Technology
Converge Reports Record Q4 and FY 2023 Results
Published
7 months agoon
By
Gross Sales1 Top $4.0 Billion in FY 2023;
Q4 Marks Consecutive Billion Dollar Quarter
TORONTO and GATINEAU, QC, March 6, 2024 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or “the Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to provide its financial results for the three months and fiscal year ended December 31, 2023. All figures are in Canadian dollars unless otherwise stated.
Fourth Quarter 2023 Highlights (year-over-year, unless otherwise noted):
Gross sales1 of $1.08 billion, an increase of $121.9 million or 12.7%;Gross sales organic growth1 of 10.9% and gross profit organic growth1 of 5.7%;Revenue of $651.1 million, an increase of $10.2 million;Gross profit increased 7.5% to $181.5 million representing a gross margin of 27.9%;Adjusted EBITDA1 increased 8.0% to $46.5 million;Net income of $4.8 million, an increase of $9.4 million;Cash from operating activities was $114.5 million, an increase of $84.1 million, compared to $30.4 million for the comparative period in the prior year;Reduced net debt1 by $52.0 million year-over-year and by $97.7 million compared to Q3, FY23 to $209.8 million, representing a Leverage Ratio1 of 1.23x as at December 31, 2023; andProduct backlog2 at the end of the fourth quarter 2023 was $412 million, a decrease of $67 million from the comparative period in the prior year.
Fiscal Year 2023 Highlights (year-over-year, unless otherwise noted):
Gross sales1 of $4.04 billion in the year, up from $3.09 billion, representing an increase of 30.6%;Gross sales organic growth1 of 10.9% and gross profit organic growth of 8.1%;Revenue of $2.71 billion, up from $2.16 billion, representing an increase of 25.0%;Gross profit of $702.9 million, an increase of 27.6% from $550.8 million for the comparative period in the prior yearAdjusted EBITDA1 of $170.3 million, up $27.4 million or 19.2% year over year;Cash from operating activities amounted to $229.5 million, an increase of $188.0 million; andRepurchased 5.3 million shares for an aggregate investment of $17.3 million.
“We are entering 2024 with significant pipeline momentum, propelled by demand for legacy modernizations, for advanced customer-centric solutions, and by the massive surge of interest in artificial intelligence (AI) solutions,” said Shaun Maine, Group CEO. “We are extremely well positioned – strategically, operationally and financially – to capitalize on this tailwind to drive industry-leading growth and to continue improving our margin profile, our visibility and by leveraging our cash generating abilities for the benefit of our shareholders.”
________________________________
1 This is a Non-IFRS measure (including non-IFRS ratio) and not a recognized, defined or a standardized measure under IFRS. See the “Non-IFRS Financial Measures” section of this press release for definitions, uses and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures.
2 Bookings backlog is calculated as purchase orders received from customers not yet delivered at the end of the fiscal period for Canada and United States.
Financial Summary
In $000s except per share amounts
Q4 2023
Q4 2022
FY 2023
FY 2022
Gross Sales
1,078,663
956,803
4,037,901
3,090,981
Revenue
651,090
640,927
2,705,207
2,164,647
Gross profit (GP)
181,529
168,916
702,880
550,768
Gross profit (GP) %
27.9 %
26.4 %
26.0 %
25.4 %
Adjusted EBITDA
46,505
43,064
170,294
142,868
Subsequent to Quarter-End
On March 5, 2024, the Board declared a quarterly dividend of $0.01 per common share to be paid on March 26, 2024 to shareholders of record at the close of business on March 12, 2024.
Financial Outlook
Converge is providing the following guidance for the three months ended March 31, 2024 (Q1 2024) and fiscal 2024 (Fiscal 2024) as follows:
Q1 2024 Expected
FY 2024 Expected
Gross profit
$170 million – $178 million
$735 million – $760 million
Adjusted EBITDA
$40 million – $44 million
$185 million – $198 million
Conference Call Details:
Date: Wednesday, March 6th, 2024
Time: 8:00 AM Eastern Standard Time
Participant Webcast Link:
Webcast Link – https://app.webinar.net/qvbWB9Znmdx
Participant Dial-in Details with Operator Assistance:
Conference ID: 48044078
Toronto: 416-764-8609
North American Toll Free: 888-390-0605
International Toll-Free Numbers:
Germany: 08007240293
Ireland: 1800939111
Spain: 900834776
Switzerland: 0800312635
United Kingdom: 08006522435
You may register and enter your phone number to receive an instant automated call back via https://emportal.ink/4bgx1AU
Recording Playback:
Webcast Link – https://app.webinar.net/qvbWB9Znmdx
Toronto: 416-764-8677
North American Toll Free: 1-888-390-0541
Replay Code: 044078 #
Expiry Date: March 13th, 2024
Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be required to access the webcast. A live audio webcast accompanied by presentation slides and archive of the conference call and webcast will be available by visiting the Company’s website at https://convergetp.com/investor-relations/.
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Summary of Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars)
December 31, 2023
December 31, 2022
Assets
Current
Cash
$
169,872
159,890
Restricted cash
547
5,230
Trade and other receivables
814,231
781,683
Inventories
73,166
158,430
Prepaid expenses and other assets
26,528
23,046
1,084,344
1,128,279
Non-current
Other assets
53,579
4,646
Property, equipment, and right-of-use assets, net
75,488
88,352
Intangible assets, net
375,181
463,751
Goodwill
564,770
563,848
Total assets
$
2,153,362
2,248,876
Liabilities
Current
Trade and other payables
$
913,994
824,924
Other financial liabilities
54,095
123,932
Deferred revenue
59,325
60,210
Borrowings
1,664
421,728
Income taxes payable
9,286
7,112
1,038,364
1,437,906
Non-current
Other financial liabilities
57,668
77,183
Borrowings
378,007
–
Deferred tax liabilities
67,168
102,977
Total liabilities
$
1,541,207
1,618,066
Shareholders’ equity
Common shares
599,434
595,019
Contributed surplus
10,970
7,919
Exchange rights
–
1,705
Accumulated other comprehensive income
3,963
13,708
Deficit
(28,167)
(18,441)
Total equity attributable to shareholders of Converge
586,200
599,910
Non-controlling interest
25,955
30,900
612,155
630,810
Total liabilities and shareholders’ equity
$
2,153,362
2,248,876
Summary of Consolidated Statements of Loss and Comprehensive Loss
(expressed in thousands of Canadian dollars)
Three months ended
December 31,
Twelve months ended
December 31,
2023
2022
2023
2022
Revenue
Product
$
490,948
507,630
2,098,880
1,700,667
Service
160,142
133,297
606,327
463,980
Total revenue
651,090
640,927
2,705,207
2,164,647
Cost of sales
469,561
472,011
2,002,327
1,613,879
Gross profit
181,529
168,916
702,880
550,768
Selling, general and administrative expenses
137,451
126,377
541,118
413,644
Income before the following
44,078
42,539
161,762
137,124
Depreciation and amortization
29,212
20,363
111,451
75,114
Finance expense, net
10,355
9,062
41,225
19,860
Acquisition, integration, restructuring and other
2,679
4,621
13,648
24,113
Change in fair value of contingent consideration
5,464
14,033
14,673
14,033
Share-based compensation expense
954
1,422
3,692
5,594
Other (income) expense, net
(132)
2,057
(4,362)
(20,375)
(Loss) Income before income taxes
(4,454)
(9,019)
(18,565)
18,785
Income tax recovery
(9,235)
(4,363)
(12,172)
(4,059)
Net (loss) income
$
4,781
(4,656)
(6,393)
22,844
Net (loss) income attributable to:
Shareholders of Converge
5,861
(3,528)
(1,448)
27,283
Non-controlling interest
(1,080)
(1,128)
(4,945)
(4,439)
$
4,781
(4,656)
(6,393)
22,844
Other comprehensive (loss) income
Exchange gain (loss) on translation of foreign operations
916
14,238
(9,745)
13,379
Comprehensive (loss) income
$
5,697
9,582
(16,138)
36,223
Comprehensive (loss) income attributable to:
Shareholders of Converge
6,777
10,710
(11,193)
40,662
Non-controlling interest
(1,080)
(1,128)
(4,945)
(4,439)
5,697
9,582
(16,138)
36,223
Adjusted EBITDA
$
46,505
43,064
170,294
142,868
Adjusted EBITDA as a % of Gross profit
25.6 %
25.5 %
24.2 %
25.9 %
Adjusted EBITDA as a % of Revenue
7.1 %
6.7 %
6.3 %
6.6 %
Summary of Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
For the three months
ended December 31,
For the twelve months
ended December 31,
2023
2022
2023
2022
Cash flows (used in) from operating activities
Net (loss) income
$
4,781
$
(4,656)
$
(6,393)
$
22,844
Adjustments to reconcile net (loss) income to cash
from operating activities
Depreciation and amortization
31,639
21,994
119,983
80,065
Unrealized foreign exchange (gains) losses
(4)
951
(2,822)
(19,581)
Share-based compensation expense
954
1,422
3,692
5,594
Finance expense, net
10,355
9,062
41,225
19,860
Loss (gain) on sale of property and equipment
335
–
(263)
–
Change in fair value of contingent consideration
5,464
14,033
14,673
14,033
Income tax recovery
(9,235)
(4,363)
(12,172)
(4,059)
44,289
38,443
157,923
118,756
Changes in non-cash working capital
71,888
(6,268)
90,746
(56,463)
116,177
32,175
248,669
62,293
Income taxes paid
(1,696)
(1,780)
(19,129)
(20,707)
Cash from operating activities
114,481
30,395
229,540
41,586
Cash flows used in investing activities
Purchase of property, equipment and intangible assets
(2,038)
(5,131)
(10,828)
(23,942)
Proceeds on disposal of property and equipment
7
475
3,756
299
Payment of deferred and contingent consideration
(1,238)
(4,521)
(65,887)
(21,636)
Payment of non-controlling interest liability
–
–
(30,967)
–
Business combinations, net of cash acquired
–
(64,466)
–
(418,147)
Cash used in investing activities
(3,269)
(73,643)
(103,926)
(463,426)
Cash flows (used in) from financing activities
Transfers from (to) restricted cash
2,615
(39)
4,683
(4,411)
Interest paid
(7,938)
(6,022)
(33,724)
(10,309)
Dividends paid
(2,042)
4
(6,156)
(1,084)
Payment of lease liabilities
(5,427)
(3,796)
(20,626)
(12,290)
Repurchase of common shares
(2,094)
(9,461)
(17,388)
(40,000)
Repayment of notes payable
(40)
(40)
(159)
(236)
Net (repayment of) proceeds from borrowings
(29,882)
46,734
(40,475)
404,640
Cash (used in) from financing activities
(44,808)
27,380
(113,845)
336,310
Net change in cash during the period
66,404
(15,868)
11,769
(85,530)
Effect of foreign exchange on cash
(1,753)
3,529
(1,787)
(2,773)
Cash, beginning of the period
105,221
172,229
159,890
248,193
Cash, end of the period
$
169,872
$
159,890
$
169,872
$
159,890
Non-IFRS Financial Measures
This press release refers to certain performance indicators including Adjusted EBITDA, gross profit, gross sales, gross sales organic growth and net debt, that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management believes that these measures are useful to most shareholders, creditors, and other stakeholders in analyzing the Company’s operating results and can highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.
Management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the ability to meet capital expenditure and working capital requirements. These non-IFRS financial measures should not be considered as an alternative to the consolidated income (loss) or any other measure of performance under IFRS. Investors are encouraged to review the Company’s financial statements and disclosures in their entirety, are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures.
Please see “Non-IFRS Financial & Supplementary Financial Measures” and “Summary of Consolidated Financial Results” in the Company’s most recent Management’s Discussion and Analysis, which is available on the Company’s profile on SEDAR+ at www.sedarplus.ca, for further details on certain non-IFRS measures, which information is incorporated by reference herein.
Adjusted EBITDA
Adjusted EBITDA represents net income adjusted to exclude amortization, depreciation, interest expense and net finance expense, foreign exchange gains and losses, other expenses and income, share-based compensation expense, income tax expense, change in fair value of contingent consideration, and acquisition, integration, restructuring and other expenses. Acquisition and transaction related costs primarily consists of acquisition-related compensation tied to continued employment of pre-existing shareholders of the acquiree not included in the total purchase consideration and professional fees. Integration costs primarily consist of professional fees incurred related to integration of acquisitions completed. Restructuring costs mainly represent employee exit costs as a result of synergies created from acquisitions and organizational changes. The IFRS measure most directly comparable to Adjusted EBITDA presented in the Company’s financial statements is net (loss) income before taxes.
The Company’s definition of Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS.
The Company has reconciled Adjusted EBITDA to the most comparable IFRS financial measure as follows:
For the three months
ended December 31,
For the twelve months
ended December 31,
2023
2022
2023
2022
Net (loss) income before taxes
$
(4,454)
(9,019)
(18,565)
18,785
Finance expense, net
10,355
9,062
41,225
19,860
Share-based compensation expense
954
1,422
3,692
5,594
Depreciation and amortization
29,212
20,363
111,451
75,114
Depreciation included in cost of sales
2,427
1,631
8,532
4,950
Other (income) expense
(132)
951
(4,362)
(19,581)
Change in fair value of contingent
consideration
5,464
14,033
14,673
14,033
Acquisition, integration, restructuring and
other
2,679
4,621
13,648
24,113
Adjusted EBITDA
$
46,505
43,064
170,294
142,868
Adjusted EBITDA as a % of Gross Profit1
The Company believes that Adjusted EBITDA as a % of gross profit is a useful measure of the Company’s operating efficiency and profitability. This is calculated by dividing Adjusted EBITDA by gross profit.
Adjusted EBITDA as a % of Revenue1
The Company believes that Adjusted EBITDA as a % of Revenue is a useful measure of the Company’s operating efficiency and profitability. This is calculated by dividing Adjusted EBITDA by revenue.
Adjusted Net Income (Loss) and Adjusted Earnings per Share (“Adjusted EPS”) 1
Adjusted Net Income represents net income adjusted to exclude acquisition, integration, restructuring and other expenses, change in fair value of contingent consideration, amortization of acquired intangible assets, unrealized foreign exchange gain/loss, and share-based compensation. The Company believes that Adjusted Net Income is a more useful measure than net income as it excludes the impact of one-time, non-cash and/or non-recurring items that are not reflective of Converge’s underlying business performance. Adjusted EPS is calculated by dividing Adjusted Net Income by the total weighted average shares outstanding on a basic and diluted basis. The IFRS measure most directly comparable to Adjusted Net Income presented in the Company’s financial statements is net (loss) income and net (loss) income per share.
Leverage Ratio
The Company defines leverage ratio as net debt (current and non-current borrowings less cash) divided by trailing twelve months Adjusted EBITDA.
The Company has provided a reconciliation to the most comparable IFRS financial measure as follows:
For the three months
For the twelve months
ended December 31,
ended December 31,
2023
2022
2023
2022
Net income (loss)
$ 4,781
(4,656)
(6,393)
22,844
Acquisition, integration, restructuring and other
2,679
4,621
13,648
24,113
Change in fair value of contingent
consideration
5,464
14,033
14,673
14,033
Amortization on intangibles
24,468
16,502
87,259
59,549
Foreign exchange (loss) gain
(132)
951
(4,480)
(19,581)
Share-based compensation
954
1,422
3,692
5,594
Adjusted Net Income
$ 38,214
32,873
108,399
106,552
Adjusted EPS -Basic
0.19
0.16
0.53
0.50
Gross sales and gross sales for organic growth
Gross sales, which is a non-IFRS measurement, reflects the gross amount billed to customers, adjusted for amounts deferred or accrued. The Company believes gross sales is a useful alternative financial metric to net revenue, the IFRS measure, as it better reflects volume fluctuations as compared to net revenue. Under the applicable IFRS 15 ‘principal vs agent’ guidance, the principal records revenue on a gross basis and the agent records commission on a net basis. In transactions where Converge is acting as an agent between the customer and the vendor, net revenue is calculated by reducing gross sales by the cost of sale amount.
The Company has provided a reconciliation of gross sales to net revenue, which is the most comparable IFRS financial measure, as follows:
For the three months
For the twelve months
ended December 31,
ended December 31,
2023
2022
2023
2022
Product
$ 719,974
$ 638,261
$ 2,747,359
$ 2,057,477
Managed services
40,966
36,244
165,512
138,176
Third party and professional services
317,723
282,298
1,125,030
895,328
Gross sales
$ 1,078,663
$ 956,803
$ 4,037,901
$ 3,090,981
Less: adjustment for sales transacted
as agent
427,573
315,876
1,332,694
926,334
Revenue
$ 651,090
$ 640,927
$ 2,705,207
$ 2,164,647
Organic Growth
The Company measures organic growth at the gross sales and gross profit levels, and includes the contributions under Converge ownership in the current and comparative period(s). In calculating organic growth, the Company therefore deducts gross sales and gross profit generated from all corresponding prior comparable pre-acquisition period(s) from the current reporting period(s) included in the consolidated results.
Gross sales organic growth is calculated by deducting prior period gross sales, from current period gross sales for the same portfolio of companies. Gross sales organic growth percentage is calculated by dividing organic growth by prior period reported gross sales.
The following table calculates gross sales organic growth for three and twelve months ended December 31, 2023:
For the three months
For the twelve months
ended December 31,
ended December 31,
2023
2022
2023
2022
Gross sales
1,078,663
956,803
4,037,901
3,090,981
Less: gross sales from companies not
owned in comparative period
17,286
310,996
611,045
945,777
Gross sales of companies owned in
comparative period
1,061,377
645,807
3,426,856
2,145,204
Prior period gross sales
956,803
642,151
3,090,981
1,974,790
Organic Growth – $
104,574
3,656
335,875
170,414
Organic Growth – %
10.9 %
0.6 %
10.9 %
8.6 %
Gross profit organic growth is calculated by deducting prior period gross profit, as reported in the Companies public filings, from current period gross profit for the same portfolio of companies. Gross profit organic growth percentage is calculated by dividing organic growth by prior period reported gross profit.
For the three months
For the twelve months
ended December 31,
ended December 31,
2023
2022
2023
2022
Gross profit
181,529
168,916
702,880
550,768
Less: gross profit from companies not
owned in comparative period
3,032
51,286
107,295
168,828
Gross profit of companies owned in
comparative period
178,497
117,630
595,585
381,940
Prior period gross profit
168,916
115,893
550,767
345,704
Organic Growth – $
9,581
1,737
44,818
36,236
Organic Growth – %
5.7 %
1.5 %
8.1 %
10.5 %
Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Specifically, statements regarding Converge’s forecast on gross profit and Adjusted EBITDA, expectations of future results, performance, prospects, the markets in which it operates, or about any future intention with regard to its business and acquisition strategies are considered forward-looking information. The foregoing demonstrates Converge’s objectives, which are not forecasts or estimates of its financial position, but are based on the implementation of its strategic goals, growth prospects, and growth initiatives. The forward-looking information, including management’s assessments of, and outlook for, gross profit and Adjusted EBITDA, are based on management’s opinions, estimates and assumptions, including, but not limited to: (i) Converge’s results of operations will continue as expected, (ii) the Company will continue to effectively execute against its key strategic growth priorities, (iii) the Company will continue to retain and grow its existing customer base and market share, (iv) the Company will be able to take advantage of future prospects and opportunities, and realize on synergies, including with respect of acquisitions, (v) there will be no changes in legislative or regulatory matters that negatively impact the Company’s business, (vi) current tax laws will remain in effect and will not be materially changed, (vii) economic conditions will remain relatively stable throughout the period, (vii) the industries Converge operates in will continue to grow consistent with past experience, and (ix) those assumptions described under the heading “About Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the three and twelve-months ended December 31, 2023. While these opinions, estimates and assumptions are considered by the Company to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.
The forward looking information, including the achievement of target gross profit and Adjusted EBITDA set out above, are subject to significant risks including, without limitation: that the Company will be unable to effectively execute against its key strategic growth priorities, including in respect of acquisitions; the Company will be unable to continue to retain and grow its existing customer base and market share; risks related to the Company’s business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks related to economic and political uncertainty; income tax related risks; and those risk factors discussed in greater detail under the “Risk Factors” section of the Company’s most recent annual information form and under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis, which are each available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.
Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the company’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
CONTACT: Investor Relations, Email: investors@convergetp.com, Phone: 416-360-1495
View original content:https://www.prnewswire.co.uk/news-releases/converge-reports-record-q4-and-fy-2023-results-302081259.html
You may like
Technology
The Battery Show Asia 2025: Uniting Global Innovators in Hong Kong
Published
5 mins agoon
September 20, 2024By
July 15-17, 2025 | AsiaWorld-Expo, Hong Kong
HONG KONG, Sept. 20, 2024 /PRNewswire/ — The Battery Show, organized by Informa Markets, is a globally recognized platform for cutting-edge battery technology, energy storage solutions and electric/hybrid vehicle (EV/HV) innovations. It is expanding its reach with the inaugural The Battery Show Asia 2025, which will take place from July 15-17, 2025, at AsiaWorld-Expo in Hong Kong. This landmark event builds on the long-lasting success of The Battery Show in North America and Europe, highlighting the strategic importance of the Asian in the fast-evolving advanced battery, energy storage and e-mobility sectors.
Over three days, The Battery Show Asia 2025 will feature 350+ exhibitors, attract over 15,000 industry professionals, and host 150+ expert speakers. The event will be a pivotal meeting ground for innovators, engineers, manufacturers, and thought leaders from Asia and around the world, offering a unique platform for collaboration, knowledge sharing, and business development in this dynamic industry.
Hong Kong, strategically located within the Greater Bay Area (GBA), is an ideal venue for this prestigious event. With its world-class connectivity and business-friendly environment, Hong Kong offers unparalleled access to the vibrant and diverse markets of China and the broader Asia-Pacific region, making it the perfect location for industry professionals looking to expand their global business footprint, either into Asia or from Asia to the rest of world.
The Battery Show Asia 2025 will feature a comprehensive exhibition showcasing the latest advancements in battery technology, energy storage solutions, and EV/HV innovations. Complementing the exhibition will be a cutting-edge conference program addressing critical topics such as policy and regulation, advanced technology, hydrogen energy, emerging applications, and investment trends. The show will be co-located with Mobility Tech Asia and Data Center Asia, further enhancing its appeal and reach across interconnected sectors.
Attendees will have exclusive opportunities to engage with leading battery and component manufacturers, EV/HV producers, renewable energy experts, and influential decision-makers from across the globe. With a strong international presence, the event promises to foster meaningful connections and strategic partnerships, particularly for those looking to engage with China’s rapidly advancing technology sector.
A series of exclusive networking events, including VIP receptions, an all-day Open Tech Forum, and the premium TBSA/MTA 2025 Conference, will offer additional opportunities for deep engagement and collaboration. Whether you’re showcasing innovations, exploring market insights, or expanding your professional network, The Battery Show Asia 2025 is the essential event to drive your business forward.
Contact:
For more information or partnership and sales inquiries, please contact:
info@thebatteryshow.asia
About Informa Markets:
Informa Markets creates platforms for industries and specialist markets to trade, innovate, and grow. Through our comprehensive portfolio of exhibitions, digital content, and services, we enable customers and partners to connect, discover new opportunities, and drive industry progress.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/the-battery-show-asia-2025-uniting-global-innovators-in-hong-kong-302254003.html
SOURCE Informa Markets Asia-The Battery Show Asia & Mobility Tech Asia
Technology
Valmet to supply a new BCTMP line and an evaporator line to JK Paper Limited in India
Published
5 mins agoon
September 20, 2024By
Valmet Oyj press release, September 20, 2024, at 9:30 a.m. EEST
ESPOO, Finland, Sept. 20, 2024 /PRNewswire/ — Valmet is to supply a new bleached chemi-thermomechanical pulp (BCTMP) line and a related evaporator line to JK Paper Limited’s Fort Songadh mill in India. The new BCTMP line will manufacture high-quality BCTMP pulp for lightweight coated board production. The start-up is scheduled for the end of 2025.
The order was included in Valmet’s orders received of the second quarter 2024. The value of the order will not be disclosed.
“The new BCTMP and evaporator line will play a crucial role in our production process, enabling us to meet increasing market demands while adhering to the highest quality and environmental responsibility standards. Valmet’s unique high-temperature (HT) BCTMP technology will allow us to achieve superior pulp quality and energy efficiency, ensuring that we remain competitive in the global marketplace,” says A.S. Mehta, President, JK Paper Limited.
“The BCTMP order from JK Paper marks a significant continuation of our cooperation. We are privileged that Valmet has been chosen to contribute to their ongoing success. Our advanced HT-BCTMP and evaporator line technologies will enhance their production capabilities and support their efforts to minimize environmental impact through energy-efficient and resource-saving solutions,” says Fredrik Willgottson, Vice President, Pulp & Energy, Asia Pacific, Valmet.
Technical details about the delivery
The 400 ADMT/d BCTMP line is based on Valmet’s HT-BCTMP technology for optimized impregnation, producing pulp with high bulk and low shive content at minimum energy consumption. The line will include all main process technology for chip washing, pre-steaming, PREX impregnation, HC refining, MC bleaching, HC bleaching, LC refining, screening, reject refining, steam separation, heat recovery, and pulp washing.
The delivery includes a Mechanical Vapor Recompression (MVR) tube evaporator plant for handling the BCTMP plant liquor. It covers MVR evaporator effects, a tube concentrator, and a condensate treatment plant. The evaporator line includes Valmet’s patented Internal Condensate Treatment for producing cleaner condensate for recycling in the mill. The new line will have a design capacity of 180 tons of water per hour.
Information about JK Paper Limited
JK Paper Limited, an integrated pulp and paper plant, was established in 1962. The company is a leading Indian producer of office papers, coated papers, writing and printing papers, and high-end packaging boards. The company has three integrated Pulp and Paper Mills: Unit JKPM at Rayagada (Odisha), Unit CPM at Songadh (Gujarat), and Unit SPM at Kagaznagar, Telangana. The company’s installed capacity is around 800,000 tonnes per annum.
VALMET
Corporate Communications
For further information, please contact:
Pawan Kumar Agarwal, Director, India Region, Asia Pacific, Valmet, tel. +91 96540 69641
Fredrik Willgottson, Vice President, Pulp and Energy, Asia Pacific, Valmet, tel. +66 61384 7911
Valmet has a global customer base across various process industries. We are a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries, and with our automation and flow control solutions we serve an even wider base of process industries. Our more than 19,000 professionals around the world work close to our customers and are committed to moving our customers’ performance forward – every day.
The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. Valmet’s net sales in 2023 were approximately EUR 5.5 billion.
Valmet’s shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
Follow us on valmet.com | X | X (IR) | LinkedIn | Facebook | YouTube | Instagram |
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://news.cision.com/valmet-oyj/i/1200×630-jk-paper-limited,c3335572
1200×630 JK Paper Limited
https://news.cision.com/valmet-oyj/i/hires-jk-paper-limited,c3335573
hires JK Paper Limited
View original content:https://www.prnewswire.co.uk/news-releases/valmet-to-supply-a-new-bctmp-line-and-an-evaporator-line-to-jk-paper-limited-in-india-302254006.html
Technology
The Second “FROM ZIQUEJIE TERRACES TO THE WORLD” Global Farming Culture Exchange and Mutual Learning Conference Held
Published
5 mins agoon
September 20, 2024By
LOUDI, China, Sept. 20, 2024 /PRNewswire/ — On September 12, the opening ceremony and keynote speeches of the Second “FROM ZIQUEJIE TERRACES TO THE WORLD” Global Farming Culture Exchange and Mutual Learning Conference were presented in Xinhua County, Loudi City, Hunan Province. Over 200 guests, including representatives from international organizations such as the International Union for Conservation of Nature (IUCN), the Food and Agriculture Organization of the United Nations (FAO), diplomats from terrace-cultivating countries like France and Peru, and domestic and international experts from the agriculture, culture, and tourism sectors, gathered to discuss key issues including the protection of global agricultural cultural heritage and the development of the green agricultural economy. Together, they explored ways to preserve and promote farming culture, showcasing Hunan’s unique approach to agricultural heritage protection and innovation, while contributing China’s solutions for the safeguarding of global agricultural cultural heritage.
During the opening ceremony, the Consensus on the Integrated Development of Terraces in Agriculture, Culture, and Tourism was released. The document promotes the understanding of the value of terraces, the protection of terrace ecosystems, the preservation of farming culture, the active promotion of agriculture, culture, and tourism integration, enhanced international exchange and cooperation, and the innovation of development models. The aim is to promote the effective protection and sustainable development of terraces globally, deepen the integration of agriculture, culture, and tourism, build distinctive terrace-based industrial chains, enhance the overall competitiveness of terrace regions, and achieve ecological, economic, and social benefits for all.
Terraced fields exemplify the harmonious coexistence of human ingenuity and nature. They carry rich agricultural traditions and historical memories, and their value in preserving biodiversity, ensuring food security, and promoting regional economic development is immeasurable. The Ziquejie Terraces, recognized as both a Globally Important Agricultural Heritage System and a World Heritage Irrigation Structure, are the product of the collective labor of the Miao, Yao, Dong, Han, and other ethnic groups throughout history. These terraces are a historical testament to the merging of mountain hunting cultures with rice farming cultures.
Looking ahead, Loudi City will further strengthen the protection of agricultural cultural heritage, promote cultural inheritance, and foster the integration of agriculture, culture, and tourism. Through these efforts, it aims to provide concrete examples of “authentic protection, living use, and industrial integration” for the world.
Photo – https://mma.prnewswire.com/media/2510688/FROM_ZIQUEJIE_TERRACES_TO_THE_WORLD.jpg
View original content:https://www.prnewswire.co.uk/news-releases/the-second-from-ziquejie-terraces-to-the-world-global-farming-culture-exchange-and-mutual-learning-conference-held-302254010.html
The Battery Show Asia 2025: Uniting Global Innovators in Hong Kong
Valmet to supply a new BCTMP line and an evaporator line to JK Paper Limited in India
HUAWEI Innovative Product Launch Unveils Next-Gen Wearables Experience and Seamless Productivity with Tablets
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology4 days ago
GSMA MWC Kigali 2024 to explore role of connectivity in driving socio-economic growth across Africa
-
Technology5 days ago
Canada Invests in Net Zero Atlantic to Create Jobs and Support Clean Energy for Atlantic Canadians
-
Coin Market4 days ago
Reddit user claims ChatGPT initiated a conversation from previous info
-
Coin Market5 days ago
Circle predicts stablecoins will become mainstream global payment method
-
Technology5 days ago
Platform Science to Acquire Trimble’s Global Transportation Telematics Business Units to Drive the Future of Transportation In-Cab Technology
-
Coin Market5 days ago
Former President Trump safe following gunshots in close proximity
-
Technology4 days ago
Delectrik Launches Multi-MWh scale Flow Battery Solution for Large C&I and Utility Scale Applications
-
Technology5 days ago
Apple’s Iconic Timeline Comes to Life in Stunning Motion Graphics by WideView