Insider Dealing: United Capital’s Oyinlola Hassan Acquires 30,164 Shares

Oyinlola Hassan, a Business Process and Internal Control Analyst at United Capital Plc Purchased Shares Valued at N465,000 in the financial institution.

Oyinlola Hassan purchased shares of 30,164 at N5.80 per share on May 4, 2021, from the Nigerian Stock Exchange trading floor in Lagos.

Insider dealings give clues on insiders’ sentiment and director unlike before the new transparent policy where shareholders do not know what executives that formulates policy that impacts their desire stocks are doing.

The management of the financial institution disclosed this in a statement signed by Leo Okafor, Company Secretary/General Counsel, United Capital Plc.

United Capital
Oyinlola Hassan, Business Process and Internal Control Analyst, United Capital Plc | Brand Spur Nigeria

United Capital

Insider Dealing: Access Bank Director Acquires 1.3M Shares Worth ₦9.68M

Dr. Okey Nwuke, a Non-Executive Director, Access Bank Plc, purchased 1,300,000 ordinary shares of the lender.

Insider dealings give clues on insiders’ sentiment and director unlike before the new transparent policy where shareholders do not know what executives that formulates policy that impacts their desire stocks are doing.

Access Bank
Dr. Okey Nwuke, FCA | Brand Spur Nigeria

In a statement released and signed by the Sunday Ekwochi, company secretary, Dr. Okey Nwuke bought 1,300,000 shares at N7.45 per unit on May 5, 2021, at the Nigerian Stock Exchange in Lagos, Nigeria.

The total amount involved summed up to ₦ 9,685,000.00.

Dr. Nwuke has over 28 years experience in finance and corporate governance working with top corporates and leading commercial banks in Nigeria. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria, an honorary member of Chartered Institute of Bankers of Nigeria and a member of Business Recovery and Insolvency Practitioners.

Transaction details

Access Bank

Cocoa & Forests Initiative Reports Progress Despite Challenging Year

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5 MAY 2021 – The governments and 35 companies in the Cocoa & Forests Initiative (CFI) today reported progress made towards ending deforestation in Côte d’Ivoire and Ghana in two joint public/private sector reports (Read the reports).

Actions in 2020 included more development of agroforestry with the distribution of 6 million non-cocoa trees by cocoa and chocolate companies in Côte d’Ivoire and Ghana. This brings the total number of forest trees supplied by the private sector since the launch of CFI to 10.4 million. Companies are also investing in large scale farmer training for better livelihoods and less incentive to encroach into forests.

  • Côte d’Ivoire adopted a national satellite system to monitor deforestation for CFI, and planted almost 10 million trees in 2020, aiming to extend forest cover to 20% of the country
  • Ghana restored about 226,000 hectares of forest area or 870 football fields per day in 2020 with cocoa landscape partnerships
  • Cocoa and chocolate companies have distributed 10.4 million forest trees since 2018 and reached 82% (Ghana) and 74% (Côte d’Ivoire) traceability in direct sourcing in 2020

Governments’ efforts have focused on applying the new legal and institutional framework that supports the implementation of CFI. This includes awareness-raising campaigns on the new Forest Code in Côte d’Ivoire, with notably the “1 day, 5 million trees” campaign planting one tree for every five Ivorians.

To further develop cocoa agroforestry, 10 million trees are currently in nurseries and will be distributed to Ivorian farmers in 2021. Côte d’Ivoire has an objective to extend forest cover to 20% of the country by 2030 (up from 11% in 2015).

In Ghana, the government has a strong focus on delivering on the Ghana Cocoa Forest REDD+ Program (GCFRP) and has restored almost 226,000 hectares of forest area. Landscape-level approaches are being developed in priority areas such as Asunafo-Asutifi, Bia-Juaboso, Kakum and Bibiani-Anwianso-Sefwi-Wiawso, in partnership with companies, non-governmental organizations and local communities.

This work will be accelerated in 2021 with the recently announced partnership between the Ghana Forestry Commission and WCF.

All signatories are improving the traceability of the cocoa supply chain. The government of Côte d’Ivoire mapped all cocoa farms through a national operation conducted by the Conseil du Café-Cacao. Companies reached on average 82% (Ghana) and 74% (Côte d’Ivoire) traceability in their direct supply chains and mapped about 605,000 cocoa farms in both countries.

To address indirect sourcing through middlemen, the governments of Côte d’Ivoire and Ghana have both launched work on national systems to achieve full traceability of the entire cocoa supply chain. To complement that mapping effort and monitor deforestation, the government of Côte d’Ivoire has adopted the IMAGES satellite monitoring system for the Cocoa & Forests Initiative.

Honorable Samuel A. Jinapor, Minister of Lands and Natural Resources in Ghana, said,

The Ministry is proud to be the Chair of this unique multi-stakeholder approach to halting further deforestation and forest degradation in the cocoa supply chain. Despite the hard times faced because of COVID-19 in 2020, we are happy to present this cumulative progress report which reflects the efforts by both the Government and the cocoa and chocolate producing companies to conserve, protect and restore our forest.

Going forward, the government of Ghana will remain fully committed to the CFI processes and ensure a fruitful partnership and collaboration with all partners.”

Honorable Alain-Richard Donwahi, Minister of Water and Forests in Côte d’Ivoire, said

In addition to the major challenge of mobilizing the financial resources required for the successful implementation of CFI, there is another linked to establishing the unified national cocoa traceability system and the national forest monitoring and deforestation early warning system alongside a monitoring and verification mechanism.

This is an important challenge to be addressed, given the increasing pressure from cocoa consumers and civil society organizations to ensure traceability of exported agricultural and forestry commodities.”

Mr. Chris Vincent, Interim President at World Cocoa Foundation, said,

Our work for forest positive cocoa is more urgent than ever, and we seem to be on the right track for tangible results.

These joint progress reports are a testimony to the resilience of the sector and our excellent public/private collaboration on ending deforestation. In 2021/2022, cocoa and chocolate companies want to continue landscape approaches with local partners, ramp up the adoption of agroforestry and forest restoration in degraded areas, and partner on traceability and satellite monitoring with the governments.”

Mr. Jonas Mva Mva, Program Director Cocoa at IDH, said,

IDH is proud of the progress achieved by the Cocoa & Forests Initiative in 2020, revealing again the great potential of public/private collaboration. In this time of crisis, it is more important than ever to accelerate our joint efforts towards ending deforestation and restoring forest areas. In the following years, we will continue to empower signatories to meet their commitments and together increase the transparency and sustainability of the cocoa sector.”

Chelsea Whip Real Madrid To Reach Champions League Final

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Chelsea set up an all-England UEFA Champions League final against Manchester City on Wednesday with a 2-0 defeat of Real Madrid in London for a 3-1 aggregate victory.

Timo Werner and Mason Mount settled the semi-final second leg match with a goal each.

Werner headed in from almost on the goal-line after Germany team-mate Kai Havertz hit the bar and Chelsea spurned several chances before Mount secured a 2-0 victory.

But, following last week’s 1-1 first leg in Madrid, that was enough to reach a first Champions League final since they lifted the trophy nine years ago 3-1 on aggregate.

It also returns manager Thomas Tuchel to the final after he lost the showpiece last season with Paris Saint-Germain (PSG) against Bayern Munich.

Tuchel has turned Chelsea’s season around since his appointment in late January as a replacement for Frank Lampard with a top-four berth in the league looking likely.

And they will not fear domestic champions-elect Manchester City in Istanbul on May 29.

They have already defeated Pep Guardiola’s otherwise all-conquering side in the FA Cup semi-finals to set up a final with Leicester City two weeks before their big day in Turkey.

Chelsea and Manchester City also meet in a dress rehearsal in Manchester on Saturday where the hosts can confirm the Premier League title.

“I can’t put it into words at the moment,” a delighted Mount said. “It was a great performance. We should have had about five, but the most important thing is that we won.

“I haven’t won anything yet, but we have two massive Cup finals, and hopefully we can win. The final is going to be a stunning game.”

Tuchel transforming Chelsea mid-season will spark memories of Roberto Di Matteo doing so after his appointment in March 2012.

It was just a few months before Chelsea stunned Bayern Munich to lift their only title in the tournament.

“We deserved to win,” Tuchel said. “We could have scored so much earlier, so much more to be safe, but now is no time for criticism.

“It is a fantastic achievement and big congratulations to the team.

“It is not done yet, we want to go all the way, we arrive in Istanbul to win.”

N’Golo Kante surged through the midfield to set up the 28th minute opener and though Havertz’s delicate chip landed on the bar, Werner could not miss the rebound.

Karim Benzema, who scored for Real Madrid in the first leg, was twice denied by Edouard Mendy as the guests showed a rare bit of urgency.

Zinedine Zidane’s side limped to defeat and ended their coach’s previous perfect record in Champions League semi-finals.

When Kante won the ball in midfield and released Christian Pulisic, the American crossed for Mount five minutes from time and Real Madrid were done.

“We can say that ‘yes, they deserved the win’,” Zidane said. “We fought and tried but they deserved to win and go through.

“I’m proud of my boys: we tried, we have got this far – just one game from the final.”

The second half had been a string of Chelsea chances.

The Real Madrid defence, even with the influential Sergio Ramos back from a three-month absence due to a calf injury, was frequently in tatters.

Havertz and Mason Mount both struck the bar while only one-on-one saves by Thibaut Courtois on Havertz and Kante kept Real Madrid’s outside chance alive a little longer.

Chelsea were rarely troubled in reaching their third final with the first lost against the other Manchester side, Manchester United in 2008, in Moscow.

And Real Madrid, 13-time record champions of Europe, will now try to salvage their season by emerging on top of a four-way battle for the Spanish domestic title

Nigerian Catfish Farmers Launch Own Brand Feed

The Catfish Farmers Association of Nigeria (Cafan) has started distributing its own brand of fish feed “to take farmers out of bondage” with existing feed producers.

According to thefishsite, Cafan decided to produce its own feed due to the persistent increases in feed prices, especially since the beginning of the year. Funding for producing the feed was generated through a members’ cooperative subscription scheme. All members can buy Cafan Flourish Feed, and it will be delivered within a week.

Sunday Onoja Musa, president of Cafan, said that the feed is being produced by competent professionals under strict quality conditions.

“We are very happy with the results of the tests at various locations, and we are confident that, in addition to the moderate prices of our feed, our farmers will enjoy good harvests with Cafan Flourish Feed,” he said.

The chairman of the Ogun State chapter of Cafan, Samuel Olubodun, said: “Fish feed prices have been increased arbitrarily, forcing many farmers out of business. With the introduction of our own quality feed at affordable prices, farmers have been taken out of bondage”.

The prices of 15 kg bags of Cafan Fourish Feed are 6,500 naira for 4 mm pellets and 6,000 naira for 6-8 mm pellets. Some local fish feed brands sell around for around 6,500 naira, while the popular brands cost between 10,000 and 12,000.

A Long Term Problem

Fish feed prices have always been a controversial issue in the livestock industry, not only in Nigeria but across Sub-Saharan Africa. Feed accounts four at least 70 percent of African fish, poultry, and pig farmers’ budgets.

This is mainly due to the fact that maize, the main feed ingredient, is also the continent’s major diet for humans, and also a major industrial raw material. The problem is compounded by the fact that all over Africa, maize is mainly produced by smallholder farmers, and tends to experience post-harvest losses.

Maize production has increased significantly in several African countries due to sizeable government subsidies for farmers, but the production figures still fall short of demand.

Maize production in Nigeria had been rising steadily in the last decade, reaching 11.5 million tonnes in 2020, and is expected to rise further in the next few years. However, the government had to import 400,000 tonnes to shore up demand from the livestock sector in 2019 and 2020.

Unrealistic Expectations?

Dr Ali Abubakar, a fish feed expert, describes the introduction of Cafan Flourish Feed as “an interesting experiment that will help grow aquaculture feed in Nigeria, and even beyond”, but doubts that the prices can be kept so slow.

“Cafan is a big organization with a substantial membership. Their numbers will grow bigger now that former President Obasanjo has brought the leaders of the two factions of the organization together. So they will enjoy some success in the short run. But over the long term, it is highly unlikely that they can sustain the logistical, sustained research, marketing and other issues involved in feed production.

Cafan has quite a number of issues to think about, the major one being how to grow members’ farms from small and micro level to medium scale enterprises. I give them credit for their emphasis on training. But even though the cost of feed is a major problem, venturing into feed production is not the answer.

They cannot sustain the current low prices. Very soon, they will find themselves increasing prices to reflect market realities.”

The cost of imported soya meal, the main protein ingredient in Nigerian aquafeeds, is another major cause of the relatively high cost of fish feed. Most West African currencies have depreciated against hard currencies in the last few years, and a significant part of the blame of fish feed prices can also be attributed to the increasing cost of soya meal.

Increasingly, African countries are producing good quality black soldier fly larvae, which has been found to be a viable protein in fish feed. Commercial production of the larvae is increasing steadily, and it is expected that they will become the major protein source.

Meanwhile, in collaboration with the Federal Ministry of Agriculture and Fisheries, Cafan has started a scheme to sell smoking kilns to catfish farmers at moderate prices. These aim to reduce post-harvest losses and to enable fish farmers add value to their products.

Latest Report Warns Against Global Shortage Of 900,000 Midwives

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Millions of lives of women and newborns are lost, and millions more experience ill health or injury, because the needs of pregnant women and the skills of midwives are not recognized or prioritized.

The world is currently facing a shortage of 900,000 midwives, which represents a third of the required global midwifery workforce. The COVID-19 crisis has only exacerbated these problems, with the health needs of women and newborns being overshadowed, midwifery services being disrupted and midwives being deployed to other health services.

These are some of the key takeaways from the 2021 State of World’s Midwifery report by UNFPA (the UN sexual and reproductive health agency), WHO (World Health Organization), International Confederation of Midwives (ICM), and partners, which evaluates the midwifery workforce and related health resources in 194 countries.

The acute shortage of midwives is exacting a terrible global toll in the form of preventable deaths. An analysis conducted for this report, published in The Lancet last December, showed that fully resourcing midwife-delivered care by 2035 could avert 67 per cent of maternal deaths, 64 per cent of newborn deaths, and 65 per cent of stillbirths. It could save an estimated 4.3 million lives per year.

Despite alarms raised in the last State of the World’s Midwifery report in 2014, which also provided a roadmap on how to remedy this deficit, progress over the past eight years has been too slow. The analysis in this year’s report shows that, at current rates of progress, the situation will have improved only slightly by 2030.

Gender inequality is an unacknowledged driver in this massive shortage. The continued under-resourcing of the midwifery workforce is a symptom of health systems not prioritizing the sexual and reproductive health needs of women and girls, and not recognizing the role of midwives – most of whom are women – to meet these needs. Women account for 93 per cent of midwives and 89 per cent of nurses.

Midwives do not just attend births. They also provide antenatal and postnatal care and a range of sexual and reproductive health services, including family planning, detecting and treating sexually transmitted infections, and sexual and reproductive health services for adolescents, all while ensuring respectful care and upholding women’s rights. As numbers of midwives increase, and they are able to provide care in an enabling environment, women’s and newborns’ health improves as a whole, benefitting all of society.

For midwives to achieve their life-saving and life-changing potential, greater investment is needed in their education and training, midwife-led service delivery, and midwifery leadership. Governments must prioritise funding and support for midwifery and take concrete steps to include midwives in determining health policies.

Quotes From Partners:

Dr. Franka Cadée, President of the International Confederation of Midwives: “As autonomous, primary care providers, midwives are continually overlooked and ignored. It’s time for governments to acknowledge the evidence surrounding the life-promoting, life-saving impact of midwife-led care, and take action on the SoWMy report’s recommendations. ICM is committed to leveraging the strength of our global midwife community to carry forward these powerful findings and inspire country-level change. However, this work is not possible without the commitment from decision-makers and those with the resources to invest in midwives and the quality care they provide to birthing women.”

Dr. Natalia Kanem, UNFPA Executive Director: “The State of the World’s Midwifery report sounds the alarm that currently the world urgently needs 1.1 million more essential health workers to deliver sexual, reproductive, maternal, newborn and adolescent health care, and 80 per cent of these missing essential health workers are midwives. A capable, well-trained midwife can have an enormous impact on childbearing women and their families – an impact often passed on from one generation to the next. At UNFPA, we have spent more than a decade strengthening education, enhancing working conditions and supporting leadership roles for the midwifery profession. We have seen that these efforts work, but they need greater investment.”

Dr. Tedros Adhanom Ghebreyesus, WHO Director-General; “Midwives play a vital role in reducing the risks of childbirth for women all over the world, but many have themselves been exposed to risk during the COVID-19 pandemic. We must learn the lessons the pandemic is teaching us, by implementing policies and making investments that deliver better support and protection for midwives and other health workers. This report provides the data and evidence to support WHO’s longstanding call to strengthen the midwifery workforce, which will deliver a triple dividend in contributing to better health, gender equality and inclusive economic growth.”

PepsiCo Declares Quarterly Dividend Of $1.075

The Board of Directors of PepsiCo, Inc. today declared a quarterly dividend of $1.075 per share of PepsiCo common stock, a 5 percent increase versus the comparable year-earlier period.

Today’s action is consistent with PepsiCo’s previously announced increase in its annualized dividend to $4.30 per share from $4.09 per share, which will begin with the June 2021 payment.

This dividend is payable on June 30, 2021, to shareholders of record at the close of business on June 4, 2021. PepsiCo has paid consecutive quarterly cash dividends since 1965, and 2021 marks the company’s 49th consecutive annual dividend increase.

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $70 billion in net revenue in 2020, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker, Tropicana and SodaStream.

PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.

Audi To Become First Car Manufacturer To Launch Second-Generation Prelube Oils

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Audi production processes are set to become even more sustainable in the future: With the start of production of the Audi Q6 e-tron, Audi is introducing the second-generation steel coil lubrication Prelube II.

This new product will help to significantly reduce the amount of lubricant required for protecting against corrosion and machining the metal sheets in the press shop. The idea originated from Audi employees in the press shop in Ingolstadt – and has already caught on at the Volkswagen Group.

With the conventional lubrication Prelube I, one gram of oil is applied over every square meter of sheet steel. With the new lubrication class Prelube II, however, just 0.7 grams of oil are required for every square meter – and with almost identical processing parameters. The new oil class creates a protective film on the surface of a metal sheet that is thicker and does not runoff.

Audi To Become First Car Manufacturer To Launch Second-Generation Prelube Oils-Brand Spur Nigeria
Audi To Become First Car Manufacturer To Launch Second-Generation Prelube Oils-Brand Spur Nigeria

For the reinforcement frame of the roof of the Audi A4, for example, just 2.7 grams of Prelube II are needed instead of the usual 3.9 grams of conventional oil. Extrapolated to all steel components that Audi machines at its production locations in Europe and Mexico, this offers incredible savings potential of around 40 metric tonnes of oil every year compared with the same period in 2018.

“At Audi, we’re always thinking about how to make our process steps in production and logistics more sustainable over the long term. Every contribution to increasing resource efficiency and achieving the ambitious targets behind our Audi environmental campaign Mission:Zero helps,” says Peter Kössler, Board Member for Production and Logistics at AUDI AG.

With the start of production of the Audi Q6 e-tron in Ingolstadt, the Prelube II oil class has been set as the new standard for steel coil lubrication. Audi will then look at the other model series that are currently in production, trial the new product for each and every component and then switch the production process to Prelube II.

The idea has caught on: “We have managed to persuade our steel suppliers to switch to Prelube II – a technically challenging process but one that will help to conserve resources over the long term,” says Dr. Ingo Faass from operations management at the press shop in Ingolstadt.

“The Volkswagen Group, too, has eagerly adopted our initiative and is planning to introduce the new oil class in Europe as the standard. This will increase the savings potential even more.”

The VDA has also been talking about optimized lubrication, with other manufacturers likely to start using Prelube II in the coming years.

Even lubrication And Lower Consumption

The Prelube protective film applied by the steel producers prevents corrosion and ensures that the process of forming the flat sheets into individual pieces in the Audi press shop quite literally runs like a well-oiled machine.

The first-generation Prelube oils, however, always suffered from the problem that oil would escape from the sheet steel rolls and contaminate the storage areas in the press shop. On top of this, the thin and sometimes unevenly applied lubrication would lead to problems during subsequent machining of the steel panels. A better solution was needed.

To fix these problems, employees from different departments – technology development, the tool and body shop and purchasing – collaborated very closely to develop and approve Prelube II. Compared with Prelube I, this second-generation product offers another key benefit: Since the protective lubrication needs to be washed off thoroughly before the body can be painted, a thinner film of oil on the steel coils is much more environmentally friendly.

“In future degreasing processes, we will be able to significantly reduce the amount of cleaner that we use and, in particular, its surfactant content,” says Martin Michallek from Paint Shop Production Planning in Ingolstadt.

Audi’s Mission: Zero Campaign – Step By Step Toward Sustainable Production

Audi bundles all measures for reducing the ecological footprint at its production locations worldwide in the Production and Logistics in the Mission: Zero environmental programs. The focus is on decarbonization, water use, resource efficiency, and biodiversity. One central goal of Mission: Zero is to ensure that all Audi locations are carbon-neutral by 2025.

Detailed information about Audi’s Mission: Zero campaign can be found here.

Nokia Launches Blockchain-Powered Data Marketplace For Secure Data Trading And AI Models

Nokia today announced the launch of the Nokia Data Marketplace as-a-service to facilitate secure sharing of data and AI models, enabling digital transformation and data monetization for enterprises.

As data volumes continue to surge, AI and machine learning are increasingly crucial in business decision-making. Nokia Data Marketplace is designed to help enterprises and communications service providers (CSPs) use data in strategic decision making, by providing real-time access to massive trusted datasets.

The new service also enables enterprises and CSPs to become data marketplace providers themselves, by monetizing data exchanges between customers or business ecosystem participants.

Nokia Data Marketplace ensures trusted data exchange and authorization mechanisms. This enables a wide range of vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation, and preventative maintenance powering numerous vertical segments, including transportation, ports, energy, smart cities, and healthcare.

Friedrich Trawoeger, Vice President, Cloud and Cognitive Services at Nokia, said:“Our customers need secure and trusted access to data for effective business decision making. With Nokia Data Marketplace, enterprises and CSPs can now benefit from richer insights and predictive models to drive digital ways of working and tap into new revenue streams.” 

Nokia Data Marketplace accelerates AI initiatives through federated learning. This approach, combined with orchestration capabilities, facilitates the collaborative development of highly accurate machine learning models for analytics use cases. It also meets growing demand for a platform that can efficiently apply AI and machine learning algorithms to in situ data.

Nokia Data Marketplace complements Nokia Worldwide IoT Network Grid (WING), which offers global IoT connectivity and vertical applications. For example, Nokia WING’s asset tracking solution is enriched by Nokia Data Marketplace’s blockchain to provide secure and automated data exchange and transactions between logistics’ ecosystem partners for faster turnaround.*

Kaladhar Voruganti, Senior Fellow, Office of the CTO at Equinix, said: “Nokia Data Marketplace combined with Equinix data centers allows organizations to share data and algorithms globally at more than 240 metro edge locations. Our Metal platform augments this to provide secure, proximate, on-demand infrastructure to enterprises and government agencies.

Sharing and processing of data close to its point of creation mitigates issues related to latency, compliance, and network backhaul cost. These neutral and secure edge locations are connected via high-speed and secure networks to data sources spanning across public clouds, private enterprise data centers and data brokers.”

Wouter van Neerbos, Chief Executive Officer at Marlin, said: “Through automated data exchange among shipping participants, Nokia brings us the transparency and operational efficiency required in our global marine supply chain. This reduces waiting time for shipping participants in the marine ecosystem, enables faster turnaround for ships, and reduces our costs.”

Justin van der Lande, Principal Analyst at Analysys Mason, said: “Data is the energy needed to run all future business; critical to their success in creating the best AI based insights and needs access to the largest data sets. Data sharing between enterprise partners is vital in building complete data sets. Facilitating data sharing using a secure platform, such as Nokia’s blockchain-based Data Marketplace, accelerates enterprises’ building of new data sets and creates richer business partnerships for them.”

Dun & Bradstreet Grew Revenue by 27.5% To $504.5M In Q1 2020

Dun & Bradstreet Holdings, Inc, a leading global provider of business decisioning data and analytics, today announced unaudited financial results for the first quarter ended March 31, 2021.

A reconciliation of U.S. generally accepted accounting principles (“GAAP”) to non-GAAP financial measures has been provided in this press release, including the accompanying tables.

An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”
  • GAAP Revenue for the first quarter of 2021 was $504.5 million, an increase of 27.5% as reported and 26.6% on a constant currency basis compared to the first quarter of 2020; which includes the net impact of lower deferred revenue purchase accounting adjustments of $17.2 million.
  • Adjusted Revenue for the first quarter of 2021 was $509.1 million, an increase of 28.6%, or 27.7% on a constant currency basis. Excluding the net impact of the Bisnode acquisition, organic revenue, before the effect of foreign exchange, was $420.4 million, an increase of 5.7% compared to the first quarter of 2020, which also included a 4.4 percentage point impact from the net impact of lower deferred revenue purchase accounting adjustments of $17.2 million.
  • Net loss for the first quarter of 2021 was $25.0 million, or diluted loss per share of $0.06, compared to a net income of $41.9 for the prior-year quarter, and adjusted net income of $97.8 million, or adjusted diluted earnings per share of $0.23.
  • Adjusted EBITDA for the first quarter of 2021 was $185.6 million, up 37.4% compared to the first quarter of 2020, and adjusted EBITDA margin of 36.5%, an increase of 240 basis points; which includes the net impact of lower deferred revenue purchase accounting adjustments of $17.2 million.

Excluding the net impact of the Bisnode acquisition, consolidated adjusted EBITDA margin was 39.1% for the three months ended March 31, 2021, an improvement of 500 basis points compared to the prior year quarter, partially due to the lower net purchase accounting deferred revenue adjustments of $17.2 million which had an impact of 280 basis points on the year over year margin improvement.

“We are off to a strong start as we continue with our transformation and the execution of our near-term and long-term objectives. We finished the first quarter with solid financial results and made significant progress with the integration of Bisnode,” said Anthony Jabbour, Dun & Bradstreet Chief Executive Officer.

Segment Results

North America

For the first quarter of 2021, North America’s revenue was $339.4 million, a decrease of $2.1 million or 0.6% as reported and 0.7% on a constant currency basis compared to the first quarter of 2020. North America revenue was negatively impacted by the acquisition of Bisnode with post-acquisition sales treated as intercompany revenue. Excluding the positive impact of foreign exchange of $0.4 million and the negative impact of the Bisnode acquisition of $1.3 million, North America organic revenue decreased less than 1%.

  • Finance and Risk revenue for the first quarter of 2021 was $190.5 million, a decrease of $2.3 million or 1.2% as reported and 1.4% on a constant currency basis compared to the first quarter of 2020. Revenues decreased primarily due to lower revenue attributable to the impact of COVID-19, partially offset by new business from our Government solutions and Risk and Compliance solutions.
  • Sales and Marketing revenue for the first quarter of 2021 was $148.9 million, an increase of $0.2 million or less than 1% both as reported and on a constant currency basis compared to the first quarter of 2020. The increase was primarily due to increases in Sales and Marketing solution data sales, partially offset by lower royalty revenues from the Data.com legacy partnership.

North America adjusted EBITDA for the first quarter of 2021 was $151.0 million, an increase of 4.5%, with adjusted EBITDA margin of 44.5%, an increase of 220 basis points both compared to the first quarter of 2020.

International

International revenue for the first quarter of 2021 was $169.9 million, an increase of $98.3 million or 137.3% as reported and 130.9% on a constant currency basis compared to the first quarter of 2020. Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased 9%.

  • Finance and Risk revenue for the first quarter of 2021 was $107.4 million, an increase of $48.8 million or 83.2% as reported, and 78.0% on a constant currency basis compared to the first quarter of 2020. Organic revenue before the effect of foreign exchange increased 7%, driven by growth across all markets, including higher revenue due to increased cross border data sales and growth from our Greater China market related to risk and compliance solutions and newly introduced API offerings.
  • Sales and Marketing revenue for the first quarter of 2021 was $62.5 million, an increase of $49.5 million or 381.9% as reported and 369.2% on a constant currency basis compared to the first quarter of 2020. Organic revenue before the effect of foreign exchange increased 18%, attributable to higher revenue from new solution sales in our U.K. market and increased revenue from WWN product royalties.

International adjusted EBITDA increased $27.5 million, or 114.4%, for the three months ended March 31, 2021, compared to the three months ended March 31, 2020. Adjusted EBITDA margin decreased 320 basis points for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. Excluding the net impact of the Bisnode acquisition, adjusted EBITDA margin was 37.8% for the three months ended March 31, 2021, an increase of 430 basis points versus prior year’s margin.

Balance Sheet

As of March 31, 2021, we had cash and cash equivalents of $173.4 million and total principal amount of debt of $3,674.0 million. We had the full capacity available on our $850 million revolving credit facility as of March 31, 2021.

On January 27, 2021, we refinanced our term loan and reduced the spread by 50 basis points, from 375 basis points to 325 basis points which will save us approximately $14 million of annual interest.

Business Outlook

Dun & Bradstreet is reiterating its previously provided full year 2021 outlook as follows:

  • Adjusted Revenues are expected to be in the range of $2,145 million to $2,175 million.
  • Adjusted EBITDA is expected to be in the range of $840 million to $855 million.
  • Adjusted EPS is expected to be in the range of $1.02 to $1.06.