Three journalists freed but newspaper stays shut

first_img Organisation News Abdirisak Shek Adun, the head of independent radio station Somalia TV Network (STN), and his editor in chief, Awale Jama, were freed on 12 July as a result of a decision by the president of the autonomous territory of Puntland, Gen. Adde Muse, to pardon 50 detainees being held in Bossasso’s main prison.Adun was hospitalised following his release, while STN was able to resume broadcasting. Abdi Farah Nur, the editor of the newspaper Shacab, was meanwhile released on 5 July after more than two weeks in prison. But the government’s closure of his newspaper remains in force.______________________________________________07.07.05 Two broadcast journalists held illegally since 30 June Reporters Without Borders today condemned the arbitrary detention of Abdirisak Shek Adun, the head of the Somalia TV Network (STN), and Awale Jama, the station’s editor in chief, since 30 June in Bossasso, in the autonomous northeastern region of Puntland. They were arrested after the station interviewed a mayoral candidate.Their imprisonment is illegal as they were not brought before a judge within 48 hours as required by Puntland’s laws, the press freedom organisation pointed out.”We consider it completely unacceptable that interviewing a politician results in imprisonment and we call on Puntland’s judicial authorities to let journalists work freely,” Reporters Without Borders added.The deputy police chief said the two detained journalists reported false information. The authorities temporarily closed STN’s premises, forcing the radio and TV station to suspend broadcasting until 3 July. The Somali Journalist Network (SOJON) said Adun was in poor health.Abdi Farah Nur, the editor of the independent weekly Shacab, is meanwhile still being held. He was arrested on 19 June for publishing articles critical of the Puntland authorities. News to go further RSF and NUSOJ call for release of a journalist held in Somalia’s Puntland region SomaliaAfrica February 24, 2021 Find out more July 15, 2005 – Updated on January 20, 2016 Three journalists freed but newspaper stays shut News Help by sharing this information center_img Radio reporter gunned on city street in central Somalia Receive email alerts Follow the news on Somalia RSF_en RSF requests urgent adoption of moratorium on arrests of journalists SomaliaAfrica March 2, 2021 Find out more News January 8, 2021 Find out morelast_img read more

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Trinseo Reports Fourth Quarter and Full-Year 2020 Financial Results

first_img 26.8 80.9 Adjusted EPS ($)* Long-term debt, net (0.9 Impairment charges Provision for (benefit from) income taxes 62.9 Three Months Ended 497.2 Adjusted EBITDA to Adjusted Net Income: Total Net Sales (109.3 2020 Local NewsBusiness (0.2 2019 (82.3 299.5 67.0 33.9 (2.2 39.4 199.9 588.7 ) 219.0 Other assets 2020 6 (Unaudited) 2.6 (206.7 $ 0.20 $ $ December 31, 14 72 127 $ $ Operating income (loss) $ 2020 79 Other noncurrent obligations 145.4 — 341.7 (Unaudited) 352 — 2,719.9 Cash paid for cost method investment Adjusted EPS 11.9 Proceeds from the sale of businesses and other assets December 31, (In millions) Withholding taxes paid on restricted share units Synthetic Rubber $ Weighted average shares calculated for the purpose of forecasting EPS and Adjusted EPS do not forecast significant future share transactions or events, such as repurchases, significant share-based compensation award grants, and changes in the Company’s share price. These are all factors which could have a significant impact on the calculation of EPS and Adjusted EPS during actual future periods. 18.8 TRINSEO S.A. $ (53) – (70) 149.2 7.0 $ 280 (82.3 2020 39.3 13.7 Restructuring and other charges (a) 767.1 Depreciation and amortization Provision for income taxes – Adjusted (f) Previous articleOregon leads Pac-12 in recruiting for third straight yearNext articleHow major US stock indexes fared Wednesday Digital AIM Web Support (i) $ 33.5 Three Months Ended 194.8 Engineered Materials net sales of $60 million for the quarter increased 5% versus prior year due mainly to higher sales volume to consumer electronics applications in Asia and TPE applications in Europe. Adjusted EBITDA of $12 million was $2 million higher than prior year due mainly to higher sales volume. Sales volume increased 7% versus prior year in the fourth quarter and decreased 5% for the full year. 710.6 888.8 1.71 2,758.8 Gross profit 2020 $ ) 328.9 167 – 200 $ 92.0 Other items for the three months ended December 31, 2020 primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives. Other items for the year ended December 31, 2020 and the three months and year ended December 31, 2019 primarily relate to advisory and professional fees incurred in conjunction with our initiative to transition business services from Dow, including certain administrative services such as accounts payable, logistics, and IT services, , which was substantially completed in 2020, as well as fees incurred in conjunction with certain of the Company’s strategic initiatives. Twitter 34.5 54.6 252.4 Repayments of 2022 Revolving Facility Inventories 888.8 $ $ 15.1 32.6 ) 2,845.2 (11.2 Net proceeds from draw on 2022 Revolving Facility $ Current liabilities 12.6 $ 2.05 $ (1.4 Noncurrent lease liabilities – operating ) 858.4 — 268.2 Free Cash Flow Adjusted EBITDA $ $ (25.0 351.8 Equity in earnings of unconsolidated affiliates 67.0 400 – 450 Proceeds from the settlement of hedging instruments Adjusted EBITDA $ *For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Income, all of which are non-GAAP measures, to Net Income, as well as a reconciliation of Free Cash Flow and Adjusted EPS, see Notes 2 and 3 to the financial statements included below. 300.0 Cash provided by operating activities 2,845.2 3,035.5 149.2 5.7 65.7 92.0 $ 92.0 16.9 Effect of exchange rates on cash 39.2 38.3 47.6 Net income per share- basic Polystyrene 39.1 $ December 31, $ 78.3 2019 149 2019 134.3 39.0 (c) EBITDA* Net income per share- diluted Liabilities and shareholders’ equity * The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our condensed consolidated statements of operations. – 0.14 $ 0.20 100.0 Less: Restricted cash, included in “Other current assets” TRINSEO S.A. 149.6 Condensed Consolidated Statements of Operations Depreciation and amortization December 31, ) 1.84 $ ) Net Income $ (135) $ 104.6 (104.3 (In millions, except per share data) By Digital AIM Web Support – February 3, 2021 First quarter results are expected to benefit from a continuation of positive trends in both volume, such as in automotive and appliances, and margins, such as in ABS and polystyrene. Commenting on the outlook for 2021, Bozich said, “We look forward to 2021 as an exciting time for Trinseo. Despite the continued economic impact risk of COVID-19, which we are closely monitoring, we expect significant earnings improvement in 2021. We are starting the year with a very strong balance sheet on the heels of a solid quarter of earnings with the expectation of continued strong demand in the first quarter, particularly in tires, automotive and appliances.” Bozich continued, “We will continue to act on our strategy of growing the business in areas with higher margins and less cyclicality by investing in Engineered Materials and CASE applications, including the acquisition of Arkema’s MMA/PMMA business. We are still on track to close this transaction by mid-year, at which time we also hope to have concluded our efforts around the exploration of a potential sale of the Synthetic Rubber business. Our strategy, along with a continued focus on our 2030 sustainability goals, will position Trinseo as an advanced specialty and sustainable solutions provider.” Conference Call and Webcast Information Trinseo will host a conference call to discuss its fourth quarter and full year 2020 financial results on Thursday, February 4, 2021 at 10 a.m. Eastern Time. Commenting on results will be Frank Bozich, President and Chief Executive Officer, David Stasse, Executive Vice President and Chief Financial Officer, and Andy Myers, Director of Investor Relations. For those interested in asking questions during the Q&A session, please register using the following link:Conference Call Registration After registering for the conference call, you will receive a confirmation email with a meeting invitation and information for entry. Registration is open through the live call, but it is advised that you register in advance to ensure you are connected for the full call. For those interested in listening only, please register for the webcast using the following link:Webcast Registration (available 20 minutes before the call) Trinseo has posted its fourth quarter and full-year 2020 financial results on the Company’s Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission. A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until February 4, 2022. About Trinseo Trinseo (NYSE:TSE) is a global materials solutions provider and manufacturer of plastics, latex binders, and synthetic rubber. We are focused on delivering innovative and sustainable solutions to help our customers create products that touch lives every day — products that are intrinsic to how we live our lives — across a wide range of end-markets, including automotive, consumer electronics, appliances, medical devices, lighting, electrical, carpet, paper and board, building and construction, and tires. Trinseo had approximately $3.0 billion in net sales in 2020, with 32 manufacturing sites around the world and approximately 2,600 employees. For more information visit www.trinseo.com. Use of non-GAAP measures In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use additional measures of income excluding certain GAAP items (“non-GAAP measures”), such as Adjusted Net Income, EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity excluding certain GAAP items, such as Free Cash Flow. We believe these measures are useful for investors and management in evaluating business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein. Cautionary Note on Forward-Looking Statements This press release may contain “forward-looking statements” including, without limitation, statements concerning plans, objectives, goals, projections, expectations, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like “expect,” “estimate,” “will,” “may,” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on the Company’s current expectations and assumptions regarding the Company’s business, the timing of the proposed acquisition of the Arkema MMA and PMMA business (the “Acquisition”); estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities and cost synergies relating to the Acquisition, the impact from the COVID-19 pandemic, the economy and other future conditions. Specific factors that could cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, risks related to the occurrence of any event, change or other circumstances that could give rise to the termination of or failure to complete the Acquisition or the agreements and transactions contemplated thereby; the failure of the Company to meet the conditions to closing of the Acquisition, including those conditions related to antitrust, works council and other regulatory approvals; the failure to obtain the financing necessary, at terms acceptable to the Company to fund the Acquisition; costs related to the proposed Acquisition and the impact of the substantial indebtedness to be incurred to finance the Acquisition; the ability of the post-Acquisition company to meet its financial and strategic goals, due to, among other things, its ability to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the post-Acquisition Company may be adversely affected by other economic, business, and/or competitive factors; the Company’s ability to successfully integrate the acquired businesses or generate expected cost savings and synergies from the Acquisition; the ongoing impact of the COVID-19 pandemic and those factors discussed in the Company’s Annual Report for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”), in subsequent Quarterly Reports on Form 10-Q and in other filings and furnishings made by the Company with the SEC from time to time. Other unknown or unpredictable factors could also have material adverse effects on the Company’s performance. As a result of these or other factors, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and are not a guarantee of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. December 31, (17.5 Other current assets Restructuring and other charges for the 2020 and 2019 periods presented above primarily relate to charges incurred in connection with the Company’s corporate and other restructuring programs. Additionally, a portion of the restructuring and other charges for the 2020 and 2019 periods presented above relate to decommissioning, contract termination, and employee termination benefit charges incurred in connection with the upgrade and replacement of our compounding facility in Terneuzen, The Netherlands as well as our decision to cease manufacturing activities at our latex binders manufacturing facility in Livorno, Italy. 9.1 71.4 Year Ended 4.0 25.5 (65.7 $ Right-of-use assets – operating, net $ $ 67 147.9 860 Reconciling items to Adjusted EBITDA and Adjusted Net Income are not typically forecasted by the Company based on their nature as being primarily driven by transactions that are not part of the core operations of the business and, as a result, cannot be estimated without unreasonable cost or uncertainty. As such, for the forecasted full year ended December 31, 2021, we have not included estimates for these items. 0.35 Twitter 149.2 Year Ended Net sales $ 533.3 $ EPS (Diluted) ($) — 351.8 Other expense (income), net 0.20 58.0 (110.1 ) 1.1 Shareholders’ equity $ 668.9 (In millions) $ Adjusted Net Income $ 11.6 34.3 $ — Cash flows from investing activities 16.4 11.6 ) 570.8 ) Adjusted EPS $ 5.3 Income (loss) before income taxes December 31, (45) December 31, Interest expense, net Investments in unconsolidated affiliates 2019 ) 176.1 58.9 299.5 71.6 ) 1.8 2019 ) 1.3 132.4 33.4 51.6 $ ) ) ) $millions, except per share data 3,776 918.2 Short-term borrowings, net Trinseo Reports Fourth Quarter and Full-Year 2020 Financial Results 322.5 Weighted average shares- diluted TAGS  0.9 Weighted average shares- diluted 127.6 860.2 Condensed Consolidated Statements of Cash Flows ) ) $ 209.9 WhatsApp 43.6 $ Adjusted EBITDA* 173.1 0.8 ) (4.6 — 0.1 Selling, general and administrative expenses 39.3 (7.0 ) 223.6 37.8 (23.2 123.2 4.4 0.14 103.6 Cash used in financing activities 279.9 ) The three months ended December 31, 2020 excludes $1.3 million of tax expense related to provision to return adjustments. The year ended December 31, 2020 excludes $4.0 million of tax expense, which primarily relates to provision to return adjustments. The three months ended December 31, 2019 excludes a net $24.1 million tax benefit, which primarily relates to a $32.7 million benefit recorded in connection with the remeasurement of the Company’s deferred tax assets and liabilities in Switzerland due to changes in the Swiss Cantonal and Federal tax rules enacted in 2019, partially offset by a $6.2 million charge recorded to increase the Company’s reserves for uncertain tax provisions. The year ended December 31, 2019 excludes a net $31.5 million tax benefit, which primarily relates to a $40.1 million tax benefit related to the remeasurement of the Company’s deferred tax assets and liabilities in Switzerland due to changes in the aforementioned Swiss tax rules in 2019, partially offset by a $6.2 million charge recorded to increase the Company’s reserves for uncertain tax provisions. ) 828.8 588.7 (2.2 ) 39.0 131.3 5.1 (b) 2020 The acquisition purchase price hedge gain for the 2020 periods relates to the change in fair value of the Company’s forward currency hedge arrangement that economically hedges the euro-denominated purchase price of the proposed acquisition of Arkema’s PMMA business, which is projected to close in mid-2021. Pinterest 145 Facebook 255.4 457.4 Cash flows from financing activities — 7.9 — Cash and cash equivalents—end of period Latex Binders ) (In millions) Acquisition transaction and integration net costs (benefit) (b) TRINSEO S.A. ) 92 Note 1: Net sales by Segment 590.3 Year Ended Acquisition purchase price hedge gain (c) Notes to Condensed Consolidated Financial Information 0.1 (f) 0.7 2020 529.2 1,158.7 37.8 110.5 (e) 3,035.5 36.5 256.1 136.8 Facebook December 31, 102.1 — Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders and synthetic rubber, today reported its fourth quarter and full-year 2020 financial results. Net sales in the fourth quarter decreased 3% versus prior year. Lower prices, mainly due to the pass through of lower raw material costs, resulted in a 10% sales decrease which was partially offset by higher volume across all segments with the exception of Feedstocks. Fourth quarter net income of $67 million was $61 million above prior year and fourth quarter Adjusted EBITDA of $149 million was $90 million above prior year. The increase in earnings was due mainly to higher volume and margin, particularly within the Polystyrene and Base Plastics segments, as well as a favorable pre-tax net timing variance of $37 million. Net sales in the full year decreased 20% versus prior year from lower volume, due to COVID-19 impacts, and the pass through of lower raw material costs. Full-year net income of $8 million was $84 million below prior year and full-year Adjusted EBITDA of $299 million was $53 million below prior year. Lower earnings were due mainly to lower volume as a result of COVID-19 impacts as well as a $25 million unfavorable net timing variance. These impacts were partially offset by lower fixed costs as a result of restructuring and other cost reduction initiatives. Commenting on the Company’s fourth quarter and full-year performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, “2020 was a challenging year but I am extremely proud of how our team responded. During the peak of the COVID-19 pandemic in the second quarter we were able to meet all customer demand and we undertook cost and capital expenditure reduction initiatives to maximize liquidity. Demand recovery in end markets like appliances and automotive in the second half of the year, as well as commercial excellence initiatives, resulted in robust earnings in the third and fourth quarters. In fact, the fourth quarter Adjusted EBITDA was our highest result in over two years and we ended the year in a very strong liquidity position. In addition, we announced a transformative acquisition in December and continued to improve our position to compete in an increasingly sustainability-focused economy. All of this could not have been accomplished without the hard work and dedication of our employees.” Fourth Quarter Results and Commentary by Business Segment Effective October 1, 2020, the Company realigned its reporting segments to reflect the new model under which the business will be managed, which will provide increased clarity within the Performance Plastics segment. Following this change, the number of reporting segments has increased from six to seven. Five of the segments remain unchanged: Latex Binders, Synthetic Rubber, Feedstocks, Polystyrene, and Americas Styrenics. Performance Plastics has been reorganized into two separate reporting segments: Engineered Materials and Base Plastics. The new Engineered Materials segment includes the Company’s compounds and blends products sold into applications such as consumer electronics and medical, as well as thermoplastic elastomer products sold into a variety of applications including footwear and automotive. The new Base Plastics segment contains the results of the remaining product lines, including ABS, SAN and polycarbonate, as well as compounds and blends for automotive and other applications. This new structure is aligned with the Company’s strategy to invest its efforts and resources into product offerings serving applications that tend to be less cyclical and offer significantly higher growth and margin potential. In 2019 and 2020, Engineered Materials delivered margins that were more than two times the average of products serving all applications within the Company’s former Performance Plastics segment. Prior period amounts herein have been recast to reflect this new segmentation.Latex Binders net sales of $200 million for the quarter decreased 9% versus prior year due to the pass through of lower raw materials. Volumes were slightly higher than prior year as sales increases to CASE, textile, board and specialty paper applications were mostly offset by sales decreases to graphical paper applications. Adjusted EBITDA of $22 million was flat to prior year as higher sales volume was offset by net timing. In comparison to prior year, volume to CASE applications increased 13% in the fourth quarter and 5% in the full year. 131.9 2019 $ 55.4 Feedstocks $ $ 10.2 ) 2.26 $ (85.4 193.0 Three Months Ended $ $ Feedstocks Year Ended 40.3 Total liabilities and shareholders’ equity (Unaudited) 151.3 698.9 Cash provided by operating activities $ (3.7 38.6 Total assets Corporate unallocated 56.4 Proceeds from exercise of option awards $ 457.4 Asset impairment charges or write-offs for the 2020 periods presented above relate to the impairment of the Company’s styrene monomer assets in Boehlen, Germany and polybutadiene rubber (nickel and neodymium-PBR) assets in Schkopau, Germany. 3,446.9 ————————————————— $ Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income EBITDA is a non-GAAP financial performance measure, which is defined as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense. We refer to EBITDA in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company’s operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis. We also present Adjusted EBITDA as a non-GAAP financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long- term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. In doing so, we are providing management, investors, and credit rating agencies with an indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations. Lastly, we present Adjusted Net Income and Adjusted EPS as additional performance measures. Adjusted Net Income is calculated as Adjusted EBITDA (defined beginning with net income, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations. There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP. Impairment charges 66.7 456.2 (1.2 299.5 2020 167 – 200 December 31, 2019 Purchase of treasury shares $ Adjusted EBITDA $ Latex Binders ) 2019 40.7 0.14 384.1 Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations The Company uses certain measures, such as Free Cash Flow as non-GAAP measures, to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an indicator of the Company’s ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with useful analytical indicators of our ability to service our indebtedness, pay dividends (when declared), and meet our ongoing cash obligations. Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as alternatives for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly-named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP. 315.6 ————————————————— 1.71 $ Net Sales Engineered Materials Capital expenditures $ Three Months Ended Net income Feedstocks net sales of $36 million for the quarter were 47% below prior year due to lower styrene pricing as well as lower styrene-related sales volume. Adjusted EBITDA of $15 million was $25 million higher than prior year due to higher styrene margins in Europe as well as a $19 million favorable net timing variance. Note that the accelerated depreciation charges incurred as part of both the Company’s corporate restructuring program and the upgrade and replacement of the Company’s compounding facility in Terneuzen, The Netherlands are included within the “Depreciation and amortization” caption above, and therefore are not included as a separate adjustment within this caption. 2019 136.0 $ ————————————————— 3,775.8 Net income 11.6 ) $ December 31, Weighted average shares – diluted (i) Free Cash Flow 38.3 2021 2.05 Net cash received for asset and business acquisitions (5.5 EPS – diluted Cash used in investing activities $ Americas Styrenics Adjusted EBITDA of $25 million for the quarter was $4 million above prior year due mainly to higher styrene volume and margin in North America, partially due to industry outages in the region. 2021 Full-Year OutlookFull-year 2021 net income of $167 million to $200 million and Adjusted EBITDA* of $400 million to $450 million, excluding any impact from net timing, the announced acquisition of Arkema’s MMA/PMMA business or the potential Synthetic Rubber divestiture. Provision for income taxes Adjusted to remove the tax impact of the items noted in (a), (b), (c), (d), (e) and (g). For the three months and full year periods, the income tax expense (benefit) related to these items was determined utilizing the applicable rates in the taxing jurisdictions in which these adjustments occurred. 80.8 (9.7 119.0 Selling, general, and administrative expenses; Other expense (income), net (19.8 212.4 322.5 Amounts exclude accelerated depreciation of $2.5 million for the year ended December 31, 2020 and $0.4 million for the three months and year ended December 31, 2019 related to the shortening of the useful life of certain fixed assets related to the Company’s corporate restructuring program. The amounts also exclude $3.1 million for the year ended December 31, 2019 related to the shortening of the useful life of certain information technology assets related to the transition of business services from The Dow Chemical Company (noted in (e) above). 40.7 Provision for (benefit from) income taxes 34.8 $ (0.5 ) 21.7 106.2 December 31, Cash flows from operating activities 9.9 2.28 Asset impairment charges or write-offs (d) (12.6 7.9 Year Ended Interest expense, net 20.8 Other items (e) Americas Styrenics Engineered Materials 299 $ — 902.8 2020 45.0 Repayments of 2024 Term Loan B 34.4 860.2 Adjusted Net Income* $ 10.0 (38.9 Year Ended $ (7.3 Synthetic Rubber 1,162.6 ) 11.6 39.1 40.7 $ (0.4 — ) 269.2 Base Plastics Americas Styrenics* Adjusted EBITDA 438.2 32.6 Cash and cash equivalents Adjusted Net Income $ 2019 18.1 59 $ 79.0 $ 80.4 For the same reasons discussed above, we are providing the following reconciliation of forecasted net income to forecasted Adjusted EBITDA and Adjusted EPS for the full year ended December 31, 2021. See “Note on Forward-Looking Statements” above for a discussion of the limitations of these forecasts. ) 17.9 38.6 809.4 — $ (a) 10.0 (24.2 Interest expense, net 2.26 Other expense (income), net 2,758.8 4.33 – 5.18 ) $ 22.3 319.7 188.1 9.4 588.7 0.35 27 (0.6 ) 441.3 1.7 $ Reconciling items to Adjusted EBITDA (h) 351.8 14.5 ) Acquisition transaction and integration net costs for the 2020 periods presented above primarily relate to expenses incurred for the Company’s pending acquisition of the PMMA business from Arkema. Acquisition transaction and integration net benefit amounts for the 2019 periods presented above are primarily comprised of the bargain purchase gain recorded in conjunction with our acquisition of latex binders production assets and related site infrastructure in Rheinmünster, Germany, partially offset by certain jurisdictional asset transfer taxes and advisory and professional fees incurred related to this acquisition. Base Plastics ) 2020 1,156.3 224 Polystyrene 1.84 $ Other expense (income), net Synthetic Rubber net sales of $102 million for the quarter increased 2% versus prior year. Higher SSBR and ESBR sales volume and favorable currency increased sales by 16% and 7%, respectively. These impacts were mostly offset by lower pricing from the pass through of lower raw materials. Demand in the tire market was consistent with the third quarter. Adjusted EBITDA of $16 million, the strongest result since the second quarter of 2018, was $4 million higher than prior year as a favorable net timing variance of $4 million and higher sales volume were partially offset by lower fixed cost absorption. The Company continues to evaluate the potential divestiture of the segment. 52.8 $ 2020 December 31, Selling, general, and administrative expenses; Other expense (income), net $ 12.6 24.6 ) 5.6 December 31, $ (26.0 ) ) 1.74 (82.1 68.7 Cost of sales 58.9 Three Months Ended (61.8 (Unaudited) Net Income 58.9 $ Dividends paid 889 Capital expenditures 43.6 $ 101.2 TRINSEO S.A. Cash, cash equivalents, and restricted cash—beginning of period Weighted average shares- basic 91.1 Adjusted EBITDA by Segment: (d) (10.6 39.3 ————————————————— Net gain on disposition of businesses and assets $ $ (g) Interest expense, net 2019 8 3.13 (In millions, except per share data) 45.7 Reconciling items to Adjusted Net Income (h) (119.7 24.6 8.7 (100.0 20.8 31.5 Polystyrene net sales of $193 million for the quarter were 10% above prior year from higher sales volume as demand in applications like appliances, construction and packaging remained strong. Adjusted EBITDA of $34 million was $29 million higher than prior year due to higher margins, particularly in Asia, resulting from commercial excellence initiatives, higher sales volume, and a favorable net timing variance of $9 million. — 51.5 38.6 Property, plant, equipment, goodwill, and other intangible assets, net 5.7 25.9 Accounts receivable, net Condensed Consolidated Balance Sheets — Assets 240.1 (0.7 $ ) (7.3 3,775.8 111.2 12.4 2019 (In millions) 59.5 43.6 – ) $ 456.2 Cash, cash equivalents, and restricted cash—end of period 66.7 127.3 2020 3.13 BERWYN, Pa.–(BUSINESS WIRE)–Feb 3, 2021– Trinseo (NYSE: TSE): EBITDA 0.8 (h) Pinterest 527.6 4.33 – 5.18 255.4 885.0 $ Depreciation and amortization – Adjusted (g) Selling, general, and administrative expenses; Other expense (income), net (21.4 $ Year Ended ) 10.0 ) (110.1 — (In millions, except per share data) 119.0 — (6.9 (23.2 ) 60.0 Net change in cash, cash equivalents, and restricted cash 3,036 View source version on businesswire.com:https://www.businesswire.com/news/home/20210203005937/en/ CONTACT: Press Contact: Trinseo Dina Pokedoff Tel : +1 610-240-3307 Email:[email protected] Contact: Trinseo Andy Myers Tel : +1 610-240-3221 Email:[email protected] KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING MANUFACTURING PACKAGING ENGINEERING CHEMICALS/PLASTICS SOURCE: Trinseo Copyright Business Wire 2021. PUB: 02/03/2021 04:24 PM/DISC: 02/03/2021 04:23 PM http://www.businesswire.com/news/home/20210203005937/en December 31, 100.4 452.3 39.4 WhatsApp Base Plastics net sales of $269 million for the quarter were essentially flat versus prior year as higher sales volume to automotive applications as well as favorable currency impacts were offset by lower pricing, which resulted from the pass through of lower raw materials. Adjusted EBITDA of $51 million was $32 million favorable versus prior year due to higher ABS, polycarbonate and compounding margins as well as higher sales volume.last_img read more

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COLUMN: Trojans rebound with win in Tempe

first_imgI thought USC was going to lose Saturday night. For the first time in my life as a Trojan fan, I came into a game expecting the football team to lose. No matter who the Trojans were facing off against, I have always thought USC would win. After last week’s Stanford loss, my confidence in the program’s direction, like many fans, was severely shaken. After last night’s victory, I am happy to have been wrong.Now this is not to say all is right with the USC program and that the Stanford loss was a blip. I think Saturday’s victory over the Sun Devils was partially attributable to the fact that USC faced a vastly overrated squad. At the end of the day, though, a win is a win, and a much-needed one for USC. It was pretty early to have a must-win game on the schedule, but Saturday night’s tilt against the Sun Devils definitely qualified.The Trojans won in convincing fashion against Arizona State, going up 35-0 at halftime and maintaining a significant margin throughout the entire contest. Though the offense looked stagnant at times in the second half, it’s hard to maintain focus when you are blowing the other team out. The win wasn’t beautiful as the Trojans looked sloppy at times, but the sheer amount of talent on USC’s roster was evident as the game wore on.Hopefully as the season progresses, the coaching staff can harness this talent, reduce the penalties and turn the Trojans into the team everyone was expecting this preseason.On offense, Adoree’ Jackson has to get the ball every game. He might be the most explosive player in college football, even as LSU tailback Leonard Fournette breaks new records every Saturday. Jackson’s balance and instincts are incredible on their own. Couple that with his    world-class speed, and it is no wonder he seemingly makes a big play every time he touches the ball. His long touchdown catch was a great play, but the two more impressive moves by him were his complete change of direction on the punt return and shedding four or five tackles on the screen pass.In addition to Jackson, receiver Juju Smith-Schuster continues to impress. The Arizona State game started with another long connection from Cody Kessler to Smith-Schuster, and it seems he has developed into a bonafide deep threat this year. Smith-Schuster offers the complete package as he has always been physical after short catches, churning away for extra yards. Now that defenders have to respect the deep ball, it gives him more space to work with underneath. The long drag routes across the middle of the field have been impossible to cover for defensive backs this year, and, hopefully, the Trojans continue to press this advantage.Jackson and Smith-Schuster were not the only skill position players to impress, as senior quarterback Cody Kessler turned in another stellar performance. His ability to avoid hits in the pocket and keep plays alive paid major dividends against the Sun Devils as it extended multiple drives. Additionally, it was nice to see Kessler flash the athleticism that made him a standout high school point guard, as his mobility is often underutilized.Additionally, the defense responded well after the shellacking at the hands of Stanford last week. They attacked the ball and made plays happen. While the line was gashed up the middle on plenty of runs, overall the defense had a much better game plan in place. It’s amazing what happens when the Trojans blitz and put pressure on the opposing quarterback; they either throw it away or into a defender’s hands.All of these signs are positive, but it is way too early to tell if Arizona State is a truly quality opponent this season. Outside of ASU quarterback Michael Bercovici’s incredible performance in the last five minutes of last year’s game against USC, he has been barely above average as a                             Pac-12 quarterback. Add on the 14-point swing as a result of Arizona State’s goal line fumble, as well as the ensuing turnover on the kickoff, and it’s hard to know how much of the game was due to the Trojans’ talent or the Sun Devils’ ineptitude.Regardless, it is a victory and a much-needed one. As the Trojans take some time to rest during the bye, it must be a welcome relief to be 3-1 and not 2-2. It was only a few years ago that a shaky Trojans team went into a must-win game against Notre Dame, and as it looked like the Irish were starting to gain momentum, former safety Jawanza Starling took a bad snap to Notre Dame quarterback Dayne Crist and returned it 99 yards for a touchdown. After that game, the Trojans pulled off an upset against Oregon and beat UCLA 50-0. Here’s hoping that Chris Hawkins’s fumble recovery can bring about a similar mojo for this year’s squad.last_img read more

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Walt Harris to ‘heal emotionally’ after losing to Alistair Overeem in UFC return

first_imgWalt Harris vowed to come back stronger after a tough TKO loss to Alistair Overeem in an emotionally charged UFC heavyweight fight in Florida on Saturday.Harris, 36, was stopped in the second round of his first bout since the disappearance and death of his stepdaughter, Aniah Blanchard, late last year. MORE: Teixeira has title thoughts after stopping SmithThe American considered quitting mixed martial arts before agreeing to headline what was the UFC’s third event in eight days at an empty VyStar Veterans Memorial Arena in Jacksonville.Harris almost claimed his 14th career victory after dropping Overeem in the opening round, but the eighth-ranked Dutchman recovered and made his vast experience count.Speaking afterward, Harris thanked the UFC, his team and the local community in Homewood, Ala., where he lives.”I love you guys,” he told ESPN. “I’m sorry I didn’t get the ‘W’ for you tonight but you have been there for my family and me through everything.Humble in victory and defeat.What a showing by these two men tonight  #UFCFL pic.twitter.com/gJloA8flhF— UFC (@ufc) May 17, 2020″To the fans, I know you couldn’t be in here tonight but you’re all at home watching. I’m sorry, I’ll be back better, I promise you. You haven’t seen the last of ‘The Big Ticket.'”I’m going to go home, recover, heal emotionally and physically and I promise I’ll be better.” Overeem, who lost to Jairzinho Rozenstruik in December, consoled Harris after the fight and praised his opponent for the challenge.”It was tough, he didn’t want to give up. I felt he was tired but he hung in there. But I hadn’t really tired,” Overeem said.Asked about his next objective, Overeem responded: “Let’s look at the rankings, fight again later this year and maybe we’re going to see if there’s one more shot at the title.”last_img read more

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Investigation launched into Paris-Roubaix rider’s death

first_imgJiro Manio arrested for stabbing man in Marikina FILE – In this Thursday, April 5, 2018 file photo a cyclist trains ahead of Sunday’s 116th edition of the Paris-Roubaix cycling classic, in Haveluy, northern France. Belgian rider Michael Goolaerts died of cardiac arrest after collapsing while competing in the Paris-Roubaix race on Sunday April 8. Goolaerts’ team said the 23-year-old died in a Lille hospital where he had been taken by helicopter from the one-day classic. (AP Photo/Michel Spingler, File)PARIS — French judicial officials launched an investigation Monday into the death of Belgian rider Michael Goolaerts during the Paris-Roubaix cycling race.Goolaerts died Sunday after collapsing during the one-day classic on cobblestones in northern France.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next READ: Belgian cyclist dies in Paris-Roubaix raceCambrai prosecutor Remi Schwartz told The Associated Press that an autopsy will be performed on Goolaerts’ body in the coming days to determine the exact cause of death.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownThe 23-year-old Belgian died at a hospital in Lille, where he had been taken by helicopter from the race. Organizers said in a medical statement that he suffered a cardio-respiratory arrest.Goolaerts had been airlifted to the hospital after collapsing about 150 kilometers (93 miles) from the finish in the second of the 29 cobblestone sectors of the race known as “The Hell of the North.” No images of the incident were available but TV footage of the race showed Goolaerts lying unresponsive on the side of the road as the peloton passed him. He was then attended to by a medical team and appeared to receive CPR. Ferrari mechanic hit by Raikkonen says he’s OK after surgery Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Judy Ann’s 1st project for 2020 is giving her a ‘stomachache’ Jo Koy draws ire for cutting through Cebu City traffic with ‘wang-wang’ P16.5-M worth of aid provided for Taal Volcano eruption victims — NDRRMC Truck driver killed in Davao del Sur road accident According to Schwartz, early investigation results indicate that Goolaerts might have fallen off his bike because of a cardiac episode, and that it was not the crash that led to his death.“But at this stage we don’t have any absolute certainty,” he said. “There is no obvious explanation, nor an obvious traumatism as the cause (of his death).”Goolaerts was in his fourth year with the Veranda’s Willems-Crelan team. He rode in support of cyclo-cross world champion Wout van Aert of Belgium at Paris-Roubaix. His most significant result this season was 20th at Kuurne-Brussels-Kuurne.Goolaerts’ death came two years after Belgian cyclist Daan Myngheer died following a heart attack during the Criterium International race in Corsica. Another Belgian cyclist, Antoine Demoitie, died the same year following a crash in the Gent-Wevelgem race.ADVERTISEMENT Nadine Lustre’s phone stolen in Brazil MOST READ Scientists seek rare species survivors amid Australia flames Don’t miss out on the latest news and information. Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew LATEST STORIES Green group flags ‘overkill’ use of plastic banderitas in Manila Sto. Niño feast View commentslast_img read more

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Jagdeo deems coalition Govt unconstitutional, usurper of power

first_imgIn light of Chief Justice Roxane George refusing to set a date by which constitutionally-due early elections ought to be held, Opposition Leader Bharrat Jagdeo has declared that his party – the People’s Progressive Party (PPP) — will now view the coalition Government as unconstitutional.Opposition Leader Bharrat JagdeoAt his weekly press conference on Thursday, Jagdeo explained that this position is being taken since the December 21, 2018 passage of the No-Confidence Motion (NCM) triggered early elections within three months, and since there was no extension by the National Assembly to extend this timeline as required, then General and Regional Elections ought to have been held by March 21, 2019.“My new position in the PPP and based on this new ruling… [is] since March 21 of this year, the Government has been practicing unconstitutional rule. It has been a usurper of power in Guyana. It has acted outside of the provision of our Constitution. We were prepared to allow this to happen after September 18; to be generous and say after September 18, you go into unconstitutional rule. But if they think this ruling helps now, well it only reiterated what we already know that the Government has been a usurper of power since March 21,” Jagdeo posited.According to the Opposition Leader, this now means that every deal and agreement made by the coalition since then will become null and void.Some members of Cabinet“So I saw they’re extending the oil contract – CGX got an extension and I want to say to CGX that that extension is not valid because it was done in a period when we have a caretaker government. I’ve already made it clear that the daily sale of land and all of these things that are being practicing, and not through public processes, are all illegal. And, this is not from June 18 or September 18 but from March 21,” he asserted.Chief Justice (ag)Roxane GeorgeOn Wednesday, Chief Justice Roxane George dismissed an application filed by Christopher Ram, who challenged the constitutionality of ongoing House-to-House Registration and asked the Court to compel the Chief Elections Officer (CEO), Keith Lowenfield, and others to hold elections on or before September 18, which is three months since the Caribbean Court of Justice (CCJ) validated the passage of the NCM against the Government.However, the Chief Justice noted that like the Trinidad-based regional Court ruled, the High Court cannot set a date by which elections ought to be held and that the conduct of House-to-House Registration is not illegal.But she did note that it would be unconstitutional for the registration exercise to remove qualified persons from the voters’ list for reasons other than death or those disqualified under Article 159 (2), (3), or (4).Pointing out that the “right to vote and the right to be registered to vote are sacrosanct”, the High Court Judge said “residence requirements from citizens are no longer a qualification for registration”. This means that persons cannot be removed from the list if they do not re-register, or if they are not in the jurisdiction or otherwise not at their residence during the registration exercise.According to the Opposition Leader, this is a victory for the Opposition, which had joined in on Ram’s legal challenge.“As far as we’re concerned, we achieved the purpose of what we set out to do, that is, to not have Guyanese de-registered by this APNU-led government. They would’ve done this; developed a flawed list, left out thousands of Guyanese, add in some fake names, and then rushed the elections through. That was their aim… but this [ruling] has thwarted that. They can’t touch the database, the NRR (National Register of Registrants)… So it’s a momentous victory, people don’t see that. And it’s not for the PPP, it’s for the Guyanese electorate,” Jagdeo contended.Furthermore, the Chief Justice had ruled too that while it is not up to the court to determine whether House-to-House should be held, it is not the only option available to the Guyana Elections Commission (GECOM) to update the current list. The Court said it is up to the Elections Commission to determine a way forward within the confines of the constitutional provisions.But GECOM at a meeting on Thursday did not come up with any decisions on the holding of early elections, saying that it will await the court’s ruling later this month on a similar case challenging the House-to-House exercise before deciding on the way forward.However, Jagdeo contended that the ongoing registration should be scrapped and the elections body should move to an extended Claims and Objections period during which new qualified persons can get registered.“That is what is required at this point in time, and urgently so, because we’re not operating in the normal elections cycle as the Chief Justice pointed out,” the Opposition Leader stated.last_img read more

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MTN’s ‘risky business’ succeeds

first_imgKhanyi Magubane The forceful thrust of South African cellphone network operator MTN into the global telecommunications arena has not only taken its competitors by surprise, but it has also proved that calculated risks do pay off. Following a slow start since its inception in 1994, MTN took off rapidly in 2002 with remarkable expansion into Africa and the Middle East. Bolstered by a new vision-driven Chief Executive Officer, Phutuma Nhleko, the network operator went into over-drive to not only reposition itself, but to set new trends.Under Nhleko’s direction, MTN has expanded aggressively into markets that are sometimes deemed volatile – but the risk has paid off. Now MTN operates in 21 countries in these two regions: Botswana, Cameroon, Cote d’Ivoire, Nigeria, Republic of Congo, Rwanda, South Africa, Swaziland, Uganda, Zambia, Afghanistan, Benin, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Liberia, Sudan, Syria, Yemen and Iran. The MTN group has operations in 21 countries in Africa and the Middle East.Over the past six years the company’s share price has risen more than ten times in value since Nhleko was appointed. MTN is now worth an estimated R250-billion ($US32-billion), making it the sixth-biggest company listed on the Johannesburg Stock Exchange and putting it among the 10 largest mobile phone operators in the world.Setting up shop in developing countries has paid off in monetary terms for the company. For the year ending 31 December 2007, the group reported operating earnings of R31,8-billion ($4.08-billion) on revenue of R73, 1-billion ($9.34-billion), an operating margin of close to 45%.Fending off the bigger players Besides obtaining operating licenses in the different global regions, the group is also keen on making acquisitions in countries that it hopes to expand into. Nhleko’s acquisition plans include buying assets in Southeast Asia and Central America. Analysts are predicting that the company will also target Pakistan and India – both countries have low telephone penetration.The network’s main objective at the moment is to continue cementing its position as a global telecommunications player, in a bid to prevent the company from being swallowed up by bigger players. Speaking to Financial Mail, Nhleko said, “We do not have a ‘for sale’ sign up. But, being a publicly listed company, we can’t say if someone approached the company, the shareholders would necessarily be in agreement with management to sell or not to sell. Our job is to manage the company and grow the values until the shareholders tell us differently.” MTN’s success has attracted the attention of other international telecommunication companies in the industry. China Mobile, the world’s largest operator by subscriber number (it has an estimated 400 million users) is believed to be in serious talks with MTN. The talks allegedly started 18 months ago although both parties have been silent on the topic.The UK’s Vodafone, which currently holds 50% of Vodacom (MTN’s biggest competitor in South Africa), is believed to be cajoling the network into allowing it to buy a stake in its operations outside of South Africa. MTN has, however, denied this. As at 31 March 2006, MTN recorded more than 28 million subscribers across its operations, including those of the newly acquired Investcom LLC. In the last quarter of 2006, the network launched commercial operations in Iran, following the successful purchase of a 49% shareholding in Irancell. Growth has been so phenomenal that it is estimated that by the end of this year MTN will have more subscribers in Iran than South Africa.Since operations started in that country 18 months ago, the network operator now has nine million users. South Africa currently has 14,8-million users. With rapid expansion though comes the challenge to continually provide the infrastructure for an efficient service. To this end, MTN intends spending more than R30-billion this year alone on expanding its infrastructure and improving the quality of its coverage.The group has of late come under fire from regulatory bodies, especially in Nigeria, to improve the quality of its services or pay the fines. Nigeria is one of the network’s biggest markets. MTN Nigeria, one of four cell phone networks in the West African country, has been operating since 2001.During the period under review, MTN Nigeria aggressively focused on subscriber growth, supported by rapid network roll out amid keen competition in the market. As a result, the company significantly increased its subscriber base from 5,6 million to 8,4 million currently.In February 2008, in a bid to empower Nigerians, MTN South Africa reduced its stake in MTN Nigeria to 76,08%. Nigerian individuals and key institutions acquired a 9,45% interest in MTN Nigeria from MTN. The company said that it had sold 5,96% in MTN Nigeria as part of a US $594,5-million (R4.632-billion) private placement.The man taking MTN forwardPhutuma Nhleko first became involved with MTN by way of Worldwide Africa’s investment in Johnnic (now Avusa). Nhleko, along with top businessman Wiseman Nkuhlu, founded Worldwide in 1994 as one of the first black empowerment investment companies in South Africa. The company, of which Nhleko still remains a major shareholder, invests in various energy and technology companies across sub-Saharan Africa. Nhleko is described by industry insiders as driven and determined. Colleagues say he contemplates everything deeply and methodically but is not afraid to take risks once he’s weighed all his options and is certain of the move he is about to make. His deal-making skills were honed at Standard Bank, where he worked from 1990 until he started his own company in 1994 but his background is in engineering. He studied engineering at the University of Ohio in the US and also has an MBA from the University of Atlanta. Despite having achieved phenomenal success for MTN, Nhleko is reluctant to renew his contract when it expires in 2010, saying that by then the company will need someone younger and fresher with new ideas to take the company forward.Nhleko is not a one-man island at the company and works closely with a core group of seven:Rob Nisbet – Finance director. Nisbet is highly rated by analysts for the clear way he presents MTN’s financials.Sifiso Dabengwa – Chief Operating Officer. Since joining MTN in 1999, the Zimbabwe born Dabengwa has held a number of high profile posts within the company, including CEO of Nigerian operations.Karel Pieneer – Chief technology and information leader. He has been with the company since 1994 and is responsible for its technology choices.Santie Botha – Executive: Marketing. She joined the company in 2003, she oversees the groups’ multibillion rand marketing budget.Christian De Faria – Vice President: West and Central Africa. He joined the network operator in 2006, has a history of increasing turnover at XL, the largest mobile operator in Indonesia.Tim Lowry – MTN SA managing director and Vice President – South And East Africa. He comes with vast experience in the telecom industry. He has worked for a large number of European operators across the world.Jamal Ramadan – Vice President Middle East and Africa. He joined the company from Investcom and has experience heading up the IT departments of international telecommunication companies.Useful linksThe Empowerment Charter for the ICT SectorMTN South AfricaMTN globalDepartment of CommunicationsDo you have any queries or comments about this article? Email Khanyi Magubane at [email protected]last_img read more

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