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PR Newswire

Financial Report July – September 2020

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STOCKHOLM, Oct. 23, 2020 —

Financial Summary – Q3’20

  • Net Sales and Cash flow were better than expected
  • Net Sales of $371 million declined by 20% including an Organic Sales1  decline of 7%
  • Active Safety Net Sales of $170 million declined by 5% including an Organic Sales decline of 9%
  • Operating Cash flow was positive $1 million, which includes positive timing effects in the quarter

Outlook

  • Net Sales are expected to return to organic growth during Q4’20 and outperform the global LVP during H2’20
  • Currency translation, net is expected to be slightly positive for FY’20
  • RD&E, net is expected to improve by more than $100 million from 2019 (on a comparable basis)
  • Operating loss is expected to improve from 2019 levels (on a comparable basis), and Cash flow before financing activities1 is now expected to be better than $(170) million for H2’20

Business  Highlights

  • Cash flow before financing activities tracking better than our previous expectations for FY’20
  • Veoneer and Qualcomm Technologies, Inc. announced their intent to collaborate on the delivery of ADAS, Collaborative and AD solutions powered by Veoneer’s next-generation perception and driving policy software stack and the Qualcomm® Snapdragon Ride™ ADAS/AD scalable portfolio of System on Chip (SoC), and Accelerators
  • Completed the divestiture of the VBS-US operations to ZF Friedrichshafen AG
  • Market Adjustment Initiatives (MAI) program continues to contribute to the improved operating loss and cash flow performance
  • Order intake is approximately $600 million during the LTM, where Active Safety is approximately two thirds of the LTM order intake

Comments from Jan Carlson, Chairman, President and CEO

Health and safety continue to be our first priorities and we are closely monitoring the development of the COVID-19 pandemic, which unfortunately shows signs of becoming more severe again, and we are staying ready to take the necessary safety precautions and business actions.

Vehicle production accelerated through the quarter, leading to a rapid increase in demand in the entire automotive supply chain, in a time when we are still fighting the effects of the global COVID-19 pandemic. In this challenging environment we executed a record number of activities including: successful vehicle launches, continued market adjustment initiatives, signing of a letter of intent with Qualcomm, finalizing the split of Zenuity and the divestment of our brake business. To summarize our underlying performance improved in almost all metrics. I am pleased with Veoneer’s operational performance in the third quarter and I would like to thank the entire Veoneer team for their focus, dedication and discipline during this highly unusual year.

Cash flow was particularly strong in the quarter and while it included certain timing effects it allows us to expect a better 2020 full year cash flow before financing than previously expected. Our market adjustment initiatives also continue to deliver the targeted improvements, we are establishing new levels of run- rate for cash flow and capital expenditures and continue to drive improvements in RD&E efficiency.

Our daily execution is the foundation that will allow our plans to materialize, and I am pleased that we are managing key launches well including the flagship Mercedes S-Class, the Subaru Levorg and the Volvo XC40 Electric. We are on track for additional fourth quarter and early 2021 launches. This development is fundamental to achieving our stated target to return to organic growth towards the later part of 2020. The selection by EuroNCAP of the Mercedes GLE as the best vehicle in its 2020 test for assisted driving, where most of the active safety content comes from Veoneer is another recent important technology proof-point.

The Qualcomm collaboration is important to Veoneer for multiple reasons. Technologically, it strengthens our capability to provide a full scalable system for the next generation ADAS and later autonomous driving. The combination of Veoneer’s software for perception and drive policy and Qualcomm’s powerful and energy efficient System On a Chip (SoC) will bring a competitive offer to the market for vehicle launches in 2024 and beyond. Commercially, the go-to-market strategy led by Qualcomm will allow for broader access to the market. We are well on track to finalize the initial agreement during the fourth quarter.

Our focus areas first outlined at the beginning of 2020 remain: successful customer launches in 2020 and heading into 2021, market adjustment initiatives to continue to drive efficiencies and improve cash flow, and continuing to win profitable new business.

An earnings conference call will be held today, Friday, October 23, 2020 at 15:00 CET. To follow the webcast or to obtain the phone number/pin code, please see www.veoneer.com. The slide deck will be available on our website prior to the earnings conference call. 1 For all Non-U.S. GAAP financial measures, see the reconciliation tables in this earnings release, including the Non-U.S. GAAP Financial Measures section and further discussion of the forward-looking Non-U.S. GAAP financial measures on page  11.

    
This report is information that Veoneer, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the EVP Communications and IR set out above, at 12:00 CET on Friday, October 23, 2020.

Contacts:

Thomas Jönsson – EVP Communications & IR, +46 8 527 762 27 or thomas.jonsson@veoneer.com
Ray Pekar – VP Investor Relations, +1 248 794 4537 or ray.pekar@veoneer.com. Inquiries – Company Corporate website www.veoneer.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/veoneer/r/financial-report-july—september-2020,c3221807

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PR Newswire

BGK agrees with IMF report: “Infrastructure investment is a key priority for the CESEE region to accelerate convergence toward the EU15”

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WARSAW, Poland, Oct. 17, 2020 — Infrastructure investment is a key priority for Countries in Central, Eastern, and Southern Europe (CESEE) to accelerate the convergence of the living standards toward the level of the more advance European countries, the EU15 – says the IMF report published on 28th Sep 2020. IMF highlights the Three Seas Initiative Investment Fund (3SIIF) as an initiative with the "aim to address infrastructure needs in CESEE."

The report estimates that closing 50% of the infrastructure gap until 2030 would require an annual investment of 3-8% of GDP. Attracting private investors should be an important step towards achieving this ambitious challenge.

To engage investors, the state development bank of Poland, Bank Gospodarstwa Krajowego (BGK), took the initiative to establish the Three Seas Initiative Investment Fund (3SIIF). In the report, the IMF mentions the Three Seas Fund as one of "the several initiatives aim to address infrastructure needs in CESEE".

"The Three Seas Fund is the economic dimension of the Three Seas Initiative. The Fund is the most important financial undertaking in Central and Eastern Europe. We set a clear goal for the Fund – financial support for infrastructure investments in the region. Such support is especially important these days as economies struggle with the effects of the COVID pandemic. The initiator and co-founder of the Fund is the Polish development bank BGK. We established the Fund together with our partners from the Romanian development bank EximBank" – says Beata Daszyńska-Muzyczka, the 3SIIF Supervisory Board Chairperson and BGK President.

The Three Seas Fund’s main objective is to invest in transport, energy and digital infrastructure on the north-south axis in the Three Seas countries and to offset the regional development differences in the European Union. The Fund is a commercial and market-driven initiative that will grant a diversified investment and an attractive return.

The IMF team also state that, if done right, infrastructure investment could yield significant dividends in the region. More and better public investment can help repair the economic damage of the pandemic, raise potential output, and speed income convergence with the EU15.

"At this time of economic slowdown, its benefits could be even larger. We estimate that for each percent of GDP spent on infrastructure, the output could rise by 0,5-0,75% in the short run and by 2-2,5% in the long run" – the report reads.

See full IMF report here: https://www.imf.org/en/News/Articles/2020/09/24/na092820-central-eastern-southeastern-europe-after-covid-19-securing-recovery-wise-public-investment

Visit the 3SIIF website here: https://3siif.eu/

Contact with BGK press office:
Bank Gospodarstwa Krajowego
Anna Czyż, tel. +48609220208, media@bgk.pl

PR Newswire

Quantron AG Implements Fuel Cell Trucks in Europe

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The Energon is the first in Quantron’s upcoming fuel cell product range. Production is scheduled to start in mid-2022.

AUGSBURG, Germany, June 17, 2020 /PRNewswire/ —

Quantron AG active in the field of hydrogen since its foundation

Quantron AG has been working on hydrogen propulsion for commercial vehicles since its foundation and now, with the new Energon, offers a 44-tonne truck with fuel cell for freight transport that can be fully integrated into logistics processes. It has a range of about 700 km. The 130 kW fuel cell used, supported by a 110 kWh LFP battery, powers the 340 kW engine, which is equipped with a 2-speed transmission.

Quantron AG - Energon Hydrogen Heavy-Duty
Quantron AG – Energon Hydrogen Heavy-Duty

Quantron AG is working hard on other vehicles in order to be able to offer a wide range of fuel cell solutions for companies and local authorities in the near future.

Advantages of the fuel cell

A hydrogen vehicle is an electric vehicle that obtains its energy from a chemical reaction of hydrogen and oxygen in the so-called fuel cell. The electricity generated in this process is either consumed directly in the engine or buffered in the on-board battery. Due to the high system efficiency of the fuel cell, hydrogen trucks have identical performance characteristics to normal diesel trucks. But there is one decisive advantage: the local freedom from emissions of CO2, nitrogen oxides and particulate matter. This is because the electrochemical reaction in the fuel cell produces only water vapor, which is then released into the environment when the truck is driven. Added to this are the general advantages of an e-vehicle. Because hydrogen trucks also enjoy tax and toll exemptions as well as lower maintenance and operating costs than trucks with conventional diesel engines.

Pre-orders with a price advantage of 10,000 € are possible at www.quantron.net.

Photo – https://techent.tv/wp-content/uploads/2020/06/quantron-ag-implements-fuel-cell-trucks-in-europe.jpg

Contact:
Serhat Yilmaz
s.yilmaz@quantron.net 
+49-(0)821-24-99-790

PR Newswire

VisIC Partners With ZF for Next Generation EV Inverters

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– Joint R&D effort to develop an EV inverter based on gallium nitride (GaN) semiconductor technology

– VisIC’s D3GaN technology, with lowest losses per Rdson combined with ZF’s highly efficient EV driveline systems extend the range of electric cars and reduce its system cost

NES ZIONA, Israel and FRIEDRICHSHAFEN, Germany, May 14, 2020 /PRNewswire/ — ZF Friedrichshafen AG, a global leading automotive supplier, and VisIC Technologies Ltd., a global leader in gallium nitride (GaN) devices for automotive high-voltage applications, announce today a partnership to create the next generation of high-performance and high-efficiency electric drivelines for vehicles.

VisIC partners with ZF for next generation EV inverters
VisIC partners with ZF for next generation EV inverters

The partnership will see the two companies deepen their development efforts, based on VisIC D3GaN semiconductors technology. The focus of the joint efforts will be on 400-Volt driveline applications, covering the largest segment of the electric vehicle market.

“Our partnership with ZF for the development of gallium nitride-based power inverters in electric vehicles illustrates the break-through of gallium nitride technology in the automotive industry,” said Tamara Baksht, CEO of VisIC. “VisIC’s D3GaN technology was developed for the high reliability standards of the automotive industry and offers the lowest losses per Rdson. It also simplifies the system solution and enables high-efficiency and affordable power train solutions. It is definitely the next step for the automotive electrical driveline.”

ZF’s fast adoption of wide band gap semiconductor technology, such as silicon-carbide and gallium nitride, makes it a leader in the development of the most cost-effective and highly efficient electric drivelines. Through their extended R&D partnership, ZF and VisIC deepens their existing joint efforts in the application of gallium nitride semiconductors for inverters.

Gallium nitride semiconductors are key to further improve efficiency and performance of electrified vehicles, from hybrid up to full electric applications. This technology offers significantly better switching speed, range improvements as well as smaller and lighter package size, thereby reducing total system cost. “We are pleased about the cooperation with VisIC and are convinced that together we can further improve future electric drive systems based on gallium nitride technology,” says Dr. Dirk Walliser, Senior Vice President Corporate Research and Development at ZF Friedrichshafen AG.

This press release and further information can be found at www.visic-tech.com and www.press.zf.com.

VisIC Technologies Ltd.

VisIC Technologies is a world leader in GaN electronics for xEV applications, focused on high-power automotive solutions. Its efficient and scalable products are based on deep technological knowledge of gallium-nitride and decades of experience. VisIC is committed to provide a step function improvement in terms of size and cost of energy conversion systems and dedicated to high-quality customer support at all development phases. VisIC offers high power transistor products based upon compound semiconductor Gallium Nitride (GaN) material aiming to provide products for cost effective and high-performance automotive inverter systems.

ZF Friedrichshafen AG

ZF is a global technology company and supplies systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility. With its comprehensive technology portfolio, the company offers integrated solutions for established vehicle manufacturers, mobility providers and start-up companies in the fields of transportation and mobility. ZF continually enhances its systems in the areas of digital connectivity and automation in order to allow vehicles to see, think and act.

In 2019, ZF achieved sales of €36.5 billion. The company has a global workforce of 148,000 with approximately 240 locations in 41 countries. ZF invested seven percent of its sales in research and development.

Press Contact: 

VisIC Technologies LTD
Golda Meir 7
Nes Ziona
7403650 Israel
info@visic-tech.com

ZF Friedrichshafen AG
Robert Buchmeier
Head of Technology and Product Communications, Heritage Communications,
+49-7541-77-2488
robert.buchmeier@zf.com

PR Newswire

COVID-19 Pandemic Impact: Freight Activity Falls After Historic Rise with Disruption Ahead – Double Digit Impact Expected in Q2

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ABI Research whitepaper identifies the short-and long-term impacts the global pandemic will have on Freight Transportation and Logistics

OYSTER BAY, New York, April 21, 2020 /PRNewswire/ — It is no surprise that the COVID-19 outbreak has led to panic buying of items such as toilet paper and sanitizing supplies. However, this buying behavior has led to a massive need for trucks to help restock stores, shrinking the capacity available for other products. The result is a historically tight trucking market that has dropped 20% in volume in just the last two weeks, states global tech market advisory firm, ABI Research.

“Rising costs, shrinking capacity, and panicked customers are shaking up the freight transportation and logistics markets,” says Susan Beardslee, Principal Analyst at ABI Research. The American Association of Port Authorities sees 1Q volume decreased by at least 20%, including blank sailings, which may cost carriers US$1.9 billion. Rail freight is also impacted with intermodal down by approximately 50%, including from California’s Long Beach and Los Angeles ports (the leading container ports in the United States and the busiest in the Western Hemisphere). Global air cargo volumes for the last month are expected to be down 9%. New restrictions on passenger travel from much of Europe to the United States will further affect air cargo capacity. DHL alone is reporting an impact of US $79 million to February earnings. All of this adds to the already existent decreases due to the China-U.S. tariff tensions.

“In the short term, there has been more than a six-week delay in shipments for cargo sourced from China. Other markets from Vietnam to Mexico often rely on Chinese components and raw materials, creating a knock-on effect to the supply chain, including transportation and logistics. The initial loss of road transport demand has begun in the ports and is moving to the warehouses and inland routes. Cargo capacity demand in China is beginning to demonstrate some initial signs of growth, with airfreight between China and the United States growing 27% over the last 14 days, creating a demand/supply imbalance,” Beardslee explains. This capacity challenge will move to containers (stranded outside of China) and trucks. However, as the virus has continued to spread outside of China, government actions have included restrictions on travel from 26 European countries to the United States. “Belly cargo” (air cargo) is transported via passenger flights, estimated to be 50% of all air cargo. When this capacity is drastically removed between Europe and the United States, availability will be significantly impacted and spikes in pricing are expected.

“In the longer term, there is little visibility to forecast, which will have a material impact on transportation and logistics this year. The virus is now impacting the global supply chain, with a current estimate of 113 countries identified as reporting cases. Transportation requirements will be hard to predict. Both capacity and pricing swings are anticipated across transportation modes, with the associated impact to shippers worldwide,” says Beardslee.

Shippers need to evaluate options and model changes across modes of transportation, considering interruptions, delays, and significant price increases. Both manufacturers and retailers need to develop prioritization plans for customers, potentially with set limits per customer. Systems integration whenever possible (ERP, Transportation Management System (TMS), Warehouse Management System (WMS)), along with predictive analytics/scenario modeling, is ideal. “Finally, keep in mind that as some countries begin to scale up production and transportation, others may move into containment strategies to address an outbreak. This will require near-real-time visibility across modes and the flexibility to adjust everything from inventory quantities and locations to substitution whenever possible,” Beardslee advises.

For a clearer picture of the current and future ramifications of COVID-19 across technologies and industries, download the whitepaper Taking Stock of COVID-19: The Short- and Long-Term Ramifications on Technology and End Markets.

About ABI Research
ABI Research provides strategic guidance to visionaries, delivering actionable intelligence on the transformative technologies that are dramatically reshaping industries, economies, and workforces across the world. ABI Research’s global team of analysts publish groundbreaking studies often years ahead of other technology advisory firms, empowering our clients to stay ahead of their markets and their competitors. 

ABI Research提供开创性的研究和战略指导，帮助客户了解日新月异的技术。 自1990年以来，我们已与全球数百个领先的技术品牌，尖端公司，具有远见的政府机构以及创新的贸易团体建立了合作关系。 我们帮助客户创造真实的业务成果。 

For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.

Contact Info:                                                              

Global                                                             
 Deborah Petrara                                                           
Tel: +1.516.624.2558                                                    
pr@abiresearch.com      

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