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SES H1 2022 Results

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SES S.A. announces financial results for the six months ended 30 June 2022.

Solid First Half financial performance

  • Revenue of €899 million (+2.8% YOY as reported) and Adjusted EBITDA(1) of €545 million (flat YOY as reported)
  • Important renewals in Video (-5.1% YOY including periodic(2)) underpin Full Year outlook
  • Revenue expansion in Q2 2022 driving Networks growth (+2.1% YOY(2)) and supporting Full Year growth expectation
  • Adjusted Net Profit improved by 11% YOY to €168 million, while leverage reduced to 3.0 times(3)

On track to deliver robust 2022 Revenue and EBITDA and drive long-term value from differentiated growth investments

  • Over 90% of 2022 Group Revenue outlook (€1,750-1,810 million(4)) under contract; 2022 Adjusted EBITDAoutlook also on track
  • $930 million(5) of gross backlog for SES-17 (now in service) & O3b mPOWER (progressing towards service introduction in Q2 2023)
  • $450 million DRS GES acquisition completed expanding revenue base in profitable and growing Government segment

Important milestones achieved in US C-band clearing

  • First satellite (SES-22) successfully launched and now in service; Phase 2 clearing on track
  • Over $520 million of cost reimbursements received to date via the clearinghouse process
  • Additional clearing for Verizon over 50% complete; expect to complete in H2 2022 to earn up to $170 million (gross) payments

Steve Collar, CEO of SES, commented: “I am pleased with our H1 2022 results reflecting solid execution across the business and affirming that we are fully on track to deliver on our full year revenue and EBITDA outlook.

Our Networks business delivered growth of 2% year-on-year and this trajectory will be further strengthened by important wins with ARSAT and AXESS Networks, agreements signed with Explora Journeys and another leading cruise provider reinforcing our leading position in cruise, and the entry into service of SES-17 which is now operational and delivering commercial services to customers.

We have closed the acquisition of DRS GES, allowing us to combine the best-in-class Government solutions provider together with our state-of-the-art multi-orbit satellite networking capabilities at SES Government Solutions and expanding our value proposition towards US Government end users. The combination is compelling in view of our leadership in Medium Earth Orbit and the highly differentiated capabilities of the O3b mPOWER constellation, launching in Q4 with service introduction during the second quarter of 2023.

We secured several important renewals at our core video neighbourhoods in the first half and, with limited contract maturities in the second half, have clear line of sight to our full year revenue outlook, with first half performance complemented by growth in our HD+ and Sports & Events businesses.

Finally, our C-band clearing is proceeding well with the successful launch of SES-22, the first significant reimbursement payment received, and we are well on track to capture the $170 million of gross cash proceeds from our additional C-band agreement with Verizon.”

Key business and financial highlights (at constant FX unless explained otherwise)

SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.

€million

H1 2022

H1 2021

∆ as reported

∆ at constant FX

Average €/$ FX rate

1.10

1.21

Revenue

899

875

+2.8%

-2.1%

Adjusted EBITDA

545

544

+0.1%

-3.8%

Adjusted Net Profit

168

152

+10.6%

n/a

Adjusted Net Debt / Adjusted EBITDA

3.0 times

3.3 times

n/a

n/a

  • H1 2022 underlying revenue (excluding periodic and other) was 3.3% lower year-on-year at €888 million.
  • Video underlying revenue of €501 million represents a reduction of 7.0% year-on-year including the planned impact of lower US wholesale revenue. Excluding US wholesale, Video was 4.8% lower than H1 2021 as lower volumes in mature markets were partially offset by growth in HD+ and Sports & Events. Including periodic revenue of €10 million in Q1 2022, overall Video revenue was 5.1% lower compared with H1 2021.
  • At 30 June 2022, SES delivers 8,028 total TV channels to 366 million TV homes around the world, including 3,092 High Definition TV channels. 72% of total TV channels are broadcast in MPEG-4 with an additional 6% broadcast in HEVC.
  • Networks underlying revenue of €387 million represented a growth of 2.1% year-on-year compared with H1 2021 with growth in Mobility (of +16.0%) and Fixed Data (of +2.8%), while the rapid US withdrawal from Afghanistan in Q3 2021 contributed to lower Government (-7.5%) albeit with new business wins in Global Government supporting positive quarter-on-quarter performance.
  • Adjusted EBITDA of €545 million represented an Adjusted EBITDA margin of 60.6% (H1 2021: 62.2%) including recurring operating expenses of €354 million. Adjusted EBITDA excludes US C-band operating expenses (net of reimbursement income) of €13 million (H1 2021: €12 million) and other significant special items of €3 million (H1 2021: €6 million).
  • Adjusted Net Profit (as reported) improved to €168 million including a 12.4% reduction in net interest expense, net foreign exchange gain of €26 million (H1 2021: €20 million gain), and income tax expense of €27 million (H1 2021: €20 million expense).
  • At 30 June 2022, Adjusted Net Debt (including 50% of the €1,175 million of hybrid bonds as debt) was €3,310 million (down 9.5% compared with 30 June 2021) and represented an Adjusted Net Debt to Adjusted EBITDA ratio of 3.0 times. In June 2022, SES launched and priced a bond offering of €750 million senior unsecured fixed rate notes due in 2029 with a coupon of 3.5% and, because of the transaction, SES now has no senior debt maturities to be refinanced until 2024.
  • Contract backlog at 30 June 2022 was €5.1 billion (€5.8 billion gross backlog including backlog with contractual break clauses).
  • 2022 group revenue and Adjusted EBITDA outlook (assuming an FX rate of €1=$1.13, nominal satellite health, and nominal launch schedule) is unchanged and expected to be between €1,750-1,810 million and between €1,030-1,070 million respectively.
  • On 1 August 2022, SES completed the acquisition of DRS Global Enterprise Solutions (GES) for $450 million, having obtained the necessary regulatory approvals.
  • Capital expenditure (net cash absorbed by investing activities excluding acquisitions, financial investments, and US C-band repurposing) outlook is also unchanged and expected to be €950 million in 2022 with an average of €460 million for 2023-2026.
  • In March 2022, SES secured an agreement to expand access for Verizon Communications to the 3700-3800 MHz C-band block in certain US markets beyond those cleared in Phase I and earlier than the deadline for Phase II clearing. SES will earn additional payments of up to $170 million (pre-costs), subject to delivering the clearing on the agreed timeline. During Q2 2022, SES completed the first part of this clearing and expects to receive a portion of the total payment during H2 2022. 

Operational performance

REVENUE BY BUSINESS UNIT

Revenue (€ million) as reported

Change (YOY) at constant FX

Q1 2022

Q2 2022

H1 2022

Q1 2022

Q2 2022

H1 2022

Average €/$ FX rate

1.12

1.08

1.10

Video (total)

261

250

511

-2.6%

-7.7%

-5.1%

- Video (underlying)

251

250

501

-6.4%

-7.7%

-7.0%

- Periodic

10

-

10

n/m

n/m

n/m

Government (underlying)

71

75

146

-5.7%

-9.2%

-7.5%

Fixed Data (underlying)

58

64

122

-2.4%

+7.9%

+2.8%

Mobility (underlying)

57

62

119

+9.9%

+22.2%

+16.0%

Networks (total)

186

201

387

-0.3%

+4.4%

+2.1%

- Networks (underlying)

186

201

387

-0.3%

+4.4%

+2.1%

Sub-total

447

451

898

-1.7%

-2.7%

-2.2%

- Underlying

437

451

888

-3.9%

-2.7%

-3.3%

Other

1

-

1

n/m

n/m

n/m

Group Total

448

451

899

-1.6%

-2.7%

-2.1%

“At constant FX” refers to comparative figures restated at the current period FX to neutralise currency variations. “Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions, and other such items when material. “Other” includes revenue not directly applicable to Video or Networks

Future satellite launches

Satellite

Region

Application

Launch Date

SES-22

North America

Video (US C-band accelerated clearing)

Launched

SES-20 & SES-21

North America

Video (US C-band accelerated clearing)

Q3 2022

O3b mPOWER (satellites 1-2)

Global

Fixed Data, Mobility, Government

Q4 2022

O3b mPOWER (satellites 3-4)

Global

Fixed Data, Mobility, Government

Q4 2022

O3b mPOWER (satellites 5-6)

Global

Fixed Data, Mobility, Government

Q4 2022

SES-18 & SES-19

North America

Video (US C-band accelerated clearing)

Q4 2022

O3b mPOWER (satellites 7-8)

Global

Fixed Data, Mobility, Government

2023

O3b mPOWER (satellites 9-11)

Global

Fixed Data, Mobility, Government

2024

ASTRA 1P

Europe

Video

2024

ASTRA 1Q

Europe

Video, Fixed Data, Mobility, Government

2024

SES-26

Africa, Asia, Europe, Middle East

Video, Fixed Data, Mobility, Government

2024

CONSOLIDATED INCOME STATEMENT

€ million

H1 2022

H1 2021

Average €/$ FX rate

1.10

1.21

Revenue

899

875

US C-band repurposing income

4

47

Operating expenses

(374

)

(396

)

EBITDA

529

526

Depreciation expense

(296

)

(283

)

Impairment expense

(24

)

-

Amortisation expense

(24

)

(48

)

Operating profit

185

195

Net financing costs

(30

)

(44

)

Profit before tax

155

151

Income tax expense

(54

)

(16

)

Non-controlling interests

-

2

Net profit attributable to owners of the parent

101

137

Basic and diluted earnings per A-share (in €)(1)

0.19

0.25

Basic and diluted earnings per B-share (in €)(1)

0.08

0.10

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds.

€ million

H1 2022

H1 2021

Adjusted EBITDA

545

544

US C-band reimbursement income

4

47

US C-band operating expenses

(17

)

(59

)

Other significant special items

(3

)

(6

)

EBITDA

529

526

€ million

H1 2022

H1 2021

Adjusted Net Profit

168

152

US C-band reimbursement income

4

47

US C-band operating expenses

(17

)

(59

)

Impairment expense

(24

)

-

Other significant special items

(3

)

(6

)

Tax on significant special items

(27

)

3

Net profit attributable to owners of the parent

101

137

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ million

30 June 2022

31 December 2021

Property, plant, and equipment

4,140

3,773

Assets in the course of construction

1,592

1,788

Intangible assets

4,110

3,790

Other financial assets

30

26

Trade and other receivables(1)

217

245

Deferred customer contract costs

7

9

Deferred tax assets

536

568

Total non-current assets

10,632

10,199

Inventories

30

23

Trade and other receivables(1)

1,020

1,746

Deferred customer contract costs

4

3

Prepayments

55

48

Income tax receivable

21

13

Cash and cash equivalents (A)

1,669

1,049

Total current assets

2,799

2,882

Total assets

13,431

13,081

Equity attributable to the owners of the parent

5,908

5,670

Non-controlling interests

65

63

Total equity

5,973

5,733

Borrowings (B)

3,653

3,524

Provisions

7

6

Deferred income

311

314

Deferred tax liabilities

420

399

Other long-term liabilities

106

83

Lease liabilities

22

22

Fixed assets suppliers(2)

557

472

Total non-current liabilities

5,076

4,820

Borrowings (C)

738

57

Provisions

63

56

Deferred income

344

404

Trade and other payables

253

292

Lease liabilities

13

11

Fixed assets suppliers(2)

943

1,554

Income tax liabilities

28

154

Total current liabilities

2,382

2,528

Total liabilities

7,458

7,348

Total equity and liabilities

13,431

13,081

Reported Net Debt (B + C – A)

2,722

2,532

1) Trade and other receivables (current and non-current) include €534 million related to US C-band repurposing (31 December 2021: €1,273 million). 2) Fixed Asset Suppliers (current and non-current) includes €7 million (31 December 2021: €655 million) related to US C-band repurposing

CONSOLIDATED STATEMENT OF CASH FLOWS

€ million

H1 2022

H1 2021

Profit/(loss) before tax

155

151

Taxes paid during the year

(169

)

(14

)

Adjustment for non-cash items

371

356

Changes in working capital

423

(95

)

Net cash generated by operating activities

780

398

Payments for purchases of intangible assets

(25

)

(10

)

Payments for purchases of tangible assets(1)

(555

)

(83

)

Other investing activities

(1

)

(2

)

Net cash absorbed by investing activities

(581

)

(95

)

Proceeds from borrowings

745

285

Repayment of borrowings

(49

)

(585

)

Proceeds from perpetual bond, net of transaction costs

-

619

Redemption of perpetual bond, net of transaction costs

-

(768

)

Coupon paid on perpetual bond

(31

)

(80

)

Dividends paid on ordinary shares(2)

(219

)

(181

)

Interest paid on borrowings

(48

)

(71

)

Payments for acquisition of treasury shares

-

(76

)

Proceeds from treasury shares sold and exercise of stock options

4

-

Lease payments

(9

)

(7

)

Net cash absorbed by financing activities

393

(864

)

Net foreign exchange movements

28

3

Net increase in cash and cash equivalents

620

(558

)

Cash and cash equivalents at beginning of the year

1,049

1,162

Cash and cash equivalents at end of the year

1,669

604

1) Including €351 million related to US C-band repurposing (2021: €21 million). 2) Net of dividends received on treasury shares of €4 million (2021: €3 million)

€ million

H1 2022

H1 2021

Net cash generated by operating activities

780

398

Net cash absorbed by investing activities

(581)

(95)

Free cash flow before financing activities

199

303

Interest paid on borrowings

(48)

(71)

Lease payments

(9)

(7)

Free cash flow before equity distributions and treasury activities

142

225

SUPPLEMENTARY INFORMATION

QUARTERLY INCOME STATEMENT (AS REPORTED)

€ million

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Average €/$ FX rate

1.22

1.20

1.19

1.15

1.12

1.08

Revenue

436

439

444

463

448

451

US C-band repurposing income

27

20

10

844

2

2

Operating expenses

(203

)

(193

)

(182

)

(243

)

(184

)

(190

)

EBITDA

260

266

272

1,064

266

263

Depreciation expense

(140

)

(143

)

(143

)

(149

)

(147

)

(149

)

Amortisation expense

(19

)

(29

)

(24

)

(23

)

(12

)

(12

)

Impairment expense

-

-

-

(724

)

-

(24

)

Operating profit

101

94

105

168

107

78

Net financing costs

(26

)

(18

)

(23

)

(4

)

(16

)

(14

)

Profit before tax

75

76

82

164

91

64

Income tax benefit/(expense)

(8

)

(8

)

(14

)

79

(9

)

(45

)

Non-controlling interests

2

-

-

5

-

-

Net Profit

69

68

68

248

82

19

Basic earnings per share (in €)(1)

Class A shares

0.13

0.12

0.14

0.53

0.17

0.02

Class B shares

0.05

0.05

0.05

0.22

0.07

0.01

Adjusted EBITDA

268

276

279

268

274

271

Adjusted EBITDA margin

61

%

63

%

63

%

58

%

61

%

60

%

US C-band repurposing income

27

20

10

844

2

2

US C-band operating expenses

(34

)

(25

)

(16

)

(47

)

(9

)

(8

)

Other significant special items

(1

)

(5

)

(1

)

(1

)

(1

)

(2

)

EBITDA

260

266

272

1,064

266

263

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.

QUARTERLY OPERATING PROFIT (AT CONSTANT €/$ FX RATE OF €1: $1.13)

€ million

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Average €/$ FX rate

1.13

1.13

1.13

1.13

1.13

1.13

Revenue

454

452

455

468

446

440

US C-band repurposing income

29

21

11

861

2

2

Operating expenses

(213

)

(199

)

(187

)

(246

)

(182

)

(183

)

EBITDA

270

274

279

1,083

266

259

Depreciation expense

(149

)

(150

)

(149

)

(154

)

(147

)

(148

)

Amortisation expense

(19

)

(30

)

(23

)

(23

)

(12

)

(12

)

Impairment expense

-

-

-

(739

)

-

(24

)

Operating profit

102

94

107

167

107

75

Adjusted EBITDA

278

285

286

271

274

267

Adjusted EBITDA margin

61

%

63

%

63

%

58

%

61

%

60

%

US C-band repurposing income

29

21

11

861

2

2

US C-band operating expenses

(36

)

(27

)

(17

)

(48

)

(9

)

(8

)

Other significant special items

(1

)

(5

)

(1

)

(1

)

(1

)

(2

)

EBITDA

270

274

279

1,083

266

259

ALTERNATIVE PERFORMANCE MEASURES

SES regularly uses Alternative Performance Measures (‘APM’) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements.

Alternative Performance Measure

Definition

Reported EBITDA and EBITDA margin

EBITDA is profit for the period before depreciation, amortisation, net financing cost and income tax. EBITDA margin is EBITDA divided by revenue.

Adjusted EBITDA and Adjusted EBITDA margin

EBITDA adjusted to exclude significant special items. In 2021 and 2022, the primary exceptional items are the net impact of the repurposing of US C-band spectrum, restructuring charges, and costs associated with the acquisition and integration of new subsidiaries. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.

Adjusted Net Debt to Adjusted EBITDA

Adjusted Net Debt to Adjusted EBITDA, represents the ratio of Net Debt plus 50% of the group’s hybrid bonds (per the rating agency methodology) divided by the last 12 months’ (rolling) Adjusted EBITDA.

Adjusted Net Profit

Net profit attributable to owners of the parent adjusted to exclude the

After tax impact of significant special items.

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Presentation of Results:

A presentation of the results for investors and analysts will be hosted at 9.30 CEST on 4 August 2022 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:

U.K.

+44 (0) 33 0551 0200

France

+33 (0) 1 70 37 71 66

Germany

+49 (0) 30 3001 90612

U.S.A.

+1 212 999 6659

Confirmation code

SES

Webcast registration

https://channel.royalcast.com/ses/#!/ses/20220804_1

The presentation is available for download from https://www.ses.com/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.

About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,000 channels and has an unparalleled reach of 366 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

Disclaimer

This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.​

No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.​

This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

_____________________________________________________
1
Excluding operating expenses/income recognised in relation to US C-band repurposing and other significant special items (disclosed separately)
2 At constant FX which refers to comparative figures restated to neutralise currency variations
3 Ratio of Adjusted Net Debt (including 50% of the €1.175 billion of hybrid bonds as debt) to Adjusted EBITDA
4 Financial outlook assumes a /$ FX rate of €1 = $1.13, nominal satellite health, and nominal launch schedule
5Gross backlog $930 million (fully protected: $685 million)

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Contact information

Richard Whiteing
Investor Relations
Tel: +352 710 725 261
richard.whiteing@ses.com

Suzanne Ong
External Communications
Tel: +352 710 725 500
suzanne.ong@ses.com

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HTEC, a global digital consulting, software engineering, and product development company, is announcing a strategic collaboration with G2 Risk Solutions (G2RS), the preeminent provider of end-to-end bankruptcy technology solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328622816/en/ HTEC & G2 Risk Solutions Partnership (Photo: Business Wire) Under the agreement, G2RS will engage HTEC to incorporate its leading-edge technology into G2RS’ premier bankruptcy management platform. As the creators of the most comprehensive national bankruptcy database and the first bankruptcy management portal, G2RS is an industry pioneer. By adding HTEC’s premium engineering to the G2RS technology stack, G2RS will offer new and innovative functionalities to help clients expedite financial recoveries, increase data protection, and reduce operational inefficiencies in the bankruptcy management life cycle. “We are thrilled to be a part o

The reopening of the Yokohama Museum of Art adds another innovative and distinctive venue for events in Yokohama28.3.2024 16:00:00 CET | Press release

After extensive renovations, the iconic Yokohama Museum of Art has reopened its doors to visitors from all over the world. The museum’s reopening paves the way to new and closer collaboration with international events in Yokohama. This extraordinary venue is the ideal setting for a one-of-a-kind gathering, in part, supported by the Yokohama Convention & Visitors Bureau (hereinafter YCVB). The Yokohama Museum of Art Founded in 1989, the Yokohama Museum of Art collects over 14,000 works of art that reflect the many facets of life in Yokohama—past, present, and future. The reopening of the museum coincides with the Yokohama Triennale, an international exhibition featuring contemporary artists whose decentralized exhibits turn the entire metropolis into an art museum. The 8th Yokohama Triennale is being held from March 15 to June 9, 2024, with the Yokohama Museum of Art being a pivotal venue for the exhibition. With the museum firmly back on the map as Yokohama’s leading artistic venue, YC

LambdaTest Launches The Phoenix Project, an Employee Resource Group for Women28.3.2024 16:00:00 CET | Press release

LambdaTest, a leading cloud-based unified testing platform, announced the launch of The Phoenix Project, an Employee Resource Group (ERG) dedicated to supporting and promoting the success of its female employees. “LambdaTest is committed to fostering a diverse, inclusive, and equitable workplace where all employees feel valued and empowered to reach their full potential,” said Chandini Chopra, VP of People and Culture at LambdaTest. “The Phoenix Project is a critical step towards achieving this goal by providing a platform for professional development, networking, and mentorship, especially for our women employees.” The Phoenix Project Aims To: Offer professional development workshops, networking opportunities, and dedicated time off for women to participate in ERG initiatives. Provide mentorship programs connecting senior female employees with mentees. Promote leadership development among women within the company. Create a sense of community for women in the workplace. Leadership and

Eight new sustainability-themed experiences—exclusive to Yokohama—for convention participants28.3.2024 16:00:00 CET | Press release

In a survey conducted by Yokohama Convention & Visitors Bureau (hereinafter YCVB), many convention attendees expressed particular interest in Yokohama’s culture, sightseeing spots, and local cuisine. In response, YCVB has developed eight new Yokohama Tours for event attendees to enjoy during their free time in Yokohama, keeping in line with our ethos of sustainability. Noge Area Bar-Hopping Tour, complete with guide Known affectionately by locals as Yokohama’s kitchen, Noge is a bustling nightlife spot that is home to over 600 izakaya (Japanese-style pubs). A knowledgeable local guide will lead participants to all the hidden gems in Noge, where they can indulge in distinctive, delicious pub-style food and drink. With easy on-foot accessibility, participants can rest assured this fun night out won’t impact their carbon footprint. Soto Zen Tour of Sojiji, head temple of the Soto Zen school As a prominent Zen sect in Japan, Soto Zen provides one of the best Zen wellness experiences. Durin

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