Month: April 2021

OTTAWA, ON, April 30, 2021 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) is pleased to announce its financial results for 2020 that provide insight into our activities, the markets influencing our businesses and our expectations for the next 12 months.

“In 2020, employees of the Royal Canadian Mint demonstrated their ability to innovate and deliver great products in a very challenging operating environment” said Marie Lemay, President and CEO of the Royal Canadian Mint. “Their hard work contributed to the Mint’s success. Employees pivoted quickly in the face of disruption allowing the Mint to generate strong profits.”

“The Mint continues to respond to the unprecedented situation with COVID-19 in a proactive way that prioritizes the health and safety of our employees. We have adapted our production to be able to continue delivering critical services in support of the essential mining and financial sectors, while adhering to strict new protocols to ensure our work environment is a safe one.”

“One very special initiative in 2020 was our Recognition Medal, created to recognize frontline workers while raising money for the Breakfast Club of Canada’s COVID-19 Emergency Fund. Employees donated their time to this project and thanks to their generosity and the contrinutions of thousands of Canadians, the Mint was able to make a $400,000 donation to the Breakfast Club in 2020.”

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca. All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

• The Mint increased its revenue by 74% in 2020 as a result of exceptionally strong global market demand for bullion while consolidated profit before income tax and other items was $27.5 million for the year (2019 – $42.3 million). Higher bullion volumes sold in 2020 increased the Mint’s revenue and cost of sales proportionately; however, the Mint’s profit margin was impacted in 2020 by lower revenue from its other businesses, without a corresponding decrease in costs. In particular, the Mint continued to pay its employees and did not reduce any fixed costs during the periods of suspended or modified production as a result of the pandemic impacting the Mint’s profit margin in 2020 by approximately $6 million.
• Consolidated revenue increased to $2,527.6 million in 2020 (2019 – $1,453.4 million).
  • Gold bullion volumes increased more than 100% year over year and were 982.8 thousand ounces (2019 – 483.0 thousand ounces) while silver bullion volumes were 29.5 million ounces (2019 – 22.8 million ounces).
  • Sales of numismatic products decreased to $91.9 million in 2020 (2019 – $116.8 million) due mainly to the temporary suspension of numismatic product production as a result of COVID-19 in 2020.
  • Revenue from the Foreign Circulation business decreased 2% to $64.2 million (2019 – $65.4 million) with production and/or shipments of 838 million coins in 2020 and blanks compared to 1,308 million coins and blanks in 2019.
  • Canadian circulation coins produced and sold to the Department of Finance for inventory were 229 million pieces in 2020 (2019 – 385 million pieces) while coins sold to financial institutions to meet demand decreased 8% year over year.
• Operating expenses, overall, increased 4% year over year to $98.5 million (2019 – $94.5 million) as the Mint focused on enhanced organizational resiliency in 2020 and the development of its updated long-term strategic vision and the strategy for the Mint’s future business transformation.
• Cash and cash equivalents increased to $67.3 million (December 31, 2019 – $65.5 million) after the Mint declared and paid a $20 million dividend to its Shareholder, the Government of Canada, in 2020. Cash and cash equivalents remain at the level required to support the Mint’s operations.

As part of its business continuity plan, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects COVID-19 to continue to affect its performance in 2021.

To read more of the Mint’s annual report for 2020, please visit www.mint.ca.

About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high-quality coinage products and related services on an international scale. For more information on the Mint, its products and services, visit www.mint.ca.  Follow the Mint on Twitter, Facebook and Instagram.

FORWARD LOOKING STATEMENTS

This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities.  Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysit in the Mint’s 2020 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2020. The forward-looking statements included in this Earnings Release are made only as of April 30, 2021, and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.

Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, reeves@mint.ca

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ZHUHAI, China, April 30, 2021 /PRNewswire/ — Gree Electric Appliances, Inc. of Zhuhai (Gree) (000651.SZ), a world-leading air conditioner and home appliances manufacturer, was named as the grand winner of the 2021 Global Cooling Prize for its innovative “Zero Carbon Source” cooling technology.

“Gree is a diversified technological global industrial group that has expanded its business to household consumer goods and industrial equipment and it insists on continuous innovation and R&D to improve people’s lives. The climate-friendly air conditioning technology awarded the Grand Winner at the Global Cooling Prize will reduce the carbon emission impact of existing air conditioners by 80 percent,” said Ms. Dong Mingzhu, Chairperson and President of Gree Electric Appliances.

The Global Cooling Prize was jointly launched in 2018 by Rocky Mountain Institute, Government of India and Mission Innovation, which is committed to developing breakthrough innovative cooling technologies that have five times (5X) less climate impact than standard air conditioning units available on the market today (including indirect carbon emissions generated by grid electricity and direct carbon emissions corresponding to the greenhouse effect of refrigerants), so as to solve the threat to climate caused by the ever-increasing demands for residential air conditioners .

Gree’s innovative “Zero Carbon Source” cooling technology integrates advanced vapor compression refrigeration, photovoltaic direct-driven, evaporative cooling, ventilation and more, which efficiently utilizes renewable energy sources and free cooling sources.

The climate impact of Gree’s new design with “Zero Carbon Source” cooling technology is less than one fifth of conventional air conditioners. Through innovation and intelligent design, Gree’s climate-friendly technology is a major breakthrough in the energy efficiency limitations of conventional air conditioners.

With rapidly growing populations and accelerated urbanization, it is estimated that by 2050, global demand for room air conditioners will increase from 1.2 billion units in 2016 to 4.5 billion units. When climate-friendly cooling solutions are effectively promoted and applied, 100 billion tons of carbon dioxide equivalent emissions can be avoided, helping the world to mitigate over 0.5°C of global warming by 2100 while improving the quality of life for people living in hot and humid climates.

About Gree

Founded in 1991, Gree is a diversified technological global industrial group that has expanded its business to household consumer goods and industrial equipment under three brand names: GREE, KINGHOME and TOSOT.

For more information visit http://global.gree.com/.

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SHANGHAI, April 30, 2021 /PRNewswire/ — Shanghai Electric (SEHK: 02727, SSE: 601727), the world’s leading manufacturer and supplier of power generation and industrial equipment, has released its 2020 Corporate Social Responsibility Report (“the Report”). The Report, the 12th CSR report and the 5th ESG report of Shanghai Electric, details the data disclosed from Shanghai Electric’s headquarters, internal institutions, branches, wholly-owned subsidiaries and holding companies.

The Report demonstrates the group’s commitment to corporate governance and product performance, with a focus on the MSCI Environmental, Social, and Corporate Governance (ESG) rating and the Hang Seng Corporate Sustainability Index. It highlights Shanghai Electric’s outstanding performance to date in smart energy, intelligent manufacturing and intelligent cities, as well as its journey to transform several major areas of its business using innovative intelligent technologies. The Report also outlines key efforts made by Shanghai Electric in the fight against COVID-19.

“2020 presented a complex landscape for development, particularly in light of the monumental impact of the pandemic. Faced with this challenging environment, Shanghai Electric has remained committed to our mission to champion green, smart, interconnected and comprehensive solutions. As one of the world’s leading power equipment manufacturing companies, we continue to seek new ways to fulfil our responsibility to our shareholders, customers, partners, employees, the environment and the broader community,” said Zheng Jianhua, Chairman of the Board and Chief Executive Officer of Shanghai Electric Group.

Corporate governance: A comprehensive ESG governance system that integrates sustainability into Shanghai Electric’s long-term strategic goals

Shanghai Electric has established a special ESG governance structure to ensure sustainable development is embedded into the group’s strategic layout. The top-down structure consists of the board of directors, ESG management committee including an ESG expert committee, and an ESG task force containing the board of directors and three sub-groups.

Product development: combining intelligence and innovation

Relying on its advantages in the equipment manufacturing industry, Shanghai Electric has strived to build an “industrial triangle ecosystem” comprised of smart equipment, the industrial Internet, and intelligent supply chains. Internally, the company has leveraged digital transformation to support the development of intelligent manufacturing, smart energy, and intelligent transportation; while its external empowerment programs support the development of a comprehensive and multi-dimensional smart city.

On the innovation front, Shanghai Electric shifted its focus towards high-tech industrialization and strategic emerging industries. The company continued to support technology research and product development in key areas, and actively explored and cultivated new industries and technologies. During the reporting period, Shanghai Electric had committed RMB 4.75 billion to R&D, which was an increase of 8.55% year-on-year and accounted for 3.47% of annual total operating income.

Environmental responsibility: conserving energy, enhancing efficiency, and reducing emissions

Over the years, Shanghai Electric has adhered to its belief that environmental conservation is pivotal to sustainable development, and the company has included environmental considerations at every link within its industrial chain. The Report demonstrates that Shanghai Electric is continually exploring eco-friendly operating models for green management, energy conservation, efficiency enhancement and emissions reduction.

The company has actively promoted the development of high-efficiency energy-saving projects, including: the Shanghai Electric Golmud Meiman Minhang 32MW/64MWh energy storage station; the world’s first 1000MW ultra-supercritical steam turbine, which saves over 200,000 tons of standard coal every year; and Unit 5 and 6 (2×1240MW) in the Guangdong Huaxia Yangxi Power Plant Phase II Project, of which Unit 5’s heat consumption has already been reduced by 1.65% underrated working conditions.

Shanghai Electric has also completed the application and registration of pollutant discharge permits for 107 companies, leveraged these permits to strengthen compliance, and partnered with government departments to implement green production audits for six enterprises. In 2020, the group conducted a thorough emissions investigation in 86 production enterprises, six industrial plants and five plots, from which a number of opportunities and guidelines for improvement were proposed.

Social responsibility: providing assistance during the COVID-19 pandemic

In the wake of the pandemic, a number of critical cases surfaced both outside and within Shanghai Electric — strengthening the company’s resolve to do its part in the battle against COVID-19.

In Pakistan where Shanghai Electric recently completed its Thar Coal Block-1 2x660MW Power Plant Project, the Thar Coal Block-1 Power Generation Company donated supplies to the Pakistani military on behalf of the Group. The company also donated 6 million rupees to the site of the project and dispatched additional staff to Pakistan to accelerate progress.

Shanghai Electric also spontaneously mobilized its party members and bodies to donate RMB 8.8 million to support the fight against the pandemic. Furthermore, the company shipped over 300 mask machines across the country, accelerated the development of automated mask production lines — of which more than 621 were dispatched nationwide — and donated more than 100,000 masks and personal protective equipment to overseas partners.

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GUANGZHOU, China, April 30, 2021 /PRNewswire/ — It has been an incredible year for GAC MOTOR, and a bright future lies ahead. On the wings of a successful year building international offices and making technological advances, the company has a full “To Do List” for its next brand development stage.