Even today Boeing is run by a Welch disciple. Dave Calhoun, the current C.E.O., was a dark horse candidate to succeed Mr. Welch in 2001, and he was on the Boeing board during the rollout of the Max and the botched response to the crashes.

When Mr. Calhoun took over the company in 2020, he set up his office not in Seattle (Boeing’s spiritual home) or Chicago (its official headquarters), but outside St. Louis at the Boeing Leadership Center, an internal training center explicitly built in the image of Crotonville. He said he hoped to channel Mr. Welch, whom he called his “forever mentor.”

The “Manager of the Century” was unbowed in retirement, barreling through the twilight of his life with the same bombast that defined his tenure as C.E.O.

He refashioned himself as a management guru and created a $50,000 online M.B.A. in an effort to instill his tough-nosed tactics in a new generation of business leaders. (The school boasts that “more than two out of three students receive a raise or promotion while enrolled.”) He cheered on the political rise of Mr. Trump, then advised him when he won the White House.

In his waning days, Mr. Welch emerged as a trafficker of conspiracy theories. He called climate change “mass neurosis” and “the attack on capitalism that socialism couldn’t bring.” He called for President Trump to appoint Rudy Giuliani attorney general and investigate his political enemies.

The most telling example of Mr. Welch’s foray into political commentary, and the beliefs it revealed, came in 2012. That’s when he took to Twitter and accused the Obama administration of fabricating the monthly jobs report numbers for political gain. The accusation was rich with irony. After decades during which G.E. massaged its own earnings reports, Mr. Welch was effectively accusing the White House of doing the same thing.

While Mr. Welch’s claim was baseless, conservative pundits picked up on the conspiracy theory and amplified it on cable news and Twitter. Even Mr. Trump, then merely a reality television star, joined the chorus, calling Mr. Welch’s bogus accusation “100 percent correct” and accusing the Obama administration of “monkeying around” with the numbers. It was one of the first lies to go viral on social media, and it had come from one of the most revered figures in the history of business.

When Mr. Welch died, few of his eulogists paused to consider the entirety of his legacy. They didn’t dwell on the downsizing, the manipulated earnings, the Twitter antics.

And there was no consideration of the ways in which the economy had been shaped by Mr. Welch over the previous 40 years, creating a world where manufacturing jobs have evaporated as C.E.O. pay soars, where buybacks and dividends are plentiful as corporate tax rates plunge.

By glossing over this reality, his allies helped perpetuate the myth of his sainthood, adding their own spin on one of the most enduring bits of disinformation of all: the notion that Jack Welch was the greatest C.E.O. of all time.

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Allianz to pay $6 billion in U.S. fraud case, fund manager charged

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NEW YORK/MUNICH, May 17 (Reuters) – Germany’s Allianz SE (ALVG.DE) agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic.

Allianz’s settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission are among the largest in corporate history, and dwarf earlier settlements obtained under President Joe Biden’s administration.

Gregoire Tournant, the former chief investment officer who created and oversaw the now-defunct Structured Alpha funds, was also indicted for fraud, conspiracy and obstruction, while two other former portfolio managers entered related guilty pleas.

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Once with more than $11 billion of assets under management, the Structured Alpha funds lost more than $7 billion as COVID-19 roiled markets in February and March 2020.

Allianz Global Investors US LLC was accused of misleading pension funds for teachers, bus drivers, engineers, religious groups and others by understating the funds’ risks, and having “significant gaps” in its oversight. read more

Investors were told the funds employed options that included hedges to protect against market crashes, but prosecutors said the fund managers repeatedly failed to buy those hedges.

Prosecutors said the managers also inflated fund results to boost their pay through performance fees, with Tournant, 55, collecting $13 million in 2019 and becoming his unit’s highest or second-highest-paid employee from 2015 to 2019.

Investigators said the misrepresentations began in 2014, and helped Allianz generate more than $400 million of net profit.

At a news conference, U.S. Attorney Damian Williams in Manhattan said more than 100,000 investors were harmed, and that while American prosecutors rarely bring criminal charges against companies it was “the right thing to do.”

Investors “were promised a relatively safe investment with strict risk controls designed to weather a sudden storm, like a massive collapse in the stock market,” he said. “Those promises were lies…. Today is the day for accountability.”

BLAMING COVID

Also known for its insurance operations, Allianz is among Germany’s most recognizable brands and an Olympic sponsor.

Its namesake arena near its Munich headquarters, meanwhile, houses Bayern Munich, one of world’s best-known soccer teams.

The settlement calls for Allianz to pay a $2.33 billion criminal fine, make $3.24 billion of restitution and forfeit $463 million, court papers show.

Williams said the fine was significantly reduced because of Allianz’s compensation to investors.

Even so, the payout is close to twice the $3.3 billion in corporate penalties that the Justice Department collected for all of 2021.

An Allianz lawyer entered the guilty plea at a hearing before U.S. District Judge Loretta Preska in Manhattan.

Allianz also accepted a $675 million civil fine from by the SEC, one of that regulator’s largest penalties since Enron Corp and WorldCom Inc imploded two decades ago.

Shares of Allianz closed up 1.7% in Germany, with the payout broadly matching reserves that the company previously set aside.

Tournant, of Basalt, Colorado, surrendered to authorities on Tuesday morning.

The U.S.-French citizen appeared briefly in Denver federal court, and was released after agreeing to post a $20 million bond. An arraignment was set for June 2 in New York.

Tournant’s lawyers, Seth Levine and Daniel Alonso, said the investor losses were “regrettable” but did not result from a crime.

“Greg Tournant has been unfairly targeted [in a] meritless and ill-considered attempt by the government to criminalize the impact of the unprecedented, COVID-induced market dislocation,” the lawyers said in a joint statement.

The other two portfolio managers – Stephen Bond-Nelson, 51, of Berkeley Heights, New Jersey; and Trevor Taylor, 49, of Miami – agreed to plead guilty to fraud and conspiracy, and cooperate with prosecutors. Their lawyers declined immediate comment.

VOYA PARTNERSHIP

Allianz’s guilty plea carries a 10-year ban on Allianz Global Investors’ providing advisory services to U.S.-registered investment funds.

As a result, Allianz plans to move about $120 billion of investor assets to Voya Financial Inc (VOYA.N) in exchange for a stake of up to 24% in Voya’s investment management unit. It expects a final agreement in the coming weeks.

Regulators said the misconduct included when Tournant and Bond-Nelson altered more than 75 risk reports before sending them to investors.

The SEC said projected losses in one market crash scenario were changed to 4.15% from the actual 42.15%, simply by removing the “2.”

Allianz’s alleged oversight lapses included a failure to ensure Tournant was hedging, though prosecutors said only people in his group knew of the misconduct before March 2020.

“No compliance system is perfect, but the controls at AGI didn’t even stand a chance,” Williams said.

Bond-Nelson, at Tournant’s direction, also lied to Allianz’s in-house lawyers after the company learned about the altered reports and the SEC probe, prosecutors added.

“Unfortunately, we’ve seen a recent string of cases in which derivatives and complex products have harmed investors across market sectors,” SEC Chair Gary Gensler said in a statement.

Investors have also filed more than two dozen lawsuits against Allianz over the Structured Alpha funds.

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Reporting by Jonathan Stempel in New York and Tom Sims and Alexander Huebner in Munich
Additional reporting by Luc Cohen in New York
Editing by Chizu Nomiyama, Tomasz Janowski and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

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Sonida Senior Living Announces First Quarter 2022 Earnings Release Date and Conference Call

DALLAS–(BUSINESS WIRE)–Sonida Senior Living, Inc. (NYSE: SNDA) (Sonida or the Company) announced today that it will issue its First Quarter 2022 earnings release before the market opens for trading on the New York Stock Exchange on Monday, May 23, 2022. A conference call to discuss those earnings will be held on Monday, May 23, 2022, at 1:30 p.m. Eastern Time.

As previously announced, the Company hired a new Chief Financial Officer, Chief Accounting Officer, and Director of Financial Reporting, effective May 1, 2022. These recent finance and accounting personnel changes require additional time to finalize the financial statements and related disclosures contained in the Form 10-Q for the quarter ended March 31, 2022. The Company will file a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission for an extension to file the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.

The call-in number for the conference call is 877-407-0989 (no passcode required). A link to a simultaneous webcast of the teleconference will be available here through Windows Media Player or RealPlayer.

The conference call will be recorded and available for replay starting May 24, 2022, through June 7, 2022. To access the conference call replay, call 877-660-6853, passcode 13729622.

About Sonida Senior Living

Dallas-based Sonida Senior Living, Inc. is a leading owner-operator of independent living, assisted living and memory care communities and services for senior adults. The Company’s 76 communities are home to nearly 7,000 residents across 18 states providing comfortable, safe, affordable communities where residents can form friendships, enjoy new experiences and receive personalized care from dedicated team members who treat them like family. For more information, visit www.sonidaseniorliving.com or connect with the Company on Facebook, Twitter or LinkedIn.

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Loma Negra Reports 1Q22 results

BUENOS AIRES, Argentina–(BUSINESS WIRE)–Loma Negra, (NYSE: LOMA; BYMA: LOMA), (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced results for the three-month period ended March 31, 2022 (our “1Q22 Results”).

1Q22 Key Highlights

  • Net sales revenues decreased by 5.5% YoY to Ps. 19,310 million (US$ 171 million), mainly explained by a decrease in Cement and Concrete sales, partially offset by improvements in Aggregates and in the Railway segment.
  • Consolidated Adjusted EBITDA reached Ps. 6,484 million (US$ 60 million), decreasing 11.2% YoY.
  • The Consolidated Adjusted EBITDA margin contracted 214 basis points YoY from 35.7% to 33.6%, expanding 27 basis points sequentially versus the prior quarter.
  • Net Profit of Ps. 3,134 million, showing a reduction of 21.3% versus the same period of the previous year, mainly explained by the impact of the decrease in the operating result.
  • Net Debt /LTM Adjusted EBITDA ratio of -0.15x compared with -0.12x in FY21.

The Company has presented certain financial figures, Table 1b and Table 11, in U.S. dollars and Pesos without giving effect to IAS 29. The Company has prepared all other financial information herein by applying IAS 29.

Commenting on the financial and operating performance for the first quarter of 2022, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “We started the year in a very good way, the industry continues to show very good levels of activity with a growth of 7% in the quarter compared to the previous year. At the current rate, cement consumption is on track to hit an all-time high for the year, despite the challenges that the local economy is currently facing.

In this sense, the end of the quarter showed very good levels of profitability, with an EBITDA of 60 million dollars, 14% higher than last year, and very good profit margins. Despite the uncertainty in the international context, the scarcity, and the significant increase in the price of fuels worldwide, we were able to maintain our high levels of profitability on the back of a very good operating performance, our productive structure, and an adequate management of our energy matrix.

Likewise, during the month of April, and taking advantage of our solid financial position, we have once again paid dividends of 45 million dollars, thus continuing along the path of maximizing the return to our shareholders that we had been going before with the share repurchase plans.

Last but not least, I would like to thank all of our people and stakeholders for their commitment to Loma’s operational excellence. Supported by a robust and efficient production structure, a solid balance sheet and a dedicated team, Loma is prepared to face another challenging year.”

Table 1: Financial Highlights

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended
March 31,

 

2022

2021

% Chg.

Net revenue

19,310

20,436

-5.5%

Gross Profit

6,443

7,407

-13.0%

Gross Profit margin

33.4%

36.2%

-288 bps

Adjusted EBITDA

6,484

7,299

-11.2%

Adjusted EBITDA Mg.

33.6%

35.7%

-214 bps

Net Profit (Loss)

3,134

3,983

-21.3%

Net Profit attributable to owners of the Company

3,168

4,034

-21.5%

EPS

5.4066

6.7716

-20.2%

Average outstanding shares (*)

586

596

-1.6%

Net Debt

(4,145)

993

n/a

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

n/a

(*) Net of shares repurchased

Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29)

In million Ps.

Three-months ended
March 31,

 

2022

2021

% Chg.

Net revenue

18,263

12,635

44.5%

Adjusted EBITDA

6,343

4,632

36.9%

Adjusted EBITDA Mg.

34.7%

36.7%

-193 bps

Net Profit (Loss)

4,333

3,260

32.9%

Net Debt

(4,145)

993

n/a

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

n/a

 

In million US$

Three-months ended
March 31,

 

2022

2021

% Chg.

Ps./US$, av

106.59

88.65

20.2%

Ps./US$, eop

110.98

91.99

20.6%

Net revenue

171

143

20.2%

Adjusted EBITDA

60

52

13.9%

Adjusted EBITDA Mg.

34.7%

36.7%

-193 bps

Net Profit (Loss)

41

37

10.5%

Net Debt

(37)

11

n/a

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

n/a

Overview of Operations

Sales Volumes

Table 2: Sales Volumes2

 

 

 

Three-months ended
March 31,

 

 

2022

2021

% Chg.

Cement, masonry & lime

MM Tn

1.48

1.38

6.6%

Concrete

MM m3

0.12

0.16

-25.2%

Railroad

MM Tn

1.05

0.99

6.2%

Aggregates

MM Tn

0.24

0.18

35.6%

2 Sales volumes include inter-segment sales

Sales volumes of cement, masonry, and lime during 1Q22 increased by 6.6% to 1.5 million tons, mainly leveraged by the growth of bulk cement. Sales of bagged cement remained solid due to a sustained demand from the retail sector, while bulk cement was driven by a higher level of activity in small and medium-scale infrastructure projects, both private and public.

Regarding the volume of the Concrete segment, it registered a YoY drop of 25.2%. 1Q21 was positively affected by specific infrastructure projects. The volume of concrete maintains its trend, still below historic levels due to the lack of relevant projects, both private and public in the markets where we operate. On the other hand, Aggregates had an increase of 35.6% YoY sustained mainly by the reactivation of certain roadworks in the Buenos Aires area.

Likewise, the volumes of the Railway segment experienced an increase of 6.2% compared to the same quarter of 2021, leveraged mainly on the higher transported volume of construction materials and chemicals, while there was a decrease in the transport of frac sand.

Review of Financial Results

Table 3: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended
March 31,

 

2022

2021

% Chg.

Net revenue

19,310

20,436

-5.5%

Cost of sales

(12,867)

(13,029)

-1.2%

Gross profit

6,443

7,407

-13.0%

Share of loss of associates

n/a

Selling and administrative expenses

(1,827)

(1,674)

9.2%

Other gains and losses

30

66

-54.6%

Impairment of property, plant and equipment

n/a

Tax on debits and credits to bank accounts

(191)

(194)

-1.4%

Finance gain (cost), net

Gain on net monetary position

849

866

-2.0%

Exchange rate differences

(153)

33

n/a

Financial income

18

65

-71.5%

Financial expense

(493)

(744)

-33.8%

Profit (Loss) before taxes

4,676

5,825

-19.7%

Income tax expense

Current

(1,892)

(2,412)

-21.5%

Deferred

351

569

-38.3%

Net profit (Loss)

3,134

3,983

-21.3%

Net Revenues

Net revenue decreased 5.5% to Ps. 19,310 million in 1Q22, from Ps. 20,436 million in the comparable quarter last year, driven by a decrease in Cement and Concrete, partially offset by an improvement in Aggregates and in the Railway segment.

Cement, masonry cement and lime segment was down 6.5% YoY, with volumes expanding 6.6% impacted by price dynamics.

Concrete registered a decrease its top line of 17.5% compared with 1Q21, where the improvement in prices couldn’t compensate for the decrease in volume. The Aggregates segment posted a strong revenue increase of 89.0%, as higher volume coupled with good price performance and a positive sales mix.

Railroad revenues increased 10.8% in 1Q22 compared to the same quarter of 2021, mainly explained by an increase in transported volumes and the improvement in prices, which offset the slight drop in the average transported distance because of the decrease in the transported volume of frac sand.

Cost of sales, and Gross profit

Cost of sales decreased 1.2% YoY, reaching Ps. 12,867 million in 1Q22, mainly as a result of a lower unit cost of sales in cement that offset the higher volume sold and the increase in depreciations due to the impact of the new production line in L’Amalí.

Gross Profit decreased 13.0% YoY to Ps. 6,443 million in 1Q22, from Ps. 7,407 million in 1Q21, with a gross profit margin that contracted 288 basis points year-on-year to 33.4%, mainly reflecting the impact of a drop in total sales.

Selling and Administrative Expenses

Selling and administrative expenses (SG&A) in 1Q22 increased by 9.2% YoY to Ps. 1,827 million, from Ps. 1,674 million in 1Q21, mainly as a result of higher expenses in marketing, IT and insurances compared with the previous year. As a percentage of sales, SG&A showed an increase against 1Q21 of 127 basis points, reaching 9.5%.

Adjusted EBITDA & Margin

Table 4: Adjusted EBITDA Reconciliation & Margin

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended
March 31,

 

2022

2021

% Chg.

Adjusted EBITDA reconciliation:

Net profit (Loss)

3,134

3,983

-21.3%

(+) Depreciation and amortization

1,838

1,499

22.6%

(+) Tax on debits and credits to bank accounts

191

194

-1.4%

(+) Income tax expense

1,542

1,843

-16.3%

(+) Financial interest, net

357

584

-38.8%

(+) Exchange rate differences, net

153

(33)

n/a

(+) Other financial expenses, net

117

95

22.7%

(+) Gain on net monetary position

(849)

(866)

-2.0%

(+) Share of profit (loss) of associates

n/a

(+) Impairment of property, plant and equipment

n/a

Adjusted EBITDA

6,484

7,299

-11.2%

Adjusted EBITDA Margin

33.6%

35.7%

-214 bps

Adjusted EBITDA decreased 11.2% YoY in the first quarter of 2022 to Ps. 6,484 million from 7,299 in the same period last year.

Likewise, the Adjusted EBITDA margin contracted 214 basis points to 33.6% compared to 35.7% in 1Q21, mainly due to cement margin compression.

In particular, the Adjusted EBITDA margin of the Cement, Masonry and Lime segment decreased 332 bps to 37.4%, primarily due to lower price performance partially offset by lower cost of sales.

The Adjusted EBITDA margin for Concrete showed a significant improvement compared to 1Q21, but remaining in negative values, reaching -0.8%, from a negative margin of 10.1% in 1Q21, supported by price recovery and higher operating leverage.

The adjusted EBITDA margin of the Aggregates segment was negative at 4.6% but showing an improvement of 656 basis points compared to 1Q21, due to a strong recovery in revenues on the back of solid price performance and a positive sales mix.

Finally, the Railroad adjusted EBITDA margin improved 351 bps to 5.9% in the first quarter, from 2.4%, mainly due to the improvement in transported volume and a positive price performance.

Finance Costs-Net

Table 5: Finance Gain (Cost), net

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended
March 31,

 

 

2022

2021

% Chg.

Exchange rate differences

(153)

33

n/a

Financial income

18

65

-71.5%

Financial expense

(493)

(744)

-33.8%

Gain on net monetary position

849

866

-2.0%

Total Finance Gain (Cost), Net

 

221

219

0.8%

During 1Q22, the Company reported a total net financial gain of Ps. 221 million compared to a total net financial gain of Ps. 219 million in 1Q21, primarily explained because of a lower net financial expense that offset the exchange rate negative effect.

Net Profit and Net Profit Attributable to Owners of the Company

Net Profit for 1Q22 reached Ps. 3,134 million compared to Ps. 3,983 million in the same period last year, mainly due to the decrease in the operational result.

Net Profit Attributable to Owners of the Company reached Ps. 3.168 million. During the quarter, the Company reported earnings per common share of Ps. 5,4066 and an ADR gain of Ps. 27.0332, compared to earnings per common share of Ps. 6.7716 and an ADR gain of Ps. 33.8579 in 1Q21.

Capitalization

Table 6: Capitalization and Debt Ratio

(amounts expressed in millions of pesos, unless otherwise noted)

 

As of March 31,

 

As of December, 31

 

2022

2021

 

2021

 

Total Debt

993

10,373

2,915

– Short-Term Debt

669

9,404

2,452

– Long-Term Debt

323

969

463

Cash, Cash Equivalents and Investments

(5,138)

(9,380)

6,118

Total Net Debt

(4,145)

993

(3,203)

Shareholder’s Equity

86,721

83,110

84,162

Capitalization

87,713

93,483

87,077

LTM Adjusted EBITDA

27,855

23,639

26,840

Net Debt /LTM Adjusted EBITDA

-0.15x

0.04x

-0.12x

As of March 31, 2022, total Cash, Cash Equivalents, and Investments were Ps. 5,138 million compared with Ps. 9,380 million as of the March 31, 2021. Total debt at the close of the quarter stood at Ps. 993 million, composed by Ps. 669 million in short-term borrowings, including the current portion of long-term borrowings (or 67.4% of total borrowings), and Ps. 323 million in long-term borrowings (or 32.6% of total borrowings).

As of March 31, 2022, 76.7% (or Ps. 761 million) of Loma Negra’s total debt was denominated in U.S. dollars and 23.3% (or Ps. 232 million) was in Argentine pesos. The average duration of Loma Negra’s total debt was 0.7 years.

As of March 31, 2022, the total of the Company’s consolidated debt accrued interest at a variable rate. The debt in US dollars bore interest at rates based on Libor, while the debt in Argentine pesos bore interest at the short-term market rate.

The Net Debt to Adjusted EBITDA (LTM) ratio decreased to -0.15x as of March 31, 2022, from -0.12x as of December 31, 2021, as a result of strong cash generation and debt reduction.

Cash Flows

Table 7: Condensed Interim Consolidated Statement of Cash Flows

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended
March 31,

 

 

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net Profit (Loss)

 

3,134

3,983

Adjustments to reconcile net profit (loss) to net cash provided by operating activities

 

3,458

3,250

Changes in operating assets and liabilities

 

(4,285)

(2,690)

Net cash generated by operating activities

 

2,307

4,543

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

Proceeds from disposal of Yguazú Cementos S.A.

 

55

146

Property, plant and equipment, Intangible Assets, net

 

(631)

(1,585)

Contributions to Trust

 

(33)

(31)

Investments, net

(2,595)

Net cash (used in) investing activities

 

(609)

(4,066)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

Proceeds / Repayments from borrowings, Interest paid

 

(1,860)

(688)

Share repurchase plan

(609)

(396)

Net cash generated by (used in) by financing activities

 

(2,469)

(1,084)

 

Net increase (decrease) in cash and cash equivalents

 

(771)

(606)

Cash and cash equivalents at the beginning of the year

 

3,837

7,666

Effect of the re-expression in homogeneous cash currency (“Inflation-Adjusted”)

(115)

(56)

Effects of the exchange rate differences on cash and cash equivalents in foreign currency

 

65

(238)

Cash and cash equivalents at the end of the period

 

3,015

6,766

In 1Q22, our operating cash generation stood at Ps. 2,547 million, compared to Ps. 4,543 million in the same period of the previous year, reflecting a lower level of profitability and higher working capital requirements. During this quarter, we increased our Clinker stock to minimize the impact of natural gas shortages in the winter months and take advantage of cost reduction opportunities.

During 1Q22, the Company used cash in financing and investing activities for a total of Ps. 2,469 and Ps. 603 million, respectively. The completion of the L’Amalí expansion project significantly reduced the cash allocations for investment.

Share Repurchase Plan.

On December 21, 2021, the Company announced the approval of the fourth share repurchase program, in accordance with Section 64 of Law No. 26.831 (“LMC”) and the CNV Regulations. The purpose is to efficiently apply a portion of the Company´s cash position which may result in a greater return of value for its shareholders considering the attractive value of the share with the additional possibility of allocating part of the shares acquired to implement specific compensation plans.

The plan became effective as from December 23, 2021, for an amount to invest up to Ps. 900 million or such lower amount that derives from the repurchase of up to 10% of Company’s capital stock. The maximum amount of shares or maximum percentage of the Company’s capital stock to be repurchased shall never surpass the limit of 10% of the capital stock in accordance with Section 64 of LMC.

A summary of the Share Repurchase Program that ended on February 18, 2022, is shown below:

 

Repurchase Program IV

Maximum amount for repurchase

Ps 900 million

Maximum price

Ps. 310/ordinary share or US$ 7.5/ADR

Period in force

60 days since December 23, 2021

Repurchase under the program until its completion

Ps. 643 million

Progress

71.5%

Recent Events

Dividends Distribution

On April 14, 2022, the board of directors approved the payment of dividends for a total amount of Ps. 5,150 million equivalents to Ps. 8.80 per outstanding share (Ps. 43.99 per ADS), through the partial allocation of funds from the Reserve for Future Dividends. As of the date of the presentation of this earnings release, the total amount of dividends was distributed.

1Q22 Earnings Conference Call

When:

4:00 p.m. U.S. ET (5:00 p.m. BAT), May 9, 2022

Dial-in:

0800-444-2930 (Argentina), 1-833-255-2824 (U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)

Password:

Loma Negra Call

Webcast:

https://services.choruscall.com/mediaframe/webcast.html?webcastid=NKQChLSM

Replay:

A telephone replay of the conference call will be available between May 10, 2022, at 1:00 pm U.S. E.T. and ending on May 16, 2022. The replay can be accessed by dialing 1-877-344-7529 (U.S. toll free), or 1-412-317-0088 (International). The passcode for the replay is 10158956. The audio of the conference call will also be archived on the Company’s website at www.lomanegra.com

Definitions

Adjusted EBITDA is calculated as net profit plus financial interest, net plus income tax expense plus depreciation and amortization plus exchange rate differences plus other financial expenses, net plus tax on debits and credits to bank accounts, plus share of loss of associates, plus net Impairment of Property, plant and equipment, and less income from discontinued operation. Loma Negra believes that excluding tax on debits and credits to bank accounts from its calculation of Adjusted EBITDA is a better measure of operating performance when compared to other international players.

Net Debt is calculated as borrowings less cash, cash equivalents and marketable securities.

About Loma Negra

Founded in 1926, Loma Negra is the leading cement company in Argentina, producing and distributing cement, masonry cement, aggregates, concrete and lime, products primarily used in private and public construction. Loma Negra is a vertically-integrated cement and concrete company, with nationwide operations, supported by vast limestone reserves, strategically located plants, top-of-mind brands and established distribution channels. Loma Negra is listed both on BYMA and on NYSE in the U.S., where it trades under the symbol “LOMA”. One ADS represents five (5) common shares. For more information, visit www.lomanegra.com.

Note

The Company presented some figures converted from Pesos to U.S. dollars for comparison purposes. The exchange rate used to convert Pesos to U.S. dollars was the reference exchange rate (Communication “A” 3500) reported by the Central Bank for U.S. dollars. The information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures presented in previous quarters.

Rounding: We have made rounding adjustments to reach some of the figures included in this annual report. As a result, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Disclaimer

This release contains forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “seek,” “forecast,” or the negative of these terms or other similar expressions. The forward-looking statements are based on the information currently available to us. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including, among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events. Although we believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Any or all of Loma Negra’s forward-looking statements in this release may turn out to be wrong. You should consider these forward-looking statements in light of other factors discussed under the heading “Risk Factors” in the prospectus filed with the Securities and Exchange Commission on October 31, 2017 in connection with Loma Negra’s initial public offering. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.

— Financial Tables Follow —

Table 8: Condensed Interim Consolidated Statements of Financial Position

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

 

As of March 31,

 

 

As of December 31,

 

 

 

2022

 

 

2021

ASSETS

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Property, plant and equipment

 

92,953

94,359

Right to use assets

 

335

360

Intangible assets

 

304

336

Investments

 

6

6

Goodwill

 

61

61

Inventories

 

3,815

3,580

Other receivables

 

800

807

Total non-current assets

 

 

98,274

99,508

Current assets

 

 

Inventories

 

11,370

10,095

Other receivables

 

1,243

1,382

Trade accounts receivable

 

4,578

4,597

Investments

 

4,868

5,734

Cash and banks

270

384

Total current assets

 

 

22,329

22,193

TOTAL ASSETS

120,603

121,700

SHAREHOLDER’S EQUITY

 

 

Capital stock and other capital related accounts

 

23,065

23,641

Reserves

 

52,683

52,683

Retained earnings

 

10,813

7,644

Accumulated other comprehensive income

 

Equity attributable to the owners of the Company

 

86,560

83,968

Non-controlling interests

160

195

TOTAL SHAREHOLDER’S EQUITY

 

 

86,721

84,162

LIABILITIES

 

 

Non-current liabilities

 

Borrowings

 

323

463

Accounts payables

 

Provisions

 

636

659

Salaries and social security payables

 

45

59

Debts for leases

241

273

Other liabilities

 

158

166

Deferred tax liabilities

16,261

16,612

Total non-current liabilities

 

 

17,665

18,230

Current liabilities

Borrowings

 

669

2,452

Accounts payable

 

7,937

9,142

Advances from customers

 

732

1,191

Salaries and social security payables

 

2,329

2,361

Tax liabilities

 

4,313

3,883

Debts for leases

79

92

Other liabilities

160

186

Total current liabilities

 

 

16,218

19,308

TOTAL LIABILITIES

 

 

33,882

37,538

TOTAL SHAREHOLDER’S EQUITY AND LIABILITIES

 

 

120,603

121,700

Table 9: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income (unaudited)

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended
March 31,

 

 

2022

2021

% Change

Net revenue

19,310

20,436

-5.5%

Cost of sales

(12,867)

(13,029)

-1.2%

Gross Profit

 

6,443

7,407

-13.0%

Share of loss of associates

n/a

Selling and administrative expenses

(1,827)

(1,674)

9.2%

Other gains and losses

30

66

-54.6%

Impairment of property, plant and equipment

n/a

Tax on debits and credits to bank accounts

(191)

(194)

-1.4%

Finance gain (cost), net

Gain on net monetary position

849

866

-2.0%

Exchange rate differences

(153)

33

n/a

Financial income

18

65

-71.5%

Financial expenses

(493)

(744)

-33.8%

Profit (loss) before taxes

 

4,676

5,825

-19.7%

Income tax expense

Current

(1,892)

(2,412)

-21.5%

Deferred

351

569

-38.3%

Net Profit (Loss)

 

3,134

3,983

-21.3%

Net Profit (Loss) for the period attributable to:

Owners of the Company

3,168

4,034

-21.5%

Non-controlling interests

(34)

(51)

-33.1%

NET PROFIT (LOSS) FOR THE PERIOD

 

3,134

3,983

-21.3%

Earnings per share (basic and diluted):

 

5.4066

6.7716

-20.2%

Table 10: Condensed Interim Consolidated Statement of Cash Flows

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

 

Three-months ended
March 31,

 

 

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net Profit (Loss)

3,134

3,983

Adjustments to reconcile net profit to net cash provided by operating activities

 

Income tax expense

 

1,542

1,843

Depreciation and amortization

 

1,838

1,499

Provisions

 

42

(1)

Exchange rate differences

(179)

(235)

Interest expense

 

165

154

Share of loss of associates

Gain on disposal of property, plant and equipment

(15)

(30)

Gain on disposal of shareholding of Yguazú Cementos S.A.

Impairment of property, plant and equipment

Impairment of trust fund

32

20

Share-based payment

33

Changes in operating assets and liabilities

 

Inventories

 

(1,163)

(812)

Other receivables

19

(423)

Trade accounts receivable

(709)

(624)

Advances from customers

(389)

(34)

Accounts payable

(523)

261

Salaries and social security payables

 

291

255

Provisions

 

(40)

(14)

Tax liabilities

 

120

177

Other liabilities

 

(32)

(84)

Gain on net monetary position

(849)

(866)

Income tax paid

 

(1,011)

(526)

Net cash generated by (used in) operating activities

 

2,307

4,543

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

Proceeds from disposal of Yguazú Cementos S.A.

55

146

Proceeds from disposal of Property, plant and equipment

 

1

58

Payments to acquire Property, plant and equipment

(632)

(1,643)

Payments to acquire Intangible Assets

 

(0)

Acquire investments

(2,595)

Proceeds from maturity investments

Contributions to Trust

 

(33)

(31)

Net cash generated by (used in) investing activities

 

(609)

(4,066)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

Proceeds from borrowings

 

888

137

Interest paid

 

(138)

(274)

Dividends paid

0

Debts for leases

(28)

(60)

Repayment of borrowings

(2,581)

(491)

Share repurchase plan

(609)

(396)

Net cash generated by (used in) financing activities

 

(2,469)

(1,084)

Net increase (decrease) in cash and cash equivalents

 

(771)

(606)

Cash and cash equivalents at the beginning of the period

 

3,837

7,666

Effect of the re-expression in homogeneous cash currency (“Inflation-Adjusted”)

(115)

(56)

Effects of the exchange rate differences on cash and cash equivalents in foreign currency

 

65

(238)

 

Cash and cash equivalents at the end of the period

 

3,015

6,766

 

Table 11: Financial Data by Segment (figures exclude the impact of IAS 29)

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended March 31,

 

 

2022

%

2021

%

Net revenue

 

18,263

100.0%

12,635

100.0%

Cement, masonry cement and lime

16,180

88.6%

11,317

89.6%

Concrete

1,379

7.6%

1,086

8.6%

Railroad

1,548

8.5%

914

7.2%

Aggregates

376

2.1%

129

1.0%

Others

151

0.8%

72

0.6%

Eliminations

(1,370)

-7.5%

(883)

-7.0%

Cost of sales

 

10,847

100.0%

7,403

100.0%

Cement, masonry cement and lime

8,958

82.6%

6,043

81.6%

Concrete

1,312

12.1%

1,160

15.7%

Railroad

1,478

13.6%

906

12.2%

Aggregates

375

3.5%

132

1.8%

Others

94

0.9%

44

0.6%

Eliminations

 

(1,370)

-12.6%

(883)

-11.9%

Selling, admin. expenses and other gains & losses

 

1,667

100.0%

943

100.0%

Cement, masonry cement and lime

1,467

88.0%

840

89.1%

Concrete

67

4.0%

22

2.4%

Railroad

84

5.0%

55

5.8%

Aggregates

4

0.2%

2

0.2%

Others

 

45

2.7%

24

2.6%

Depreciation and amortization

 

594

100.0%

343

100.0%

Cement, masonry cement and lime

454

76.4%

253

73.6%

Concrete

11

1.8%

17

4.9%

Railroad

122

20.5%

67

19.5%

Aggregates

7

1.1%

6

1.7%

Others

 

1

0.2%

1

0.3%

Adjusted EBITDA

 

6,343

100.0%

4,632

100.0%

Cement, masonry cement and lime

6,208

97.9%

4,687

101.2%

Concrete

11

0.2%

(80)

-1.7%

Railroad

107

1.7%

20

0.4%

Aggregates

3

0.0%

1

0.0%

Others

 

14

0.2%

5

0.1%

Reconciling items:

Effect by translation in homogeneous cash currency (“Inflation-Adjusted”)

141

2,667

Depreciation and amortization

(1,838)

(1,499)

Tax on debits and credits banks accounts

(191)

(194)

Finance gain (cost), net

221

219

Income tax

(1,542)

(1,843)

Share of profit of associates

Impairment of property, plant and equipment

NET PROFIT (LOSS) FOR THE PERIOD

 

3,134

3,983

 

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Costar Group verwelkomt Robert Stassen als nieuw hoofd Analytics voor uitbreiding van Europese regio

WASHINGTON–(BUSINESS WIRE)–Costar Group, Inc. (NASDAQ: CSGP), een toonaangevende leverancier van online vastgoedmarktplaatsen, -informatie en -analyses op de commerciële en residentiële vastgoedmarkt, kondigde vandaag de aanstelling aan van Robert Stassen als hoofd Analytics voor Europa.

In deze functie zal Stassen verantwoordelijk zijn voor het laten groeien van en leidinggeven aan het expanderende Europese Analytics-team van Costar Group terwijl het inzichtelijke analyses produceert van de economische en vastgoedmarktomstandigheden in de regio voor opname in het productaanbod van het bedrijf.

“Naarmate Costar Group ons bereik in Europa blijft uitbreiden, wisten we dat we een getalenteerde leider met een onmiskenbaar sterk begrip van de unieke complexe commerciële vastgoedsector van de regio moesten vinden,” aldus Lisa Ruggles, Senior Vice President van Global Marketing Research, Analytics and News, CoStar Group. “Wij zijn van mening dat Robert de allerbeste en perfect voor deze rol is. We zijn ongelooflijk enthousiast om hem te verwelkomen in de CoStar-familie en kijken uit naar hoe hij het Marketing Research and Analytics-team in Europa gaat vormgeven.”

Naast het laten groeien van het team en het aanstellen van senior talent op de belangrijkste markten in Europa, zal Stassen ook direct verantwoordelijk zijn voor het waarborgen dat de data van CoStar de markttrends nauwkeurig weerspiegelen. Hij zal betrokken zijn bij verkoop- en marketinginitiatieven in de regio en ook dienen als een belangrijk contactpunt voor CoStar-klanten en belangrijke opdrachtgevers, waarbij hij de relaties op het hele continent zal bevorderen en versterken.

Stassen voegt zich bij de CoStar-familie met bijna 30 jaar werkervaring in de Europese financiële en commerciële vastgoedindustrie. Eerder bracht hij zeven jaar door als hoofd Capital Markets Research voor de EMEA-regio bij Jones Lang LaSalle (JLL), waar hij hun klantennetwerk uitbreidde en toezicht hield op strategische initiatieven die de pan-Europese kapitaalmarkten beïnvloedden.

Over CoStar Group, Inc.

Costar Group, Inc. (NASDAQ: CSGP), is een toonaangevende leverancier van online vastgoedmarktplaatsen, -informatie en -analyses op de commerciële en residentiële vastgoedmarkt. CoStar, opgericht in 1987, voert uitgebreid, doorlopend onderzoek uit om de grootste en meest uitgebreide database van informatie over commerciële vastgoed te produceren en te onderhouden. Met onze reeks online diensten kunnen klanten de waarden, marktomstandigheden en huidige beschikbaarheid van commercieel vastgoed analyseren, interpreteren en daarin ongeëvenaard inzicht krijgen. STR biedt hoogwaardige data-benchmarking, analyses en marktplaatsinzichten voor de wereldwijde gastvrijheidsindustrie. Ten-X biedt een vooraanstaand platform voor het uitvoeren van online veilingen en onderhandelde biedingen voor commercieel onroerend goed. LoopNet is de commerciële vastgoedmarktplaats online met het meeste verkeer. Appartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeliving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com en Apartamentos.com vormen de belangrijkste online hulpbron voor appartementen voor huurders die op zoek zijn naar geweldige appartementen en bieden vastgoedbeheerders en -eigenaren een bewezen platform voor het op de markt brengen van hun eigendommen. Homesnap is een sectorleidend online en mobiel softwareplatform dat gebruiksvriendelijke applicaties biedt om de workflow van residentiële makelaars te optimaliseren en de makelaar-klantrelatie te versterken. Homes.com biedt advertentie- en marketingdiensten voor vastgoedprofessionals voor residentievastgoed. Realla is de meest uitgebreide digitale marktplaats voor commercieel vastgoed van het Verenigd Koninkrijk. In Frankrijk is BureauxLocaux een van de grootste gespecialiseerde vastgoedportals voor het kopen en leasen van commercieel onroerend goed, en Business Immo wordt algemeen erkend als een vooraanstaande digitale nieuwsaanbieder van commercieel onroerend goed in het land. De websites van Group trekken tientallen miljoenen unieke maandelijkse bezoekers aan. Costar Group heeft het hoofdkantoor in Washington, DC en onderhoudt kantoren in de VS, Europa, Canada en Azië. Van tijd tot tijd zijn we van plan om onze bedrijfswebsite, http://www.costargroup.com, te gebruiken als een distributiekanaal voor materiële bedrijfsinformatie. Ga voor meer informatie naar CoStarGroup.com.

Dit persbericht omvat “toekomstgerichte verklaringen”, waaronder, zonder beperking, verklaringen met betrekking tot de verwachtingen, overtuigingen, intenties of strategieën van Costar Group met betrekking tot de toekomst. Deze verklaringen zijn gebaseerd op huidige overtuigingen en zijn onderworpen aan veel risico’s en onzekerheden die ervoor kunnen zorgen dat de werkelijke resultaten materieel verschillen van deze verklaringen, inclusief het risico dat de verwachte toenemende wereldwijde uitbreiding van het bedrijf niet zal zijn als en wanneer verwacht. Meer informatie over potentiële factoren die ertoe kunnen leiden dat de resultaten materieel verschillen van die welke in de toekomstgerichte verklaringen worden verwacht, omvatten, maar zijn niet beperkt tot, die van tijd tot tijd worden vermeld in de deponeringen van Costar Group bij de Securities and Exchange Commission, inclusief in het jaarverslag van CoStar op Formulier 10-K voor het jaar eindigend op 31 december 2021, dat is ingediend bij de SEC, inclusief in de secties “Risicofactoren” van die deponering, evenals de andere deponeringen van CoStar bij de SEC beschikbaar op de website van de SEC www.sec.gov). Alle toekomstgerichte verklaringen zijn gebaseerd op informatie die beschikbaar is voor CoStar Group op de datum hiervan, en CoStar Group is niet verplicht om enige toekomstgerichte verklaringen bij te werken of te herzien, hetzij als gevolg van nieuwe informatie, toekomstige gebeurtenissen of anderszins.

Deze bekendmaking is officieel geldend in de originele brontaal. Vertalingen zijn slechts als leeshulp bedoeld en moeten worden vergeleken met de tekst in de brontaal, die als enige rechtsgeldig is.

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CoStar Group Appoints David Mele as President of LoopNet

WASHINGTON–(BUSINESS WIRE)–CoStar Group, Inc. (NASDAQ: CSGP) – a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets today proudly announced the appointment of David Mele as the new President of LoopNet.

LoopNet is the most heavily trafficked mobile and online commercial real estate marketplace, connecting tenants and investors to commercial real estate available for sale and lease. As President, Mele will be responsible for the overall business strategy, sales, product management, marketing and extending LoopNet’s success internationally.

“Over the past several years, LoopNet has grown into the largest commercial real estate marketplace in the world, and we’re excited to bring on David Mele to oversee the company during these times of staggering growth,” said Andrew Florance, Founder and Chief Executive Officer, CoStar Group. “With decades of experience, David has a proven track record of building and growing successful online marketplaces and we are confident that he will take LoopNet to the next level.”

David Mele joined CoStar Group in May 2021 as part of the Homes.com acquisition where he successfully served as President of Homes.com since 2014. As President, Mele played an integral part of the company’s acquisition by CoStar Group in May 2021.

Prior to joining Homes.com, David served as publisher of The Virginian-Pilot, the largest daily metro newspaper in Virginia, and president of Pilot Media, a diversified media company based in Norfolk, Virginia. He also served as general manager of Pilot Interactive, where he was responsible for online and digital operations including PilotOnline.com, HamptonRoads.com, online vertical marketplaces for homes, jobs, and autos, and a digital services division that delivered search engine marketing, social media and web development solutions. Mele began his career with Accenture, a global management consulting and technology services company, where he worked with a number of Fortune 100 companies on new product development and innovation.

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information.

This news release includes “forward-looking statements” including, without limitation, statements regarding CoStar Group’s expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that the Company’s expected growth will not be as and when expected. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar Group’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2021, which is filed with the SEC, including in the “Risk Factors” sections of that filing, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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KE Holdings Inc. Updates the Status under Holding Foreign Companies Accountable Act

BEIJING–(BUSINESS WIRE)–KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE), a leading integrated online and offline platform for housing transactions and services, today updates its status under the Holding Foreign Companies Accountable Act (the “HFCAA”).

The Company is aware of the fact that it was identified by the United States Securities and Exchange Commission (the “SEC”) under the HFCAA on April 21, 2022. The Company understands that this identification under the HFCAA and its implementation rules issued thereunder indicates that the SEC determines the Company used a registered public accounting firm whose working paper cannot be inspected or investigated completely by the Public Company Accounting Oversight Board of the United States (the “PCAOB”) to issue the audit opinion for its financial statements for the fiscal year ended December 31, 2021.

In accordance with the HFCAA, the SEC shall prohibit a company’s shares or American depositary shares from being traded on a U.S. stock exchange or in the over-the-counter trading market in the United States if the company has been identified by the SEC for three consecutive years due to the PCAOB’s inability to inspect the registered public accounting firm’s working paper related to such company.

The Company has been actively exploring possible solutions to protect the interest of its stakeholders. The Company will continue to comply with applicable laws and regulations in both China and the U.S., and strive to maintain its listing status on the New York Stock Exchange.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building the industry infrastructure and standards in China to reinvent how service providers and housing customers efficiently navigate and consummate housing transactions, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 20 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build the industry infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike’s platform; competition in our industry; relevant government policies and regulations relating to our industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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Cian Announces Changes to Its Board of Directors and Committees

LARNACA, Cyprus–(BUSINESS WIRE)–Cian PLC (NYSE: CIAN, MOEX: CIAN) (“Cian” or the “Company”), a leading online real estate classifieds platform in Russia, today announced that Mr. Gilles Blanchard has tendered his resignation as a member of the board of directors of the Company (the “Board”), effective as of 00:00 Eastern time on April 12, 2022 (the “Effective Time”). Mr. Blanchard served as a member of each of the Audit Committee of the Board (the “Audit Committee”) and the Compensation, Governance and Nominating Committee of the Board (the “Compensation, Governance and Nominating Committee”).

On April 14, 2022, upon recommendation of the Compensation, Governance and Nominating Committee, the Board appointed Mikhail Zhukov as a director of the Company. Mr. Zhukov has served as chief executive officer of HeadHunter Group PLC (an associate of Elbrus Capital, one of the Company’s significant shareholders) since February 2008 and as a member of its board of directors since May 2019. Prior to joining HeadHunter Group PLC, Mr. Zhukov worked for a variety of different Russian IT companies. Mr. Zhukov launched the insource IT company (IT-SK) at Sibur in 2007 and launched the Network Integration Division at IBS (a major Russian systems integrator) in 1994. He holds a Masters in Engineering from Moscow Aviation Institute (National Research University) and a diploma in Economics from Plekhanov Russian Academy of Economics. Mr. Zhukov also holds a certificate for the Program for Executive Development from IMD in Lausanne, Switzerland.

On April 19, 2022, upon recommendation of the Compensation, Governance and Nominating Committee, the Board appointed Dmitriy Antipov to the Audit Committee, with effect immediately following the Effective Time. The Board has also determined that, based on his education and experience, Mr. Antipov is financially literate in accordance with the requirements of the NYSE. The Board intends to rely upon the phase-in exemptions from the independence requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act) in respect of Mr. Antipov’s appointment to the Audit Committee. Following Mr. Antipov’s appointment, the Audit Committee consists of Douglas Gardner, Simon Baker and Dmitriy Antipov, with Mr. Gardner serving as Chairperson.

On April 19, 2022, upon recommendation of the Compensation, Governance and Nominating Committee, the Board appointed Mikhail Zhukov to the Compensation, Governance and Nominating Committee, with effect immediately following the Effective Time of his appointment as the director. Following Mr. Zhukovs’s appointment, the Compensation, Governance and Nominating consists of Mikhail Zhukov, Dmitriy Antipov and Maksim Melnikov, with Mr. Antipov serving as Chairperson.

The Company has previously disclosed in its registration statement on Form F-1, declared effective by the SEC on November 4, 2021, that it follows the corporate governance practices of its home country, Cyprus, in lieu of certain of the corporate governance requirements of the NYSE. In addition, as discussed above, the Board intends to rely upon the phase-in exemptions from the independence requirements of the Exchange Act in respect of its Audit Committee.

About Cian

Cian is a leading online real estate classifieds platform in the large, underpenetrated and growing Russian real estate classifieds market, with a strong presence across Russia and leading positions in the country’s key metropolitan areas. The Company ranks among the top ten most popular online real estate classifieds globally in terms of traffic (based on SimilarWeb traffic data for other online real estate classifieds and Google Analytics data for Cian for September 2021). Cian’s networked real estate platform connects millions of real estate buyers and renters to millions of high-quality real estate listings of all types — residential and commercial, primary and secondary, urban and suburban. In the third quarter of 2021, the Company had over 1.8 million listings available through its platform and an average UMV of over 18.5 million. Through its technology-driven platform and deep insights into the Russian real estate market the Company provides an end-to-end experience for its customers and users and helps them address multiple pain points on their journey to a new home or place to work.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding our financial outlook for 2021 and long-term growth strategy, as well as statements that include the words “target,” “believe,” “expect,” “aim,” “intend, intend,” may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: our ability to maintain our leading market positions, particularly in Moscow, St. Petersburg and certain other regions, and our ability to achieve and maintain leading market position in certain other regions; our ability to compete effectively with existing and new industry players in the Russian real estate classifieds market; our heavy dependence on our brands and reputation; any potential failure to adapt to any substantial shift in real estate transactions from, or demand for services in, certain Russian geographic markets; any downturns in the Russian real estate market and general economic conditions in Russia; any effect on our operations due to cancellation of, or any changes to, the Russian mortgage subsidy program or other government support programs; further widespread impacts of the COVID-19 pandemic, or other public health crises, natural disasters or other catastrophic events which may limit our ability to conduct business as normal; our ability to establish and maintain important relationships with our customers and certain other parties; any failure to establish and maintain proper and effective internal control over financial reporting; any failure to remediate existing deficiencies we have identified in our internal controls over financial reporting, including our information technology general controls; any new or existing government regulation in the area of data privacy, data protection or other areas and the other important factors discussed under the caption “Risk Factors” (in particular, “Risks Relating to the Russian Federation” thereunder) in Cian’s prospectus pursuant to Rule 424(b) filed with the U.S. Securities and Exchange Commission (“SEC”) on November 4, 2021, and our other filings with the SEC as such factors may be updated from time to time.

Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

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Elon Musk Races to Secure Financing for Twitter Bid

Elon Musk is racing to secure funding for his $43 billion bid to buy Twitter.

Morgan Stanley, the investment bank working with Mr. Musk on the potential deal, has been calling banks and other potential investors to shore up financing for the offer, four people with knowledge of the situation said. Mr. Musk is first focused on raising debt and has not yet begun to seek equity financing for his bid, one of the people said.

Mr. Musk is evaluating various packages of debt, including more senior debt known as preferred debt and a loan against his shares of Tesla, the electric carmaker that he runs, two of the people said. Apollo Global Management, the private equity firm, is among the parties considering offering debt financing in a bid for Twitter. The equity he needs is likely to be sizable.

Mr. Musk is aiming to pull together a fully funded offer as soon as this week, one of the people said, though that timeline is far from certain. The people with knowledge of the discussions were not authorized to speak publicly because the details are confidential and in flux.

It is unclear if Mr. Musk’s efforts will be successful, but they go toward addressing a key question about his Twitter bid. Last week, Mr. Musk, the world’s wealthiest man, made an unsolicited offer for the social media company, saying that he wanted to take it private and that he wanted people to be able to speak more freely on the service. But his offer was regarded skeptically by Wall Street because he did not include details about how he would come up with the money for the deal.

poison pill.” A poison pill would effectively prevent Mr. Musk from owning more than 15 percent of Twitter’s shares. The 50-year-old had been building up a stake in the company and owns more than 9 percent of Twitter, making him at one point its single-biggest individual shareholder.

Mr. Musk, whose net worth has been reported at $255 billion, did not respond to a request for comment. On Tuesday, in what appeared to be a veiled allusion to Twitter, he tweeted his thoughts about social networks and their policies.

funding secured,” propelling Tesla shares higher. He did not have financing prepared for such a deal. The Securities and Exchange Commission later filed a securities fraud lawsuit against him, accusing him of misleading investors. Mr. Musk paid a $20 million fine and agreed to step aside as Tesla’s chairman for three years.

Some investors are wary of getting involved in financing Mr. Musk’s Twitter bid, concerned about the risks of teaming up with the mercurial billionaire and a company as politically contentious as Twitter, one person with knowledge of the situation said. For banks, offering a loan against Tesla stock is also risky, given the stock’s volatility.

Mr. Musk has not publicly articulated his business plan for Twitter, though he has spoken about reversing Twitter’s moderation policies and providing additional transparency about how its algorithms work. He has made clear that profit is not his focus, potentially complicating efforts to invest with traditional Wall Street financiers.

“This is not a way to sort of make money,” Mr. Musk said in an interview at a TED conference last week. “My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important.”

Mr. Musk’s offer for Twitter stands at $54.20 a share. Several analysts have said the company’s board is likely to accept only an offer of $60 a share or more. Twitter’s stock rose above $70 a share last year when the company announced goals to double its revenue, though its stock has since fallen to around $45 as investors have questioned its ability to meet those targets.

join the company’s board. At the time, Parag Agrawal, Twitter’s chief executive, and other board members said they welcomed Mr. Musk as a director given his use of the platform. Mr. Musk has more than 82.5 million Twitter followers and tweets frequently.

Mr. Musk and Mr. Agrawal also share similar perspectives about how to decentralize Twitter so that users can gain more control over their social media feeds, a tactic that both men see as a way of promoting more free speech. That move would also reduce the burden on Twitter, which has faced questions about toxic content and misinformation, to decide what posts can stay up and what should be taken down.

But then Mr. Musk rejected the board seat and began the effort to take over the company.

Twitter, which has brought on advisers from Goldman Sachs and JPMorgan Chase, has also been weighing whether to invite bids from other potential buyers, two people close to the company said. At least one interested party, the private equity firm Thoma Bravo, has emerged, though it is unclear whether it will ultimately submit an offer.

Kate Conger, Mike Isaac and Jack Ewing contributed reporting.

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Activision says it is cooperating with federal insider trading probes, article with image

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April 15 (Reuters) – Activision Blizzard (ATVI.O) is cooperating with federal investigations into trading by friends of its chief executive shortly before the gaming company disclosed its sale to Microsoft Corp, it said in a securities filing on Friday.

It received requests for information from the U.S. Securities and Exchange Commission and received a subpoena from a Department of Justice grand jury, the maker of “Call of Duty” said in an amended proxy filing.

The requests “appear to relate to their respective investigations into trading by third parties – including persons known to Activision Blizzard’s CEO – in securities prior to the announcement of the proposed transaction,” it said.

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Microsoft (MSFT.O) in January agreed to acquire Activision for $95 a share, or $68.7 billion in total, in the biggest video-gaming industry deal in history. read more

The company did not name the parties, nor say whether the grand jury subpoena was directed at any employee.

The filing did not disclose when it received the subpoena or the SEC request for information.

Media moguls Barry Diller and David Geffen, and investor Alexander von Furstenberg, acquired share options after von Furstenberg met with Activision CEO Bobby Kotick and days before it disclosed the sale to Microsoft, the Wall Street Journal reported last month.

“Activision Blizzard has informed these authorities that it intends to be fully cooperative with these investigations,” the company said.

Diller told Reuters last month that none of the three had any knowledge about a potential acquisition and had acted on the belief that Activision was undervalued and had the potential for going private or being acquired. read more

The amended proxy filing that included the information on its cooperation with the SEC and DOJ came after shareholders sued the company alleging omissions to a preliminary proxy on the sale.

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Reporting by Gary McWilliams; Editing by Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

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