News Article | May 18, 2017
Thin film deposition processes play a critical role in the production of high-density, high-performance microelectronic products. Considerable progress has been achieved in the development of deposition processes - and in the development of the reactor systems in which they are carried out. This report discusses the technology trends, products, applications, and suppliers of materials and equipment. It also gives insights to suppliers for future user needs and should assist them in long range planning, new product development and product improvement. This report compares some of the issues impacting users of different deposition tools, including: APCVD (SACVD), LPCVD, PECVD, HDPCVD, ALCVD, PVD, ALD. Market forecasts and market shares of vendors is presented. For more information about this report visit http://www.researchandmarkets.com/research/kzsjcb/thin_film Research and Markets Laura Wood, Senior Manager email@example.com For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-thin-film-deposition-trends-key-issues-market-2017-apcvd-sacvd-lpcvd-pecvd-hdpcvd-alcvd-pvd-ald---research-and-markets-300459836.html
News Article | May 18, 2017
"This follow-on order for second-generation FinFET production reinforces Ultratech's strong market position with the LSA101 dual-beam system which is targeted to enable new millisecond anneal steps for advanced FinFETs," said Scott Zafiropoulo, General Manager, Laser Products and Senior Vice President, Marketing at Ultratech. "The LSA101 system provides our customers with a millisecond anneal tool that is extendable across multiple technology nodes and we anticipate continued use of the LSA101 platform for 7-nm and beyond. Ultratech looks forward to providing extendable, advanced technology solutions that enable this important customer, as well as all of our global customers to achieve competitive advantages to meet today's and tomorrow's product roadmaps." Ultratech LSA 101 Dual-Beam Laser Spike Anneal System LSA101 with the dual-beam option expands the process space by adding a second low-power laser beam that adds process flexibility and enables millisecond annealing with a low thermal budget process and is built on the customizable Unity Platform™. Inserting a millisecond anneal step post-junction formation, such as gate stack formation, silicide or post-silicide anneal, has been shown to improve leakage and device reliability, while reducing contact resistance and improving both performance and yield. Compared to competing millisecond annealing technologies, LSA with dual-beam offers the lowest thermal budget millisecond anneal process along with superior within-die uniformity for different layouts. The LSA101 delivers high flexibility and extendability for advanced annealing applications and is currently in high-volume production for planar and FinFET logic devices. Safe Harbor This release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements can generally be identified by words such as "anticipates," "expects," "remains," "thinks," "intends," "believes," "estimates," and similar expressions and include management's current expectation of its longer term prospects for success. These forward looking statements are based on our current expectations, estimates, assumptions and projections about our business and industry, and the markets and customers we serve, and they are subject to numerous risks and uncertainties that may cause these forward looking statements to be inaccurate. Such risks and uncertainties include the timing and possible delays, deferrals and cancellations of orders by customers; quarterly revenue fluctuations; industry and sector cyclicality, instability and unpredictability; market demand for consumer devices utilizing semiconductors produced by our clients; our ability to manage costs; new product introductions, market acceptance of new products and enhanced versions of our existing products; reliability and technical acceptance of our products; our lengthy sales cycles, and the timing of system installations and acceptances; lengthy and costly development cycles for laser processing and lithography technologies and applications; competition and consolidation in the markets we serve; improvements, including in cost and technical features, of competitors' products; rapid technological change; pricing pressures and product discounts; our ability to collect receivables; customer and product concentration and lack of product revenue diversification; inventory obsolescence; general economic, financial market and political conditions and other factors outside of our control; domestic and international tax policies; cybersecurity threats in the United States and globally that could impact our industry, customers, and technologies; and other factors described in our SEC reports including our Annual Report on Form 10K filed for the year ended December 31, 2016. Due to these and other factors, the statements, historical results and percentage relationships set forth herein are not necessarily indicative of the results of operations for any future period. We undertake no obligation to revise or update any forward looking statements to reflect any event or circumstance that may arise after the date of this release. About Ultratech: Ultratech, Inc. (Nasdaq: UTEK) designs, builds and markets manufacturing systems for the global technology industry. Founded in 1979, Ultratech serves three core markets: frontend semiconductor, backend semiconductor, and nanotechnology. The company is the leading supplier of lithography products for bump packaging of integrated circuits and high brightness LEDs. Ultratech is also the market leader and pioneer of laser spike anneal technology for the production of advanced semiconductor devices. In addition, the company offers solutions leveraging its proprietary coherent gradient sensing (CGS) technology to the semiconductor wafer inspection market and provides atomic layer deposition (ALD) tools to leading research organizations, including academic and industrial institutions. Visit Ultratech online at: www.ultratech.com. Unity Platform is a trademark of Ultratech, Inc. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ultratech-receives-multiple-laser-system-order-to-ramp-advanced-finfet-production-from-major-customer-in-asia-300460063.html
News Article | April 17, 2017
Catalysts can play a critical role in the development of sodium–air batteries (SABs). Atomic layer deposition (ALD) technology enables rational design and atomic utilization of catalyst by homogenously distributing catalytically active material on a variety of substrates. Here, a novel hierarchical nanostructured Co O is decorated on carbon nanotubes by ALD (CNT@Co O ) and used as a catalyst for SABs. CNT@Co O demonstrates better performance and longer cycle life than a mechanically mixed CNT/Co O nanocomposite. Well-dispersed ALD Co O catalyst on CNTs, which serves as functionalized active sites, enables rapid electron exchange and high oxygen reduction/evolution activities. Synchrotron-based X-ray analysis including X-ray absorption near edge structure, extended X-ray absorption fine structure, and scanning transmission X-ray microscopy characterization techniques have been employed to elucidate the activity of Co O and to investigate the nanoscale discharge product distribution found in SABs. This analysis reveals that Co O catalyst can promote the electrochemical decomposition of sodium peroxide, superoxide, and carbonates. The role of the catalyst in SABs is clarified and discussed in detail.
News Article | May 8, 2017
Corrosive precursors used for the preparation of organic–inorganic hybrid perovskite photoactive layers prevent the application of ultrathin metal layers as semitransparent bottom electrodes in perovskite solar cells (PVSCs). This study introduces tin-oxide (SnO ) grown by atomic layer deposition (ALD), whose outstanding permeation barrier properties enable the design of an indium-tin-oxide (ITO)-free semitransparent bottom electrode (SnO /Ag or Cu/SnO ), in which the metal is efficiently protected against corrosion. Simultaneously, SnO functions as an electron extraction layer. We unravel the spontaneous formation of a PbI interfacial layer between SnO and the CH NH PbI perovskite. An interface dipole between SnO and this PbI layer is found, which depends on the oxidant (water, ozone, or oxygen plasma) used for the ALD growth of SnO . An electron extraction barrier between perovskite and PbI is identified, which is the lowest in devices based on SnO grown with ozone. The resulting PVSCs are hysteresis-free with a stable power conversion efficiency (PCE) of 15.3% and a remarkably high open circuit voltage of 1.17 V. The ITO-free analogues still achieve a high PCE of 11%.
News Article | May 3, 2017
The dial-in details for the live conference are as follows: A live webcast of the conference call will be available in the investor relations section of the Company's website at: http://www.amtechsystems.com A telephone replay will be available 1 hour after the end of the conference through May 17, 2017 at 9:00am ET. The dial-in details for the replay are as follows: Amtech Systems, Inc. is a global supplier of advanced thermal processing equipment to the solar, semiconductor / electronics, and LED manufacturing markets. Amtech's equipment includes diffusion, ALD and PECVD systems and solder reflow systems. Amtech also supplies wafer handling automation and polishing equipment and related consumable products. The Company's wafer handling, thermal processing and consumable products currently address the diffusion, oxidation, and deposition steps used in the fabrication of solar cells, LEDs, semiconductors, MEMS, printed circuit boards, semiconductor packaging, and the polishing of newly sliced sapphire and silicon wafers. Amtech's products are recognized under the leading brand names Tempress SystemsTM, Bruce TechnologiesTM, PR HoffmanTM, R2D AutomationTM, SoLayTec, and BTU International. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/amtech-systems-to-announce-second-quarter-financial-results-on-may-10-2017-300451112.html
News Article | April 21, 2017
Abstract: 2016 was a landmark year for Forge Nano. The company, formerly PneumatiCoat Technologies, is a Colorado-based startup that innovated a breakthrough technology to enable precision nano coatings at scale for manufacturing of products such as Lithium Ion (Li-Ion) battery materials. In the fall of 2016, Forge Nano closed a Series A investment of $20 million. Propelled by the investment, recent company highlights include: · New Production Facilities & Expanded Capabilities: Forge Nano expanded from a 3,000 square foot industrial garage and 200 kg per day pilot plant to a 12,000 square foot facility in Louisville, Colorado where the company has built a new 1000 kg per day light commercial Atomic Layer Deposition (ALD) particle coating tool. By the end of this year, Forge Nano will increase ALD particle coating capacity to several tons per day. The capacity of these two tools will create the economy of scale needed to make ALD particle coating commercially viable to our customers. · Testing Proves Forge Nano Technology Doubles the Life & Significantly Increases Output of Li-Ion Batteries: Oak Ridge National Labs have verified and published results http://www.nature.com/articles/srep26532 confirming that Forge Nano ALD coatings improved capacity retention in Li-Ion batteries. Additional studies have shown that Forge Nano ALD coatings on anode and cathode materials significantly increase safety, provide 300% increase in cycle life and 20% increase in energy density in Li-Ion Batteries. · New Patents Issued: The USPTO issued two new patents to Forge Nano, strengthening its Intellectual Property Portfolio for Lithium-Ion Battery Materials. US9,570,734 and US9,546,424 were issued for a total of 10 issued patents. These patents give Forge Nano exclusive rights to ALD coated battery materials and the high throughput production process. In addition there are 6 pending patents and 13 Intellectual Property licenses along with numerous collaborations and ongoing integration & licensing with research labs/universities in the areas of batteries, fuel cells, capacitors, supercapacitors, conductive inks and catalysts. · Projects in Development for over 50 Global Companies: The outlook for Forge Nanos continued growth is strong, with projects currently in development with more than 50 global companies, including ten Fortune 500 companies in the energy sector. · Employees Added: To handle the growing demand for its technology, Forge Nano has grown from four employees to its current size of 25. The company is projected to continue to add employees in 2017. · Titanium ALD Coated Golf Balls Created for NaatBatt Annual Conference Golf Tourney: Conference participants enjoyed the fun giveaway that demonstrated ALD coating, but the verdict is still out on if golf scores were improved by the ALD coating! · Awards: In March of 2017, company CEO Paul Lichty was honored as one of the Denver Business Journals Forty Under Forty. Lichty was recognized for the companys important innovations as well as his own personal commitment to mentoring other start-ups. On April 13th Forge Nano received the 2017 Colorado Manufacturing Award for Innovation in Product Manufacturing. https://companyweek.com/articles/colorado-manufacturing-awards-2017-innovation-in-the-spotlight . · 2017 Conference Presentations: In 2017 Forge Nano is presenting at several industry conferences including the 2017 NaatBatt International Annual Meeting & Conference, The International Battery Seminar, the National Renewable Energy Labs Industry Growth Forum, the National Defense Industrial Association Joint Service Power Expo, the 2017 U.S. Department of Energy Annual Merit Review, the 17th Annual Advanced Automotive Battery Conference and The Battery Show 2017. See full list on Forge Nano website. For more information, please click If you have a comment, please us. Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
News Article | May 4, 2017
Q1 17: GOOD COMMERCIAL AND FINANCIAL PERFORMANCE FROM CORE BUSINESSES Operating expenses reflecting the growth of the businesses and investments in the transformation of French Retail Banking, +2.6%(1) vs. Q1 16 (+1.4%*(1)). The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, IFRIC 21 adjustment, (commercial) cost of risk in basis points, ROE, RONE, net assets, tangible net assets, EPS excluding non-economic items, and the amounts serving as a basis for the different restatements carried out (particularly non-economic items) are presented in the methodology notes, section 10 of this press release, as are the principles for the presentation of prudential ratios. The footnotes * and ** in this document are specified below: * When adjusted for changes in Group structure and at constant exchange rates. (1) Adjusted for the impact of IFRIC 21, and the partial refund of the Euribor fine in Q1 16. (2) Excluding disputes, in basis points for assets at the beginning of the period, including operating leases. Annualised calculation. (3) Excluding non-economic items, impact of IFRIC 21, additional allocation to provision for disputes in Q1 17 and partial refund of the Euribor fine in Q1 16 (see methodology notes). Societe Generale's Board of Directors, which met on May 3rd, 2017 under the chairmanship of Lorenzo Bini Smaghi, examined the results for Q1 2017. The Societe Generale Group's businesses turned in a good commercial and financial performance in Q1 2017. Group net income was EUR 747 million (EUR 924 million in Q1 2016). This result includes an additional allocation to provision for disputes of EUR -350 million and, as for each first quarter, the effect of the implementation of the IFRIC 21 accounting standard. When corrected for these factors and non-economic items, Group net income totalled EUR 1,392 million, up +50.0% vs. Q1 2016 (excluding partial refund of the Euribor fine amounting to EUR 218 million) and the corresponding underlying ROE stood at 10.5% in Q1 2017 (vs. 7.1% in Q1 16). The businesses' contribution to Group net income was up +31.4% in Q1 2017 excluding the Euribor refund in 2016, driven by the strong growth in International Retail Banking & Financial Services and Global Banking & Investor Solutions, whereas French Retail Banking's earnings were slightly lower against a backdrop of low interest rates and increased investments in the transformation of its business model. Net banking income, excluding non-economic items, totalled EUR 6,452 million in Q1 2017, up +7.0% vs. Q1 2016, testifying to the businesses' good commercial performance. French Retail Banking's net banking income was slightly lower in an environment of still low interest rates (-1.3%), whereas the revenues of International Retail Banking & Financial Services and Global Banking & Investor Solutions were significantly higher (+8.4% and +5.4% respectively). Book net banking income totalled EUR 6,474 million in Q1 2017 (+4.8% vs. Q1 2016). There was a controlled increase in operating expenses() of +2.6% (+1.4%*) in Q1 2017 vs. Q1 2016, reflecting the acceleration of investments in French Retail Banking, the increased activity in International Retail Banking & Financial Services, and the effects of Global Banking & Investor Solutions' cost savings plans. The net cost of risk (excluding the above-mentioned additional allocation to provision for disputes) was at the low level of EUR -277 million in Q1 2017, a substantial decline vs. Q1 2016 (EUR -524 million). The commercial cost of risk stood at the very low level of 24 basis points in Q1 2017 (46 basis points in Q1 2016). After the Q1 Board review of the accounts, Societe Generale has today announced that it has reached a settlement with the Libyan Investment Authority regarding the civil dispute opposing them and relating to transactions dating back to 2007 amounting to EUR -963 million. The parties will notify the UK court of the settlement this morning to enable the court to put an end to the proceedings. Given notably the additional provision for disputes booked in Q1 17 for EUR 350 million, the impact of this settlement in full-year Group net income is fully covered as from Q1 2017. The detailed accounting will be recorded in Q2 with notably an impact in the Corporate Centre's net banking income corresponding to the amount of the settlement. The Common Equity Tier 1 (fully-loaded CET1) ratio was up +10 basis points vs. December 31st, 2016, at 11.6%. Earnings Per Share, excluding non-economic items, amounts to EUR 0.76 at end-March 2017, vs. EUR 0.90 at end-March 2016. Commenting on the Group's results for Q1 2017, Frédéric Oudéa - Chief Executive Officer - stated: "Once again, Societe Generale has demonstrated the quality of its diversified and integrated banking model, with a good performance in all its businesses. Group net income testifies to the substantial increase in the contribution of its businesses, underpinned by its revenue growth and its cost and risk control. The Group is also continuing with its transformation. It has initiated a process to simplify its organisational set-up which will enable it to even better serve its customers, increase its agility and innovative capacity, and continue to exploit synergies between its businesses. Finally, over the next few quarters, the Group will continue actively working to bring an end to past disputes and complete the Culture and Conduct projects in order to further enhance the quality of its services and the control of its risks." The Group's net banking income, excluding non-economic items, was EUR 6,452 million in Q1 17, up +7.0% vs. Q1 16, reflecting the good performance of the Group's businesses. The businesses' net banking income was up +4.0% in Q1 17 vs. Q1 16. The accounting impact of the revaluation of the Group's own financial liabilities was EUR +25 million in Q1 17 (EUR +145 million in Q1 16). The DVA impact was EUR -3 million in Q1 17 (0 in Q1 16). These two factors constitute the restated non-economic items in the analyses of the Group's results. The Group's operating expenses amounted to EUR -4,644 million in Q1 17. They were 2.6% (1.4%*) higher than in Q1 16, adjusted for IFRIC 21 and the partial refund of the Euribor fine in Q1 16(). The increase reflects the acceleration of investments in the transformation of French Retail Banking and efforts to support the growth of International Retail Banking & Financial Services, and testifies to the containment of operating expenses in Global Banking & Investor Solutions, due to the cost savings plans initiated in order to offset the rise in regulatory costs. The Group's book gross operating income totalled EUR 1,830 million in Q1 2017 vs. EUR 1,891 million in Q1 2016. Excluding non-economic items, gross operating income amounted to EUR 1,808 million in Q1 17, substantially higher than in Q1 16 (EUR 1,528 million, corrected for the partial refund of the Euribor fine, +18.3%). The Group's net cost of risk in Q1 17 includes an additional allocation to provision for disputes of EUR -350 million. Excluding this item, the net cost of risk was EUR -277 million in Q1 17, down -47.1% vs. Q1 16, confirming the structural reduction of the risk profile in the three business divisions. The commercial cost of risk (expressed as a fraction of outstanding loans) continued to decline, to a very low level of 24 basis points in Q1 2017 (vs. 46 basis points in Q1 16). It was lower in all the businesses: The gross doubtful outstandings ratio declined to 4.8% at end-March 2017 (vs. 5.3% at end-March 2016). The Group's gross coverage ratio for doubtful outstandings stood at 65%, improving one point vs. end-March 2016. Overall, the Group's commercial cost of risk is expected to be between 30 basis points and 35 basis points for 2017. The Group's book operating income totalled EUR 1,203 million in Q1 17 vs. EUR 1,367 million in Q1 16. Excluding non-economic items and the additional allocation to provision for disputes, operating income amounted to EUR 1,531 million, vs. EUR 1,004 million in Q1 16 (excluding Euribor refund), up +52.5%. Book Group net income totalled EUR 747 million in Q1 2017, vs. EUR 924 million for the same period in 2016. When corrected for non-economic items and the additional allocation to provision for disputes, Group net income amounted to EUR 1,083 million in Q1 17 (vs. EUR 829 million in Q1 16, or EUR 611 million excluding the Euribor refund). After correction for the effects of the implementation of the IFRIC 21 standard and adjustment for the partial refund of the Euribor fine in 2016, underlying Group net income was up +50.0% at EUR 1,392 million. As a result of this good performance, the corresponding ROE was 10.5% in Q1 2017 (5.2% in absolute terms) vs. 7.1% in Q1 16 (excluding non-economic items, Euribor refund and adjusted for IFRIC 21, identical level in absolute terms). Earnings per share amounts to EUR 0.77 in Q1 2017 (vs. EUR 1.02 in Q1 2016), or EUR 0.76 excluding non-economic items in Q1 2017 (EUR 0.90 in Q1 16). Group shareholders' equity totalled EUR 62.2 billion at March 31st, 2017 (EUR 62.0 billion at December 31st, 2016). Net asset value per share was EUR 63.96, including EUR 1.39 of unrealised capital gains. Tangible net asset value per share was EUR 58.08. The consolidated balance sheet totalled EUR 1,401 billion at March 31st, 2017 (EUR 1,382 billion at December 31st, 2016). The net amount of customer loan outstandings, including lease financing, was EUR 402 billion at March 31st, 2017 (EUR 403 billion at December 31st, 2016) - excluding assets and securities sold under repurchase agreements. At the same time, customer deposits amounted to EUR 391 billion, vs. EUR 397 billion at December 31st, 2016 (excluding assets and securities sold under repurchase agreements). At March 31st, 2017, the Group had issued EUR 11 billion of medium/long-term debt with EUR 10 billion at parent company level (representing the achievement of 40% of the 2017 financing programme of EUR 25 billion), having an average maturity of 5.0 years and an average spread of 32 basis points (vs. the 6-month mid-swap, excluding subordinated debt). The subsidiaries had issued EUR 1 billion. The LCR (Liquidity Coverage Ratio) was well above regulatory requirements at 129% at end-March 2017 vs. 142% at end-December 2016. The Group's risk-weighted assets (RWA) amounted to EUR 353.8 billion at March 31st, 2017 (vs. EUR 355.5 billion at end-December 2016) according to CRR/CRD4 rules. Risk-weighted assets in respect of credit risk represent 82% of the total, or EUR 291.6 billion, down -0.9% vs. December 31st, 2016. At March 31st, 2017, the Group's Common Equity Tier 1 ratio stood at 11.6%() (11.1% at end-March 2016 and 11.5% at end-December 2016), up 10 basis points in Q1 2017 vs. end-2016. The Tier 1 ratio stood at 14.4% (13.7% at end-March 2016 and 14.5% at end-December 2016) and the total capital ratio amounted to 17.8%, a decline of -11 basis points vs. end-December 2016 (17.9%) prior to the maturity of an additional Tier 1 capital issue. With an estimate of 21.5% of RWA and 6.1% of leveraged exposure at end-March 2017, the Group's TLAC ratio is already above the FSB's requirements for 2019. The leverage ratio stood at 4.1% at March 31st, 2017 (4.2% at end-December 2016 and 4.0% at end-March 2016), a decline of 15 basis points in Q1 17 vs. end-2016. The Group is rated by the rating agencies DBRS (long-term rating: "A (high)" with a stable outlook; short-term rating: "R-1 (middle)"), FitchRatings (long-term rating: "A" with a stable outlook; short-term rating: "F1"), Moody's (deposit and senior unsecured long-term ratings: "A2" with a stable outlook; short-term rating: "P-1" and long-term Counterparty Risk Assessment of "A1" and short-term Counterparty Risk Assessment of "P-1"), Standard & Poor's (long-term rating: "A" with a stable outlook; short-term rating: "A-1") and R&I (long-term rating: "A" with a stable outlook). French Retail Banking has delivered a good commercial performance since the beginning of the year and generated resilient earnings in Q1 2017 in a low interest rate environment. Activity and net banking income French Retail Banking's three brands (Societe Generale, Credit du Nord and Boursorama) continued with their commercial expansion. The traditional banking networks saw a 2% rise in new individual customers and Boursorama set a new acquisition record with 80,500 new customers in Q1 17 (+32%), thereby strengthening its position as the leading online bank in France, with more than one million customers at end-March 2017. In the business segment, the Societe Generale and Credit du Nord networks also experienced an increase, with nearly 1,300 new relationships in Q1 17 (+7.7% vs. Q1 16). French Retail Banking's loan production was very dynamic in Q1 17 and reflects the assistance provided to businesses and individuals for the financing of their projects. At EUR 5.9 billion in Q1 17, housing loan production climbed +63% vs. Q1 16, which is only partially reflected in the growth in home loan outstandings (+1.8% in Q1 17) due primarily to the pace of prepayments in a low interest rate environment. Corporate investment loan production was also buoyant: it grew +28% vs. Q1 16 to EUR 2.8 billion, leading to a 1.2% rise in average outstandings. Overall, average outstanding loans rose +1% vs. Q1 16 to EUR 184.2 billion. Average outstanding balance sheet deposits came to EUR 191.8 billion at end-March 2017. They were up +8.8%, underpinned by the growth of sight deposits (+17.0%). The average loan/deposit ratio therefore amounted to 96% at end-March 2017 (vs. 100% on average in 2016). French Retail Banking's growth drivers are very healthy with, notably, high net inflow for Private Banking in France of EUR +0.8 billion in Q1 17 and gross life insurance inflow of EUR 2.4 billion marked by a strong attraction for unit-linked contracts (30% of inflow in Q1 17 vs. 18% in Q1 16). This good commercial momentum helped partially offset the negative effects of the low interest rate environment and mortgage renegotiations. After neutralising the impact of PEL/CEL provisions, net banking income came to EUR 2,058 million in Q1 17, down -2.3% vs. Q1 16. The interest margin contracted (-7.2% vs. Q1 16) due to mortgage renegotiations and prepayments despite the production of higher margin loans and robust deposit inflow for French Retail Banking. Commissions rose +4.8% in Q1 17, confirming the recovery under way since Q4 16. There was a strong increase in financial commissions, up +10% vs. Q1 16, due to the good level of brokerage commissions and the healthy momentum of life insurance, particularly for unit-linked contracts. Service commissions were up +3.4% vs. Q1 16, as a result of the gradual increase in the number of products subscribed by new customers and the commercial efforts aimed at professional and corporate customers. The erosion of net banking income is expected to be between -3% and -3.5% in 2017 (excluding the impact of PEL/CEL provisions). Operating expenses French Retail Banking's operating expenses came to EUR 1,461 million, up +2.5% vs. Q1 16 (and +1.7% restated for the increase in the SRF). This increase reflects the Group's ongoing investment in the digital transformation process and fast-growing activities. Operating expenses are expected to rise between +3% and +3.5% in 2017. As part of its transformation plan, the Group has notably closed 21 branches in France since the beginning of the year. Operating income Operating income totalled EUR 450 million in Q1 17 (EUR 479 million in Q1 16), underpinned by the sharp decline in the net cost of risk (-19%) which reflects the quality of French Retail Banking's portfolio. Contribution to Group net income French Retail Banking's contribution to Group net income amounted to EUR 319 million in Q1 17, down -2.7% vs. Q1 16, testifying to the division's resilient profitability in a low interest rate environment. RONE adjusted for the IFRIC 21 charge stood at 13.5% (vs. 14.8% in Q1 16). The division's net banking income totalled EUR 1,978 million in Q1 17, up +8.4% vs. Q1 16, driven by the good commercial momentum in all regions and businesses. Operating expenses remained under control and amounted to EUR 1,205 million over the same period, leading to a one point improvement in the cost to income ratio. As a result, gross operating income totalled EUR 773 million in Q1 17 (+11.7% vs. Q1 16). The net cost of risk improved significantly, amounting to EUR 111 million (-47.6% vs. Q1 16) due to good risk management and the receipt of an insurance indemnity in Romania. The division's contribution to Group net income totalled EUR 433 million in Q1 17, substantially higher than in Q1 16 (+44.3%). This includes a number of non-recurring items, whose total contribution was EUR 49 million. Excluding these non-recurring items, the contribution to Group net income was up EUR 84 million, representing an increase of +28% vs. Q1 16. At end-March 2017, International Retail Banking's outstanding loans totalled EUR 85.5 billion. This represented an increase of +9.7% (+7.9%*) vs. Q1 16, confirming the dynamic activity in Europe, particularly in the individual customer segment, as well as the buoyant activity in numerous African operations. Deposit inflow was also robust: outstanding deposits rose +9.6% (+8.3%*) vs. Q1 16, to EUR 77.9 billion. International Retail Banking's financial performance continued to improve. Revenues were up +4.8% (+2.4%*) vs. Q1 16 at EUR 1,277 million, underpinned by volume growth, while the increase in operating expenses of +2.2%* when adjusted for changes in Group structure and at constant exchange rates vs. Q1 16 (+6.0% in absolute terms) reflects investments in fast-growing activities. Gross operating income came to EUR 425 million, up +2.7% vs. Q1 16. International Retail Banking's contribution to Group net income amounted to EUR 194 million in Q1 17 (+59.0% vs. Q1 16), due primarily to the sharp decline in the net cost of risk (-47.3% vs. Q1 16). In Western Europe, outstanding loans were up +12.7% vs. Q1 16 at EUR 16.5 billion. Car financing remained particularly dynamic in the region. Revenues totalled EUR 181 million and gross operating income EUR 85 million in Q1 17. The contribution to Group net income came to EUR 43 million, up +38.7% vs. Q1 16. In the Czech Republic, the Group delivered a solid commercial performance in Q1 17. Outstanding loans rose +9.4% (+9.3%*) vs. Q1 16 to EUR 21.9 billion, driven by dynamic housing loan and consumer loan production. Outstanding deposits climbed +10.6% (+10.5%*) year-on-year to EUR 28.2 billion. Despite this positive volume effect, revenues were stable (-0.8%, -0.9%*) in Q1 17 at EUR 255 million, given the persistent low interest rate environment. Over the same period, operating expenses remained under control at EUR 163 million, with the increase of +6.5% attributable primarily to a non-recurring impairment. The contribution to Group net income, which amounted to EUR 64 million (+60.0% vs. Q1 16), benefited from provision write-backs as well as a capital gain on a property disposal, following the sale of the historical headquarters in Q1 17. The contribution to Group net income of non-recurring items was EUR 14 million in Q1 17. In Romania, the economic environment remains favourable. In Q1 17, outstanding loans rose +3.6% (+5.4%*) year-on-year to EUR 6.3 billion, primarily due to growth in the individual customer and large corporate segments. Outstanding deposits were 5.4% (7.3%*) higher year-on-year, at EUR 9.1 billion. In this context, net banking income was stable (-0.8%, -0.2%*) at EUR 127 million in Q1 17, with the 6.5%* increase in net interest income vs. Q1 16 offsetting the decline in commissions resulting from the regulatory capping of certain banking fees since June 30th, 2016. Rigorous cost control resulted in operating expenses declining -4.1% (-3.5%*) to EUR 94 million. Concerning the net cost of risk, Q1 17 was marked by provision write-backs, due primarily to insurance indemnities received over the period, whose contribution to Group net income was EUR 12 million. As a result, the BRD group's contribution to Group net income was EUR 28 million; it was EUR 2 million in Q1 16. In other European countries, outstanding loans were up +4.3% (+8.3%*) vs. Q1 16, at EUR 11.9 billion, principally in the individual customer segment, and with a healthy level of growth in virtually all the operations. Deposit inflow was buoyant, with outstandings up +8.5% (+10.8%*) year-on-year at EUR 11.8 billion, also driven by the individual customer segment. In Q1 17, revenues rose +4.2%*, when adjusted for changes in Group structure and at constant exchange rates, to EUR 175 million (-2.2% in absolute terms), in conjunction with the growth in volumes, while operating expenses were down -6.7% (-3.1%*) at EUR 125 million. The contribution to Group net income came to EUR 2 million, after EUR 24 million in Q1 16, due to a net cost of risk of EUR 44 million (vs. EUR 12 million in Q1 16), related to the provisioning of a commitment. These results include the contribution of the Croatian subsidiary, Splitska Banka, whose disposal was concluded on May 2nd, 2017, with a positive effect on the Group's Common Equity Tier 1 ratio of more than 8 basis points expected in Q2 17. In Russia, the economic environment continues to stabilise, reflected in the appreciation of the rouble (RUB/EUR at 60.3 at end-March 2017 vs. 76.3 at end-March 2016) and the decline in inflation (+4.3% in March 2017). Corporate activity continued to hold up well, while the recovery in loan production for individual customers accelerated, with car loan activity particularly buoyant. When adjusted for changes in Group structure and at constant exchange rates, outstanding loans were up +0.7%* vs. Q1 16 at EUR 9.7 billion (+23.2% in absolute terms, given the rouble's appreciation against the euro over the period). Outstanding deposits were stable* (+18.0% in absolute terms) vs. Q1 16, at EUR 7.8 billion. Net banking income for SG Russia() totalled EUR 195 million in Q1 17, up +23.4% (-6.2%* when adjusted for changes in Group structure and at constant exchange rates) in conjunction with the rouble's sharp appreciation against the euro. Operating expenses remained under control at EUR 162 million, +0.8%* vs. Q1 16, when adjusted for changes in Group structure and at constant exchange rates, (+32.9% vs. Q1 16 in absolute terms). Overall, SG Russia made a positive contribution to Group net income of EUR 9 million in Q1 17. SG Russia made a loss of EUR -18 million in Q1 16. In Africa and other regions where the Group operates, outstanding loans rose +7.4% (+6.8%* vs. Q1 16) to EUR 19.1 billion, with a healthy commercial momentum in numerous African operations (outstanding loans in Africa up +8.4% or +7.6%* when adjusted for changes in Group structure and at constant exchange rates), in conjunction with the dynamic economic growth in the region. Outstanding deposits were up +8.2% (+7.7%*). Net banking income came to EUR 366 million in Q1 17, an increase vs. Q1 16 (+4.9%, +5.9%*). Over the same period, operating expenses rose +5.2% (+6.2%*) in parallel with the Group's commercial development. The contribution to Group net income came to EUR 57 million in Q1 17, up +9.6% vs. Q1 16. The life insurance savings business saw a +4% increase in outstandings in Q1 17 vs. Q1 16 as well as a stronger trend towards unit-linked products, with the share of unit-linked products in outstandings up +3 points vs. Q1 16. There was further growth in Personal Protection insurance (premiums up +8% vs. Q1 16). Likewise, Property/Casualty insurance continued to grow (premiums up +8% vs. Q1 16), with substantial growth internationally and higher premiums in the car and home insurance segments. The Insurance business turned in a good financial performance in Q1 2017, with net banking income up +6.8% vs. Q1 16 at EUR 235 million (+6.3%*), and a still low cost to income ratio (46.8% in Q1 17). The business' contribution to Group net income increased +5.1% vs. Q1 16 to EUR 82 million. As from Q2 2017, the Group's Insurance business will be strengthened by the finalisation of the acquisition of Aviva France's 50% stake in Antarius, an insurance company dedicated to the Credit du Nord networks, which occurred on April 1st, 2017. Financial Services to Corporates maintained its commercial dynamism in Q1 2017. Operational Vehicle Leasing and Fleet Management experienced a substantial increase in its vehicle fleet (+14.3% vs. the end of Q1 16). The increase can be attributed on the one hand to the integration of the Parcours Group, and on the other to the fleet's high organic growth, driven by Western Europe and SME customers. Societe Generale confirms the good progress in the preparation of the stock market flotation of its ALD subsidiary, scheduled for 2017, subject to market conditions, through the disposal of a 20% to 25% stake. This strategic operation will enable ALD to accelerate its growth and become a leader in the mobility sector. Equipment Finance's outstanding loans were up +6.7% (+5.9%*) vs. Q1 16, at EUR 16.5 billion (excluding factoring), driven by several major transactions in the technology sector. New business margins held up well despite an intense competitive environment. Financial Services to Corporates' net banking income rose +20.5% in Q1 17 to EUR 464 million (+13.0%* when adjusted for changes in Group structure and at constant exchange rates, excluding notably the acquisition of the Parcours Group, vs. Q1 16). Operating expenses were higher over the period at EUR 226 million (+11.9% vs. Q1 16), in conjunction with the business' strong growth and the integration of Parcours (+1.5%*). Operating income came to EUR 225 million, up +30.1% vs. Q1 16 (+26.3%*) and the contribution to Group net income was EUR 172 million, up +34.4% vs. Q1 16. Global Banking & Investor Solutions enjoyed a good start to the year, with revenues of EUR 2,484 million in Q1 17, up +5.4% vs. Q1 16 (EUR 2,357 million). This result reflects primarily the good quarter in Global Markets but also the good performance of Asset and Wealth Management, offsetting a slight decline in Financing & Advisory. Global Markets & Investor Services' net banking income totalled EUR 1,678 million in Q1 17, up +8.3% vs. Q1 16. Following on from Q4 16, investors were active at the beginning of the quarter, in conjunction notably with the rise in interest rates and the improvement in the global economic outlook. After this more buoyant period of activity, the resurgence of political uncertainty around the elections in Europe and the direction of US policy led to a certain "wait-and-see" attitude in the markets. Financing and Advisory posted revenues of EUR 557 million, down -2.6% vs. the high level in Q1 16. Weaker asset financing activity in a highly competitive market was partially offset by the good performance of natural resources financing. The capital raising activity maintained the healthy momentum of previous quarters, bolstered in particular by the good performance of the securitisation, acquisition and leveraged finance businesses. The revenues of the Asset and Wealth Management business line totalled EUR 249 million in Q1 17, up +5.5% vs. Q1 16, including a structure effect related to the integration of Kleinwort Benson. Private Banking's assets under management amounted to EUR 119 billion at end-March 2017. Thanks to a healthy net inflow and positive market effects, assets under management rose +2.8% vs. end-2016. Net banking income was up +1.0% vs. Q1 16, at EUR 198 million, reflecting the transformation under way in our geographical franchises, despite a pre-election "wait-and-see" attitude in France. The erosion of the margin in Q1 (which nevertheless remained at a satisfactory level of 101 basis points vs. 106 basis points in Q1 16) was related to the" wait-and-see" attitude, partially offset by a rebound in the brokerage business. Lyxor's assets under management came to EUR 107 billion (+0.9% vs. Q4 16) thanks to a record EUR 7 billion inflow. In the ETF segment, Lyxor moved up one place in the rankings to No. 2 in Europe with a market share of 10.2% (source ETFGI). Lyxor's revenues amounted to EUR 46 million in Q1 17 (EUR 32 million in Q1 16), due primarily to an increase in commissions received. Global Banking & Investor Solutions' operating expenses were up +13.6% in Q1 17 vs. Q1 16, which included the partial refund of the Euribor fine(). When restated for this effect and the increase in the contribution to the European Single Resolution Fund(), operating expenses were down -2% vs. Q1 16, due to the effect of the transformation plans implemented in 2015 and 2016. Gross operating income came to EUR 534 million, down -16.6% vs. Q1 16, primarily due to the effect of the partial refund of the Euribor fine(1) recorded in Q1 16. The net cost of risk was substantially lower, in conjunction with the improved environment in the oil sector, at EUR 21 million in Q1 17 vs. EUR 140 million in Q1 16, reflecting the division's good risk management. Global Banking & Investor Solutions' operating income totalled EUR 513 million in Q1 17, up +2.6% vs. Q1 16. When restated for the partial refund of the Euribor fine(1) in Q1 16, operating income was up 81.9% between Q1 16 and Q1 17. The division's contribution to Group net income came to EUR 383 million in Q1 17 (-15.6% and +62.3% excluding the effect of the Euribor fine refund in Q1 2016). When restated for the effect of the IFRIC 21 standard, the division's ROE amounted to 15.3% (10.4% in absolute terms). The Corporate Centre's net banking income totalled EUR -44 million in Q1 17 (EUR -91 million in Q1 16), and EUR -69 million excluding the revaluation of the Group's own financial liabilities (EUR -236 million in Q1 16). The Corporate Centre's gross operating income was EUR -72 million in Q1 17 vs. EUR -100 million in Q1 16. When restated for the revaluation of own financial liabilities, gross operating income came to EUR -97 million in Q1 17 (vs. EUR -245 million in Q1 16). For full-year 2017, the Corporate Centre's gross operating income, excluding non-economic and non-recurring items, is expected to be around EUR -500 million. The net cost of risk includes a EUR 350 million charge corresponding to an additional allocation to provision for disputes in Q1 17. A settlement has been reached, after the Board review of the Q1 17 results, with the Libyan Investment Authority (LIA) to put a final end to the dispute opposing Societe Generale and LIA before the UK civil courts. Given the additional provision for disputes recorded in Q1 17 for EUR 350 million, the impact of this settlement on the Group net income for the full year is fully covered as from Q1 17. The Corporate Centre's contribution to Group net income was EUR -388 million in Q1 17, vs. EUR -158 million in Q1 16. When restated for the impact of the revaluation of own financial liabilities (EUR +17 million in Q1 17 and EUR +95 million in Q1 16), and the additional allocation to provision for disputes (EUR 350 million in Q1 17), the Corporate Centre's contribution to Group net income was EUR -55 million in Q1 17 vs. EUR -158 million in Q1 16. Societe Generale's results for Q1 2017 include non-economic items and an allocation to provision for disputes. When book income is adjusted for these factors, underlying Group net income amounted to more than EUR 1 billion, substantially higher in Q1 2017 compared to Q1 2016. Societe Generale has once again demonstrated the quality of its diversified and integrated banking model, based on the excellence of its relationship model, its cost and risk control, and the commitment of its employees. The Group is continuing with the investments in its transformation and the rollout of its Culture and Conduct programme. To this end, the Bank has initiated a process to simplify its organisational set-up which will enable it to even better serve its customers, increase its agility and continue to exploit synergies between its businesses based on the quality of its risk control. The Group will present its strategic plan on 28th November 2017. 2017-2018 financial communication calendar May 23rd, 2017 General Meeting of Shareholders May 31st, 2017 Detachment of the dividend June 2nd, 2017 Payment of the dividend August 2nd, 2017 Second quarter and first half 2017 results November 3rd, 2017 Third quarter and nine months 2017 results November 28th, 2017 Presentation of the strategic plan - Investor Day February 8th, 2018 Fourth quarter and FY 2017 results * When adjusted for changes in Group structure and at constant exchanges rates 1 - The Group's consolidated results as at March 31st, 2017 were examined by the Board of Directors on May 3rd, 2017. The financial information presented in respect of the first quarter ending March 31st, 2017 has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and has not been audited. The pillars' net banking income is defined on page 44 of Societe Generale's 2017 Registration Document. The terms "Revenues" or "Net Banking Income" are used interchangeably. They provide a normalised measure of each pillar's net banking income taking into account the normative capital mobilised for its activity. Operating expenses correspond to the "Operating Expenses" as presented in notes 5 and 8.2 to the Group's consolidated financial statements as at December 31st, 2016 (pages 381 et seq. and page 401 of Societe Generale's 2017 Registration Document). The term "costs" is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 44 of Societe Generale's 2017 Registration Document. The IFRIC 21 adjustment corrects the result of the charges recognised in the accounts in their entirety when they are due (generating event) so as to recognise only the portion relating to the current quarter, i.e. a quarter of the total. It consists in smoothing the charge recognised accordingly over the financial year in order to provide a more economic idea of the costs actually attributable to the activity over the period analysed. The corrections made in this respect to operating expenses for the different business divisions and the Group for Q1 17 are reiterated below: 5 - Restatements and other significant items for the period Non-economic items correspond to the revaluation of the Group's own financial liabilities and the debt value adjustment on derivative instruments (DVA). These two factors constitute the restated non-economic items in the analyses of the Group's results. They lead to the recognition of self-generated earnings reflecting the market's evaluation of the counterparty risk related to the Group. They are also restated in respect of the Group's earnings for prudential ratio calculations. Moreover, the Group restates the revenues and earnings of the French Retail Banking pillar for PEL/CEL provision allocations or write-backs. This adjustment makes it easier to identify the revenues and earnings relating to the pillar's activity, by excluding the volatile component related to commitments specific to regulated savings. Details of these items, as well as the other items that are the subject of a one-off or recurring restatement, are provided below, given that, in the tables below, the items marked with one asterisk (*) are the non-economic items and the items marked with two asterisks (**) are given for information only. * Non-economic items ** For information purposes. This data is not included in adjustments taken into account at Group level, notably to calculate underlying ROE 6 - Cost of risk in basis points, coverage ratio for doubtful outstandings The cost of risk or commercial cost of risk is defined on pages 46 and 528 of Societe Generale's 2017 Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases. The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default ("doubtful"). The notion of ROE, as well as the methodology for calculating it, are specified on page 47 of Societe Generale's 2017 Registration Document. This measure makes it possible to assess Societe Generale's return on equity. RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group's businesses, according to the principles presented on page 47 of Societe Generale's Registration Document. Data relating to the 2015 financial year have been adjusted to take account of the allocation principle in force since January 1st, 2016, based on 11% of the businesses' risk-weighted assets. Calculation of the Group's ROE (Return on Equity) Details of the corrections made to book equity in order to calculate ROE for the period are given in the table below: Symmetrically, Group net income used for the ratio numerator is book Group net income adjusted for "interest, net of tax payable to holders of deeply subordinated notes and undated subordinated notes, interest paid to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisations" and "unrealised gains/losses booked under shareholders' equity, excluding conversion reserves" (see methodology note No. 9). 8 - Net assets and tangible net assets are defined in the methodology, page 49 of the Group's 2017 Registration Document ("Net Assets"). The items used to calculate them are presented below. ** The number of shares considered is the number of ordinary shares outstanding at the end of the period, excluding treasury shares and buybacks, but including the trading shares held by the Group. In accordance with IAS 33, historical data per share prior to the date of detachment of a preferential subscription right are restated by the adjustment coefficient for the transaction. The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 48 of Societe Generale's 2017 Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE. As specified on page 48 of Societe Generale's 2017 Registration Document, the Group also publishes EPS adjusted for the impact of non-economic items presented in methodology note No. 5. The number of shares used for the calculation is as follows: * Adjusted for revaluation of own financial liabilities and DVA 10 - The Societe Generale Group's Common Equity Tier 1 capital is calculated in accordance with applicable CRR/CRD4 rules. The fully-loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is calculated according to applicable CRR/CRD4 rules including the provisions of the delegated act of October 2014. 11 - The summary of adjustments making it possible to reconcile published results with underlying data is set out below. The following table represents the effect of the adjustment for 75% of the IFRIC 21 charge on the different lines concerned of the income statement for the business divisions and the Group. NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules. (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale's website www.societegenerale.com in the "Investor" section. Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams. Societe Generale has been playing a vital role in the economy for 150 years. With more than 145,000 employees, based in 66 countries, we serve on a daily basis 31 million clients throughout the world. Societe Generale's teams offer advice and services to individual, corporate and institutional customers in three core businesses: Societe Generale is currently included in the main sustainability indices: DJSI (World and Europe), FSTE4Good (World and Europe), Euronext Vigeo (World, Europe and Eurozone), Ethibel Sustainability Index (ESI) Excellence Europe, 4 of the STOXX ESG Leaders Indices, MSCI Low Carbon Leaders Index. For more information, you can follow us on twitter @societegenerale or visit our website www.societegenerale.com () Excluding partial refund of the Euribor fine in Q1 2016, adjusted for the impact of IFRIC 21 () The phased-in ratio, including the earnings of the current financial year, stood at 11.7% at-end March 2017, vs. 11.5% at end-March 2016 and 11.8% at end-December 2016. The phased-in ratio, excluding the earnings of the current financial year, stood at 11.6% at end-March 2017 vs. 11.4% at end-March 2016. (1) SG Russia encompasses the entities Rosbank, Delta Credit Bank, Rusfinance Bank, Societe Generale Insurance, ALD Automotive and their consolidated subsidiaries. () Partial refund of the Euribor fine of EUR 218m in Q1 16 () Contribution to the SRF of EUR 197 million in Q1 17 vs. EUR 252 million in Q1 16
News Article | April 17, 2017
The New York Laser Clinic Limited (NYLC) is an independently-owned chain of Cosmetic Clinics based in London. It was founded in 2004 and carries out many non-invasive cosmetic procedures, including laser hair removal. It has undertaken hundreds of thousands of treatments over the last 13 years. NYLC has issued proceedings at the High Court of Justice in London [HQ16X04444] against Naturastudios Limited (“Naturastudios”), a company owned by Mr James Anderson, for negligent misstatement with respect to the supply to NYLC of lasers from Formatk’s Magma platform (“Magma Lasers”) in late 2015. Naturastudios is the UK distributor for the Magma Lasers, which were designed, developed and manufactured by Formatk, an Israeli company. According to Naturastudios, Formatk also manufactures certain Lumenis lasers on behalf of Lumenis. Naturastudios made and in many cases continues to make, on its website, claims about the performance and efficacy of the Magma platform, in particular with respect to the Diode (ALD head). NYLC alleges that it acquired 6 lasers in reliance on various of these statements as well as on statements made an employee of Naturastudios and a consultant for Naturastudios. The statements that NYLC alleges Naturastudios, its employees and/or consultant made included: NYLC alleges that these claims were false, untrue, inaccurate and misleading. Furthermore, it alleges that the training provided by the consultant on behalf of Naturastudios was negligent in its delivery. NYLC alleges that the consultant ceased his relationship with Naturastudios soon after NYLC made its complaint to Naturastudios. In its submission to the Court, NYLC has stated that it ceased selling new treatments using the Magma Lasers to clients with skin types IV-VI on the Fitzpatrick scale in Summer 2016 and transferred clients with those skin types from the Magma Lasers to its Candela lasers. Since early February 2017, NYLC has ceased all Magma laser treatments on all of its clients (irrespective of skin type). NYLC has incurred significant costs remedying ineffective treatments that were given using the Magma Lasers. NYLC is currently in the process of preparing notifications to the U.S. Food and Drug Administration (“FDA”) and Medicines & Healthcare Products Regulatory Agency (“MHPRA”) in the UK/EU with respect to the issues identified with these lasers.
News Article | February 15, 2017
WASHINGTON, DC--(Marketwired - Feb 14, 2017) - The National Academies of Sciences, Engineering and Medicine today issued a report that examines the scientific, clinical, ethical, legal and social implications of human genome editing. The Alliance for Regenerative Medicine (ARM) believes that genomic medicines, including genome editing, hold great promise for the treatment of a multitude of hereditary and acquired diseases where there is presently no effective treatment available. The Alliance for Regenerative Medicine (ARM) applauds the National Academies of Sciences, Engineering and Medicine for its very thorough and thoughtful report on the current scientific, technical, ethical, and policy issues relating to human genome editing. We support the need for responsible and ethically appropriate approaches to research and clinical use of these technologies following the seven guiding principles outlined in the report, as well as the need for continued public engagement and dialogue. We also commend the Academies for recognizing the profound impact genome editing will have on the development of a new class of medicines for many patients with presently incurable diseases. We believe the report's recommendations that "existing regulatory infrastructure and processes for reviewing and evaluating somatic gene therapy to treat or prevent disease and disability" are sensible and will help create a safe path toward eventual clinical adoption and regulatory approval of therapeutics based on somatic cell genome editing. In addition, we note the report's recommendations on heritable germline genome editing and the strict criteria to be met before ever considering clinical study. ARM will continue to monitor developments related to these applications, but until safety is proven and the risks associated with long-term consequences, both intended and unintended, are fully evaluated, we will remain solely focused on realizing the full therapeutic potential of somatic cell genome editing. Further, we must be satisfied that all relevant moral and ethical issues have been addressed and that a broad societal consensus exists as to the benefits and risks associated with editing the germline. ARM believes that advances in the field of gene therapy, including somatic cell genome editing, have the potential to profoundly and positively impact the practice of medicine for currently incurable genetic diseases, such as muscular dystrophy, sickle cell disease (SCD), cystic fibrosis, hemophilia, adrenoleukodystrophy (ALD), Alpha-1 Antitrypsis Deficiency (AATD), and Transthyretin Amyloidosis (ATTR), as well as acquired diseases such as cancer, certain forms of heart disease, HIV, Hepatitis B virus, and other infectious diseases. It is estimated that 30 million Americans, or 1 in every 10 people, are afflicted with one of the approximately 7,000 rare diseases. Two thirds of those affected are children. The National Organization for Rare Disorders (NORD) estimates that for 95 percent of these diseases no FDA-approved treatment currently exists,(1) and the few treatments that are available generally address the symptoms and not the underlying genetic cause of the disease. As a result, these treatments must be administered for the duration of a patient's life. In contrast, genome editing offers the very real potential to bring hope to rare disease patients through development of a broad range of new technologies to precisely target and modify the genetic material of a patient's cells. By removing, repairing, or replacing a defective gene or genes, these therapies hold the promise of potentially curing a broad range of diseases with a single treatment. Similarly, in diseases such as cancer, HIV, and beta-thalessemia, genome editing is being employed to modify T cells and hematopoietic stem cells ex-vivo. The modified cells are then delivered to the patient to treat and potentially cure the underlying disease. These programs build upon early successes and several advanced programs based on somatic cell gene replacement therapies. According to a recent white paper titled, "Therapeutic Gene Editing," published by the American Society of Gene & Cell Therapy (ASGCT), "the successful development of effective treatments based on genome editing could shift today's approach from a lifetime of symptom management for hereditary diseases to tomorrow's ideal of making a one-time curative repair or change to an individual's affected gene. The goal is a long lasting, perhaps life-long effect that minimizes or even eliminates disease."(2) Diseases involving multiple genes may also be treatable if the therapy can alter specific genes affecting the course of the disease. ARM represents a number of companies and research institutions that use various gene therapy and genome editing technology platforms, including CRISPR/Cas9, zinc finger nucleases (ZFNs), homing endonucleases, vector-driven homologous recombination, transcription activator-like effector-based nucleases (TALEN) and meganucleases, amongst others to design therapeutics that address a wide range of, hereditary and acquired diseases. About The Alliance for Regenerative Medicine The Alliance for Regenerative Medicine (ARM) is an international multi-stakeholder advocacy organization that promotes legislative, regulatory and reimbursement initiatives necessary to facilitate access to life-giving advances in regenerative medicine worldwide. ARM also works to increase public understanding of the field and its potential to transform human healthcare, providing business development and investor outreach services to support the growth of its member companies and research organizations. Prior to the formation of ARM in 2009, there was no advocacy organization operating in Washington, D.C. to specifically represent the interests of the companies, research institutions, investors and patient groups that comprise the entire regenerative medicine community. Today, ARM has more than 250 members and is the leading global advocacy organization in this field. To learn more about ARM or to become a member, visit http://www.alliancerm.org. 1. National Organization for Rare Disorders (2015). NORD developing 20 natural history studies for 20 rare diseases (Press Release). https://rarediseases.org/fda-awards-nord-250000-grant-to-support-the-development-of-20-natural-history-studies-for-rare- disease-research/. 2. American Society of Gene & Cell Therapy (2016). Therapeutic Gene Editing: An American Society of Gene & Cell Therapy White Paper. http://www.asgct.org/UserFiles/file/TherapeuticGeneEditingWP_Nov21_v1.pdf.
News Article | March 1, 2017
ASM International has received a supplier excellence award as one of five equipment suppliers from TSMC for the performance and support of ASM's ALD equipment and technology during 2016. The award was presented to ASM by TSMC Co-Chief Executive Officer, Dr. Mark Liu, at the TSMC Supply Chain Management Forum on February 23, 2017 in Taiwan. The award was received by ASM in recognition of its ALD technology and performance in production at TSMC fabs. During the presentation, TSMC explained three points that contributed to the award to ASM. 1) Cutting-edge tool innovations for advanced nodes. 2) Superb support to achieve quick solutions on consigned tools. 3) Great record of on-time tool delivery. "We are very honored to receive this prestigious award from TSMC and thank TSMC for this recognition," said Chuck del Prado, CEO and President of ASM International, "ASM highly values our partnership with TSMC and we are very pleased that our Pulsar ALD and Eagle XP8 PEALD tools have provided strong benefits to TSMC in its production fabs." TSMC is the world's largest semiconductor manufacturing foundry. TSMC hosts the Supply Chain Management forum annually to show appreciation for the support and contributions of its suppliers and to recognize outstanding equipment and materials suppliers. ASM International NV, headquartered in Almere, the Netherlands, its subsidiaries and participations design and manufacture equipment and materials used to produce semiconductor devices. ASM International, its subsidiaries and participations provide production solutions for wafer processing (Front-end segment) as well as for assembly & packaging and surface mount technology (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International's common stock trades on the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI's website at . Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, epidemics and other risks indicated in the Company's reports and financial statements. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.