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NEFIN Group Enters Singapore with A Goal to Invest SGD$100million In Upcoming 5 Years

Partnering with Tuas Power Supply is the First Step in Materializing the Long-term Commitment into Singapore. There are more strategic partnerships in the pipeline this year.

SINGAPORE – Media OutReach – 11 August 2022 – NEFIN Group (“NEFIN”), Asia’s leading green independent power producer (IPP), officially launched its brand-new APAC Headquarters in the heart of Singapore’s downtown precinct at MacDonald House in Dhoby Ghaut. Highly driven by the entrepreneurial spirit of Singapore, 8 August 2022 marked an important milestone for NEFIN since its inauguration in 2014.

Adding to the glamour of the day, NEFIN signed a Memorandum of Understanding (“MOU”) with Singapore’s top energy retailer, Tuas Power Supply (“TPS”), which is the first of many binding partnerships which NEFIN will enter with strategic partners in the remainder of 2022.

Singapore Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, has announced the plan to achieve net zero emissions by mid-century during the Budget 2022. To enable the transition to a low-carbon future, Singapore will raise the carbon tax levels progressively from 2024. This will support Singapore’s journey to net zero emissions and secure a greener and more sustainable living environment for future generations, while being economically competitive in a low-carbon future. The Government has committed to continue financially supporting businesses’ decarbonization efforts through existing schemes such as the Resource Efficiency Grant for Energy (REG(E)) and the Energy Efficiency Fund (E2F), for companies undertaking energy efficiency and emissions reduction projects.

In line with this government push, NEFIN aims to invest a minimum of SGD$100 million in the Singapore market within the upcoming 5 years. This MOU is set to become a major driver for the development of carbon neutrality solutions in Singapore and reflects NEFIN’s goal to bring state-of-the-art technical and financing solutions into Singapore.

“Our short-term goal is to establish meaningful partnerships with key players in the Singapore market who are strong advocates for carbon neutrality. The partnership with TPS brings our vision to the next level as TPS shares our missions and beliefs, which is the essential backbone towards building a unique synergy between the two teams of experts,” said Mr. Glenn Lim, CEO of NEFIN. “This is in line with our aim for massive developments within the carbon neutrality solutions market in Singapore, a region we believe to be a significant player in terms of renewable energy solutions in APAC.”

“Tuas Power is a leading power generation company in Singapore and our retail arm, Tuas Power Supply, owns the largest segment of the electricity contract market,” said Michael Wong, COO of Tuas Power. “We believe in helping our customers with their journey of sustainable development, and our collaboration with NEFIN will enable us to offer renewable energy solutions to our customers.”

“We believe in the long-term vision and strategy that NEFIN has put forward for the benefit of the industry and also for the community at large. We recently announced our ACEN 2030 vision, which is our aim to reach 20GW of renewables by 2030. Our strong partnership with NEFIN will not only create opportunities to support others on their ‎journey towards reducing carbon emissions but will also help each other ‎achieve our own decarbonization ambitions,” said Patrice Clausse, Chief Operating Officer, International Group of ACEN, NEFIN’s major shareholder. In 2021, ACEN together with the Ayala group, announced its commitment to achieve Net Zero greenhouse gas emissions by 2050. This will involve early retirement of its remaining coal plant by 2040 and transition the company’s generation portfolio to 100% renewable energy by 2025.

The MOU will last for 2 years, where the corporate framework will be set for the installation and deployment of solar photovoltaic (PV) systems for customers in Singapore. NEFIN will be primarily responsible for investing, developing, and operating the PV systems in connection with the project, while Tuas Power Supply will be responsible for securing potential customers for solar energy.

Mr Glenn Lim grew up in Singapore and was inspired by the entrepreneurial side of founding Prime Minister Mr Lee Kuan Yew. He took a bold step to venture out of Singapore, pushes for innovation in his service offerings to clients and develops systems that can bring longevity to the business of NEFIN and its partners. In a similar way to how Singapore began as a start-up nation to become a significant player on the world’s stage, NEFIN has grown from a start-up company into a regional player in the renewable energy industry. Glenn and his team realized the importance of returning to where the dream first started, and believe that setting up the APAC Headquarters in Singapore is significant milestone in NEFIN’s growth.

Many of NEFIN’s partners including Tuas Power, Arup, Cyclect, Solarvest, Huawei, Sungrow, JA Solar, LONGi, Total IFM, Trina Solar, Quahe Woo & Palmer, Squire Patton Boggs, HSBC, SMBC, Standard Chartered, SP Group, Temasek Holdings, SUSI Partners and more, attended the Singapore regional HQ office opening event on 8 August 2022. It was a great time of celebration as some of them had journeyed with NEFIN from the start to where it is now.

Hashtag: #NEFINGroup

About NEFIN Group

NEFIN is a premium green independent power producer (IPP) offering bespoke carbon neutral technologies & financing solutions in Asia Pacific. NEFIN, funded by ACEN Corp., has collectively installed over 3,400 MW of utility-scale, commercial and industrial renewable energy systems. ACEN is listed in the Philippines (PSE: ACEN) and is part of the Ayala Corporation, one of the largest conglomerates in Philippines, founded by the Ayala family in 1834. With its regional and multidisciplinary team, NEFIN offers comprehensive assessments and a full-suite of services to evaluate the ESG impact and commercial viability of projects through innovative approaches to technology under its unified energy management platform.

With a mission of “Achieving Carbon Neutrality for You”, NEFIN is committed to the global climate goals and aims to accelerate the decarbonisation of our client portfolios. NEFIN believes the future of the world is everyone’s responsibility and strives to redefine energy boundaries towards a sustainable future. Please refer to NEFIN’s website for more information and follow us at .

About Tuas Power

Tuas Power is a key provider of energy solutions and multi-utilities in Singapore, and is a member of China Huaneng Group, one of the largest and most forward-looking power producers in China and the world. We welcome innovation and strategic partnerships while embracing change sustainably.

Tuas Power has a licensed capacity of 2,670 MW and is a leading power generation company in Singapore. It has five combined cycle plants and a steam plant in its power station in the Tuas industrial region and develops efficient and environmentally responsible energy solutions through its retail arm. Tuas Power also supplies utilities such as steam, high-grade industrial water, demineralised water and waste water treatment services in Tembusu, Jurong Island. In April 2022, it added desalination capabilities to its portfolio of businesses with the launch of the jointly-developed Jurong Island Desalination Plant. Visit www.tuaspower.com.sg

About Tuas Power Supply
Tuas Power Supply (TPS) is the electricity retail arm of Tuas Power Generation. A leading player in the liberalized Singapore electricity market, TPS serves customers from a wide spectrum of industries. TPS develops and provides different cost-effective energy solutions to customers, to fulfil their energy requirements.

About ACEN

ACEN is the listed energy platform of the Ayala Group. The company has ~4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87%, which is among the highest in the region.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW in renewables capacity by 2030. In 2021, ACEN announced its commitment to achieve Net Zero greenhouse gas emissions by 2050. This will involve the early retirement of its remaining coal plant by 2040 and transition the company’s generation portfolio to 100% renewable energy by 2025.

eWTP Arabia Capital ranks among Top 50 Best Performers and Rising Stars in China

  • Riyadh-headquartered fund listed among ‘Top 50 Investors of Direct Investment Funds with Best Performance in 2022’ and ‘Top 30 Best Rising Star Funds in 2022’
  • Recognition follows success in building bridge between China and the MENA region for technology- and expertise-sharing

RIYADH, SAUDI ARABIA/DUBAI, UAE – Media OutReach – 11 August 2022 – eWTP Arabia Capital (eWTP), one of the largest Middle East and North Africa (MENA)-focused growth stage venture fund creating robust digital ecosystems in emerging markets, has been recognized for its role and achievements in improving the digital and technological collaboration between experts and organisations in China and the Middle East North Africa (MENA) region. The China Fund of Funds Research Centre(China-fof.com), in their 2022 rankings, listed Jerry Lee, Founding and Managing Partner, eWPT Arabia Capital within ‘Top 50 Investors of Direct Investment Funds with Best Performance in 2022‘ and the firm within ‘Top 30 Best Rising Star Funds in 2022‘.

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This recognition places eWTP Arabia Capital firmly alongside premium institutions such as Warburg Pincus, Sequoia China Capital, and Hillhouse Capital. The list was compiled from a shortlist of more than 1,000 nominations, and the judging process effectively identifies the bellwethers of China’s domestic equity investment industry. The annual list serves as an essential reference for many large institutional LPs (limited partners and fund investors).

Jerry Lee, Founding and Managing Partner, eWTP Arabia Capital, said: “With our proprietary insight-led investment strategy, and a strong body of investment performance, we are proud to be included among the most recognizable names and institutions. Our strategy of bridging the experience/need paradigm between China and the MENA is leading to some breakthrough digital and technological partnerships and initiatives. We will continue to invest in our strengths, our goals, and our presence in MENA region, and to target our effort and expertise as the whole MENA moves boldly towards achieving the social and economic pillars of digital transformation through strategic partnerships, investments, and initiatives.”

Among the most eagerly-awaited and well-attended events in China’s Fund of Funds (FoF) industry, the 2022 edition of the China FoF 50 Forum saw more than 90 per cent of the country’s mainstream FoF leaders attending the event, alongside representatives from key investment associations. Senior officials from the State Council, Ministry of Science and Technology, China Securities Regulatory Commission, Ministry of Finance and other governmental agencies were also in attendance in its past forums.

eWTP Arabia Capital is a Saudi Arabia and China based growth stage venture fund manager backed by marquee investors such as eWTP Arabia Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF), and headquartered in Riyadh. eWTP Arabia Capital is focused on building a local digital ecosystem in MENA by partnering with local sovereign wealth funds, local investment groups and market leading Chinese businesses. Most recently, eWTP Arabia capital established SCCC, a joint venture with Alibaba Cloud and STC, to create the largest cloud service center in MENA region. The portfolio company, J&T Express, will establish a US$2bn logistics industrial park to help the development of the logistics industry.

Hashtag: #eWTP

The issuer is solely responsible for the content of this announcement.

About eWTP Arabia Capital

Founded in 2020, eWTP Arabia Capital is a growth stage venture fund manager based in Beijing, China and Riyadh, Saudi Arabia. It creates robust digital ecosystems in emerging markets by bringing together proven global know-how, partnerships with local players, advanced technology solutions and insights. To date, it has invested in 16 companies including cloud and digital sector through its US$400 million Fund I. Backed by marquee investors such as eWTP Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF), eWTP Arabia Capital offers comprehensive support to its portfolio companies, empowering them to explore and succeed in strategic markets in the Middle East and Africa region.

For more information, visit

Insilico Medicine Announces New Investment Led by Aramco-backed Prosperity7 Ventures, bringing the total Series D Financing to $95 Million

HIGHLIGHTS:

  • In challenging market conditions, Insilico Medicine closed Series D2 round, bringing the total Series D financing to $95 million from global investors with expertise in investing in the biopharmaceutical and life sciences sectors.
  • Series D2 round is led by Prosperity7, the diversified growth fund of Aramco Ventures, which is an investment subsidiary of Aramco, the world’s leading integrated energy and chemicals company
  • The investment from Prosperity7 will further support Insilico Medicine’s Environmental, Social and GovernanceESGobjectives that span beyond biomedicine to actively address global climate change and support sustainable development of ecosystems

HONG KONG SAR – Media OutReach – 11 August 2022 – Insilico Medicine, a clinical-stage end-to-end artificial intelligence (AI)-driven drug discovery company, announced today that it has received Series D2 financing round, led by Prosperity7 Ventures, the diversified growth fund of Aramco Ventures, bringing the total Series D financing to $95 million. This round is also participated by other global investors with expertise in investing in the biopharmaceutical and life sciences sectors.

The financing brought in Prosperity7 as a new investor, alongside current investors in the Series D round, including a large, diversified asset management firm on the US West Coast, B Capital Group, Warburg Pincus, BHR Partners, Qiming Venture Partners, Deerfield, Pavilion Capital, BOLD Capital Partners and WS Investment Company. Insilico’s founder and CEO, Alex Zhavoronkov, PhD, also invested in the Series D round.

Aysar Tayeb, Executive Managing Director of Prosperity7 Ventures, said: “The deepening application of AI and machine learning for drug discovery has demonstrated a transformative positive impact on the pharmaceutical industry and we are delighted to embark on this partnership with Insilico Medicine, a frontrunner in this innovation. Backed by the breadth of Aramco’s ecosystem across geographies and sectors, we look to support the company to scale up and expand its footprint globally, to drive biotechnology excellence, and to bring positive impact for greater wellbeing.”

The new Series D capital will support the continued advancement of Insilico’s pipeline, including its lead program which is currently in a Phase 1 study in New Zealand and in China, as well as several pipeline programs in IND-enabling studies. The proceeds will also fund other key strategic initiatives, including further development of its end-to-end Pharma.AI platform, the launch of a fully automated, AI-driven robotic drug discovery laboratory and biological data factory, and the establishment of regional centers.

Insilico Medicine has multiple Environmental, Social and Governance(ESG)objectives that span beyond biomedicine. The investment from Prosperity7 further diversifies the Company’s investor base globally and brings a potential strategic partner with deep expertise in high-performance and environmentally friendly energy R&D. Relying on Prosperity7’s global network and generous resources, Insilico will expand its AI capabilities from drug R&D to multiple areas, including sustainable chemistry, green energy, and agriculture to actively address global climate change and support sustainable development of ecosystems. Prior to the launch of ESG strategy, Insilico has already harnessed the power of its platform to accelerate innovation in sustainable agriculture in a multi-year collaboration with Syngenta which validated that Insilico’s platform capabilities in AI-enabled multiparameter optimization could create substantial value.

“In 2022 Aramco became the world’s most valuable company, and we are deeply honored to receive the investment from their venture capital arm, Prosperity7 which focuses on investment in ‘disruptive technology’,” said Alex Zhavoronkov, PhD, founder and CEO of Insilico Medicine. “Our experience in expanding our reach into sustainable agriculture where we collaborate with Syngenta and others demonstrated that the diversity of data and methods and unprecedented scale up allows us to improve our performance in drug discovery. I am certain that the upcoming collaborations with Prosperity7 in the field of sustainable and environmentally friendly chemistry and clean energy solutions will further expand our artificial intelligence capabilities. In addition, after spending time in Saudi Arabia, it is clear that the country is making a giant leap in technology, and we would like to be part of it and help the country realize its vision faster using the latest advances in artificial intelligence.”

Through a unique dual-CEO structure, Insilico Medicine is advancing its AI capabilities and drug research and development simultaneously. Recently, the Company promoted Dr. Feng Ren, Insilico’s Chief Science Officer (CSO) to the position of co-CEO to drive the company’s drug R&D platform. In addition to overseeing drug discovery and development, Dr. Ren will also guide the Company’s growing clinical development and will play a leading role in driving business development. During his tenure, the Company has rapidly transformed its pipeline into a robust portfolio of novel, innovative drug candidates, targeting areas with highly unmet needs. Seven programs in its internal pipeline have progressed to IND-enabling studies, including a novel 3CL protease inhibitor for COVID-19 treatment, and two synthetic lethality programs targeting MAT2A and USP1 for oncology indications. It also successfully completed a Phase 0 microdose study in Australia and entered Phase I clinical trials with its first internally developed program targeting fibrosis in both New Zealand and China.

“We have the structure in place as an equal parts AI and drug development company,” said Feng Ren, PhD, co-CEO and CSO of Insilico Medicine. “We also have a number of exciting initiatives in motion – including an expanding global presence, a robotics lab in development, and significant progress on our internal pipeline programs. With this latest funding round, we will be able to scale up our capabilities, advance our internal programs, develop our AI, and align with partners in the Saudi region to develop new regional technology hubs.”

Insilico has co-development and software licensing deals with a number of major pharmaceutical companies. Since the launch of its PandaOmics™ and Chemistry42™ platforms in late 2020, nine out of the top 20 pharmaceutical companies, as measured by 2020 revenue, have used Insilico’s AI platforms. In 2022, Insilico signed multi-asset partnerships with Fosun Pharma and EQRX in January and March, respectively. Notably, Insilico achieved its first major milestone and nominated a preclinical candidate for the QPCTL program for cancer immunotherapy less than 40 days into the strategic collaboration with Fosun Pharma. Business development continues to remain a vital part of the company’s strategy to demonstrate and unlock the value of its Pharma.AI platform.

Hashtag: #InsilicoMedicine

The issuer is solely responsible for the content of this announcement.

About Insilico Medicine

Insilico Medicine, a clinical stage end-to-end artificial intelligence (AI)-driven drug discovery company, is connecting biology, chemistry, and clinical trials analysis using next-generation AI systems. The company has developed AI platforms that utilize deep generative models, reinforcement learning, transformers, and other modern machine learning techniques to discover novel targets and to design novel molecular structures with desired properties. Insilico Medicine is delivering breakthrough solutions to discover and develop innovative drugs for cancer, fibrosis, immunity, central nervous system diseases and aging-related diseases.

For more information, visit

McKay Brothers Launches the Fastest Transpacific Market Data and Private Bandwidth Services

New ultra-low latency services connect key Illinois and Asia exchanges

Geneva, Paris, Oakland, CA – News Direct – 11 August 2022 – McKay Brothers’ MBI team has launched the lowest known latency market data services between Illinois’ largest futures exchanges and key Asia trading centers in Tokyo, Singapore and Hong Kong. MBI has also launched Transpacific private bandwidth services that are faster than any known alternative.

“We are thrilled to redistribute key instruments from CME, ICE, and JPX at the lowest known latency between Asian and US exchanges,” said Francois Tyc, MBI’s Managing Director. “In addition to our latency being differentiated, both our private bandwidth and market data services are provided on a level playing field for all subscribers.”

MBI’s industry-leading Quincy Extreme Data (QED) platform is a normalized market data feed of select instruments from leading financial exchanges. With this latest service, QED’s US-sourced data is redistributed in Tokyo-CC2, Singapore, and Hong Kong. Tokyo-sourced data is redistributed in Aurora, IL, Singapore, and Hong Kong. All are redistributed at the lowest known latency.

The QED Transpacific service offers a package of select futures market data, including equity indexes, interest rates, FX, agricultural/softs, energy, metals and crypto futures. Further details and coverage of the QED data symbol set are available here .

The new ultra-low latency Transpacific private bandwidth service connects points of presence in Tokyo, Singapore, Hong Kong and Aurora, IL.

Contact Details

Media Relations: contact@mckay-brothers.com
contact@mckay-brothers.com

Hashtag: #McKayBrothers

The issuer is solely responsible for the content of this announcement.

About McKay Brothers

McKay Brothers is the acknowledged leader in providing low latency wireless networks between financial markets. McKay launched long-haul microwave networks in the US in 2012, Europe in 2014, and Asia in 2016. Many of the world’s most sophisticated trading operations utilize the low latency microwave networks that McKay designs, engineers, builds and operates. McKay Brothers International also distributes select market data sourced from major exchange groups in Europe, Asia and North America via its ultra-low latency QED market data service.

Learn more at: or

Mountain B Owner Arrested in Thailand Following Fire

Pongsiri Panprasong, the 27-year-old owner of the pub, sitting in a police vehicle during the arrest(Photo: Matichon)

Thai police arrested the owner of Mountain Bar & Bistro on Friday after a fire at the pub killed several people and injured many more.

Disney-Supported Project to Improve Working Conditions in Laos

Disney supports the Better Work Program to ensure good working conditions at garment factories
Disney supports the Better Work Program to ensure good working conditions at garment factories (Better Work).

A program supported by the Walt Disney Company to improve global working conditions was the center of discussions held Monday between representatives from the United States and Laos.

Constantly Strategical Planning High-Growth Sectors, Grand Pharma’s 2022 Interim Results Continue to Grow

HONG KONG SAR – Media OutReach – 11 August 2022- Grand Pharma (0512.HK, the “Company“) announced its 2022 interim results recently. During the first half of 2022 (the “Period“), the Company recorded revenue of approximately HKD 5.21 billion, representing an increase of 14.1% YoY; net profit attributable to owners of the company of HKD 1.09 billion (excluding the changes in investment in Telix), representing an increase of 20.1% YoY. During the period, the Company invested approximately HKD 1.60 billion in R&D and products.

During the first half of 2022, Grand Pharma fully promoted the coordinated development in its three core business areas, namely pharmaceutical technology, nuclear medicine anti-tumor diagnosis and treatment and cerebro-cardiovascular precision interventional diagnosis and treatment technology and biotechnology. It had a total of 19 R&D milestones, including 14 innovative products. The smooth progress in various business has brought a solid momentum to the steady growth of the Company’s revenue in the first half of the year.

Specifically, during the Period, the Company recorded revenue of approximately HKD 3.60 billion in the field of pharmaceutical technology, representing an increase of 7.5% YoY. Among them, benefiting from the steady growth in the market promotion for blockbuster products “Rui Zhu” and “He Xue Ming Mu tablets”, the Company’s ophthalmology sector recorded a revenue of approximately HKD 660.88 million, representing an increase of 14.7% YoY. And its respiratory, severe and disease and anti-infection sector recorded revenue of approximately HKD 1,051.39 million, representing an increase of 10.7% YoY.

Grand Pharma recorded revenue of HKD 125.80 million in the field of nuclear medicine anti-tumor diagnosis and treatment and cerebro-cardiovascular precision interventional diagnosis and treatment technology, representing an increase of 36.2% YoY. During the first half of 2022, the Company’s blockbuster innovative product in the nuclear medicine anti-tumor diagnosis and treatment sector Yttrium-90 resin microsphere injections has been commercialized in China. The product was recognized by many academicians, experts, doctors and patients. Since its commercialization, the Company has trained more than 300 doctors in 70 hospitals. Nearly 15 well-known hospitals have completed the hospital admission and team training, and two patients with liver cancer have achieved clinical care. It is reported that the product has bridged the gap in the local treatment of liver cancer in China, marking the arrival of a new international precision interventional treatment option in the field of liver malignancies in China.

It is also worth noting that the Company’s biotechnology segment has achieved an increase of 32.0% YoY recording revenue of approximately HKD 1.49 billion. This was benefiting from the stable support from the supply chain and the increase in demand from international high-end markets in the sector of amino acid, which recorded revenue of approximately HKD 1.25 billion, representing an increase of 40.3% YoY.

Few days ago, Grand Pharma has announced the acquisition of 100% equity of Hubei Bafeng, making it the pharmaceutical company with the largest number of registered amino acid APIs in China, which tremendously expanded the Company’s high-quality amino acid product portfolio, and further enhanced and improved the Company’s market comprehensive competitiveness in the field of amino acid, driving the sustained and rapid growth of amino acid business.

Grand Pharma said that the Company will continue to uphold the operating concept of “Comprehensive Strengths, Innovation Leading and Global Expansion”, constantly increase its investment in global innovative products and advanced technologies, fully leverage the Company’s industrial strengths and R&D capabilities, and enrich and improve its product pipelines and industrial strategic plan to provide more advanced and diverse treatment solutions to patients worldwide, delivering on its promises for doctors and patients, and making significant contribution to the society.

Hashtag: #GrandPharma

DEUTZ AG: DEUTZ with profitability improvement in the first half of 2022

  • Orders on hand increase to around €770 million
  • Revenue increase by around 21 percent
  • Full-year guidance for 2022 remains subject to change

COLOGNE, GERMANY – EQS Newswire – 11 August 2022 – After a successful start to the year, DEUTZ – one of the world’s leading manufacturers of innovative drive systems for off-highway applications – continued to benefit from the sustained recovery in relevant downstream industries in the second quarter and improved its earnings in the first half of 2022. The outbreak of the war in Ukraine has not had a negative impact on demand so far. In this respect, it is proving favorable for DEUTZ that business activities in Russia, Belarus, and Ukraine account for only around €20 million of total annual revenue. Moreover, DEUTZ has no branches in Ukraine or Belarus and also no direct suppliers based in the crisis regions.

“In spite of the outbreak of the war in Ukraine, we increased our revenue by around 21 percent to €930.4 million. At the same time, we raised our adjusted EBIT margin by 2.4 percentage points to 4.6 percent. We want to sustain this growth because we still have a long way to go to reach our envisaged target range. But we have taken the first important steps toward achieving this goal, for example by strengthening our focus on disciplined cost management,” says CEO Dr. Sebastian C. Schulte. Looking ahead to the second half of 2022, he adds: “Our orders on hand totaled more than three-quarters of a billion euros at the end of June and were thus at a very high level. This means that we are tackling the coming months from a solid position. Nonetheless, our full-year guidance is still subject to change. The supply situation remains challenging and the geopolitical implications of the war in Ukraine are very uncertain. The trajectory of macroeconomic conditions is a cause for concern and highlights once again that we need to make DEUTZ even more resilient to economic downturns. However, we are making good progress on this front.”

As well as a healthy operating performance, DEUTZ reached further strategic milestones. At the start of 2022, the Company initiated a multi-phase strategy process called Powering Progress in order to secure its long-term competitiveness. Its objectives include improving the Company’s commercial performance and technological capabilities. To this end, four priority areas of action were defined together with a range of sub-initiatives, such as passing on increased costs to customers in the short term in the form of multiple rounds of price increases and establishing a process to completely overhaul pricing in the Classic business. The aim for 2022 is to implement price increases of between 8 and 12 percent for the new engine portfolio. DEUTZ also set itself the target of increasing the amount of annual revenue generated by its high-margin service business to over €500 million by 2025 through both organic growth and growth by acquisition. Two initial acquisitions for the service business were made at the start of May, with DEUTZ acquiring its former service partners AUSMA Motorenrevisie B.V. (Netherlands) and South Coast Diesels (Ireland). The two companies sell and service diesel engines in their home markets, where they operate as multi-brand dealers.

The newly launched strategy program also aims to accelerate the development of alternative drive solutions. At the end of June, DEUTZ reached a key milestone on the path toward preparing its TCG 7.8 H2 hydrogen engine for volume production. An H2 genset has gone into operation in a joint pilot project between DEUTZ and Cologne-based energy provider RheinEnergie. The combination of a DEUTZ hydrogen engine and a generator will deliver electric power of up to 170 kilovolt-amperes during the initial six-month test phase. This electricity will be fed directly into the local power grid. In a second step, the genset’s waste heat is to be utilized. The solution being piloted by DEUTZ and RheinEnergie has huge potential for the local, carbon-neutral supply of energy in urban centers. With an output of around 200 kilowatts, the hydrogen engine is generally suitable for all current DEUTZ applications. Volume production of this engine model is scheduled to begin in 2024.

Solid rise in new orders; double-digit increases in unit sales and revenue

In the first half of 2022, new orders received by DEUTZ increased by 4.7 percent year on year to €1,077.6 million. All regions contributed to this growth.

Orders on hand climbed to a substantial €768.9 million as at June 30, 2022 (June 30, 2021: €531.3 million). This points to a consistently stable order situation in the months ahead. The proportion of orders on hand attributable to the service business stood at €36.6 million (June 30, 2021: €35.1 million).

Having sold a total of 108,741 engines, the DEUTZ Group grew its unit sales by 16.1 percent in the first half of 2022 with the two largest sales regions, EMEA and the Americas, contributing double-digit percentage growth. Unit sales of DEUTZ engines[1] rose by 19.9 percent to reach 90,462 engines sold. Unit sales of electric boat drives at DEUTZ’s subsidiary Torqeedo were slightly higher year on year at 18,279 (H1 2021: 18,196 electric drives). All the major segments generated significant growth, with Material Handling making the largest contribution to unit sales growth in absolute figures.

Reflecting the growth in unit sales, DEUTZ’s revenue swelled by 20.8 percent to €930.4 million in the reporting period. This rise was driven by all regions and major application segments. Only the Miscellaneous application segment fell short of the figure for the prior-year period. This was due to lower revenue from engines with capacities over 8 liters and from older engine series, which the increase in revenue from electric boat drives at DEUTZ subsidiary Torqeedo could not offset.

Strong improvement in profitability

Despite a rise in research and development spending, EBIT before exceptional items (adjusted EBIT) improved significantly to €42.6 million in the first half of 2022, compared with €16.8 million in the prior-year period. This rise was mainly attributable to growth in the volume of business, economies of scale, and the effects of cost-saving measures. The impact of additional costs stemming from persistent supply bottlenecks and higher materials prices is being increasingly mitigated thanks to these costs being passed on to our customers through price increases. In addition, DEUTZ benefited from positive currency effects. However, the Group’s adjusted EBIT was once again squeezed by the loss reported by DEUTZ subsidiary Torqeedo, which has not yet managed to break even. The adjusted EBIT margin made a strong year-on-year improvement from 2.2 percent to 4.6 percent.

The increase in adjusted EBIT meant that net income before exceptional items improved to €34.0 million (H1 2021: €14.0 million) while earnings per share before exceptional items rose to €0.28 (H1 2021: €0.12).

Financial position remains comfortable

Cash flow from operating activities amounted to €14.6 million in the first half of 2022 (H1 2021: €44.7 million). This reduction was predominantly driven by the need to increase inventories in order to manage the significant expansion in the volume of business and longer sea freight times and to secure production in a challenging procurement environment. As a result of the decrease in cash flow from operating activities, free cash flow amounted to minus €24.7 million. This equated to a deterioration of €34.4 million compared with the first half of 2021.

As a result of drawing down an existing credit line in an amount of around €60 million,
net financial debt rose to €123.2 million as at June 30, 2022. This equates to an increase of €43.5 million compared with the end of 2021.

The equity ratio stood at 44.5 percent, compared with 45.6 percent at the end of 2021. The DEUTZ Group’s financial position therefore remains comfortable. The unused volume of the syndicated loan stood at around €155 million at the end of the reporting period. DEUTZ thus has sufficient financial means to be able to fund its operating business, invest in its transformation, and generate growth through acquisitions.

Guidance for 2022 still subject to change due to persistently high levels of uncertainty

Although the outbreak of the war in Ukraine did not have a material adverse impact on demand in the first half of 2022, the geopolitical implications of the war and its future trajectory are still creating significant uncertainty that does affect DEUTZ, for example with regard to energy and commodity prices, the availability of materials and freight capacity, and the possibility of Russia cutting off the supply of gas to parts of Europe. For this reason, the guidance published in the 2021 annual report for the full 2022 financial year continues to be subject to change.

After discontinuing all new engine business with Russia and Belarus until further notice immediately after the outbreak of the war in Ukraine, DEUTZ decided to go one step further by suspending all technical and sales activities in these markets.

The interim report for the first half of 2022 is available on our website at www.deutz.com/en/investor-relations.

DEUTZ Group: Overview of key figures

€ million H1 2022 H1 2021 Change Q2 2022 Q2 2021 Change
New orders 1,077.6 1,028.8 4.7% 568.0 564.0 0.7%
Group unit sales (units) 108,741 93,627 16.1% 58,726 55,243 6.3%
thereof Torqeedo 18,279 18,196 0.5% 11,825 12,061 -2.0%
Revenue 930.4 770.2 20.8% 482.5 426.8 13.1%
EBIT 35.5 16.1 120.5% 26.5 15.7 68.8%
thereof exceptional items[2] -7.1 -0.7 914.3% -0.3 -0.3 0.0%
Adjusted EBIT
(EBIT before exceptional items)
42.6 16.8 153.6% 26.8 16.0 67.5%
EBIT margin (%) 3.8 2.1 +1.7pp 5.5 3.7 +1.8pp
EBIT margin before exceptional items (%) 4.6 2.2 +2.4pp 5.6 3.7 +1.9pp
Net income 28.0 13.3 110.5% 21.2 14.2 49.3%
Net income before exceptional items 34.0 14.0 142.9% 21.5 14.5 48.3%
Earnings per share (€) 0.23 0.11 109.1% 0.17 0.12 41.7%
Earnings per share before exceptional items (€) 0.28 0.12 133.3% 0.18 0.12 50.0%
Equity (Jun. 30) 620.8 555.1 11.8%
Equity ratio
(Jun. 30, %)
44.5 44.3 +0.2pp
Cash flow from operating activities 14.6 44.7 -67.3% 4.9 27.6 -82.2%
Free cash flow -24.7 9.7 -19.8 11.4
Net financial position (Jun. 30) -123.2 -84.3 46.1%
Employees[3] (Jun. 30) 4,946 4,631 6.8%

[1] Excluding electric boat drives from DEUTZ subsidiary Torqeedo.
[2] Significant income generated or expenses incurred outside the scope of the Company’s ordinary business activities that are unlikely to recur.
[3] Number of employees expressed in FTEs (full-time equivalents); including trainees, excluding temporary workers.

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About DEUTZ AG

DEUTZ AG, a publicly traded company headquartered in Cologne, Germany, is one of the world’s leading manufacturers of innovative drive systems. Its core competencies are the development, production, distribution, and servicing of drive solutions in the power range up to 620 kW for off-highway applications. The current portfolio extends from diesel, gas, and hydrogen engines to hybrid and all-electric drives. DEUTZ drives are used in a wide range of applications including construction equipment, agricultural machinery, material handling equipment such as forklift trucks and lifting platforms, commercial vehicles, rail vehicles, and boats used for private or commercial purposes. DEUTZ has around 4,750 employees worldwide and over 800 sales and service partners in more than 130 countries. It generated revenue of around €1.6 billion in 2021. Further information is available at .