LANXESS expects best results in company history in 2017

·         Q1 2017 sales rise by 25 percent to EUR 2.4 billion

·         EBITDA pre exceptionals increases by 25 percent to EUR 328 million

·         EBITDA margin pre exceptionals at 13.7 percent

·         Net income improves by 47 percent to EUR 78 million

·         Positive volume development across all segments

·         New guidance for full year 2017: EBITDA pre exceptionals between EUR 1.225 billion and EUR 1.3 billion

·         Matthias Zachert says: “We have the right positioning and the Chemtura acquisition further enhances our operational strength.”

Cologne, 11 May, 2017 (TGN) : –Specialty chemicals company LANXESS projects the highest full year results in company history,following a very strong first quarter of 2017 and the successful closing of the acquisition of U.S. based company Chemtura.

Global sales of the specialty chemicals company increased by a substantial 25 percent to EUR 2.4 billion in the first quarter of 2017, up from EUR 1.9 billion a year earlier. EBITDA pre exceptionals also improved by 25 percent to EUR 328 million, compared with EUR 262 million in the first quarter of 2016. The very positive first-quarter development was primarily driven by a significant increase in volumes across all segments.

The EBITDA margin pre exceptionals came in at 13.7 percent, slightly above the prior-year figure of 13.6 percent.Net income rose significantly by 47 percent to EUR 78 million, against EUR 53 million in the year-earlier quarter.

For the full year 2017, the company expects EBITDA pre exceptionals of between EUR 1.225 billion and EUR 1.3 billion. This forecast includes the earnings contribution from the newly acquired Chemtura businesses. 2017 could therefore be the most successful fiscal year in the company’s history. LANXESS achieved its highest operating result to date in 2012, when it posted a figure of around EUR 1.2 billion.

“LANXESS got off to a very strong start to the new fiscal year. We recorded an increase in demand in all of our business segments and generated higher sales in all regions. This clearly shows that we have the right positioning,” said Matthias Zachert, Chairman of the Board of Management of LANXESS AG. “Good order flow and a dynamic business environment appear to continue in the second quarter – for the full year, we are even expecting record earnings. This is a clear indication of our operational strength, which will be further enhanced by the Chemtura acquisition. Our job now is to ensure the swift and smooth integration of the new businesses.”

In what was another major step forward in its realignment program, LANXESS closed the acquisition of U.S. chemical company Chemtura around three weeks ago. With the largest acquisition in its history, the Cologne-based company is significantly expanding its additives portfolio in particular and will become one of the world’s major actors in this growing market.

Very strong performance in the segments

Sales of the Advanced Intermediates segment in the first quarter of 2017 were EUR 518 million, 12 percent above the prior-year figure of EUR 463 million.Despite being held back by higher energy costs and a delay in passing on increased raw material prices, EBITDA pre exceptionals advanced by 2 percent to EUR 91 million, compared with EUR 89 million a year earlier. In particular, higher demand and the expansion of volumes had a positive impact on earnings.The EBITDA margin pre exceptionals was 17.6 percent, against 19.2 percent in the prior-year quarter.

Sales in the Performance Chemicals segment rose by 14 percent in the first quarter of 2017, to EUR 607 million, against EUR 533 million a year earlier. EBITDA pre exceptionals advanced by 5 percent to EUR 103 million, compared with the prior-year level of EUR 98 million. Growth was driven by strong demand for additives, biocides and leather chemicals, as well as by the contribution from the Clean and Disinfect business acquired from Chemours, while higher energy costs and negative currency effects on the costs held back earnings. The EBITDA margin pre exceptionals was 17.0 percent, against 18.4 percent in the prior-year quarter.

In the High Performance Materials segment, sales increased by 15 percent to EUR 315 million, up from EUR 273 million a year earlier. EBITDA pre exceptionals increased by 26 percent to EUR 48 million, compared with EUR 38 million a year earlier. Growth was once again driven by expanded volumes in all product groups and regions, very high capacity utilization and a focus on higher-margin products. As a result, the EBITDA margin pre exceptionals was 15.2 percent, compared with 13.9 percent in the prior-year quarter.

Sales in the ARLANXEO segment climbed by 48 percent to EUR 948 million, compared with EUR 640 million a year earlier. EBITDA pre exceptionals increased by 27 percent to EUR 144 million, up from EUR 113 million in the first quarter of 2016. This development was driven by strong demand in Asia, efficient use of the global production network, and positive currency effects. The EBITDA margin pre exceptionals was 15.2 percent, against 17.7 percent in the prior-year quarter.

Q1 2017 financial data

(Figures in EUR million)

	Q1 2016	Q1 2017	Change in percent
Sales	1,920	2,401	25
EBITDA pre exceptionals	262	328	25
EBITDA margin pre exceptionals (percent)	13.6	13.7
Net income	53	78	47
Earnings per share (€)	0.58	0.85	47

LANXESS is a leading specialty chemicals company with sales of EUR 7.7 billion in 2016 and about 19,200 employees in 25 countries. The company is currently represented at 75 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives, specialty chemicals and plastics. Through ARLANXEO, the joint venture with Saudi Aramco, LANXESS is also a leading supplier of synthetic rubber. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World) and FTSE4Good.Ends.

Kanika kapoor Spotted at the Bieber concert

Mumbai, 11 May, 2017 (TGN) : Where the whole of bollywood turned up for the Bieber concert, the extremely talented singer Kanika kapoor joined the clan.

Kanika decided to keep it simple yet stylish at the Bieber concert. She chose to wear a translucent white off shoulder which she paired up with denim blue ripped jeans and completed her look with a casual pair of shoes and an offbeat black sling bag. Kanika looked extremely comfortable and concert ready. 

The 13th Emerging Economies Group meeting hosted by ICAI at BKC, Mumbai

CA. NILESH S. VIKAMSEY -PRESIDENT ICAI. ADDRESSING THE MEDIA DURING

13th EMERGING ECONOMIES GROUP MEETING IN MUMBAI ON TUESDAY 9th MAY 2017.

CA. Nilesh S. Vikamsey, President of The Institute of Chartered
Accountants of India (L) With CA. Shiwaji Zaware, Chairman of ICAI during
13th Emerging Economies Group meeting in Mumbai on Tuesday

MUMBAI, 11 MAY, 2017 (TGN) : The 13th Emerging Economies Group (EEG) meeting was hosted on 08-09 May 2017 at the ICAI Campus in BKC, Mumbai. This event was last hosted in India in the year 2011. The EEG is a good technical platform for emerging economies to communicate and exchange views on the development and implementation of IFRS Standards. The IFRS (International Financial Reporting Standards Foundation) decided to form the EEG following the G20 urging to increase the participation of emerging economies in the development of IFRS standards by theThe International Accounting Standards Board (IASB). Generally, two meetings of EEG are held every year, for which the member countries take turn hosting them.
This year is important for Accounting Standards Board of ICAI as it has completed 40 years of its existence on April 21, 2017.
Besides EEG, ICAI is part of various other international bodies such asInternational Federation of Accountants (IFAC), Asian-Oceanian Standard-Setters Group (AOSSG),International Forum of Accounting Standard Setters (IFASS) etc.
Agenda topics of EEG meeting included discussion on IFRS 15, Revenue from Contracts with Customers by IASB. Globally, IFRS 15 is proposed to be effective from 1 January 2018. India is expected to implement Ind AS 115 from 1st April, 2018 which will have impact on revenue recognition of almost every company. Also, at the meeting, a paper was presented on High Inflation by the GLASS.
In the EEG meeting, India presented a paper on ‘Micro-entities: Financial Reporting Challenges’ requesting IASB to consider formulating a new reporting Standard for micro entities similar to micro-entities in UK further simplifying or omitting the complex measurement, recognition and disclosure requirements.The Paper highlighted the following:

Concept of SMCs/SMEs/micro entities in India and internationally (U.K, U.S)
Accounting Standards including any relaxations given to such entities in India as well as internationally Challenges faced by SMCs/SMEs/Micro-entities in accounting weree also highlighted in the paper so that IASB may consider formulating new financial reporting Standards for such entities.
EEG meeting was followed by a half day ICAI – EEG Joint Stakeholders Seminar on ‘Emerging IFRS (Ind AS) Challenges’ held on 9th May where at discussion on IFRS 9 and IFRS 15 took place. The panellist included distinguished professionals from IASB (London), ICAI, RBI, Accounting Firms and Industry.
Around 270 professionals were invited to attend ICAI – EEG Joint Stakeholders Seminar Invitees to the Joint Stakeholders’ seminar from the industry, statutory bodies (RBI, SEBI, IRDA etc), renowned accounting and auditing firms.
As a standard setter of a large emerging economy, ICAI looks forward to contribute to such global forums and take up emerging accounting issues for discussions at international level. Working in tandem with these international bodies gives an opportunity to flag the Indian concerns at global level for timely addressing the same.Ends.

Contact Author on : +919768497333.

Missouri State University announces Scholarships and Tailor-made courses for Indian Students

Addresses immigration and security issues of Indian students
Mumbai, 2nd May, 2017 (TGN) : Missouri State University has announced special scholarships for Indian students. During his visit to India Colonel Stephen Robinette Associate Vice President, International Studies, MSU, USA, made a number of important announcements for Indian Students. Colonel Robinette also discussed some issues viz. US Immigration rules, safety and security of Indian students in Missouri State University.

The University has announced “International Excellence Scholarship” of $5000 each, per year for Indian Students. Students with animating skills and disciplined approach towards learning can avail this scholarship throughout their duration of study in Missouri State University. The “International Excellence Scholarship” will help students to overcome the financial strain while studying in the US. Explaining the same Col. Robinette, Associate Vice President, International Students, MSU said, “MSU has notlimited ‘International Excellence Scholarship’ to any numbers and offers the same scheme to all eligible candidates. We believe that it will be unjustified to restrict scholars in numbers. One, who has merit and is eligible, will keep getting it like earlier.”

Colonel Robinette while addressing the immigration issues of Indian students said, “We have welcomed Indian students for over ten years and will continue to do so with the same zeal and enthusiasm.” Our Sub continent office, based out of the National Capital Region, is continuously in touch with all aspiring students and their parents to give proper and thorough counselling, direct or via the approved education agents. The office provides guidance support in terms of applying for a visa and the interview, thereafter.

Missouri State University is a diverse university which has maintained a global focus for more than 25 years. Missouri State University is predominantly announcing courses which are tailor-made for Indian Students. For instance, MSU has introduced a new course, Master of Science in Computer Science for Indian Students. Post the paper of New Immigration Rule was signed by President Trump Indian students are apprehensive to study in US universities. Thus, the university has announced Computer Science course to ease out situation for Indian Students. Degree in Computer Science and STEM from US University allows students to work 3 years without work Visa in the USA.

Talking about the safety and security of Indian Students Col. Robinette said,“Our campuses are patrolled 24/7 and there are support groups for students that require extra attention. In view of the recent unfortunate events, we have tightened our security even further. We have a zero tolerance policy for any sort of racism or discrimination. Our students can freely approach the International student services for any sort of support they may require.”Ends.

From finding a pet-friendly café to a recommended sports-bar or finding like-minded people running local initiatives – Living Local App has it all

Mumbai gets it’s first neighbor‘hood’ connect App – Living Local.

The Living Local App is a first of it’s kind connect at a neighborhood luevel- by the people… for the people.

Mumbai, 2nd May, 2017 (TGN) : Moved recently to the city or are you keen on running a social local initiative? Living Local, a neighborhood connect app lets you champion your neighborhood by connecting you to people around you. With over 20,000 users, the app helps Mumbaikars communicate with their local neighborhood for all kinds of information and activities around them. Living Local is the only neighbor‘hood’ networking platform that focuses on giving users an online identity based on their Hood.

Living Local has launched its app on both Android and iOS platforms.

‘Hooders’, as the Living Local team defines, are dwellers of a neighbor‘hood’ who love to enhance their sense of belongingness to their place by seeking, helping and discovering information through other hooders. From recommended brunch options to new eateries opening in your hood, best chaat recommendations in the area to car-pooling to office during weekdays, Living Local helps hooders connect and socialize with their fellow hooders.

About the app:

Communications happening in your Hood can be explored on an unique category-based HoodLine (similar to a social media timeline). A user has an option to explore or post on the Hoodline based on his or her key categories of interest such as local awareness, food and nightlife, pets, kids and parenting, social causes, household needs etc.

Another unique feature in the App is the newly introduced HoodGuide. It provides relevant neighborhood specific information aggregated in one place to all the users. Local authorities (MLA, BMC corporator) to emergency numbers, places for Aadhar card, closest RTO, Local attractions, etc. form this dynamic HoodGuide which acts like a cheat sheet with access to all the important information that a hooder seeks.

All suggestions posted by users on the Hoodline are by default collected in a section of the app called Recommendations. Users can quickly browse through these recommendations shared by fellow hooders based on their experiences. It is slated to emerge as a unique platform for people from all walks of life to help them create a sense of oneness and a better living in their neighborhood.

Unveiling the features of the app, Anubhav Anand, co-founder & CEO, Living Local said, “While the world is on social media, we are still finding it hard to reach out to the closest people that surround us in our neighborhood. This app will provide, the much needed, targeted reach and connect in a unique and convenient way for all, sharing a common neighborhood. Be it to seek help or recommend or share things. Living Local is designed to help people enhance and enrich their local living. After having received a positive response to our Living Local website over the last one year, we believe that through this app, we are uniquely positioned to create a heightened sense of belonging among Hooders. Living Local invites everyone to #ClaimYourHood that gives users a unique online identity based on their Hood.”

Neeraj Vasudeva, Co-founder and COO of Living Local, said, “We’re at an interesting crossroad where entertainment, information sharing and the digital media space is all coming together. This convergence presents a huge potential to create a platform that can make a whole neighborhood connect to each other at all times. It has been an enjoyable journey so far, and we hope to leverage its success as an online portal to make the app more exciting for our hooders to use.”

Living Local currently connects people within 55 neighbor’hoods’. With over 20,000 Hooders already on the platform it aims to cross 150k users in the next 6 months.

About Living Local:

Living Local is a first of its kind Neighbor’HOOD’ connect platform based out of Mumbai. It seamlessly connects people living in a specific neighbourhood of the city, aptly titled as their ‘Hood’. The platform is aimed at helping users seek, help and discover information through other users in their Hoods by virtue of common experiences, interests, usage patterns or recommendations. Living Local is a part of Urbane Media Enterprise founded by Anubhav Anand and Neeraj Vasudeva.ENDS.