Nestle Q1 ’21 earnings grew 11% y/y to NGN12.4bn, supported by 26% y/y and 24% y/y increases in food and beverage sales respectively.
Based on our market survey, an increase in average prices across Nestle’s portfolio drove the double-digit y/y expansion in topline in Q1 ’21 (+24.1% y/y).
We expect the impact of the price increment to taper off by the end of Q2 ’21. This implies that stronger growth in volumes may be necessary to deliver higher profitability in FY ’21.
In our view, another round of price increases (to pass on costs) may prove difficult, due to shrinking real income amidst rising food inflation and currency devaluation. Nonetheless, we have marginally revised our FY ’21f sales and earnings estimates by 5.7% and 3.0% respectively, to reflect the impressive trend in Q1 ’21. Changes to our estimates imply that turnover is now expected at N312.6bn in FY’21f (vs. prior forecast of NGN295.6bn). This follows an increase in sales for the company’s segments: food (by 9.1% y/y to NGN187.4bn) and beverage (by 8.6% y/y to NGN125.2bn).
Consequently, gross margin is higher by +50bps to 41.5%. Elsewhere, we have raised our opex estimate to NGN58.5bn (by 4.1% y/y), with operating profit climbing by 9.6% to NGN71.3bn (from previous estimate of NGN65.0bn). However, a surprise 243.4% y/y rise in interest expense in Q1 ’21 has forced a revised net interest cost of NGN4.6bn (vs. prior forecast of NGN298m).
The higher interest expense is traceable to a 27.0% ytd increase in long term loans to NGN43.0bn. We make a marginal +3.0% change to our tax forecast to NGN21.3bn (from NGN20.7bn previously), culminating in a PAT forecast of NGN45.3bn in ’21f (vs. prior estimate of NGN44.3bn).
For our valuation estimates, we have raised the risk-free rate in our DCF model to 12.5% (from 11%), and our adjusted beta estimate is increased to 0.8 (from 0.7 previously). Our new price target of NGN1,494.2 is lower by 4.9%. At current levels, our price target implies a potential upside of 6.7%. Consequently, we retain our Neutral rating. Year-to-date, Nestle shares have shed -3.4% vs. the ASI’s decline of -4.3%.
Gross margin weakened in Q1 ’21; interest expense surprised negatively
On average, Nestle’s Q1 ’21 results were better than expected. Sales grew by 24.1% y/y (and by 17.4% q/q) to NGN87.3bn while earnings expanded by 10.8% y/y, reflecting solid demand for products amidst higher prices across its portfolio. However, gross margin fell -520bps y/y to 39.8% (from 45.0% in Q1’20). We link this to the impact of disruptions in supply chain, local inflation and fx devaluation on cost base.
Also, the company recorded a y/y increase in net interest expense by +1486.5% y/y to NGN1.3bn in Q1 ’21 on the back of increased loans (+27.0% ytd to NGN43.0bn).
Expectations of a better performance were undone by the resilience of merchandise imports, which increased by USD1.7bn in the quarter.
Nigeria is relatively new to regular deficits on the current account: they used to mark a particularly sharp fall in oil export revenue but have become almost structural.
This is the tenth in succession. This sequence removes one pillar of the narrative, popular with the rating agencies and with the FGN for its roadshows, that Nigeria offers a strong external balance sheet. It also brings additional pressures onto reserves and the exchange rate.
The current account has been in deficit since Q3 ’18, for which a worsening performance on trade is mainly responsible. The trade and current-account deficits moved broadly in tandem before the virus. The trade deficit has since become the larger of the two: net transfers (essentially remittances) have fallen as we have previously noted but the positive impact of COVID-19 on the deficits on services and income has been greater.
The impact has been positive because international flights were halted for several months, so fx drawings for health, education and business expenses sharply declined. Once they resumed on a limited scale, Nigerians may have been unable to travel to their destinations of choice. The return of ‘normality’ will see the two deficits back at pre-COVID levels.
As for the reduced deficit on income, our take is that foreign companies have deferred the repatriation of dividends due to the challenge of accessing fx since March ’20.
Non-oil exports again disappointed in Q4. Running above USD2bn per quarter throughout 2019, they have declined to less than USD700m. The closure of Nigeria’s land borders, since reversed, played its part.
Other than in Q2 ’20, which was broadly the quarter of lockdown in Nigeria, merchandise imports have proved more resilient than expected. The background is the steady rise in the population of +/- 3% per year as well as the modest impact of efforts to boost import substitution. Additionally, it would appear that many businesses kept their operations running by sourcing fx on the parallel market.
The best hopes for the return of a trade, and perhaps a current-account surplus lie in a strong recovery in crude production and prices. Both trends are now favourable although we do not buy into the theory of the commodities supercycle.
Last night’s episode of the Nigerian Idol took us back to our roots. Contestants channeled their inner Fela as they paid tribute to the Afrobeat legend.
The contestants opened the show with a joint performance of “Water No Get Enemy”.
In preparation for the live show, the contestants paid a visit to the Kalakuta Museum and had the opportunity to meet Seun Kuti. The Big Bird helped the contestants interpret their songs and provided guidelines that helped with their performances.
Comfort opened the single performances with her rendition of “Observation No Be Crime”. Her presentation was fantastic and was hailed by the judges. A testament to how much she has grown. Faith Jason followed up with a performance of “Palava”. The judges were impressed and gave him a standing ovation at the end of his performance. According to Seyi Shay, “I’m always happy when I see you. Every week you kill it. You haven’t failed me yet.”
Francis Atela also received a standing ovation after he sang “Yellow Fever”. Obi Asika praised his synergy with the band.
Another performance that wowed the judges was Kingdom’s version of “Gentleman”. The judges were all thrilled with his performance and were left speechless. He received bounteous praise from all of them, and Seyi Shay exclaimed, “You are incredible.” Obi Asika agreed, stating that Kingdom had finally arrived at the competition. DJ Sose, still speechless, just added, “well done.”
Emmanuel also gave an exceptional performance. Seun Kuti already mentioned that he had star power, and he went on to prove him right on stage.
In one of the most nerve-wracking elimination nights, fan favourite, Beyonce Ajomiwe, was eliminated from the competition. Akunna went on to close the show with her rendition of “Lady”. Her performance was great, and Seyi Shay compared her to Yemi Alade and Omawumi.
Don’t forget to vote for your favourite contestants if you want to see them among the top five. The power to determine who stays and who leaves is solely in the hands of the viewers. Voting on Nigerian Idol is via the website, mobile site, MyDStv, and MyGOtv apps and via SMS, which is available only in Nigeria.
You can vote for your favourite contestant via the Africa Magic website, www.africamagic.tv/nigerianidol, and the Africa Magic mobile site by selecting contestants of your choice and entering your number of votes, and click VOTE. Voting via these platforms is limited to 100 votes per user. MyDStv App and MyGOtv App votes are free and votes are allocated based on your subscription packages.
Ecobank Transnational Incorporated (“ETI”), the parent company of the Ecobank Group, the leading Pan-African banking group with banking operations in 33 countries hereby notifies the Nigerian Exchange Limited, the Ghana Stock Exchange, and the Bourse Régionale des Valeurs Mobilières (the “Stock Exchanges”) that it is seeking to raise US$300 Million from the international debt capital markets through the issuance of Tier 2 qualifying Sustainability Notes pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S (the “Notes”).
An equivalent amount of the net proceeds of the Notes will be used to finance or re-finance, in part or in full, new or existing eligible assets in accordance with ETI’s Sustainable Finance Framework.
In view of the foregoing, ETI is pleased to notify the Stock Exchanges of the proposed launch of the Notes. ETI intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market.
It should be noted that the issuance of the Notes (the “Transaction”) is subject to prevailing
market conditions and the conclusion of the necessary Transaction documentation.
MoneyGram has announced that it has established an “at-the-market” equity offering program (the “ATM Program”) under which it may offer and sell, from time to time, shares of its common stock having an aggregate sales price of up to $100 million, and has entered into an ATM Equity OfferingSM Sales Agreement with BofA Securities, Inc., as a sales agent.
Upon delivery of an issuance notice and subject to the terms and conditions of the Sales Agreement, BofA will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable law and regulations, to sell the Shares from time to time based upon MoneyGram’s instructions for the sales, including price, time and size limits specified by the Company.
Pursuant to the Sales Agreement, sales of the Shares may be made by any method permitted by law and deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including block trades, ordinary brokers’ transactions on Nasdaq or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, or by any other method permitted by law. Under the terms of the Sales Agreement, MoneyGram may also sell Shares to BofA as principal for its own account, at a price to be agreed upon at the time of sale.
MoneyGram is not obligated to sell any Shares under the Sales Agreement and may at any time suspend solicitations and offers under the Sales Agreement. The Sales Agreement may be terminated by MoneyGram at any time by giving written notice to BofA for any reason or by BofA at any time by giving written notice to MoneyGram for any reason, or immediately under certain circumstances in accordance with the terms of the Sales Agreement. The ATM Program pursuant to the Sales Agreement will automatically terminate upon the issuance and sale of Shares having an aggregate sales price of $100 million.
MoneyGram intends to use the net proceeds from the sale of the Shares to partially repay outstanding indebtedness under the Company’s First Lien Credit Agreement, dated June 26, 2019, with Bank of America, N.A. acting as administrative agent, and the lender parties thereto, as amended (the “First Lien Credit Agreement”), and/or under the Company’s Second Lien Credit Agreement, dated as of June 26, 2019, with Bank of America, N.A., as administrative agent, the financial institutions party thereto as lenders and the other agents party thereto (the “Second Lien Credit Agreement”), and to pay for certain costs associated with the refinancing of the First Lien Credit Agreement and Second Lien Credit Agreement that the Company is currently contemplating for the third quarter of 2021.
The Shares will be offered under the Company’s existing shelf registration statement on Form S-3 (Registration No. 333-255122) filed with the Securities and Exchange Commission (the “SEC”). The offering is being made by means of a prospectus supplement to the prospectus contained in the registration statement. Before making an investment in the Shares, potential investors should read the prospectus and the prospectus supplement for more complete information about MoneyGram and the offering.
Potential investors may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the Company or BofA will arrange, upon request, to send the prospectus. Please direct requests to: BofA Securities, Inc. by mail at NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, by email to dg.prospectus_requests@bofa.com or by telephone at 1-800-294-1322.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About MoneyGram International
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the globe over the last five years.
The Company leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.
Forward-Looking Statements
This communication contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect MoneyGram’s current beliefs, expectations or intentions regarding future events and speak only as of the date they are made. Words such as “may,” “might,” “will,” “could,” “should,” “would,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “forecast,” “outlook,” “continue,” “currently,” and similar expressions are intended to identify such forward-looking statements.
The statements in this communication that are not historical statements are forward-looking statements within the meaning of the federal securities laws. Specific forward-looking statements include, among others, statements regarding the Company’s anticipated use of proceeds from the ATM Program. Forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict and many of which are beyond MoneyGram’s control, which could cause actual results to differ materially from the results expressed or implied by the statements.
These risks and uncertainties include, but are not limited to:
the impact of the COVID-19 pandemic or future pandemics on our business, including the potential for work stoppages, lockdowns, shelter-in-place or restricted movement guidelines, service delays and lower consumer and commercial activity;
our ability to compete effectively;
our ability to maintain key agent or biller relationships, or a reduction in business or transaction volume from these relationships, including with our largest agent, Walmart, through its introduction of additional competing white-label money transfer products or otherwise;
our ability to continue to grow our digital channel, including through our direct-to-consumer digital business, MoneyGram Online;
a security or privacy breach in systems, networks or databases on which we rely;
current and proposed regulations addressing consumer privacy and data use and security;
our ability to manage fraud risks from consumers or agents;
our ability to refinance our credit facilities and on favorable terms or within the contemplated time frame, or comply with the terms thereof;
the ability of us and our agents to comply with U.S. and international laws and regulations;
litigation and regulatory proceedings involving us or our agents and other commercial relationships, which could result in material settlements, fines or penalties, revocation of required licenses or registrations, termination of contracts, other administrative actions or lawsuits and negative publicity;
disruptions to our computer systems and data centers and our ability to effectively operate and adapt our technology;
the ability of us and our agents to maintain adequate banking relationships;
our ability to successfully develop and timely introduce new and enhanced products and services and our investments in new products, services or infrastructure changes;
our high degree of leverage and substantial debt service obligations, significant debt covenant requirements and our ability to comply with such requirements;
our below-investment-grade credit rating;
our ability to maintain sufficient capital;
weakness in economic conditions, in both the U.S. and global markets;
the financial health of certain European countries or the secession of a country from the European Union;
a significant change, material slow down or complete disruption of international migration patterns;
our ability to manage risks associated with our international sales and operations, including exchange rates among currencies;
our offering of money transfer services through agents in regions that are politically volatile or, in a limited number of cases, that may be subject to certain U.S. Treasury Department’s Office of Foreign Assets Control restrictions;
major bank failure or sustained financial market illiquidity, or illiquidity at our clearing, cash management and custodial financial institutions;
changes in tax laws or unfavorable outcomes of tax positions we take, or a failure by us to establish adequate reserves for tax events;
our ability to manage credit risks from our agents and official check financial institution customers;
our ability to adequately protect our brand and intellectual property rights and to avoid infringing on the rights of others;
our ability to manage risks related to the operation of retail locations and the acquisition or start-up of businesses;
any restructuring actions and cost reduction initiatives that we undertake may not deliver the expected results and these actions may adversely affect our business;
our capital structure; and
the risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as well as any additional risk factors that may be described in our other filings with the SEC from time to time.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in MoneyGram’s SEC filings. MoneyGram’s SEC filings may be obtained by contacting MoneyGram, through MoneyGram’s web site at ir.moneygram.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. MoneyGram undertakes no obligation to publicly update or revise any forward-looking statement.
The Dream Catchers Academy has been spotlighted by The Facebook Creators campaign as the Academy has leveraged the power of social media to inspire great change in the community, getting the attention of top international celebrities along the way with their dance steps.
Founded in 2014 by Seyi Oluyole, the Academy got its first big break in 2018 when a video of the kids dancing to DJ Spinall and Wizkid’s hit song, “Nowo” was posted on social media. Although Seyi didn’t really like the video, she went on to post it on Instagram, and gradually, the video began to go viral. Popular blogs, influencers, and other dance channels on social media raved about the performance.
Before long, the post had been shared by popular music sensation, Rihanna, model Naomi Campbell, and Imaan Hammam. P. Diddy and Beyoncé are other celebrities who showcased the dancing troupe’s videos on their Instagram pages. The Dream Catchers Academy page went from 4000 followers to over 60,000 thousand followers on Instagram very quickly.
In the months after the viral video, the kids performed in a local TEDx conference and at an event to celebrate Children’s Day organized by the Lagos state government.
Seyi Oluyole had started Dream Catchers Academy as an organization that helps get children off the streets and into school through the power of dance, drama, and visual arts. She conceived the idea when she was only 15 years old.
At this time, her father had lost his job and the family had moved into a slum in Ebute-Metta, Lagos, after being homeless for almost two years. Dance was Seyi’s succour in those times and she had a burning desire to help other children like her.
For Seyi, the goal was simple: get the kids off the street, give them an education and keep them engaged with dance. Without any funding, and with just her salary, she was able to kick start the Academy; she also started posting videos of the kids dancing on Instagram.
Today, the academy still produces short videos which either feature them dancing, singing or miming to various songs. A scroll down their Instagram page portrays the kids smiling and happily dancing to tunes from a variety of African and international artists. It’s almost hard to believe the story of these kids. Yet, they have been dubbed ‘The Happy Kids’ because of how much charm, joy and positivity they radiate when they dance and sing.
As noble as this initiative is, the academy has only two sources of income – the money made from their performances, either while dancing or singing; and the money donated from well-meaning individuals. To sustain this project can thus be hard. Hence, they get funding using social media platforms; in Seyi’s words, “we get funds mostly through crowdfunding, and it’s the reason why we’re extremely grateful to our Instagram and Facebook family. Whenever we are trying to raise school fees, we always put out a post and say with $3 you can feed a child for a day, and with $20 you can educate a child. Last year when we got a quit notice and had like six months left, it was through Instagram that we came out and asked people to help us.”
According to UNICEF, about 10.5 million children, aged 5 to 14 years old are not in school, and only 61 percent of children aged 6 to 11 regularly attend primary school in Nigeria. Furthermore, nearly half of all children aged 5 to 14 – about 21 million – in Nigeria are involved in child labour, and the number is highest among the youngest children.
It is common to find children whose parents can’t afford Primary education out on the streets, stay at home or seek ways to make money on the street. This makes the vision of the Dream Catchers Academy aimed at seeing orphaned and indigent girls taken off the streets of Lagos and given a chance at a better life through free boarding education and training in creative and performing arts one that is highly inspiring.
Seyi hopes to expand the dream even further and is currently building a school that is able to have at least 100 more girls enrolled with access to provide shelter, food, clean water, clothing, education and healthcare for the kids. With over 4,000 followers on Facebook and over 264,000 followers on Instagram, the group relies mostly on the attention they are able to garner from social media to receive donations.
The story of the Dream Catchers Academy is the epitome of the power that social media wields in telling stories and changing lives. As more and more people get connected to the internet and find their way into the ever-engaging world of social media, the opportunities that creatives have to tell their stories will continue to increase.
The Facebook Creators Campaign also features Kaffy, Taaooma, Claudia Lumor, Enoch Boateng, Emmanuel Oyeleke, Funke Adepoju, and Dancegod Lloyd. However, these are just a small fraction of the numerous creatively gifted individuals in the West African region. It is expected that there will be an increase in content creators who use Facebook and its family of apps to tell their stories.
Every year 600 million cases of foodborne illnesses are reported. In 2010, 420 000 people died due to such diseases as salmonella and E.coli infection, a third of them children under five years of age.
It is estimated that this figure is increasing year after year, but it is difficult to get a clear picture of the real impact foodborne diseases are having around the world.
To address this problem the World Health Organization (WHO) has developed a handbook to help countries measure their foodborne disease burden and identify food safety system needs and data gaps so they can strengthen national infrastructure and better protect people’s health.
“Food should sustain and support human health, not harm it,” said WHO Director-General Dr Tedros Adhanom Ghebreyesus. “WHO’s new handbook will help countries to collect and analyze data to inform sustained investments in food safety. The COVID-19 pandemic has demonstrated the intimate links between the health of humans, animals and the planet that sustains us. WHO will continue to work with partners with a One Health approach to keep communities safe from foodborne disease.”
In 2020, the World Health Assembly adopted a new resolution mandating WHO to monitor the global burden of foodborne and zoonotic diseases at national, regional and international levels and to report on the global burden of foodborne diseases with up-to-date estimates of global foodborne disease incidence, mortality and disease burden by 2025.
The Organization is reconvening its foodborne disease burden epidemiology reference group (WHO FERG) with 26 new international experts. The group’s main functions are to advise WHO on methodologies to estimate the global burden of foodborne diseases, to monitor global food safety indicators and measure the progress being made in food safety.
There are over 250 different food hazards that cause various health issues such as acute or long-term illness or even death. In 2015, the previous FERG helped WHO publish a historic report that revealed, for the first time ever, the global public health burden of foodborne diseases based on 31 foodborne hazards. The report showcased the massive health impact of unsafe food and highlighted the need for strong and sustained action.
A webinar on 29 June will provide further details about the handbook.
SME.NG has unveiled a new e-marketplace platform with the aim to provide access to finance wider market access, technical and business support to local female entrepreneurs.
The new platform was introduced as a solution to the impact of COVID-19 on Nigerian female-owned businesses.
Deemed ‘Ebi Marketplace’, the platform is a one-stop-shop solution for Nigerian Female Entrepreneurs. It is an all-inclusive platform that will democratize access to finance, financial inclusion and e-commerce for women entrepreneurs.
The Ebi Marketplace will improve access to finance, access to wider markets, access to technical and business support, access to a job portal connecting female entrepreneurs to suitable staff.
SME.NG Sets To Launch Ebi Marketplace For Nigerian Female Entrepreneurs-Brand Spur Nigeria
The platform will further allow entrepreneurs to connect and partner with other female entrepreneurs across the country, thus helping them transform their economies to become more independent, equitable, and sustainable.
Speaking on the purpose of the Ebi Market Platform, the Managing Director, SME.NG, Ms. Thelma Ekiyor, said, “With Nigeria’s population increasing exponentially coupled with the global pandemic, economic opportunities are now limited and overstretched especially for the female entrepreneurs. The need to encourage, give access to finance and support these female entrepreneurs cannot be overemphasized. SME.NG, through this platform, aims to provide Nigerian Female Entrepreneurs the opportunity to grow their businesses through financial services, trading opportunities, advisory services, mentorship and networking and so much more.
By providing female entrepreneurs with entrepreneurial opportunities to create wealth and support their livelihood, the Ebi Marketplace platform will help keep people in business, generate jobs and income”.
The Ebi Marketplace platform will be Nigeria’s first all-women’s e-market platform which is safe and user-friendly. The platform will also feature a Nigerian women’s SME directory with sector and location tags to expand the reach of products and services across Nigeria and beyond. The Ebi Marketplace will be all-inclusive and will be a one-stop-shop information portal of opportunities for female entrepreneurs.
SME.NG Sets To Launch Ebi Marketplace For Nigerian Female Entrepreneurs-Brand Spur Nigeria
The app will provide female entrepreneurs and their customers with a unique and seamless online trading and shopping experience. It also includes features that will help drive sales and boost revenues for women-owned businesses, as well as provide other resources that will enable female-owned businesses to thrive.
To join the Ebi Marketplace Platform, interested female entrepreneurs can register to be vendors on www.ebimarketplace.com. The Ebi marketplace will officially go live on the 1st of August and the App will be available for download on Play Store and Apple Store. Successful sign-ups would officially become vendors on the platform and can access all the benefits on the Ebi Marketplace Platform.
Connect with Ebi Market on social media @ebimarketplace on Instagram and Twitter.
About SME.NG
SME.NG was established to bridge the gaps in women’s access to finance through “gender lens investing”. It is an impact investment platform that invests in Nigerian SMEs to realize measurable environmental, social, and financial returns. The platform’s approach to SME financing is through a “blended financing” model, which leverages private capital, public sector investments and philanthropic giving. SME.NG has two funds for women and operates an all-women accelerator, “She Works Here”.
The CLS will come to the starting line in 2021 with a sharpened design. The front end in particular, with new radiator grilles and bumpers, expresses the dynamism of the four-door coupé even more strongly.
At the same time, the interior has been upgraded with additional leather and trim combinations as well as a new-generation steering wheel.
A latest-generation diesel with an integrated starter-generator expands the model range. A strictly limited special model of the Mercedes-AMG CLS 53 4MATIC+ (combined fuel consumption 9.0-8.7 l/100 km; combined CO2 emissions 206-199 g/km)[1] forms the sportily exclusive spearhead.
The first models will arrive at European retailers in August. Thanks to a comprehensive refresh last summer with updates to the driving assistance systems, the MBUX (Mercedes-Benz User Experience) multimedia system and ENERGIZING Comfort, the CLS was already up-to-date in terms of technology.
Design Update For The Exterior
Standard AVANTGARDE exterior with new front apron based on previous AMG Line: side louvres and front splitter in silver chrome.
Rear apron with black diffuser-look insert and silver chrome trim.
New designs for standard 19-inch light-alloy wheel: 5-twin-spoke or multi-spoke rims.
The AMG Line Exterior includes:
AMG-specific front apron with A-wing in black, front splitter in silver chrome, air intakes with vertical struts, aerodynamically shaped flics in high-gloss black AMG door sill panels at the side AMG spoiler lip on the boot lid.
New colours for 20-inch AMG multi-spoke light-alloy wheel with a high-sheen finish and bi-colour look: tremolite grey or high-gloss black.
New front-end styling for AVANTGARDE and AMG Line Exterior:
Radiator grille with three-dimensional star pattern and high-sheen chrome surface
one high-gloss black louvre with chrome inlay and integral Mercedes star.
New paint colour: spectral blue metallic.
Facts & Figures: The New CLS At A Glance-Brand Spur Nigeria
New special paints from the design range: Jupiter red, cashmere white magno and emerald green.
Design update for the interior
New woods for trim elements and centre console: open-pore brown walnut and high-gloss grey
New two-tone leather seat covers: neva grey/magma grey and siena brown/black
Two-tone design interiors with Exclusive nappa leather in five new combinations: classic red/black, saddle brown/black, truffle brown/black, deep white/black and yacht blue/black.
Newly designed multifunction steering wheel in nappa leather:
Spokes in high-gloss black with silver chrome edging
Paddle shifters in silver chrome
Steering wheel rim with capacitive dual-zone sensor mat for driver hands recognition
Fully digital, high-resolution displays in the cockpit in two sizes: compact in 2 x 10.25 inches or as Widescreen Cockpit with 2 x 12.3 inches
Sharpened in many details: Mercedes-AMG CLS 53 4MATIC+
Newly designed front end with sporty AMG bumper in A-wing shape with black flics and visible air curtains
AMG Signature Grille with vertical struts
Latest-generation steering wheel in nappa leather with AMG steering wheel buttons with displays for selecting a wide range of vehicle settings
Two new optional extras allow the coupé to be even sportier:
AMG Night Package II, available in combination with the AMG Night Package, includes radiator grille, Mercedes star at the rear and typography in darkened chrome
AMG DYNAMIC PLUS Package, comprising red brake callipers with black AMG lettering, AMG Performance steering wheel in nappa leather/DINAMICA microfibre and additional “RACE” driving mode including Drift Mode
Performance for individualists: the limited Edition model of 300 units from Mercedes-AMG
Choice of paint finish, either cashmere white magno or selenite grey magno with racing stripes above the side sills (in combination with cashmere white magno finished in glossy dark grey metallic, with selenite grey magno painted non-metallic black. Both stripe variants feature glossy non-metallic red highlights)
20-inch AMG 5-twin-spoke light-alloy wheels, painted black with high-sheen rim flange
AMG Night Package and AMG Night Package II
AMG DYNAMIC PLUS Package
Projection of AMG emblem in 3D look (integrated in front doors, LED technology)
AMG black/silver grey pearl two-tone nappa leather
Facts & Figures: The New CLS At A Glance-Brand Spur Nigeria
AMG carbon-fibre trim elements
Steering wheel in nappa leather and DINAMICA with red contrasting topstitching, and AMG
steering wheel buttons
AMG lettering on the centre console
History
With the presentation of the four-door coupé concept car Vision CLS in 2003, Mercedes-Benz created a new vehicle category that for the first time combined the elegance and dynamism of a coupé with the comfort and functionality of a saloon.
2003 World premiere Mercedes-Benz Vision CLS at the International Motor Show in Frankfurt
2004 Start of sales of the first generation
2008 Model update (e.g. new front end, LED tail lamps, new entry-level engine CLS 280)
2010 World premiere of the second-generation CLS at the Paris Motor Show
2012 Introduction of the Shooting Brake
2014 Model update (including new front end with MULTIBEAM LED headlamps; 9G-TRONIC)
2018 Introduction of the third generation of the CLS (now only as coupé)
2020 Extensive model year change with new telematics generation and new engines, among other things
2021 Model update (new radiator grille, new line logic, new steering wheel generation, expanded colour fan and updated wheel selection)
[1] The stated figures are the measured “NEDC CO2 figures” in accordance with Article 2 No. 1 Implementing Regulation (EU) 2017/1153. The fuel consumption figures were calculated based on these figures. The WLTP figure is relevant for the assessment of the motor vehicle tax.
[2] The stated figures are the measured “NEDC CO2 figures” in accordance with Article 2 No. 1 Implementing Regulation (EU) 2017/1153. The fuel consumption figures were calculated based on these figures. The WLTP figure is relevant for the assessment of the motor vehicle tax.
[3] The figures shown are the WLTP CO2 values measured according to Article 2 No. 3 Implementing Regulation (EU) 2017/1153. The fuel consumption figures were calculated based on these figures.
[4] Electronically limited, with AMG Driver’s Package 270 km/h
Education is an enlightening experience that involves acquiring knowledge or skills from an institution or place of study and why it can be formal or informal, in Nigeria there is much emphasis on the formal structure and this has generated the need for parents to send their ward or children to school.
However, there are situations that may make paying tuition fees difficult and the education loan scheme by Zenith bank is designed to provide short-term funding to enable parents or guardians pay tuition fees for their children or wards.
So What Does This Loan Entail, The Features Of This Education Loan Includes:
Minimum Facility amount N100,000
Maximum Facility amount N5,000,000
School fees will be paid directly to child or ward’s school in order to ensure that it is being used for that sole purpose.
Maximum tenor of 3 months (Junior School) , Maximum tenor of 9 months (Tertiary Institution)
If Interested In Taking This Loan Then Her Are The Basic Requirements:
Completed Application Form
Parent or guardian must have salary account domiciled with the bank.
Child or ward must have an account with the bank.
Invoice of school /tuition fees
For more information on the loan or how to gain access to the application form, you can send an email to zenithdirect@zenithbank.comor call 234-1-2787000, or visit the Zenith Bank branch closest to you.
Do not put your child’s education in jeopardy by refusing to explore options that includes applying for this loan today.
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