Day: October 28, 2021

Vietnam, Oct. 28, 2021 (GLOBE NEWSWIRE) — Vietnam is the first country in the world to routinely use an innovative method to diagnose tuberculosis (TB) using stool. The Simple One-Step Stool Method, developed by KNCV Tuberculosis Foundation, is implemented in 10 healthcare facilities across the country. ,,This simple and painless test is an important development for diagnosing TB in children under the age of five and people living with HIV. This can save many lives and reduce suffering”, says Prof. Dr. Nguyen Viet Nhung, Director of the National Lung Hospital and Head of the Vietnam National Tuberculosis Control Program (NTP).  

In Vietnam 170,000 people get ill and 11,400 people die of TB every year, according to WHO estimates. Although all new born babies are vaccinated against TB, some of them still acquire TB. And even though TB is a curable disease, still many adults and children lose their lives.

,,The early diagnosis of child tuberculosis for treatment only accounts for 10% of the total cases of child tuberculosis”, says Prof. Dr. Nguyen Viet Nhung.  “Child tuberculosis is a difficult disease. Its symptoms are hard to find especially with the under 5-year-old children and acquiring a diagnosis faces many difficulties.”

To raise the number of children being diagnosed and treated in time, the NTP decided to start an implementation pilot – financed by the Global Fund – with the KNCV Simple One-Step (SOS) Stool Method. This turned out to be very successful and made the NTP decide to continue working with the SOS Stool Method routinely.

The WHO has very recently recommended the use of stool as a primary sample for TB diagnoses in children. The Pediatric TB Operational Sustainability Expertise Exchange (POSEE) Taskforce also describes the benefits of using stool to diagnose TB.  As the SOS Stool Method is published in the peer reviewed Journal of Clinical Microbiology, many other countries are expected to follow Vietnams example and use this method.

SOS Stool Method: Painless and simple diagnosis

Worldwide, sputum from the lungs is currently mainly used as a sample to diagnose TB. However, it can be very difficult for many people living with HIV and children to cough up sputum. For very young children it is completely impossible on command. For that reason, an invasive and painful procedure is necessary – for example a tube passed through the child’s nose to the stomach – to collect a sputum sample.

“These invasive methods are often traumatizing for the children, parents and healthcare workers. Materials for these procedures are not available everywhere and sometimes it is only done when the child is already very ill. This results in many children worldwide not being diagnosed or being diagnosed too late”, explains Mustapha Gidado, executive director of KNCV Tuberculosis Foundation (KNCV). “This is one of the main reasons why 170.000 children die of TB every year. Unnecessary, because with a timely diagnosis and good treatment, TB can be cured.”

A stool sample is painless and easy to obtain from children. KNCV laboratory experts dove into the matter and developed the SOS Stool Method, that was first presented during the Union World Conference in 2018. Extended research – such as head-to-head comparisons with other stool processing methods (FIND and TB Speed study) and the cost effectiveness of the SOS Stool Method (SOS-TBIM study) – have since be done. The results and scientific publications will follow this fall 2021, as well as presentations at the Union World Conference 2021.

Training and implementation

KNCV Tuberculosis Foundation provides online training courses for laboratory staff, so that all countries can start using this method for diagnosing TB in children and people living with HIV. Vietnam sets an example of how this can be done successfully on all levels.

Dr. Nguyen Thien Huong, KNCV Country Representative in Vietnam: “The same machine that is used to examine sputum – the GeneXpert – is used in the SOS Stool Method and no other materials are needed. In Vietnam, the GeneXpert systems are equipped nationwide from central to provincial and district levels. To train staff on how to use it for stool samples is a small step. While the difference for the lives of the affected children and people living with HIV, their families and the communities is immense.”

SOS Stool Method: no more suffering for baby Dang 

Vietnamese Thao, mother of the baby boy Dang (pictured above), knows from her own experience how big the difference between the painful sputum method and the painless KNCV SOS Stool Method is. Her son was only three months old, when he underwent both procedures. “In the first hospital where he was tested, they only used the sputum test. Witnessing how the doctors collected sputum from him was really painful. They had to push a tube through his mouth to his stomach.” They tested the boy three times, but all results were negative. Eventually he was referred to the National Lung Hospital, where a sputum and stool test were done. Both tests turned out positive for TB. It made Thao and her husband cry to hear the diagnosis, but their boy is now under treatment and recovering well. Thao: The SOS Stool Method made my son’s diagnosis and treatment much more accurate and easier. Read the full story of baby boy Dang here.

More information on the SOS Stool Method can be found here.

Attachments

• The early diagnosis of child tuberculosis for treatment only accounts for 10% of the total cases of child tuberculosis.
• KNCV SOS Stool Method 

Maya van Tol
KNCV Tuberculosis Foundation
maya.vantol@kncvtbc.org

Lilian Polderman
KNCV Tuberculosis Foundation
Lilian.polderman@kncvtbc.org

Dr. Nguyen Thien Huong
KNCV Tuberculosis Foundation Vietnam
huong.nguyen@kncvtbc.org

Utilizing the knowledge gained from creating the world’s first Globally valid Digital currency and Clearing System, Webtel.mobi describes the exact primary requirements for a Global Digital Currency and Clearing System, and how external entities may contact it for assistance

NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) — Although 2021 has seen increased activity in the field of international discussion and planning in respect of CBDC development, the discussions and views are both diverse and divergent from each other. There is no central guiding point, and there are significant differences of opinion between the end-aims and objectives of CBDCs.

However, to ever be able to develop any system or product, there should first be clarity on what the end-results and requirements should be, and one should then work backwards to establish what should be done, how, and with what, to reach the end-objective. Only then can any meaningful and measurable progress be made towards achieving the end-objective.

When creating its system, Global Telephony Provider Webtel.mobi (“WM”) first took the time to establish the end-objectives with clarity, worked back from that point to establish the requirements for reaching the end-objective, and then took the time to create the required systems, facilities, and platforms in a fit-for-purpose manner.

There are no easy or quick routes for reaching this particular end-objective, and there is no “new” magic wand product to make it happen any more easily. The same requirements for systematic and steady identification and resolution of requirements that present themselves in any highly complex business or financial situations are called for.

To clarify what is required if creation of a Globally-Valid Digital Currency – and a Global Clearing System which must precede the Digital Currency – is being sought, some of the requirements (based on knowledge and fact, as WM has already created a Global Clearing System and Globally-Valid Digital Currency) are as follow:

A Global Deliverability and Accessibility System
By which to deliver – and for people to access – the Digital Currency. It cannot be a prevailing system because they exclude the 60% of people in high-cost and low-speed internet bandwidth / mobile-data countries, and the 50% of people worldwide using pre-smartphones. It will have to be custom-built.

A Global Account Number System
From which to carry out, or into which to receive, any receipts, transfers, payments, conversions or storage for a particular person or entity, on an automated basis. Given the complexity (and replication) of names globally, the disparity in standards and address formulations, this is not a trivial task.

A Global Multicurrency Wallet System
Into which multiple different currencies can be loaded and stored, where payments or transfers can be accepted or sent from, and between which conversions between currencies can be made.

A Global KYC and AML System
That is of one (high) standard worldwide, catering for multiple global differences in address and utility bill configurations, that has Attorney or Notary certification + Attorney + notary re-verification + verifications of attorneys or notaries + constant monitoring of transactions for various and multiple warning signs + documentary upload for transactions + transaction limits.

A Global Transfer System
That facilitates the automated transfer of all and any currencies, in all and any amounts, from one specific account to another specific account, worldwide 24/7/365, with multiple reporting and with failsafe mechanisms built-in.

A Global Payment System
That facilitates the automated transfer of all and any currencies, in all and any amounts, from one specific account to another specific account, worldwide 24/7/365, with multiple reporting and with failsafe mechanisms built-in. The equipment to make payments from, and receive payments into, must also be set up – and function globally in very different environments. It cannot be a system that has smartphone-only application, or which is run from a mobile app, or which has JavaScript in it.

A Global Currency Conversion System
That enables not just 24/5/365, but rather 24/7/365 immediate actual conversion capacity (otherwise currency risk is extreme), from, to and between all currencies – without the requirement for currency pair conversions or conversion from a soft currency first into a reserve currency and then conversion to another soft currency.

A Global Payment-versus-Payment (PvP) and Real Time Gross Settlement (RTGS) System
This is an absolute requirement – and it must be 100% and immediate PvP / RTGS – because otherwise the risk of systemic failure is extreme (for example, even the current legacy systems function in a state of perpetual danger, because it is estimated by the BIS that approximately 50% of all FX transactions are unsecured).

A Global Recording and Reporting System
For every single transaction, transaction type, individual balances, system balances, account alterations and all and any of the (hundreds of) data inputs or alterations. This to be retained by the system and automatically provided to the transacting parties and automatically checked for inconsistencies / suspicious events.

A Global Customer Support System
From both technical and customer-support perspectives (i.e. having physical people present at a physical premises), in all parts of all countries worldwide.

A Global System to Accept and Convert Cash (safely)
Unless one wishes to exclude 60% of the world’s population that transact only in cash due to choice or – more frequently – due to lack of infrastructure to accept or transact in any other medium of exchange, a system to accept and convert cash into digital funds – with safeguards to prevent money laundering which can be applied worldwide despite the disparity in global norms and standards – must be created.

A Global Multi-Factor Authentication and an additional +/- 30 Security Systems
Every transaction must have multi-factor authentication and at least 30 other security systems – that include systemic and owner confirmations – must be created and implemented.

A Global Troubleshooting System
A global troubleshooting system must be created to instantly locate and redress any issues arising on any one of the (thousands of) sub-systems. It should be able to instantly follow all transactions’ flows from their inception, and have the capacity to freeze, cancel or reverse them, if necessary, from cradle to grave.

The above systems are only one-third of those that must be created – but they are among the most important. Each requires from 20 to over 200 sub-systems to function. All of them must be integrated into one system, and inter-connected to each other (systems and sub-systems).

The integrated systems and sub-systems must be built according to specific system architectures, and located in multiple countries for failsafe continuation of service and prevention of data loss in the event of failure due to natural or other disaster. They must also be able to seamlessly integrate / function with existing Legacy Systems.

The above comprises only the front-end systems. They exclude the back-end system, which is hundreds of times more complex than the front end. Very many of these absolute prerequisites do not yet even form part of the current discussions by other parties in their quests to develop a Global Digital Currency or CBDC.

All of the above systems include WM’s Blockchain ++ and Distributed Ledger++ – but only as very basic sub-parts of the systems’ structure. The other requirements are far more numerous, sophisticated and complex.

Once creation of the Global Clearing is completed – and only then – can one create the Global Digital Currency. The Currency must be built to work in the System, because a System cannot be built to work around a currency in a back-to-front process.

The Global Digital Currency must be:

• A liquid store of value, unit of account, medium of exchange that is acceptable as a standard of deferred payment, which has a stable value.
• That is recognizable, identifiable, acceptable, transferable, divisible, consolidateable, transferrable, convertible between currencies, fungible, portable, durable, homogenous per currency, non-counterfeitable, and with other security components.
• That can be utilized for all basic transactions requiring the use of a medium of exchange, and can also be utilized for all sophisticated, structured finance or structured instrument transactions requiring the use of structured mediums of exchange.
• That can also be converted back into “Bank Money” or cash (and with WM’s impending “Secured TUV” – can be converted to Physical Gold, and with WM’s Impending “Smart TUV”, that can be programmed).

To complete the construction of one component System of a Global Clearing System can take up to a year (regardless of resources, as there is much to do, carefully, and it takes time) – and there are many component Systems within a Clearing System.

After the completion of a required Global Clearing System, to then complete the creation of the Digital Currency will be similarly time-consuming. This is because – although this is not yet realized by the parties discussing such matters – every aspect of the Clearing System itself has to be built into the actual Digital Currency (unseen – operating in the back-end). Although this process is more rapid because one is working from the existing Clearing System, it is, nevertheless, also extremely time-consuming, with attention to detail required.

WM’s Global Digital Currency and Global Clearing System are completely built, tested and proven worldwide, due diligenced, refined, re-reviewed and are fully operational globally. To replicate such a system will take many years to do – even if one is provided with the complete roadmap of precisely what to do.

Consequently, WM is very confident of its position – to the extent that it will willingly assist any credible organization by providing comments and observations if they would like to make enquiries, as there is absolutely no possibility of any challenge to WM’s system for many years to come. Indeed, WM has already been contacted by representatives of some Central Banks with propositions for collaboration on these matters.

While WM is prepared to provide assistance to other credible entities on these matters, it follows a specific methodology for providing such assistance, for the following reasons:

1. It is not yet realized by the various entities striving to attain the goal of a Global Digital Currency what extraordinary capacity reaching the attainment of such a situation brings about.
2. In the first instance, it provides access to every single market where every medium of exchange is used in every currency and every country worldwide – from the smallest cash transactions to the largest Global Settlement and Global FX markets – and everything in-between. Moreover, it grants this access to provide replica services to all others at much lower costs, much higher speeds and much more security – so it has the potential to secure whole parentages of global money flow. The commercial and financial potential is extraordinary, and has not yet been able to be achieved in commercial history to date – until now, with WM being the first company to achieve it.
3. If misused, it also has the capacity to introduce destabilizing factors on a systemic basis. Therefore, extreme restraint and care must also be applied – as WM has done at all times, and as it continues – and will continue – to apply.
4. One of the requirements for a company with such an overwhelming product is to adopt an absolutely neutral, non-aligned and transparent posture in respect of all activities – including the provision of advice or assistance. This is to prevent any alarm or agitation arising from certain countries / Central Banks / other entities – once they realize what the capacities of such a system are – that rival countries / Central Banks / other entities may be gaining this advantage over them.

Consequently, WM will provide advice and assistance to any credible entities, if:

• Any such credible entities then openly and publicly disclose that they are interacting with WM in respect of these matters.
• The entities accept that WM will not enter into sole agreements or closed collaborative association with them, and that any other entity will receive equal assistance from WM if it is requested at any time.

If credible entities are agreeable to these terms, WM will assist them in any manner. If not, WM will unfortunately not be able to assist them.

Resources:

Media Contact:
Nick Lambert: wm@thoburns.com

Article on WM’s Global Clearing System by Professor Dimitri Papadimitriou of the Levy Economics Institute:
https://webtel.mobi/media/info/digital-currencies-and-instability-in-the-international-financial-system.pdf
https://www.kathimerini.gr/economy/561412582/psifiaka-nomismata-kai-astatheia-sto-diethnes-chrimatopistotiko-systima/

Comments on the WM System’s Capacities by Professor Jan Kregel of the Levy Economics Institute:
https://youtu.be/XYBrCikUhn8

Research Papers on WM’s Global Clearing System and TUV Digital Currency:

• Another Bretton Woods Reform Moment: Let us Look Seriously at the Clearing Union
  http://www.levyinstitute.org/pubs/ppb_154.pdf

• Keynes’s Clearing Union is Alive and Well and Living in your Mobile Phone
  http://www.levyinstitute.org/pubs/pn_21_1.pdf

• Money and Credit: Potential Expansion of the WM System
  https://webtel.mobi/media/info/money-and-credit-potential-expansion-of-the-wm-system-april-2021.pdf

• New Dimensions for the TUV in the Webtel.mobi System
  https://webtel.mobi/media/info/new-dimensions-for-the-tuv-in-the-webtelmobi-system.pdf

• The Economic Problem: From Barter to Commodity Money to Electronic Money
  https://www.levyinstitute.org/pubs/wp_982.pdf

Media Articles on WM:
https://webtel.mobi/info/current-media/

Characteristics of WM’s TUV Digital Currency:
https://webtel.mobi/info/tuv-characteristics

WM’s “Secured TUV” Digital Currency:
https://webtel.mobi/info/my-secured-tuvs

WM’s “Smart TUV” Digital Currency:
https://webtel.mobi/info/my-smart-tuvs

WM’s urls:
https://webtel.mobi/pc (Tablets / Laptops / Desktops)
https://webtel.mobi (Smart Phones)
https://webtel.mobi/wap (Pre-Smart Mobile Phones)

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0fee72fa-46f5-4761-9328-81b4e71c6f58

• Business aircraft revenues of $1.4 billion, up 17% year-over-year, mainly driven by an improved delivery mix and continued strong aftermarket recovery as overall fleet flight hours surpass 2019 levels.
• Adjusted EBITDA⁽¹⁾ of $142 million (9.8% adjusted EBITDA margin⁽¹⁾), representing a year-over-year improvement of $58 million or 69% reflecting continued progress on the Global 7500 aircraft’s learning curve, cost structure improvements and an improved delivery mix. Reported EBIT from continuing operations for the quarter was $48 million.
• Strong free cash flow⁽¹⁾ generation of $100 million from continuing operations, representing an improvement of $747 million year-over-year. Reported cash flows from operating activities – continuing operations for the quarter was $156 million and net additions to PP&E and intangible assets – continuing operations for the quarter were $56 million.
• Third quarter unit book-to-bill⁽²⁾ of ~1.7 and increased backlog by ~$500 million to $11.2 billion on account of continued strong order momentum.
• Major milestone in deleveraging plan achieved with the redemption of debt maturities to December 2024, representing a total debt reduction of ~$3 billion since the beginning of 2021.
  Pro-forma liquidity⁽³⁾ remains strong at $1.9 billion.

All amounts in this press release are in U.S. dollars unless otherwise indicated.
Amounts in tables are in millions, unless otherwise indicated.

MONTREAL, Oct. 28, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) announced today its financial results for the third quarter of 2021. The company is pleased with continued execution on its strategic initiatives, cash flow generation and order momentum driving the financial results of the quarter. Bombardier also highlighted that during the third quarter, the company redeemed debt maturities through December 2024, a major milestone in its deleveraging plan.

“The Bombardier team once again delivered a solid quarter, a confirmation that this year is shaping up to be significantly better than the last,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Our unit book-to-bill ratio remains very healthy, contributing to a significant increase to our backlog. This momentum has also translated to a solid increase in profitability, with adjusted EBITDA margin approaching 10% this quarter.”

“We are delivering consistently on what we set out to do, especially when it comes to deleveraging the balance sheet. Thanks to the hard work of our outstanding team, we cleared the debt maturity runway on plan,” added Martel. “As a fantastic finale to the quarter and at a great moment in time for our industry, we launched our new Challenger 3500 jet last month. The extremely positive reception and strong first orders for the new aircraft are clear evidence that we were able to bring significant value to customers through measured and disciplined investments.”

Third Quarter 2021 Financial Performance

Business jet revenues of $1.4 billion are up 17% year-over-year, propelled mainly by an improved delivery mix, with higher deliveries of large aircraft. The company has also seen an increase of revenues by $76 million from business aircraft services. This is mainly due to increased fleet flight hours having now surpassed 2019 levels, a clear signal that the industry is on a strong recovery path from the global shock caused by the COVID-19 pandemic. Confidence levels within the industry are at a new all-time high, indicative of the rising vaccination levels and eased travel restrictions. In the U.S., business jet utilization increased by 42.5%, year-over-year for the first eight months of the year. In Europe, business jet utilization increased by 27.1% year-over-year in the first nine months of the year.

Bombardier reported an adjusted EBITDA of $142 million, representing a year-over-year improvement of $58 million or 69%. The company attributes this to an improved aircraft mix, continued progress on Global 7500 aircraft learning curve, and cost structure improvements. Reported EBIT from continuing operations for the quarter was $48 million.

For the second consecutive quarter, the company is seeing an improved free cash flow (FCF) generation. FCF of $100 million from continuing operations represents an improvement of $747 million year-over-year. The positive result is mainly due to stronger order intake and better payment terms on new orders. Reported cash flows from operating activities – continuing operations for the quarter was $156 million, and net additions to PP&E and intangible assets – continuing operations for the quarter were $56 million.

Major Milestone Achieved with the Clearing of Debt Maturities Through December 2024

The Corporation reported a total debt reduction of approximately $3 billion since the beginning of 2021, and cleared, through redemption or refinancing, debt maturities through December 2024. This represents a major milestone in one of Bombardier’s key priorities this year, as it creates a runway to focus on its operations and stabilizes the need for liquidity. Pro-forma liquidity remains strong at $1.9 billion.

Successful launch of the Challenger 3500

As the third quarter wrapped up, the company introduced a major update to its bestselling Challenger 350 platform, the Challenger 3500. The new aircraft represents a culmination of a period of important product development that saw Bombardier introduce innovative technologies and industry-leading new products and services.

With a redesigned interior that includes Bombardier’s patented Nuage seat as part of the aircraft’s standard configuration and the industry’s first voice-controlled cabin, the new Challenger 3500 further elevates the cabin experience to meet the increasing customer expectations. The enthusiastic welcome that the mock-up of the aircraft received at the first post-pandemic National Business Aviation Association event earlier this month is a first confirmation of this, as is a 20 aircraft firm order announced in the third quarter.

Flight testing and certification activities for the Challenger 3500 is progressing on schedule for an expected entry into service in the second half of 2022.

SELECTED RESULTS
Results of the Quarter
Three-month periods ended September 30	2021					2020					Variance
						restated(4)
Revenues(5)	$	1,449				$	1,405				3			%
Adjusted EBITDA(5)	$	142				$	84				69			%
Adjusted EBITDA margin(5)	9.8			%		6.0			%		380 bps
Adjusted EBIT(1)(5)	$	49				$	(11	)			nmf
Adjusted EBIT margin(1) (5)	3.4			%		(0.8		)	%		420 bps
EBIT(5)	$	48				$	(29	)			nmf
EBIT margin(5)	3.3			%		(2.1		)	%		540 bps
Net loss from continuing operations	$	(376	)			$	(24	)			(1,467		)	%
Net income (loss) from discontinued operations	$	(1	)			$	216				nmf
Net income (loss)	$	(377	)			$	192				nmf
Diluted EPS from continuing operations (in dollars)	$	(0.16	)			$	(0.01	)			$	(0.15	)
Diluted EPS from discontinued operations (in dollars)	$	—				$	0.06				$	(0.06	)
	$	(0.16	)			$	0.05				$	(0.21	)
Adjusted net loss(1) (5)	$	(95	)			$	(210	)			55			%
Adjusted EPS (in dollars) (1) (5)	$	(0.04	)			$	(0.09	)			$	0.05
Cash flows from operating activities
Continuing operations	$	156				$	(611	)			nmf
Discontinued operations	$	—				$	(33	)			100			%
	$	156				$	(644	)			nmf
Net additions to PP&E and intangible assets
Continuing operations	$	56				$	36				56			%
Discontinued operations	$	—				$	26				(100		)	%
	$	56				$	62				(10		)	%
Free cash flow (usage)
Continuing operations	$	100				$	(647	)			nmf
Discontinued operations	$	—				$	(59	)			100			%
	$	100				$	(706	)			nmf
As at	September 30, 2021					December 31, 2020					Variance
Cash and cash equivalents excluding Transportation	$	1,380				$	1,779				(22		)	%
Cash and cash equivalents from Transportation	$	—				$	671				(100		)	%
	$	1,380				$	2,450				(44		)	%
Available short-term capital resources(6)	$	1,380				$	3,203				(57		)	%
Aviation order backlog (in billions of dollars)
Business aircraft(7)	$	11.2				$	10.7				5			%

About Bombardier

Bombardier is a global leader in aviation, creating innovative and game-changing planes. Our products and services provide world-class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montréal, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of over 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Visit the Bombardier Business Aircraft website for more information on our industry-leading products and services.

Bombardier, Global, Global 7500, Challenger, Challenger 350 and Challenger 3500 are trademarks of Bombardier Inc. or its subsidiaries.

For Information

Francis Richer de La Flèche	Anna Cristofaro
Vice President, Financial Planning and Investor Relations	Manager, Communications
Bombardier	Bombardier
+1 514 855 5001 x13228	+1 514 855 8678

The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.

bps: basis points
nmf: information not meaningful
(1)	Non-GAAP financial measures. Refer to the Non-GAAP financial measures section in Overview for definitions of these metrics and to the Analysis of consolidated results section and Liquidity and capital resources section in Overview for reconciliations to the most comparable IFRS measures.
(2)	Defined as net new aircraft orders in units over aircraft deliveries in units.
(3)	Non-GAAP measures. Pro-forma liquidity is defined as cash and cash equivalents as at September 30, 2021 of $1.4 billion plus $0.5 billion of short-term restricted cash as collateral for bank guarantees.
(4)	Restated for the sale of Transportation, refer to Note 17 – Disposal of business to our Interim consolidated financial statements for more details.
(5)	Includes continuing operations only.
(6)	Defined as cash and cash equivalents as at September 30, 2021; defined as cash and cash equivalents including cash and cash equivalents from Transportation plus the undrawn amounts under Transportation’s revolving credit facility and our senior secured term loan as at December 31, 2020.
(7)	Includes order backlog for both manufacturing and services.

CAUTION REGARDING NON-GAAP FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP financial measures:

Non-GAAP financial measures
Adjusted EBIT	EBIT excluding special items. Special items comprise items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include, among others, the impact of restructuring charges, impact of business disposals and significant impairment charges and reversals.
Adjusted EBITDA	Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets.
Adjusted net income (loss)	Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.
Adjusted EPS	EPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.
Free cash flow (usage)	Cash flows from operating activities less net additions to PP&E and intangible assets.

Non-GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non-GAAP performance measures does not imply that these items are necessarily non-recurring. Other entities in our industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly-named non-GAAP measures.

Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS

Management uses adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS for purposes of evaluating underlying business performance. Management believes these non-GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. Management believes these measures help users of MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)

Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.

Reconciliations of non-GAAP financial measures to the most comparable IFRS financial measures are provided in the table hereafter, except for the following reconciliations:

• adjusted EBIT to EBIT – see the Consolidated results of operations section; and
• free cash flow usage to cash flows from operating activities – see the Free cash flow usage table in the Liquidity and capital resources section.

Reconciliation of adjusted EBITDA to EBIT(1)
	Three-month periods  ended September 30						Nine-month periods  ended September 30
	2021			2020			2021			2020
EBIT	$	48		$	(29	)	$	103		$	479
Amortization	93			95			298			247
Impairment charges on PP&E(2)	—			6			3			25
Special items excluding impairment charges on PP&E(2)	1			12			4			(550		)
Adjusted EBITDA	$	142		$	84		$	408		$	201

(1)	Includes continuing operations only.
(2)	Refer to the Consolidated results of operations section for details regarding special items.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; customer value; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of, productivity enhancements, operational efficiencies, cost reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the anticipated business transition to growth cycle and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; expectations regarding availability of government assistance programs, compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; and the impact of the COVID-19 pandemic on the foregoing and the effectiveness of plans and measures we have implemented in response thereto; and expectations regarding the strength of the market and economic recovery in the aftermath of the COVID-19 pandemic. As it relates to the sale of the Transportation business to Alstom, this press release also contains forward-looking statements with respect to the benefits of such transaction, the use of the proceeds derived from the transaction and its impact on our outlook, guidance and targets, operations, infrastructure, opportunities, financial condition, business plan and overall strategy.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this press release include the following material assumptions: the deployment of the proceeds from the sale of the Transportation business to Alstom on terms allowing the Corporation, when combined with other financing sources and free cash flow generation, to repay or otherwise manage its financial obligations for the next three years; growth of the business aviation market and increase of the Corporation’s share of such market; proper identification of recurring cost savings and executing on our cost reduction plan; optimization of our real estate portfolio, including through the sale or other transaction in respect of real estate assets on favorable terms; and access to working capital facilities on market terms. For additional information, including with respect to other assumptions underlying the forward-looking statements made in this press release, refer to the Forward-looking statements — Assumptions section in the MD&A of our financial report for the fiscal year ended December 31, 2020. Given the impact of the changing circumstances surrounding the COVID-19 pandemic and the related response from the Corporation, governments (federal, provincial and municipal), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is inherently more uncertainty associated with the Corporation’s assumptions as compared to prior years.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and force majeure events or global climate change), operational risks (such as risks related to developing new products and services; development of new business ; order backlog; the transition to a pure-play business aviation company; the certification of products and services; the execution of orders; pressures on cash flows and capital expenditures based on seasonality and cyclicality; execution of our strategy, productivity enhancements, operational efficiencies, restructuring and cost reduction initiatives; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers, contracts and suppliers; supply chain risks; human resources; reliance on information systems; reliance on and protection of intellectual property rights; reputation risks; risk management; tax matters; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial debt and interest payment requirements; restrictive debt covenants; reliance on debt management and interest cost reduction strategies; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in the MD&A of our financial report for the fiscal year ended December 31, 2020. Any one or more of the foregoing factors may be exacerbated by the ongoing COVID-19 outbreak and may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such outbreak. As a result of the current COVID-19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: risks related to the impact and effects of the COVID-19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID-19 outbreak and the resulting effects on the demand environment for our products and services; uncertainty regarding market and economic recovery in the aftermath of the COVID-19 pandemic; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third-party service providers; further disruptions to operations, orders and deliveries; technology, privacy, cyber security and reputational risks; and other unforeseen adverse events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

October 28, 2021

Aiming for at least 50% of its suppliers (based on spend) committing to science-based targets for CO₂ emission reduction by 2025, Philips is stepping up its supplier support and incentivization program

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced an additional ambitious action to combat climate change. The company is stepping up its acclaimed supplier sustainability program with the goal of at least 50% of its suppliers (based on spend) committing to science-based targets (SBTs) [1] for CO₂ emissions reduction by 2025. If successful, this major push to decarbonize the company’s supply chain – by supporting its suppliers and incentivizing them to adopt and meet SBTs – will have an impact seven times greater than the reduction of CO₂ emissions from Philips’ own operations. Progress updates will be reported annually in the company’s Annual Report.

“Over the last few years, we have made major progress in reducing our own greenhouse gas emissions. We have been carbon neutral in our operations since 2020 and source all of our electricity from renewable sources,” said Frans van Houten, CEO of Royal Philips. “We are now using what we have learned to further build out and scale that success with our partners in the supply chain, where the overall environmental impact can even be even greater.”

COP26
Philips targets its CO₂ emission reduction efforts in three key areas. Alongside product and business model innovation and carbon-neutrality in its own operations, reducing the CO₂ footprint of its supply chain is key to fulfilling Philips’ commitment to doing business responsibly and sustainably, in line with the Paris Agreement preferred goal of limiting global warming to 1.5⁰C. In light of the urgency for agreement at the upcoming United Nations Framework Convention on Climate Change Conference of the Parties (COP26), Philips is determined to provide the industry leadership needed to accelerate climate action and work to create more resilient and sustainable healthcare together with its customers and partners across the value chain.

“We are at a critical point of urgency where we need to accelerate the global transition to climate neutral, circular and resource-efficient economies and societies,” said Frans van Houten. “As a purpose-driven company, we are conscious of our responsibility towards society and have set clear, ambitious Environmental, Social and corporate Governance (ESG) commitments to support this major shift. We encourage as many companies, customers and supply chain partners as possible to commit to climate actions and science-based targets, deliver on those actions, and provide proof of progress and delivery through continuous, transparent and in-depth reporting.”

Building on the company’s existing extensive supplier sustainability performance program, in which more than 200 suppliers currently participate, Philips will take an active role in supporting and incentivizing its suppliers to bring about the changes needed to meet science-based emission reduction targets within their organizations. This collaborative approach will focus on structural improvements that maximize the impact of CO₂ reduction activities, as well as offering incentives, such as direct support for capability building and preferential payment terms, to accelerate the adoption of SBTs by its suppliers.

By leveraging the latest insights in machine learning and data science, Philips will iteratively optimize the effectiveness of the program to extend its reach and impact. Philips will also actively explore the establishment of Virtual Power Purchase Agreements (VPPAs) with suppliers, similar to those it already has with industry consortia, in order to support funding for new renewable energy projects such as wind farms and solar farms and further ‘green the grid’.

New study on environmental impact of the UK’s health system
The global healthcare industry currently accounts for around 4% of global CO₂ emissions [2]. In the lead up to COP26 Philips, as a key partner to the UK’s National Health System, has initiated a research project with the University of Exeter, a globally leading circular economy research institution, to study the environmental impact of the UK’s health system and evaluate how Philips’ healthcare products and services can contribute to reducing the system’s footprint.

Global recognition
Philips was the first health technology company to have its CO₂ emission targets for the 2020 – 2040 period assessed and approved by the Science-Based Targets initiative (STBi). Philips received further recognition for its ESG performance, achieving top positions in the Dow Jones Sustainability Index and the Sustainalytics rankings, and eight consecutive years on the CDP Climate Change A-list. In March 2021, the company was awarded an ESG score of 90 out of 100 by S&P Global Ratings, the highest score the organization has awarded to date. Philips also achieved second place in 2020 on Wall Street Journal’s 100 Most Sustainably Managed Companies in the World.

[1]   Science-based targets are a set of goals developed by a company to provide it with a clear path to reduce greenhouse gas emissions. Targets are considered ‘science-based’ if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C. More information: sciencebasedtargets.org
[2]   European Commission, EDGAR – Emissions Database for Global Atmospheric Research, https://edgar.jrc.ec.europa.eu/

For further information, please contact:

Joost Maltha
Philips Global Press Office
Tel: +31 610 558 116
Email: joost.maltha@philips.com

Ben Zwirs
Philips Global Press Office
Tel: +31 6 1521 3446
Email: ben.zwirs@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 17.3 billion and employs approximately 78,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Forward-looking statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

Attachments

• Wind park in the USA
• Refurbishment process
• Global Supplier engagement

The Hague, October 28, 2021

“This quarter we’ve generated record cash flow, maintained capital discipline and announced our intention to distribute $7 billion to our shareholders from the sale of our Permian assets. Today, we also set a new 2030 target to halve the absolute emissions from our operations, compared to 2016 levels on a net basis. Altogether, this is clear evidence of how we are accelerating our Powering Progress strategy, purposefully and profitably.”

Royal Dutch Shell Chief Executive Officer, Ben van Beurden

QUALITY PORTFOLIO DELIVERING RECORD CASH

• Highest ever CFFO excl. working capital of $17.5 billion, supported by outstanding cash generation across the businesses and boosted by commodity derivatives.
• Disciplined cash capex of $13.2 billion in the first nine months; expected to be around $20 billion in 2021.
• Share buybacks of $1.0 billion in Q3 2021 out of a total target of $2 billion in the second half of 2021. Additional shareholder distributions of $7 billion related to the Permian sale to start in 2022, post deal completion.
• An absolute emissions reduction target of 50% by 2030, compared to 2016 levels on a net basis, covering all Scope 1 and 2 emissions under Shell’s operational control.

$ million		Adj. Earnings1	Adj. EBITDA (CCS)	CFFO ex. WC	CFFO	Cash capex
Integrated Gas		1,680	3,768	7,871	5,674	1,272
Upstream		1,686	6,766	5,889	5,777	1,502
Oil Products		1,212	2,360	3,262	3,757	976
Refining & Trading		(3)	415			364
Marketing		1,215	1,945			612
Chemicals		395	715	684	840	1,053
Corporate		(732)	(147)	(233)	(22)	36
Less: Non-controlling interest		112
RDS	Q3 2021	4,130	13,460	17,472	16,025	4,840
	Q2 2021	5,534	13,623	14,176	12,617	4,383

¹ Income/(loss) attributable to shareholders for Q3 2021 is $(0.4) billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

$ billion	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Divestment proceeds	0.9	0.2	3.4	1.3	1.3
Free cash flow	7.6	0.9	7.7	9.7	12.2
Net debt	73.5	75.4	71.3	65.7	57.5

Q3 2021 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS, RENEWABLES AND ENERGY SOLUTIONS

Key data	Q2 2021	Q3 2021	Q4 2021 outlook
Realised liquids price ($/bbl)	58.97	68.04	—
Realised gas price ($/mscf)	6.32	8.36	—
Production (kboe/d)	938	938	940 – 980
LNG liquefaction volumes (MT)	7.49	7.39	8.0 – 8.6
LNG sales volumes (MT)	15.92	15.18	—

• Adjusted Earnings benefited from higher realised prices, partly offset by lower earnings contribution from the Renewables & Energy Solutions business due to lower margins in North America.
• Strong cash flow, with CFFO excluding working capital of $7.9 billion, benefiting from $4.3 billion derivatives cash inflows from variation margin in gas and power trading due to significant price increases. These variation margin inflows could reverse in future quarters.

UPSTREAM

Key data	Q2 2021	Q3 2021	Q4 2021 outlook
Realised liquids price ($/bbl)	62.53	67.10	—
Realised gas price ($/mscf)	4.31	6.09	—
Liquids production (kboe/d)	1,558	1,497	—
Gas production (mscf/d)	4,082	3,387	—
Total production (kboe/d)	2,262	2,081	2,100 – 2,350

• Adjusted Earnings benefited from higher prices, offset by lower volumes. Q2 2021 included a one-off release of a non-cash tax provision of approximately $600 million.
• Continued strong cash conversion, with CFFO excluding working capital of $5.9 billion.
• Higher cash generation than in Q2 2021, despite 8% lower production due to seasonality and Hurricane Ida.

OIL PRODUCTS

Key data	Q2 2021	Q3 2021	Q4 2021 outlook
Sales volumes (kb/d)	4,552	4,665	4,200 – 5,200
Refining & Trading sales volumes (kb/d)	2,145	2,087	—
Marketing sales volumes (kb/d)	2,406	2,578	—
Refinery utilisation (%)	76	71	68 – 76
Global indicative refining margin ($/bbl)	4.17	5.7	—

• Strong Marketing Adjusted Earnings driven by higher volumes.
• Refinery processing intake and utilisation impacted by planned maintenance and Hurricane Ida.
• Trading and optimisation contributions to earnings lower when compared to second quarter 2021.
• Strong cash conversion with CFFO excluding working capital of $3.3 billion.

CHEMICALS

Key data	Q2 2021	Q3 2021	Q4 2021 outlook
Sales volumes (kT)	3,609	3,549	3,500 – 3,900
Manufacturing plant utilisation (%)	82	78	73 – 81

• Adjusted Earnings impacted by Hurricane Ida as well as lower spreads in both base and intermediate product lines resulting in lower margins and JV earnings.
• Strong cash conversion despite timing effects of dividends from joint ventures and associates.

CORPORATE

Key data	Q2 2021	Q3 2021	Q4 2021 outlook
Adjusted Earnings ($ million)	(399)	(732)	(750) – (650)

• Corporate segment Adjusted Earnings were a net expense of $732 million in line with expectations.
• The full year estimate for Corporate Adjusted Earnings is a net expense of $2,450 – 2,550 million. This excludes the impact of currency exchange rate effects.
• Net debt decreased by $8.2 billion to $57.5 billion in Q3 2021 driven by improvement in the macroeconomic environment and commodity derivatives inflows, partly offset by a working capital outflow.

UPCOMING INVESTOR EVENTS

3 February 2022	Fourth quarter 2021 results and dividends
5 May 2022	First quarter 2022 results and dividends
28 July 2022	Second quarter 2022 results and dividends
27 October 2022	Third quarter 2022 results and dividends

USEFUL LINKS

Q3 2021 results materials

Quarterly Databook Q3 2021

Dividend announcement Q3 2021

Q3 results webcast registration

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Royal Dutch Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Royal Dutch Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement contains a forward-looking Non-GAAP measure for cash capital expenditure. We are unable to provide a reconciliation of this forward-looking Non-GAAP measure to the most comparable GAAP financial measure because certain information needed to reconcile the Non-GAAP measure to the most comparable GAAP financial measure is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Royal Dutch Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition;  (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell plc’s Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 28, 2021. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2020 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated interim financial statements which are contained in Shell’s third quarter 2021 and nine months unaudited results available on www.shell.com/investors.

CONTACTS

• Media: International +44 207 934 5550; USA +1 832 337 4355

• The study published in the Journal of Dentistry confirms that the iTero Element 5D imaging system* with iTero NIRI (Near Infra-Red Imaging) technology is more sensitive than bitewing radiography in detecting early enamel lesions and comparable in detecting dentinal lesions
• iTero NIRI technology of the iTero Element 5D imaging system was 66% more sensitive than bitewing X-ray for detection of interproximal lesions**

TEMPE, Ariz., Oct. 27, 2021 (GLOBE NEWSWIRE) — Align Technology, Inc. (“Align”) (Nasdaq: ALGN) a leading global medical device company that designs, manufactures, and sells the Invisalign system of clear aligners, iTero intraoral scanners, and exocad CAD/CAM software for digital orthodontics and restorative dentistry, today announced the findings of a multi-center clinical study, “Reflected near-infrared light versus bite-wing radiography for the detection of proximal caries: a multicenter prospective clinical study conducted in private practices,” published in the peer-reviewed Journal of Dentistry (Oct. 24, 2021). The study validates and further demonstrates the significant benefits of the iTero Element 5D imaging system as an aid in detection and monitoring of interproximal caries lesions above the gingiva without harmful radiation.

The clinical study was designed to compare the detection of interproximal caries (dental cavities and decay on the proximal surface(s) of adjacent teeth) by dentists using near infra-red technology (NIRI) and bitewing radiography (a dental x-ray designed to show the crowns of the upper and lower posterior teeth simultaneously). The results demonstrated high accuracy (p<0.0001) detection of early enamel lesions (88.6%)*** and of carious lesions involving the dentino-enamel junction (96.9%)*** (the boundary between the enamel and the underlying dentin that form a tooth).

In addition, the study compared NIRI and bitewing radiography to visual caries debridement (clinical removal of tooth decay). When compared against clinical evaluation of posterior proximal lesions observed during caries debridement, the NIRI technology of the iTero Element 5D imaging system was 66%** more sensitive than bitewing x-ray technology and demonstrated 96%** sensitivity for posterior interproximal lesions detections.

“We are pleased to see the results of these clinical findings further validate what doctors and their patients have experienced. The visualization capabilities of the iTero Element 5D imaging system helps in the early detection of cavities without x-ray radiation,” said Yuval Shaked, senior vice president and managing director, iTero scanner and services business, Align Technology. “This study emphasizes the valuable role that the iTero 5D imaging system with NIRI technology is already providing doctors and their staff to support their dental assessments of patients and overall patient oral healthcare and treatment options. When combined with the ease of use and comfortable experience for a broad population of patients, the iTero 5D imaging system with NIRI technology is an essential tool for any doctor’s office.”

As part of the study, the iTero Element 5D imaging system was used to perform intraoral scans on 100 patients in five dental clinics across Germany and Canada. The iTero Element 5D imaging system includes NIRI technology that scans the internal structure of a tooth (enamel and dentin) in real time that aids in caries detection while simultaneously capturing 3D color images of dentition. Reflected near infra-red light images of posterior (back of the mouth) teeth were used to detect interproximal caries and the results were then compared to bitewing radiography. NIRI was found to be more sensitive than bitewing radiography in detecting early enamel lesions and comparable in detecting dentinal lesions.

Lead study author Dr. Zvi Metzger, Professor, Departments of Oral Biology and Endodontology, at The Goldschleger School of Dental Medicine, Tel Aviv University, commented on the study findings: “Reflected near infra-red light images generated simultaneously during 3D scanning of dental arches with the iTero Element 5D imaging system scanner may be used reliably for detection, screening and monitoring of proximal caries. This method for caries detection may potentially minimize the traditional use of ionizing radiation.”

Dr. Peggy Bown, a participant in the study, shared that: “As a current user of the iTero Element 5D imaging system, participating in the study was very beneficial to me. I could further see the clinical value of the iTero Element 5D imaging system through its high sensitivity at detecting early enamel lesions and ease of use. Having one system, one scan, and one tip eliminates the need for multiple devices, repetitive sterilization, and minimizes the use of harmful radiation.”

The study described was sponsored by Align Technology.

* iTero NIRI technology is the same across the iTero Element 5D system and some configurations of iTero Element Plus imaging systems since the wand, optics and software are the same.
** Data on file at Align Technology, September 2021
*** Data on file at Align Technology, February 2021

About Align Technology, Inc.
Align Technology designs, manufactures and offers the Invisalign system, the most advanced clear aligner system in the world, iTero intraoral scanners and services, and exocad CAD/CAM software. These technology building blocks enable enhanced digital orthodontic and restorative workflows to improve patient outcomes and practice efficiencies for over 210 thousand doctor customers and is key to accessing Align’s 500 million consumer market opportunity worldwide. Align has helped doctors treat over 11.6 million patients with the Invisalign system and is driving the evolution in digital dentistry through the Align Digital Platform, our integrated suite of unique, proprietary technologies and services delivered as a seamless, end-to-end solution for patients and consumers, orthodontists and GP dentists, and lab/partners. Visit www.aligntech.com for more information.

For additional information about the Invisalign system or to find an Invisalign doctor in your area, please visit www.invisalign.com. For additional information about iTero digital scanning system, please visit www.itero.com. For additional information about exocad dental CAD/CAM offerings and a list of exocad reseller partners, please visit www.exocad.com.

Align Technology Madelyn Valente (408) 470-1180 mvalente@aligntech.com

Zeno Group Sarah Johnson (828) 551-4201 sarah.johnson@zenogroup.com