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VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 10, 2017) - Lithium Americas Corp. ("Lithium Americas" or the "Company") (TSX:LAC)(OTCQX:LACDF) is pleased to announce the appointment of Gabriel Rubacha as the Company's President, South American Operations. Mr. Rubacha was previously the Commercial Director of Techint Engineering and Construction S.A. ("Techint"). Prior to this position, Mr. Rubacha served as the Managing Director of the Southern Cone Region (Argentina, Chile and Uruguay), General Manager at Techint Chile, Techint's Project Director for the Pascua Lama Project, Business and Contract Manager at Veladero Project and Business Development, and Commercial Manager for Techint. Mr. Rubacha has an MBA from the Universidad de Belgrano/Ecole des Ponts et Chaussees, Paris, France, graduated from the Executive Program at the Darden School of Business of the University of Virginia, and has an Aeronautical Engineering degree from the Universidad Tecnologica Nacional, Argentina. Tom Hodgson, Lithium Americas' CEO, commented: "Gabriel has the ideal background and vast experience in advancing world-class construction projects. For the past year, he has been a director of Lithium Americas and a director of the joint venture company, Minera Exar S.A. ("Minera Exar"). We are delighted that he is joining Lithium Americas' management team to work together with Franco Mignacco and our team in Argentina at this exciting time on the eve of the commencement of construction at the Cauchari-Olaroz project." In addition, Lithium Americas is pleased to announce that it has settled all documentation for the closing of the investment agreement (the "Investment Agreement") with GFL International Co., Ltd., a wholly-owned subsidiary of Jiangxi Ganfeng Lithium Co., Ltd. ("Ganfeng Lithium"). As announced on January 17, 2017, the Investment Agreement comprises an equity financing (the "Private Placement"), a debt facility (the "Debt Facility") and an off-take agreement, whereby Ganfeng Lithium has agreed to provide Lithium Americas an aggregate of approximately US$171 million in financing, primarily to fund the Company's share of construction costs for the Cauchari-Olaroz lithium project ("Cauchari-Olaroz") in Jujuy province, Argentina. The transaction will close following receipt of formal acceptance by Chinese authorities. The Private Placement will result in the issuance of 63,750,000 common shares of the Company to Ganfeng Lithium at a price of C$0.85 per common share for gross proceeds of approximately C$54 million (US$39 million). Combined with the 11,250,000 common shares (C$9.6 million) previously issued pursuant to an initial equity instalment under the Investment Agreement, Ganfeng Lithium will hold 75,000,000 common shares of the Company or approximately 19.7% of the Company's issued and outstanding common shares at the time of closing. Pursuant to the Debt Facility, Ganfeng Lithium has agreed to loan to Lithium Americas US$125 million, to fund the Company's share of Cauchari-Olaroz' construction costs. The Debt Facility has a six-year term, carries an 8.0% interest rate for the first three years, 8.5% in year four, 9.0% in year five and 9.5% in year six on the principal amount drawn. Lithium Americas has agreed to grant to Ganfeng Lithium a security interest in its corporate assets other than its stake in Cauchari-Olaroz, as a condition to first draw-down on the Debt Facility and in addition to other customary conditions. Under the off-take agreement, Ganfeng Lithium has agreed to acquire up to 80% of Lithium Americas' share of the first stage of production ("Stage 1") from Cauchari-Olaroz for a period of 20 years following the commencement of commercial production at market prices. Stage 1 of Cauchari-Olaroz is expected to produce 25,000 tonnes per annum of battery-grade lithium carbonate for a period of 40 years. Pursuant to the Company's announcement on January 19, 2017, Lithium Americas anticipates closing the financing with BCP Innovation Pte Ltd., a wholly-owned subsidiary of Bangchak Corporation Public Company Ltd., ("Bangchak") subsequent to the closing of the Ganfeng Lithium transaction. Lithium Americas, together with Sociedad Química y Minera de Chile S.A ("SQM"), is developing Cauchari-Olaroz, located in Jujuy, Argentina, through its 50% interest in Minera Exar. In addition, Lithium Americas owns 100% of the Lithium Nevada project (formerly Kings Valley project), and RheoMinerals Inc., a supplier of rheology modifiers for oil-based drilling fluids, coatings, and specialty chemicals. Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company's periodic filings with Canadian securities regulators. Forward-looking information in this news release includes (i) receipt of Chinese regulatory approvals and closing of the Investment Agreement; (ii) timing and satisfaction of the conditions to first draw-down of the Debt Facility; and (iii) timing and completion of the Bangchak Investment Agreement. When used in this document, the words such as "intent", "target", "expect", "estimated" and "scheduled" and similar expressions represent forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by Lithium Americas management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in the Lithium Americas' most recently filed MD&A, Annual Information Form and other continuous disclosure filings. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.


SPRINGFIELD, VA / ACCESSWIRE / May 10, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced financial results for the first three quarters of fiscal 2017, ended March 31, 2017. The Form 10-Qs for the first and second quarters have been filed with the Securities and Exchange Commission (SEC). The financial statements for the third quarter of fiscal year 2017 are attached to this press release and the associated Form 10-Q will be filed in the next several days, within the time period prescribed by the SEC. With today's filings, the Company has resumed timely filings with the SEC. Among the highlights of the first nine months of Versar's fiscal 2017: Funded backlog of $152 million as of March 31, 2017 Gross revenue of $85.1 million Reduced overall debt by approximately 50% to $9.4 million Adjusted EBITDA of $2.6 million (Non-GAAP metric - see definition at end of this earnings release) Versar said that it expects that following today's resumption of on-time filings, the Company will continue to comply with the filing requirements of both the SEC and the New York Stock Exchange MTK LLC (the "Exchange"). Consistent with its obligations to its lender, Bank of America, N.A., the Company continues to seek a replacement credit facility or other financial arrangement. In parallel, Versar continues to implement improvements to its cost structure, financial strength and business focus. On May 8, 2017, the Company submitted its plan to the Exchange describing the actions it has taken and will take to regain compliance with the continued listing standards, specifically Section 1003(a)(i) of the Exchange Company Guide regarding stockholders' equity. The Company will continue to work with the Exchange as necessary to ensure approval and implementation of a plan to address compliance with the listing standards. "While Versar is still in the process of restructuring, we are approaching the successful completion of revising internal and external processes that will result in a structurally strengthened company that is better able to meet the anticipated increased demand of our military and other infrastructure customers," said Tony Otten, Versar's Chief Executive Officer. "The resumption of timely SEC filings is an important milestone as a leaner and more sharply focused Versar advances toward a successful return to sustainable, profitable growth." Though Mr. Otten noted that the Company would provide a detailed business outlook at the outset of fiscal 2018, he pointed to the increasing frequency of Versar's new-business announcements recently as positive indicators of a prospective return to growth. He also said that it was important to place the escalation of announced awards for the Company in the context of the federal government's announced plans for massive spending increases for the Department of Defense, as well as for public infrastructure in general. Year to date fiscal 2017 gross revenue decreased 34% to $85.1 million, compared to revenues of $128.7 million during the first nine months of fiscal 2016. This decrease is largely attributable to the Dover Air Force Base (DAFB) project wind down, Performance Based Remediation (PBR) wind down, Versar Security Systems (VSS) lower than expected revenues, and projects ending within the Environmental Services Group (ESG). Both the DAFB and PBR ramp-downs were anticipated with those projects scheduled to end in calendar year 2017 and 2020, respectively. Offsetting these revenue decreases, each reporting segment reported additional contributions, such as the Fort Belvoir project for Engineering and Construction Management (ECM), Shoreline Stabilization Projects within ESG, and the 88th Regional Support Command contract within the Professional Services Group (PSG). Purchased services and materials decreased 45% to $44.5 million for the first nine months of fiscal 2017, from $80.5 million during the same period of fiscal 2016. The wind down in DAFB was the primary driver of that decrease. Gross profit for the first nine months of fiscal 2017 was $5.9 million, compared to a gross profit of $6.8 million for the same period of fiscal 2016. Gross margin increased from 5% to 7%. While SG&A remained flat on a dollar amount, it increased as a percent of revenue from 7% to 11%. Included in the last nine months of SG&A are approximately $900 thousand related to requirements of the Bank of America Loan Amendment. In addition, the Company paid for two outside audits and unusual legal fees associated with our restructuring. Despite these additional expenses, the Company was able to control indirect costs. Net Loss for the first nine months of fiscal 2017 was $4.2 million, which translates to a loss per share of $.42. To assist our investors and other users of our financial statements, we have introduced a non-GAAP metric to show company performance without the non-cash one-time write-downs. We are calling this metric Adjusted EBITDA. More details can be found at the end of this earnings release. Versar will host a conference call today, May 10, 2017 at 5:00 p.m. Eastern Time to discuss its business outlook and its operational performance and financial results for the first three quarters of fiscal 2017. The dial in number for the U.S. and Canada is toll free at 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5:00 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and international callers may dial 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. 10,284,467 shares issued and 9,952,208 shares outstanding as of May 1, 2016; 10,217,227 shares issued and 9,982,778 shares outstanding as of July 1, 2016 Capital in excess of par value VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) For the Three Months Ended For the Nine Months Ended VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Nine Months Ended Adjustments to reconcile net loss to net cash used in operating activities: Changes in assets and liabilities: (Increase) in prepaid and other assets (Increase) decrease in other assets and liabilities Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period This earnings release contains a non-GAAP (Generally Accepted Accounting Principles) financial measure, as defined by the Securities and Exchange Commission Regulation G and indicated by a footnote in the text of the release. While we believe investors and other users of our financial statements may find this non-GAAP financial measure useful in evaluating our financial performance and operational trends, they should be considered as supplemental in nature, and therefore, should not be considered in isolation or as a substiture for financial information prepared in accordance with GAAP. Reconcilations are provided for the non-GAAP measure in the table above. Other companies may define this measure differently or may utilize different non-GAAP measures. SPRINGFIELD, VA / ACCESSWIRE / May 10, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced financial results for the first three quarters of fiscal 2017, ended March 31, 2017. The Form 10-Qs for the first and second quarters have been filed with the Securities and Exchange Commission (SEC). The financial statements for the third quarter of fiscal year 2017 are attached to this press release and the associated Form 10-Q will be filed in the next several days, within the time period prescribed by the SEC. With today's filings, the Company has resumed timely filings with the SEC. Among the highlights of the first nine months of Versar's fiscal 2017: Funded backlog of $152 million as of March 31, 2017 Gross revenue of $85.1 million Reduced overall debt by approximately 50% to $9.4 million Adjusted EBITDA of $2.6 million (Non-GAAP metric - see definition at end of this earnings release) Versar said that it expects that following today's resumption of on-time filings, the Company will continue to comply with the filing requirements of both the SEC and the New York Stock Exchange MTK LLC (the "Exchange"). Consistent with its obligations to its lender, Bank of America, N.A., the Company continues to seek a replacement credit facility or other financial arrangement. In parallel, Versar continues to implement improvements to its cost structure, financial strength and business focus. On May 8, 2017, the Company submitted its plan to the Exchange describing the actions it has taken and will take to regain compliance with the continued listing standards, specifically Section 1003(a)(i) of the Exchange Company Guide regarding stockholders' equity. The Company will continue to work with the Exchange as necessary to ensure approval and implementation of a plan to address compliance with the listing standards. "While Versar is still in the process of restructuring, we are approaching the successful completion of revising internal and external processes that will result in a structurally strengthened company that is better able to meet the anticipated increased demand of our military and other infrastructure customers," said Tony Otten, Versar's Chief Executive Officer. "The resumption of timely SEC filings is an important milestone as a leaner and more sharply focused Versar advances toward a successful return to sustainable, profitable growth." Though Mr. Otten noted that the Company would provide a detailed business outlook at the outset of fiscal 2018, he pointed to the increasing frequency of Versar's new-business announcements recently as positive indicators of a prospective return to growth. He also said that it was important to place the escalation of announced awards for the Company in the context of the federal government's announced plans for massive spending increases for the Department of Defense, as well as for public infrastructure in general. Year to date fiscal 2017 gross revenue decreased 34% to $85.1 million, compared to revenues of $128.7 million during the first nine months of fiscal 2016. This decrease is largely attributable to the Dover Air Force Base (DAFB) project wind down, Performance Based Remediation (PBR) wind down, Versar Security Systems (VSS) lower than expected revenues, and projects ending within the Environmental Services Group (ESG). Both the DAFB and PBR ramp-downs were anticipated with those projects scheduled to end in calendar year 2017 and 2020, respectively. Offsetting these revenue decreases, each reporting segment reported additional contributions, such as the Fort Belvoir project for Engineering and Construction Management (ECM), Shoreline Stabilization Projects within ESG, and the 88th Regional Support Command contract within the Professional Services Group (PSG). Purchased services and materials decreased 45% to $44.5 million for the first nine months of fiscal 2017, from $80.5 million during the same period of fiscal 2016. The wind down in DAFB was the primary driver of that decrease. Gross profit for the first nine months of fiscal 2017 was $5.9 million, compared to a gross profit of $6.8 million for the same period of fiscal 2016. Gross margin increased from 5% to 7%. While SG&A remained flat on a dollar amount, it increased as a percent of revenue from 7% to 11%. Included in the last nine months of SG&A are approximately $900 thousand related to requirements of the Bank of America Loan Amendment. In addition, the Company paid for two outside audits and unusual legal fees associated with our restructuring. Despite these additional expenses, the Company was able to control indirect costs. Net Loss for the first nine months of fiscal 2017 was $4.2 million, which translates to a loss per share of $.42. To assist our investors and other users of our financial statements, we have introduced a non-GAAP metric to show company performance without the non-cash one-time write-downs. We are calling this metric Adjusted EBITDA. More details can be found at the end of this earnings release. Versar will host a conference call today, May 10, 2017 at 5:00 p.m. Eastern Time to discuss its business outlook and its operational performance and financial results for the first three quarters of fiscal 2017. The dial in number for the U.S. and Canada is toll free at 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5:00 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and international callers may dial 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. 10,284,467 shares issued and 9,952,208 shares outstanding as of May 1, 2016; 10,217,227 shares issued and 9,982,778 shares outstanding as of July 1, 2016 Capital in excess of par value VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) For the Three Months Ended For the Nine Months Ended VERSAR, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) For the Nine Months Ended Adjustments to reconcile net loss to net cash used in operating activities: Changes in assets and liabilities: (Increase) in prepaid and other assets (Increase) decrease in other assets and liabilities Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period This earnings release contains a non-GAAP (Generally Accepted Accounting Principles) financial measure, as defined by the Securities and Exchange Commission Regulation G and indicated by a footnote in the text of the release. While we believe investors and other users of our financial statements may find this non-GAAP financial measure useful in evaluating our financial performance and operational trends, they should be considered as supplemental in nature, and therefore, should not be considered in isolation or as a substiture for financial information prepared in accordance with GAAP. Reconcilations are provided for the non-GAAP measure in the table above. Other companies may define this measure differently or may utilize different non-GAAP measures.


SPRINGFIELD, VA / ACCESSWIRE / May 10, 2017 / Versar, Inc. (NYSE MKT: VSR) today announced financial results for the first three quarters of fiscal 2017, ended March 31, 2017. The Form 10-Qs for the first and second quarters have been filed with the Securities and Exchange Commission (SEC). The financial statements for the third quarter of fiscal year 2017 are attached to this press release and the associated Form 10-Q will be filed in the next several days, within the time period prescribed by the SEC. With today's filings, the Company has resumed timely filings with the SEC. Among the highlights of the first nine months of Versar's fiscal 2017: Versar said that it expects that following today's resumption of on-time filings, the Company will continue to comply with the filing requirements of both the SEC and the New York Stock Exchange MTK LLC (the "Exchange"). Consistent with its obligations to its lender, Bank of America, N.A., the Company continues to seek a replacement credit facility or other financial arrangement. In parallel, Versar continues to implement improvements to its cost structure, financial strength and business focus. On May 8, 2017, the Company submitted its plan to the Exchange describing the actions it has taken and will take to regain compliance with the continued listing standards, specifically Section 1003(a)(i) of the Exchange Company Guide regarding stockholders' equity. The Company will continue to work with the Exchange as necessary to ensure approval and implementation of a plan to address compliance with the listing standards. "While Versar is still in the process of restructuring, we are approaching the successful completion of revising internal and external processes that will result in a structurally strengthened company that is better able to meet the anticipated increased demand of our military and other infrastructure customers," said Tony Otten, Versar's Chief Executive Officer. "The resumption of timely SEC filings is an important milestone as a leaner and more sharply focused Versar advances toward a successful return to sustainable, profitable growth." Though Mr. Otten noted that the Company would provide a detailed business outlook at the outset of fiscal 2018, he pointed to the increasing frequency of Versar's new-business announcements recently as positive indicators of a prospective return to growth. He also said that it was important to place the escalation of announced awards for the Company in the context of the federal government's announced plans for massive spending increases for the Department of Defense, as well as for public infrastructure in general. Year to date fiscal 2017 gross revenue decreased 34% to $85.1 million, compared to revenues of $128.7 million during the first nine months of fiscal 2016. This decrease is largely attributable to the Dover Air Force Base (DAFB) project wind down, Performance Based Remediation (PBR) wind down, Versar Security Systems (VSS) lower than expected revenues, and projects ending within the Environmental Services Group (ESG). Both the DAFB and PBR ramp-downs were anticipated with those projects scheduled to end in calendar year 2017 and 2020, respectively. Offsetting these revenue decreases, each reporting segment reported additional contributions, such as the Fort Belvoir project for Engineering and Construction Management (ECM), Shoreline Stabilization Projects within ESG, and the 88th Regional Support Command contract within the Professional Services Group (PSG). Purchased services and materials decreased 45% to $44.5 million for the first nine months of fiscal 2017, from $80.5 million during the same period of fiscal 2016. The wind down in DAFB was the primary driver of that decrease. Gross profit for the first nine months of fiscal 2017 was $5.9 million, compared to a gross profit of $6.8 million for the same period of fiscal 2016. Gross margin increased from 5% to 7%. While SG&A remained flat on a dollar amount, it increased as a percent of revenue from 7% to 11%. Included in the last nine months of SG&A are approximately $900 thousand related to requirements of the Bank of America Loan Amendment. In addition, the Company paid for two outside audits and unusual legal fees associated with our restructuring. Despite these additional expenses, the Company was able to control indirect costs. Net Loss for the first nine months of fiscal 2017 was $4.2 million, which translates to a loss per share of $.42. To assist our investors and other users of our financial statements, we have introduced a non-GAAP metric to show company performance without the non-cash one-time write-downs. We are calling this metric Adjusted EBITDA. More details can be found at the end of this earnings release. Versar will host a conference call today, May 10, 2017 at 5:00 p.m. Eastern Time to discuss its business outlook and its operational performance and financial results for the first three quarters of fiscal 2017. The dial in number for the U.S. and Canada is toll free at 866-682-6100. The international dial in number is 862-255-5401. Participants should call in a few minutes before 5:00 PM Eastern Time. For those unable to attend the conference call, a replay of the teleconference will be available until May 23, 2017 and may be accessed domestically by dialing 877-481-4010 and international callers may dial 919-882-2331. Callers must enter conference ID number 10361. Additionally, the replay will be available on Versar's Investor Relations website, http://www.versar.com/investorrelations/index.html. VERSAR, INC., headquartered in Springfield, Virginia, is a publicly-traded global project management company providing sustainable value oriented solutions to government and commercial clients in the construction management, environmental services, and professional services market areas. Find out more about VERSAR at: This news release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended July 1, 2016, as updated from time to time in the Company's periodic filings. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements. This earnings release contains a non-GAAP (Generally Accepted Accounting Principles) financial measure, as defined by the Securities and Exchange Commission Regulation G and indicated by a footnote in the text of the release. While we believe investors and other users of our financial statements may find this non-GAAP financial measure useful in evaluating our financial performance and operational trends, they should be considered as supplemental in nature, and therefore, should not be considered in isolation or as a substiture for financial information prepared in accordance with GAAP. Reconcilations are provided for the non-GAAP measure in the table above. Other companies may define this measure differently or may utilize different non-GAAP measures.


News Article | May 23, 2017
Site: www.PR.com

Receive press releases from Builderbox Inc: By Email From AEC Hackathon to Market - Builderbox.io - is Live Seattle, WA, May 23, 2017 --( The brainchild of Vishal Porwal, a Construction Project Engineer, Builderbox.io is the culmination of five years of research and development in the Project Management automation, and digitalization arena. Vishal was joined by Construction Innovation Executive David de Yarza in March of 2014 at the second ever AEC Hackathon (1.1) organized at Facebook Headquarters in Menlo Park, California. The team formed over the weekend was awarded the 2nd place for the Best Open BIM Project award for the use of Open Standards, and 3rd place overall project. Following the Hackathon, Vishal and David stayed in touch and continued to work on developing the platform. Company CEO David de Yarza recounts, “We wanted to make our Digital Work as easy and satisfying as our Digital Life, and at some point we realized, we were on to something that we could not just keep to ourselves.” And in late 2016 the company was formed to bring Builderbox.io to market. Hallmarks of the Builderbox philosophy are: Ease of Use Knowledge Sharing Frictionless Construction Project Digitization Using Mobile and Cloud Technologies Automation of Repetitive Tasks Intelligent Personal Assistance A Transparent and Fair Pricing Structure Collaborate Effectively, Document Everything, Make Data Driven Decisions with Builderbox. Learn more at: https://www.builderbox.io Seattle, WA, May 23, 2017 --( PR.com )-- Seeking to dramatically improve productivity and team collaboration on Construction Projects, Builderbox, Inc. has launched their Cloud Construction Project Management and Mobile Platform: Builderbox.io - a set of People Centric tools that use Social Media-Like behaviors and Lean Construction workflows to engage users and capture Project Knowledge to turn Architecture, Engineering and Construction professionals into Productivity Heroes.The brainchild of Vishal Porwal, a Construction Project Engineer, Builderbox.io is the culmination of five years of research and development in the Project Management automation, and digitalization arena. Vishal was joined by Construction Innovation Executive David de Yarza in March of 2014 at the second ever AEC Hackathon (1.1) organized at Facebook Headquarters in Menlo Park, California. The team formed over the weekend was awarded the 2nd place for the Best Open BIM Project award for the use of Open Standards, and 3rd place overall project.Following the Hackathon, Vishal and David stayed in touch and continued to work on developing the platform. Company CEO David de Yarza recounts, “We wanted to make our Digital Work as easy and satisfying as our Digital Life, and at some point we realized, we were on to something that we could not just keep to ourselves.” And in late 2016 the company was formed to bring Builderbox.io to market.Hallmarks of the Builderbox philosophy are:Ease of UseKnowledge SharingFrictionless Construction Project Digitization Using Mobile and Cloud TechnologiesAutomation of Repetitive TasksIntelligent Personal AssistanceA Transparent and Fair Pricing StructureCollaborate Effectively, Document Everything, Make Data Driven Decisions with Builderbox.Learn more at: https://www.builderbox.io Click here to view the list of recent Press Releases from Builderbox Inc


News Article | May 16, 2017
Site: www.prnewswire.com

In AEC, (Architecture, Engineering and Construction) and Industrial Design, MR Studio offers the ability to interact with 3D spatial data representations for large scale design projects which provides enhanced visualization during the conceptual, construction and inspection processes. MR Studio Remote's collaboration features allow participants to share detailed designs with live audio, video and 3D holographic content extended to remote experts or field operations teams. In healthcare and medical research, applications range from pre-surgical visualization and the ability to view holographic images of CT or MRI scan data, to education and training scenarios. MR Studio incorporates a rich set of features for the creation and management of workflows across all industries and education levels that provide a powerful interactive and immersive experience for both on-site and remote participants. "The ability to easily manage mixed reality environments and allow multiple users to participate in real time is an important breakthrough," said Jonathan Reeves, Arvizio's CEO. "Arvizio's advanced visualization, real-time holographic collaboration and flexible data integration, bring the benefits of mixed realty to a whole new range of use cases across multiple industry verticals." "Seamless integration with existing, and future, infrastructures allows enterprise IT groups to implement and deploy AR/MR beyond the proof of concept phase," states Christine Perey, Principal at PEREY Research and Consulting. "Arvizio's vision of MR and integration with IT systems is compelling." Arvizio will be demonstrating the company's mixed reality platform and solutions at the Augmented World Expo USA 2017 (AWE USA 2017) in Santa Clara, California, May 31 – June 2, Booth #119.


LIMA, Peru--(BUSINESS WIRE)--Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company,” “the Group” or “Graña y Montero”), a leading Engineering and Construction company, announced that it was not able to timely file its Annual Report on Form 20-F for the fiscal year ended December 31, 2016. As a result, the company is currently not in compliance with SEC reporting requirements and the continued listing requirements of the New York Stock Exchange (“NYSE”). The company is currently in the process of evaluating its financial presentation to be included in the 20-F, which is the reason for the delay. As previously disclosed, the company is carrying out additional procedures in connection with the finalization of its consolidated financial statements and the assessment of its internal controls as of and for the year ended December 31, 2016. Graña y Montero is continuing its ongoing internal investigation of its association with affiliates of Odebrecht in some projects in Peru. The company is also reviewing the financial presentation of the consortia related to Gasoducto Sur Peruano (“GSP”) gas pipeline concession, which was terminated by the Peruvian government on January 24, 2017, due to the failure to obtain the required project financing by the stipulated deadline. As part of its annual review of internal controls, the company is also assessing potential material weaknesses with respect to its internal control over financial reporting. The NYSE has informed the company that, under the NYSE’s rules, the company will have six months to file the 20-F with the SEC. Graña y Montero may regain compliance with the NYSE listing requirements before that date by filing the 20-F with the SEC. The company intends to file the Form 20-F as soon as practicable.


News Article | April 24, 2017
Site: www.businesswire.com

LIMA, Peru--(BUSINESS WIRE)--Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company,” “the Group” or “Graña y Montero”) a leading Engineering and Construction company announced today that it closed the sale of its 51% stake in Compañía Operadora de Gas del Amazonas S.A.C. (COGA) in favor of Enagás and Carmen Corporation, its partners so far, for US$ 21.5 million. This operation is part of the non-strategic asset sale process of the company, which, as its Chief Executive Officer, Luis D


News Article | April 28, 2017
Site: globenewswire.com

The cutting-edge provider of visual ideation and collaboration tools, Hoylu, today announced 2.2 MSEK in orders from Suffolk, one of the largest construction companies in the US. Suffolk is a general building and contracting company that provides pre-construction, construction management, general contracting and design-build services nation-wide. Construction projects include both new construction and renovations in the hospitality, education, residential, healthcare, assisted living, public works, entertainment, retail and commercial market sectors. The orders are for 7 HuddlewallsTM.  The Huddlewall features workstation performance and additional screen real estate for reviewing CAD files, editing blueprints, running web applications for LEAN planning or annotating brainstorming sessions with pen-based interaction. Finding an effective way for teams to interact while viewing 3D models of complex buildings and conducting LEAN planning is a high priority within the Architecture, Engineering and Construction (AEC) community. The orders will be delivered by Q2, 2017. "Suffolk's vision is to transform the construction experience by building smart," said Chris Mayer, Chief Innovation Officer, Suffolk. "By adding sophisticated new tools and technologies such as the Huddlewall to our toolbox, we will be able to manage our projects with more efficiencies, provide clients a more predictable and enjoyable experience, and revolutionize our industry." "Many construction companies have tried using smart boards to help facilitate team collaboration, but run into software limitations. The Huddlewall runs all the applications that AEC firms typically use, such as Touchplan.io, Synchro or Navis-works, tools they can now use on a huge display in a big room," says Andrew Jamison, Vice President of Sales US at Hoylu. Suffolk Suffolk is leading the transformation of the construction industry with high-performing people, innovative processes and cutting-edge technologies that boosts predictability, accelerate schedules, eliminate costs and minimize waste. For more information visit: www.suffolk.com Hoylu AB Hoylu delivers solutions for presentation, ideation and collaboration that focus on enhancing the user experience. The company's main area of interest is software for Creative Collaboration, combined with intuitive input and display technologies.This includes technologies for remote collaboration, Internet of Things and for connecting workspaces in different locations together, with the objective of simplifying work processes while improving productivity and creativity. For more information: www.hoylu.com  or visit www.introduce.se/foretag/hoylu For more information, please contact Stein Revelsby, CEO at Hoylu +1 213 440 2499 Email: sr@hoylu.com Karl Wiersholm, CFO at Hoylu +1 425 829 2316 Email: kw@hoylu.com Publication This information is information that Hoylu AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at (8:30) CET on April 28th 2017


News Article | April 28, 2017
Site: globenewswire.com

The cutting-edge provider of visual ideation and collaboration tools, Hoylu, today announced 2.2 MSEK in orders from Suffolk, one of the largest construction companies in the US. Suffolk is a general building and contracting company that provides pre-construction, construction management, general contracting and design-build services nation-wide. Construction projects include both new construction and renovations in the hospitality, education, residential, healthcare, assisted living, public works, entertainment, retail and commercial market sectors. The orders are for 7 HuddlewallsTM.  The Huddlewall features workstation performance and additional screen real estate for reviewing CAD files, editing blueprints, running web applications for LEAN planning or annotating brainstorming sessions with pen-based interaction. Finding an effective way for teams to interact while viewing 3D models of complex buildings and conducting LEAN planning is a high priority within the Architecture, Engineering and Construction (AEC) community. The orders will be delivered by Q2, 2017. "Suffolk's vision is to transform the construction experience by building smart," said Chris Mayer, Chief Innovation Officer, Suffolk. "By adding sophisticated new tools and technologies such as the Huddlewall to our toolbox, we will be able to manage our projects with more efficiencies, provide clients a more predictable and enjoyable experience, and revolutionize our industry." "Many construction companies have tried using smart boards to help facilitate team collaboration, but run into software limitations. The Huddlewall runs all the applications that AEC firms typically use, such as Touchplan.io, Synchro or Navis-works, tools they can now use on a huge display in a big room," says Andrew Jamison, Vice President of Sales US at Hoylu. Suffolk Suffolk is leading the transformation of the construction industry with high-performing people, innovative processes and cutting-edge technologies that boosts predictability, accelerate schedules, eliminate costs and minimize waste. For more information visit: www.suffolk.com Hoylu AB Hoylu delivers solutions for presentation, ideation and collaboration that focus on enhancing the user experience. The company's main area of interest is software for Creative Collaboration, combined with intuitive input and display technologies.This includes technologies for remote collaboration, Internet of Things and for connecting workspaces in different locations together, with the objective of simplifying work processes while improving productivity and creativity. For more information: www.hoylu.com  or visit www.introduce.se/foretag/hoylu For more information, please contact Stein Revelsby, CEO at Hoylu +1 213 440 2499 Email: sr@hoylu.com Karl Wiersholm, CFO at Hoylu +1 425 829 2316 Email: kw@hoylu.com Publication This information is information that Hoylu AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at (8:30) CET on April 28th 2017


News Article | April 26, 2017
Site: www.businesswire.com

* Variation Q1 2017/Q1 2016 on a comparable basis, excluding currency and energy (natural gas and electricity) impact: 2016 base adjusted as if on January 1, 2016 a) Airgas had been consolidated and the divestments requested by the US regulator (FTC) had been completed and b) Aqua Lung and Air Liquide Welding had been deconsolidated (discontinued operations as per IFRS 5). Commenting on the first quarter of 2017, Benoît Potier, Air Liquide Chairman and CEO, said: “The strong growth in sales this quarter reflects the Group's new scale as a result of the acquisition of Airgas. The increase in sales was also the result of a significant improvement in Industrial Merchant, the Group's largest business line, the solid growth in Healthcare and to a lesser extent in Large Industries, as well as the strength of the Global Markets & Technologies business. In a more favorable economic context, the signs of improvement observed at the beginning of the year were confirmed during the first quarter. In fact, all geographies posted growth, notably North America with a recovery in its industrial production. Moreover, the Group continues to deliver recurrent efficiency gains, to which are added the Airgas synergies thanks to the successful first steps of the integration, in line with our expectations. We also posted a sharp increase in cash flow. Air Liquide is thus on track in the implementation of its company program for the period 2016-2020. Assuming a comparable environment, Air Liquide is confident in its ability to deliver net profit growth in 2017." Q1 2017 Group revenue reached € 5,176 million, an increase of +38.5% on a reported basis as compared with Q1 2016. This includes the consolidation of Airgas sales. Q1 2017 revenue benefited also, to a lesser extent, from the positive impact of both currency (+2.4%) and energy (+2.7%). On a comparable basis,1 Q1 2017 Group revenue rose +1.5% versus Q1 2016, impacted by weaker sales in Engineering and Construction. Gas & Services revenue, which totaled € 5,046 million this quarter, is up +42.2% on a reported basis versus Q1 2016. On a comparable basis, revenue grew +2.8% this quarter versus Q1 2016, and therefore much improved over the two previous quarters. Revenue for all Gas & Services businesses rose this quarter on a comparable basis, with the exception of Electronics, which was virtually unchanged: Engineering and Construction revenue, which came to € 52.7 million, declined sharply (-58.4%) on a comparable basis versus Q1 2016, adversely impacted by a decline in order intake in 2016. However, order intake showed improvement this quarter, as compared with Q1 2016, and higher bidding activity. For Global Markets & Technologies, revenue for the period was € 77.4 million, up +19.2% on a comparable basis. Growth was driven by the biogas sector as well as sales of hydrogen charging stations for mobility, helium sales, and maritime. This quarter, the Group generated recurrent efficiency gains of € 67 million, which is 10% more than during Q1 2016. The Airgas synergies, which amounted to 45 million USD this quarter, are materializing rapidly, in line with our expectations. Cash flow from operating activities before change in Working Capital Requirements increased markedly and amounted to € 920 million. The net debt-to-equity ratio continued to decrease. 1 Variation Q1 2017/Q1 2016 on a comparable basis, excluding currency and energy (natural gas and electricity) impact: 2016 base adjusted as if on January 1, 2016 a) Airgas had been consolidated and the divestments requested by the US regulator (FTC) had been completed and b) Aqua Lung and Air Liquide Welding had been deconsolidated (discontinued operations as per IFRS 5). The world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with approximately 67,000 employees and serves more than 3 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902. Air Liquide’s ambition is to lead its industry, deliver long term performance, and contribute to sustainability. The company’s customer-centric transformation strategy aims at profitable growth over the long term. It relies on operational excellence, selective investments, open innovation, and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders. Air Liquide’s revenue amounted to € 18.1 billion in 2016 and its solutions that protect life and the environment represent more than 40% of sales. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, EURO STOXX 50, and FTSE4Good indexes. In the 1st quarter of 2017, the Group’s revenue was up +38.5% in published data with Gas & Services revenue increasing by +42.2%. This strong growth reflects the integration of Airgas, but also the recovery in the Industrial Merchant activity, in particular in North America and Europe. The currency and energy impacts are also favorable and stand at +5.1% at the Group level. On a comparable basis, Gas & Services sales were up +2.8% year-on-year, improving over the 4th quarter of 2016 (+1.7%). Sales growth in Industrial Merchant, at close to +3%, after eight consecutive quarters of decline, and the solid increase in Healthcare at +5.5%, represented solid growth drivers this quarter. The development of GMT (+19%) also supported growth. Large Industries sales were in line with expectations (+3%), with start-ups for the remainder of 2017 mainly expected during the 2nd and especially the 3rd quarter. Underlying activity momentum remained strong in Electronics, in particular for Advanced Materials and carrier gases, mainly in China, Taiwan and Singapore, but growth was penalized by an extremely high basis of comparison for neon and Equipment & Installation sales in the 1st quarter of 2016. Overall sales improved in all regions, with the Americas posting its strongest increase in two years. With 67 million euros delivered over the quarter, efficiencies were in line with the NEOS objective. Airgas synergies have materialized rapidly, with an additional 45 million U.S. dollars in synergies this quarter, including the first growth synergies. Cash flow from operating activities before changes in working capital requirements increased markedly and amounted to 920 million euros. The net debt-to-equity ratio continued to decrease. Investment decisions reached approximately 500 million euros, of which 70 million euros relating to several acquisitions, three of which were carried out by Airgas. The investment backlog continued its very gradual decline, as expected, and stood at 2.0 billion euros; 12-month investment opportunities were flat overall at 2.1 billion euros. (a) Q1 2016 figures have been restated to account for IFRS 5, discontinued operations. (b) Comparable growth based on 2016 adjusted sales excluding currency and energy price fluctuation impact. Group revenue for the 1st quarter of 2017 reached 5,176 million euros and growth as published was +38.5% compared with the 1st quarter of 2016, driven by the consolidation of Airgas sales, a positive currency and energy impact, of +2.4% and +2.7% respectively, and by an improvement in Gas & Services activity. Comparable growth was up +1.5%. This was driven by a solid improvement in Gas & Services sales, in particular in Industrial Merchant activity, whereas Engineering & Construction sales remain weak following a slowdown in order intake in 2016. Gas & Services revenue totaled 5,046 million euros in the 1st quarter of 2017, with comparable growth of +2.8%. On a published basis, sales were up +42.2%, thanks to the consolidation of Airgas sales and a positive currency (+2.5%) and energy (+2.8%) impact. Gas & Services revenue in the Americas amounted to 2,142 million euros, up +160% as published and +3.7% on a comparable basis. Driven by the ramp-up of production units, Large Industries sales improved markedly, with very solid volumes. The improvement was very significant in Industrial Merchant, with sales up +2.6% over the quarter. Growth remained strong in South America, driven notably by developments in Healthcare. Revenue in Europe totaled 1,710 million euros, up +2.6%. Growth was solid in Industrial Merchant (+4.3%), confirming an improvement in the activity and benefiting from a favorable working day impact. Despite good air gases volumes in some countries, Large Industries sales were down -2.2%, impacted by an unfavorable comparison effect and the stoppage of activity in Ukraine. Healthcare continued to improve in Home Healthcare and medical gases and enjoyed strong growth in Hygiene and Specialty Ingredients. Revenue in the Asia-Pacific region increased +1.6% to 1,024 million euros. Performance was contrasted by country: sales growth in China remained very solid but was negative in Japan, which continued to be penalized in Electronics by the strong decrease of neon prices and in Industrial Merchant by slower Equipment sales. Middle East and Africa revenue totaled 170 million euros, up +2.7%. The hydrogen production units in Yanbu in Saudi Arabia were started-up again in January following a maintenance turnaround of the customer site in December 2016 and posted record production figures in March. Momentum was strong in Egypt with the continuing pre-loading of Large Industries units and growing volumes in Industrial Merchant. In South Africa, the Industrial Merchant activity returned to positive growth, benefiting in particular from additional working days. This favorable calendar also contributed to Healthcare growth. Engineering & Construction revenue totaled 53 million euros, down -58.4% compared with the 1st quarter of 2016, due to the low level of order intake in 2016. It remained affected by the slowdown in major energy-related projects and the low number of new projects in a still difficult global environment. However, total order intake reached 107 million euros, up compared with 73 million euros in the 1st quarter of 2016. Half of all projects concerned air gases production units (ASU). Lastly, bidding activity was also higher. Global Markets & Technologies revenue was up +19.2% at 77 million euros. Sales were strong, in particular in the biogas and maritime sectors. Helium volumes also increased. Order intake was up and reached 78 million euros. New hydrogen charging stations for mobility in Japan In March, Air Liquide completed the construction of two hydrogen charging stations in Japan. The Fukuoka Miyata and Kobe Shichinomiya stations are respectively the 4th and 5th hydrogen charging stations for public use in Japan. To date, 75 hydrogen charging stations have already been designed and installed by Air Liquide worldwide. The acquisition of Airgas and the launch of the NEOS Company Program for the period 2016-2020 mark a new milestone in the history of Air Liquide. The Group is transforming and is changing its visual identity with a new logo, the fifth since the company was founded 115 years ago. This new visual identity, which embodies the transformation of Air Liquide, is that of a leading Group, expert and innovative, that is close to its stakeholders and open to the world. A transaction, issued under the Group’s €12 billion Euro Medium Term Note (EMTN) programme, allowed the issue of a €600 million bond with a 10-year maturity at a yield of 1.116%. This recent transaction brings the total outstanding amount of bonds issued to this day to approximately €15.2 billion, with an average maturity of 6.8 years. Proceeds from this bond will allow the Group to refinance its two bonds maturing in June and July 2017, and to continue funding sustainably its long term growth while benefiting from very attractive market conditions. Air Liquide announced it has entered into exclusive negotiations with Lincoln Electric Holdings, Inc. (“Lincoln Electric”) (Nasdaq: LECO), the world leader in design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment, to sell Air Liquide Welding, its subsidiary specializing in the manufacture of welding and cutting technologies. At the end of March 2017, the 12-month portfolio of opportunities totaled 2.1 billion euros, down slightly compared with 2.2 billion euros at the end of 2016. New projects entering the portfolio partly offset those signed by the Group, awarded to the competition or delayed. The global portfolio, which includes all projects including those which may be signed after the next 12 months, was solid and stood at between 4.5 and 5 billion euros. Developing economies represented more than half of the portfolio, which is greater than at December 31, 2016. Investment opportunities are greatest in the Americas, followed by Europe then Asia. This breakdown of the portfolio of opportunities is similar to the new breakdown of Group sales. Approximately 40% of the portfolio of opportunities corresponds to projects with investments of less than 50 million euros and only a few projects are greater than 100 million euros. The average size of projects is more modest, thus contributing to a better distribution of risk. In the 1st quarter of 2017, industrial and financial investment decisions reached almost 500 million euros, with industrial decisions accounting for around 85% of this amount. Financial investment decisions reached approximately 70 million euros. These mainly related to an acquisition in Home Healthcare in Colombia and the acquisitions of distributors in Industrial Merchant, in particular three in the United States which highlight the continuing market consolidation by Airgas. The investment backlog amounted to 2.0 billion euros, a slight decrease compared with 2.1 billion euros at the end of 2016. The investment backlog should lead to a future contribution to revenue of approximately 0.8 billion euros per year after full ramp-up. Two new units started up during the 1st quarter of 2017: a hydrogen pipeline network in the Middle East and an air separation unit (ASU) in South America. The main start-ups for the year are expected at the end of the 2nd quarter and during the 3rd quarter. The Group’s efficiency gains in the 1st quarter amounted to 67 million euros. This performance was based on continued efforts and integrated many projects throughout the Group, principally this quarter, in industrial operations (production, logistics), in purchasing and in the reorganization of certain activities. Regarding industrial operations, daily energy management review and bulk supply chain optimization in certain geographies represent an important part of efficiencies. There is also a more important contribution from realignement and restructuring in Engineering & Construction and in several countries. The additional Airgas synergies have materialized rapidly and reached 45 million U.S. dollars in the 1st quarter. They came in particular from internal bulk sourcing, implementation of shared services and improvement of back-office processes. The first revenue synergies materialized with better availability of bulk products and new offers proposed to customers. Cash flow from operating activities before changes in working capital requirements for the first three months of 2017 amounted to 920 million euros and corresponded to 17.8% of Group revenue. In particular, this enabled to ensure financing for net capital expenditures which amounted to 630 million euros for the 1st quarter 2017, out of which approximately 560 million euros in industrial investments. The net debt-to-equity ratio pursued its decrease which started end of 2016. The strong growth in sales this quarter reflects the Group's new scale as a result of the acquisition of Airgas. The increase in sales was also the result of a significant improvement in Industrial Merchant, the Group's largest business line, the solid growth in Healthcare and to a lesser extent in Large Industries, as well as the strength of the Global Markets & Technologies business. In a more favorable economic context, the signs of improvement observed at the beginning of the year were confirmed during the first quarter. In fact, all geographies posted growth, notably North America with a recovery in its industrial production. Moreover, the Group continues to deliver recurrent efficiency gains, to which are added the Airgas synergies thanks to the successful first steps of the integration, in line with expectations. A sharp increase in cash flow was also posted. Air Liquide is thus on track in the implementation of its company program for the period 2016-2020. Assuming a comparable environment, Air Liquide is confident in its ability to deliver net profit growth in 2017. Since January 1st, 2015, the energy impact includes natural gas and electricity impacts. It may also include other Large Industries energy feedstocks in the future. Since industrial and medical gases are rarely exported, the impact of currency fluctuations on activity levels and results is limited to euro translation impacts with respect to the financial statements of subsidiaries located outside the euro zone. The currency effect is calculated based on the aggregates for the period converted at the exchange rate of the previous period. In addition, the Group passes on variations in the cost of energy (electricity and natural gas) to its customers via indexed invoicing integrated into their medium and long-term contracts. This indexing can lead to significant variations in sales (mainly in the Large Industries Business Line) from one period to another depending on fluctuations in prices on the energy market. Considering the disposal of Aqua Lung closed on December 30, 2016, and the fact that Air Liquide entered into exclusive negotiations with Lincoln Electric to sell its Air Liquide Welding subsidiary (press release of March 2, 2017), these “Other Activities” are no longer consolidated in Group sales, in accordance with IFRS 5. Revenue growth as published is calculated based on the Group’s 2016 sales after the deconsolidation of Aqua Lung and Air Liquide Welding revenue, in accordance with IFRS 5. The closing of the Airgas acquisition was effective on May 23, 2016 and the Industrial Merchant and Healthcare activities of Airgas and Air Liquide in the United States were merged on October 1, 2016. As a consequence, it is no longer possible to isolate Air Liquide and Airgas activities as to the former scope. Reference to Airgas now corresponds to the Group’s Industrial Merchant and Healthcare activities in the United States within the new scope after the merger of Airgas and Air Liquide U.S. operations. In addition to the comparison of published figures, adjusted 2016 sales data is provided below to offer a comparable basis for 2016: adjusted 2016 sales are computed as if, on January 1st 2016, Airgas had been fully consolidated and the divestments requested by the U.S. Federal Trade Commission completed, and Aqua Lung and Air Liquide Welding had been deconsolidated. As of the 1st quarter of 2017 and for the entire 2017 fiscal year, Air Liquide will communicate a comparable sales growth based on 2016 adjusted sales, excluding currency and energy (natural gas and electricity) impact. NB: figures not reported in the above table are already published data and are not impacted by the Airgas acquisition adjustment. (a) Based on Q1 2016 adjusted sales as if, on January 1st 2016, Airgas had been fully consolidated and the divestments requested by the U.S. Federal Trade Commission completed, and Aqua Lung and Air Liquide Welding had been deconsolidated. (b) Comparable growth based on 2016 adjusted sales excluding currency and energy price fluctuation impact.

Loading Engineering and Construction Co. collaborators
Loading Engineering and Construction Co. collaborators