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☆ Former governor of the Bank of Finland discusses climate issues
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailClimate 'an issue of common concern' between countries, says former governor of the Bank of FinlandErkki Liikanen, chair of trustees at IFRS and former governor of the Bank of Finland, discusses climate issues and sustainability investing.

Persons: Bank of Finland Erkki Liikanen Organizations: Bank of Finland, IFRS

☆ Swiss Re targets higher 2024 net income of $3.6 bln
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann/File Photo Acquire Licensing RightsZURICH, Dec 1 (Reuters) - Swiss Re (SRENH.S) expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day. The world's second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023. The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024. "Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today."

Persons: Arnd, Christian Mumenthaler, John Revill, Rachel More Organizations: Swiss, REUTERS, Rights, IFRS, Thomson Locations: Zurich, Switzerland, Swiss

[1/2] A view of the Ubisoft Entertainment logo in Saint-Mande, near Paris, France, September 8, 2022. The maker of the blockbuster "Rainbow Six" franchise reported net bookings of 554.8 million euros ($584.09 million)for the three months to September 30, well above its target of 350 million euros. For the third quarter, the company expects net bookings of around 610 million euros. The group reported operating income of 16.1 million euros for the six months to end September, after a loss of 215.3 million euros in the same period last year. ($1 = 0.9498 euros)Reporting by Enrico Sciacovelli and Olivier Cherfan, editing Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Ubisoft, Yves Guillemot, Mirage, Enrico Sciacovelli, Olivier Cherfan, Jane Merriman Organizations: Ubisoft Entertainment, REUTERS, Ubisoft, Pandora, Rainbow Six Mobile, Thomson Locations: Saint, Paris, France

☆ Air France-KLM announces a 1.3 billion euros financing agreement with Apollo
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

A logo is seen on the facade of Air France-KLM building during the presentation of the group's annual results in Paris, France, February 17, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsOct 26 (Reuters) - Air France-KLM (AIRF.PA) announced on Thursday a new financing agreement between one of its affiliate and funds and entities managed by Apollo Global Management (APO.N) in a bid to strengthen its balance sheet. The 1.3 billion euros ($1.37 billion) financing will be accounted as quasi-equity under IFRS accounting standards, the airplane carrier said in a statement. Apollo has an option to increase the nominal amount to up to 1.5 billion euros, Air France-KLM said. For Air France-KLM, this is the second cash injection from Apollo after a $560 million agreement in July.

Persons: Benoit Tessier, Victor Goury, David Gregorio Our Organizations: Air France, KLM, REUTERS, Apollo Global Management, Group, Thomson Locations: Air, Paris, France

HONG KONG, Aug 31 (Reuters Breakingviews) - Prudential’s (PRU.L), new CEO has inherited an old problem. Wadhwani’s decision to lead the $35 billion company from Hong Kong underscores its focus. Its Hong Kong and London-listed stock trades at just over 13 times expected earnings for 2023, per Visible Alpha. Larger rival AIA, listed in Hong Kong, is valued at around 18 times. The group’s new business profit in the mainland slipped 16% to $171 million in the first half as Pru withdrew some products from the market.

Persons: Anil Wadhwani, Pru, Peter Thal Larsen, Thomas Shum Organizations: Reuters, AIA, HK, U.S ., Prudential, Investments, Thomson Locations: HONG KONG, U.S, Greater China, Hong Kong, London, China

For investors looking to weed out climate laggards from portfolios, these are vital questions but existing guidelines on emissions reporting and new rules due to come in for the United States and Europe are unlikely to provide hard answers. The United States is on track to announce similar rules this year and the corporate standard, first launched in 2001 and revised in 2004, is also embedded in other international emissions reporting standards. Nonetheless, many investors scrutinise carbon emissions data to gauge how polluting a company is, how it compares with rivals and how this might affect its bottom line and share price. Another area of investor concern is how companies account for their own energy use, or Scope 2 emissions. The GHGP allows companies to buy green energy to offset their emissions, using contractual instruments such as renewable energy certificates, and reflect this in their reporting.

Persons: Fabrizio Bensch, Vanessa Bingle, David Lubin, Subaru, SCA's Lubin, Laura Kane, Kane, Jimmy Jia, Jia, abrdn, Pedro Faria, Faria, Pankaj Bhatia, Douglas Gillison, Sumanta Sen, Dan Flynn, David Clarke Organizations: REUTERS, Toyota, Shell, Greenhouse, World Business, Sustainable Development, World Resources Institute, Reuters, Alpha Financial Markets Consulting, Analytics, Subaru, North, Voya Investment Management, Voya, EU, Sustainability, IFRS, Oxford Smith School of Enterprise, Reuters Graphics, U.S . Securities, Exchange, Thomson Locations: Berlin, Germany, United States, Europe, Japan, North America, U.S, Britain, British, EU

☆ Stock Exchange Regulators Back Global Climate-Reporting Rules
▼ + stars: | 2023-07-25 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +5 min

Regulators of the world’s top stock exchanges gave their backing to the international climate-reporting standards framework Tuesday, adding momentum to efforts to establish the rules as the global baseline. The International Organization of Securities Commissions, known as Iosco, endorsed the International Sustainability Standards Board’s recently published climate reporting standard. While some businesses may be waiting to see the completed SEC climate reporting rules, it hopes the advantages of using a single standard worldwide outweigh any disadvantages of being more demanding than the SEC’s coming climate reporting rules. PREVIEWIt is now up to individual countries and jurisdictions to decide if and when they adopt the ISSB standards. “This is a hugely significant step towards a global baseline of sustainability reporting.

Persons: —, Jean, Paul Servais, Benoit Doppagne, “ Iosco, ”, Larry Bradley, Iosco, PwC, KPMG’s Bradley, “, Rochelle Toplensky Organizations: International Organization of Securities Commissions, International, U.S . Commodity Futures Trading Commission, Securities, Exchange, Zuma, SEC, U.S, EU, KPMG, Sustainable Business, Rochelle Locations: Japan, China, Britain, U.S, Australia, Canada, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow

☆ Dassault Systemes' flagship platform sales slow, but targets confirmed
▼ + stars: | 2023-07-25 | by ( Victor Goury-Laffont | ) www.reuters.com time to read: +2 min

It confirmed its full-year and mid-term targets, saying it saw a renewed focus on investment in innovation from customers and pointing to a rebound in China. The group's shares slid as much as 6.7% however, putting them on track for their biggest one-day drop since April. JPMorgan said in a note that the overall picture looked "incrementally challenging" after important performance indicators, including for its flagship software platform 3DEXPERIENCE and clinical trial platform Medidata, slowed in the quarter. For the third quarter, Dassault Systemes expects revenue to reach between 1.4 billion and 1.42 billion euros, diluted earnings to come in between 0.26 and 0.27 euros per share, and an operating margin of between 30.2 and 30.5%. ($1 = 0.9034 euros)Reporting by Victor Goury-Laffont; Editing by Kirsti Knolle and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Victor Goury, Kirsti Knolle, Jan Harvey Organizations: Dassault, JPMorgan, Dassault Systemes, Thomson Locations: China

☆ SAP reports revenue growth of 5% in Q2, lowers cloud revenue forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - Business software maker SAP (SAPG.DE) reported second-quarter revenue growth of 5% on Thursday, in line with market expectations, boosted by its core cloud business. For the full year, it lowered its cloud revenue outlook to 14.0-14.2 billion euros ($15.59-$15.81 billion) from 14.0-14.4 billion, and slightly lifted its forecast for its non-IFRS operating profit to 8.65-8.95 billion euros from 8.6-8.9 billion. ($1 = 0.8980 euros)Reporting by Anna Mackenzie and Andrey Sychev, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Anna Mackenzie, Andrey Sychev, Kirsti Organizations: SAP, Thomson

☆ Aviva releases H1 2023 profit guidance, growth estimates
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 19 (Reuters) - Aviva (AV.L) said on Wednesday it expected to deliver around 700 million pounds ($907.20 million) in group operating profit in the first half of 2023, with full-year profit estimated to grow by 5-7% year-on-year. Aviva said the change principally reflected accounting changes to its annuities and protection businesses, with new business profit now being deferred over the lifetime of a contract. It added that the new accounting standards would have "no impact to strategy, capital generation, dividend guidance, or capital return outlook." "There is no impact on our dividend guidance for 2023 of around 915 million pounds, with low-to-mid single digit growth in the cash cost of the dividend thereafter," the company said. ($1 = 0.7716 pounds)Reporting By Sinead Cruise, Editing by Iain WithersOur Standards: The Thomson Reuters Trust Principles.

Persons: Sinead Cruise, Iain Withers Organizations: Aviva, IFRS, Thomson

LONDON, June 26 (Reuters) - Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing. The norms published on Monday have been written by the International Sustainability Standards Board (ISSB) as trillions of dollars flow into investments that tout their environmental, social and governance credentials. David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, said the new norms bring more rigour to sustainability reporting, more aligned with financial reporting. Under the ISSB rules, companies would need to disclosure material emissions, with checks by external auditors. The European Union finalises its own disclosure rules next month and it and the ISSB have sought to make each other's norms "interoperable" to avoid duplication for global companies.

Persons: Emmanuel Faber, Faber, Joanna Penn, Jean, Paul Servais, David Harris, Harris, haven't, Huw Jones, Alexander Smith, Robert Birsel Organizations: International Sustainability, Reuters, Force, London Stock Exchange Group, Union, Thomson Locations: Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya, South Africa

☆ Dassault Systemes targets doubling of earnings per share by 2028, announces new CEO
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +1 min

June 9 (Reuters) - French software provider Dassault Systemes (DAST.PA) on Friday forecast a doubling of its earnings per share (EPS) by 2028, and announced a new CEO. Dassault said it plans to reach non-IFRS EPS between 2.20 euros and 2.40 euros by 2028, roughly double the 1.13 euros it posted for the full year of 2022. Proponents say subscription models give companies a more predictable revenue stream, which helps planning and managing costs. "Dassault Systèmes will increase its addressable markets from €100 billion today to €1 trillion by 2040," the company said in a statement. Reporting by Olivier Sorgho and Augustin Turpin; Editing by Tom Hogue and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Pascal Daloz, Bernard Charlès, Olivier Sorgho, Augustin Turpin, Tom Hogue, Gerry Doyle Organizations: Dassault, Thomson

May 16 (Reuters) - French video game producer Ubisoft (UBIP.PA) posted the biggest operating loss in company's history on Tuesday but stuck to its guidance for the current financial year, citing a renewed focus on blockbuster titles. The maker of the hit "Rainbow Six" franchise posted a full-year non-IFRS operating loss of 500.2 million euros ($550.6 million), in line with a target announced in its January profit warning. The family-run firm has been dogged by game cancellations and delays in recent years, booking a writedown estimate of around 500 million euros in 2022 due to research and development expenses. The Paris-listed publisher confirmed its estimate for a full-year core profit of around 400 million euros, while forecasting first-quarter net bookings of around 240 million euros. ($1 = 0.9084 euros)Reporting by Victor Goury-Laffont and Enrico Sciacovelli; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ SAP raises 2025 outlook, launches 5 bln euro share buyback
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 16 (Reuters) - SAP (SAPG.DE) on Tuesday raised its 2025 total revenue outlook for continuing operations by around 4 billion euros ($4.40 billion) and announced a share buyback of up to 5 billion euros, boosted by strong demand for its cloud business. For 2025, the company now expects revenue of more than 37.5 billion euros with cloud revenue of more than 21.5 billion euros. It now sees non-IFRS operating profit of around 11.5 billion euros. "Our strong, resilient cloud growth drives accelerating total revenue and operating profit growth," Chief Executive Christian Klein said in a statement. Last month, SAP reported first-quarter revenue above analysts' expectations, backed by 24% growth in its cloud business revenue.

☆ BASF Uses Integrated Reporting to Focus Stakeholders on Sustainable Innovation
▼ + stars: | 2023-05-03 | by ( Julia Hood | ) www.businessinsider.com time to read: +7 min

Integrated reporting is growing more popular as stakeholders look to understand how companies are building sustainable growth. BASF produces an integrated report and is involved in the International Integrated Reporting Council. According to the IFRS Foundation, more than 2,500 companies worldwide have adopted integrated reporting. A major shift occurred with the launch of the International Integrated Reporting Council in 2010, and the framework it rolled out in 2013. An integrated report brings with it a higher threshold of measurement and accountability than a standalone sustainability report.

The logo of German software group SAP is pictured at the headquarters of SAP (Schweiz) AG in Regensdorf, Switzerland January 22, 2021. Revenue from SAP's lucrative cloud business grew 24% year-on-year, broadly in line with consensus. For the year, SAP expects non-IFRS operating profit in the range of 8.6-8.9 billion euros, 200 million euros less than before. Cloud revenue forecast is seen down by 1.3 billion euros to between 14 and 14.4 billion euros. "Underlying guidance is essentially unchanged, although updated to reflect the disposal of Qualtrics," Jefferies analysts wrote in a client note.

☆ SAP slightly lowers outlook after Qualtrics divestment
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Business software maker SAP (SAPG.DE) on Friday slightly lowered its outlook due to the divestment of its Qualtrics unit while reporting first-quarter revenue growth that beat expectations. SAP reported revenue growth of 10% in the first three months of 2023, to 7.44 billion euros ($8.15 billion), beating expectations of 7% in company-provided consensus. The tech giant now expects non-IFRS operating profit in the range of 8.6-8.9 billion euros, 200 million euros less than before. For cloud revenue, it now targets between 14 and 14.4 billion euros, down 1.3 billion euros from previous guidance. Additionally, the IFRS operating result was affected by restructuring costs associated with SAP's recent cost-cutting program.

☆ At Least 10,000 Foreign Companies to Be Hit by EU Sustainability Rules
▼ + stars: | 2023-04-05 | by ( Dieter Holger | ) www.wsj.com time to read: +7 min

The estimates exclude foreign companies that are subject to the reporting requirements due to other conditions, such as having an EU bond listing. Foreign companies with EU listings will need to start reporting these disclosures in 2025 if they have more than 500 employees in the EU. Businesses based in the EU that reported under the bloc’s previous sustainability rules must follow the new requirements from 2025. The EU rules call for limited-assurance audits to start, with a goal of eventually moving to reasonable assurance. Other sustainability reporting regulations are also set to go into effect in the next few years.

☆ Global Sustainability Disclosure Standards for Companies Set to Take Effect in 2024
▼ + stars: | 2023-02-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

The International Sustainability Standards Board said it has agreed to rules that would harmonize corporate environmental disclosures across the globe. More than 150 countries follow the IFRS, and the group will promote its sustainability disclosure standards to market regulators. For example, the ISSB standards require companies to report emissions from their direct operations, energy purchases and from their value chains, including suppliers. The ESRS is also more exacting than the ISSB standards, disclosure professionals say. “For companies reporting under multiple frameworks, this will make reporting less challenging.”Write to Dieter Holger at dieter.holger@wsj.com

☆ Bank of America CEO says capitalism needs cleaning up with new global ESG rules
▼ + stars: | 2023-01-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Bank of America Chief Executive Brian Moynihan said Wednesday that current efforts to produce a set of official global standards on ESG issues were vital to "align capitalism with what society wants from it." He said it was now important to "go to the official side" and was supporting the new International Sustainability Standards Board set up by non-profit the IFRS. This is due to comprise a set of general non-financial sustainability disclosure requirements for companies, and a set specifically on climate. Moynihan also said it was crucial that sustainability and ethical standards became official and global. "Which, at the end of the day, will align capitalism with what society wants from it and get us going faster."

Companies’ impact on biodiversity and ecosystems would become an integral part of sustainability reporting under new plans that aim to create a more complete assessment of how businesses harm the environment. Corporations should explain to investors how they are managing resources sustainably, according to reporting rules proposed Wednesday by the International Sustainability Standards Board, an arm of the International Financial Reporting Standards Foundation, an accounting-standards body. The trial could act as a beacon for such reporting and make other companies more comfortable with the idea of reporting their biodiversity impact voluntarily, Ms. Saint-Laurent said. Overcoming reporting challengesGathering data on biodiversity still poses a challenge for corporations and can often involve expensive teams of dozens of experts. “We’re not quite at the point where we’re able to have one single number,” she said, adding, “it’s multiple numbers that show performance.” Unlike carbon-emissions reporting, biodiversity assessment can be complicated and expensive.

☆ Linde's potential delisting from Germany's biggest stock exchange matters for shareholders like us
▼ + stars: | 2022-11-04 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

The Club holding is currently listed on two different stock exchanges: the New York Stock Exchange in the U.S. and Germany's Frankfurt Stock Exchange. The main stock index in Germany is the DAX, roughly equivalent to the Dow Jones Industrial Average. Additionally, most actively managed mutual fund managers in Europe prohibit any one company stock from comprising more than 10% of a fund. Management believes this cap and associated pressure has negatively impacted Linde's valuation, and shares could realize their full potential by delisting from the Frankfurt Stock Exchange. But the trading action in Europe is the completely wrong way to approach Linde's stock.

☆ Dassault Systemes raises FY outlook, boosted by strong U.S. dollar
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

GDANSK, Oct 26 (Reuters) - French software maker Dassault Systemes (DAST.PA) on Wednesday raised its full-year earnings and revenue forecast, due in part to the stronger dollar, after reporting higher-than-expected quarterly results. Revenue was driven by strong subscription and support growth. Dassault Systems increased its non-IFRS diluted earnings per share target for 2022 to between 1.12 and 1.14 euro from its earlier estimate of 1.08 euro and 1.10 euro. The company also said it was increasing its full-year revenue target to between 5.61 billion and 5.65 billion euros from a range of 5.49 billion to 5.54 billion euros previously boosted by a strong dollar. ($1 = 1.0047 euros)Reporting by Karol Badohal; editing by Josephine MasonOur Standards: The Thomson Reuters Trust Principles.

☆ Software maker SAP's Q3 results beat expectations
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 25 (Reuters) - Business software maker SAP (SAPG.DE) reported faster than expected revenue growth for the third quarter, though its profit declined due to lower contribution from software licenses revenue as well as investments in growth. Total revenue grew by 5% in currency-adjusted terms to 7.84 billion euros, SAP said on Tuesday, beating analyst consensus for a jump to 7.62 billion. Non-IFRS operating profit came to 2.09 billion euros ($2.07 billion) in the three months through September, an 8% drop at constant currencies. Earnings per share of 1.12 euros fell short of consensus for 1.25 euros. SAP stuck with a forecast for full-year operating profit to come to 7.6 billion to 7.9 billion euros, which it had cut from 7.8 billion-8.25 billion in July.

☆ Novartis debuted its first integrated sustainability and finance report this year — more companies are likely to follow suit
▼ + stars: | 2022-07-06 | by ( Julia Hood | ) www.businessinsider.com time to read: +5 min

A coalition of sustainability organizations has recommended integrated reporting to improve the quality of information. Global organizations for decades have wrangled with not just what to report on sustainability goals, but how to report. To learn more about the Novartis Access Principles, Insider turned to the company's integrated report. On May 25, 2022, the International Financial Reporting Standards Foundation (IFRS), the chairs of the International Accounting Standards Board (IASB), and the International Sustainability Standards Board (ISSB), announced they would be incorporating the IIRC's current framework. Novartis tapped the Integrated Reporting Framework in developing the report, as well as SASB Standards provided by the Value Reporting Foundation.

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