenacho, Norges Bank Investment Management. The committee also includes Ronnie Leten and Fredrik Persson, Chairman and Member, respectively, of the Electrolux Board.

For further information, please contact:
Electrolux Press Hotline
+46-8-657-65-07

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