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Vedanta Limited

INE205A01025

Diversified mining.

• Vedanta : Investor Presentation

CORPORATE PRESENTATION

AUGUST 2023

VEDANTA LIMITED

TRANSFORMING TOGETHER

Inclusive. Responsible. Value-accretive delivery

Sensitivity: Internal (C3)

Vedanta Limited - Overview

A globally diversified natural

resources powerhouse

Aluminium | Zinc-lead-silver | Oil & Gas | Iron & Steel | Power | Copper

Ferro Chrome | Nickel | Semiconductor and Display

FY23 Revenue

Dividend over the last decade

1 st quartile

In cost Curve across key segments Committed to

ESG leadership

"Net Zero by 2050 or sooner"

FY23 EBITDA

Capex over the last decade

CRISIL and India Ratings

Exchequer contribution in last 5 years Total Workforce

Group structure

Listed entities

VEDL Standalone Assets

Vedanta Resources Limited

Vedanta Limited (63.7%)

• Largest capacity in India with captive power and an alumina refinery
• Globally, 9th largest by smelting capacity

Lanjigarh Jharsuguda

Refinery Smelter

BALCO (51%)

One of the largest private sector power generators

TSPL (100%)

• India's largest private sector crude oil producer
• Strong exploration fundamentals

Cairn Oil and Gas*

Zinc & Silver

• One of Largest fully integrated zinc-lead players globally
• 5th largest silver producer
• Rampura Agucha - largest underground mine globally
• Gamsberg, one of the largest deposits in the world

Hindustan Zinc (64.9%)

Zinc International

Iron & Steel

• One of the largest Indian private sector exporter of iron ore

Sesa Iron Ore

ESL Steel (95.5%)

FACOR (99.99%)

• One of the largest custom smelters in India

Sterlite Copper

(51.6%) Glass

Semiconductor and

Display (100%)

Investor presentation August 2023

Investment Case : Producer of commodities that are increasingly important to energy transition

Vedanta is uniquely positioned to deliver sustainable

Attachments

• Original Link
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Vedanta Limited published this content on 19 August 2023 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 19 August 2023 11:58:09 UTC .

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Vedanta announces demerger of diversified businesses unlocking significant value

• To create world-class sector leading companies driving next phase of growth
• Capitalizes on India and the world’s growing demand for commodities, energy and technology

29 September, 2023 , New Delhi / London : Vedanta Limited, India’s largest diversified natural resources company with a significant global footprint announces its plan to demerge its business units into independent “pure play” companies to unlock value and attract big ticket investment into the expansion and growth of each of the businesses. Vedanta is committed to best-in-class ESG practices and has a strong focus on metals critical for transition to green economy.

The announcement comes at a time when India is forecast to be the fastest growing major economy for the next several years. More than ninety percent of Vedanta Ltd’s profits are derived in India. Demand for commodities is expected to rise exponentially as the country continues to build a world class infrastructure and strives to achieve aggressive targets for the energy transition which is highly mineral intensive. The Government of India’s emphasis on self-reliance will provide avenues for rapid growth for Indian companies in the commodities space.

Vedanta has a unique portfolio of assets among Indian and global companies with metals and minerals – zinc, silver, lead, aluminium, chromium, copper, nickel; oil and gas; a traditional ferrous vertical including iron ore and steel; and power, including coal and renewable energy; and is now foraying into manufacturing of semiconductors and display glass. Once demerged, each independent entity will have greater freedom to grow to its potential and true value via an independent management, capital allocation and niche strategies for growth. It will also give global and Indian investors potential to invest in their preferred vertical, broadening the investor base for Vedanta assets.

In pursuit of this goal, the Vedanta Limited Board approved a pure-play, asset-owner business model that will ultimately result in six separate listed companies, namely:

Vedanta Aluminium

Vedanta oil & gas, vedanta power, vedanta steel and ferrous materials, vedanta base metals.

The de-merger is planned to be a simple vertical split, for every 1 share of Vedanta Limited, the shareholders will additionally receive 1 share of each of the 5 newly listed companies.

In addition to this, we note today’s announcement from Hindustan Zinc Limited (HZL, a subsidiary of Vedanta Limited), whereby their Board announced a comprehensive review of its corporate structure for unlocking potential value and intention to create separate legal entities for undertaking the Zinc & Lead, Silver and Recycling business of HZL.

The announcement is also available on the exchange website at www.bseindia.com and www.nseindia.com and HZL website at www.hzlindia.com .

Rationale for Demerger:

• Simplifies Vedanta’s corporate structure with sector focussed independent businesses.
• Provides opportunities to global investors, including sovereign wealth funds, retail investors and strategic investors, with direct investment opportunities in dedicated pure-play companies linked to India’s remarkable growth story through Vedanta’s world class assets.
• With listed equity and self-driven management teams, these demergers provide a platform for individual units to pursue strategic agendas more freely and better align with customers, investment cycles and end markets.
• Enables to better highlight, and for the market to more easily value, the remarkable technological advances, environmental stewardship and robust growth stories within Vedanta’s family of companies.

Anil Agarwal, Chairman of Vedanta, stated: 

“This is an exciting announcement for Vedanta, and India. Our country is on an unprecedented growth trajectory which will make us the third largest economy in the world before the end of this decade. The demand for minerals, metals, oil and gas and power is going to grow very rapidly and Vedanta’s businesses are uniquely positioned to service this rising demand and reduce reliance on imports. Vedanta is also foraying into semiconductors and display glass which are of great strategic significance to India.

By demerging our business units, we believe that will unlock value and potential for faster growth in each vertical. While they all come under the larger umbrella of natural resources, each has its own market, demand and supply trends, and potential to deploy technology to raise productivity.

In line with Vedanta’s ethos, each company will continue to retain a strong commitment to the well-being of our workforce, our communities and our planet. Even as we move to new ways of running our businesses, we will remain steadfast to transform for good.”

Vedanta values remain embedded in the new entities

Vedanta Limited ranks 6 th among 216 global metal and mining companies in the S&P Global Corporate Sustainability Assessment 2022. The Company aims to ensure that Vedanta DNA and focus on ESG transformation remain embedded post the unbundling exercise. These include:

• The new companies will remain committed to achieving net-zero carbon emissions by 2050 and net water positivity by 2030 with the aims to spend $5 billion over the next 10 years to accelerate this transition. In the process of transitioning to net zero we already secured 1.8 GW of Renewable Energy through power delivery agreement across our group companies.
• Vedanta’s digital-first approach and keen focus on advanced technologies has resulted in improved processes, strengthened cybersecurity, and easy access to information for effective decision making. Each of Vedanta’s businesses has embarked on its own transformational journey towards digitalisation and innovation and these will continue.

Further information on the proposed new Entities:

The Company’s Jharsuguda facility is the largest single-location aluminium smelting facility outside of China, and recently saw its capacity ramp up to 1.8 MTPA. It is accompanied by Bharat Aluminium Company Ltd. (BALCO, a 51% owned subsidiary of Vedanta Limited, taking total Group capacity to 2.4 MTPA).

In the most recent financial year ending – 31 st March 2023, Vedanta Aluminium achieved its highest ever aluminium production of 2,291 kt, maintaining its place as the country’s largest supplier with c.41% market share in India among primary aluminium producers.

Vedanta Aluminium is on a path to grow production to 3 MTPA, whilst simultaneously improving its cost position to 1 st quartile globally through full backward integration. Importantly, the business is growing production of green aluminium under the Restora and Restora Ultra brands and ranked 2 nd in the Dow Jones sustainability index in 2022.

Vedanta Aluminium will be run by John Slaven, formerly of Alcoa and BHP.

Vedanta’s Oil & Gas is the largest private oil, gas and sweet crude exploration and production company in India, accounting for more than a quarter of India’s domestic crude oil production. It is ideally suited to capitalise from India’s growing demand (c.50% growth anticipated by 2030). More broadly, the vision is to eventually contribute 50% to India’s total Oil and Gas production through diversifying its reserve and resources portfolio. The company’s footprint covers a total acreage of 65,000 square kilometres, with gross 2P and 2C resources in excess of 1.1 bn boe.

During FY 2023, the Company reported average gross operated production of 143 kboepd.

Vedanta Oil & Gas will be run by Steve Moore.

Vedanta Power will house the Independent Power Plants at Vedanta. Anchored by Talwandi Sabo Power Limited (TSPL, a wholly-owned subsidiary of Vedanta Limited), a 1980 MW plant based in Punjab, India, the business will also include the 600 MW Jharsugada power plant, the recently acquired 1200 MW Athena plant and the 1000 MW Meenakshi plant which is in the process of being acquired. Total capacity will therefore near 5GW post completion.

Vedanta Power is one of the largest private independent power players in India and backed by one of the world’s fastest growing power markets and a favourable political climate.

Vedanta Power will be run by Vibhav Agarwal, currently CEO of TSPL.

Vedanta’s Iron Ore Business includes Iron Ore Goa, Iron Ore Karnataka, Liberia as well as VAB (Value Added Business). The company has aspirations to more than double annual iron ore production, from assets in India and Liberia to 13Mt by 2025.

This vertical will also include, ESL Steel Limited (ESL, a 95.49% owned subsidiary of Vedanta Limited), an Integrated Steel Producer, was incorporated in 2006 as a Public Limited Company with operations in Bokaro, Jharkhand, India. The company has set up a green field integrated manufacturing facility, which is currently commissioned at a capacity of 1.5 MT per annum, albeit with expansion to 3 MT per annum of hot metal capacity in progress (by mid 2024).

Vedanta Steel and Ferrous Materials will be run by Navin Jaju, currently CEO of Iron Ore.

The proposed Vedanta Base Metals unit will contain a mix of strong international base metal production assets, growth projects and downstream businesses that feed directly into the supply chain for metals critical to global energy transition.

The Zinc International assets continued to ramp up production at Gamsberg mine in South Africa and achieved record production of 208kt in 2023. Black Mountain, also in South Africa, delivered significant production growth in FY23, generating 65kt on higher lead head grades and recoveries. Significant production growth is anticipated as Gamsberg Phase 2 ramps.

Vedanta’s copper business is capable of producing more than a third of India’s copper, Vedanta Copper’s assets in India consist of custom smelter, a refinery, a phosphoric acid plant, a sulphuric acid plant and a copper rod plant. The Company forecasts a resumption of production in 2024.

Vedanta Base Metals will be run by Chris Griffith, former CEO of Gold Fields and previously at Anglo American.

Vedanta Limited will remain as an exciting incubator for new businesses including Vedanta’s technology verticals buttressed by the strong financial earnings of the Tier-one Hindustan Zinc assets.

The company will provide investors with the opportunity to invest in some of the world’s leading zinc production assets with a clear capital allocation policy, while benefiting from these nascent technology companies until they too are ready to be released as independent, globally significant businesses. These include Vedanta’s interests in Semiconductors and Display (offering exposure to India’s fast-growing $140bn electronics market) and Stainless Steel (Ferrochrome and Nickel). For Display manufacturing, Vedanta has finalized a technology partnership with Taiwanese firm Innolux and is also close to finalize partnership for Semiconductor manufacturing.

Hindustan Zinc Limited (HZL, a subsidiary of Vedanta Limited) is the world’s 2 nd largest integrated zinc producer with a 1 st quartile cost position and R&R of 460MT and mine life of 25+ years. It is also the 5 th largest silver producer globally.

In HZL’s journey to achieving 1.25 mtpa MIC expansion, the final project of RD Beneficiation plant revamp is under execution at RD Mines and is on track. For further phase of expansion of Mines and Smelters, studies are under progress and results are expected in FY24.

There is a steadily growing demand for Zinc & Lead in industrial usage; Silver is a metal of the future with extensive use in emerging technologies like solar panels and electric vehicles. Recycling of metals is key to meet the future demand. In a world committed to combating climate change, the demand for recycled ‘green’ metal will grow exponentially.

Vedanta Limited will be run by Arun Misra, currently CEO of HZL.

Transaction Structure and Advisors

Demergers will be conducted through a scheme process. Following today’s meeting, Board approval to proceed has already been obtained. Filing with stock exchanges for SEBI approval is expected in October 2023. The Company will follow the customary process as per Indian law.

Anagram Partners acted as the legal advisor and Arpwood Capital acted as the Transaction and M&A advisor.

BDO (Registered Valuer) was appointed as valuers.

ICICI securities. were financial advisor solely for the purpose of providing a fairness opinion on the valuation done by the valuer for the proposed Transaction.

Presentation

Further details on the strategic plan including proposed transaction structure, business overviews and investment thesis by vertical can be found in the investor presentation.

Vedanta Limited Investor Presentation Link

Investor & Media Call

The Company will hold an analyst / investor call on the proposed demerger at 5.30 pm IST on 29 th September 2023. Please find below the details for the call:

About Vedanta Limited:

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa and Namibia. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector. Vedanta is committed to reducing carbon emissions to zero by 2050 or sooner and has pledged $5 billion over the next 10 years to accelerate the transition to net zero operations. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. The company’s flagship social impact program, Nand Ghars, have been set up as model anganwadis focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill development. Under the aegis of the Anil Agarwal Foundation, the umbrella entity for Vedanta’s social initiatives, the Vedanta group has pledged Rs 5000 crore over the next five years on social impact programmes with a thrust on nutrition, women & child development, healthcare, animal welfare, and grass-root level sports. Vedanta and the group companies have been featured in Dow Jones Sustainability Index, and was conferred Frost & Sullivan Sustainability Awards 2020, Golden Peacock Award for excellence in Corporate Governance 2022 and certified as a Great Place to Work 2022. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

For more information, please visit www.vedantalimited.com

About Vedanta Aluminium Business:

Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.29 million tonnes in FY23. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 1st in the S&P Global Corporate Sustainability Assessment 2023 world rankings for the aluminium industry, a reflection of its leading sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.

For more information, please log on to www.vedantaaluminium.com

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For Further Information, Please Contact:

Ms. Sonal Choithani Chief Communications Officer Aluminium Business, Vedanta Ltd. Sonal[dot]Choithani[at]vedanta[dot]co[dot]in www.vedantaaluminium.com

Disclaimer:

This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional, and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

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Ms. Sonal Choithani Chief Communications Officer, Aluminium & Power Business, Vedanta Limited

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• VEDANTA LTD.
• SECTOR : METALS & MINING
• INDUSTRY : ALUMINIUM AND ALUMINIUM PRODUCTS

Vedanta Ltd. NSE: VEDL | BSE: 500295

/100 Valuation Score : 59 /100 Momentum Score : 49 /100 "> Risky Value

Vedanta Ltd. Live Share Price Today, Share Analysis and Chart

273.40 5.75 ( 2.15 %)

31.44% Gain from 52W Low

5.7M NSE+BSE Volume

NSE 21 Mar,2024 03:31 PM (IST)

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Vedanta Ltd.

BSE: 500295 | NSE: VEDL | Represents Equity.Intra - day transactions are permissible and normal trading is done in this category Series: EQ | ISIN: INE205A01025 | SECTOR: Metals - Non Ferrous Metals - Non Ferrous

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Solventum Hosts Inaugural Investor Day Ahead of Its Planned Spinoff from 3M

- Leadership to highlight opportunity to unlock significant value creation over time -

- Solventum to introduce full-year 2024 guidance -

ST. PAUL, Minn. , March 19, 2024 /PRNewswire/ -- Solventum will host its inaugural Investor Day today in New York City ahead of its planned spinoff from 3M (NYSE: MMM). The Company is anticipated to spin off from 3M on April 1, 2024, and has been approved for listing on the New York Stock Exchange as "SOLV."

During today's event, Solventum chief executive officer Bryan Hanson and chief financial officer Wayde McMillan will share how the Company plans to create significant value for shareholders over time, including: 

• Building on a solid foundation of durable and diversified businesses and capitalizing on strong market positions in its large and growing markets.
• Enhanced focus and agility as a stand-alone company to pursue tailored capital allocation strategies aligned with industry- and market-specific dynamics. 
• Accelerating revenue growth, driving margin expansion and improving cash flow to reinvest in high-return value-creation opportunities. 

"We look forward to introducing you to the future of Solventum during our inaugural Investor Day event," said Hanson. "We have a solid foundation of globally recognized brands in attractive markets and deep innovation capabilities. The spin will unlock our agility, enhanced focus and targeted capital allocation, which better positions us to drive strong value creation over time while advancing our mission to enable better, smarter, safer healthcare to improve lives." 

Solventum Introduces 2024 Full-Year Guidance Today the Company introduces its 2024 full-year guidance as follows: 

• Organic revenue growth of -2% to 0% 
• Adjusted earnings per share (EPS) of $6.10 to $6.40 
• Free cash flow of $700M to $800M

See the "Non-GAAP Financial Measures in Guidance" section for applicable information.

Solventum historical financials in Form 10 and Q1 2024 are prepared as a carve-out of 3M Company. This basis of presentation is different than what has been reported in 3M's historical consolidated results for 3M's Health Care segment. Solventum's full-year 2024 guidance is based on Q1 2024 as a carve-out plus the remainder of the year as a stand-alone company starting April 1, 2024.

Live Webcast The live webcast will begin at 9:00 a.m. Eastern Daylight Time and is expected to last approximately three hours. The live webcast and a replay of the presentation will be available on 3M's website at https://investors.3m.com/health-care-spin-off-resources . 

Key Information about Solventum As outlined in its Form 10, Solventum will be: 

• Focused on its mission, "Enabling better, smarter, safer healthcare to improve lives," powered by its more than 70 years of innovation creating breakthrough solutions, market-leading positions, trusted, recognized brands, and strong customer relationships with more than 100,000 channel partners and sales in more than 90 countries. 
• A leading global healthcare company innovating at the intersection of health, material, and data science, with $8.2 billion in revenue in 2023. Solventum will serve an approximate $93 billion global addressable market anticipated to grow at 4-6% through 2026. 
• Medical Surgical (MedSurg): A provider of wound care and surgical solutions intended to accelerate healing and prevent complications.
• Dental Solutions: A provider of dental prevention and procedure solutions and orthodontic solutions intended to promote lifelong oral health.
• Health Information Systems: A provider of software solutions powered by clinical intelligence that are intended to create time for clinicians to care for patients and ensure accuracy in health care reimbursement. 
• Purification & Filtration: A provider of filters and membranes intended for life-saving biopharmaceuticals, vaccines, and medical treatments. 

Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this communication are forward-looking statements. In particular, statements regarding the future performance of Solventum, including guidance for 2024, and regarding Solventum's intended operations as a standalone public company are forward-looking statements. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may" or "would" or the negative of these terms or similar expressions elsewhere in this communication. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, risks associated with the impact, timing or terms of the proposed spinoff of Solventum; risks associated with the expected benefits and costs of the proposed spinoff, including the risk that the expected benefits of the proposed spinoff will not be realized within the expected time frame, in full or at all, and the risk that conditions to the proposed spinoff will not be satisfied or that the proposed spinoff will not be completed within the expected time frame, on the expected terms or at all; risks associated with financing transactions undertaken in connection with the proposed spinoff and risks associated with indebtedness incurred in connection with the proposed spinoff; the risk of increased costs from lost synergies, costs of restructuring transactions and other costs incurred in connection with the proposed spinoff; the impact of the proposed spinoff on Solventum's business and the risk that the proposed spinoff may be more difficult, time-consuming or costly than expected; diversion of management's attention and the impact on relationships with customers, suppliers, employees and other business counterparties; the risk that Solventum may fail to have the necessary systems and services in place when certain of the spinoff-related agreements with 3M expire, or that replacing those systems and services may be more expensive or less efficient than those that 3M is expected to provide during the transition period to Solventum; the risk that Solventum's accounting and other management systems and resources may not be adequately prepared to meet the requirements to which Solventum will be subject as a standalone public company; the impact of field of use allocations in the spinoff-related agreements on Solventum's ability to exploit certain intellectual property; the effects of, and changes in, worldwide economic, political, regulatory, international trade and geopolitical conditions, natural disasters, war, foreign currency exchange rates and fluctuation, changes in interest rates, and other events beyond Solventum's control; Solventum's ability to access the capital and credit markets on terms that are favorable to Solventum; consolidation and competition in the healthcare industry; the risk of any damage to Solventum's reputation or brands; timing and market acceptance of Solventum's new product and service offerings; Solventum's ability to maintain strong working relationship with healthcare professionals; the impact of changes in reimbursement practices of third-party payers or other cost containment measures, or of current or worsening economic conditions, on demand for Solventum's products and the prices at which they are sold; the costs and availability of purchased components, compounds, raw materials, production capacity, energy, and labor due to shortages, increased demand and wages, logistics, supply chain interruptions, manufacturing site disruptions, regulatory developments, natural disasters and other disruptive factors; risks arising from the fact that 3M is the sole source of supply for certain chemical materials and inputs used in Solventum's products; risks related to international, federal, state, and local treaties, laws, and regulations that are subject to change at any time, as well as compliance risks related to legal or regulatory requirements, contract requirements, policies and practices; potential liabilities related to PFAS and other product liability claims; security and data breaches, cyberattacks, and other cybersecurity incidents involving Solventum's information technology systems and infrastructure; Solventum's ability to obtain, maintain, protect or effectively enforce its intellectual property rights; risks from acquisitions, strategic alliances, divestitures and other strategic events; reliance on customer's research budgets or government funding; and the other financial, operational and legal risks and uncertainties detailed from time to time in 3M's cautionary statements contained in its filings with the SEC in the sections titled "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports) and in Solventum's cautionary statements contained in its Registration Statement on Form 10 filed with the SEC in the sections titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors." All forward-looking statements speak only as of the date of this communication. Neither 3M nor Solventum undertakes any obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws. 

Non-GAAP Financial Measures in Guidance Solventum is providing forward-looking guidance using non-GAAP financial measures. These include organic revenue growth, adjusted earnings per share, and free cash flow. Organic revenue growth is defined as total net sales less the impacts of foreign currency and sales from business acquisitions or divestitures within twelve months of the transaction date. Adjusted earnings per share is defined as earnings per share excluding the per share impacts of amortization of acquired intangible assets, restructuring costs, spin-off and separation-related costs and gains or losses on business divestitures.  Free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment. Management believes that these non-GAAP financial measures, together with the measures used by management, reflect how we measure our business internally and set operational goals. In particular, we believe that these non-GAAP financial measures are useful in evaluating current performance and focusing management on our underlying operational results.  

Solventum calculates forward-looking non-GAAP financial measures, including organic revenue growth, adjusted earnings per share, and free cash flow based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. Solventum does not provide reconciliations of these forward-looking non-GAAP financial measures to the respective GAAP metrics as it is unable to predict with reasonable certainty and without unreasonable effort certain items such as the impact of changes in currency exchange rates, impacts associated with business acquisitions or dispositions, timing and magnitude of restructuring activities, amongst other items. The timing and amounts of these items are uncertain and could have a material impact on Solventum's results in accordance with GAAP. 

About 3M   3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news. 

About Solventum At Solventum, we enable better, smarter, safer healthcare to improve lives. As a new company with a long legacy of creating breakthrough solutions for our customers' toughest challenges, we pioneer game-changing innovations at the intersection of health, material and data science that change patients' lives for the better — while enabling healthcare professionals to perform at their best. See how at Solventum. 

3M Investor Contact:   Bruce Jermeland  (651) 733-1807  or  Diane Farrow  (612) 202-2449  or  Eric Herron  (651) 233-0043 

Solventum Investor Contact:   Kevin Moran  [email protected]

Solventum Media Contact:   Carly Rotman  [email protected]  

SOURCE 3M Company

Released March 19, 2024

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Nvidia drive powers next generation of transportation — from cars and trucks to robotaxis and autonomous delivery vehicles.

SAN JOSE, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- — GTC —NVIDIA today announced that leading companies across the transportation sector have adopted the NVIDIA DRIVE Thor™ centralized car computer to power their next-generation consumer and commercial fleets — from new energy vehicles and trucks to robotaxis, robobuses and last-mile autonomous delivery vehicles.

DRIVE Thor is an in-vehicle computing platform architected for generative AI applications, which are becoming paramount within the automotive industry. The system, the successor to DRIVE Orin, can deliver feature-rich cockpit capabilities, plus safe and secure highly automated and autonomous driving, all on a centralized platform. This next-generation AV platform will integrate the new NVIDIA Blackwell architecture , designed for transformer, LLM and generative AI workloads, which was announced during NVIDIA founder and CEO Jensen Huang’s keynote at GTC.

“Accelerated compute has led to transformative breakthroughs, including generative AI, which is redefining autonomy and the global transportation industry at large,” said Xinzhou Wu, vice president of automotive at NVIDIA. “DRIVE Orin continues to be the AI car computer of choice for today’s intelligent fleets, but now we’re seeing mobility leaders looking ahead to bring NVIDIA DRIVE Thor into their next-generation, AI-enabled vehicle roadmaps.”

Next-Gen AI Fleets Embrace Accelerated Compute NVIDIA DRIVE Thor is poised to revolutionize the automotive landscape, ushering in an era where generative AI defines the driving experience. At GTC, several leading EV makers are revealing their next-gen AI vehicle fleets powered by DRIVE Thor:

• BYD , the world’s largest electric vehicle maker, is expanding its ongoing collaboration with NVIDIA from the car to the cloud. In addition to building its next-generation EV fleets on DRIVE Thor, BYD plans to use NVIDIA’s AI infrastructure for cloud-based AI development and training technologies, along with the NVIDIA Isaac ™ and NVIDIA Omniverse ™ platforms to develop tools and applications for virtual factory planning and retail configurators.
• Hyper , a premium luxury brand owned by GAC AION, announced it has selected DRIVE Thor for its next-generation EVs, which will begin production in 2025 with level 4 driving capabilities. Hyper is currently using NVIDIA DRIVE Orin to power its flagship model Hyper GT, which features advanced level 2+ driving capabilities.
• XPENG has also announced it will use the NVIDIA DRIVE Thor platform as the AI brain of its next-generation EV fleets. The next-gen car computer will power the EV maker’s proprietary XNGP AI-assisted driving system, enabling autonomous driving and parking capabilities, driver and passenger monitoring and other functionalities.

These EV makers join Li Auto and ZEEKR , which have already announced they’re building their future vehicle roadmap on DRIVE Thor.

Powering Long-Haul Trucks, Delivery Vehicles, Robotaxis Beyond passenger vehicles, DRIVE Thor caters to the diverse needs of other segments where high-performance compute and AI are essential for ensuring safe, secure driving operations, including trucking, robotaxis, goods delivery vehicles and more.

A number of these mobility providers are leading the charge at GTC, including:

• Nuro , which develops level 4 autonomous driving technology for commercial and consumer vehicles, has selected DRIVE Thor to power the Nuro Driver™, an integrated autonomous driving system consisting of Nuro’s proprietary AI-first software and sensors paired with NVIDIA automotive-grade compute and networking hardware. The system will begin testing later this year.
• Plus , a global provider of autonomous driving software solutions, announced that future generations of its level 4 solution, SuperDrive™, will run on the automotive-grade, safety-compliant DRIVE Thor centralized computer. Plus will leverage the compute performance of DRIVE Thor within its autonomous driving system to understand the world around the truck and make safe driving decisions.
• Waabi , which is building AI for self-driving, is leveraging DRIVE Thor to deliver the first generative AI-powered autonomous trucking solution to market. The company plans to integrate DRIVE Thor in its Waabi Driver to power safe and reliable autonomous trucks at scale.
• W eRide , in cooperation with tier 1 partner Lenovo Vehicle Computing , is creating several level 4 autonomous driving solutions for commercial applications built on DRIVE Thor. Integrated within Lenovo’s first autonomous driving domain controller AD1, this solution will be used for a wide range of urban-centered use cases, where functional safety, redundant safety design, fusion and scalability are a must.

The Great and Powerful DRIVE Thor Slated for production vehicles as early as next year, DRIVE Thor will harness the new NVIDIA Blackwell architecture, which features a generative AI engine and other cutting-edge capabilities, and wields 1,000 teraflops of performance to help ensure safe and secure autonomous machines.

To learn the latest on NVIDIA DRIVE, watch NVIDIA’s GTC keynote . Register for GTC to attend sessions from NVIDIA and transportation industry leaders through March 21.

About NVIDIA Since its founding in 1993, NVIDIA (NASDAQ: NVDA) has been a pioneer in accelerated computing. The company’s invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined computer graphics, ignited the era of modern AI and is fueling industrial digitalization across markets. NVIDIA is now a full-stack computing infrastructure company with data-center-scale offerings that are reshaping industry. More information at https://nvidianews.nvidia.com/ .

For further information, contact: Marie Labrie Automotive NVIDIA Corporation +1-408-921-6987 [email protected]

Certain statements in this press release including, but not limited to, statements as to: the benefits, impact, performance, features, and availability of our products, services, and technologies, including NVIDIA DRIVE Thor, NVIDIA Blackwell architecture, NVIDIA DRIVE Orin, NVIDIA Isaac, and NVIDIA Omniverse; third parties’ use and adoption of our products and technologies and the benefits thereof; our collaborations with third parties and the benefits and impacts thereof; accelerated compute redefining autonomy and the global transportation industry at large; and mobility leaders looking ahead to bring NVIDIA DRIVE Thor into their next-generation, AI-enabled vehicle roadmaps are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners' products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company's website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, NVIDIA DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA Isaac, and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67efe2c3-d56c-40e0-8bea-7a26a4c79525

NVIDIA DRIVE Thor

NVIDIA DRIVE Thor, a next-generation centralized computer for safe and secure autonomous vehicles, unifies intelligent functions in a single system for greater efficiency and lower overall system cost.

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RCS - Tern PLC - Online Investor Presentation and Q&A Session

REACH - non regulatory announcement

21 March 2024

("Tern" or the "Company")

Online Investor Presentation and Q&A Session

Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, is pleased to announce that the Company will be hosting an online presentation and Q&A session at 5.30 p.m. GMT on Tuesday 26 March 2024.

Presenting will be members of Tern's management team and management from Tern's portfolio companies Device Authority, FundamentalVR, Talking Medicines and Wyld Networks.  This session is open to all existing and prospective shareholders.  Those who wish to attend should register via the following link where they will be provided with access details:

https://us02web.zoom.us/webinar/register/WN_I_dqVC98R6yl6pjCbr2P_w

Participants will have the opportunity to submit questions during the session, but questions are welcomed in advance and may be submitted prior to 3 p.m. GMT on 26 March 2024 to: [email protected].

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